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Trending Bitcoin News and Market Sentiment April 7th, 2020: US Supreme Audit Agency Posts Blockchain Jobs, ETH Makes Biggest One-Day Gain With 24% Hike

Bitcoin

  • Bitcoin steadily rising to a daily high so far at USD 7,465
  • US supreme audit agency posts blockchain jobs
  • ETH makes historic biggest single day gain with 20% increase in 24 hours

 

Bitcoin is raring to go it seems and we continue reporting on its steady ascent to break new monthly highs so far as Bitcoin now trades around USD 7,350 (CoinDesk) at 9:36 UTC, hours after Asian trading took it to a daily high so far at USD 7,465 — which, incidentally, is the point at which BitcoinNews.com Technical Analysis predicts is where decisions have to be made by the market.

Will we push on from there after a successful test? Or will we fall back and regroup? Time will tell, as always, but we look for yet more signs that the market is recovering, and we find it in this item of news from US politics that finds the United States Government Accountability Office’s (GAO) Innovation Lab posting job vacancies in late March with job descriptions that say they will develop “use case prototypes” for blockchain technologies.

GAO is the highest auditing institution of the US government; part of its role is to evaluate and investigate on behalf of Congress, and it does seem like they are now investigating DLT prorotype applications.

The vancancies, namely for an ‘Interdisciplinary Computer Engineer/Computer Scientist’ and an ‘Interdisciplinary Assistant Director, Computer Scientist/Engineer’ will be focusing on looking up blockchain as part of “emerging technologies” and will be monitored by GAO’s Science, Technology Assessment, and Analytics (STAA) Team’s Innovation Lab. Salaries start at $107,336 annual to $170,800 annual, meaning to say a monthly package could be worth over $14,200. Based in Washington, they job takers will help to “Identify, develop, test, and evaluate use case prototypes for emerging technologies in areas such as digital ledger (blockchain)…”

The job ad adds that a job applicant:

“Demonstrates expert level understanding of cloud-based Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS) capabilities. The incumbent will also direct implementations and configurations of tools and other computational resources within established information security boundaries.”

GAO launched the STAA Team just recently in late January — the first new office created by GAO in 20 years. Earlier last year, it had published a brochure claiming that DLT “could fundamentally change the way government and industry conduct business”, citing improvements in transparency, labor costs, and data quality, among others.

Ethereum, meanwhile, is getting bigger and stronger, with market gains underlining the confidence returning to the Dapp network.

Its native currency, Ether (ETH) has just recorded over 20% gains with yesterday’s close, making it the biggest daily gain in over 20 days as investors and traders finally believe that ETH 2.0 is coming around. Even today, ETH is 16% up over the last 24 hours, after shrugging off some losses in early China trading.

The 2.0 upgrade, dubbed Serenity in most circles, essentially tackles the scalability issues plaguing Ethereum, moving to a different mining algorithm called proof-of-stake (PoS). Although the move has been slowly going on since 2015, it has faced difficulties in the migration, mainly because of the intense technical expertise required to do so. But the CEO of Ethereum security auditing firm OpenZeppelin, Damien Brener, thinks that times have changed. He says:

“From a developer standpoint, Ethereum is the most popular blockchain where most of the smart contract and Dapp activity occurs. People are realizing that Ethereum’s network effects especially around community and composability (ETH smart contracts interacting with each other) are stronger than they thought, which might lead to increased trust in the platform and thus higher prices.”

Even though Ethereum’s development cycle has entered its fifth year, the fact that none of the challenger blockchains have usurped Ethereum means it has proven its lasting power, says Jehan Chu, co-founder and managing partner at blockchain investment firm Kenetic. He explains:

“Ethereum continues to be the veteran number 2 coin in crypto, and its recent price surge demonstrates traders’ long-term belief in its market position. Price aside, the real story is how Ethereum continues to march towards Eth 2.0 and resolving legitimate criticisms around network speed and scalability. In today’s environment, the name of the game is survival, and no protocol and developer community has survived at this high level better than Ethereum.”

