Coinspeaker Driven by Market Demand, UltrAlpha Introduces Professional Asset Management Services to Digital Asset SpaceUltrAlpha, a professional digital asset management service platform, announced the public sale of its native platform token (UAT) starting from August 12, 2019.With Han Liu, former VP at a $200B+ hedge fund giant as CEO, and Christina Jin, Co-founder of Ankr Network as CMO, UltrAlpha is designed to leverage the deep experience from both traditional finance and blockchain industries, and bring in a broad range of investment/ trading products as well as fund admin services to different participants in the digital asset management market.Asset Management – Increasing Market Demand in Digital Asset SpaceAsset management typically refers to the management of investments on behalf of others. Factoring into investors’ investment objectives, horizon and their risk tolerance, the process in principle is designed to optimize asset allocation and achieve investment value appreciation over certain period of time while mitigating risk.With the global policy development and adoption of digital assets underway, more professional asset management institutions are entering the digital asset trading market with different trading and investment strategies. In the meantime, more investors are contemplating on how to deploy their capital into this new asset class.However, due to lack of formal broker dealer structure in the digital asset industry, potential investors have limited access to good digital asset financial products for their investment needs. For digital asset trading teams or investment firms, it is also challenging for them to identify and reach out to the right investors for fundraising.As a result, there is a strong market demand for professional digital asset management service platform to not only give the potential investors a list of quality products or strategies for their selection, but also effectively support fund raising and other fund admin services required by digital asset managers like trading teams and funds.UltrAlpha (UAT) – Multi-service Platform Built upon Robust Infrastructure and Deep Understanding of Client NeedsUnder current market conditions, digital asset exchanges are probably the most effective among all market participants to connect and serve both trading clients and investors.Built upon deep strategic collaboration with top tier digital asset trading platforms and brokers, UltrAplha is launching a professional investment management service platform aiming to provide potential investors with access to quality products based on their risk / return needs as well as trading teams and digital asset managers with a variety of fund admin services, including but not limited to account management, performance auditing, PL reporting, asset transfer, etc.As a professional digital asset management service platform, the UltrAlpha team have made its core mission to build out a multi-service platform based on process efficiency, robust infrastructure, and deep understanding of client needs and goals.UAT platform’s comprehensive service offering to trading / asset management teams:Work with all the professional asset management and trading teams to coordinate the launch of their investment / trading products.Seek to open up all those products to top-tier digital asset exchanges or trading platforms.A series of professional fund admin services, ranging from account management, performance audit to PL reporting as well as various other administrative support services per request.UAT platform’s comprehensive service offering to fund investors:Conduct independent due diligence (“DD”) on asset management fund and share DD result per request.Provide wallet management service for each investment product to safeguard client asset. Conduct fund performance audit and PL reporting for each investment product.Investors can utilize and consume UAT token on the platform for any inquiry, transfer, redemption and other administrative operational services on adhoc basis.The activities of the UAT platform are of a supporting service nature, solely restricted to connecting trading teams/funds with their end customers, and shall not carry out any fund/securities management, financial advisory, investment, brokerage, deposit taking or banking activities.Seasoned Team Building Unique Ecosystem with Innovative Token EconomicsUltrAlpha’s core teams of technology and operations come from traditional finance, Internet and Blockchain industries with solid experience in quant modeling, infrastructure buildout