The fund has raised $40 million, most of which for investment in promising crypto companies, though some portion will also be allocated to Bitcoin.
Here’s what happened this week in Bitcoin in 99 seconds.
Morgan Creek Digital’s new crypto venture capital fund received investment from Virginian pension plans. The fund has raised $40 million, most of which for investment in promising crypto companies, though some portion will also be allocated to Bitcoin.
A series of tweets by Wikileaks denounced Craig Wright, the self-proclaimed inventor of Bitcoin, as a “serial fabricator.” Wikileaks also presented documents which they say Wright forged to support his claim to be Satoshi Nakamoto.
US bank, JP Morgan Chase & Co., is releasing a permissioned stablecoin pegged to the US Dollar. The bank will trial JPM Coin in the coming months, using it to transfer value between clients. Last year, JPM banned Bitcoin purchases through its credit cards and JPM’s CEO, Jamie Dimon, bashed Bitcoin as a “fraud.”
Details emerged that a trade deal between Argentina and Paraguay was settled in Bitcoin. Argentina exported $7,100 worth of fumigation and pesticide products to Paraguay, which was paid for in Bitcoin. Although the amount is small, the deal sets an interesting precedent for international trade.
And finally, crypto broker Coinmama published information on a recent data breach. No user or company funds are directly affected. A list of emails addresses and encrypted passwords belonging to around 450,000 Coinmama clients, was discovered on the darknet. Coinmama was one of 24 other companies in the list. It’s recommended that affected users change their password.
That’s what happened this week in Bitcoin. See you next week.
The crypto market gained bullish momentum, with gains in bitcoin (BTC) and Ethereum (ETH). EOS, BCH, ripple, tron, ADA and other altcoins are also …
- The total crypto market cap gained momentum and broke the $118.0B resistance level.
- EOS price broke the $2.85 resistance and it is currently approaching the $3.00 resistance.
- Bitcoin cash price is up more than 5% and it could soon test the $130 level.
- Tron (TRX) price is facing a strong resistance near the $0.0250 and $0.0255 levels.
- Cardano (ADA) price rallied and broke the $0.0400 and $0.0420 resistance levels.
The crypto market gained bullish momentum, with gains in bitcoin (BTC) and Ethereum (ETH). EOS, BCH, ripple, tron, ADA and other altcoins are also placed nicely above key supports.
Bitcoin Cash Price Analysis
Bitcoin cash price formed a decent support near the $120 level against the US Dollar. The BCH/USD pair started a fresh upward move and it recently broke the $124 and $125 resistance levels. The pair is now trading above the $128 level and it seems like it could soon test the $130 level.
Above $130, the next key resistance is near the $135 level, where sellers might appear. On the downside, the previous resistance near the $125 level may act as a support if there is a downside correction.
EOS, Tron (TRX) and ADA Price Analysis
EOS price traded with a lot of bullish moves in the past few days above the $2.55 resistance. The price recently broke the $2.80 and $2.85 resistance levels to move into a bullish zone. It seems like the price might continue to move higher above the $3.00 resistance. On the downside, an initial support is at $2.90, below which the price could test the $2.85 level.
Tron price settled below the $0.0255 support this past week, with a few bearish moves. TRX price is currently consolidating above the $0.0240 support, but it is facing a strong resistance near the $0.0250 and $0.0255 levels.
Cardano price is up more than 4% and it settled above the $0.0400 resistance level. ADA price recently broke the $0.0420 resistance, opening the doors for more gains. If buyers remain in action, there are chances of a push towards the $0.0450 resistance in the near term.
Looking at the total cryptocurrency market cap hourly chart, there was a decent support formed near the $115.0B and $116.0B levels. The market cap started a strong upward move and broke the $118.0B and $120.0B resistance levels. It traded close to the $124.0B level and it is currently consolidating gains. It seems like there could be a minor dip, but the $120.0B level is likely to act as a strong support. Therefore, if there is a downside correction, bitcoin, ETH, XRP, tron, bitcoin cash, litecoin, EOS, stellar, IOTA and other altcoins could find buyers.
