Daily Archives: May 2, 2020

Bitcoin rallied to $9,500 before starting a downside correction against the US Dollar. BTC price might dip towards the $8,200 support zone before a fresh increase.

Yesterday, we saw a strong pre-halving rally in bitcoin above the $8,000 and $8,500 resistance levels against the US Dollar. BTC price gained more than 20% and it even tested the main target of $9,500 (as discussed yesterdays analysis using the daily chart).

A new monthly high is formed near $9,498 and the price recently started a substantial downside correction. There was a break below the $9,200 and $9,000 support levels.

Bitcoin even dived below the $8,800 level and tested the $8,400 support area. A low is formed near $8,405 and the price is currently trading above the 23.6% Fib retracement level of the recent decline from the $9,498 high to $8,405 low.

On the upside, an initial resistance is near the $8,800 level. There is also a short term declining channel forming with resistance near $8,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Above the channel resistance, the next resistance is near the $8,950. It is close to the 50% Fib retracement level of the recent decline from the $9,498 high to $8,405 low.

To start a fresh increase, the bulls need to push the price above the channel resistance and then clear the $8,950 resistance. A successful follow through above the $9,000 level could pump the price towards the $9,200 and $9,500 levels in the near term.

On the downside, the first major support for bitcoin buyers is near the $8,400 level. The next major support is near the $8,200 level or the 100 hourly simple moving average.

It seems like the price might dive towards the $8,400 support or the 100 hourly SMA to complete the current wave. Later, it is likely to start a fresh increase above $9,000 unless there is a close below $8,200.

Technical indicators:

Hourly MACD The MACD is about to move into the bullish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently rising and it is near the 50 level.

Major Support Levels $8,400 followed by $8,200.

Major Resistance Levels $8,800, $8,950 and $9,000.

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Bitcoin Could Correct Further To 100 SMA at $8,200 Before Fresh Increase - newsBTC

Stoners and gamers have turned to Bitcoin during the coronavirus lockdown, as web-based sales of both essentials increased during the pandemic.

Revenue for video game and cannabis sales using bitcoin saw a 50% increase among the 100 e-commerce merchants surveyed by Blockonomics. The research states:

Cannabis orders are up: people are buying more weed than ever, with revenue up over 50%. I mean, what else are you going to do at home?

Likewise, the lockdown has also turned people towards video games as a means of distraction. The data do not specify whether the people buying cannabis were the same people buying video gamesbut experience suggests there might be a slight overlap.

Two other business sectors also saw an increase in bitcoin-based sales web-hosting, and nutritional supplements. The Blockonomics article states:

Nutritional supplements also saw an increase of revenue of up to 50%, as people continue to look for alternative ways to stay healthy (possibly in response to empty food shelves at the grocery store).

While web-hosting services saw a marked increase in revenue, the same cannot be said for all digital products. In fact, 75% of respondents said they witnessed a decrease in bitcoin-based revenue during the lockdown.

No website that offered digital products saw an increase in revenue, 25% of respondents reported no change in revenue, while the remaining 75% saw decreases.

So even though everyone is staying home, that has not manifested in a transparent boost to typical digital products. As the article speculates, this can likely be explained by people putting a greater focus on buying essential physical goods, which are at threat of being lost in a potential supply-chain slowdown.

Almost half of the store owners surveyed revealed they were holding on to any bitcoin they received, while over 10% said they were continuing to buy even more. The article states:

Our e-commerce store owners continue to be major believers of Bitcoin: 44.9% of the respondents have decided to hold on to 100% of their Bitcoin during this time, with 10.2% additionally buying Bitcoin.

So, as gamers and cannabis users continue to part with their BTC, store owners are only too happy to hold on to it. That might have something to do with bitcoins 102% increase in value over the past month and a half.

This article was edited by Sam Bourgi.

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Covid and Chill? Bitcoin Used to Buy Weed & Video Games Amid Lockdown - CCN.com

There are roughly 15 known entities sponsoring Bitcoin Core developers in 2020, and the Wyoming-based startup CardCoins just became one of the smallest industry players to join the pack.

