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Altcoin News

Dash Rises 25% In A New Short Term Bull Run

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At the start of the weekend, Dash continued moving upwards alongside a strong buying sentiment period.

Last Wednesday, DASH/USD established a weekly low at 156.60-fiat and later the pair went through a recovery phase at 186.70-fiat showing crucial resistance during the next day trading session. In the past 24 hours, the pair managed to record a new daily high near 196.30-fiat.

The reasons for this rally can be found in the new membership that Dash made with Krypto Mobile Corporations, a South American startup. The mobile company integrated a Dash payment option for all the crypto-enabled mobile phones. This company is most active in financially weaker regions such as Latin America and especially Venezuela. Merchants will now have an option to choose Dash instead of the non-reliable Bolivar.

Dash is really popular in Venezuela and this is one of the reasons for partnering with a South American company. More than 3,000 merchants that are listed on the Krypto Mobile Corporation services, nearly half of them are from South America. It’s really important to note that Dash hasn’t shown a decline in adoption, unlike Bitcoin and Bitcoin cash.

The DASH/USD pair reached a new breakout point at 61.8 Fibonacci retracement level so now the market is waiting for the pair to test 200-fiat as a potentially new resistance point while finding a support level at 190.04-fiat. If the price breaks below this point, we could see a fall towards 170.67-fiat. Analysts advise that a long position right now looks a bit risky but if there is a breakout scenario, the pair could test 212-fiat as the next upper target.

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Altcoin News

CFTC With A Fine Of $1.1 Million To Crypto Fraudster

The US Commodity Futures Trading Commission (CFTC) has fined one Bitcoin trader and fined him with more than $1 million for running a fraudulent Bitcoin and Litecoin scheme. This report is everywhere in the bitcoin news today, mostly because of the high fine that CFTC has issued. As one press release by CFTC noted this Friday, the Arizona-based trader named Joseph Kin, admitted to defrauding investors of hundreds of thousands of dollars after misappropriating more than $600,000 of the funds by his (previous) employer. Between the months of September and November last year (2017), Kim managed to transfer Bitcoin and Litecoin from his employer, which is a Chicago-based trading firm - to his own personal amounts which caused the firm losses of $601,000 as the release notes. When asked about missing tokens, Kin stated that the security issues with his exchange required transfers into other accounts, which is how he managed to steal the money from his employer at the time. He didn't even stop at this point - he later started soliciting funds from other individual investors in order to continue trading in crypto with the hope of making profits and repaying his ex-employer. After lying that he had voluntarily left his employer to start his own trading company, Kim also falsely claimed that he would invest the funds in a low-risk arbitrage strategy. In addition to the $1,146,000 fine, the CFTC has permanently banned Kim from trading of cryptocurrencies and sentenced him to 15 months in Jail.
"Today's Order stands as yet another in the string of cases showing the CFTC's commitment to actively police the virtual currency markets and protect the public interest," is what is written in the CFTC enforcement document.
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Altcoin News

Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’

The co-founder of the Australian based cryptocurrency exchange named CoinJar is in the recent cryptocurrency news. According to him, the newly introduced concept of stablecoins is a game changer for the industry and has many potential use cases. First reported by the Australian Financial Review site, the statement of this co-founder aims to combat the volatility of the market by creating a token that can be converted into other tokens - however, with a fixed rate. Tan, who is running the Australian crypto exchange named CoinJar, believes that stablecoins let people "transfer money around the crypto ecosystem at a stable rate" and "there are a lot of applications and use cases that could come from them." The Aussie entrepreneur also argues that the idea of stablecoins might be attracting both retail and institutional investors. As he stated:
“In London, I see a lot of finance people getting into it. People with 10, 20 years of forex experience are trying their hand at it. It’s drawing a lot of people from traditional financial circles, just because it’s interesting, it’s intriguing, there’s a lot of upside to it.”
Meanwhile, his exchange CoinJar, will consider the possibility of floating a stable currency, even though the market has a number of players in that circle, according to Tan. As he added in the report:
“There are a few Australian stablecoins already – I think there are three or four out there. I think many of them would be happy for us to utilize them. The question is, how do we try to leverage some of these things to provide a better user experience for our users?”
Earlier this year, CoinJar introduced the first cryptocurrency index fund, offering wholesale investors with net assets of more than $2.5 million (AUD) to cryptocurrency while shifting the custody responsibility to CoinJar.  
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Altcoin News