and digital asset trading operations.Computer science major from Carnegie Mellon University, Han Liu, CEO of UltrAlpha, has developed his successful career in traditional asset management industry from BlackRock to AQR Capital Management specializing in institutional application and platform development. Christina Jin, CMO of UltrAlpha, graduated from University of Auckland and New York University, with degree in Digital Marketing. Christina co-founded Ankr Network project and was nominated as the first CMO of Ankr project.Furthermore, the UltrAlpha team has introduced the platform native utility token, UAT, and integrated into the platform ecosystem to facilitate payment and incentive programs for all the services between the participants on the UAT platform. Dr. George Cao, Co-founder & CEO of BitMax.io (BTMX.io), shared his expertise and provided critical strategic advice on the overall design of token economics and model.BitMax.io has been widely recognized by the industry for its very first introduction of the “Transaction-mining & Reverse-mining” mechanism, and has successfully established itself as the leading digital asset trading platform. Its highly reputable token economics has built-in incentive mechanisms, including reverse-mining and token consumption to balance the demand and supply and the design of Data Usage Reward Distribution Pool that supports longer-term token value. (Please note that BitMax.io and UltrAlpha are completely two separate businesses).ConclusionIn summary, the launch of UltrAlpha is a promising indicator where digital asset industry is further building out the necessary market components to serve dynamic changing needs and support longer-term industry growth.By connecting potential investors with digital asset managers and providing value-added services over robust and transparent platform, UltrAlpha has clearly set a new standard for professional service provider in the expansion and development of this new digital asset management space.Driven by Market Demand, UltrAlpha Introduces Professional Asset Management Services to Digital Asset Space
A dark web drug dealer must relinquish $4 million in assets including bitcoin after he confessed to charges of illegal tax avoidance and involvement in a scheme used to distribute controlled substances.
As indicated by a public statement from the Attorney’s Office of the Southern District of New York on July 25, Richard Castro – who used nicknames like “Chemsusa”, “Chems_USA” and “Jagger109” while using the dark web – is asserted to have sold carfentanil, fentanyl, and a fentanyl simply called phenyl fentanyl on the dark web markets including AlphaBay and Dream Market. He was allegedly involved in the illegal distribution of these substances since November 2015.
Castro has confessed to accepting mainly bitcoin as payment for the substances.
He allegedly managed to launder the money by using bitcoin wallets and unironically, buying up nearly 100 quadrillion Zimbabwe bank notes.
According to the release, his alleged partner, Luis Fernandez, dispatched the drugs from areas including from New York City.
Manhattan U.S. Lawyer Geoffrey S. Berman stated:
“As he conceded today, for a considerable length of time, Richard Castro utilized dark web markets to disperse huge amounts of narcotics, including fentanyl and carfentanil. Castro fully relied on the anonymity provided by the dark web, and used several online nicknames to sell drugs – like ‘Chems_usa’ and ‘Chemical_usa.’ Thanks to our law implementation accomplices, ‘Chems_usa’ is now comfortably a in U.S. jail.”
Back in 2018, as indicated by the indictment details, Castro told his clients he was moving his business off the dark web and would complete his drug trades by means of encrypted emails. That was his worst mistake.
The dark web drug dealer made a very foolish mistake
While using the “Chems_usa” nickname, he asked clients to pay a fee for the email address. Be that as it may, Castro got caught redhanded after a covert law official paid the charge, was given the encoded email address and placed drug orders with Castro.
On Dream Market, Castro is said to have bragged about finalizing more than 3,200 exchanges on the dark web.
As indicated by the discharge, Fentanyl is “essentially more grounded” than heroin, while carfentanil is around multiple times more grounded than fentanyl. It is even viewed as a concoction weapon.
As a component of the plea, Castro has consented to hand over $4,156,198.18 in illegal income, including the substance of his seven distinctive bitcoin wallets.