CardCoins has helped over 10,000 unique users convert gift cards into bitcoin, according to a spokesperson, with "millions of dollars of volume last year. That healthy-yet-modest traction, which increased slightly since the recession hit, is dwarfed by incumbent crypto exchanges and custody providers.

Out of the most well-capitalized crypto companies, BitMEX, Bitfinex, OKCoin and Xapo are the few that help support developers working full time on bitcoins fundamental software. This is the trunk and roots of the crypto industry.

The nonprofit hub sponsoring the most Bitcoin Core contributors to date, Chaincode Labs, was forced to postpone its annual summer residency due to the coronavirus crisis. Adam Jonas, head of special projects at Chaincode Labs, said the nonprofit currently sponsors seven developers and intends to continue educational residency programs later this year.

Bitcoin advocates have historically criticized exchanges such as Coinbase for not contributing more to these independent, open source developers.

Sometimes it can be easy to lose sight of the fact this multibillion-dollar industry, with companies like Binance that employ hundreds of people, relies on software maintained by just a few dozen people and occasional volunteers. The CardCoins spokesperson said there arent many people to pick from, with regards to prolific contributors who arent already on the above-mentioned payrolls.

So in March, as the Great Lockdown derailed summer plans to train more developers, CardCoins partnered with the fintech company Payvant to split a one-year grant for the Ukrainian contributor Hennadii Stepanov, who goes by Hebasto.

As business owners and bitcoiners ourselves, were grateful to the folks that work on the low-level, nitty-gritty stuff, CardCoins said in a statement. We don't see a world in which we work with a successful bitcoin company and that company doesn't also give back to the community."

Thanks to this grant, Stepanov said, he quit his job at a local university and can now focus on bitcoin full time. He quickly went from discovering bitcoin in 2017 to making a small contribution in 2018, an issue he found when setting up his own node. Now hes among the worlds most prolific contributors.

Decentralizing should be on all levels, including contributions, Hebasto said. I saw how the bitcoin developer community embraced me as a first-time contributor. They share knowledge. I like those people. I like to learn from them.

Although CardCoins has seen a modest incline in the past few months, this move wasnt inspired by extra cash to spend. Instead, the startup co-sponsored the grant because keeping bitcoin decentralized is fundamental to the firms business model.

Peer review is the cornerstone of Bitcoin Core and keeping bitcoin safe, generally, the spokesperson said. He [Stepanov] is making sure that Bitcoin Core will run on many different platforms in a safe way.

Most CardCoins users convert gift cards into bitcoin in under an hour using a phone number and a few pictures of the receipt and card details. This allows the startup to serve underbanked clients attracted to bitcoins censorship-resistant properties.

Weve made enormous investments in compliance and our programs and procedures have been overseen by a former federal prosecutor, CardCoins said of the mission to serve this user group without regulatory arbitrage. Those customers are vital to the lifeblood of bitcoin.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Why a Startup You've Never Heard of Is Now Sponsoring a Bitcoin Core Developer - CoinDesk

The Lightning network might be key to the future of bitcoin, but it still has a long way to go in terms of user experience.

To tackle this issue, the standard known as Lnurl is quietly gaining ground. Without much fanfare, it's been adopted in some of the most popular Lightning wallets including Zap, Phoenix, Breez, Blue Wallet and Wallet of Satoshi, as well as dozens of other apps.

Sending or receiving Lightning payments can often require a bit of set-up and a number of steps. Lnurl aims to simplify many common actions so that they instead require just a click or a QR scan.

Lightning payments are an experimental payment method that could greatly improve the Bitcoin network, making payments faster, cheaper, and more scalable. But so far, the user experience (UX) is even more confusing than Bitcoin's, which, with its private keys that cannot be lost and jumbled addresses, is weird enough for the average Joe as it is.

That's why developer and Bitcoin Lightning Wallet creator Anton Kumaigorodski decided to create a standard that would improve Lightning's UX, hiding a bit more of the underlying complexity from users.

