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Ethereum Could Be the Defining Factor That Guides Other Altcoins, Claims Analyst

Ethereum Could Be the Defining Factor That Guides Other Altcoins, Claims Analyst

Ethereum has had a turbulent week, with much of its recent price action favoring sellers as the crypto has faced a steady stream of downwards pressure in the time following ETH’s recent visit to over $150 earlier this past week.Although all eyes are closely watching Bitcoin’s near-term price action, it is important to note that one analyst believes that where Ethereum heads in the coming days could provide significant guidance to other major altcoins, regardless of BTC.Ethereum Stuck in Firm Short-Term DowntrendAt the time of writing, Ethereum is trading down just under 2% at its current price of $143, which marks a notable decline from its weekly highs of $153 that were set just a few days ago.ETH’s climb above $150 was fleeting, as it appears that this is a resistance region for the crypto, with each visit to this level slowing any momentum and invalidating any signs of bullishness.Currently, ETH is trading at its lowest price of the week, and the lower-$140 region has been an important support level for ETH in the time following its recent drop down to lows of $134 in late-November.Nik Patel, a popular cryptocurrency analyst, shared his thoughts on Ethereum’s price action in a recent blog post, in which he notes that its market structure currently remains bearish as it struggles to break above $150.“For ETH/USD, market structure remains bearish with support turned resistance at $150 capping price. The next area of support is $130. I expect that Ethereum is awaiting Bitcoin’s next major move before picking a direction,” he said.Will ETH’s Next Move Guide the Entire Altcoin Market?Although Patel believes that Ethereum’s next notable movement will come about as a result of Bitcoin’s price action, The Cryptomist – another popular crypto analyst – explained in a recent tweet that she believes that ETH may soon make a bullish movement independent of BTC.She further noted that this upwards movement could spark some bullish momentum across other major altcoins.“$ETH: You can see the stop hunts below support of this 3 day falling wedge, but support stands. 1D – Heikin Ashi displays possibility of reversal. Only hint of bearish I can see is the double top on RSI. Am monitoring this -could be rewarding move up, which will push alts also.”$EthYou can see the stop hunts below support of this 3 day falling wedge, but support stands1D – Heikin Ashi displays possibility of reversalOnly hint of bearish I can see is the double top on RSIAm monitoring this -could be rewarding move up, which will push alts also pic.twitter.com/uxdDAZlYFa— The Cryptomist (@TheCryptomist) December 10, 2019It is highly probable that the coming few hours and days will help shine a light on whether or not altcoins like Ethereum will be able to begin gaining any momentum independent of Bitcoin.Featured image from Shutterstock.Source

Santander Completes its Blockchain-based Bond Trial on Ethereum

Santander Completes its Blockchain-based Bond Trial on Ethereum

Blockchain technology still has the potential to disrupt traditional finance. Santander is moving ahead with its DLT venture after successfully redeeming a digital bond. 

Santander has been active in the blockchain industry for several years now.

Another Blockchain Milestone for Santander

Albeit most of its projects are kept under wraps, this particular development isn’t kept under wraps.

The bank has confirmed it experimented with redeeming a digital bond.

That bond was issued on the public Ethereum blockchain, and is valued at roughly $20m.

Now that the technology to redeem this bond has been deemed viable, it will be interesting to see what Santander plans to do next.

The bond was initially issued three months ago as an Ethereum token.

During the redemption process, a different token – representing cash held in a custody account – was used

Its redemption could have been problematic, yet it appears debt securities can be adequately managed through a public blockchain. 

It is worth noting this transaction did not involve any other banks or third-party service providers.

Santander is the issuer and redeemer of this pilot bond. 

To date, Santander is still the biggest bank to publicly issue such a high-value bond on a public chain.

Whether other banks will experiment with public ledgers in the future, has not been confirmed at this time.

Following such a successful trial, the excitement regarding blockchain will undoubtedly increase. 

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China Releases Year-End Crypto Rankings

China Releases Year-End Crypto Rankings

China Releases Year-End Crypto Rankings

China’s Center for Information and Industry Development has published its year-end crypto project rankings. Thirty-five projects were evaluated and ranked overall as well as in three separate categories. Bitcoin has risen in ranking while EOS remains China’s favorite.

Also read: China Ranks 35 Crypto Projects as President Xi Pushes Blockchain

Year-End Crypto Rankings

The Center for Information and Industry Development (CCID), under China’s Ministry of Industry and Information Technology, released the 15th update of its crypto project rankings on Friday. While the hype for blockchain technology initiated by President Xi Jinping has somewhat subsided, the center continues its work on evaluating and ranking crypto projects. This month’s release is the last one this year. The center evaluated the same 35 projects in December as it did for the previous rankings in September.

