Monthly Archives: March 2018

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Bitcoin Price Breaks $9,000, Does Not Stay For Long

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Bitcoin Price Breaks $9,000, Does Not Stay For Long

Bitcoin Price Breaks $9,000, Does Not Stay For Long

March 20: the Bitcoin (BTC) price broke the $9,000 mark today after a rough start to the year in which the price decreased by nearly 70 percent from the December high of $20,000.

Following the December high the BTC price has moved downward in fits and starts. On January 17, BTC price was down to $9,724, less than half of where it had been a month previously when it scraped the underside of $20,000. The month of February started with BTC dipping below $9,000 for the first time since late Nov. 2017.

By February the price had sunk to just $5,922, with skeptics claiming that it could sink even lower. By late February and early March, BTC was fluctuating around the $9,000 mark, with changes spurred by news of new regulations on exchanges by the US Securities and Exchange Commission (SEC).

A return to prices above $9,000 would provide the confidence many traders and investors need for the BTC value to grow even further.

As Cointelegraph reported March 20, the G20 decided not to crack down on cryptocurrency, and opted for a more moderate approach of simply classifying cryptocurrencies as assets. Some see this as a possible cause for crossing the $9,000 psychological threshold.

Others are more skeptical that the results will be long lasting, and see the most recent bump above $9,000 to be part of a holding pattern that requires another, stronger increase in order to break the barrier.

At press time, Bitcoin was trading at $9,017
 

Author: Salih SARIKAYA

 

Posted by David Ogden Entrepreneur

Alan Zibluk – Markethive Founding Member

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Bitcoin Following Nasdaq Path but 15 Times Faster

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Bitcoin Following Nasdaq Path but 15 Times Faster

Bitcoin Following Nasdaq Path but 15 Times Faster

Morgan Stanley put out a note to its clients on Monday the 19th breaking down Bitcoin trading in comparison to the Nasdaq during the dot-com crash 20 years ago.

Bitcoin Similar to Dot-Coms Through Bear Markets

According to the report, Bitcoin is behaving very similar to the way the Nasdaq did in 2000. There is parity in the pattern of price declines and the rally of 250 -280 percent “in their most exuberant period” just before the bear market.

“Just that the bitcoin rally was around 15 times the speed,” Sheena Shah, strategist at Morgan Stanley said.

There have been four bear markets with Bitcoin since 2009 and through each, the cryptocurrency has lost between 28 and 92 percent of its value. It lost 70% of its value from it’s $20,000 high mark in December to $7,000 in February before recovering slightly to where it is today over $8,000. Averaging a loss of between 40-50% of its value through each bear market is similar to the Nasdaq’s performance 18 years ago Shah said.

According to the Morgan Stanely report trading volume can also be seen as a red flag. The Bitcoin trading volume has jumped nearly 300% since the market decline in December but each rally saw volumes fall ahead of the bear market to come. Shah said regarding the trading volumes;

“The follow-up rally for both bitcoin and the Nasdaq always saw falling trading volumes. Rising trade volumes are thus not an indication of more investor activity but instead a rush to get out.”
 

Tethers Effect on Market Trading

The Morgan Stanley report continued to point out the effect that the Tether cryptocurrency may have had on market trading. Citing that during the latest bear market the Tether USDT coin which is purportedly backed up one to one with US Dollars took up a bigger share of Bitcoin trading compared to the three historically major trading currencies; US Dollar, Chinese Yuan and the Japanese Yen.

“The coin USDT is not a major funding unit but its increasing use is an interesting development,” Shah wrote. “Over the coming years, we think that market focus could turn increasingly towards cross trades between cryptocurrencies/tokens, which would transact via distributed ledgers only and not via the banking system.”

Bloomberg reported in January that Tether has been subpoenaed by the US commodities trading commission under speculation that they do not hold the $2.2 billion in reserve in order to back their token. Bitcoin’s price continues to vacillate around the $8,000 mark early this week after enjoying a $1,000 price boost from the news that the G20 would not be receiving any further regulatory recommendations from the FSB.

