Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 20/01/19

Bitcoin Cash ABC gained 1.02% on Saturday, partially reversing a 2.83% fall on Friday, to end the day at $128.16. A bullish morning saw Bitcoin Cash …

Bitcoin Cash – ABC – Looking for a Rally

Bitcoin Cash ABC gained 1.02% on Saturday, partially reversing a 2.83% fall on Friday, to end the day at $128.16.

A bullish morning saw Bitcoin Cash ABC rally from an early morning intraday low $126.84 to a late morning intraday high $130.77 before easing back.

Steering clear of the first major support level at $124.16, Bitcoin Cash ABC broke through the first major resistance level at $128.99 to hit $130 levels before easing back.

At the time of writing, Bitcoin Cash ABC was up 0.63% to $128.97, with Bitcoin Cash ABC rising from a start of a day morning low $128.84 to a morning high $128.97, the day’s major support and resistance levels left untested early on.

For the day ahead, a hold above $128.6 would support a run at $130 levels to bring the day’s first major resistance level at $130.34 into play. While we can expect Saturday’s high $130.77 to limit gains on the day, a broad based market rally would bring $132 levels and the second major resistance level at $132.52 into play before any pullback.

Failure to hold above $128.6 could see Bitcoin Cash ABC fall through $127 to bring the day’s first major support level at $126.41 into play before any recovery. We would expect sub-$125 support levels to be avoided, barring materially negative news hitting the wires.

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Litecoin Rallies

Litecoin rallied by 4.1% on Saturday, reversing Friday’s 2.09% loss with interest, to end the day at $32.22.

Off the back of a relatively range bound start to the day, Litecoin rallied to a late morning intraday high $33.15, breaking through the first major resistance level at $31.59 and second major resistance level at $32.22 to come within range of the third major resistance level at $33.37 before easing back.

An afternoon low $32.04 was as bearish as it got through the 2nd half of the day, with a start of a day intraday low $30.95 holding above the first major support level at $30.44.

At the time of writing, Litecoin was up 1.43% to $32.68, with moves through the early morning seeing Litecoin rise from a start of a day morning low $32.11 to a morning high $32.7 before steadying.

For the day ahead, a hold above $32.5 would support a move back through to $33 levels to bring the first major resistance level at $33.26 into play before any pullback. Saturday’s $33.15 high will likely pin Litecoin back from $34 levels in the absence of a crypto rally, Litecoin having last hit $34 levels back on 10th January.

Failure to hold above $32.5 could see Litecoin fall through to $31 levels to bring the day’s first major support level at $31.06 into play before any recovery, heavier losses not expected barring a broad based crypto sell-off.

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Ripple Finds Support

Ripple’s XRP gained 2.36% on Saturday, reversing a 2% fall from Friday, to end the day at $0.33531.

Tracking the broader market, Ripple’s XRP rallied from a start of a day intraday low $0.32758 to a late morning intraday high $0.34994 before easing back through to $0.33 levels and a relatively range bound 2nd half of a day.

The morning rally saw Ripple’s XRP break through the first major resistance level at $0.3339 and second major resistance level at $0.3403, while managing to steer clear of the first major support level at $0.3224 at the start of the day.

At the time of writing, Ripple’s XRP was down 0.06% to $0.33510, with Ripple’s XRP falling from an early morning high $0.33797 to a morning low $0.33389 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move back through to $0.3380 levels would support a run at $0.34 levels to bring the first major resistance level at $0.3476 into play before any pullback. Barring a broad based crypto rally, Ripple’s XRP will likely continue to fall short of $0.35 levels, leaving the second major resistance level at $0.36 off the table for the day.

Failure to move back through to $0.3380 levels could see Ripple’s XRP fall deeper into the red, with a pullback through to $0.32 levels bringing the first major support level at $0.3253 into play before any recovery. We would expect Ripple’s XRP to steer clear of $0.31 levels and the second major support level at $0.3153 barring materially negative news hitting the crypto wires.