In addition to the overall ranking, the CCID evaluated all the projects based on their basic technology, applicability, and creativity. EOS remains at the top of the overall ranking, followed by Ethereum and then Tron. The center started ranking Tron in February, debuting it at number two overall. However, in July, it dropped to the third place and Ethereum regained its number two ranking. In September, Tron overtook Ethereum once again but only to fall to the third place once more this month. NULS ranks fourth, followed by Lisk, Neo, Steem, and Bitshares. BTC has risen from the 11th spot to the 9th spot. BCH also improved, rising from the 30th spot to the 27th spot.

China Releases Year-End Crypto RankingsCCID’s crypto rankings for December.

The CCID describes itself as “a first-class scientific research institution directly under the administration of the Ministry of Industry and Information Technology of China.” It provides professional services to the government including research, consulting, evaluation, certification, and research and development, according to its website. The center has been working on its Global Public Blockchain Technology Assessment Index since the beginning of last year. The rankings are compiled by CCID (Qingdao) Blockchain Research Institute, an entity established by the CCID, in collaboration with other organizations such as the CCID Think Tank and the China Software Evaluation Center. “The result of this assessment will allow the CCID group to provide better technical consulting services for government agencies, business enterprises, research institutes, and technology developers,” the CCID previously explained.

This Month’s Sub-Rankings

The CCID explained that the basic technology sub-category mainly evaluates the technical implementation of the public chain, primarily examining its functions, performance, security, and decentralization. This month, EOS and Tron still occupy the first and second places, the center noted, adding that “The average value of the basic technology sub-index has not changed much from the previous period.”

China Releases Year-End Crypto Rankings

The applicability sub-index mainly evaluates the comprehensive level of the applications that the public chain actually supports, including node deployment, wallet applications, development support, and application implementation. In this evaluation period, the center revealed that “The average value of the overall applicability index increased significantly from the previous period.” The creativity sub-index mainly examines the continuous innovation of the public chain, including the number of developers, code updates and code impact. The center noted that compared to the previous period, the average creativity sub-index has only increased slightly.

What do you think of this latest CCID rankings? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock and CCID.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Bitcoin, Blockchain, BTC, CCID, China, chinese, crypto assets, crypto rankings, Cryptocurrencies, Digital Currency, EOS, Ethereum, Government, tron, Virtual Currency, Xi Jinping
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Op Ed: Bringing DeFi to Bitcoin Opens Up New Frontiers

Op Ed: Bringing DeFi to Bitcoin Opens Up New Frontiers

Decentralized finance (DeFi), while still in its early days, promises to redevelop critical financial services in a way that is trustless, transparent and controlled by the consumer. This has major implications for people across the world with limited access to financial services but also to crypto traders and savvy investors who are looking for new tools and new ways of finding an edge. DeFi covers any conventional financial tools built on a blockchain, but in its present forms, almost all have been built on Ethereum. This has been a major limitation but one which presents interesting opportunities to propel the DeFi industry forward.

Bitcoin: The New Frontier of DeFi

Most DeFi platforms have so far failed to cater to other well-known digital assets, bitcoin among them. Nevertheless, bitcoin remains the most held, popular, recognizable and liquid cryptocurrency in the world, putting it in a strong position to compete for some financial products that would benefit from a more trustless approach — like lending. 

According to DeFi Pulse, about $446 million is currently locked in decentralized lending, of which approximately $320 million is locked in ETH, $20 million is locked in Maker’s stablecoin, DAI, and a mere $1.1 million is locked in BTC. This can mostly be attributed to two factors: the scarcity of non-Ethereum-based DeFi projects and the lack of secure bitcoin pegs that would allow bitcoin to move onto the Ethereum chain — making it near impossible for bitcoin holders to participate without having to trade their assets first. 

Meanwhile, Bitcoin’s market cap is over $130 billion and represents 66 percent of the total crypto market as of November 2019, meaning BTC is still the most popular, mainstream digital asset in the world. Bringing bitcoin to DeFi could, therefore, have a profound impact on the growth of DeFi tools, users and mainstream acceptance.

Better Protection, Higher Liquidity

Enter the concept of Collateralized Debt Positions (CDPs). Popularized by MakerDAO, CDPs enable crypto asset holders who want to take out crypto-backed loans to lock their assets into a vault and receive their chosen amount in the form of a stablecoin, typically pegged to USD. This minimizes price volatility, and holders simply need to repay their debt using that stablecoin to access their locked assets. This makes the whole process of taking out a loan simpler, more transparent and more efficient, which is attractive to crypto enthusiasts and mainstream investors alike. 

