BTC, BCH, XMR, XTZ and LINK 20495

LINK

XTZ/USD

Tezos (XTZ) is the best performer of the past seven days with a massive jump of over 40%. It shot up after Coinbase announced that it will onboard the cryptocurrency on its professional trading platform, Coinbase Pro. The four-stage process will start with inbound XTZ transfers on August 5. Huobi Wallet tweeted that it will be a Tezos baker and support XTZ in the near future. Blockchain development company Truffle announced that it will add support for the Tezos blockchain protocol in its developer suit. These favorable fundamental news helped the digital currency rake up strong gains. However, can this continue or will the rally peter out after the news-based rally? Let’s analyze the charts.

XTZ/USD

The XTZ/USD pair has formed a cup and handle reversal pattern, which will complete on a breakout and close (UTC time frame) above $1.85. Following the breakout, the target objective is $3.37 and above it $4.20. The moving averages have completed a bullish crossover and the RSI has jumped into positive territory, which suggests that bulls are back in the game.

However, the failure of bulls to close the week near the highest point shows profit booking at higher levels. If the price fails to break out of $1.85, the reversal pattern will not come into play and a few weeks of consolidation between $0.83 and $1.85 are possible.

Traders can buy on a close (UTC time frame) above $1.85 and keep a stop loss of $0.82. Until then, it is better to remain on the sidelines.

LINK/USD

Unlike other major cryptocurrencies, Chainlink (LINK) has been volatile and has been finding a place either among the top losers or the top gainers for the past few weeks. This week, it has again found a place as a top gainer. Oracle announced a partnership with Chainlink, which is a big boost for the project. In other news, Callisto Network announced integration of Chainlink Oracles and Zilliqa tied up with Chainlink to power its smart contracts. While the fundamental news flow has been positive, let’s see what the chart projects.

LINK/USD

The LINK/USD pair has found support at the 61.8% Fibonacci retracement levels of $2.0175 for three successive weeks. This makes it an important level to watch on the downside.

On the upside, bulls might face resistance at $2.8498, above which, the pair is likely to pick up momentum and rally towards the lifetime high. Therefore, traders can wait for the price to scale and close (UTC time frame) above $2.8498 before attempting long positions.

If bulls fail to propel the price above $2.8498, the pair might remain range-bound for a few weeks. Our bullish view will be negated if bears sink and sustain the digital currency below $2.0175.

BTC/USD

Bitcoin (BTC) has gained in double digits in the past seven days. The past week saw a flare-up of trade war between China and the U.S. and a rate cut by the U.S. Federal Reserve. Peter Tchir, former Executive Director at Deutsche Bank, said that Bitcoin acts as a lead indicator to hidden geopolitical tensions.

Fundstrat Global Advisors co-founder Tom Lee and a report by research firm Delphi Digital said that dovish policies of central banks will be bullish for the leading cryptocurrency. On the news that central banks have been buying a record quantity of gold, Anthony Pompliano said that central banks will start hedging their assets with Bitcoin if they “find out about the non-correlated, asymmetric upside profile of Bitcoin.”

Can Bitcoin extend its rally in the next few weeks? Let’s find out.

BTC/USD

In strong uptrends, the pullbacks are usually arrested at the 38.2% Fibonacci retracement level of the entire rally. The BTC/USD pair found support between the 38.2% and 50% retracement levels, which is a positive sign. Both moving averages are sloping up and the RSI is in positive territory. This suggests that bulls are firmly in command.

The up-move might face some resistance at the downtrend line, above which, the pair can retest the recent highs of $13,973.50. This level might see some profit-booking, but once crossed, we expect buyers to pile in and push the price toward $17,208.84.

Our bullish view will be invalidated if the price turns down from the downtrend line and plummets below $9,080. That will indicate selling at higher levels and might catch the bulls off guard.

BCH/USD

Bitcoin Cash (BCH) celebrated its second birthday on Aug. 1 and ended up as the fourth-best performer of the week. Can the rally continue?