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This article was originally posted on FX Empire

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‘I lost about $3million last year’: How a Bitcoin investor who once sold tennis star Nick Kyrgios …

A leading Bitcoin investor who introduced cryptocurrency ATMs across Australia has admitted losing more than $3 million when the price plummeted …

A leading Bitcoin investor who introduced cryptocurrency ATMs across Australia has admitted losing more than $3 million when the price plummeted last year.

Sam Karagiozis left school at 15 to work full-time at McDonald’s, with a dream of one day running his own business empire.

By his early 20s he had amassed a multi-million dollar property portfolio, before the Canberra-based entrepreneur made the brave decision to invest in cryptocurrency.

When the price of a single Bitcoin peaked at more than AUD$25,000 in late-2017, Mr Karagiozis and many other early investors were all too happy to tell of their success.

But despite his initial profits Mr Karagiozis, 27, told Daily Mail Australia how he lost a fortune when the buzz around cryptocurrency dropped off and the price went into free fall.

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Sam Karagiozis (pictured), a leading Bitcoin investor, has admitted losing more than $3 million when the cryptocurrency's price plummeted last year

Sam Karagiozis (pictured), a leading Bitcoin investor, has admitted losing more than $3 million when the cryptocurrency's price plummeted last year

Sam Karagiozis (pictured), a leading Bitcoin investor, has admitted losing more than $3 million when the cryptocurrency’s price plummeted last year

Mr Karagiozis, who sold Bitcoin to tennis star Nick Kyrgios (left) and his brother Christos (right) had previously predicted the price of a single Bitcoin would hit $100,000 by the end of 2018

Mr Karagiozis, who sold Bitcoin to tennis star Nick Kyrgios (left) and his brother Christos (right) had previously predicted the price of a single Bitcoin would hit $100,000 by the end of 2018

Mr Karagiozis, who sold Bitcoin to tennis star Nick Kyrgios (left) and his brother Christos (right) had previously predicted the price of a single Bitcoin would hit $100,000 by the end of 2018

‘Financially, this year I’m probably starting off about $5 million worse,’ Karagiozis told Daily Mail Australia.

‘Cryptocurrency would have accounted for about $3 million of that loss and property the other $2 million.’

At the height of his success with cryptocurrency Mr Karagiozis was driving a Bentley with the numberplates ‘MRBTC’.

He also made friends with tennis superstar Nick Kyrgios and older brother Christos, and admitted selling them ‘quite a bit’ of Bitcoin, before sitting in Nick’s players box at the Australian Open.

In an interview in early 2018 Mr Karagiozis predicted the price of Bitcoin would reach $100,000 by year’s end.

On December 31, 2018, the price of the popular cryptocurrency sat at AUD$5223.28.

Looking back the self-made millionaire admits not only did he jump the gun, but says the buzz around Bitcoin may have also seen it jumped too high, too quickly.

‘I feel like Bitcoin may have risen a bit faster than it was meant to,’ Mr Karagiozis said.

‘But also last year we saw global share markets decline and even looking at property makerts in Australia, they dropped too.

Mr Karagiozis' success with cryptocurrency trading saw him invited into Kyrgios' players box at the 2018 Australian Open (He is pictured with Kyrgios' mum Norlaila)

Mr Karagiozis' success with cryptocurrency trading saw him invited into Kyrgios' players box at the 2018 Australian Open (He is pictured with Kyrgios' mum Norlaila)

Mr Karagiozis’ success with cryptocurrency trading saw him invited into Kyrgios’ players box at the 2018 Australian Open (He is pictured with Kyrgios’ mum Norlaila)

Last year Mr Karagiozis admitted to Daily Mail Australia that he had sold 'quite a bit' of Bitcoin to Nick Kyrgios (right) and his older brother (left)

Last year Mr Karagiozis admitted to Daily Mail Australia that he had sold 'quite a bit' of Bitcoin to Nick Kyrgios (right) and his older brother (left)

Last year Mr Karagiozis admitted to Daily Mail Australia that he had sold ‘quite a bit’ of Bitcoin to Nick Kyrgios (right) and his older brother (left)

The rise and fall of Bitcoin: In late-2017 the price of one Bitcoin was worth about AUD$25,000 but it has since dropped to AUD$5,000

The rise and fall of Bitcoin: In late-2017 the price of one Bitcoin was worth about AUD$25,000 but it has since dropped to AUD$5,000

The rise and fall of Bitcoin: In late-2017 the price of one Bitcoin was worth about AUD$25,000 but it has since dropped to AUD$5,000

‘In terms of Bitcoin, with all the media attention you saw the price skyrocket and then the early investors who had made all this profit took their money and cashed out.

