Bitcoin Price Eyes $7.6K – The Resistance is Strong

Bitcoin appeared to lose vital $7k support earlier this week dropping to $6.9K on the 5th of August, but a small rally may soon be on the horizon from technical analysis of the charts.

What we might be seeing at the moment is a bearish decline from taking into consideration the 50-day moving average (MA) where selling pressure failed to push the price lower than $6.9k due to the strong resistance.

At the time of writing the price reached $7,287.91 on Huobi with Bithumb not far behind at $7,255.52 per Bitcoin, but western exchanges are much slow on the corrective rally with the price at $7,188.46.



At the time of writing the the price of one Bitcoin on the largest exchange by 24 hour volume, BitForex is $7,098.84

This strong buying support behind the 50-day moving average could be an early indicator of a bullish August with a rally towards $7,500 – $7,600 expected.

bitcoin market price

This change of market is based on strong rumours circulating that the U.S. Securities and Exchange Commission (SEC) may finally give the green light to a Bitcoin exchange-traded fund (ETF) at the end of this week when the SEC meet on the 10th of August.

In other news major Swiss-based banks, CoinBase and Goldman Sachs are enhancing custody services for their big institutional clients which will see a secure cryptocurrency service for storing large amounts of crypto.

What do you think will happen to the Bitcoin price this week?

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Centralization broke the internet; It’s time to fix it

There are plenty of reasons not to like the internet today.

It starts with how we access it. Depending on where you are, internet connections can be unreliable, slow, and even pricey. There’s much disparity in the speed and pricing of the packages offered by internet service providers (ISPs) all over the world. ISPs can be quite restricting too. Monthly bandwidth caps are forcing us to prioritize what to access online.

This then leads us to the issue of net neutrality. ISPs are lobbying against an open internet claiming that they should have the right to set prices depending on the type of content or data that we access. This is at odds with our right to freely use (within lawful bounds) a utility we’re paying for.

Governments are also exerting their influence over the internet placing laws and regulations that allow them to censor and surveil our online activities. Private corporations also figure into this discussion as well. It seems that we’ve virtually forfeited our data to these companies when we agreed to their terms and conditions to use their services.

Then there’s the general profusion of bad products, bad content, and bad behavior. The list can go on.

The big question is, how can we fix it?

Centralization ruined it

Centralization has got a lot to do with these issues. The internet used to be highly decentralized operating essentially as a large peer-to-peer network. This changed when large telco companies took over the infrastructure in the effort to commercialize internet access.

Today’s tech giants eventually rose to prominence by providing most of the popularly used services and applications. They now happen to figure into almost every aspect of internet use. Google knows what questions we need answered. Facebook knows who and what we like.  Amazon, being our go-to store, knows our home addresses, payment information, and purchases.

Unless you’ve been living completely off the grid, these companies are bound to have your in-depth profile. What’s even scary is that such data can be used to manipulate us as revealed in the Cambridge Analytica scandal.

Having only a small group of entities dictate what we can and can’t do on the internet isn’t a good thing. These companies can impose policies that are designed for them to profit from our participation in a not-so-equitable manner. They can also stifle competition due to their size and influence.

A centralized service also serves as a single point of failure, that when exploited, could lead to disastrous outcomes. For example, DNS service provider Dyn plays a major role in the today’s infrastructure. An outage caused by a cyberattack to its services back in 2016 took down popular applications like Twitter and Netflix. This disrupted the online activities of millions of users.

How about decentralization?

There is now growing interest in transitioning away from centralized approaches as more users become aware of these downsides. The vision of decentralization is lessen the hold of these few entities over the internet and give back power and control to users.

It’s even quite fortunate that blockchain and crypto activities have gained much acceptance over the past year. These technologies offer the means to make a decentralized internet viable. Through blockchain and smart contracts, it is now possible to build and deploy decentralized applications (dapps) and platforms founded on transparent and immutable rules designed to be fair to its users.

These platforms are making headway in their development.