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Coinspeaker Ethereum Price & Technical Analysis: ETH Declining AgainBy Dmitriy Gurkovskiy, Chief Analyst at RoboForex.ETH technical analysisETH is second in the most popular cryptocurrency ratingETH lost 39% of price in JulySEC makes a step towards the cryptocurrency marketOn the week timeframe of the ETH we see the correcting growth reach 38.2% Fibo and decline start. The dynamics of the MACD and Stochastic demonstrates, that the MACD is aiming at the area of negative values, while the Stochastic is trying to escape the oversold area. In other words, there is a lack of consent in the signals. Speaking about a new wave of long-term declining, it may be confirmed by a breakaway of of the current minimum at 80.86. Until this happens, we may soon expect another wave of correcting growth to 50.0% (455.00).Photo: Roboforex / TradingViewOn D1 the ETHUSD quotations are inside a consolidation Triangle, demonstrating potential for extending the channel to a Flag. At the same time it is worth mentioning that after a break of the uptrend the declining wave neared 61.8% (188.60) Fibo but did not reach it. Further decline to 61.8% (188.60) and 76.0% (148.83) may not be excluded. It is also worth realizing that the current consolidation may be a preparation for a leap upwards. Thus we may assume that a breakaway of the local resistance at $235.79 will signal the development of a new wave of growth.Photo: Roboforex / TradingViewOn H4 the chart demonstrates testing of the resistance line of the triangular channel. A breakaway of the resistance at $219.50 may open way to the resistance line of the forming ascending channel at $245.00. This idea is supported by the Gold Cross on the Stochastic.Photo: Roboforex / TradingViewIn the rating of the most popular cryptocurrencies by the China Center for Information Industry Development the first place was taken by the EOS, as before, while the second one was won by the ETH. The third line belongs to the Tron, while the Bitcoin fell to the 11th place in the rating. The rating is published by the CCID, that is why it does not reflect the real position of Chine on the cryptocurrencies; however, these considerations are rather curious. This time the last on the list were IOTA and XEM: it seems that they are becoming abruptly less appealing for investors.July turned out stressful for the Ethereum. Its price declined for 36%, which is one of the worst results on the digital currency market. In comparison, the BTC price decreased for 28% in the same period, while the price of the XRP — for 35%. The percentage of the BTC on the market has grown to 64.5%. Due to the market instability, the daily trade volume also shrank. While at the end of June it was 135 billion USD, at the end of July it turned out around 45 billion USD.Inside the SEC, there finally emerged a more or less clear understanding of what is to be considered an asset or a security and what is not. The Pocketful of Quarters project basing on the Ethereum blockchain, was granted tokensale by SEC. Now the company may sell tokens without registration as a security. This is an important signal to the cryptocurrency market, however, it is worth remembering that SEC is still really cautious about digital money and safety.Ethereum Price & Technical Analysis: ETH Declining Again
Coinspeaker Fed’s Rate Cuts Likely to Affect Bitcoin Price, Here’s HowBitcoin price has been pretty much steady ever since it posted its 2019 high of $13,880 on June 26. From that point, the market has been on a recession with some short-termed jumps. This kind of market is not really interesting for day traders because there are no wild jumps to react with profit. It’s also boring for momentum traders and trend followers because they have to wait for the trend to start again.However, some of those traders went optimistic when Fed decided to cut its interest rates. Just for reminder, yesterday the Federal Reserve announced cutting interest rates for the first time since the 2008 financial crisis, the year the Bitcoin whitepaper was released. In a much anticipated, live-streamed announcement today, Fed chair Jerome Powell said it is cutting the interest rate by 25 basis points, or 0.25%.That Fed rates cut could reflect on the Bitcoin price isn’t anything new. When rates are going down – people are spending more and saving less. At the time of writing Bitcoin was up 1.8% to $9,939.20, pretty much near the psychological level of $10k.According to some high-profile analysts, including co-founder of Fundstrat Global Advisors Tom Lee, the expected rate cut could be good news.Weekend is starting in US, and past few weekends led to weakness in #bitcoin– Fed is expected to cut interest rates next week.