‘As the early investors started cashing out, the people who got in later got frightened and you saw the price just plummet because there was a real lack of confidence.’

If the collapse of Bitcoin wasn’t bad enough for Mr Karagiozis, it was followed by big struggles with the launch of his own cryptocurrency – ‘Auscoin’.

Mr Karagiozis and the company’s other investors hoped to raise $30 million from the initial coin offering (ICO) of Auscoin, but fell a long way short.

‘We raised just shy of $2 million, so just over 5 per cent of our initial goal – the rollout didn’t work out as we hoped,’ he admitted.

‘But we currently have 31 Auscoin ATMs in Australia… and our turnover is $500,000 a week, which is just insane considering how much the price of Bitcoin has dropped.

‘It just shows there really is a market for it and cryptocurrency is seen as a way of the future for many.’

In addition to his cryptocurrency trading the entrepreneur has a multi-million dollar property portfolio and has also opened his own restaurant chain, Souvlaki GR (Mr Karagiozis is pictured in front of a restaurant)

In addition to his cryptocurrency trading the entrepreneur has a multi-million dollar property portfolio and has also opened his own restaurant chain, Souvlaki GR (Mr Karagiozis is pictured in front of a restaurant)

In addition to his cryptocurrency trading the entrepreneur has a multi-million dollar property portfolio and has also opened his own restaurant chain, Souvlaki GR (Mr Karagiozis is pictured in front of a restaurant)

Mr Karagiozis' initial success with Bitcoin led him to create his own crpytocurrency - Auscoin - and roll out Bitcoin ATMs (pictured) across Australia

Mr Karagiozis' initial success with Bitcoin led him to create his own crpytocurrency - Auscoin - and roll out Bitcoin ATMs (pictured) across Australia

Mr Karagiozis’ initial success with Bitcoin led him to create his own crpytocurrency – Auscoin – and roll out Bitcoin ATMs (pictured) across Australia

Having been left red faced with his prediction that Bitcoin would reach $100,000, Mr Karagiozis admits his estimates for cryptocurrency in 2019 are a bit more subdued.

He believes that while the days of becoming an overnight ‘Bitcoin millionaire’ are gone, there is still ways to make a handsome profit from cryptocurrency.

‘I think it will be more of a recovery phrase, sitting in between $5,000 and $8,000 for much of the year,’ Mr Karagiozis said.

‘I think we will see some gains but I think it will be a lot more consistent, so for those who have sat back and watched it drop from $20,000 it’s an awesome opportunity.

‘People now that are into crypto aren’t going in blindly and hoping to get rich, they’re learning about it, reading charts and trying to build their portfolio and develop skills.

‘It may have lost some of its buzz but I’m bullish long term in Bitcoin, I still believe in it like I did last year – I just don’t think there will be many more overnight millionaires.’

WHAT IS CRYPTOCURRENCY?

Bitcoin is a digital currency, known as cryptocurrency, which began in 2009 and which was initially worth just a few cents.

In late-2017 it peaked at more than AUD$25,000, before dropping steadily in 2018. Currently, the price of a single Bitcoin sits at just AUD$5,000.

Thousands of amateur traders are now betting huge amounts, while start-up companies use bitcoin to raise money and avoid the transparency needed in a stock market float.

But experts fear the currency has become a vast speculative bubble detached from reality.

Watchdogs across the world have warned there could be a sudden massive crash if the market turns, losing investors billions of dollars.

Economist Nouriel Roubini, who predicted the global financial crisis (GFC), is one who has called cryptocurrency a ‘giant speculative bubble’ bound to end in disaster.

