Crypto News | Bitcoin Mining in Norway and the State of the Crypto Market

In today’s edition of Crypto News, we’ll cover why Bitcoin mining is expected to get a lot more expensive in Norway in 2019 and the details of the crypto market hitting its 10-day low.

Crypto News: Bitcoin Mining in Norway

A Swiss newspaper made the announcement today that its country will be acting to end electricity subsidies for Bitcoin mining. Until now, mining farms operating in Norway have been paying a low rate of 0.48 ore per kilowatt. As of January 2019, it will be raised to 16.58 ore per kilowatt.

Lars Haltbrekken, a parliamentary representative from the Swiss Socialist Left Party, said:

“Norway can not continue to provide huge tax incentives for the most dirty form of cryptocurrency output […] [Bitcoin] requires a lot of energy and generates large greenhouse gas emissions globally.”

Norway has been a haven for Bitcoin miners in the past due to its cold climates and low electricity rates; this is why it has made the top crypto news today. Many remain shocked as there was zero consultations or dialogue with the mining industry in Norway before action was taken.

>> Colorado ICOs: Regulators Stop Another 18 ICOs

However, there are some individuals in the blockchain space that agree with the government’s decision to remove the electricity subsidies. Jon Ramvi, CEO of Oslo-based Blockchangers, believes that “less mining in Norway will reduce the prices of electricity for companies and people residing in Norway, meaning that we reap the benefits of these resources locally instead of giving it away to Bitcoin miners.”

Crypto News: Crypto Market Downturn

The cryptocurrency market and Bitcoin (BTC) have hit 2018 lows this week, breaking major crypto news headlines. Panic selling occurred across the board as BTC dipped below the $5,500 mark and XRP surpassed Ethereum (ETH) for market cap.

There are many speculations, but it remains unclear at this time what caused the dip in prices. Currently, Bitcoin (BTC) is trading below the $4,500 mark, a figure the digital currency hasn’t seen since September of 2017. At press time, the total cryptocurrency market cap is sitting just above $146 billion USD.

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Bitcoin News Summary – November 19, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

 

Markets moved sharply to the downside to a new low for 2018. The $212 billion market cap moved down to $183 billion with Bitcoin falling almost $1,000. Ethereum lost its second place position in market cap rankings to Ripple.

The messaging app Kik announced it will migrate its ICO token, Kin, from Ethereum to the Stellar blockchain. Kin raised nearly $100 million in Ethereum tokens and it cites Ethereum scaling issues as the reason for the switch.

Bitcoin Cash hard forked and many attribute the recent market price drop to this split. Bitcoin Cash ABC has the support of Bitmain CEO, Jihan Wu, and influencer, Roger Ver. Bitcoin cash SV is backed by billionaire Calvin Ayre, and the flamboyant Craig Wright. It’s still unclear which side will be regarded as the “real” Bitcoin Cash and retain the BCH ticker symbol. Currently, ABC has the most support from exchanges and companies.

A Venezuelan Bitcoiner revealed that one of the nation’s big department stores began accepting Bitcoin. The user, Vito, reports that Bitcoin is well-known across the country and considered the preferred payment method for online work.

Finally, the SEC is investigating crypto lending service, Salt, as well as Erik Voorhees, its former CEO and current CEO of popular exchanger, Shapeshift. The SEC is apparently investigating various aspects of Salt’s $50 million ICO process – primarily whether it was an unregulated securities offering.

That’s what happened this week in Bitcoin. See you next week.

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Bitcoin News Summary – November 12, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

 

A strong move in Bitcoin Cash price comes in the run-up to the Bitcoin Cash SV hard fork, scheduled this week. On this date, Bitcoin Cash will split into Bitcoin Cash ABC, backed by Jihan Wu, Amaury Sechet, and Roger Ver, and Bitcoin Cash SV, backed by Calvin Ayre and Craig Wright. If you hold BCH, ensure that you’re prepared.

Pure Bit, a South Korean crypto exchange has completely shut down after raising $2.8 million in Ethereum from investors.  The exchange posted “Sorry” and “Thanks” to their communications channels and it is suspected that this was a deliberate exist scam from the get go.

The US Securities and Exchange Commission is charging the founder of popular decentralized ICO token exchange, EtherDelta, with running an unregistered exchange. As the SEC considers many such ICO tokens to be securities, it requires their trade to be regulated.

The launch of the first crypto exchange to be officially registered in the United Arabs Emirates was announced. The exchange, named “Crypto Bulls,” will be the first of its kind in Dubai.

Finally, Venezuelan demand for bitcoins has reached a new peak. Over 1,000 BTC per week are trading over LocalBitcoins in Venezuela. Also, the government revealed it will propose its national crypto, the Petro, to OPEC as a means for trading crude oil. The Petro is pegged to the cost of a barrel of oil.