BCH/USD

The BCH/USD pair is rising inside an ascending channel. It remains in an uptrend as long as it stays inside the channel. The bulls will now try to push the price towards the resistance line of the channel. A breakout of the channel will result in a sharp upward move. The traders can initiate positions as suggested in our earlier analysis.

Contrary to our assumption, if the pair turns down and plummets below the channel, it can plummet to $227.70 and below it to $166.25. Both moving averages have flattened out and the RSI is close to the midpoint, which points to a probable consolidation for a few weeks.

XMR/USD

Monero (XMR) rounded up the list with gains of just over 8%. Can the cryptocurrency extend its gains in the coming weeks? Let’s have a look at its chart.

XMR/USD

The bears broke below the support at $81.4151 in the past week, but could not capitalize on the breakdown. The XMR/USD pair has quickly bounced back above the level, which shows demand at lower levels. Both moving averages have flattened out and the RSI is just above 50, which points to a range-bound action for a few weeks.

If the price breaks out of $90.4999, it can rally to $107 and above it to $120. The traders can buy if the price closes (UTC time frame) above $90.4999 for a day and keep a stop loss of $71. The stops can be raised to breakeven as the pair reaches $107.

Contrary to our expectation, if the cryptocurrency reverses direction and plunges below $71, it will be a negative sign. Such a move can drag it lower to $60.

Market data is provided by the HitBTC exchange.

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Trezor: New Bitcoin-Only Firmware Now Available 29139

Trezor

Trezor are thrilled to announce that the beta version of our new Bitcoin-only firmware is now available to download for both Trezor One and Trezor Model T. Trezor aim to introduce a stable version of Bitcoin-only firmware in the next month’s release. From now on, Trezor will be producing four different versions of firmware — regular (full altcoin support + U2F/WebAuthn) and Bitcoin-only, for both Trezor One and Model T.

Trezor have created a customized version of both our firmware and Wallet designed for everyone who supports the idea of Bitcoin. Every Bitcoin maximalist can now enjoy the Wallet interface with nothing else but Bitcoin. All the features of Trezor One and Model T available just the way you like it; Bitcoin only.

How to install Bitcoin-only firmware

Trezor recommend testing your recovery seed in a dry-run recovery before updating the firmware. It’s also essential to note that after installing Bitcoin-only firmware, all your other coins will disappear from the Wallet interface — but don’t worry! The private keys to your altcoins remain protected within your Trezor. The regular Trezor firmware is required to access your altcoins. You can swap between the regular firmware and Bitcoin-only firmware as many times as you like.

There are two ways of installing the Bitcoin-only firmware. You can use either Trezor Wallet or trezorctl (advanced users).

You will need:

  • Trezor Model T running version 2.1.0 or newer, or Trezor One
  • Access to Trezor Beta Wallet or trezorctl
  • The correct firmware installation file for your device — Trezor One or Trezor Model T

Installation process using Trezor Wallet:

  1. Visit https://beta-wallet.trezor.io/ and connect your Trezor.
  2. If you are using Trezor Model T and your firmware version is lower than 2.1.0, upgrade to the latest offered version via web-wallet first!
  3. Type “custom_firmware” after your Trezor device ID in the URL.
  4. Download the firmware installation file for your device (Trezor One, Trezor T) and click on “Choose File” to upload the firmware file.
  5. Trezor Wallet will then prompt you to initiate the firmware update process. Follow the instructions to load the firmware file on the device.

Image of the URL address in the second step.