Cryptocurrency investors claim the price will boom again, potentially as high as USD$50,000 or AUD$100,000.

Bitcoins are generated by using an open-source computer program to solve complex math problems. This process is known as ‘mining’.

Each Bitcoin has a unique fingerprint and is defined by a public address and a private key. Owners of bitcoin do not own a physical coin, but instead a string of numbers and letters that give it a specific identity.

Other types of coins are available online including Ethereum, LiteCoin, Neo and Monero — these non-bitcoin cryptocurrencies are often called altcoins.

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Coingate Launches Litecoin Lightning Network to Process LTC Payments on its Platform

The popular crypto payments platform Coingate has now integrated Litecoin’s Lightning Network (LN) into its system. This would allow users to have …
Coingate Launches Litecoin Lightning Network to Process LTC Payments on its Platform

The popular crypto payments platform Coingate has now integrated Litecoin’s Lightning Network (LN) into its system. This would allow users to have cheaper and faster payments using this new implementation.

The information about it has been released by Surgshark, a VPN provider that became one of the first companies in the market to accept Litecoin (LTC) payments using the Lightning Network. In the future, other companies could start using this scaling solution.

The Lightning Network would allow Litecoin to scale its network and allow merchants and companies to transact funds in a very easy way all over the world. This would also improve the efficiency of the network that will be able to support a larger number of transactions at a time. Back in 2018, the solution was tested by more than 4,000 merchants with very positive results.

Veronika Mishura, Marketing manager of Coingate, the Lightning Network will incentivize the use of Litecoin, among other digital assets.

On the matter, Mishura commented:

“VPNs are, to be honest, one of the most frequently used services by crypto-enthusiasts (what we see by our data). However, due to quite a low price, it is usually a no-win to pay for it with Bitcoin or Litecoin; and that’s exactly what Lightning should solve.”

In the future, there will be many other merchants accepting Litecoin payments using the Lightning Network.

Even Litecoin will soon have more than 1000 merchants accepting LN payments! 🚀 Thanks @CoinGatecom!

https://t.co/0JXvC9Xp3H

— Charlie Lee [LTC⚡] (@SatoshiLite) December 13, 2018

Although the Lightning Network is being tested and developed, there are already companies that are using it to process payments almost in real time and for very low fees.

With the LN it is possible to improve services for users and also make the Litecoin network much more efficient.

Infinity Economics Price Down 5.6% This Week (XIN)

One Infinity Economics coin can currently be purchased for $0.0015 or … Infinity Economics (CRYPTO:XIN) is a Proof-of-Stake (PoS) coin that uses the …

Infinity Economics logoInfinity Economics (CURRENCY:XIN) traded 19.2% higher against the U.S. dollar during the 1-day period ending at 17:00 PM Eastern on January 19th. In the last seven days, Infinity Economics has traded down 5.6% against the U.S. dollar. One Infinity Economics coin can currently be purchased for $0.0015 or 0.00000039 BTC on major exchanges including BitBay, Sistemkoin, Coindeal and InfinityCoin Exchange. Infinity Economics has a total market cap of $0.00 and approximately $7.02 million worth of Infinity Economics was traded on exchanges in the last 24 hours.

Here is how related cryptocurrencies have performed in the last 24 hours:

  • Bitcoin (BTC) traded up 2.2% against the dollar and now trades at $3,736.91 or 1.00000000 BTC.
  • Bitcoin Cash (BCH) traded 2.2% higher against the dollar and now trades at $130.64 or 0.03498570 BTC.
  • Steem (STEEM) traded up 5.1% against the dollar and now trades at $0.39 or 0.00010347 BTC.
  • BitcoinDark (BTCD) traded flat against the dollar and now trades at $16.23 or 0.00246929 BTC.
  • Unobtanium (UNO) traded 1.3% higher against the dollar and now trades at $80.09 or 0.02144874 BTC.
  • Peercoin (PPC) traded up 1.6% against the dollar and now trades at $0.56 or 0.00015068 BTC.
  • Emercoin (EMC) traded 5.9% higher against the dollar and now trades at $0.31 or 0.00008409 BTC.
  • Namecoin (NMC) traded up 1.5% against the dollar and now trades at $0.74 or 0.00019835 BTC.
  • Steem Dollars (SBD) traded up 0.7% against the dollar and now trades at $0.92 or 0.00024710 BTC.
  • PRIZM (PZM) traded up 2.7% against the dollar and now trades at $0.12 or 0.00003224 BTC.

