Cryptocurrency Market Slightly Recovers But Bitcoin Downward Trend is Still Strong

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. As CCN reported yesterday, on May 24, the bitcoin price dipped below $7,250 as a massive sell-off from the $7,700 mark intensified. After three consecutive sell-offs within a 24-hour period, the price of bitcoin dropped from $7,900 to $7,250, eventually stabilizing at $7,400. Bear Market The cryptocurrency sector is in a short-term bear cycle. In a highly volatile period like this, positive developments and events that would otherwise lead to a significant surge in the valuation of…

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Bitcoin Faces First Close Below This Key Long-Term Support in 2.5 Years

Bitcoin risks closing below the 50-week moving average (MA) – an important long-term support not breached for over 2.5 years. With the bears already on the offensive following the recent sell-off, prices are likely to suffer if bitcoin closes on Sunday below the key support, currently seen at $7,611. More worryingly for the bulls, since the cryptocurrency has not traded below the 50-week MA since October 2015, acceptance below that level would only add credence to the argument that the long-term bull run has ended. Weekly chart As seen on…

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Ethereum Startup Omise Gains Megabank Sponsor for Blockchain Coworking Space in Japan

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. Mizuho, one of Japan’s three so-called ‘megabanks’, will sponsor Neutrino, the country’s first blockchain coworking space established by Ethereum-based startup Omise Japan. Named ‘Neutrino’, the country’s first specialized blockchain co-working space was established by Omise in Tokyo in March this year. Omise, a Thai-based startup, sees Ethereum co-founder Vitalik Buterin among its advisors and closed a $25 million ICO in new financing last year to develop a decentralized payments platform Omise Go, powered by OMG, an ERC20…

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Bitcoin Price Watch: Can BTC/USD Break This?

Key Points Bitcoin price found support near $7,260 and bounced back above $7,400 against the US Dollar. The BTC/USD pair is currently attempting a close above a crucial bearish trend line with resistance at $7,650 on the hourly chart (data feed from Kraken). A successful close above the trend line and $7,700 may perhaps open the doors for more gains. Bitcoin price is showing positive signs above $7,400 against the US Dollar. BTC/USD must break the $7,650 and $7,700 resistance levels to recover further. Bitcoin Price Analysis There were further…

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Pink Taxis, Red Flags: A Deep Dive Into a Sketchy ICO

It’s no secret “buyer beware” has become a mantra in the world of ICOs, where blockchain startups are raising millions, sometimes with just a white paper, a bright idea and a few lines of code. Indeed, The Wall Street Journal recently found that 271 of 1,450 ICOs it analyzed displayed “red flags that include plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams.” Still, with regular Joes turning into crypto millionaires, however infrequently, they’re enticing bets for investors. Expanding on the WSJ’s analysis, CoinDesk wanted to make it clear…

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Cardano Price Analysis: ADA/USD Could Stage Comeback

Key Highlights ADA price formed a decent support at $0.1880 and recovered higher against the US Dollar (tethered). There was a break above a key bearish trend line with resistance at $0.2050 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair may continue to move higher as long as it is above the $0.2000 support level. Cardano price is showing recovery signs against the US Dollar and Bitcoin. ADA/USD could correct further higher towards the $0.2250 resistance zone. Cardano Price Analysis After a major decline…

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Ripple Price Analysis: XRP/USD Showing Positive Signs

Key Highlights Ripple price traded as low as $0.5758 before starting a correction against the US dollar. This week’s followed crucial bearish trend line with resistance at $0.6200 was broken on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may correct further higher, but it may face a strong selling interest near $0.6400-0.6500. Ripple price is slowly recovering against the US Dollar and Bitcoin. XRP/USD may face a tough challenge near the $0.6500 resistance level, which was a support earlier. Ripple Price Recovery A decent…

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Ethereum Price Analysis: Can ETH/USD Break 100 SMA?

Key Highlights ETH price has started an upside correction and it moved above $590 against the US Dollar. There was a break above a key bearish trend line with resistance at $592 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now approaching another important bearish trend line with resistance at $620 on the same chart. Ethereum price is slowly moving higher against the US Dollar and Bitcoin. ETH/USD may rise further towards a crucial resistance zone at $620. Ethereum Price Resistance There were further declines…

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DOJ’s Bitcoin Price Manipulation Probe a ‘Good Thing’: Mike Novogratz

Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. Billionaire investor and former hedge fund manager Mike Novogratz said that he is optimistic that the US Department of Justice’s (DOJ) recently-launched probe into allegations of bitcoin price manipulation will contribute to the long-term health of the cryptocurrency market. Speaking in an interview with Bloomberg, Novogratz — the founder of $250 million cryptocurrency merchant bank Galaxy Digital — said that this increased oversight will help weed out bad actors from the nascent ecosystem. “Weeding out the bad…

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The Record-Breaking $152 Million Battle Over Blockchain Betting Tool Augur

Three years ago, Augur, a prediction market system that runs on the ethereum blockchain, held one of the first initial coin offerings (ICOs), long before the funding mechanism gained mainstream momentum. Between August 7 and September 5, 2015, the project issued 8.8 million reputation (REP) tokens from a maximum circulating supply of 11 million tokens, each priced below $0.60, to raise over $5 million for the project. Supported by only a handful of team members, Augur devised a decentralized protocol where outcomes of events could be forecasted in a trustless,…

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