– Lower rates = weaker USD = Upside for Bitcoin $BTC– So expect Bitcoin to break the pattern this weekend and actually rise this weekend. #BTFD pic.twitter.com/algixbrrEB— Thomas Lee (@fundstrat) July 27, 2019For now, he seems to be right. If anything, this is the first time the Fed cut interest rates in the U.S. as long as Bitcoin has existed. The so-called Fed Funds Target Rate reached its lowest point of nearly zero in 2008 before rate hikes started in early 2016. Since then, rates have been hiked nine times until today, when the first cut is widely expected to take place today.However, Twitter community may think differently, at least if it’s to believe to this poll:Fed lowering rates is…— Anthony Elia (@huobi) July 31, 2019The thing is, and we cannot forget it, that Bitcoin, thus it has been profiting on the U.S. – China trade war, still has a lot of issues to be resolved. It has recently been forbidden by the Indian government and also the Treasury Secretary Steven Mnuchin called it a national security threat during a recent White House press briefing.Anthony Pompliano, the co-founder and partner at Morgan Creek Digital Assets, said a few days ago that US economy was declining on a quarter-to-quarter basis. He added that the Fed’s decision to cut rates or to increase the money supply means investors would hedge into non-correlated assets.ROCKET FUEL: They’re going to cut rates and print money right as we march towards the Bitcoin halving.Buckle up. This will be wild 🚀 pic.twitter.com/QotDXKTJRj— Pomp 🌪 (@APompliano) July 25, 2019However, after Fed announced its news, the Dow Jones Industrial Average dropped sharply. In the past, as economic disturbances went worse, up went the price of gold, and some “safer” currencies as are Swiss franc or Japanese yen.Gold’s limited quantity and endurance is a natural choice when the economic crisis shows up. Until now, both Bitcoin and gold price have been related to each other.Bitcoin was designed in the rise of the 2009 financial crisis and just experienced the first-ever federal rate cut since it existed. Bitcoin is pitched as the digital version of gold, sharing many similarities.However, some analysts argue that Bitcoin is no way the store of value. Finance author Lawrence Meyers says that it doesn’t really matter if the money is cheaper to borrow because there has been just a limited portion of the population that is able to borrow money against some real form of collateral in the first place.Also, he says that even then, any such amount would be so insignificant as to not cause more than a small movement in the price of any security, much less Bitcoin.We are not sure about that but want to emphasize that there are much more reasons why we should look optimistically on the Bitcoin price. One of it is launching of multiple Bitcoin Futures Exchanges among which first already is launched. Yesterday, Bitcoin derivatives provider LedgerX launched their first physically-settled Bitcoin futures contracts in the U.S. and soon the same will be done by the Intercontinental Exchange’s Bakkt and TD Ameritrade-backed ErisX.Fed’s Rate Cuts Likely to Affect Bitcoin Price, Here’s How
Coinspeaker McKinsey Alumnus Turned Failed Mumbai-based Restaurant Into Multimillion StartupBarely two months ago, Sequoia Capital’s renown venture capitalist issued a warning in a Financial Times Column that recent $575 million investment by Amazon in the Deliveroo, a delivery service company based in London, could spell doom for local restaurants.Wrote Moritz indicated that:“Amazon is now one step away from becoming a multi-brand restaurant company — and that could mean doomsday for many dining haunts.”To some extent, Moritz was correct to influence more focus on the deal. Currently, Deliveroo has started running shared kitchens from which it will not only transport ordered meals to clients but also properly prepare it. His warning may as well greatly influenced the issue in the new stand of Britain’s competition enforcers to stop operation on investment by Amazon to enable it first to investigate whether the partnership constitutes competitive distress.Moritz is experienced and understands the rules of the game due to Sequoia’s early investment in Rebel Foods, initially recognized as Faasos, a once-tiny Pune, India-situated firm that now cooks a variety of meals in its cloud kitchens. As he maintained in the same publication, Faasos greatly spearheaded the trend. However, the expansion of the nine-year-old firm is a bit magnificent.World Largest Internet RestaurantLast month, Rebel raised $ 125 million in the latest capital from Goldman Sachs, Coatue Management, and Indonesian delivery service Go-Jek, now running 235 kitchens all over 20 Indian cities. Moreover, it’s