Installation process using trezorctl:

  1. Download the correct file for your device.
  2. Put your device into bootloader mode and confirm a connection with a host on device.
  3. Launch Terminal and go to the folder with the firmware file.
  4. If you have a Model T, update the firmware by pasting
    “trezorctl firmware-update -f trezor-2.1.5-bitcoinonly.bin” into the Terminal window and press enter. Confirm installation on the device.
    If you have a Trezor One, update the firmware by pasting
    “trezorctl firmware-update -f trezor-1.8.3-bitcoinonly.bin” into the Terminal and press enter. Confirm on the device.
  5. Create a new wallet via https://beta-wallet.trezor.io/

Thank you for testing the Bitcoin-only firmware. If you experience any issues or want to share your ideas with us, please send us your feedback here.

Thank you for being a part of the Trezor beta testing community.

Cryptocurrency futures exchange CoinFlex targets Asia traders with physical delivery of bitcoin contracts 27222

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New cryptocurrency futures exchange CoinFlex, which claims to be the world’s first exchange that offers physical delivery for bitcoin futures contracts, wants to ramp up business from Asian retail investors who want to avoid falling victim to price manipulation that it says is rampant in cash-settlement contracts.

Mark Lamb, Hong Kong-based chief executive of the company, said contracts that physically deliver bitcoin and other tokens at settlement will benefit traders, who can be certain the spot and futures prices have not been manipulated and that they closely track the spot bitcoin price. This is because cash-settlement contracts, whose price is often calculated using a formula based on the spot bitcoin prices of other exchanges, can be easily manipulated.

“Professional and retail traders alike are affected by price manipulation in the cash settled futures market. In physical delivered contracts, anyone long at expiry receives the underlying bitcoin. There are no formulas involved,” Lamb said.

He did not comment when asked if CoinFlex was offering services to Hong Kong-based customers. The city’s Securities and Futures Commission proposed a regulatory framework on cryptocurrency exchanges in November 2018, and has said it was unlikely to grant licences to exchanges that offered the trading of futures and derivative contracts.

Lamb said he had seen an increase in attempts to manipulate prices over the past few months, by traders who moved the underlying spot prices that go into the formula in their favour, as they took advantage of the thinner trading volume of the cryptocurrency spot market compared with that of futures. Currently, the trading volume of bitcoin futures is 1.5 times that of spot.

Altcoins: ETC, IOTA, ADA, TRX and XLM 25083

Altcoins

ETC/USD

Ethereum Classic (ETC) was the best performer of the past seven days by a huge margin. A bulk of its rally can be attributed to the forthcoming Atlantis hard fork, scheduled for next month, which aims to address security concerns of the community. ETC Labs announced that London-based token investment group North Block Capital has joined its Studio program. Both entities will work together to create comprehensive token sale initiatives for North Block Capital investments, clients and partners. The companies will also endeavor to expand to Asian markets. After the sharp rally, can the momentum continue or will profit-booking drag prices down? Let’s analyze its chart.

ETC/USD

After trading in a small range for the past five weeks, the ETC/USD pair made a decisive move this week. It has broken out of both moving averages, which is a positive sign. If bulls can sustain the momentum, a rally to $10 is probable. $10 is likely to act as a stiff resistance because the price had turned down from it on two previous occasions. A breakout of this resistance will start a new uptrend that can carry the price to $15 and above it to $20.

Conversely, if the pair turns down from $10, it might extend its stay inside the wide range. The longer the consolidation, the stronger and more reliable will be the eventual breakout from it. Traders can buy on dips to $6.50 next week and keep a stop loss of $5. If the support at $5 breaks down, the pair can drop to the bottom of the range at $3.40.

IOTA/USD

MIOTA (IOTA) was the second-best performer of the past seven days. EDAG announced that it will showcase its EDAG CityBot multifunctional robotic vehicle, which uses IOTA’s machine-to-machine payments. A new parking app developed by trive.me also utilizes IOTA’s Tangle. Is this a good time to buy?

IOTA/USD

The IOTA/USD pair is trading inside a wide range of $0.244553 and $0.541. One of the reliable strategies to trade a range-bound market is to buy on a rebound from support and sell closer to resistance. The bears attempted to break below $0.244553 last week, but did not find sellers at lower levels. This week, the sharp bounce suggests that buyers are keen to defend the support. Therefore, traders can buy above $0.28 and keep a stop loss of $0.20. The first target objective is $0.38 and above it $0.541.