LiteCoin Ultra (CURRENCY:LTCU) traded 88% higher against the dollar during the 24-hour period ending at 23:00 PM ET on February 17th.
LiteCoin Ultra (CURRENCY:LTCU) traded 88% higher against the dollar during the 24-hour period ending at 23:00 PM ET on February 17th. One LiteCoin Ultra coin can now be purchased for about $0.0079 or 0.00000211 BTC on cryptocurrency exchanges including YoBit and Cryptopia. In the last seven days, LiteCoin Ultra has traded 62.6% higher against the dollar. LiteCoin Ultra has a total market capitalization of $8,108.00 and approximately $892.00 worth of LiteCoin Ultra was traded on exchanges in the last day.
Here’s how related cryptocurrencies have performed in the last day:
- vTorrent (VTR) traded flat against the dollar and now trades at $0.10 or 0.00001375 BTC.
- Novacoin (NVC) traded 7.5% higher against the dollar and now trades at $0.40 or 0.00010639 BTC.
- 42-coin (42) traded up 11.7% against the dollar and now trades at $16,389.29 or 4.39830374 BTC.
- LiteDoge (LDOGE) traded down 5.7% against the dollar and now trades at $0.0000 or 0.00000001 BTC.
- Sequence (SEQ) traded 2.2% higher against the dollar and now trades at $0.0105 or 0.00000282 BTC.
- BitBar (BTB) traded 17.5% higher against the dollar and now trades at $2.64 or 0.00070828 BTC.
- AquariusCoin (ARCO) traded 2.6% higher against the dollar and now trades at $0.0490 or 0.00001313 BTC.
- ChessCoin (CHESS) traded flat against the dollar and now trades at $0.0019 or 0.00000052 BTC.
- SpaceCoin (SPACE) traded flat against the dollar and now trades at $0.0040 or 0.00000062 BTC.
- WomenCoin (WOMEN) traded 7.6% higher against the dollar and now trades at $0.0000 or 0.00000000 BTC.
About LiteCoin Ultra
is a PoW/PoS coin that uses the
Scrypt hashing algorithm. Its genesis date was July 28th, 2017. LiteCoin Ultra’s total supply is 8,531,300 coins and its circulating supply is 1,031,300 coins. LiteCoin Ultra’s official website is www.litecoinultra.com
. LiteCoin Ultra’s official Twitter account is @litecoinultra
. The Reddit community for LiteCoin Ultra is /r/LitecoinUltraCurrency
and the currency’s Github account can be viewed here
Buying and Selling LiteCoin Ultra
LiteCoin Ultra can be traded on these cryptocurrency exchanges: YoBit and Cryptopia. It is usually not possible to purchase alternative cryptocurrencies such as LiteCoin Ultra directly using U.S. dollars. Investors seeking to trade LiteCoin Ultra should first purchase Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Changelly, Gemini or Coinbase. Investors can then use their newly-acquired Ethereum or Bitcoin to purchase LiteCoin Ultra using one of the aforementioned exchanges.
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HSBC has reported a successful trial of their blockchain-based “FX Everywhere” platform which has saved 25 percent of costs associated with forex …
HSBC has reported a successful trial of their blockchain-based “FX Everywhere” platform which has saved 25 percent of costs associated with forex trade settlements, Reuters reported on February 14, 2019.
Besides the use of blockchain in cryptocurrencies, it can also be used to save money. For example, the World Trade Organization has estimated that the use of blockchain in the industry will add $3 trillion over the next decade.
Now, it has been reported on February 14, 3019, that HSBC has saved up to 25 percent of its costs associated with forex trade settlements thanks to its use of blockchain.