Bitcoin, however, remains an untapped asset when it comes to CDPs and DeFi more broadly. By bridging economies new and old, decentralized instruments rooted in traditional financial services and backed by recognizable assets like bitcoin could attract additional mainstream interest to the ecosystem. DeFi platforms could also act as a new entry point for the general public into the crypto marketplace, and as investment increases alongside adoption, all holders will benefit from a more stable market.

Bitcoin and DeFi: Joining Forces for Greater Adoption

As DeFi heads toward maturity, it will have to tackle its central pain points of scalability and usability. Nevertheless, the composability of DeFi products should allow the entire ecosystem to quickly progress, while cross-chain interoperability will encourage increased collaboration between DeFi and the cryptocurrency market. 

Technical progress in connecting Bitcoin to other chains has been advancing. Currently, the popular Wrapped Bitcoin on Ethereum enables bitcoin to be moved cross-chain through a set of trusted custodians. Bitcoin users lock up BTC with these custodians, who then mint ERC20 “WBTC” tokens on Ethereum. These tokens can then be used in various DeFi services. 

However, the use of trusted custodians poses a security and censorship risk. Recent work on the tBTC project addresses this risk, promising a fully decentralised solution where trusted custodians are replaced with a decentralized group of economically incentivised actors. 

Ultimately, there are benefits to both sides in a coming together of DeFi and Bitcoin — longtime crypto investors will have access to more advanced decentralized financial tools for managing their money, while DeFi projects open their platforms up to greater usage and adoption beyond the Ethereum ecosystem. It’s a joining of forces that has long been in the offing and promises to be the big push DeFi needs to go even further and faster in creating a new era of more efficient, affordable and secure financial services for the masses.

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Weiss Ratings Downgrades EOS to ‘C-‘ Due to Centralization – How Other Coins Measure Up

Weiss Ratings Downgrades EOS to ‘C-‘ Due to Centralization – How Other Coins Measure Up

Weiss Ratings Downgrades EOS to 'C-' Due to Centralization - How Other Coins Measure Up

Weiss Ratings has downgraded EOS once again, taking its ranking from a B to a C-. The group cites “failure to decentralize,” “misallocation of resources,” and a congested network as reasons for the fall in rank. “Weiss Crypto Ratings model is not based on opinion. It’s driven by data,” the group claims. In this article we’ll look at EOS, as well as top coins by market cap to see how Weiss — and other voices in the space — view their progress.

Also Read: Bitcoin Cash Represents 93% of November’s Crypto Spending in Australia

The Weiss Rating System

The self-described “only ratings agency that combines the broadest coverage, strictest independence, complete objectivity, high ethics, and a commitment to safety,” has moved EOS down to a C- rating. Weiss Crypto Ratings took to Twitter over the weekend to explain their reasoning. “We’ve had great respect for work and thinking that went into the EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data,” the group tweeted. “And that data has now caused a downgrade from B to C-. Here’s why (full article to be published soon).”

The first reason given is a perceived failure to decentralize. Weiss notes that 0.01% of EOS token holders “control a whopping 68% of the voting power. So much for the claim that EOS is a major improvement over older cryptos like Bitcoin (BTC) and Ethereum (ETH),” the group asserts. The second reason is a “misallocation of resources” that has resulted in network congestion, and frozen transactions for small token holders. “The issue of CPU, REX and the clogged network is too complex to explain in a simple Twitter format, so on this topic, see our article explaining EOS downgrade in detail, coming out soon,” Weiss details.

Weiss Ratings Downgrades EOS to 'C-' Due to Centralization - How Other Coins Measure UpThe Weiss Crypto Rating Scale. “A plus or minus sign indicates the upper third or lower third of a grade range, respectively. In addition, an F grade is assigned to cryptocurrencies that have failed or are subject to credible allegations of fraud.” Source: https://weisscrypto.com/en/about

How Other Cryptos Rate

Bitcoin Core

Weiss gives market cap leader Bitcoin Core (BTC) an overall rating of B+. Weak areas are “risk” and “momentum” and the coin receives a D grade in market performance. Adoption and technology both score well, getting an A. In a recent article published to the American Institute for Economic Research, Austrian economist and Bitcoin advocate Jeffrey A. Tucker seems to lend credence to the Weiss assessment on momentum, writing:

Consider the core data. Transactions per day are at 2016 levels. Exchange volume is at 2017 levels. Wallet use is at an all-time high but most new users come in through exchanges and keep their money there, which belies the hope of disintermediated money.

