According to a blog post by Binance, the company is planning to launch Binance KR and is paving its way in the South Korean market. The crypto trading platform is launched on Binance cloud which was unveiled last month.
Binance KR will adhere to the “core functionalities of Binance, such as the market’s deepest spot trading liquidity, most robust matching engine, and most advanced state-of-the-art security, custody, and risk controls.”
The crypto to crypto exchange will also support Binance KRW (BKRW) which is a stablecoin backed by South Korean Won (KRW). Binance KR will allow trading to take place in Bitcoin, Ethereum and Binance’s signature coin, Binance Coin (BNB). It will be followed by Tether (UTSD) and Binance USD (BUSD). Moreover, by using BKRW stablecoin the South Korean users will easily be able to convert their fiat into BKRW.
Changpeng Zhao, CEO of Binance said that,
“We are pleased to provide a digital asset platformZ said: for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to the South Korean won in order to expand our local services.”
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Yesterday’s trading day in Bitcoin market can be divided into two phases: passive trading during the day in the range $6070-6150 and a sharp breakthrough of $6000. In the previous analysis, we wrote that we continue to expect a decrease of Bitcoin price and our target is the mark $5844. As we can see in the chart, sellers had not enough strength to test our target and they stopped at $5880.
Quite sharply, buyers were able to return the price to the critical range $6300-6400, from which we continue to expect a new falling impulse with the first target $5515. If we look at the volumes, we see that since 28 March, active sales volumes have fallen significantly. It is evidenced by the repeated attempt of breakthrough of $6000, which only for the third time was successful. In our opinion, it indicates a certain weakness of sellers in this range.
Fixing above $6300, buyers should have no problem with Bitcoin price growth above $6600. There is the new liquidity zone which formed by the three-day consolidation.
If we look at the daily timeframe, we see that yesterday’s candle closed confidently below $6000. Although, today buyers “absorbed” yesterday’s candle, claiming to continue growing to $6600:
In order to change the situation, it is important for sellers to keep buyers in the range $6300-6400 for several days. After exhaustion, they should continue to fall with the first target $5500 and with the possible final target $5100.
Nevertheless, the weekly candle has not closed for the benefit of buyers. Though, it actively shows us that there are quite a few sellers on Bitcoin market who will not be able to form a strong growth trend so quickly:
That’s why, the probability of Bitcoin price fall continuation is very high. And the main question is from which mark $6300-6400 or $6600 it will start.
Therefore, we wait for the wave (X) to complete and follow sellers’ force to forecast the final point of the fall.
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Yesterday’s trading day on Bitcoin market was at temporary price stop in the range $6000-6300. After a sharp fall of Bitcoin price from $6830, buyers are able to slow down its aggressive down movement. However, looking at the depth of the correction of the previous fall wave, in the current range, buyers are not feeling strong.
Therefore, the continuation of the fall wave to approximately the lower limit of global consolidation $5700-6830 is quite real. At the 4-hour timeframe, we see a situation where sellers were trying to break through $6000. As a result, a large pin down which should be signal for a local price reversal, was formed. However, the next 4-hour candle closed extremely passively and on catastrophically small volumes. It indicates that it was not a counterattack but a passive defense. This type of situation usually leads to a passive but confident price lowering with a break of a key local level.
On the hourly timeframe it is possible to notice the likely formation of reversal figure “head and shoulders”. Although the nature of the current fall shows that there are not enough buyers in Bitcoin market to form “right shoulder” and break the mark $6300. That’s why, our main scenario of Bitcoin price fall continuation remains valid. The critical range for sellers remains $6300-6430.
Buyers continue to decrease their margins, but not so sharply, and sellers with confidence increase them.
Yesterday’s candle didn’t close well for sellers:
As you can see, most of the candle consists of a pin, which can signal the local end of the fall in Bitcoin market. The unsuccessful closing of yesterday’s candle did not upset sellers, who continue to push the price down today. At the moment, it is important to understand whether the beginning of a new trend of growth will be a correction of the current fall or an impulsefor a new wave of growth.