On a given day, HSBC’s processes between 3,500 and 5,000 trades worth $350 Billion. Since the inception of the platform, it has processed a total of $250 Billion worth of trades
“We going at a pace now,” Mark Williamson, chief operating officer of FX cash trading and risk management, said. “We’re able to demonstrate that this is not a one-off proof of concept or just one or two trades.”
Exact figures about the value of trades still being settled using the trading process weren’t given but those that are being settled on the FX Everywhere platform reportedly represent a small fraction of the overall trades that take place. Regardless, this is an example of blockchain being used on a large scale by a giant of the finance industry.
Based on the word of the COO, HSBC is fully aware and impressed by the amount of money that is being saved and these results go beyond a test case, instead, proving themselves over a significant period of time and a large sum of money.
The platform, according to HSBC, is used to coordinate payments across regions such as Americas, Europe, and the Asia Pacific. Now that its initial run has been such as success, Williamson predicts that a larger volume of HSBC’s trades will be settled on the blockchain-based platform.
“The more participants that you have joining the HSBC shared permissioned ledger and the ecosystem, the more efficient we’re going to become in providing services to our clients.”
In terms of banks making use of blockchain to settle payments, HSBC isn’t the first as banks in Kuwait and the UAE have either partnered with blockchain firms for this purpose or incorporated blockchain into their systems.
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At the time of writing, Bitcoin has been trading at $3,630 with 24-hours loss of 0.24 percent. The leading cryptocurrency is currently managing the daily …
At the time of writing, Bitcoin has been trading at $3,630 with 24-hours loss of 0.24 percent. The leading cryptocurrency is currently managing the daily trading volume of $6.4 billion. If we take a look at the Bitcoin price for the past 7 days, the price moved between $3,695 and $3,610.
Since June 2018, Bitcoin price has been constantly registering the red candles but the month of February could be one after six months to see a green candle. According to the crypto trader and investor Josh Rager, if Bitcoin breaks below $3,413, the red monthly trend will recommence.
$BTC Monthly Chart
Bitcoin is working on its first green monthly candle since July 2018
The past 6 months Bitcoin has seen red on monthly, a break and close below $3413 will continue the red monthly trend pic.twitter.com/RLLi5N02BB
— Josh Rager 📈 (@Josh_Rager) February 16, 2019
So Much to be Bullish About
The crypto market is in the longest bear market in its history but there are more reasons in the current market more so than ever to be bullish about.
When it comes to the Bitcoin network, the transactions are ever increasing while the average fee is taking a downward shift. According to Blockchain.com, the biggest block with an average size of 1.305 megabytes has been mined which has been the result of ever-increasing adoption of Segregated Witness (SegWit) that now accounts 40 percent of all Bitcoin transactions.
Bitcoin awareness and adoption is spreading worldwide and those who really need it are investing in this uncensored and borderless cryptocurrency. The Bitcoin trading volume in countries like Venezuela among others in Latin America is reaching all-time highs.
The institutional investors that the crypto community is waiting for are coming slowly but surely with two big names in the form of Bakkt and Fidelity with their platforms to be launched somewhere around this year. Just recently, Nasdaq announced that it will be launching two new indices Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) to track the real-time cryptocurrency prices.
Another instance of institutional money getting into crypto is the two US pension funds viz. Virginia’s Fairfax County’s Police Officers Retirement System and Employees’ Retirement System that has invested $40 million in Morgan Creek Digital.
If we talk about the Lightning Network, the second layer on Bitcoin network, it is seeing an exponential growth as its network capacity is nearing 700 BTC while the number of nodes has crossed 6,000. Meanwhile, the real-world adoption could also be seen as Domina Pizza now accepts Bitcoin though Lightning network.
Green Bitcoin February: Bitcoin [BTC] Investors Got More Reasons to Be Bullish Now than ever
Bitcoin has been trading at $3,630 with 24-hours loss of 0.24 percent. The leading cryptocurrency is currently managing the daily trading volume of $6.4 billion. If we take a look at the Bitcoin price for the past 7 days, the price moved between $3,695 and $3,610.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.