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Crypto Market Remains Vulnerable: More Losses On The Way?

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Crypto Market

Many best cryptocurrency news sites reported the declines recently, showing that Bitcoin price dropped and tested the $11,000 support level. As Bitcoin flipped, other altcoins did the same – which shows that the crypto market remains vulnerable. The price action did not sustain as BTC improved and went close to $11,500 which is its current level, too.

However, the bears may still be here and more losses could be on the way, as altcoin news analysts said. There is an ascending channel forming with support near the $11,550 on the hourly chart of the BTC/USD pair. The pair is currently trading near the channel support below which the price is likely to test $11,500. If there are any more losses, it will show that  the crypto market remains vulnerable. The main support right now is near the $11,000 level, below which the last line of defense is at the $10,880 level.

On the upside, there are a lot of hurdles near the $11,800 and $12,000 levels. In order to start a fresh increase, the price must close above the $12,000 resistance and the 100 hourly SMA. The next resistance, as such, could be near $12,250 and the 61.8% Fib retracement level of the major drop from the $13,195 high to the $10,990 low.

Looking at the current chart, the Bitcoin price is correcting but struggling as the crypto market remains vulnerable. Moreover, the latest cryptocurrency news show that BTC struggles to continue higher towards $11,800 and $11,900. Therefore, there is a strong risk of a downside break below the $11,500 and $11,400 levels in the near term.

All in all, the crypto market remains vulnerable and BTC is trading at $11,427 at press time with a $203 billion market cap. The dominance is strong and sits at 65% which maintains the record levels for Bitcoin this month. However, the total cryptocurrency market cap has declined too, and it currently sits at $313 billion. No one knows if the trend is going to continue but analysts predict that there may be more losses ahead.

The technical indicators are as following:

Hourly MACD – The MACD is moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and is below 50 level.

Major Support Levels – $11,500 followed by $11,400.

Major Resistance Levels – $11,800, $12,000 and $12,250.

 

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Bank Of England Governor Says Crypto Could Displace The US Dollar

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Bank of England governor Mark Carney says that a central-bank supported digital currency could replace the US dollar as the world’s hedge currency as we can read in the reports made today in the coming altcoin news. Speaking at the Economic Policy Symposium in Jackson Hole, Wyoming on Frida , the Bank of England governor discussed the need for a new and international monetary and financial system nothing that while the US dollar has the dominant role in the monetary and financial systems around the world in the past century, the recent developments such as the increased globalization and trade disputes could have strong impacts on national economies at the present moment more than they did in the past. Carney noted that the US dollar’s use in international securities issuance makes it a primary currency for international traders and the fact that the companies use dollars shows that is still the dominant currency. However, the developments in the US economy, by affecting the dollar exchange rate could have a huge spillover effect to the rest of the world according to Carney:
 “While the world economy is being reordered, the U.S. dollar remains as important as when Bretton Woods collapsed,’’
Carney suggested there could be multiple replacements to the dollar including the Chinese renminbi and the digital currency supported by the international coalition of the central banks:
 “It is an open question whether such a new Synthetic Hegemonic Currency (SHC) would be best provided by the public sector, perhaps through a network of central bank digital currencies. An SHC could dampen the domineering influence of the U.S. dollar on global trade.’’
As explained previously in the best cryptocurrency news sites, the technology can disrupt the current network effects that could protect the dollar noting that an increasing number of transactions could occur online by using electronic payments rather than cash. While he did not state cryptocurrencies explicitly, he did note that the relatively high costs of the domestic and cross border electronic payments are encouraging innovation with some new entrants applying new technologies to offer lower costs. One example is Facebook’s libra crypto project as he noted but in order for the project to succeed, Carney stated:
 “The Bank of England and other regulators have been clear that unlike in social media, for which standards and regulations are only now being developed after the technologies have been adopted by billions of users, the terms of engagement for any new systemic private payments system must be in force well in advance of any launch.”
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Another Exchange Says Goodbye To The Cryptocurrency Operations