"I've noticed some clearly visible UX issues specific to Lightning Network wallets, all of them are solvable but require some kind of standard for wallets to converge on. Lnurl aims to be such a standard," Kumaigorodski said.

The advantages include making it much easier to request "inbound liquidity," meaning the user needs to make sure enough bitcoin is in the right spot in the network in order to receive payments, which is one of the more common and troubling UX problems for users. It also cuts out a couple of steps when sending money in a few common scenarios.

Receiving funds

This is a lot of information that someone needs to know before using Lightning, making it a pain to use, especially compared to more intuitive mainstream alternatives such as Venmo or PayPal.

For example, to use Lightning, a user needs to put some of the bitcoin into the second-layer network by opening a "channel" with someone else. Say Alice deposits one bitcoin on her side. If Bob, her counterparty, has no money on his side, then she doesn't have "inbound capacity."

This means she can send payments but can't accept them.

To fix this, Alice would need to open a channel with someone who has bitcoins on their side.

This is an obvious roadblock for easy payments over the network. Many new users open a channel, then run into the problem that they can't accept payments and aren't sure what to do.

A number of services such as Lightning Loop and Bitrefill's Thor have launched to help users retrieve inbound capacity.

With Lnurl (specifically, the part of the standard called Lnurl-channel) the process is greatly simplified, making these services a bit more automatic. A user just clicks a link to pay a little bit of money to retrieve more inbound capacity.

"You could scan a QR code and request an incoming channel from a service," Lightning and Bitcoin Core contributor Tim Akinbo said.

The Breez wallet, for instance, adopted ln-channel in its point-of-sale app so merchants can top up their inbound capacity by scanning a QR code or clicking a link.

"No IT know-how is required," Breez CEO Roy Sheinfeld said.

Moving funds around

Another piece of the specification, Lnurl-withdraw, also makes it easier to move funds around.

Say you earn some bitcoin in a Lightning app (a "lapp" in Bitcoin lingo). Maybe you win a few cents worth when playing the game Bitcoin Bounce, or someone tips you on Twitter via Tippin. The pocket change you receive will initially be stored in the app.

However, say Alice wants to move her money from a game to her wallet so it's under her control or so she can spend it elsewhere (such as to automatically dispense food to chickens over the internet and watch them eat it over webcam). Without Lnurl, sending the funds to her wallet takes several steps.

First, she needs to create an invoice in her wallet. Then she copies the long, jumbled string of letters and numbers generated to identify where the funds are to be sent. She switches over to the game, clicks on the withdrawal page, pastes in the invoice and clicks send.

Lnurl potentially reduces this process to a simple scan in the app from which she's moving funds away.

"One of the improvements include the ability to simply scan a QR code and withdraw funds from a service directly to your wallet, without the pesky workflow of generating an invoice and then submitting it," Akinbo said.

It's worth noting that so far this standard only works in the wallets and apps that support it. The more wallets that use this standard, the better, Kumaigorodski said. Every service that adopts it will ease the process for users, doing a small part toward making the Lightning network easier to use for mere mortals.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Bitcoin Wallets Are Adopting This Tech to Simplify Lightning Payments - CoinDesk

Bitcoin, Ethereum, and Ripple bears took control this Thursday to correct this Wednesdays bullish action. The price action of the coins look like this:

Alternative.mes fear and greed index has kept steady around 40, and the current market sentiment is still in the fear region. This indicates that there is still some upside potential for Bitcoin.

ETH/BTC has gone up from 0.0239 to 0.0241 but has failed to keep pace with the green Ichimoku cloud. Bulls must gather enough momentum to break past the 0.0243, the SMA 50 and 0.0248. On the downside, there are healthy support levels at 0.0239 and 0.0235. The MACD shows increasing bearish momentum, while the Elliott Oscillator has had six straight red sessions.

