Various Technical Indicators are Showing Bitcoin is Severely Oversold

Williams %R, a technical analysis oscillator that demonstrates oversold or overbought conditions of an asset, is demonstrating highly oversold conditions for Bitcoin. As Olga Kharif at Bloomberg reported, the Williams Percent Range (WPR) of Bitcoin is hovering at around -83 percent. In WPR, -80 to -100 percent is considered oversold and -0 to -20 percent is oversold. Analysts state that the oversold condition of Bitcoin demonstrated by WPR could lead to a short-term corrective rally in the future, which may enable Bitcoin to break out of a major resistance level…

Crypto Markets Recover Slightly, Ethereum, Tezos See Largest Gains

Saturday, September 15: crypto markets are undergoing a slight recovery after yesterday’s decline, with 17 of the 20 top cryptocurrencies by market cap in the green, according to CoinMarketCap data. Market visualization from Coin360 After dropping below the $6,500 price point yesterday, Bitcoin (BTC) has challenged the mark again, going up by 1.6 percent over the past 24 hours, to trade at $6,533 at press time. Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) is currently seeing some of the largest gains among the top 20 cryptocurrencies by…

How Cryptocurrencies Are Regulated in Central Asia

As been reported on September 2, the president of Uzbekistan, Shavkat Mirziyoyev, ordered the establishment of a state blockchain development fund called the “Digital Trust.” Earlier in September, a decree legalizing crypto trading — also making it tax-free — and mining in the country came into force, making Uzbekistan a crypto-friendly state. But how is the rest of the Central Asia region is holding up? The list below is based on thorough news research, but should in no way be considered complete. If you have more detailed information on banks…

BTC/USD Upside Held Near $6500

Bitcoin on Saturday crossed above the $6,500-mark but lacked further upside momentum near the psychological resistance. The BTC/USD kickstarted the day forming higher lows towards 6475-fiat. The Asian trading session witnessed consolidated action within a narrow range defined by 6520-fiat to the upside and 6477-fiat to the downside. A breakout action appeared only during the early European session when BTC/USD formed higher highs towards 6550-fiat. As the day matured, the pair also gained upside momentum towards 6572-fiat. Since establishing the intraday high, BTC/USD has been correcting towards the 6500-support. BTC/USD  Technical Analysis…

Bitcoin Hashpower Doubled Since May Despite 70% Correction

Fundstrat, a Wall Street-based investment firm led by Tom Lee, reported that the hashpower of Bitcoin has doubled since May. “Despite BTC bear market, hashpower doubled since May to 57 EH/s – Even with upgrades to existing equipment, implies almost 1GW of new power consumption vs 5.2GW in May ’18. Breakeven now $7300 ($5300 cash BE) vs. $6000 in May,” Sam Doctor at Fundstrat said. Exponential Increase in Mining Activity Since February, the valuation of the cryptocurrency market has fallen by more than 80 percent. Yet, mining activity in the…

Is Crypto Market Bottoming Out? Bitcoin Shows Stability at $6,500

Earlier this week, the crypto market seemed to be initiating a strong corrective rally, as Bitcoin breezed past $6,500. However, in the past 24 hours, the crypto market demonstrated a slight decline in value from $204 billion to $198 billion, as small market cap cryptocurrencies and tokens struggled to maintain momentum. While the crypto market eventually recovered to $202 billion, the price movement of major cryptocurrencies on September 15 showed that the market is undergoing a bottoming out process, demonstrating volatility in the low price range. Bottoming Out As CCN…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 14

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital Capital Management, called a bottom in cryptocurrencies on September 13, while conversely the Chief Commercial Officer of BitPay, Sonny Singh believes that Bitcoin will resurge in 2019 but that altcoins “will never come…

Korea Customs Service Partners with Samsung SDS to Build Blockchain Customs Platform

The Korea Customs Service has signed an agreement with Samsung SDS to deploy blockchain technology for its customs clearance system, according to a press release published September 14. Samsung SDS, the IT arm of electronics giant Samsung, will develop a blockchain-powered platform based on Nexledger, which will be used for export customs logistics services. Nexledger is a blockchain platform designed to provide an integrated solution to businesses looking to reduce expenses while managing digital financial transactions and data exchange. The new product is reportedly aimed at organizations active in export…

Tezos Foundation Announces Launch of Its Long-Awaited Mainnet

The Swiss-based cryptocurrency project the Tezos Foundation has announced that its mainnet will be launched on Monday, according to a September 14 tweet. Have a great weekend, everyone, because mainnet arrives Monday! — Tezos Foundation (@TezosFoundation) September 14, 2018 On Monday, the beta period of the network will officially be over, as the protocol will become a full mainnet. Tezos introduced its beta network in June, calling the move an “inflection point” for the project. From that point on, users could begin validating blocks or “baking” after the first seven…

US Regulators Extend Their Purview Within Crypto Industry

This week, on the same day, two United States regulating bodies — the Financial Industry Regulatory Authority (FINRA) and its ruling organization the Securities and Exchange Commission (SEC) — reported filing objections against non-compliant crypto players who made some false statements regarding their businesses. While the SEC barely needs any introduction for those who follow the crypto industry, FINRA might seem unfamiliar. FINRA is a private, non-federal agency, although it is overseen by the SEC. It regulates one specific part of the securities industry in the U.S.: brokerage firms doing…