According to the wave analysis, in our opinion we should expect a correction in the range $6300-6430. After which, we should expect the continuation a 3-wave correction forming with a minimum target $5510:
Let’s see how traders will close the weekly candle and tomorrow we forecast the Bitcoin price movement for the next week.
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The post Bitcoin Price and Technical Market Analysis March 29th, 2020 appeared first on BitcoinNews.com.
Over this past month stocks quickly crashed into a bear market and unemployment numbers in the United States jumped into the tens of millions due to the Coronavirus pandemic. In order to reverse this, the United States is passing a USD 2 trillion stimulus package, on top of trillions of USD being printed by the Federal Reserve, not to mention trillions of USD collectively being printed by other Central Banks around the world. Ultimately, this will likely cause a tidal wave of fiat inflation, which makes a strong argument for holding Bitcoin.
Essentially, nations worldwide were already saddled with extreme debt, so the many trillions of USD being printed now is coming out of thin air. When so much money is printed out of thin air it causes the purchasing power of fiat currencies to decline, since the world is being flooded with fiat currency.
Bitcoin is perhaps the best safe haven in this situation, since Bitcoin cannot be printed at will, and theoretically if fiat currencies experience significant inflation in the coming years, Bitcoin should simultaneously gain significant value relative to fiat.
Therefore, this is a prudent time to stack sats and HODL.
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Bitcoin has been trading rather weakly relative to the past few weeks, and continues to remain for most of the day in the USD 6,000 range.
One big positive news today has come from major crypto exchange Kraken, who has said that a new user poll they conducted shows that the majority of Bitcoin traders are expecting BTC to record a new all-time high this year.
Kraken had posed the question to 400 of its VIP traders, of which an almost equal number (40%) of respondents either described themselves as investors or as traders. About 15% said they were institutions, while the remaining 4% said they were miners, exchanges or payment processors.
These were big crypto players, with 84% of them managing less than USD 10 million in capital, while just over a tenth (11%) had between USD 10 million to USD 50 million in management. The rest had more than USD 50 million.
Of note is how they were targeting the high for BTC/USD in 2020, with an average coming out at USD 22,866, about 14% more that the previous high years ago just below USD 20,000. Interestingly, they did not see the same fortunes happening for Ether (ETH), with a maximum price tag of USD 810 given.
The big boys in speculation are also bulls, as 44% of them believed we are in a bull trend, though 22% said it was bearish and the remainder were uncertain.
Meanwhile, Crypto Twitter has been awash lately with all kinds of criticisms at the US central bank, whose Federal Reserve has been on a series of actions that can be seen as proving the case about fiat and making the case for Bitcoin. Whether it has been about pumping in more liquidity through increasing repo actions, or lowering bank reserve requirements to zero (effectively, needing to reserves to back additional dollars) or the willingness by the US Federal reserve to print “infinite” dollars, one has to sit back and wonder if the hard money logic of Bitcoin will finally make sense to previous doubters.
At a recent press conference, US President Donald Trump himself said about the US dollar that:
“The beautiful thing about our country is $6.2 trillion — because it is 2.2 plus 4 — it’s $6.2 trillion, and we can handle that easily because of who we are, what we are… It’s our money; we are the ones, it’s our currency.”
How much did we pay Trump to advertise #Bitcoin? https://t.co/JPArXTSYW7
— Samson Mow (@Excellion) March 28, 2020
Blockstream CSO Samson Mow was one of many who quoted Trump appearing to support the printing of more than USD 6 trillion, saying that this was the greatest advertisement ever for Bitcoin.
With a hugely expanded dollar supply, this direct meddling in money supply is in direct contradiction to the precept of Bitcoin in that the digital asset is fixed in terms of supply and can never be altered. Mow asked: “How much did we pay Trump to advertise #Bitcoin?”