BTC/USD is currently consolidating in a flag formation below the $9,000 level. The price is sitting just below the upper curve of the 20-day Bollinger Band. On the upside, the price faces strong resistance levels at $9,161.75 and $9444.58. This means that the price can go up to the $9,000-level before encountering resistance. On the downside, there are two healthy support levels at $8,616.20 and $8,191.90. The RSI indicator is hovering at the edge of the overbought zone, showing that the asset is a bit overpriced and may face short-term bearish correction.

The daily ETH/USD chart is consolidating below the $215-level within the triangle formation. The price faces three strong resistance levels at the upward trending line, $224,78 and $232. On the downside, healthy support levels lie at $206.50 and $198. The RSI is hovering right next to the overbought zone, while the Elliott Oscillator has had eight straight green levels.

XRP/USD fell from $0.2178 to $0.217 in the early hours of Saturday. This Friday, the price encountered resistance at the 20-day Bollinger Band upper curve and fell down. The widening of the jaw shows increasing price volatility. If the bulls gain back momentum, theyll need to overcome resistance at the $0.225 line and the SMA 200. Following that, the next resistance level of note lies at $0.2377. On the downside, there are two healthy supports at $0.2125 and $0.203. The Elliott Oscillator has had eight straight green sessions, while the MACD shows increasing bullish momentum.

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Top 3 Price Prediction Bitcoin, Ethereum and Ripple: Consolidation period starts as bulls and bears cancel each other out - FXStreet

Cryptoassets are not relenting in the fight to start the month of May on a positive note. The cryptocurrency market is mainly in the green led by NEO (4.8%), IOTA (4.36%), Ripple (3.82%), and Ethereum (3.52%). Bitcoin is lagging recovery after testing $8,400 support following a reversal from April highs at $9,500. The granddaddy of digital assets is trading at $8,774 after adding 1.73% to its value.

According to Vitalik Buterin, the co-founder of Ethereum, issuance of ETH 2.0 will be reduced by a large margin. Buterin was speaking in a podcast interview with POV Crypto referred to as Internet of Money. He also touched on the features that distinguish Ethereum from Bitcoin as well as the reasons why the network is moving to a Proof of Stake algorithm.

One of the reasons why were doing Proof of Stake is because we want to greatly reduce the issuance. So in the specs for ETH 2.0 I think we have put out a calculation that the theoretical maximum issuance would be something like 2 million a year if literally everyone participates.

The ongoing testnet is recording the issuance of about 100,000 ETH per year compared to 4.7 million a year in the current Ethereum network. On the other hand, ETH 2.0 is expected to have the issuance of between 100,000 ETH and 2 million every year.

The research at Fundstrat, a global research boutique in a note to clients predicted that Bitcoin will rally to $17,000 in six months. The prediction comes after Bitcoin crossed above the key 200-day moving average in April. As long as the price remains above this moving average, BTC/USDD uptrend will remain intact.

The co-founder of the firm, Tom Lee was bullish earlier in the year when Bitcoin was trading above $10,000. He predicted that BTC will rally to $40,000 in 2020. However, the rally was intruptedby the COVID-19 pandemic. The cross above the 200-day SMA means that Bitcoin has a second shot at the rally.

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Cryptocurrency Market Update: Bitcoin rally to $17,000 in 6 months, Ethereum 2.0 issuance to reduce to 2 million - FXStreet

This week has been one of the best so far this year for BTC prices. Since the same time last weekend, it has surged by 17%, outperforming traditional stocks and commodities yet again.

Observers and analysts have noted that Bitcoins yearly moving average is back up from its 2018 slump, and is approaching its previous all-time high.

This does not mean that prices are approaching ATH, but the accumulation of the averages over the year is.

BTC yearly MA [@YassineARK]Speaking of moving averages, this weeks rally has resulted in BTC crossing the long-term 200-day moving average. The last time this happened with such a large daily candle was in mid-January when BTC surged from $8,900 to top out at $10,400.

The 200 and 50-day moving averages have served as support and resistance levels throughout Bitcoins life cycle, and trading above both is generally very bullish.

