Cryptocurrencies are Being Hammered

China prepares even deeper digital currency crackdown while J.P. Morgan and Citigroup ban customer purchases of crypto’s with credit cards. The authorities in Beijing were the first in the region to get proactive against burgeoning initial coin offerings and virtual currency transactions when it ordered …

China prepares deeper digital currency crackdown while J.P. Morgan and Citigroup ban customer purchases of crypto’s with credit cards.

The authorities in Beijing were the first in the region to get proactive against burgeoning initial coin offerings and virtual currency transactions when it ordered the closure of bitcoin exchanges and then banned initial coin offerings.

Now the Chinese government plans further draconian steps to hit cryptocurrency speculation in the country, according to reports on news site «Sina», (in Chinese). That news comes on the heels of major U.S. banks telling customers crypto purchases would not be permitted via credit cards.

Citi, Bank of America and J.P. Morgan said that they are no longer allowing customers to pay for cryptocurrencies using credit cards, as «Business Insider» reported. Asian investors, particularly in Japan and Korea, remain key acquirers of digital currencies. As yet no Asian bank has intimated a ban on credit card purchases of cryptocurrencies.

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Spackman Entertainment Group is planning to launch a new cryptocurrency called K Coins

Singapore catalist-listed Spackman Entertainment Group is launching its own cryptocurrency called K Coins. The group said in a statement on Monday (Feb 5) that it is in preliminary discussions to launch an initial coin offering (ICO) for K Coins, subject to necessary approvals from relevant parties and …

Charles Spackman, founder of Spackman Entertainment Group. Mr Spackman stepped down as CEO of the company on December 19, 2017 as the group said it planned to restructure its board to better prepare for a new phase of growth.

Singapore catalist-listed Spackman Entertainment Group is launching its own cryptocurrency called K Coins.

The group said in a statement on Monday (Feb 5) that it is in preliminary discussions to launch an initial coin offering (ICO) for K Coins, subject to necessary approvals from relevant parties and regulators.

Spackman, which has its headquarters in South Korea, plans to use K Coins to fund artist and content projects.

Token holders will be given access to products and services by Spackman Entertainment Group, including merchandise, movie and drama-related events and more.

The group also wants to partner with Spackman Media Group, the largest entertainment talent agency in Korea, to allow K Coins to be used towards the participation and purchase of artist-based projects, such as photography works, fan meetings, concerts and merchandise.

Spackman Entertainment Group CEO Richard Lee said: “Blockchain technology is an innovative approach to leverage our content and talent management platform. In collaboration with our associated company, Spackman Media Group, we are excited to explore an ICO that will give token holders unparalleled access to our artists and content.”

In December last year, the group announced it would be restructuring its board to better prepare for a new phase of growth. The group’s founder, Charles Spackman, stepped down as CEO at the time.

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Phuket Poll: Bitcoin, cryptocurrencies gain ground

The presence of cryptocurrencies continue to expand around the globe, and Phuket is no exception with a range of coins, including Bitcoin, now making their way to our shores. To this, The Phuket News asked readers in an online poll the simple question, “Do you believe in Bitcoin?” (See story here.).

The presence of cryptocurrencies continue to expand around the globe, and Phuket is no exception with a range of coins, including Bitcoin, now making their way to our shores.

To this, The Phuket News asked readers in an online poll the simple question, “Do you believe in Bitcoin?” (See story here.)

A full 29% of respondents to the poll voted, “Yes, cryptocurrencies are the future and should be treated just like other “genuine” currencies.”

A further 13% of respondents voted, “Yes, cryptocurrencies have their use as long as people are happy being paid in them, but they are not as useful or safe as traditional currencies.”

However, although support for cryptocurrencies was strong, it still failed to garner the majority of votes cast in the poll, with 31% of respondents voting, “No, cryptocurrencies are nothing like genuine currencies and should not be used – or trusted – at all.”

cachet resort dewa phuket

A further 28% of respondents voted, “No, the idea of Blockchain and cryptocurrencies is good, but the existing coins are far from being suitable for use as currencies.”

The poll ran for two weeks, closing at midnight last night (Feb 4).

To see the full poll results, click here.

If your preferred response was not available, feel free to add it in the comments below.

To see the results of our previous poll “Should tourists’ driver’s licences be recognised as legal?”, click here.