That’s what happened this week in Bitcoin. See you next week.

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Bitcoin News Summary – November 5, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

Former US congressman and famous Libertarian, Ron Paul, advocated for the abolition of all taxation on cryptocurrencies. Paul said such a move may prevent recession. He also supported President Trump’s recent criticism of the Federal Reserve.

Venezuela’s state cryptocurrency, the Petro, was officially launched. However, reports indicate that only Petro certificates are currently being sold, not actual crypto coins.

South Korea’s central district court ruled that banks may not terminate partnerships with crypto exchanges without good reason. The country’s commissioner of Financial Services said that compliant exchanges will have no more problems with so-called virtual bank accounts.

The Bitcoin community celebrated the 10 year anniversary of the Bitcoin white paper’s publication. This groundbreaking document can be downloaded from bitcoin.org.

Wasabi Wallet for Bitcoin was finally released. This new wallet offers superior privacy, through built-in CoinJoin mixing, Tor network use, and other advanced features. The wallet is available for Windows, Mac and Linux.

Canadians were affected by the disappearance of the MapleChange exchange. About 2000 users have lost their Bitcoin or Litecoin as a result of a code exploit. Some suspect an exit scam. Other altcoins are being refunded by the exchange.

Finally, India’s Financial Stability and Development Council is considering a ban on Bitcoin and other cryptocurrencies. Indian exchanges are currently facing regulatory challenges but this ban would be a further clampdown on private crypto use in India.

That’s what happened this week in Bitcoin. See you next week.



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Bitcoin News Summary – October 29, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

Crypto markets remain steady this week. Markets were largely unchanged from last week, with Bitcoin holding the $6,400 level, Ethereum keeping its $200 level, XRP steady at 45 cents and BCH holding the $440 range. The total crypto market cap is now at around $209 billion, of which Bitcoin’s value comprises 53.6%.

Japan’s Sony Corporation announced a new crypto hardware wallet. The wallet uses contactless technology, meaning that it doesn’t have to be plugged into a PC or mobile device to function. Sony’s press release implies the device will support Bitcoin, Ethereum, Ripple, and other cryptos.

Figures from jobs site Glassdoor revealed 300% annual growth in US jobs relating to Bitcoin and blockchain.

Samsung announced that it’s starting actual production of a new 7 nanometer low power Bitcoin mining chip. Samsung expects the new chip to use up to 50% less power while providing 20% better performance over its previous 10 nanometer chips.

The Spanish Ministry of Finance declared that all citizens must declare their crypto holdings for taxation purposes. Off-shore fiat holdings must also be declared under the new law. Spain expects to raise 850 million Euros from taxes following the new legislation.

A Chinese court determined that citizen’s bitcoins should be classed as legally-protected property with economic worth. The court further determined that ownership of bitcoins by private citizens is legal, as is their exchange between individuals. However, crypto exchanges are still banned in the country.

That’s what happened this week in Bitcoin. See you next week.

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Bitcoin News Summary – October 22, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

US investment giant Fidelity, which has over $7 trillion under management, announced its new crypto custody and order execution service, Fidelity Digital Asset Services. Fidelity aims to make Bitcoin trading accessible to major institutions, such as hedge funds.

Major exchange Bitfinex re-opened fiat deposits for its 4 support currencies: Dollars, Pounds, Yen and Euros. Bitfinex claim their new system is more reliable. This funding mechanism was on hold for about 11 days. This raised concerns, especially regarding Tether, the US Dollar-pegged cryptocurrency, which is closely linked to Bitfinex.

The Bitcoin blockchain showed a transaction of nearly 30,000 BTC, worth almost $200 million, was processed for a 10 cent fee. The same transaction would cost over $10,000 if sent through the legacy banking system.

Former Indian exchange Zebpay announced that it has relocated its operations to the island of Malta. This move follows a bank on the exchange’s bank accounts after the RBI imposed strict new regulations on crypto businesses. Unfortunately, Zebpay can no longer service its roughly 3 million users in India.

Finally, after 3 years of running our popular Bitcoin faucet and dispensing almost 13 Bitcoins to the general public, 99Bitcoins’ faucet has shut down. The move was decided upon in order to help us focus on a new and exciting project to help educate the public about Bitcoin which will be revealed in the coming month.

That’s what happened this week in Bitcoin. See you next week.

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The Inevitable Bull Run with Hints from Coil, Omni News

Ripple is on a partnership spree. Perhaps that’s why there are a lot of fundamental developments propping XRP as a viable investment. From Coil, Omni and news of The Bill and Melinda Gate Foundation probable use of the RippleNet as they deploy Mojaloop, the foundation is set for XRP. On a technical front, prices are stable and bullish from a top down approach. Therefore, despite the recent lower lows, bulls stand a chance and could edge higher in days to come.