The weekly chart is also looking positive at the moment with seven green candles in a row. The last time this happened was in March 2019, just before the big rally to $14,000. BTC is also trading above both the 200 and 50-week moving averages which is extremely healthy.

The next major resistance zone is around $9,700, but Bitcoin really needs to top its previous high of $10,500 for a real bull run to be registered. Forming a lower-high at the moment could result in further downsides and the resumption of the downtrend.

This weeks rally has also had the effect of increasing Bitcoins dominance as it outperforms its altcoin brethren.

BTC dominance has been on a downward trend since September 2019, and it has remained below 70% for most of this year.

BTC dominance has increased two percent this week to 66.5% according to the charts. This means that it has gained at the expense of altcoins which have all lost long-term ground, despite enjoying gains in price this week.

Altcoin traders have been looking at the charts noting that a climb in BTC market share is bad for altcoins as they have weakened in terms of satoshi values. Altcoin Sherpa [@AltcoinSherpa] has correlated these BTC dominance gains with the seasons, adding;

BTC.D has risen hard in the summers the last few years, crippling altcoins during this time. June is a good time to exit all altcoins IMO.

Bitcoins halving appears to be driving momentum at the moment and is only ten days away now.

Do you want to Be In Crypto?Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Tradersand a lot of fun! Images courtesy of Shutterstock, Trading View and Twitter.

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As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions. The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments including but not limited to any that appear in the contents of this article.

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Bitcoin Yearly Moving Average Price Closes in on All-Time High - BeInCrypto

Bitcoin-friendly electronics giant Samsung is teaming up with digital currency payment platform Swipe to add a cryptocurrency payment feature to its Samsung Pay wallet.

Users of the Samsung payment app can now settle their transactions using cryptocurrencies by adding the Swipe Visa debit card into their Samsung Pay wallet. The collaboration allows cardholders to fund their Swipe card with crypto and use it for payments anywhere Visa is accepted. Users can pay through their smartphones, smartwatches, or any other device that runs Samsung Pay at over 50 million locations across the globe.

Swipe chief executive Joselito Lizarondo says that the partnership helps prioritize the needs of their customers in a time of a global pandemic.

This integration and relationship with Samsung will open cryptocurrency adoption and make transactions with our Visa card in Euros converted by crypto seamless. Given the current COVID-19 situation, and people steering away from physical products like cash and in some instances cards, a digital solution really helps put our clients needs first.

The move highlights Samsungs continued effort to integrate cryptocurrencies into its ecosystem. Recently, the electronics giant added Tron in the Samsung Galaxy Store allowing users in the US and UK to download decentralized applications on their phones.

Featured Image: Shutterstock/H_Ko

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Bitcoin-Friendly Samsung Powers Swipe Visa Integration for 50 Million Locations, Expanding Cryptosphere - The Daily Hodl

From trading OIL Futures to democratising algorithmic trading, FTX has got it all.Key Takeaways

FTX, a Hong Kong-based crypto derivatives exchange, has introduced several new features after its best month yet in terms of the trading volume.

In April, FTX launched FTX Pro App, Volatility Tokens, Oil Futures, and several new additions to its spot market. The exchange also launched the FTX Quant Zone, a tool that enables traders to build and share trading strategies.

The rise of the FTX exchange has been making headlines all throughout 2020, with the company continuing to scale both its features list and its volume with each passing month.

While April has been a significant month for the exchange according to its Monthly Digest report, theres room for further growth in May.

Aside from a new and improved native FTX Pro mobile app, which is set to be released both on iOS and Android, the exchange also released several new products.

Half Tokens (HALF) are versions of FTXs tokens that use 50% leverage, with ETHHALF being 50% ETH and 50% USD. The tokens rebalance at the end of each day to return their target leverage.

BVOL/iBVOL Tokens represent a broad set of long or short positions on the FTX MOVE contracts, which represent close to perfect volatility in Bitcoins price.

Last month, FTX added Oil Futures to their ever-growing list of products, with OIL tokens behaving like futures that expire to the spot price of WTI oil +$100.