Infinity Economics Profile

Infinity Economics (CRYPTO:XIN) is a Proof-of-Stake (PoS) coin that uses the SHA-256 hashing algorithm. It launched on October 2nd, 2017. Infinity Economics’ total supply is 9,000,000,000 coins. Infinity Economics’ official Twitter account is @XIN_Foundation and its Facebook page is accessible here. The Reddit community for Infinity Economics is /r/infinityeconomics and the currency’s Github account can be viewed here. The official website for Infinity Economics is www.infinity-economics.org. The official message board for Infinity Economics is forum.infinity-economics.org.

Buying and Selling Infinity Economics

Infinity Economics can be bought or sold on the following cryptocurrency exchanges: Coinbe, Coindeal, Sistemkoin, InfinityCoin Exchange and BitBay. It is usually not presently possible to purchase alternative cryptocurrencies such as Infinity Economics directly using US dollars. Investors seeking to trade Infinity Economics should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Gemini, Changelly or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Infinity Economics using one of the aforementioned exchanges.

Receive News & Updates for Infinity Economics Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for Infinity Economics and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

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Monero [XMR]’s lead developer elucidates on Bitcoin [BTC] death spiral

Towards the end of 2018, the whole cryptocurrency market was consumed with thought of Bitcoin entering a death spiral. This first set its base in the …

Towards the end of 2018, the whole cryptocurrency market was consumed with thought of Bitcoin entering a death spiral. This first set its base in the space when a professor from Santa Clara University, Atulya Sarin posted an article about how Bitcoin is entering a death spiral and declared that the coin is going to zero. This conclusion by the Professor was entirely based on the price of Bitcoin plunging below the mining cost.

As per the Bitcoin fundamentals, the mining difficulty will be readjusted once every 2016 blocks are mined, approximately two weeks. If the Bitcoin hash power and miners participating see a massive drop, then the time taken for the issuance of a block would also be prolonged from the current 10 minutes, which would, in turn, prolong the time taken to adjust the mining difficulty. This will eventually result in mining becoming less profitable and several miners exiting the space, with this having a direct effect on the hash rate and the cycle repeating and thereby creating a death spiral.

In the latest episode of Magical Crypto Friends, Samson Mow, CSO of Blockstream, Riccardo Spagni, lead developer of Monero, Charlie Lee, the creator of Litecoin, and Whale Panda, discussed the death spiral phenomenon.

Whale Panda started by stating that the “whole point” of the difficulty adjustment is to avoid a death spiral phenomenon from taking place. This was followed by Mow stating that it is Bitcoin’s difficulty adjustment in particular as it is much slower in comparison to Bitcoin Cash’s Emergency Difficulty Adjustment [EDA], adding that this “super fast” difficulty adjustment could trigger a death spiral. Succeeding this, Whale Panda stated that even if mining does slow down in the end, the fees will eventually take the uptrend and will become “more profitable again to mine”.

Riccardo Spagni aka fluffy pony said:

“It’s self-corrective. but the other thing is there’s a limit to the amount of adjustment that can happen in each adjustment cycle. so it, very relatively speaking, adapts slowly, which means it can compensate to price volatility a lot better than some of the quick adapting algorithms that try and track difficulty a lot more closer”

Mow added that it is “harder to game a slow-moving thing”. Spagni further stated:

“The other thing that people forget is that if a miner exits […] [they’re going to] sell that equipment to try and recoup some money and that equipment might not be sold to a single player, might be distributed amongst 100 or 200 miners […] so it’s it’s not always like – exit the system and then the difficulty necessarily goes down indefinitely it could go it down and when that equipment comes back off back into service within a week or two it’s back up”


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Related Topics:Charlie LeenewsRiccardo SpaniSamson MowWhale Panda
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