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Many best cryptocurrency news sites recently reported that the competitive arena has taken a toll on Asian cryptocurrency exchanges, with two of them deciding to leave the market this month. Now, it appears that we have another exchange saying goodbye to the cryptocurrency operations and closing down its venture. The smaller local player and Osaka-based operator of the Zaif exchange has stopped its cryptocurrency operations. As you probably know, Zaif was one of the first exchanges in Japan and was one of the first to gain an operating license from the regulatory Financial Services Agency (FSA). Zaif launched in March 2015, two and a half years before the FSA launched its licensing program. As the altcoin news last year showed, it was a crippling hack which brought financial chaos for the Zaif exchange. This is how the exchange got bailed out by Tech Bureau's rival FISCO. Since then, FISCO has had plans to take on Zaif's customers, transferring the accounts onto its own crypto exchange platform. Now, it seems like Zaif is another exchange shutting down after being unable to compensate all of the customers that had been affected by the hack. As the source Tech Bureau confirmed, Zaif will be closing down with any remaining crypto business being transferred to FISCO:
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.
The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."  
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Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error

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The head of the cryptocurrency exchange Binance, Changpeng Zhao, is in the latest cryptocurrency news following a recent statement by the exchange. It seems like right now, Binance thinks that the funds are 'not at risk' after a reported technical error started affecting its withdrawals. The CEO Changpeng Zhao (known as CZ) spoke about the entire situation and how it was resolved on August 23, while the funds security was not compromised. He wrote on Twitter stating that "Funds are #safu" employing a well-known catchphrase that he had previously created while confirming that there was no danger to the cryptocurrency holdings. https://twitter.com/cz_binance/status/1164772701589737472?s=20 Featured in the coming altcoin news, CZ explained that Binance thinks funds are safe right now. He centered on Amazon Web Services (AWS) too, stating that the problems with caching were what produced the error messages for a portion of the Binance traders. The withdrawals were also impacted as he noted. “AWS is having an issue, mostly with caching services, affecting some users globally. We are working with them and monitoring the situation closely,” CZ wrote, adding:
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”
Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
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Wikipedia Co-Founder Claims EOS Is De Facto Centralized

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Wikipedia Co-founder Larry Sanger who is a veteran technologist criticized EOS for being centralized and threatened to fire the blockchain project. He stated that EOS is becoming a centralized ledger that is controlled by the Chinese authorities so today we read more about his stance on EOS in the altcoin news below. Sanger even chose EOS to run his decentralized content distribution platform Everipedia, now claims that EOS is controlled by the Chinese entities and said that Everipedia could not function with a heavily centralized blockchain. Sanger said that the dapp would eventually quit using EOS and as we can read from the excerpts:
‘’We cannot continue to build dapps on EOS if the network is de facto centralized in the hands of the Chinese. I’ve been making noise internally at EP about this since I learned about it earlier this summer. Sorry, but it can’t go on much longer, as far as I’m concerned.’’
The statements appeared more than a year ago after the Wikipedia co-founder announced they would develop a truly censorship-proof system on built on the EOS blockchain. As Everipedia’s chief information officer, Sanger noted that EOS will make the process of approving articles, making edits and storing information more distributed but his latest comments outlined that the project did not assist his platform into becoming more authentic, decentralized version of Wikipedia. Despite becoming one of the most popular and widely used blockchains, EOS has a huge problem concerning its integrity. There are a few other people who own a huge part of the project’s tokens. This gives them a massive influence on the right to select block procedures which is a total of 20 entities that validate and add transaction records on the native blockchain. The structure resembles a corrupted democratic process according to Sanger where one individual can vote up to 100 times because he has up to 100 identity cards. This increases the probability of potential cooperation where the malicious actors can join together to seize the EOS funds or alter transaction records saved on the blockchain. As explained in some of the best cryptocurrency news sites, the huge problem lies in the inability of Block.one which is the parent company of the cryptocurrency to solve the problem. This became even worse when Dan Larimar the CTO of the company confirmed that the decentralization is not their biggest priority.
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