 

Author JOHN MCMAHON • MAR 20, 2018 • 04:03

 

Posted by David Ogden Entrepreneur
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Alan Zibluk – Markethive Founding Member

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Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

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Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

The G20’s announcement that it will pivot away from creating new regulations in favor of examining existing rules gave the cryptocurrency market a much needed seeing Bitcoin surge by $1000.

 

No New Regulations

The anticipation of what new regulations might come of the G20 meeting this week in Buenos Aires added to a rocky cryptocurrency market over the past week but the news as reported by Reuters is that there will be no new regulation recommendations handed down.

Some of the nervousness of cryptocurrency market watchers coming up to the G20 was due in part to the fact that Mark Carney, Governor of the Bank Of England and outspoken critic of Bitcoin heads the Financial Stability Board which coordinates financial regulation for the Group of 20 economies.

Carney has been very vocal about his doubts concerning the credibility of cryptocurrency in the past speaking as the head of the Bank of England.

Deciding that there was not enough of a consensus to create radical new regulation among the 20 countries that make up the G20 the FSB issued a letter to the central bankers and finance ministers who will convene in Buenos Aries on the 19 and 20 saying

“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,”

Carneys singing off on this letter shows an increased willingness in his attitude towards accepting cryptocurrency as part of the worlds financial system. Noting that this would be his last year as both chairman of the FSB and Governor of the Bank of England he said his successor would be reviewing existing rules as opposed to pushing through new standards.
 

Scaling Down

President Donald Trump set a mood for scaling back regulatory powers when he ordered American regulators to relax post-banking crisis reforms in order to encourage lending in the economy.

This made world regulators speculate that America, already reticent to join global regulatory bodies would reject any new suggestions and possibly fragment markets.

In reaction, the FSB membership vowed to make a complete review of whether the watchdog is still “fit for Purpose” for evaluating and amending rules.

Having already scrapped a quarter of its working groups in an effort to make the FSB more efficient and dedicated Carney said “As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms,”

This seemingly good news for cryptocurrency regulation and the hangover effects of the latest Mt. Gox bulk sale wearing off gave the faltering Bitcoin price a nice boost, up $1000 recovering nearly 8% of its value in 24 hours.
 

Author JOHN MCMAHON • MAR 19, 2018 • 05:03

 

Posted by David Ogden Entrepreneur
David Ogden Entrepreneur

Alan Zibluk – Markethive Founding Member

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Bitcoin Cash Price Weekly Analysis – BCH/USD Remains at Risk

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Bitcoin Cash Price Weekly Analysis – BCH/USD Remains at Risk

Key Points

  • Bitcoin cash price struggled to recover and moved below the $950 level against the US Dollar.

  • There is a crucial bearish trend line forming with resistance at $975 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).

  • The pair remains at a risk of more declines and it could even break the last low of $867 in the near term.

Bitcoin cash price is under pressure below $975 against the US Dollar. BCH/USD may continue to decline towards $850 and $800 support levels.

Bitcoin Cash Price Downtrend

This past week pushed bitcoin cash price in a bearish zone below $1,000 the US Dollar. There was a sharp downside move and the price settled below the $1,000 level and the 100 simple moving average (4-hours). There was a decline towards the $850 level and a low formed at $867. A recovery was initiated and the price moved above the 23.6% Fib retracement level of the last decline from the $1,160 high to $867 low.

However, the upside wave was protected by the $1,050 level. Moreover, the 61.8% Fib retracement level of the last decline from the $1,160 high to $867 low acted as a hurdle. At the moment, the price is trading lower and is well below the $950 level. On the upside, there is a crucial bearish trend line forming with resistance at $975 on the 4-hours chart of the BCH/USD pair. It seems like the pair may continue to decline and it could even break the $900 level in the near term.