If bulls fail to build on the bounce, bears will make another attempt to break below the yearly low of $0.207622. It this support cracks, the next target on the downside is $0.14.

ADA/USD

Cardano (ADA) is attempting to make its way back into the top-10 cryptocurrencies by market capitalization. Has it turned positive? Let’s analyze its chart.

ADA/USD

After failing to scale above the overhead resistance zone of $0.10–$0.11151 in late June, the ADA/USD pair has corrected close to the support at $0.035778. If this support breaks down, a retest of the yearly low at $0.0282710 is possible. With the price trading below both moving averages, the advantage is with he bears.

Still, as the price is close to the support of the range, traders can attempt to buy on a strong bounce off $0.035778. The stop loss can be kept below the yearly low of $0.028. There is a minor resistance at $0.0580828 and above it at the moving averages. A breakout of moving averages can propel the price to $0.10.

Our bullish view will be negated if the price turns down from the moving averages and plunges below the yearly low.

TRX/USD

The number of Tron (TRX) DApps has continued to rise, reaching 561, according to DAppReview. Both transaction time and transaction volume also increased by 30% over the previous week. Is the cryptocurrency ready for a reversal? Let’s find out.

TRX/USD

The failure of bulls to propel the TRX/USD pair above the overhead resistance of $0.04 in late June attracted sharp selling. Though the price has broken below the strong support at $0.01774, the bears have not been able to capitalize on the breakdown. This shows a lack of sellers at lower levels. The pair is currently finding support near $0.016. However, as long as the price remains below the downtrend line, there is a risk of a fall to the yearly low at $0.01124.

Conversely, a breakout and close (UTC time) above the downtrend line on a weekly basis will be the first signal that buyers are back in action. The recovery will face resistance at the moving averages and above it at $0.03. As the rebound from the support is weak, we suggest traders wait for the price to break out and sustain above the downtrend line before attempting long positions.

XLM/USD

Stellar (XLM) rounded up the top five with a flat performance in the past seven days. Can it build on its gains or will it decline again? Let’s analyze its chart.

XLM/USD

The XLM/USD pair has been making new yearly lows in the past two weeks. This shows that the trend is down. Both moving averages are sloping down and the RSI is in the negative zone, which suggests that bears have the upper hand. However, the downtrend has not picked up momentum after breaking down of the strong support at $0.072545. This shows that investors do not want to part with their holdings at these levels.

Nevertheless, the absence of a strong bounce indicates a lack of urgency among bulls to buy at the current levels. Though there might be a short-term bounce, investors should avoid it. We will wait for the price to sustain above $0.072545 for more than a week before proposing a trade in it.

Market data is provided by the HitBTC exchange.

WhatsApp in Talks to Launch Crypto Mobile Payments in Indonesia 23025

Indonesia

Facebook Inc’s messaging service WhatsApp is in talks with multiple Indonesian digital payment firms to offer their mobile transaction services, in a bid to tap the nation’s fast growing e-commerce sector, people familiar with the matter said. Indonesia could become the second country worldwide where WhatsApp introduces such services, as it awaits regulatory approval from India, its biggest market by users, that has been delayed due to local data storage rules.

But unlike in India where it plans to offer direct peer-to-peer payment services, WhatsApp will simply serve as a platform in Indonesia supporting payments via local digital wallets due to tough licensing regulations, the sources told Reuters.

The Indonesia model could become a template for Whatsapp to adopt in other emerging markets to get around regulations on foreign players creating their own digital wallets, the sources said.

Indonesia, home to 260 million people and Southeast Asia’s largest economy, is one of the top-five markets globally for Whatsapp, with over 100 million users.

The nation is set to see its e-commerce industry tripling to $100 billion by 2025, according to some estimates, but it also has some of the region’s strictest digital payments regulations.