CEO Of Binance Thinks That Market Is Still In A Good Position, Crypto Volume x2 Larger Than Stats

A new interview on the CNBC Crypto Trader show hosted by Ran Neuner emerged in the latest cryptocurrency news - where the CEO of Binance, Changpeng Zhao (CZ) said that the crypto market and Binance are still in a good position even after a year of downward price movement. We all know that over the past 11 months, the crypto market lost more than 70% of its valuation amidst the fourth biggest correction in its 10-year history. According to Zhao, the volume of Binance is now down nearly 90% since January due to the major price correction and because of the high level of stability that Bitcoin has demonstrated over the past three months. As he said:
“Compared to January [of 2018], we are probably down 90 percent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business."
Binance is still recording decent volume and maintaining a healthy business - showing an increase in its number of active users and BTC deposits. Zhao continued, stating:
“Right now we are still signing up a steady amount of new users every day so from what we are seeing, it’s very healthy actually. The number of new users and the amount of crypto we hold are increasing very steadily. So if you look our cold wallets, the amount of BTC we hold, we have just seen an increase in people depositing Bitcoin to our exchange.”
Meanwhile, the cryptocurrency market cap seems to be getting hold of the over-the-counter (OTC) market where large institutional traders are playing. According to some stats from earlier this year, this market is at least two times larger than the cryptocurrency exchange market. CZ also noted that the OTC market is estimated to be at least as large as the live recorded volumes of exchanges. As such, it is now twice the size of the current volume, having around $23.4 billion (despite the $11.7 billion daily trading volume of crypto) in circulation.
“What I’ve heard is the OTC market is at least as large as the live recorded volumes [on exchanges]. So that is at least 50 percent of volumes that is not being reported on CoinMarketCap. But we’re not heading to that business, so we don’t know the real volumes,” Zhao concluded.
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Altcoin News

Major Altcoin Rise: Cardano, Stellar And Zcash With Gains Prior To Coinbase Listing

In this Monday's cryptocurrency news, we can see a big movement on the upside for several altcoins - all linked to their new listings on the Coinbase platform. Following the listing of Basic Attention Token (BAT) and 0x (ZRX), the prices of Cardano (ADA), Zcash (ZEC) and Stellar (XLM) have all began to surge. Since November 2nd, BAT was officially integrated into Coinbase Pro and Coinbase.com, XLM which is the native cryptocurrency of the Stellar blockchain network has surged from $0.22 to $0.28 recording gains of more than 27%. Cardano and Zcash have also followed the rise alongside Stellar, BAT and 0x, all of which Coinbase expressed in interest in May this year. Even though the privacy-focused altcoin Zcash dropped 3% throughout the past 24 hours, it has risen from $114 to $125 since November 2nd, surpassing $140 at one point and demonstrating a 21.7% increase. The price of BAT, however, dropped to the point before listing itself, demonstrating that the hype around listing is not always present. Still, BAT has surged big time before the drop and the Coinbase listing has been a confirmation that the token is not considered a security by the US Securities and Exchange Commission (SEC) - opening doors to many US and fiat-to-crypto exchanges in the world willing to accept and integrate it. The probability of Stellar, Cardano and Zcash to be integrated to Coinbase is right now very high. If such thing happens, there will be many positive developments including Stellar's blockchain wallet integration, the growing adoption of ZK-SNARKs technology of Zcash as well as rising adoption of Cardano's smart contract protocol.
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