Further below $900, the last low of $867 could be tested. Moreover, there is a risk of a test of $850, which is a major support zone.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is once again moving in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Level – $850

Major Resistance Level – $975

 

Author: AAYUSH JINDAL   MAR 18, 2018  04:03

 

Postwd By David Ogden Entrepreneur
 

Alan Zibluk – Markethive Founding Member

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Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 16

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Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS - Price Analysis, March 16

Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS – Price Analysis, March 16

Fundstrat's Thomas Lee believes that Bitcoin mining is an unprofitable venture at current prices. A model developed by his data science team has pegged the breakeven price at $8,038.

If prices fall further, the miners will start to lose money on their operations. Shone Anstey, co-founder and president of Blockchain Intelligence Group opines that this may force a few miners to stop their operations.

Technical analysts watch the 50-day MA and the 200-day MA closely to forecast the path of least resistance. A death cross, a situation where the short-term moving average falls below the long-term moving average, indicates weakness. Paul Day, a technical analyst and head of futures and options at Market Securities Dubai Ltd believes that if the cross occurs, Bitcoin can sink to $2,800.

It is common to see wild price forecasts on the downside when Bitcoin is falling. We saw similar outrageous forecasts on the upside when the cryptocurrency was rising.

Though we do keep those factors in mind, we should not be worried much by them. Let’s see what our analysis forecasts.

 

BTC/USD

Bitcoin fell to $8,066.61 levels on March 15. The bulls are trying to defend the $8,000 levels and pullback towards the $9,500 levels.

The BTC/USD pair remains in a downtrend as prices are trading inside the descending channel and below both moving averages. The 20-day EMA has broken below the 50-day SMA, which is another bearish move.

If prices fail to sustain above the overhead resistance zone of $9,500 to $10,000, the cryptocurrency can fall to $7,850 and after that to the February 06 lows of $6,075.04.

Our bearish view will be invalidated if the bulls manage to sustain above the $10,000 levels.

 

ETH/USD

Ethereum extended its downtrend as it fell to $568.29 on March 15, close to the February 06 lows of $565.54. This is major support.

We expect the bulls to attempt a bounce from these levels. The pullback will face selling pressure at the 20-day EMA and the resistance line of the descending channel.

If the bounce fails to gain strength, the next down leg in the ETH/USD pair will break below the $565.54 support and move lower to $500 and then to $430 levels.

Aggressive traders can buy a very small position, about 30 percent of the usual position size at $630, if the level sustains for about four hours. The stop loss can be kept at $560. If the price fails to break out of $700, positions can be closed, else please trail the stops higher.

 

BCH/USD

Bitcoin Cash fell to $910.6798 levels on March 15. Currently, the bulls are attempting a pullback from the supports.

The downtrend line should act as the first level of resistance. Above this, the 20-day EMA and $1,150 will act as resistance. If the cryptocurrency turns down from these levels and breaks below $900, it can slide to $778.2021.

The BCH/USD pair will become positive in the short term once the price sustains above $1,150.

 

XRP/USD

Ripple found support at the $0.62681 levels on March 15. We believe that the support zone between $0.695 and $0.5627 will hold.

The bulls are attempting to pull back above the March 15 high of $0.72685. Once this level is crossed, a move to the 20-day EMA is possible where the cryptocurrency will face strong selling pressure.

During the next decline, if the XRP/USD pair does not break below $0.695, we can expect it to trade in a large range. We may try to trade this, but as we don’t see any buy setup, hence, we don’t recommend any trade on it at the moment.

 

XLM/USD

Stellar remains in a downtrend, and it continues to decline gradually. It is close to our first lower target of $0.22.

If the bulls fail to defend these levels, the XLM/USD pair can slide towards the support line of the descending channel.

We remain bearish on the cryptocurrency until it stays below the 20-day EMA, the downtrend line and $0.32.

 

LTC/USD

Litecoin is trying to pull back towards $186.823 levels, where we expect another bout of selling by the bears.

Both moving averages, the downtrend line and the horizontal line, all converge around $187 levels making it important resistance. If prices turn down from the resistance and break below $157.236, it might fall to $141.