Latest Ripple News

Ripple as a company has an ambition of creating this internet of value mesh and a platform where financial institutions can easily move funds across the border. In more than four decades where SWIFT, though nothing can be taken away for services is rendered-is slow, expensive and services are not available around the clock.

In the meantime, Xpring an initiative that works towards providing necessary tools for blockchain start ups to flourish as long as they incorporate XRP in their product is working towards promoting a healthy XRP ecosystem. Similarly, Omni, a blockchain startup with operations in the San Francisco Bay area and Portland is the latest to integrate XRP allowing their users to withdraw funds directly to their XRP wallets. It’s particularly appealing for crypto curious types who acquire XRP by-passing exchanges.

While Omni is live, Coil another creation of one of former Ripple executive Stefan Thomas will be partnering with the Bill and Melinda Gate foundation. Their object is to successfully deploy Mojaloop. Mojaloop is an open source platform that promotes financial interoperability and inclusion more so for systems that can scale and serve the poor.

From all these it’s clear that Ripple is working hard and perhaps re-calibrating their objectives as they promote the use of XRP through solutions as xRapid. The portal inherently uses XRP for cross border payment processing.

XRP Price Analysis

Weekly Chart

Technically, XRP is bullish and is up 10 percent in the last week. Despite losses, a stand out has been the resilience of buyers. Topping this is their ability to maintain price within our ideal buy zone. The zone, between 55 cents and 45 cents, coincides well with reactive Fibonacci retracement levels.

Like in our previous XRP price analysis, we shall only recommend risk-averse, conservative type of traders to begin loading on every pull back once XRP rally above 55 cents.

Conversely, price retracement that sees XRP drop below the 35 cents to 45 cents support area invalidates this bullish projection. Remember, from an effort versus result scenario, bulls are in charge. This is all thanks to the new-found trend definition set by week ending Sep 23.

Daily Chart

XRP Price Analysis

Back to the daily chart and XRP is a stable. Not only are prices consolidating inside Oct 15 high low but the range is so tight. In fact prices are tapering inside Oct 16 bull confirmation bars. Technically, this is bullish for XRP even when we take a top down approach.

Unless otherwise, risk off, aggressive traders can begin loading up at spot prices with tight stops at around 43 cents.

That’s just below the 61.8 percent Fibonacci retracement level of September high low. To reiterate,  first target will be at 80 cents and later $1. But $1.65 is not farfetched if we employ a Fibonacci extension tool.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.



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Bitcoin News Summary – October 8, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

China’s longest-running technology magazine, Beijing Sci-Tech Report, will accept Bitcoin payments for annual subscriptions. Starting in 2019, readers will can pay 0.01 BTC to receive the publication.

Some crypto industry research by Diar pointed to a bullish future. According to their report, venture capital inflow into crypto companies has already increased by 280% over last year. Nearly $4 billion has been raised in the year to date, with over a quarter billion going to “stablecoin” projects.

Major US exchange, Gemini, announced that – in addition to fiat deposits – crypto deposits stored on their exchange are now insured against loss. Traders and other who store coins on-exchange may find Gemini’s extra security welcome.

Bitcoin surpassed the 50% milestone for transactions using SegWit. It’s taken a little over one year for SegWit adoption to reach this point. You can usually tell that your Bitcoin address is SegWit-enabled if it begins with a “3.” SegWit use is recommended as it lowers your fees.

French startup Acinq has raised $1.7 million to continue its work on the Lightning Network. Acinq is the creator of the Éclair Wallet and its own Lightning Network implementation.

More than 1,500 Bitcoin ATMs will be installed across Argentina by the end of 2019. Demand for Bitcoin is soaring in the country as the Argentinian Peso is experiencing rapid devaluation.

That’s what happened this week in Bitcoin. See you next week.

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Bitcoin News Summary – October 15, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

Major exchange and Tether operator, Bitfinex, has imposed a temporary ban on all fiat deposits. Clients are no longer able to deposit Euros, Dollars, Yen or Pounds to the exchange. Withdrawals are reportedly working normally. Bitfinex has said that they expect the issue to be resolved in the coming week.

Venezuelans will have to use the country’s new Petro cryptocurrency in order to purchase new passports. While the move is clearly aimed at anchoring the Petro in real-world usage, it may not succeed as passports reportedly cost four times the average monthly salary.

Blockstream announced the launch of their new Liquid Network. Liquid caters to major industry players like exchanges. BitMEX, Bitfinex, and Xapo are some of the 23 participants in the network, which enables faster and more private Bitcoin transactions as well as other custom features.