processing 2 million orders monthly.While it launched operation as a chain of kebab restaurants, that initial idea, Faasos, is presently among the eight extra brands that Rebel controls, including a pizza brand known as Oven Story; a Chinese concept termed Mandarin Oak; a tea brand known as Kettle & Kegs; and a famous brand recognized as Behrouz through which Rebel prepares and sell slow-properly cooked biryani rice foods.Interestingly, Rebel Foods isn’t the only powerhouse in the fast-moving operator relying on cloud kitchen to provide every type of cuisine conceivable under a single roof. According to Bloomberg, the company is currently valued at $525 million.However, there are some doubts that Rebel is diving into new markets in a supersonic speed. Bloomberg revealed that the plan is currently underway for the Company and Go-Jek’s to construct 100 cloud kitchens in Indonesia over the next one and half years. It also plans to launch 20 cloud kitchens resources in the United Arab Emirates by the end of this year.About Rebel FoodsRebel was established by Jaydeep Barman, an INSEAD MBA graduate from Mumbai native who spent averagely four years with McKinsey before collaborating with Kallol Banerjee, business school classmate to build Faasos.Besides raising funds from Sequoia early, the firm was once in danger of shutting down their doors, in part due to expensive rents as well as employee turnover. Fortunately, a turning point emerged when the duo shut down their business and launch their first centralized kitchen.That dramatic idea would prove essential. Not only did Rebel overcome the obstacles, but also today, the company operates approximately 1,600 restaurants.McKinsey Alumnus Turned Failed Mumbai-based Restaurant Into Multimillion Startup
Coinspeaker Facetune App Maker Lightricks Secures $135 Million at a $1 Billion ValuationJerusalem-based software startup, Lightricks, a maker of photo and video editing apps, announced they had raised $135 million in Series C funding. The deal values this unicorn at $1 billion.The round was led by Goldman Sachs Private Capital Investing with participation from additional investors including Insight Partners and ClalTech. The latest financing brings Lightricks’ total funding to $205 million to date and it’ll see Goldman Sachs Private Capital Investing’s Kirk Lepke join the board of directors.Lightricks is the maker of popular photo editing application Facetune that enables its users to ‘retouche’ themselves covering gray hair, refining jawlines and reshaping their noses. It was first introduced around six years ago, and it quickly climbed to the top of the download charts, becoming Apple’s most popular paid app of 2017.Along with Facetune, Lightricks has three more divisions with six products in the photo and video editing sector, including Swish, which recently partnered with payments company Nets.Lightricks’ seven apps have over 180 million downloads worldwide and nearly three million paying subscribers. The company’s apps have won awards including Best of Google Play, three Apple’s App of the Year awards and the Apple Design Award.The company made a jump from a one-time payment model to subscriptions in 2015, and it turned out it is great for business. The startup is profitable, with 3 million paying subscribers and with revenue that has tripled each year over the past three years.As they said from the company this investment will be used to accelerate the development of more powerful, cutting-edge AI-enhanced content creation tools, by making strategic acquisitions and expanding the company’s offices around the world. Lightricks also plans to increase its current team of 250 across Israel, the UK and opening a third office in Germany.Zeev Farbman, Lightricks co-founder and CEO said they are excited to reach this milestone, but that this is only a start of their mission. He said:“As we accelerate our expansion, the additional funding will cement our position as the leader in mass-market content creation, which is proving to be a multi-billion dollar industry.”He added that their founding team includes experts who were and that fact is the reason why they succeeded in attracting a strong team at the beginning.“And once you’re hiring the best people, you’re probably going to build the best software. And if you’re building the best software, you can charge premium prices for that.”He also spoke of the body image debate the app had prompted when famous model Chrissy Teigen said she was too much photoshopped on the cover of one fashion magazine. Farbman said the company sees itself as “democratizing retouching and educating users about how powerful image processing” can be.