The LTC/USD pair will indicate strength if it can sustain above $187 levels for a day.

 

ADA/BTC

We expected Cardano to trade in a range, but prices turned down from 0.00002482 levels on March 14 and are now on its way towards the next lower target of 0.00001690.

It continues to be in a strong bear grip as the cryptocurrency has not even touched the 20-day EMA for more than a month.

The ADA/BTC pair will become positive once prices break out of the downtrend line and the 20-day EMA. Until then, all attempts to recover will face selling at the resistance.

 

NEO/USD

The bulls are trying to hold the critical support level of $63.62 on NEO. We can expect a retest of the breakdown level at $86. If the bulls succeed in sustaining above this overhead resistance, it will indicate that the bears are losing strength.

If prices turn down from $86 levels, we anticipate the next down move to a breakdown of $63.62 and move towards the lower target objective of $49.

We should wait for a confirmed buy setup to initiate a long position on the NEO/USD pair.

 

EOS/USD

EOS has been declining gradually for the past few days. It fell to a low of $4.7484 on March 15. We can expect the bulls to attempt a pullback from the current levels, but the 20-day EMA has been acting as strong resistance since end-January of this year. If prices turn down once again from there, a fall to $3.26 is likely.

If the EOS/USD pair sustains above the $7 levels, we can expect it to rally to the 50-day SMA and then to $10 levels.

Currently, we don’t find any buy setups on the cryptocurrency.

 

Author: Rakesh Upadhyay

 

Posted by David Ogden Entrepreneur

Alan Zibluk – Markethive Founding Member

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Bitcoin analysis – How low can it go?

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Bitcoin, how low can it go

Bitcoin Price Analysis – How Low Can It Go?

Bitcoin is showing more bearish momentum so it's time to look at the next downside targets.

Bitcoin looks ready for more losses as price gained downside traction after its break below a double top neckline. Applying the Fibonacci extension tool on the latest correction shows the potential targets.

Price is currently sitting on the 38.2% extension near the $8000 level at the moment, and a break lower could take it to the 50% extension next at $6459.7 next. From there, price could drop to the 61.8% extension at $5168.1 then the 76.4% extension at $3610.4 at the channel support. The full extension is located at $1063.4.

Technical indicators, however, are suggesting that the longer-term uptrend could still resume. The 100 SMA is above the longer-term 200 SMA so the path of least resistance is still to the upside. Then again, bitcoin has fallen below the 200 SMA dynamic inflection point, which could be seen as an early signal of a pending downward crossover.

Stochastic is indicating oversold conditions to show that sellers are tired, but the oscillator has yet to move higher to reflect a return in bullish pressure. RSI has some room to head south so bitcoin could still see some losses from here.

bitcoin - how low can it go

The latest wave of selling is seen to have spurred from Google’s announcement to ban cryptocurrency ads starting June. Similar action was taken by Facebook back in January when it banned ads on binary options, ICOs and cryptocurrencies, leading to roughly a 12% drop in bitcoin price then.

It doesn’t help that regulators are stepping up their game to oversee the industry, leading to speculations of more arrests or possibly shutdowns. There are also rumors that the Chinese government continues to crack down on crypto activity in the country.

IMF head Lagarde herself called upon fighting “fire with fire” to encourage encryption experts to help in the crackdown on criminals using cryptocurrencies to facilitate their activity. More remarks in the same line from other top officials could lead to further weakness in bitcoin
 

By Rachel Lee On Mar 15, 2018

Posted by David Ogden Entrepreneur
David Ogden Entrepreneur

Alan Zibluk – Markethive Founding Member

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Bitcoin Facts You Should Know

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Bitcoin Facts You Should Know

Bitcoin Facts You Should Know

Bitcoin is not a fraud, nor is it a golden nugget. People continue to have strong views and positions on what bitcoin is and debate on its potential, legitimacy and relevance. The discussions are meaningful and leave many more thoughts for us to ponder. But those are opinions, and while useful, facts are critical and important to know. Knowing facts will contribute to meaningful dialogue and questions. Here are some to start with.