Cyber security firm CipherTrace published a report indicating that hackers stole almost $1 billion worth of crypto during 2018. They further report that 97% of these funds were channeled to unregulated exchanges in countries with light Anti-Money Laundering rules.

Finally, MasterCard  will ban payments to ICOs and crypto brokers starting this week. Binary option and Forex brokers are also affected. It’s believed that VISA will enact a similar ban this December. This news was reported by a third-party site and has not been confirmed by the payment companies themselves, details remain unclear.

That’s what happened this week in Bitcoin. See you next week.

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Tron React to Partnership News as Gemini Supports Litecoin

Overly, bears are in control. Despite the recoveries especially in Tron, Litecoin and EOS, sellers should be actively unloading at spot rate. Tron prices are buoyant because of Justin Sun shills but could crash if the said partnership doesn’t meet the community’s expectations. Furthermore, there are news of Gemini accepting Litecoin deposits beginning today. This is positive for price. Even if trading begins three days later, it could inject extra liquidity from investors keen on regulation and insurance.

Let’s have a look at these charts:

EOS Price Analysis

Often, the market tends to slow down and even reprice after periods of high volatility. That was the case yesterday. EOS did retrace, slowing down and shedding two percent in the last day. Though this is positive for bulls, it is a wonderful opportunity for traders to unpack EOS at spot prices as they expect a break below main support at $4.

This is highly likely because Oct 11 rapid losses did invite sellers completing a bear break out trade. Therefore, in line with previous EOS trade plan, the best approach to trade this coin is to wait for conclusive breaks and close $4.

Ideally, what we would like to see is a whole bear bar printing below $4. Once this executes, then sellers can load on pull backs with first targets at $1.5. Safe stops would be just above $4 or the support breaking bar highs.

Litecoin Price Analysis

Litecoin Price Analysis

The bounce off $50 has been spectacular but syncs well with the bearish tune set in motion by Oct 11 high volume bear bar. Moving on, risk off traders who wish to get in at better prices can unload at spot rates with ideal stops at $55 or Oct 11 highs.

However, from our previous recommendation and awareness of the volume behind the bearish engulfing pattern, we suggest patience. This mean once there is a Litecoin meltdown driving prices below $50 and a whole bar prints at that level then risk-averse traders can participate.

It’s not hard to see why this is necessary. A break and close below main support confirm a breakout from the two-month consolidation which begun in early Aug. Besides, it signals the third phase of a bear break out trade, the trend continuation phase with first targets at $25.

Stellar Lumens Price Analysis

Stellar Lumens Price Analysis

The conspicuous dark cloud cover of Oct 10 and 11 is clear and are clear pointers of trend direction. Although we recommend patience until after there are movements below 2018 lows at 20 cents, the pull back is an opportunity.

In every high that print, XLM aggressive traders can unload at spot with stops at around 25 cents. This is in direct response to earlier losses and the sharp shift of momentum invalidating last week’s bullish sentiments.

Nonetheless, risk-on, high volume traders should sell once prices drop below 20 cents as per our previous Stellar Lumens price analysis.

Tron Price Analysis

From Project Atlas that promises to create this hybrid content sharing platform between BitTorrent and Tron to updates of Tron mainnet and claims by Justin Sun that it will beat Ethereum and EOS in speed and cost, the community has been bombarded by shill.

But, a single tweet from the platform founder claiming that it shall partner with a “tens of billions USD valuation industry giant” did support TRX prices. As always, speculation is rife but Alibaba is out because it’s a “hundreds of billions USD Valuation Industry giant”. Needless to say, should Tron on-board any of an industry giant then it’s price shall probably recover reversing Oct 11 losses in the process.

Tron Price Analysis

On the chart, TRX is a top performer no doubt. So far, buyers are vibrant, pushing higher reversing more than 70 percent of previous day’s losses. Anyhow, our last TRX trade plan is valid.

In fact, we suggest selling at spot prices with a tight stop at around 2.5 cents and first targets at 1.5 cents and later Jan 24 lows.

But, the conservatives should adhere to previous trade plan and wait for liquidation below 1.6 cents or Sep 2018 lows before trading in line with the trend. Conversely, sharp gains above 3 cents cancel this bear projection and automatically trigger buys.

IOTA Price Analysis

IOTA Price Analysis

The damage of Oct 11 led to a bear break out below Sep 2018 lows. As a result, our last bullish stand did end following the break and secondly, sellers are now in control.

From our earlier reiterations, this pull back is ideal for buyers to sell at spot rates while risk-averse type of traders can sell once there are drops below 40 cents. Aggressive traders should target 30 cents as their first targets.

On the flip side, if buyers build enough momentum and drive prices above 60 cents then this bear projection would be null and void.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.



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