 

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Ethereum-Based SkyWeaver Trading Card Game Raises $5 Million in Investments

Ethereum-Based SkyWeaver Trading Card Game Raises USD 5 Million Of Investments

  • SkyWeaver trading cards will be ERC-1155 Ethereum tokens

Horizon Blockchain Games has raised USD 5 million of investments to launch the Ethereum-based SkyWeaver trading card game, on top of USD 3.75 million of seed money raised last year.

SkyWeaver will be similar to the highly popular card games Magic The Gathering and Hearthstone, with the big difference being that all SkyWeaver trading cards will be ERC-1155 tokens on the Ethereum blockchain. This means that players will have sole ownership of their cards, and will be able to buy, sell, and transfer cards on the Ethereum blockchain, which should lead to the formation of a peer to peer card trading market.

Further, players will be able to earn cards by playing the game, so it is possible that players could earn some money if the game gets popular and the cards start to increase in value.

Apparently SkyWeaver is already in closed beta testing, and open beta testing should begin later this year.

 

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Ethereum Price and Technical Market Analysis March 5th, 2020

  • Buyers cannot fix above $232.
  • The maximum target for the local growth trend is around $244.
  • The first target after completing formation of the wave (B) is $200-206.

The situation in Ethereum market remains unchanged, despite the current Bitcoin growth by 4%. Ethereum price cannot break beyond the mark $232 to continue growing with the target $244. Within 7 days the price is trading in the consolidation $220-232. The last 4 days of trading volumes are quite low and do not indicate the desire of buyers to turn the price and continue strong growth, which until 13 February was without corrections.

If buyers do not manage to fix above $232 by the end of the week, then the weekly timeframe will not produce the best picture for buyers:

Ethereum Price and Technical Market Analysis March 5th, 2020

By closing a weekly candle in this form, buyers actually allow sellers to continue falling to begin with to $200.

If you look at the situation more locally, at 4-hour timeframe buyers show that they are ready to keep the trend line and continue growth:

Ethereum Price and Technical Market Analysis March 5th, 2020

In fact, fixing below $225 sellers break the conditional trend of growth.

Also at the 4-hour timeframe, we do not see a gradual increase in volumes as Ethereum price approaches the mark $232. It could mean continuation of trading in Ethereum market within the triangle and retest of the local blue trend line of buyers.

Buyers ‘optimism continues and today the historical high on the chart of marginal positions has been updated:

Ethereum Price and Technical Market Analysis March 5th, 2020

Buyers believe in continuation of global Ethereum growth, but despite the volumes and nature of growth, it still seems like a dream.

Sellers’ marginal positions are practically for 4 days in place:

Ethereum Price and Technical Market Analysis March 5th, 2020

Today, sellers have partially reduced their margins due to the price growth.

According to wave analysis in Ethereum market, sellers have not yet been able to correct global growth since December 2019 by 38.2%:

Ethereum Price and Technical Market Analysis March 5th, 2020

Now, Ethereum price has stopped below the level of Fibonacci 23.6% at the mark $232. Locally, buyers are now forming wave (B), which is a correction, after which the fall should continue to $200-206. Depending on where the wave (B) ends its formation, it will be possible to more clearly determine the fall targets. Therefore, the main scenario remains the same. We will consider the alternative scenario after fixing the price above $244.

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Ethereum Price and Technical Market Analysis February 12th, 2020

Ethereum Price and Technical Market Analysis February 12th, 2020

  • Buyers conquered the first critical point $230.
  • The next local stop is at $260-275.
  • Globally, Ethereum price growth can continue up to $480.

After a temporary price stop before the mark $230, Ethereum market continued to grow. Despite the fact that before this mark trading volumes began to decrease systematically, sellers failed to impose their counterattack. Buyers managed to raise Ethereum price by almost 7% yesterday, fixing above the price mark $230.

On the daily timeframe, it’s clear that exit from the local consolidation was easy enough. The sharp daily candle did not need large volumes to continue its growth. In addition, today we see that buyers have updated the local high and are confidently getting to the yellow price zone $260-275. History shows that in this Ethereum price zone, the attack on 25 April slowed down and buyers were forced to make corrections in the market.

