Starting today, Singaporean cryptocurrency firms are required to hold a license issued by a local regulator
The Bitcoin price increased significantly on Jan 27 after reaching a 2020 high of $9,169. It moved above its 200-day moving average (MA) and looks ready to move towards the $9,600 target.
Bitcoin Price Highlights
- The Bitcoin price is following a curved ascending support line.
- It has moved above its 200-day moving average.
- It is possibly in the fifth and final wave of an Elliott formation.
- There is resistance at $9,600.
Bitcoin Moving Averages
The Bitcoin price increased significantly yesterday, creating a bullish engulfing candlestick in the process.
In addition, it has moved above its 200-day MA (black), a very significant bullish development. This MA rejected the price on Jan 19 and initiated the downward move that led to $8,200.
The closest resistance area is found at $9,600, while the closest support area is found near $8,000, strengthened by the 100-day MA.
The BTC price has been following a curved ascending support line, on which it bounced yesterday near $8,200. If the price continues following this line, it could soon reach $9,600.
In addition, it looks as if the price is in the process of completing a five-wave Elliott formation. Currently, the price is in its fifth wave. A likely place for the wave to end would be at the resistance area previously outlined at $9,600.
The price has yet to show any weakness. While the RSI is oversold, it has not generated any bearish divergence, not even in lower time-frames.
Therefore, the price is expected to continue moving towards $9,600. A more bearish scenario would have the price validating the ascending support line near $8,800 once more before continuing its upward movement.
To conclude, the Bitcoin price increased above its 200-day MA. This increase will likely continue at the rate provided by the support line until the price reaches $9,600.
For those interested in BeInCrypto’s previous Bitcoin analysis, click here.
The post Bitcoin Analysis for 2020-01-28 [Premium Analysis] appeared first on BeInCrypto.
Bitcoin price needs to prove itself over several days before I turn bullish, says Tone Vays
Social media engagements surrounding Bitcoin and its upcoming halving have been steadily increasing, recently reaching new highs in 2020.
LunarCRUSH, a cryptocurrency data platform that provides data on the social engagement surrounding cryptocurrencies, has reported that Bitcoin social media engagements have reached 319,636,032 unique engagements.
UPDATE: Bitcoin social engagement continues to climb with 319,636,032 unique engagements, marking another 2020 high. https://t.co/NPMoLfqZLr $btc #bitcoin https://t.co/IkkvN1k7O7 pic.twitter.com/d4OdjemxHc
— LunarCRUSH (@LunarCRUSH) January 28, 2020
It has been shown that there is some correlation between social media engagement and the price of BTC, so investors should be pleased to hear about an uptick in social engagement surrounding Bitcoin.
Bitcoin Google Searches Light Up
The Norwegian cryptocurrency firm, Arcane Research, in its weekly report, touched upon the narrative of Bitcoin as ‘digital gold’ and showed that Google searches for ‘Bitcoin halving’ have been growing at a considerable rate, especially towards the latter half of 2019.
The report also stated that market sentiment has gone back to neutral. Bitcoin’s price at the time of publishing has just risen above the $9,000 threshold. With the halving roughly 108 days away, many investors are hopeful that this is the start of a bull run that will push the asset to new all-time highs.
The Importance of the Halving
Bitcoin’s halving is highly anticipated and is widely considered to be a landmark moment in the history of the digital currency. Halvings reduce the number of mining rewards by half, which is expected to boost the price up as the supply wanes and more investors join the market,
The last halving, which took place in 2016, was accompanied by a dramatic increase in price. Sentiment surrounding Bitcoin’s growth in 2020 has been generally positive, with many pointing to the growth of institutional investment, regulatory decisions, and the halving as reasons to be optimistic.
The post Bitcoin Social Media Engagements Climb to 2020 High appeared first on BeInCrypto.
Bitcoin Gold (BTG) is subject to a blockchain double spending attack worth around $72,000 as a result of a 51 percent mining attack to take control of the Bitcoin Gold blockchain.
The attacks came on Thursday and Friday, dated 23rd and 24th of January, where the first attack costed the blockchain around 1900 BTG, and the second attack wave costed a loss of 5267 BTG. A 51 percent attack occurs when a hacker or a group of hackers try to take control of the 51% nodes in any specific blockchain.
James Lovejoy explains that attackers must have spent around $1200 to perform each of the consecutive attacks. Lovejoy bases his estimates as per the NiceHash marketplace pricing for the Bitcoin Gold hash rate.
This incident has been collectively recorded as a dual attack that marks the marked the second and third time Bitcoin gold has suffered in the last two years.
Cryptocurrency exchanges targeted by double spenders:
Any blockchain version with updated entries can only be processed and accepted by the blockchain if the entity in control has over 51 percent of the total hashrate.
A version of blockchain which is either accepted or rejected by the network is decided by the group or entity that controls 51 percentage of blockchain’s hash rate moreover.
These events will favor the double spending attacks on the BTG blockchain, whereas the percentage of blockchain hashrate required varies from blockchain to blockchain.
Any transaction with an intention to re-organizing the blockchain by rapidly revising it to spend the same cryptocurrency twice is dubbed a double-spend attack.
What happens in a Blockchain double spending?
Double spending would cause the cryptocurrency funds to be distributed twice on the network. Spending occurs once in an original transaction and the second time when the blockchain is re-organized.
The original transaction is accepted by a third party while the network generates another transaction of the same third-party accepting the original transaction and network returning the cryptocurrency used by the attacker; this allows their funds to be used twice.
Lovejoy explains that a six-block deep blockchain transaction is recorded as a legitimate one, which is practically six levels of confirmation on the blockchain.
Each block confirms the transaction and forwards it to the next one for further confirmation. Whereas in the current attacks, the confirmations were found 15 blocks deep, bypassing the Binance escrow limit of 12 confirmations.
Whereas, he also demonstrated that Binance had increased its Bitcoin Gold (BTG) requirement for withdrawals to 20 confirmations to avoid blockchain double spending. There was no public response from the exchange so far.
Previously, cryptocurrency exchange Bittrex delisted BTG owing to a previous 51 percent attack that managed to double-spend cryptocurrency worth over 18 million United States dollars.
Featured Image by Pixabay
Gemini cryptocurrency exchange appoints RBS veteran as new chief compliance officer for its push into Europe
Israel-based cold wallet developer GK8 is offering a bug bounty of up to $250,000 to the first person who can break into its ostensibly “hack-proof service