Category Crypto Currency

Bitcoin Isn’t Legal Tender in India, Says Finance Minister

The post Bitcoin Isn’t Legal Tender in India, Says Finance Minister appeared first on CCN India’s foremost financial official has publicly refuted bitcoin as a currency and legal tender in the country. Speaking at Tuesday’s session of the Indian Parliament, finance minister Arun Jaitley doubled down on his take on cryptocurrencies and specifically, bitcoin. According to local publication ZeeBiz, Jaitley refuted bitcoin’s acceptance as legal tender in the country while The post Bitcoin Isn’t Legal Tender in India, Says Finance Minister appeared first on CCN

Highest Transaction Volume on Ethereum Network Is VIU Token, Powering Viuly’s Blockchain Based Video Platform

The post Highest Transaction Volume on Ethereum Network Is VIU Token, Powering Viuly’s Blockchain Based Video Platform appeared first on CCN This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned The post Highest Transaction Volume on Ethereum Network Is VIU Token, Powering Viuly’s Blockchain Based Video Platform appeared first on CCN

Race for second place as Ethereum reaches new high

There is a race going on today between two cryptocurrencies for second place in the market capacity charts. Ripple and Ethereum are both vying for the spot just behind Bitcoin, the two altcoins have posted strong gains during the Asian trading session today. At the time of writing Ripple remains at second spot with a market capacity of $89.3 billion. XRP has performed extremely well over the past month surging from $0.26 to over $2.80, an increase of over 900%. The market has since corrected but the altcoin remains strong and did not fall back below $2 indicating that new levels of support have been found. It is currently trading at around $2.30. Ripple has been boosted in recent weeks by news of greater acceptance by established banks and credit card companies in Asia. They are seeking to move away from the slow and expensive Swift protocol of interbank transfers and use Ripple’s blockchain instead. Couple this with the likely listing of XRP on Coinbase and the reasons for Ripple’s meteoric rise are clear. Coinbase means easier access for more traders who can buy Ripple using fiat, this will increase demand and prices will surge. A $5 level for XRP is not beyond reach, especially if the exchange does take on the coin. Recently knocked off its second spot is Ethereum which has also seen gains of 14% in the past 24 hours. It broke over $900 a few hours ago and reached a record high of $914 according to CoinMarketCap.com. ETH is still holding at $880, a rise of 90% from its trading level of $465 at the beginning of December. Ethereum has a current market capacity of $85 billion which puts it just behind Ripple at the time of writing. Ethereum suffers a similar fate to Bitcoin where the network slows under heavy demand meaning transactions can be painfully slow. The roadmap for Ether includes an update called Casper which will solve some of these scalability issues and upgrade the blockchain. The idea is to bring Ethereum to the point where it can handle as many transactions per second as the Visa network. The initial test network for Casper has just been released which is why the price of ETH is hitting new records at the moment. The race for second spot is likely to heat up in the next 24 hours as both altcoins continue upwards. Which one is your money on? The post Race for second place as Ethereum reaches new high appeared first on NEWSBTC.

Premature: Seoul Academic Blasts South Korean Government’s Bitcoin Regulations

The post Premature: Seoul Academic Blasts South Korean Government’s Bitcoin Regulations appeared first on CCN Yoo Byung-joon, business administration professor at Seoul National University, the most prestigious college in South Korea, has stated that the South Korean government introduced premature regulations for the bitcoin and cryptocurrency market. Premature Regulations As CCN reported in December, the South Korean government released various policies to strictly regulate the South Korean cryptocurrency market and The post Premature: Seoul Academic Blasts South Korean Government’s Bitcoin Regulations appeared first on CCN

Bitcoin Price Technical Analysis for 01/02/2018 – Descending Triangle Pattern

Bitcoin Price Key Highlights Bitcoin price seems to be off to a slow start for the year as price is consolidating. It has formed lower highs and found support around $12,500, creating a descending triangle pattern. This is also around the right shoulder of the head and shoulders reversal signal highlighted in an earlier article. Bitcoin price is now consolidating inside a descending triangle pattern, waiting to establish direction at the start of the year. Technical Indicators Signal The 100 SMA is still above the longer-term 200 SMA on the 4-hour time frame, so the path of least resistance is to the upside. This signals that the rally could still resume. However, the gap between the moving averages is narrowing to indicate a likely downward crossover. In that case, bearish momentum could return and make a downside breakout possible. The triangle is around $700 tall, so the resulting breakout could be of the same height. The moving averages are close to the top of the triangle, adding an extra layer of resistance in case bulls try to push bitcoin price higher. Stochastic is on the way down, which means that sellers still have the upper hand. However, an upward crossover has formed so the oscillator could resume its climb at some point. RSI is also heading higher so bitcoin price might follow suit. Market Factors The odds are looking slightly positive for the dollar at the turn of the year as the tax reform package has been passed and traders are looking forward to more Fed rate hikes this year. On the flip side, bitcoin price has been unable to sustain the climb beyond the $20,000 handle as profit-taking towards the end of the year took hold and enthusiasm after the bitcoin futures launch on CBOE and CME faded. Reports that South Korea is also moving to curb bitcoin transactions has also been negative for this cryptocurrency as the Asian nation accounts for a huge chunk of overall market activity. The post Bitcoin Price Technical Analysis for 01/02/2018 – Descending Triangle Pattern appeared first on NEWSBTC.