“If you go back 10 years, people didn’t understand that the people they were seeing on magazine covers had undergone the Photoshopping process.”Christian Resch, Managing Director, Goldman Sachs Private Capital Investing, commented that they were pretty impressed with Lightricks’ growing path, the technology they are using and talented management team.Harley Miller, board member from Insight Partners, said:“We are firm believers in Lightricks’ vision to bring content creation to everyone. Since last year, the company has tripled revenues, released several new innovative products, and opened a third international office. We believe that Lightricks is solidifying its standing as the category-defining, clear market leader.”Facetune App Maker Lightricks Secures $135 Million at a $1 Billion Valuation
Coinspeaker Revolut Launches New Stock Trading Service with No Commission FeesRevolut, the London based fintech startup with digital banking services has announced the launch of a new app for investors to engage in stock trading, allowing for the buying and selling of shares, completely free of charge. The new app will only be available for Revolut’s metal card customers at this initial stage and will eventually reach all of its six million customers in a roll-out process that will last for the next few weeks.Users of the new app will have the opportunity to partake in up to 300 stocks currently listed on the New York Stock Exchange as well as the Nasdaq Stock Market. All users who trade less than a hundred times each month are allowed to trade without paying any fees, apart from the firm’s traditional monthly subscription. However, for more than 100 trades, a £1 charge and custody fee of 0.01% are applicable.Furthermore, Revolut Premium customers who currently pay £13 a month will be allowed up to 8 free trades each month with standard users who pay £7, allowed three free trades.The company hopes to present its large number of customers will the ability to trade stocks from the U.S. Revolut is looking to use this as a way to encourage many people who would normally not be very interested in purchasing stock.The app will also allow people to buy even a small fraction of the shares, as little as $1, so interested millennials wouldn’t have to worry about having a fat bank account before they can be a part of the investment. With this move, the company now prides itself as the first company to bring to Europe, the possibility of buying fractional shares from U.S. markets.Revolut Founder & CEO, Nik Storonsky, has explained that the new platform hopes to drive financial inclusion and inspire people to start making specific decisions about financial stability. According to him:“This is another huge step in our mission to make financial services more inclusive, innovative and affordable. Investing in the stock market has been closed off to ordinary people for far too long, which has led to real problems for people as they search for effective ways to make the most out of their savings.”Head of Wealth and Trading Product, Andre Mohamed, has also corroborated this however adding that a move like this was necessary to encourage an investment culture in young adults:“It’s about including people that have previously been excluded from developing their personal wealth. This [platform] gives them another way to accumulate their personal wealth starting from a younger age in a way that is easy and low cost.”Revolut has plans for the near future which involve adding U.K. and European stocks and Exchange Traded Funds (ETFs) as well. Revolut has successfully raised up to $340 million and is currently valued at $1.7 billion.Revolut Launches New Stock Trading Service with No Commission Fees
Coinspeaker NBA and ‘CryptoKitties’ Creator Partner to Introduce In-Game CollectiblesThe National Basketball Players Association (NBPA) and the NBA have partnered with Dapper Labs to launch a blockchain-based marketplace for NBA highlights. The NBPA is a player’s union founded in 1954. According to the statement made by Dapper Labs:“Fans can collect, trade, and own some of the greatest moments in league history on the blockchain.”Furthermore, fans can also buy and sell digitally collectible in-season moves like “Joel Emiid’s dunk or Kevin Durant’s 3-point shot”. These digital collectibles can then be used for on-chain games and tournaments. Just like the current NBA 2K, Dapper’s NBA Top Shot lets users acquire players and create rosters with an extra hook: buying particular moves from the previous season.The product comes two years after the launch of the number one blockchain-based game, CryptoKitties. It also comes several months after a pre-sale of Dapper Labs’ second major game, Cheese Wizardz. According to Josh Goodstadt, NBPA commercial executive, Dapper’s product is a new way for