Bitcoin continues to trade under pressure as bears make numerous attempts to break the floor of $220-225 on the eve of the expected U.S. Fed interest rate hike. Just as lowering the interest rates is considered equivalent to pumping money into the system, raising the interest rates is considered sucking out the money from the system. Therefore, if the U.S. Federal Reserve decides to call its first interest rate hike since 2009, it will lead to tightening of the US dollar flow in the system. The US dollar being one of the most preferred safe-havens is therefore expected to see a huge rush from market participants. This may put pressure on the BTC-USD pair. Bitcoin is currently trading at $228.89, down 0.7 percent or $1.6. Image:…
Bitcoin has had a very quiet start to this week after the bulls failed to protect their support level of $235 during the last Sunday. The cryptocurrency recently took support from the mentioned technical level and rebounded to $240 before the selling pressure humbled the buyers. Bitcoin is now trading at $230.49 and is being pressured to stay below the breached support which will now act as a resistance. Image: https://www.tradingview.com/x/WTGy12Ri/ The bears have reasserted their dominance. The upward biased price structure has been damaged and the technical indicators have turned bearish once again. But $220-225 being an extremely strong weekly support, will it be breached? Bitcoin Chart Structure – After violating the level of $235, Bitcoin skid to test the…
An exchange that simplified interchangeability between multiple cryptocurrencies has received $1.6 million in new funding. Dubbed as ShapeShift.io, the reputed and renowned cryptocurrency converter offers more than 35 altcoins, including the likes of Bitcoin, Litecoin, Dogecoin, Dash, Ripple, Clams, NuBits and many others. The exchange comes handy for users who wish to instantly hedge their primary cryptocurrency funds into some other altcoin, for various purposes. For instance: NuBits is one of the only cryptocurrencies whose value is pegged to the dollar. In simple words, it is considered more stable than its 400 other counterparts. During the Bitcoin’s volatile times, a user might decided to hedge his funds into NuBits as a part of his risk management…
In the previous Litecoin price technical analysis Flat Action, we discussed that if Litecoin fails to cross the resistance posed by the level of $3.160, it runs the risk of entering into a range. As can be seen, Litecoin has plummeted 4.44 percent to $2.907 as traders resorted to profit taking near the resistance. Another factor weighing on Litecoin is the weakness in the Bitcoin market. However, the good news is that Bitcoin is now close to its support level of $235. Image: https://www.tradingview.com/x/3dm3Enxh/ Values from the technical indicators overlaid on the daily LTC-USD price chart also suggest that there is an increased probability of the cryptocurrency entering into consolidation phase as both the bulls and the bears fail to get their act together….
New York has always offered sightseers some wonderful things. Between the Empire State Building, the Statue of Liberty and Broadway, all one has to do is stroll into the “city that doesn’t sleep” in order to have a good time. But New York also has a dark side. A city that was once notorious for crime-ridden dark alleys and filth, New York now offers a whole new form of terror… the BitLicense. Throughout the year, the document has witnessed growing dislike amongst bitcoin businesses and companies that would delve in digital currency. While former Superintendent Benjamin Lawsky and those currently in charge of cryptocurrency-related regulation would likely swear by the BitLicense’s “methods for correction,” others, particularly those in the bitcoin industry, would…
Mark Karpeles, CEO of the disgraced Japanese Bitcoin exchange MtGox, has been charged by the Japanese authorities for embezzlement, according to Yahoo News. Karpeles was taken by the Japanese police last month on the charges of embezzlement of hundreds of millions of dollars in Bitcoin. The allegations against France-born Karpeles include the charge that he is the beneficiary of this fraud and had falsified data. Although the CEO of the former Bitcoin exchange has been held by the Japanese authorities for six weeks, yet no formal charges had been levied on him. As per Yahoo News, he was first taken into custody after claims surfaced that he had manipulated the data and also transferred funds to firms that were under his control during the period of 2011 and…