Projects like Skycoin even seek to disrupt the internet infrastructure segment by coming up with Skyminer – a custom-built hardware that is designed to support a crypto-driven internet ecosystem. The device essentially functions as a cost-effective but high-performing server with secure routing and networking capabilities. The device is also planned to be able to broadcast using a wireless antenna which will allow owners to function as ISPs and share their bandwidth to others creating a real peer-to-peer infrastructure.

Moreover, these efforts are making use of crypto currencies to power their respective economies. This way, they become self-sustaining. Peers fairly pay each other directly using crypto currencies without the involvement of intermediaries. Prices are market-driven and not dictated by big corporations.

The community that these platforms create also become a self-policing body that could democratically decide on matters. They are also responsible for encouraging positive behavior and punishing poor products and services and malicious actions.

Fixing the internet

We’ve been letting the internet be under the control of just a few entities for far too long. What we need to fix is for ordinary users like us to regain control and create an internet that’s truly neutral. It does call for us to step away from centralized approaches. Fortunately, decentralization offers the means for us to do so.

Decentralized platforms allow us to participate in fair and equitable markets. The crypto currency economies ensure that platforms are self-sustaining. These platforms also provide the opportunity for us to get back ownership of our personal data.

These technologies may still be in relative infancy but with exciting and ambitious projects that even seek to disrupt not only services and applications but the underlying infrastructure, a decentralized internet might be in our future. This way, we get to enjoy an internet that’s truly for the people and by the people.

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Bitcoin surges to record high after developers halt SegWit2x proposal

  • Bitcoin was scheduled to upgrade mid November following SegWit2x proposal
  • Major bitcoin developers dropped their support for the upgrade
  • Developers behind SegWit2x announced today they are calling off plans

The Bitcoin block size increase has been suspended after the organisers behind the scaling proposal called off the attempt earlier today.

The news surged Bitcoin to a record high of $7737 with altcoins also seeing a rise in price.

segwit2x bitcoin

Mike Belshe, the CEO of BitGo who was one of the leaders of the SegWit2x proposal announced today that the proceeding could divide the Bitcoin community and set back its growth.

“Unfortunately, it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.”

You can read the full email here.

Segwit2x gained early support from startups and mining pools who seeked to increase the block size this month.

The email was also signed by other notable figures pushing for Swgwit2x – Mike Belshe, Wences Casares, Jihan Wu, Jeff Garzik, Peter Smith and Erik
Voorhees.

Although the increase has been halted for now, the group aims to increase the block size at a later date with more support.

Did you miss the news as it broke? Monitor the Bitcoin news as it happens using our real-time app.

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How many Bitcoins for a Pizza? Papa John’s now accepting Bitcoin

Pizza delivery restaurant chain Papa John’s now offers customers the option to pay using Bitcoin at their Manchester City Centre store.

The American based company operates as a franchise so it’s not yet clear if other franchisees are rolling out the new payment method but this is definitely a promising start.

This isn’t the first time Papa John’s and pizza made the headlines, back in 2010 a developer named Laszlo Hanyecz purchased two Pizzas in exchange for 10,000 Bitcoins which was worth just $25 at the time but at todays exchange rate $70 million dollars!

The price of one Bitcoin is now around $7,000 or £5411.

If you fancy paying for your next Margarita in Bitcoin then head down to Papa John’s on Oxford Street, Manchester, M1 5AN.

papa johns bitcoin manchester
Credit Source: Twocanpocket
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Ethereum ETN’s attract $10 million in assets after trading on Nasdaq

coinsharesLaunched just last week by Jersey-based financial firm CoinShares, the Ether Tracker One and Ether Tracker Euro exchange-traded note (ETN) has now surpassed $10 million since trading on Nasdaq Stockholm.

CoinShares combined assets under management (AUM) (which included the Bitcoin Tracker One and Bitcoin Tracker Euro) are now at $330 million since launching in 2015.

 

 

“When the group’s bitcoin ETNs – which are now at $330MM in AUM – launched in 2015, it took one year to attract the initial $10MM in AUM. The Ether Trackers achieved that in less than a week” says Ryan Radloff, Principal at CoinShares.

Due to popular demand by investors CoinShares is now providing professional asset research into the top 5 crypto-assets, this they believe is something new due to all previous research that was carried out more or less focused just on Bitcoin.