However, this price zone is not a major problem, as both buyers and sellers coped well with it between May and July 2019. Therefore, an unsuccessful attempt to break through this range will indicate the weakness of buyers and the completion of the growth trend.

The 4-hour timeframe clearly shows the change in the pattern of Ethereum price growth:

Ethereum Price and Technical Market Analysis February 12th, 2020

Pay attention how absurd the candles looked like during the first wave of growth, and how the volumes were spent. During the current growth the resistance of sellers is less and the price is growing much more confident. Confident growth continuation to the range $260-275 will allay any doubts about the breakdown of this range.

Marginal buyers’ positions are increasing for the second day, but there is no identical firmness as on Bitcoin chart:

Ethereum Price and Technical Market Analysis February 12th, 2020

Sellers are also trying to increase their marginal positions:

Ethereum Price and Technical Market Analysis February 12th, 2020

According to the wave analysis in Ethereum market, today buyers managed to correct the fall wave from June 2018 by 38.2%:

Ethereum Price and Technical Market Analysis February 12th, 2020

At the weekly timeframe, we draw a hypothetical Ethereum price channel with a final target $480. If you look at the situation more locally, the critical point of the current uncorrected growth is at $290. Alternative scenario – the test of $180-190 is possible in case of price fixing below $230. Let’s see on Friday whether the dynamics of buyers’ growth has changed and how real it will be to test $260-275 by the end of the week.

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Ethereum Up for 7 Consecutive Weeks, Could Become Longest Weekly Winning Streak in History

Ethereum rally

  • If Ethereum continues to climb in the next two weeks, it will break the record for the longest weekly winning streak in history

Ethereum has performed strongly since the middle of December, rising from USD 120 to USD 220. This is a gain of 83%, which is a rally by any definition. Further, Ethereum has risen for seven weeks in a row, which is the longest weekly winning streak for Ethereum since January to March 2017. If Ethereum rises this week it will tie the record, and if Ethereum continues rising into next week, it will achieve the longest weekly winning streak in history.

We just closed 7 straight weeks of green on ETHUSD. 🚀

Incredible.

This has only happened one other time: 8 weeks from Jan-Mar 2017.

— DCinvestor.eth | aftab.eth (@iamDCinvestor) February 10, 2020

In fact, Ethereum has been rising for a longer period of time than it did during the major rally of late 2017 when Ethereum rose from USD 300 to USD 1,400. In that case, Ethereum only rose for 5 weeks in a row.

It appears that Ethereum’s gains over the past seven weeks may have something to do with increasing decentralized finance (DeFi) activity. Apparently the DeFi sector is a USD 1 billion industry, and most of that sector is Ethereum-based, with MakerDAO accounting for 60% of the DeFi market share.

Beyond this, the crypto market has been rising in general since the beginning of the year, likely due to fears of an economic slowdown, and possibly due to speculation regarding the Bitcoin block halving in May.

 

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Ethereum Price and Technical Market Analysis February 10th, 2020

Ethereum Price and Technical Market Analysis February 10th, 2020

  • Previous weekly candle raised Ethereum price by 20%.
  • 7 weeks of Ethereum price growth need corrections.
  • In case of price fixing above the range $224-230, the next target will be $290.

7 weeks marathon of the price growth on Ethereum market successfully continues. Previous weekly candle was formed aggressively enough and was closed practically without a pin. Buyers almost reached the global target $230 and raised Ethereum price by 20% last week. For 7 last weeks, buyers were able to raise the price by 80%, what is impressive on the falling market. In the previous scenarios, we wrote about a need of correction after such a growth.

Looking at the 4-hour timeframe, we see that the price growth from 5 February begins to slow down. And the probability of correction of this coin is really high:

Ethereum Price and Technical Market Analysis February 10th, 2020

Pay attention how trading volumes decreased after 7 February. Every successive local high updated on smaller volumes. It seems that Ethereum price moves by inertia up. Sellers can do one sharp and aggressive movement to change this situation. But so far, sellers control themselves.

The marginal positions of buyers this week do not look as confident as on Bitcoin chart:

Ethereum Price and Technical Market Analysis February 10th, 2020

Buyers are less confident in the growth continuation on Ethereum market and begin to reduce their marginal positions.