Multiple other spot markets have also been added over the last month. This includes USDT pairs for over 75% of spot markets, as well as Chainlink and Tron spot, perpetual futures, and quarterly futures markets.

Custom logins enable users to configure special account permissions that allow others to access their accounts, while an improved toggle feature makes switching between sub-accounts faster and easier.

However, one of the most important additions to the company is the Quant Zone, a tool that allows users to build and share their own trading strategies.

FTX described it as algorithmic trading brought down to the level of Lego building blocks and said it was one of the most underrated aspects of FTX.

Quant Zone allows anyone to build crypto trading strategies without programming knowledge.

In the following weeks, users will be able to allow subscribers access to the trading algorithms theyve built in FTXs Quant Zone and get paid in FTT, the exchanges native token.

Professional traders will also be able to make trades for their subscribers and earn commissions in FTT. It is not dissimilar from eToros social trader tool.

In its report, the company said that its spot volume has increased by over 10x in April.

While many have criticized the exchange for the unpredictability and volatility of their trading products, its the pace of development and innovation that has pushed FTXs volume through the roof

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FTX Is Evolving Faster Than Any Other Bitcoin Exchange - Crypto Briefing

A necessary correction that is the best definition of what happened on April 30, which saw a setback after cryptocurrencies went too far, too fast. Nevertheless, holding onto most gains shows that the trend remains positive. Stock traders are all too familiar with wild movements at the end of the month, as money managers adjust their portfolios.

And now, May has begun and potentially promises a resumption of the upside. The vast amounts of money sloshing around financial markets courtesy of central banks and especially the US Federal Reserve may push traders toward digital assets.

How are the top three cryptos positioned? Bitcoin, Ethereum, and Ripple all need to surpass technical hurdles to unleash the upside.

This is what theCrypto Confluence Detector shows in its latest update:

Bitcoinis facing resistance around $8,840, which is the convergence of the Simple Moving Average 100-15m, the Fibonacci 38.2% one-day, the SMA 10-4h, and the Bollinger Band 15min-Upper.

The upside target is $9,480, which is the meeting point of the previous day's high and the Bollinger Band 4h-Upper.

BTC/USDenjoys strong support at $8,703, which is the confluence of the Fibonacci 23.6% one-day, the BB 15min-Lower, the SMA 50-1h, the SMA 200-15m, and the Fibonacci 23.6% one-month.

Further down, another cushion awaits at $8,248, which is where the SMA 100-1h and the Fibonacci 38.2% one-month converge.

Ethereumis struggling around the $211 area, a dense cluster of lines including the SMA 100-15m, the BB 15min-Middle, the Fibonacci 161.8% one-week, the SMA 5-1h, and the Fibonacci 38.2% one-day.

The upside target for Vitalik Buterin's brainchild is $227, which is where the Pivot Point one-week Resistance 3 and the previous daily high hit the price.

ETH/USD has some support at $204, which is the confluence of the SMA 100-1h and the Fibonacci 23.6% one-month.

Strong support awaits at $187, which is a juncture of lines including the PP one-day S2, the 100-day SMA, and the BB 4h-Lower.

Rippleis battling $0.22, a dense cluster including the SMA 5-15m, the SMA 10-15m, the Fibonacci 23.6% one-month, and many more.

Looking up, the $0.2296 serves as the first target it is the convergence of the 200-day SMA and the PP one-day R1.

The high target for XRP is $0.2432, which is where the Pivot Point monthly Resistance 1 meets the price.

Strong support awaits at $0.21, which is where the previous day's trough converges with the SMA 5-one-day and the Fibonacci 38.2% one-month.

The are many support lines on the way down, and the strongest one is at $0.1940, where the Bollinger Band one-day Middle and the Fibonacci 61.8% one-meet up.

See all the cryptocurrency technical levels.

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Top 3 Price Prediction Bitcoin, Ripple, Ethereum: New month, new gains? Levels that bulls need to break - FXStreet