Major Cryptonews for 13.02 – 18.02.2018

By Content-mgr - on February 16, 2018

Bitcoin recovering to $10,000 could bring in new buyers

Bitcoin climbed back above $10,000 Thursday for the first time in two weeks and some analysts see the psychologically key level as a trigger for new buyers to come into the market. In the week around Thanksgiving, Coinbase added about 300,000 users, helping send bitcoin from around $8,000 to $10,000. For UK-based online trading platform eToro, user growth slowed down through the end of January — which was when bitcoin began dropping significantly. But the rate of withdrawals has not increased, indicating that users were not selling out and that demand from new customers may have helped previous price gains.

Crypto Markets Continue Experiencing Slight Growth, Bitcoin Passes $10k

The crypto markets continue to experience a mood of slight growth this week, with Bitcoin (BTC)’s price today climbing above the $10,000 mark and the top ten altcoins on CoinMarketCap following by being uniformly in the green. Since the market dip in late January and another dip in early February, the overall crypto market cap is showing a slow rise, with total market cap is around $470 bln by press time.

It costs $26,000 to mine one bitcoin in South Korea — and just $530 in Venezuela

Mining just one bitcoin in South Korea costs $26,170, according to data released by lighting and furniture firm Elite Fixtures. The Elite Fixtures data also showed that Venezuela is the cheapest country in which to mine bitcoin. According to Blockchain.info data, the total revenue earned by all bitcoin miners hit an all-time high of $53 million on December 17, the same day that bitcoin notched its highest price ever of $19,783.21.

Accidental Charges Lead To Coinbase Users Losing Thousands Of Dollars, Refunds Promised

Crypto wallet and exchange Coinbase has admitted that some customers were erroneously overcharged for credit and debit purchases of crypto, and promises to reimburse all affected customers in full, the Coinbase blog reports Thursday, Feb. 15. According to Coinbase, the problem was initiated when banks and card issuers changed the merchant category code (MCC) for crypto purchases earlier this month. This meant that crypto payments would now be processed as “cash advances,” meaning that banks and credit card issuers could begin charging customers “cash advance” fees for crypto purchases.

BlockShow 2018: New European Event is Announced, Larger Than Ever

Just a short time ago, Cointelegraph was releasing last materials dedicated to the recent BlockShow Asia 2017. However, today the conference team came back to announce BlockShow Europe 2018, its third big conference dedicated to discovering the hottest innovations, trends and sensations currently happening in both European and Global Blockchain scenes. BlockShow Europe will be held from May 28-29 in Berlin.

Japan’s Cryptocurrency Industry is Launching a Self-Regulatory Body

Japan’s two primary cryptocurrency industry groups are merging to form a new self-regulatory entity following the recent $530 million hack of Tokyo-based exchange Coincheck. The unnamed new entity is set to launch April 1, the Nikkei reports, a year to the day after Japan’s revised Payment Services Act – which recognizes bitcoin as a legal method of payment – kicked in. The self-regulatory body will see the unification of the Japan Blockchain Association and the Japan Cryptocurrency Business Association. The former is notably founded around bitFlyer, Japan’s largest cryptocurrency exchange.

(BTC/USD) Bitcoin Analysis

Bitcoin price is testing the descending trend line on its 4-hour time frame, and moving past this hurdle could mean more gains.

Bitcoin price has broken past its inverse head and shoulders pattern neckline to show that an uptrend is in the cards.
Price is hitting another upside barrier at its descending trend line, though, and this might prompt profit-taking.
Technical indicators are also suggesting that the rally is overdone.

Besides, the move all the way to the $10,000 area of interest could bring more buying interest as this could signal an end of the correction. A sustained move past the next $12,000 area of interest could confirm that buying momentum is in play, attracting even more buyers.

(ETH/USD) Ethereum Analysis

Ethereum price is trading with bullish price action against the US Dollar and Bitcoin. ETH/USD may soon break the $935-940 levels to gain further upside momentum.

ETH price is rising and is currently trading above the $920 level against the US Dollar.
There is a key bullish trend line forming with support at $890 on the hourly chart of ETH/USD (data feed via SimpleFX).
The pair may continue to rise and it could even break the recent high of $936 for more gains.

On the upside, the pair may soon move above the $935 level once again. Once it break $935, it could even move above the $950 level. Further above $950, there could more gains toward the $980 level.

Hourly MACD – The MACD has slightly reduced the bullish slope, but it is still positive.

Hourly RSI – The RSI is once again moving higher after testing the 50 level.

Major Support Level – $900

Major Resistance Level – $935

(BCH/USD) Bitcoin Cash Analysis

Bitcoin cash price is gaining upside momentum above $1,400 against the US Dollar. BCH/USD may correct in the short term, but it remains in an uptrend.

Bitcoin cash price surged higher and it was able to break the $1,400 resistance against the US Dollar.
There is a major bullish trend line forming with support at $1,350 on the hourly chart of BCH/USD (data feed from SimpleFX).
The pair is currently correcting lower, but it remains well supported on the downside at $1,380

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is correcting lower from the overbought levels.

Major Support Level – $1,380

Major Resistance Level – $1,475

(XRP/USD) Ripple Analysis

Ripple price is slowly gaining upside momentum against the US Dollar and Bitcoin. XRP/USD could continue to rise and it may even test the $1.15 level.

Ripple price is gaining momentum and is currently trading above the $1.0500 support against the US dollar.
There is an ascending channel forming with support at $1.0000 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
The pair may continue to rise in the short term towards the $1.12 and $1.15 levels..

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.

Major Support Level – $0.9500

Major Resistance Level – $1.1000

Sources:

https://www.cnbc.com/2018/02/15/bitcoin-recovering-10000-could-bring-in-new-buyers.html

https://www.cnbc.com/2018/02/15/the-cheapest-and-most-expensive-countries-to-mine-bitcoin.html

https://cointelegraph.com/news/accidental-charges-lead-to-coinbase-users-losing-thousands-of-dollars-refunds-promised

https://cointelegraph.com/news/crypto-markets-continue-experiencing-slight-growth-bitcoin-passes-10k

https://cointelegraph.com/news/blockshow-2018-new-european-event-is-announced-larger-than-ever

https://www.ccn.com/japans-cryptocurrency-industry-is-launching-a-self-regulatory-body/