The first research is named Ether Asset Highlight launched today: https://coinshares.co.uk/#research

“We are excited to bring CoinShares Research to life as we begin to support the needs of the next wave of crypto investors. Now that we have a team covering ether, bitcoin and a few others on a full-time basis, expect more great coverage to come soon,” says Ryan Radloff, Principal at CoinShares.

The brand comprises two exchange traded bitcoin notes (COINXBT & COINXBE), two exchange traded ether notes (COINETH & COINETHE) and two funds (GABI & CoinShare Fund 1). All of these represent ‘first of their kind’ products in their respective categories.

For many investing in cryptocurrencies can be unfamiliar territory due to the complexity of managing wallets, dealing with exchanges and the related security concerns. ETN’s act as a gateway, simplifying the process for everyday investors who want to dabble in the cryptocurrency market but don’t know how.

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John McAfee sits on advisory board of crypto exchange set to revolutionise India

Renowned businessman and security analyst John McAfee has partnered with and will sit on the advisory board of BitIndia, an open source blockchain wallet and exchange for the streets of India.

With less than 0.5% of indians currently utilising Bitcoin, the company aims to educate and promote cryptocurrencies to directly take on the very real and growing issue of high banking rates that currently plague over 1.2 billion of the country’s people.

This is to be achieved through an easy to use cryptocurrency platform that takes away the complexities of cryptocurrencies and replace them with an intuitive system which not only allows the average layman to store and use Bitcoin, Ethereum and Ripple currencies but to also trade them against the national currency, the Indian Rupee.

Plans also include for seamless integration on a local level allowing users to access terminals that allow for everyday and recurring purchases such as groceries, bills and dining out.

bitindia

Given the size of the Indian population and its urgent need for a decentralised and fairer economic system if executed properly BitIndia is in a prime position to spearhead and develop the Indian Cryptocurrency space into a major global player, one that will shortly rival China and South Korea.

John Mcafee’s no stranger to business, his role at Bitindia will bring a great deal of unparalleled expertise and guidance.

Bitindia is currently running an initial coin offering (ICO) which allows anyone to invest in the exchange and make a share of the profits, find out more here https://bitindia.co/ or read the whitepaper https://bitindia.co/whitepaper.pdf

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Handmade cosmetic brand Lush is now accepting Bitcoin

Fancy a long invigorating soak?

Handmade ethical cosmetics retailer Lush has recently started accepting Bitcoin as a method of payment for online shoppers.

The retailer operates around 1,000 physical stores across 49 countries worldwide and has suggested its online adoption will likely influence its in store Bitcoin rollout.

Lush said in a statement that Bitcoin was introduced as part of their “wider strategy to delve into the Blockchain community and provide an ethical viewpoint on its possibilities”.

The firm claims that it would allow them to create more ways of working with a wider range of suppliers, some of whom are from developing countries. Providing an alternative method in these regions will open up new new markets and make transactions more transparent with little to no exchange rates or fees.

The Bitpay ecommerce solution has been utilised and will allow the platform to handle customers who wish to pay with Bitcoin.

Lush is headquartered in Poole, Dorset, United Kingdom. The company was founded by Mark Constantine, a trichologist and Liz Weir.

Lush is expected to make $1 billion in global sales by 2017.

So whether you would like to treat yourself to a long relaxing soak or just smell like a million bucks with Bitcoin, grab yourself one of the many awesome sounding bath bombs from: https://uk.lush.com/products/bath

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Ethereum bounces back

Despite reaching all time highs of around $400 in mid June, Ethereum has been slowly declining. It hits its lowest price of $130 last Sunday. The coin has seen a lot of volatility and panic although this now looks to be abating.

Its steady incline over the last 48 hour period looks promising as it hits $190 at the time of writing. This trend is expected to continue with the price breaching $200 by the end of the week.

ethereum price chart

There is no one reason for Ethereum’s recent decline but the biggest culprit seems to be the Bitcoin split. This has caused panic and uncertainty for many traders across all altcoins resulting in a sea of red.