Bitcoin is programmable money. Bitcoin introduced a new form of money – programmable money. Bitcoin and other cryptocurrencies (or cryptoassets) operate under the same philosophy as past monies and money we are more familiar with. What determines money is a shared set of rules for exchanging value. The difference with cryptocurrency is that the rules are determined by the payer and payee. They decide the terms and conditions of the transaction, which are codified. This system will, and has started to, extend beyond cryptocurrency and ultimately allows for a huge array of transactions including contracts, expertise, assets and services.

In the analog world, we have physical forms of money such as goods and paper money and are limited by distance. In the digital world, we attained further reach with our transactions, eliminating the constraint and dependency of human distance and speed. However, in the digital world, we are governed by the speed and mercy of banks. In the crypto world of programmable money, we eliminate both human and institutional constraints. These frictions are expensive and reduced.
 

Bitcoin is not created out of thin air. Bitcoin is created through a process called mining. Blockchain, the technology that bitcoin is built on top of, is dependent on a network of nodes that ensures the integrity of transaction history by achieving consensus. (To understand more about blockchain, you can reference this article.) Validation is one part of the process. After validating a transaction, the nodes then need to race, using trial and error, to solve a difficult mathematical puzzle that requires heavy computing resources. The first computer in the network that solves the equation will be rewarded with bitcoins. This is known as ‘mining bitcoins’. This protocol is referred to as Proof of Work (PoW).

Bitcoin mining serves two purposes: it allows for the creation of new coins and facilitates the processing of transactions in the network. Mining requires energy, hardware and bandwidth. If you try to mine bitcoins on your computer, you will find the cost of electricity will likely outweigh the value of bitcoins you can mine. Other cryptocurrencies also use PoW. Another emerging protocol is Proof of Stake (PoS) which does not need energy or hardware to achieve consensus, but rather uses staking or bonding tokens to determine the next block. You can read more about both protocols here and here.

Bitcoin has value. There will only ever be 21 million bitcoins created, which is deflationary and the opposite of paper money which is inflationary. Bitcoin’s value and security is derived from the fact that it is easy to prove that substantial computing power and electric energy was expended to solve

a math puzzle. This protects against fraud and counterfeit information. When bitcoin is created by PoW, the mining is authenticated and backed by a verifiable network.

Anyone can create their own currency. But a community is needed to accept the creation in order for it to have value. The world has been transacting with bitcoin for over nine years with a global community. Bitcoin also acts like a stock in that the price can go up and down arbitrarily. A stock price represents what another party is willing to pay for it. Cryptocurrencies function in the same way.

Bitcoin can be used for payment locally and globally – A vacuum existed for a faster, more efficient, and hassle free way to exchange money. Bitcoin was the first cryptocurrency to fill this white space and was created for payments and storing value. This new form of money enables online money transfers, peer-to-peer, without an intermediary like a bank. Generally, bitcoin and other cryptocurrencies can be transferred faster and with lower fees. (As bitcoin and other cryptocurrencies have gained more popularity, fees may be impacted by congestion and traffic on the blockchain).

In the earlier years of bitcoin, one could buy everyday items such as coffee, beer and dinner and transfer money for a few cents. The price wasn’t so volatile and the transaction time was fairly quick as usage on the blockchain wasn’t high. The charm was that no banks or financial institutions were involved. It was especially attractive if one wanted to transfer money to someone in another country. One could have sent $1MM worth of bitcoin to someone in another country at a cost of less than USD $1 and the receiver could convert it to fiat (aka paper money) in that country in less than an hour. Today with bitcoin’s price volatility and potential higher fees, it may not be practical for payments of everyday items. However, if you are transferring $1MM worth of bitcoin cross border, it may still be worth it.

Bitcoin as the first successful programmable money on the blockchain gave us universal, virtual and borderless cash – which is only the beginning. Bitcoin and blockchain didn’t just define the future of money. It is shaping the future of economies and transactions, and ultimately the future.
 

