Last week, the cryptocurrency community witness excitement as the Bitcoin BTC hash rate came close to hitting a 100 quintillion milestone, a first in the history of the number one cryptocurrency.
Also, in the news, Localbitcoins.com warns users of the risk of losing their bitcoins to thieves when using the Tor browser. Richard Bensberg, a transaction compliance expert in his September 09 tweet, criticized the move by the Finnish peer-to-peer exchange.
Meanwhile, the total cryptocurrency market cap increase by about 10.5% since the beginning of September.
Come along as we dive deeper into the significant technical drivers of top cryptocurrency pairs as well as exciting news events from the crypto industry.
CHINESE AUTHORITIES TO REGULATE CRYPTO MINING IN INNER MONGOLIA
Crypto news outlet, ChainNews, on September 14 revealed that regulators in the autonomous province of Inner Mongolia in China had issued a notice demanding a clean-up of all crypto-mining businesses within the province.
According to the report, five different state departments within the Inner Mongolia province have agreed on the need to rectify the mining industry within Inner Mongolia.
The five departments argued that the digital currency ‘mining’ industry should not be supported since it is owned by pseudo-financial innovation and unrelated to the actual economy.
The weekly chart overview shows the Bitcoin price hanging by a thread from the consecutive hidden bullish divergence chart pattern.
With a sound resistance level $10955.48 established by a double bearish accumulation pattern on August 26, 2019, the bears threaten to force the price below the bullish trend of the anticipated hidden bullish divergence.
A price close above the $10955.48 resistance will confirm the current hidden bullish divergence and resume the bullish campaign with the RSI expected to trade above the level-70, or below level-50 on the contrary.
After signaling a hanging-man candlestick pattern on August 20, 2019, the BTC price slumped by roughly 13.5%. A bullish accumulation pattern on August 31, 2019, tries to restore the price; however, a bearish dark cloud cover pattern corrected the gains upon approaching the $10955.48 resistance area.
The double bearish accumulation pattern at the closing price on Sunday may drive the price south, or on the contrary, a price close above the $10441.47 resistance may lead to a price surge.
Ethereum (ETH): AVENTUS ANNOUNCES ETHEREUMBASED PROTOCOL TO Improve TICKETING INDUSTRY
Aventus has announced the release of its new code Aventus Classic, designed to create a more impartial and transparent ticketing business.
In a blog post on September 12, Aventus Network revealed the release of the digital assets-focused blockchain-based protocol dubbed Aventus Classic.
The protocol—Ethereum’s first real step in engaging with the open-source community—is a fully decentralized open-source ticketing protocol that is designed to stop scam and produce a more transparent event ticketing industry. The protocol is based on the Ethereum platform.
The altcoin bearish season seems to be coming to an end as the Ether ETH price signals a bear trap candlestick pattern on September 02 2019, after a 54.5% price slump.
So far, the ETHUSD has seen an increase of about 13.4%, and we may see further price rally into the new week.
A view from the daily chart reveals a breakout of bearish accumulation on September 02, 07 and 14 2019, following the collapse of bullish support on August 09 and 25.
The RSI overbought level may be a good reference point to exit a long position.
EOS: September 23- EOS to have its first hard fork
EOS first consensus upgrade is expected to hold on September 23 following the agreement by EOS block producers (BPs) to initiate EOSIO v1.8 upon the EOS mainnet that day.
As per EOS Nation, since the launch of the EOS network, the upcoming event is easily the most significant upgrade, as well as the first update, that will require a hard fork, recorded on the system.
29 of the 30 top BPs according to EOS Nation have committed to upgrading at publishing time.
Hacker spends $1K to win over $110K in EOS betting Game using Rex
A hacker has purportedly spent $1,000 in EOS to steal more than $110,000 in cryptocurrency by bridging EOSPlay—the EOS gambling game.
As reported by CryptoSlate on September 14, the hacker allegedly stole 30,000 EOS through a bug in EOSPlay while using the EOS REX. The EOSREX is a primary decentralized financial (DeFi) service that allows EOS lending in exchange for extra CPU on the EOS blockchain.
To guarantee that blocks had their transactions in abundance, the hacker utilized REX, which allowed them to win on EOSPlay continuously. Several sources reveal that the hacker had to spend roughly $1,200 worth of EOS coins (300 EOS) on setting up the attack, which involved several subsequent transactions indicating consecutive wins on the EOS (DApp).
However, Daniel Larimer of EOS developer company, Block.One, in a tweet, declared that the hack did not hit the EOS network. According to Larimer, the hack instead resulted in a network overload, causing no extra bandwidth to be available for free.
Despite the hack, EOS has seen precious growth on the day, presently recording the most significant gains out of top-20 coins by market capitalization.
After a collapse of bullish supports of 3.6451, and 3.6050, the EOSUSD enters the oversold area on August 29, and exits the zone on August 31. The EOSUSD price has increased by about 25% from the exit of the oversold territory, allowing for re-entry into a bullish trend on September 07 and 14.
DASH: COINBASE PRO TO ADD SUPPORT FOR DASH TRADING
US-based cryptocurrency exchange, Coinbase has announced that Coinbase Pro which is its professional trading platform, will begin support for DASH token beginning from next week.
As per a September 12 post by the exchange, starting on Monday, September 16, Coinbase Pro will take DASH deposits for at least 12 hours before it begins enabling full trading. However, DASH trading, on the other hand, will be launched, on September 17 at 9 AM Pacific Standard Time.
The company also revealed that trading on the DASH/BTC and DASH/USD order books would begin in phases once a sufficient supply of DASH is set up on the platform.
Starting with post-only mode, DASH trading will proceed to complete trading mode once the index for a healthy market is met.
However, not everyone will be able to enjoy the new features for now, as DASH will be available only in Coinbase’s supported jurisdictions. This excludes the United Kingdom and New York State.
The DASHUSD crypto pair shows bullish optimism from the combination of an exit of the oversold area on September 02, and breakout of bearish accumulation on September 03. However, a breakdown of the September 13 bullish accumulation support $84.97 may imply a comeback of the bearish trend.
An exit of the oversold area on the Altcoin Index Perpetual Futures (FTX) September 02 2019, alongside an increase in Bitcoin BTC hash rate, may result in higher total crypto market cap and exit from the prolonged price correction across the cryptocurrency market.
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