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Coventry nightclub now accepting Bitcoin

… of Bitcoin has dominated the headlines globally and many businesses are not ready to start accepting it as an alternative way to pay. In fact, popular Birmingham clubs have shown no interest in exploring cryptocurrency as of yet. Although more stable systems of cryptocurrency do exist, such as Ripple, …
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Coventry nightclub venues s7ven and Daddy Cools are accepting Bitcoin as a method of payment from this month onwards.

As cryptocurrencies continue to grow in popularity and with Bitcoin being the most well-known, club owner Kevin McCloskey has decided to incorporate it into his businesses. The first UK nightclub to do this, customers will be able to purchase entry and drinks by scanning a QR code that accesses their online wallets.

Speaking to The Coventry Telegraph, McCloskey claimed that online cryptocurrencies are “clearly becoming the future of the payment world and the future in general.”

It is true that a number of retailers around the UK already accept Bitcoin. However, whilst McCloskey and others are keen to explore this area, many remain reticent.

The volatile nature of Bitcoin has dominated the headlines globally and many businesses are not ready to start accepting it as an alternative way to pay. In fact, popular Birmingham clubs have shown no interest in exploring cryptocurrency as of yet. Although more stable systems of cryptocurrency do exist, such as Ripple, their use is not widespread and they are not likely to be accepted by retailers anytime soon.

Cryptocurrencies are clearly becoming the future of the payment world and the future in general

This topic remains divisive at all levels; Wall Street firms Morgan Stanley and Goldman Sachs have shown an interest in Bitcoin, which has brought it more legitimacy. On the other hand, The Independent reports that whilst JP Morgan’s CEO has changed his previously negative stance on Bitcoin, Warren Buffet maintains the position that cryptocurrencies will not last.

Decentralisation is seen as one of the most attractive traits of cryptocurrencies; rather than the banks, you are in control of your money. The added level of privacy means that transactions are more secure, and common problems with bank fraud and identity theft are circumvented.

Furthermore, Bitcoin offers its users pseudo-anonymity in their transactions. However, this very aspect will eventually lead to increased government regulation, as criminals take advantage of this. Hermitage CEO Bill Browder told American News provider CNBC that once this occurs, Bitcoin will lose its USP: its status as a “libertarian freedom”.

In its current state, Bitcoin is far from ready to replace “normal” currency, but some businesses are seeing potential.

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Bitcoin Cash Price Technical Analysis – BCH/USD is Back to Square One

Bitcoin cash price failed to move above the $1,300 level and started a downside move against the US Dollar. There is a crucial bearish trend line forming with resistance at $1,220 on the hourly chart of BCH/USD (data feed from SimpleFX). The pair is currently heading towards the $1,050 support area …

Key Points

  • Bitcoin cash price failed to move above the $1,300 level and started a downside move against the US Dollar.
  • There is a crucial bearish trend line forming with resistance at $1,220 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair is currently heading towards the $1,050 support area and it remains at a risk of more declines.

Bitcoin cash price faced a lot of sellers against the US Dollar. BCH/USD is back in a bearish zone and it could soon retest the $1,000 level.

Bitcoin Cash Price Resistance

There was a decent recovery in bitcoin cash price above the $1,200 level against the US Dollar. However, the price struggled to move above the $1,300 level and started a downside move. It seems like the price completed a correction near $1,300 and it is back in a bearish trend. It already broke the 50% Fib retracement level of the wave from the $980 low to $1,301 high.

The upside move was capped by a crucial bearish trend line with resistance at $1,220 on the hourly chart of BCH/USD. The pair is currently trading below the $1,100 level and is heading towards the $1,050 support area. It may soon test the 76.4% Fib retracement level of the wave from the $980 low to $1,301 high. A break below the $1,080 and $1,060 levels could push the price back towards the $1,000 level. The mentioned $1,000 level and the $980 support levels are important.

Bitcoin Cash Price Technical Analysis BCH USD

Bitcoin Cash Price Technical Analysis BCH USD

BCH price has to stay above the $1,000 level to avoid further declines. On the upside, an initial resistance is around the $1,150 level. Above $1,150, the trend line resistance could prevent gains near $1,220.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently heading lower towards the 30 level.

Major Support Level – $1,000

Major Resistance Level – $1,150

Charts courtesy – SimpleFX

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