 

Author: Jamie Moy

 

Posted by David Ogden Entrepreneur
David Ogden Entrepreneur

Alan Zibluk – Markethive Founding Member

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Japan’s Third-Largest Electric Provider Is Testing Bitcoin On Lightning

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Japan's Third-Largest Electric Provider Is Testing Bitcoin On Lightning

Japan's Third-Largest Electric Provider Is Testing Bitcoin On Lightning

Japan's third-largest electricity provider is emerging as one of the first major companies in the world to trial a promising bitcoin payments technology.

Revealed exclusively to CoinDesk, Chubu Electric Power Co. has entered into a proof-of-concept with local bitcoin and Internet of Things (IoT) startup Nayuta, one that finds it exploring how bitcoin payments can be made via the Lightning Network, an in-development protocol that promises to cut costs for bitcoin users.

Boasting 15,000 employees and more than 200 power generation facilities, Chubu is now using Lightning to prototype a new way of letting customers pay to charge an electric vehicle.

In a demo of its work, Chubu and Nayuta went so far as to show how a Lightning payment could be sent to an electric vehicle charger that, once paid, instantly turned on and began to energize a real-life vehicle.

Chubu Electric Power Co. senior manager Hidehiro Ichikawa told CoinDesk that the test is part of the company's "market research" into how bitcoin could power its IoT needs, though he noted it doesn't yet have any official plans to accept Lightning payments from customers.

In this way, Chubu's story resonates with others enchanted by cryptocurrencies but frustrated by their current capabilties. Of note is that Chubu has been experimenting with bitcoin for IoT for quite some time, but faced a wake-up call when it realized its blockchain isn't as cheap as advertised.

Ichikawa told CoinDesk:

"Since the electricity charge is small, [Lightning's] necessary to reduce the fees for using public blockchains."

Nayuta CEO Kenichi Kurimoto believes this test is a signal of something larger – an enterprise interest in using bitcoin to deliver IoT payments in a cost-effective manner with Lightning.

"For IoT and blockchain applications, real-time payments are needed. We showed that second layer payments can be the solution," he said.

Lightning + electricity = <3

But it wasn't just Chubu and Nayuta involved in the test.

To show one way Lightning can work for IoT, the two companies hooked up a Lightning node to an electronic vehicle charger and plugged it into a car. From there they also enlisted Japanese software startup Infoteria, which coded up a mobile app to bring the user experience together.

Once clicking the "send" button, the app communicates with the charger over Wi-Fi or Bluetooth, which delivers the message and turns the power on.

Notably, the companies involved didn't use real bitcoin in the test, as other "reckless" experimenters have been doing recently. Rather, they sent dummy bitcoin on a closed test network that they have more control over.

 

That detail aside, the test was successful, showing that Lightning can indeed make small, instant payments for electric vehicle charging.

Nayuta spokesperson Hitomi Moriyama went on to say that he believes the same set-up could one day be offered in everyday parking lots. Users could easily use Lightning bitcoin payments to charge up their car, similar to how these chargers are refilled with credit cards today.

"[Lightning] makes it possible to operate a highly reliable charge management system with a small introduction cost," he said.

Impact and outlook

Still, while the test mirrors those that have happened on other blockchains, this one is perhaps notable given the size and scope of Chubu and the continuing commitment of some of the parties involved.

As Ichikawa stressed, Chubu's experiment is still an early proof-of-concept, and he was short on details about how it might affect the company's product as well as how much money it is even pouring into the project.

That said, Nayuta plans to continue to dedicate its entire business to continuing the exploration.

"We will continue to develop and experiment to seek for what kind of architecture is the best to apply Lightning Network for IoT," Moriyama told CoinDesk.

Kurimoto added that Nayuta is now working to ensure compatibility of its software with the three other major Lightning software implementations that are most in use today.

Going forward, Kurimto said he has introduced his team to the Lightning developer mailing list in an effort to work more closely on enterprise applications of the technology.