Sellers tried to significantly increase their margins last week, but they only could form a big pin up:

Ethereum Price and Technical Market Analysis February 10th, 2020

The mood of sellers and buyers is ambiguous. It confirms by approaching of critical point of this coin. From this coin will be clear the medium term price movement.

According to the wave analysis there is two main facts. Buyers are approaching to new correction mark of the previous wave of fall by 61.8%. However, if we consider the current growth wave as the growth continuation from December 2018, then after fixing above $224, the next global buyers’ stop will be at the mark $290:

Ethereum Price and Technical Market Analysis February 10th, 2020

That’s why we think in order to break such important mark we have to understand whether buyers have the strength to keep the conquered positions in addition to raising the price. A correction is needed to continue the growth, and we will see if sellers can organize it this week.

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Ethereum Price and Technical Market Analysis February 8th, 2020

Ethereum Price and Technical Market Analysis February 8th, 2020

  • Buyers have almost reached the global target $236.
  • Global critical point of growth from 18 December is $180.
  • With a positive analysis in the shallow growth correction from 18 December, the final target of Ethereum growth is around $350.

Actively and confidently buyers in Ethereum market approach the global target $236 we wrote about in our previous analyzes. Over the last two days, Ethereum price has increased by 5%. Today we see the first probable stop after a confident break through of the range $180-190. If we analyze the volumes, the daily timeframe shows that after passing the price range $180-190, the trading volumes increased. And these volumes are well compared with the size of the daily candles.

Analyzing the 4-hour timeframe, we can see that the first red candle in the previous 3 days was fixed today:

Ethereum Price and Technical Market Analysis February 8th, 2020

In doing so, it did not affect the overall picture of Ethereum price movement, but only stoped its growth.

If you look at the overall situation of the weekly timeframe, the last candle of buyers shows the price growth by 20%:

Ethereum Price and Technical Market Analysis February 8th, 2020

We will analyze how this week’s candle closes on Monday, but at the moment buyers are clearly dominating on the market.

Therefore, continuation of growth in Ethereum market and the test of $236 remain our main scenario.

Despite the steady Ethereum price growth over the previous 3 days, sellers confidently closed their marginal positions, fixing profits:

Ethereum Price and Technical Market Analysis February 8th, 2020

Yesterday, sellers sharply and surprisingly enough closed their marginal positions during one 4-hour candle. Although there were not prerequisites for it on Ethereum chart:

Ethereum Price and Technical Market Analysis February 8th, 2020

According to the wave analysis in Ethereum market, buyers are looking to correct the previous wave of fall from 24 June by 61.8%:

Ethereum Price and Technical Market Analysis February 8th, 2020

Buyers must face serious resistance at this mark. However, fixing above $236 buyers will have the chance to buy Ethereum with less risk and continue to grow to at least $265. The global breaking point of the wave of growth from 18 December is at $180. With the global correction of the current wave of growth up to $180 and with the successful keeping of this mark, buyers will open a global path to the price $350. However, to turn these thoughts into a scenario, let’s first look at what happens when Ethereum price will face with the mark $236. Have a good weekend, meet you on Monday!

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Trending Bitcoin News and Market Sentiment February 8th, 2020:

Bitcoin

  • A failed attempt to crash bounced back Bitcoin price to a daily high so far of USD 9,872 as it inches ever closer to USD 10,000
  • Binance futures for BNB to launch next week
  • Bitcoin DeFi on the horizon with RSK launch of Ethereum bridge

 

Bitcoin did look like it was going to punch through USD 10,000 yesterday, but while the bulls were insistent on keeping their gains, at least the sellers did their best too, but all they managed to do was bring Bitcoin down to a daily low of USD 9,660 — and that was almost immediately bounced back upwards to current levels of USD 9,850, close to the daily high so far of USD 9,872 (CoinDesk).

Bitcoin is going from strength to strength and piling on the gains in such exciting fashion too, meaning to say that it has almost shrugged off most of the ground lost in the second half of 2019 in a matter of three weeks.

