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Bitcoin Breaks $11k As New Support Forms And Analysts Turn Bullish
Monday, Feb. 19: the Bitcoin price has surpassed $11,000 twice since Sunday as bullish sentiment returns to markets and new support begins to form.
Data from Cointelegraph’s price index shows a BTC/USD journey to a high of $11,190.10 Feb. 18, followed by a smaller peak above the significant barrier Monday at $11,001.45.
Optimism is flowing after Bitcoin broke through resistance surrounding $10,000 Feb. 16, the threshold subsequently forming a support floor with prices staying above it as of press time.
The move upwards broadly reflects predictions by well-known cryptocurrency price analyst Tone Vays, who in various recent forecasts warned of volatility around $10,000 and a repositioning of support floors.
Now, “clear” support and resistance will make future price action “more predictable” going forward, he says, noting the “bullish” trend in both daily and weekly charts as the week begins.
Bitcoin has outperformed the majority of the top 50 altcoin assets tracked by Coinmarketcap in USD terms over the past 24 hours.
Ethereum Classic (ETC) has been a notable exception, gaining 11% on BTC since Sunday amid a trading uptick following a social media plug by major proponent Barry Silbert Feb. 12.
Silbert had attributed Bitcoin’s latest rise to the effect of its appearance on US talk show Ellen late last week, in which host Ellen DeGeneres briefly explained what Bitcoin is to millions of viewers.
Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC) meanwhile lost around 2% against BTC during the same period.
Written by CoinTelegraph
Revenues of Cryptocurrency Exchanges in South Korea Up 88-Fold
Crypto Exchanges Made 700 Billion Won
The commission revenues of South Korean cryptocurrency exchanges collectively increased approximately 87.5 times last year compared to the previous year, local media reported.
The data, published on Sunday, “was collected with the help of the government, [and] was estimated based on sales of commissions and the local price of bitcoin released by each operator,” Yonhap wrote, further elaborating:
According to the data released by Rep. Park Kwang-on of the ruling Democratic Party, accumulated commission-related sales of some 30 cryptocurrency exchange operators are presumed to have reached 700 billion won [~USD$658 million] as of the end of last year, compared with an estimated amount of 8 billion won as of the end of 2016.
Park added that, based on the same method of calculation, the estimated commission income for cryptocurrency exchanges in 2015 was 3.2 billion won, Kyeonggi Daily noted.
Korea’s Top Crypto Exchanges
South Korea has four major cryptocurrency exchanges: Upbit, Bithumb, Coinone, and Korbit.
According to Representative Park, Upbit is now the largest crypto exchange in the country with a market share of 52.9%, based on data over 6 days of last week. The Kakao-backed cryptocurrency exchange is estimated to have collected 194.3 billion won in commission sales last year. “The analysis also reflected the fact that the number of virtual currency transactions has doubled since last October when Upbit began operations,” Kyeonggi Daily added.
During the same time period, Bithumb had approximately 32.7% of the market share, while Coinone had 8.3% and Korbit had 6.2%. The estimated sales of the three exchanges were 317.7 billion won, 78.1 billion won, and 67 billion won respectively, the publication conveyed.
According to Coinmarketcap, Upbit is currently the third largest cryptocurrency exchange globally. Its 24-hour trading volume is USD $1.3 billion at the time of this writing, while Bithumb’s volume is approximately $1.1 billion.
Taxation Coming Soon
The Korean regulators are currently working on how to tax cryptocurrency exchanges as well as crypto trading.
In answering the people’s petition regarding unfair cryptocurrency regulations, Hong Nam-ki, Minister of the Office for Government Policy Coordination (OPC), confirmed that the Korean Ministry of Strategy and Finance is working on cryptocurrency taxation.
“Tax should be paid if income exists,” he asserted, adding that various ministries are examining other countries’ approaches to taxing cryptocurrencies. “So, I think that it would be possible to get some information on the virtual currency taxation system soon,” he emphasized.
Written by Bitcoin.com
Hello Group Develops Exchange Platform Offering Bitcoin Cash Trading Pairs
Hello Group Buys Bitcoincash.io
Hello Group, a Cyprus-based fintech solutions developer, has recently acquired the desirable domain Bitcoincash.io for an undisclosed sum. The company plans to use the website to market its upcoming exchange trading platform based on bitcoin cash (BCH) for both fiat and cryptocurrency pairs.
According to the specifications of the developers, users will have access to live and historical data, and real-time alerts on market trends are available at any point with no transaction fees. Additionally, the forex-style platform also promises that the global crypto market can be accessed by making just one account with which customers can trade on multiple leading international cryptocurrency exchanges that will be connected to the system with immediate settlements and no intermediaries. An alpha release version of the new platform is expected around mid-April 2018.
A representative of Hello Group explains that Bitcoincash.io will offer “a new decentralized solution to provide secure, high performance trading” that would utilize the best knowledge accumulated from traditional blockchain exchange platforms. The exchange will give users a competitive advantage when trading bitcoin cash pairs and the platform is designed based on customers’ expectation of innovation and accessibility.
From Football to Diamonds to Crypto
Established in 2010, Hello Group is a white label technology provider operating across several business verticals including online margin trading, diamonds, sports, and lastly crypto. Its current main offerings in the space include a data feed for forex and binary options brokers as well as cryptocurrency payment solutions. The Bitcoincash.io trading platform is meant to complete this suit for its clients.
Back in December 2017 the company announced it will open first bitcoin cash embassy in Limassol, Cyprus’ second city. The venue is meant to serve as an open community center where people can talk about the cryptocurrency, participate in free discussions and attend regular meet-ups with industry experts.
Written by Bitcoin.com
Pewdiepie Pokes Fun at Youtubers Who Shilled Bitconnect
Bitconnect Gets the Pewdiepie Treatment
“It’s a great meme,” begins Pewdiepie, acknowledging Carlos’ Bitconnect scream that has been parodied and remixed countless times. Mocking Bitconnect has been fashionable for some time now, and as Pewdiepie concedes he’s “the last one to the meme”. The sketch opens with a montage of various Youtubers who were pivotal in driving Bitconnect’s pyramid scheme. When the house of cards collapsed, the videos were hastily deleted but not before they had been saved and re-uploaded by users, because the internet never forgets.
“The thing about cryptocurrency is everyone’s just shilling it for their own benefit so who can you really trust?” ponders Pewdiepie before proposing his own Brofist Coin. There’s not much to be gleaned from Pewdiepie’s latest video in terms of how the Bitconnect scam unfolded; the Swedish vlogger is more interested in goofing around and interspersing clips of Carlos with his own attempts at the Bitconnect scream. He does succeed in pointing out the ridiculousness of the scheme, however, and expresses incredulity that people were seduced by it.
Too Little, Too Late
It’s a shame Pewdiepie hadn’t caught on to Bitconnect earlier. If he had, his influence may have helped steer some people away from it. For the millions who watch Pewdiepie’s channel, this introduction to cryptocurrency will not have been a particularly positive one; they’re not to know that most cryptocurrencies are nothing like Bitconnect. The crypto Youtube community could use its own Pewdiepie to make light of the more ridiculous aspects of the space and point out suspected scams. Pewdiepie isn’t the most intellectual of Youtubers, but he’s the perfect buffoon for highlighting the buffoonery of Bitconnect and all who sailed on her.
Written by Bitcoin.com