 

Author: Alyssa Hertig Updated Mar 13, 2018 at 03:08 UTC

 

Posted by David Ogden Entrepreneur
David ogden Cryptocurrency Entrepreneur

Alan Zibluk – Markethive Founding Member

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Bitcoin Is Melting, Again

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Bitcoin Is Melting, Again

Bitcoin Is Melting, Again

Summary

  • After an unsuccessful attempt at the $12,000 resistance level, Bitcoin is melting down once again, slumping by 30% in just a few days.

  • A few distinct developments caused the recent selloff to intensify.

  • People seem to be "Bitcoined out" a bit at the moment, which could cause the price to stay below $10K for some time.

  • It's not all bad news, but in the short term it could get painful for Bitcoin and the rest of the cryptocurrency complex.

Bitcoin is Melting, Again

Bitcoin (COIN), (OTCQX:GBTC) is not having a great week, and it looks like this selloff may get even worse. After a failed attempt at $12K Bitcoin entered the meltdown phase, cratering by roughly 30% in just a few days. Several simultaneous detrimental developments caused this selloff to intensify after the failed technical attempt sparked the negative price action. However, there is one predominant factor that has become the "elephant in the room". Bitcoin’s apparent loss of popularity could keep prices depressed for a lot longer than many people expect, and we may be looking at a near perfect storm scenario of events that could cause the current selloff to become much worse.
 

The Binance Hack

One of the elements that helped exacerbate the recent selloff was the Binance hack. It’s not exactly clear what caused the issues at the popular exchange, but what is known, is that numerous users reported their coins being sold off at random, without their knowledge or consent. This led to the speculation that a hack occurred at the crypto exchange, which in turn caused Bitcoin and other digital assets to selloff. Bitcoin cratered by about 7% in minutes following the news.

Author  Victor Dergunov

Posted by David Ogden Entrepreneur.
 

Alan Zibluk – Markethive Founding Member

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99 Out Of 100 Top Coins See Green As Bitcoin Climbs Back Above $9K

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99 Out Of 100 Top Coins See Green As Bitcoin Climbs Back Above $9K

99 Out Of 100 Top Coins See Green As Bitcoin Climbs Back Above $9K

The cryptocurrency markets are showing slight positive growth today March 10, with Bitcoin (BTC) rising back up above $9,000 and almost all of the top 100 coins, except one, listed on CoinMarketCap in the green as of press time.

BTC had reached over $11,500 during its intra-week high on March 5, before dropping below $9000 yesterday, March 9. BTC is currently trading at around $9,500, up around 5 percent over a 24 hour period to press time.

Ethereum (ETH) is still below $800, but up from its monthly low under $700 yesterday, March 9. The top altcoin is trading now around $740, up around 5.5 percent over a 24-hour period by press time. Ethereum has consistently stayed below $1000 — a price point it had previously broken in mid-January — ever since the market dip in early February.

Of the top ten coins listed on CoinMarketCap, Bitcoin Cash (BCH) is up the most over a 24 hour period, around 9 percent, and trading around $1,084 by press time.

 

Altcoin Ripple (XRP) is up the least of the top ten coin on CoinMarketCap, a little more than 1 percent over a 24 hour period, trading around $0.84 by press time.
 

Total market capitalization for all cryptocurrencies is around $389 bln by press time, on the lower end compared to its February highs over $500 bln, but up from it’s monthly low of $344 bln March 9.

Although the markets are seeing a slight recovery today, the overall slump since the beginning of the year has been attributed to the $400 mln sell-off by the bankruptcy trustee of the former crypto exchange Mt. Gox. The more recently slump this week can be credited to global regulatory news, including the US Securities and Exchange Commission (SEC) announcement that all crypto trading platforms should register with the SEC.

 

Author Molly Jane Zuckerman

 

Posted by David Ogden Entrepreneur
david ogden cryptocurrency entrepreneur

 

Alan Zibluk – Markethive Founding Member