Corporate crypto companies are definitely enjoying this crypto rally, with one of the world’s biggest crypto exchanges, Binance, launching futures trading for its native crypto Binance Coin (BNB), set to start next week. It is apparently going to be the 17th token to be made available on its futures platform and will come with 50x leverage, to be paired against the Tether (USDT) stablecoin.

BNB itself has been doing very well, hitching a ride on Bitcoin’s success, much like most of the altcoins in the Top 50 by market capitalization. Its rally has taken on a few US dollars, reaching a price of USD 22 today. At least one analyst and trader, Keith Wareing, predicts that BNB asset will be looking at increasing demand, which would follow the futures open interest trend observed with Bitcoin. He said:

“Looking at trading volumes on Binance, it’s clear they don’t have to sell any of their s***coin for revenue… As such, during the forthcoming bull run, their position as one as one of the most trusted and secure exchanges in the space guarantees to add demand to the BNB token, so I expect it to outperform all other top 10 assets if the Bitcoin bull run continues.”

BNB has been popular but critics have pointed out that BNB has been getting a lot of centralized pushing, with various competitions and promotions on Binance pushing up its demand and value. The firm behind BNB has been collecting millions of profit from the token that basically gives discounted fees on Binance when using it to settle commissions on trades.

Anybody else like $BNB?

— The Crypto Dog📈 (@TheCryptoDog) February 7, 2020

The split views on BNB is apparent from the feed of Crypto Dog, another crypto influencer who has asked on his Twitter:  “Anybody else like BNB?”, and the response from there has been roughly equal on both sides of the divide.

Say what you want about BNB but so-called decentralized finance (DeFi) is booming also, so corporate moves may not be a bad thing for crypto. In other news, Rootstock (RSK) has announced an interoperability protocol between the Bitcoin-pegged sidechain and Ethereum, called Token Bridge, which could bear important implications on the booming DeFi ecosystem.

RSK, a Bitcoin smart contract platform attached as a sidechain to the BTC blockchain, allows user to acquire a native wrapped Bitcoin called rBTC, by depositing Bitcoin into RSK’s bridge wallet, acting as a two-way peg.

And now you can do the same with ETH blockchain via this new bridge. Theoretically, ETH users can now transact with “wrapped representations of RSK’s rBTC and RIF tokens, thus gaining indirect exposure to the Bitcoin ecosystem”.

RSK Strategist at parent company IOVLabs Adrian Eidelman explained that the system is yet to be fully decentralized since right now, a federation of “well-known and respected community members” will oversee the process of pegging. He explains how an example using Ethereum would work:

“The original tokens will now be locked on the Ethereum chain, and an “event” is created. At this point, the federation initiates the bridge and sends the information to the RSK chain. Once 50% or more of the federates have voted for the same transaction — the bridge on the RSK chain creates RRC20 tokens for the same amount locked on Ethereum.”

Does this mean a Bitcoin-based DeFi could be close at hand? Who knows? And maybe this one based on the ETH blockchain could be the starting point.

 

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Joseph Lubin: Blockchain Good for Journalists

Joseph Lubin_ Blockchain Good for Journalists

Journalists and content creators can take advantage of decentralization and blockchain technology, according to Joseph Lubin, creator of ConsenSys and co-founder of Ethereum. Lubin discussed various industries that are taking advantage of blockchain technology in a video released this week.

Lubin said that blockchain would allow artists to get rid of middlemen while attaching stipulations and policies to content to make sure that it is shared and consumed according to the artist’s choice.

It is claimed that in the music industry, big record companies secure around 70% of the total profit, giving only 11-12% to the artist. A smart contract on Ethereum platform can replace those record companies, maintained Lubin.

However, he admitted that there will still be intermediaries, required for tasks such as promotion. Nevertheless, they will be unable to “get to a commanding position” and blockchain will not allow them to extract enormous profits.

He urged the “gutted” journalism industry to deliver content directly to the consumer by using blockchain platforms such as Civil.

In that way, the industry can “return ethics to journalism” as well. Newsrooms can form a code of ethics by using blockchain platform, he suggested. Later, that security bond can be staked on the platform. In case anyone breaches the code of conduct, their listenership or readership can challenge their stake and have them removed from the platform.

 

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