Also the millions of ETH being raised and dumped for fiat through the recent ICO frenzy has also fueled investor uncertainty and driven down the price.

Even now the recent Tezo Initial Coin Offering (ICO) is worrying many traders with the fear that the project will dump the $200 million equivalent raised on the market in the very near future.

The market cap has dropped from $36 billion to $14 billion. That’s a $22 billion loss with a two-month period.

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Billions stolen from South Korean Bitcoin exchange

Bithumb, the fourth largest Bitcoin exchange in the world was recently hacked resulting in Billions of Won being stolen.

According to the Korean Internet & Security Agency (KISA), earlier this year personal computers owned by staff at the exchange were infiltrated by an unknown 3rd party. Personal information was exploited by the hackers to obtain access to more than 3,000 individual accounts. Servers located at Bithumb’s headquarters were not comprised.

“It is an accident caused by an external infringement on the personal computer of the employee who is not related to the server of the head office.” “Some users Personal information leaked, he explained. However, some customers were found to have been stolen because of the disposable password (OPT) used in electronic financial transactions.” said Dr. Bitsum

Bithumb is South Korea’s largest virtual currency exchange, with annual transactions worth hundreds of billions of won. The cumulative amount of Bitcoin traded at Bithumb last year reached over 2 trillion won.

Bithumb’s 24 hour trading volume on the 4th of July exceeded 100,000 Bitcoin.

https://www.bithumb.com/

On June 29th 2017 Bithumb was made aware of the hack and subsequently reported it to the authorities a day later. At the time of writing hundreds of Bithumb customers no longer have access to their funds and have filed a complaint with the National Police Agency’s cybercrime report center.

Bithumb have promised to compensate its users for loss of personal information amounting to $870 per user (despite losses exceeding this amount), although the company is still investigating and has also hinted at further damages being announced.

Once made aware of the issue the exchange acted quickly in reporting to three government and state agencies. It is still unclear how widespread the damage is.

Due to the laws surrounding Bitcoin and digital currencies in the country it is not yet known if Bithumb will be facing any criminal charges.

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Tonybet Leads The Gaming Market By Accepting Bitcoin Allows Deposits In Bitcoin While Playing In Regular Currencies

With Bitcoin establishing its presence in the online gaming market, Tonybet.com started accepting deposits in digital currency.

An all-around online gaming site has announced it has partnered up with the SpectroCoin e-wallet to become one of the first recognised and well established gaming sites to accept Bitcoin. The site will allow its players to deposit and withdraw funds in Bitcoin, but will convert them to regular currencies while in-play – a feature absent from most sites accepting digital currencies.

The site officials said their intension was to make Tonybet more accessible to a wider range of potential players. However, the introduction of the new payment method had a bigger impact than they anticipated as a number or new signups went up.

Tonybet.com spokesman Warren Lush said: “We’re always keeping up with the latest digital innovations in order to adapt them to our online gaming platform. With the introduction of Bitcoin deposits we saw a dramatic increase in recreational punters and poker players especially from the Asian countries who have been struggling to transfer their funds before.”

“Another advantage of using Bitcoin for online gaming is that users can also speculate the exchange rates and earn extra. The fast and easy deposit and withdrawal process makes this an even more attractive feature. What’s more is that partnering up with SpectroCoin we not only opened our online sportsbook, casino and poker site to those who wanted to use their digital currency for online gambling, but also encouraged customers to exploit the advantages of using Bitcoin.”

About TonyBet.com

TonyBet.com was founded in 2009 by world famous poker pro, businessman and politician Tony G. The company is now one of the fastest growing betting and online gaming companies in the world. For more information see Tonybet.com

About Spectrocoin

SpectroCoin is an all-in-one solution for Bitcoin. Services offered include a wide range of Bitcoin solutions, from exchange to Bitcoin e-wallet. SpectroCoin builds its business policy on Bitcoin’s philosophy of making financing quicker, frictionless and flexible. The service provides a solution for each client’s needs instead of asking them to adapt to us. That includes every aspect of services, starting from the number of payout methods to the range of support languages available. For more information see Spectrocoin.com

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