the fans to get close to their favourite athletes. He said:“We believe the blockchain technology creates a truly unique product that fans can collect, manage and engage within a fun environment.”The CEO of Dapper Labs, Roham Gharegozlou, further explains:“We use the latest in blockchain technology to create assets and experiences that are guaranteed limited edition and authentic, not to mention portable and permanent in a way nothing digital has ever been before.”Mass Adoption is ImminentDapper Labs has already become a major name in the digital collectibles space with the launch of its popular CryptoKitties game. Some of the digital felines at some point were going for at least $100K as trading activities clogged the entire Ethereum network.With the massive NBA audience, Dapper Labs can now expose the blockchain and token economy to millions of fans simultaneously. Recent reports show that single NBA games have attracted over 40 million viewers. Even though the league has experienced slight plunges in viewership since 2016, it has become bigger on social media.NBA players in a recent ESPN report were outshined only by soccer players in popularity worldwide.Blockchain Technology is Ideal for the NBASurvey shows that NBA Twitter is a growing phenomenon. The head of Twitter’s sports league partnerships, TJ Adeshola, stated:“NBA Twitter just has this really special connectivity to it that doesn’t exist anywhere else.”The fans are young, loyal, and more tech-savvy than the fanbases of the other sports. Josh Goodstadt sees the potential synergy. He commented:“We believe blockchain technology creates a truly unique product that fans can collect, manage and engage within a fun environment, and we are excited to partner with Dapper Labs to introduce these groundbreaking digital assets to the NBA community.”If Dapper Labs succeeds in recreating the CryptoKitties magic with the NBA audience, blockchain adoption could break into the mainstream. The potential is already there with teams mining for crypto, pro-NBA players touting bitcoin, and legends pumping altcoins.The NBA Top Shot collectibles will enter the market this fall. The game will follow in early 2020.NBA and ‘CryptoKitties’ Creator Partner to Introduce In-Game Collectibles
Coinspeaker Bitcoin Price On Its Way to Recovering, Similar Situation Paved a Way to Its $20k PriceEven though yesterday Bitcoin passed its psychological level of $10k, it seems that it is still too early to celebrate. The price tested again the $10,200 resistance area and it is currently correcting lower. However, at the time of writing the price went up again for 2.23% to $9,981.72. And while a negative monthly close looks likely, the long-term outlook will remain bullish as long as prices are held above the 200-day moving average (MA), currently at $6,417.Also, despite the monthly loss, the bullish structure on the long-term chart remains intact. Let’s just remember that a similar bearish channel breakout in the final quarter of 2015 paved way for a record rally to $20,000.A lot of crypto analysts have still a pretty bearish outlook on the market’s short-term trend, because of unwanted inspections and surveys from the U.S. government led by the hype over the introduction of Facebook’s Libra.FED Cuts Affect Bitcoin Price?eToro analyst Simon Peters explained that yesterday’s minimal move upwards is just that – “a mini bump”. However, he admits that came pretty unexpected after U.S. Senator Mike Crapo confirmed that it would be pretty hard or even impossible to ban Bitcoin in the United States.Peters said he was being optimistic that there will be a stronger reaction after Federal Reserve’s decision to reduce its benchmark interest rate by one quarter percentage point. This would be only the fifth time in the past 25 years that the central bank switched from raising to lowering rates.Senior eToro analyst Mati Greenspan agrees, saying that the imminent FED cut comes as a result of pressure received from Trump himself and also the need for lowering interest rates in order to regulate the economy in whole.This connection is, according to Greenspan, pretty much simple to understand. A cut in interest rates ultimately encourages big business owners to borrow funds used to invest in businesses which in turn affects the larger population, increasing the rate of flow and availability of money.Bear in mind that even though recent Trump tweets are all about his dislike for Bitcoin, this has been seen as a huge chance for more people to learn about the value of the peer-to-peer digital cash system.On the other hand, economist and crypto investor Alex Kruger commented on burying investors during yesterday’s Federal Open Market Committee meeting tweeting:Let's recall the last time $BTC reacted to an FOMC decision.