Ethereum

Ethereum also garners a B+ grade by the Weiss system, ranking “fair” and “excellent” in technology and adoption, respectively. A D- score in market performance counterbalances this positivity. While some in the crypto space would argue that there are serious scaling issues with Ethereum and question the technology and adoption score, Weiss nonetheless gives these an A, based on its ranking system.

XRP

XRP receives a B-, rated “very weak” in the momentum category and “weak” in the risk category. “Momentum,” according to the Weiss system, “evaluates the upside potential an investor could benefit from.” XRP’s most highly scored aspect is adoption, categorized as “excellent.” Centralization has been a big issue in the crypto space for critics of XRP, as some see the asset as being controlled directly by the company, and not a decentralized community.

Weiss Ratings Downgrades EOS to 'C-' Due to Centralization - How Other Coins Measure Up

Bitcoin Cash

Bitcoin Cash, whose community and tech seek to address some of the issues with BTC Tucker discusses in his article, gets an overall Weiss rating of C. Interestingly, no 90-day performance history is shown for BCH at press time, and this metric would ostensibly be needed to effectively establish risk and momentum, both of which Weiss rates as weak. In any case, BCH shines most brightly in the category of adoption, which is rated “good.”

This perhaps comes as no surprise to the BCH community, whose devs, merchants, charities, meetup organizers and influencers have been working tirelessly to increase and innovate adoption and make Bitcoin a true peer-to-peer permissionless cash as Satoshi Nakamoto intended. Low fees, fast speeds, and scalability all factor into this.

Issues With Ranking Systems

As Weiss themselves state:

Every grade issued by any rating agency is ultimately an opinion, to be used by the public in the context of opinions from analysts, developers and users … No ratings model, no matter how well designed, can evaluate all factors.

Ultimately it will be the market which decides which cryptos sink, tread water or take off moon-ward into 2020 and beyond, but the Weiss Ratings system provides an interesting analytical backdrop for those investigating various digital assets. Tether (USDT) was not included in the list of rated top market cap coins as it is a stablecoin, and does not have a ranked Weiss rating.

How does your favorite crypto rank? Do you agree with Weiss’s rating system? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock, fair use.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

Tags in this story
adoption, BCH, BCH Adoption, Bitcoin, bitcoin cash, Bitcoin Core, Blockchain, BTC, Cryptocurrency, Decentralization, EOS, Ethereum, Jeffrey Tucker, weiss ratings, XRP
Graham Smith

Graham Smith is an American expat living in Japan, and the founder of Voluntary Japan—an initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.

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Ethereum Price Prediction: The Bears May Dominate as ETH/USD Bulls Fight against Market Control; Price Hovers Around $148

Ethereum Price Prediction: The Bears May Dominate as ETH/USD Bulls Fight against Market Control; Price Hovers Around $148

Last Updated on December 7, 2019

ETH Price Prediction – December 7

The price of Ethereum seems to be showing more bearish signs throughout the short-term consolidation phase seen in recent days

ETH/USD Market

Key Levels:

Resistance levels: $158, $163, $168

Support levels: $136, $131, $126

ETHUSD – Daily Chart

ETH/USD has been dropping with a bearish bias for the better part of the day. The coin opened at $148.86 today and initially dropped below $148 before striking a surge above $148.86 touching $149. It gradually pulled back to $148.5 and kept trading around $147 but yesterday; ETH/USD broke below $147 and touched $146.43.

The price of the ETH/USD is currently experiencing a price drop as the coin is been bitten by the bears. Traders were expecting a lot from the crypto, although December 5 and 6 reflected an improvement in ETH prices. The daily chart reveals that both the Ethereum and the Bitcoin started with a fall today. More so, the price is currently moving under the 9-day moving average but very far from the 21-day moving average while exchanging hands at $148.36 which is yet to break the lower boundary of the channel.

In addition, a bearish drop may likely roll the market down to $136, $131 and $126 support levels while possible bullish surge may drive the market to $155 level, testing the 21-day moving average. Above this, $158, $163 and $168 may further provide resistance levels for the market. Meanwhile, the RSI (14) is moving below 40 and staying there may cause the coin to remain below the $150 level.

When compared with Bitcoin, the market price remained in the descending channel and the bears have already taken over the market. ETH/BTC is currently trading at 0.0196 BTC and the bulls couldn’t push the price upward. Looking at the chart, if the market continues to drop, the next key supports may likely be at 0.0190 BTC and below.

ETHBTC – Daily Chart

However, on the upside, a possible bullish movement could push the market towards the 9-day moving average around the upper boundary of the channel, when this is done, the resistance level of 0.0204 BTC and above could be visited but the RSI (14) is moving below 40 and this indicates that the market may continue to fall.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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