WhatsApp is in advanced talks with several digital payments firms including ride hailer Go-Jek, mobile payments firm DANA, backed by China’s Ant Financial, and fintech startup OVO, which is owned by Indonesian conglomerate Lippo Group and is also backed by ride hailing company Grab, the sources said.

Deals with the three firms are expected to be finalised shortly, the people said, declining to be named as the talks are private.

WhatsApp has also approached state-owned Bank Mandiri (BMRI.JK), which operates a digital wallet, they said.

The Indonesia plan comes after Facebook CEO Mark Zuckerberg announced earlier this year that it would be rolling out WhatsApp payments to “some countries”.

“As Mark has said earlier this year… we are looking to bring digital payments to more countries,” a Facebook spokeswoman told Reuters.

“WhatsApp is in conversations with financial partners in Indonesia about payments, however the discussions are in early stages and we do not have anything further to share at this stage.”

Go-Jek declined to comment. DANA, OVO and Bank Mandiri did not immediately respond to requests for comments.

A spokeswoman for the Mandiri-backed e-wallet LinkAja said she could not confirm any talks with WhatsApp.

Kelly Services Enters Public Blockchain Arena, Partners With Online Hiring Platform 22246

Stablecoins

An increasing number of mainstream giants have taken the plunge into the blockchain world over the past two years. Players such as Walmart and Facebook have shown interest in the technology to improve areas like supply chain and value transfer. Staffing giant Kelly Services has joined online hiring platform Moonlighting to bring blockchain to human capital.

Kelly has announced “a strategic partnership between Kelly Services and Moonlighting,” John Healy, vice president and managing director for the Office of the Future of Work, “an organization within Kelly [Services],” said to me in an interview.

“Kelly’s innovation fund and our Office of the Future of Work, together, are coming together with Jeff [Tennery] and Moonlighting to form this,” Healy said. “A big part of it is the aspect that Moonlighting has made a commitment to using blockchain as a foundation for what they’re doing with their platform as they move forward,” he added. “We think that [there are] some pretty significant market opportunities that are going to come as a result of that.” The Moonlighting platform is based on EOSIO’s public blockchain, with no crypto asset involved, Moonlighting CEO and founder Jeff Tennery clarified to me in an email.

In the hiring world, job seeking and freelancing can be difficult and redundant in the sense that such parties may need to upload their skills, profiles and information to many different platforms and websites in an attempt to gain job exposure. This can be time consuming. Blockchain may hold the keys to smoothing out the process, as well as adding elements of decentralization and security to the mix.

S. Korean Financial Regulator Planning to Directly Regulate Cryptocurrency Exchanges 19805

The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) has disclosed a plan to directly regulate cryptocurrency exchanges and bring them into the regulatory system. Currently, the FIU indirectly controls cryptocurrency exchanges through administrative guidance to banks.

An FIU official said on Aug. 6 that the government will enhance the transparency of cryptocurrency transactions by introducing a “cryptocurrency exchange licensing system” recommended by the Financial Action Task Force (FATF).

Lee Tae-hoon, head of administration and planning at the FIU, said, “If an amendment to the Act on Reporting and Use of Certain Financial Transaction Information, which reflects the FATF’s international standards for cryptocurrencies, passes the National Assembly, it will be possible to prevent money laundering through cryptocurrencies.”

Lee was speaking at a public hearing on the enactment of a law to improve transparency in virtual asset trading held at the National Assembly Member’s Office building.

“If the amendment is approved by lawmakers, we can raise the effectiveness of regulations by shifting from the current indirect regulation through commercial banks to direct regulation,” Lee said.

In this regard, crypto exchanges and legal circles pointed out that the regulations on banks’ issuance of real-name accounts to cryptocurrency exchanges need to be specified first to ensure that cryptocurrency exchanges have the same level of real-name authentication and anti-money laundering systems as that of traditional financial companies.