……That's right, NEVER.Many crypto traders now live in an imaginary alternative reality.— Alex Krüger (@krugermacro) July 31, 2019He went on further explaining:A picture is worth a thousand words.Contrast how differently $BTC and gold react to the FOMC.Gold displays considerable above average volatility, while $BTC barely reacts, and has been known to move a meager 2 ticks the following minute. $BTC may even move *the other way*. pic.twitter.com/VMNSCSQWNL— Alex Krüger (@krugermacro) July 31, 2019A few days ago, Peter Tchir, former Executive Director at Deutsche Bank, said Bitcoin is an indicator of hidden geopolitical tensions, pointing to the coin’s momentous performance in May this year when the U.S. – China trade war started.Morgan Creek Digital Assets co-founder Anthony Pompliano also commented recently that the first country, which will embrace Bitcoin in a “very serious way,” will force others to play catch up based on game theory.He also commented FED cuts saying:BREAKING: The Federal Reserve has cut interest rates by 0.25%This is step one of pouring rocket fuel on Bitcoin 🚀— Pomp 🌪 (@APompliano) July 31, 2019The truth is, low interest rates are designed to encourage spending and investing, not saving – because saving means you’re losing money. Bitcoin, on the other hand, is totally different. It rewards saving because its supply cannot be weakened. No central authority can devalue Bitcoin because its value is solely determined by demand. Over the long-term, this has played out in a steadily rising return for Bitcoin holders.Be it as it may, the Bitcoin price is moving upwards. One of the possibilities lays for sure in the fact that yesterday Bitcoin derivatives provider LedgerX announced they launched the first physically-settled Bitcoin futures contracts in the U.S. The contracts, which pay traders out in Bitcoin, will be available to both institutional and retail investors. By launching it LedgerX beat its competitors Intercontinental Exchange’s Bakkt and TD Ameritrade-backed ErisX in doing the same.Bitcoin Price On Its Way to Recovering, Similar Situation Paved a Way to Its $20k Price
EOS price failed to surpass the key $4.800 resistance level and declined recently against the US Dollar.
The price is trading above the main $4.250 and $4.050 support levels.
There is a crucial bullish trend line forming with support near $4.200 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair could either break the $4.200 support and extend losses or climb above the $4.400 resistance.
EOS price is struggling to climb higher against the US Dollar and bitcoin. The price is currently trading near a crucial support and seems to be preparing for the next break.
EOS Price Analysis
Earlier this week, there was a fresh decline in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. EOS price failed to surpass the $4.800 resistance level on many occasions, resulting in bearish moves. There was a sharp decline below the $4.500 and $4.400 support levels. Moreover, the price broke the $4.000 support level and traded to a new weekly low at $3.795.
However, the bulls defended further losses and the price recovered nicely above $4.00. It opened the doors for more gains above the 50% Fib retracement level of the main drop from the $4.773 high to $3.795 low. Moreover, there was a break above the $4.200 level and the 55 simple moving average (4-hours). However, the price struggled to gain traction above the $4.500 level.
Additionally, the 61.8% Fib retracement level of the main drop from the $4.773 high to $3.795 low is acting as a resistance. At the outset, the price is moving lower towards the $4.250 and $4.200 support levels. There is also a crucial bullish trend line forming with support near $4.200 on the 4-hours chart of the EOS/USD pair. Therefore, if there is a downside break below the trend line, the price could accelerate losses below $4.100.
The next key support is near the $4.050 level, below which the price could break $4.000 and test the $3.800 level. On the upside, the key hurdles are near $4.400 and $4.500. A successful close above $4.500 might push the price towards the $4.800 resistance.
Looking at the chart, EOS price is clearly trading above a couple of important supports near $4.200. If it continues to struggle and breaks $4.200, there could be a fresh decline. Conversely, an upside break above the $4.500 resistance might open the doors for more gains in the coming sessions.
Hourly MACD – The MACD for EOS/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently moving lower and testing the 50 level.
Major Support Levels – $4.200 and $4.050.
Major Resistance Levels – $4.500 and $4.800.
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