Many commentators, who were already expecting such moves anyway, were still surprised, however, that the magnitude of the coronavirus stimulus package and preceding quantitative easing measures by the US central bank still managed to exceed logic. Crypto personality Hodlonaut, who organized 2019’s Lightning Torch transaction relay, pointed out that there was just no sense in a money situation where there was no limits. Ex-Goldman Sachs exec Caitlin Long, who is behind Bitcoin-friendly regulations in Wyoming State, also said that such a scale of intervention was the death of capitalism, with this latest move set to double the US Federal Reserve’s balance sheet to over USD 10 trillion.
GOOD NEWS?? Fed balance sheet up "only" $600m this week (to $5.3trn from $4.7trn last week)–I was expecting more. Prediction: b4 crisis ends it will far exceed $10trn. In short-term, huge dollar demand bc short-covering, but it won't last. Then timbrrrr?https://t.co/QHGx8tde3Z
— Caitlin Long 🔑 (@CaitlinLong_) March 26, 2020
Long said of the “good news” that she thought it would get better, before getting far worse:
“Prediction: b4 crisis ends it will far exceed $10trn. In short-term, huge dollar demand bc short-covering, but it won’t last. Then timbrrrr?”
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Ethereum Founder Vitalik Buterin has proposed that a bridge be setup between Bitcoin and Ethereum, and says that it is embarrassing that there is not an easy and trustless way to move funds between the two biggest cryptocurrencies.
We should put resources toward a proper (trustless, serverless, maximally Uniswap-like UX) ETH <-> BTC decentralized exchange. It's embarrassing that we still can't easily move between the two largest crypto ecosystems trustlessly.
— vitalik.eth (@VitalikButerin) March 24, 2020
Buterin proposes that a serverless and decentralized exchange be setup where users can directly exchange Bitcoin for Ethereum and vice versa. Essentially, smart contracts would be used, where one user locks up Bitcoin in a smart contract and requests Ethereum, and then a user on the Ethereum blockchain locks up their Ethereum in a smart contract and requests Bitcoin, and then their trade will be matched.
This solution requires no centralized infrastructure since all of the data for the trade, and the contract executing the trade, will occur on the Bitcoin and Ethereum blockchains.
Indeed, this solution is highly needed, since at this time the only easy way to exchange Bitcoin for Ethereum or vice versa is via a centralized exchange, which compromises anonymity and is custodial, meaning that coins leave a user’s wallet and enter a centralized exchange, creating a possibility that the user can lose their coins or have their coins frozen by a centralized authority. Buterin’s solution on the other hand would be non-custodial and risk free.
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The Blockchain Africa Conference held in mid March 2020, the biggest in the continent, primarily focused its discussions on technology that holds up cryptocurrencies like Bitcoin, and less on the crypto trading space. Various local cryptocurrency exchanges were present in the conference. Global cryptocurrency exchange platform Binance also made an announcement launching trading support for South African Rand.
Eminent cryptocurrency trader Tone Vays, who was also present at the conference, spoke to Cointelegraph about how people are skeptical of cryptocurrencies and are focusing on its underlying technology. Vays spent some time with cryptocurrency exchange owners at the conference and was enthralled by the interest shown by them and called crypto exchange in South Africa “probably bigger than all the other African countries combined.” He further added that Binance’s entry in South Africa would be beneficial to the local exchanges.
Binance South Africa country manager Tanya Knowles said that education will play a significant role in facilitating crypto trading as crypto is still seen as a means to execute illicit activities.
“The biggest thing right now with Binance coming into the country is to ensure there is education around scams that are associated with anything that we do. We have to have a lot of emphasis around security, make sure people are using 2FA and other safety measures. We need to get the basics in place before we open it up and say, go wild and start trading.”
She added the the first step to achieve this should be to begin trading with small amounts.
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A report published by CoinTracker revealed the statistics of cryptocurrency ownership in the United States. The findings have been derived from a cumulative data collection since 2013. As per the report, San Francisco has transcended all the other major cities in the US in terms of crypto ownership with an average portfolio value of USD 55,000. San Francisco is followed by Palo Alto, Oakland and San Mateo with average portfolio size of USD 39,000, USD 35,000 and USD 30,000 respectively. New York ranked sixth with average crypto holdings of USD 23,000.
In terms of concentration of crypto investors, San Francisco topped the list with a user index of 100, followed by New York with 92, Los Angeles with 57.2 and Chicago with 48.8. Ashburn recorded the highest crypto investors on per capita basis.
The report also showed that in the US, as much as 50.3% of the crypto wealth of the investors comprised of Bitcoin (BTC), followed by Ether (ETH) at 28.7% and Tether (USDT) at 4.1%. However, certain cities like San Diego, Nashville, Seattle and Boston, among others, showed that people had a greater capital held in ether as compared to bitcoin.
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Cardano has launched Ouroboros Hydra, which is an off-chain scalability protocol that has been in development for 5 years. This protocol drastically increases scalability and transaction speed while simultaneously using very little on-chain or node storage.
Each user who connects to Ouroboros Hydra generates 10 throughput lanes for data and transactions, so the network gets faster and more scalable with increasing users. If just 100 people join the network, which creates 1,000 throughput lanes, the protocol will be able to handle 1 million transactions per second, which is a far greater capacity than the biggest fiat payment networks like MasterCard and Visa.
Ultimately, the only limiting factor is the network connection between participants, and not the protocol itself.
Overall, this is perhaps one of the first examples of blockchain technology exceeding the capabilities of major payment networks like Visa, and it could be a sign that blockchain technology will one day underpin the entire global financial system.
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The Maker Foundation has announced that the MakerDAO protocol, which is by far the most popular decentralized finance (DeFi) platform, has handed over control of the MakerDAO smart contract to holders of the Maker token, essentially decentralizing the governance of MakerDAO.
Up to now, the Maker Foundation had been safeguarding the smart contract which controls the protocol, but a process began late last year to fully decentralize governance. Over the past month, the Maker Foundation and Maker token holders have had dual control of the smart contract, so that the Maker Foundation could ensure a smooth handover of power, and now finally Maker token holders have full control.
In order for MakerDAO to be successful it will require a passionate community of Maker token holders, since now that the MakerDAO contract is fully decentralized, the community can collectively decide to do anything with it.
Overall, this may be one of the biggest tests of decentralized blockchain governance in history, since there are hundreds of millions of USD contained within the MakerDAO smart contract.
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Bitcasino has leveled up its crypto gaming system with the addition of the super fast and efficient TronLink browser extension, just the latest development for one of the industry’s most popular casino brand under the Coingaming Group.
One of its major steps in retaining its many ‘world’s first’ achievements, integrating the TRON novel browser extension is hoped to further boost Bitcasino’s already impressive speed time and foolproof secure transactions.
The Bitcoin-led betting platform is among the top leading casinos putting in an enormous effort into ensuring a smooth and glitch-free experience for its users. With one of the fastest withdrawal times of 1.5 minutes, in conjunction with a slew of features made possible with cutting-edge technology, Bitcasino strives to ensure its services remain the very best.
Deploying the technology into its services is a reflection of how Bitcasino will always place users’ needs first. The goal is to provide a safe and secure space where they can seamlessly gain access to their TRX deposits and withdrawals.
The TronLink Chrome browser extension directly links with the TRON blockchain on the player’s browser. There is absolutely zero need to worry over funds and private keys while performing transactions on this next-generation blockchain. Thanks to TronLink’s no private keys policy, users eliminate all associated risk.
Using the TronLink browser extension is easy. Users simply need to sign into their Bitcasino account and then use the extension to make instant deposits and withdrawals within seconds, to and from their Bitcasino accounts.
Tauri Tiitsaar, Director of Bitcasino, noted how last year’s partnership with the Tron Foundation marked the beginning of a much welcome transformation.
“Crucially TronLink offers our players both security and speed with deposits and withdrawals; it is the next innovative step in ensuring our players have the best possible experience with Bitcasino. Gone is the need to deposit or withdraw TRON to hardware wallets, open an app on your phone or any other website. Players can easily manage their instantaneous deposits and withdrawals without any extra hassle.”
About Bitcasino
Bitcasino is a registered company under Coingaming Group. The platform was built in 2014, and has since become a pioneer in its field. Bitcasino is the first licensed Bitcoin-led casino operator with an expansive repertoire of quality games. There are currently over 2,000 games players can choose from ranging from table games to slots and many more enjoyable casino games.
Bitcasino is developed by top software experts and engineers whose goal is to deliver the most user-friendly experience for players to enjoy. With a withdrawal time of around 1.5 minutes, Bitcasino is one of the fastest and trustworthy casino and gaming service providers in the industry.
Download the TronLink extension now on the browser web store. Learn more here.
“Disclaimer: this is a paid for, sponsored article. Bitcasino is the source of this content and is responsible for the content, and the accuracy of the content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This article is for informational purposes only. The information does not constitute investment advice or an offer to invest.”
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Amid the Coronavirus pandemic, as countries seek to aggressively tackle the economic slowdown, China has used this crisis as an opportunity to move a step closer to its Central Bank Digital Currency (CBDC). According to a report by Global Times on 24 March, the People’s Bank of China (PBC) completed the development of the basic functions of the digital currency, and is now paving its way towards drafting and formulation of relevant laws to facilitate implementation.
According to the report, this has been done by liaising with various Chinese payment giants such as Alibaba, Tencent, Huawei, and China Merchants Bank. Alibaba’s payments platform Alipay has publicized five patents in relation to China’s digital currency. The patents cover various aspects of digital currencies including issuance, transaction recording, digital wallets, anonymous trading support and assistance in supervising and dealing with illegal accounts, industry media reported.
Cao Yan, managing director of Digital Renaissance Foundation believes that the involvement of private institutions is detrimental for more efficient development considering their rich experience in blockchain technology. Cao added that cryptocurrency plays a convenient role in translating a central bank’s zero and negative interest rate policy into commercial banks.
“If there is a chance China is considering lowering its interest rate into negative territory as an final option and directing such policy to commercial loans and lending, a circulated digital currency rather than M0 will be able to achieve that,” he said.
Although China has completed the technological development step, the next step, which is the legal aspect involving regulations and supervision, will be a lengthier process.
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In the previous two days, the situation in Ethereum market was relatively calm. After the sharp growth of Ethereum price from $123 to $137, the consolidation which buyers have been trying to break, has formed. However, if we compare Ethereum price movement and Bitcoin one, we can see that Bitcoin buyers today were able to update the local high. While Ethereum buyers were only able to test the purple range once again, showing their weakness. So at the moment, interest in Ethereum is much lower and this coin is out of condition yet.
Pay attention that for the third time, buyers are trying to fix above this mark, but after a false breakdown, the fall immediately begins. In only one of 3 cases, buyers try to pass this mark on increased volumes. During the third unsuccessful breakthrough attempt, buyers failed to keep the local Ethereum price $136. They always controlled it during their consolidation. This is a fact of buyers weakening in this range and another signal of a likely price reversal in Ethereum market. Our main scenario – the fall to $113 with local stops $130, $123 and $119 remains valid.
On a daily timeframe, we see that buyers’ aggression from 23 March ended on 23 March:
Yesterday’s daily candle did not continue the initiative of buyers. And already today sellers “absorbed” this candle, lowering the price below $136. The best scenario for buyers right now is to keep consolidation below $137-145, giving themselves a chance to break this range. This is the reason why buyers should keep the mark $130.
According to the wave analysis on Ethereum market, we see that the mark $140.34 is a level of Fibonacci which shows that buyers managed to correct the global fall wave from 19 February by 38.2%:
If our scenario is correct, then after breaking $130, the next fall targets are at $119 and $105. Let’s see on Friday whether buyers will be able to keep $130 and whether they will be able to organize a decent counterattack from that mark.
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