Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 7

Reports that Goldman Sachs had scrapped plans for a crypto trading desk sent markets tumbling earlier this week, but is there a trend change in sight?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

Total crypto market capitalization tumbled from $239 billion on September 5 to $200 billion on September 6, according to data from CoinMarketCap. One of the probable triggers for the fall was a Business Insider report that Goldman Sachs was dumping its plans to launch a cryptocurrency trading desk.

On September 6, Goldman Sachs Chief Financial Officer Martin Chavez called the news as “fake.” He clarified that the investment bank is still working on a type of derivative for Bitcoin. Though this news stabilized markets, it did not result in a sharp price recovery. This shows that the bulls are cautious, following frequent failed attempts to start a new uptrend.

Coinbase crypto exchange has said that it is exploring the option of creating a cryptocurrency-based exchange-traded fund (ETF) with the help of BlackRock. While institutional players are considering entering this space, retail investors are losing interest as cryptocurrencies plunge to new lows.

In a recent survey by YouGov Omnibus, 49 percent of respondents were glad they had not purchased Bitcoin, while 15 percent wish they had purchased Bitcoin earlier, but believe it already too late to invest. Only a few respondents have any plans to buy Bitcoin in the near future. This shows that sentiment is largely bearish among retail investors and might be a contrarian signal of a bottom formation in the near future.

Do any cryptocurrencies show signs of a change in trend? Let’s find out.

BTC/USD

Bitcoin hit our suggested stops on long positions at the breakeven on September 5. The cryptocurrency has formed a series of lower highs in 2018, shown as ellipse on the chart. Joining all the turning points forms a bearish descending triangle pattern, that will complete on a breakdown and close below $5,900.

Another bearish pattern that is setting up is the head and shoulders, which will also complete on a breakdown below $5,900. So, the key level to watch on the downside is the support zone of $5,900–$6,075.04, which has held on four previous occasions this year.

If the bulls hold the support zone, the BTC/USD pair will make another attempt to form a higher high and start a new uptrend. The first sign of strength will be a break out above the downtrend line of the triangle and the right shoulder. The failure of a bearish pattern is a bullish sign. The bullish trend will further be confirmed on a rally above $8,566.4.

On the other hand, if the bears sustain below the $5,900 level, a drop to $5,450 and thereafter to $5,000 is possible.

We shall wait for the virtual currency to show some strength before suggesting any long positions.

ETH/USD

Ethereum is in a firm bear grip with both moving averages trending down and the RSI in the oversold territory. The bulls are trying to defend the psychological level of $200 but are unable to push prices higher.

A break below the September 6 lows will increase the probability of a fall to the pattern target of $192.93.

After the recent breakdowns, we believe that the ETH/USD pair will have to undergo a long bottoming process before a new uptrend starts. Traders should wait for the decline to end and a new bullish pattern to form before attempting a buy.

XRP/USD

Ripple fell to a low of $0.26801 on September 6 where some buying emerged, but every small rise is facing selling pressure. A break of the $0.24508–$0.27 support zone will resume the downtrend and push prices to the next support level at $0.24001.

Both moving averages are sloping down, which shows that the sellers still have the upper hand.

If the XRP/USD pair scales above $0.37390, it will indicate that buying interest is returning. A breakout above the downtrend line might start a new uptrend. Traders should wait for a new buy setup to form before initiating any long positions.

BCH/USD

The bulls defended the critical support of $473.9060 on September 6 but are facing selling at the $529 mark. If support breaks, Bitcoin Cash could plunge to $400.  

If the support holds, the BCH/USD pair will again attempt to break out of the moving averages. We will turn positive if the bulls sustain above the $670 mark. Until then, traders should avoid bottom fishing at lower levels.

EOS/USD

EOS broke below the $5.65 support and the trendline on September 5. The recovery attempt is currently facing resistance at the trendline.

If the bulls fail to defend the support zone of $4.50–$4.80, the EOS/USD pair can retest the August 14 low of $4.1778.

Any pullback from the current level will gain strength only if bulls sustain above $5.65. Traders can hold their remaining long positions with the stop loss at $4. If the virtual currency fails to climb above $5.65 within the next couple of days, we might suggest closing the position.

XLM/USD

Stellar continues to trade inside the range of $0.184–$0.24987525, however, the pressure to the downside has increased. Both moving averages have turned down, after remaining flat for the past few days. The RSI has also dipped into negative territory. These signs point to the possibility of an attempt by bears to break down of the range.

If the bears succeed, the XLM/USD pair will complete a bearish descending triangle pattern, and drop to $0.11812475 and lower.

On the other hand, if bulls hold the supports, the virtual currency might spend a few more days inside the range. Traders should wait for a breakout of the range before initiating any long positions.

LTC/USD

The recovery attempt in Litecoin met with strong resistance at the downtrend line and the 50-day SMA. On the downside, the 20-day EMA and $62.319 failed to provide any support.

As both moving averages have turned down and the RSI is also in the negative territory, probability of a fall to the August 14 low of $49.466 has increased. If this level breaks, the next stop is $44.

The LTC/USD pair will seem stronger if it breaks out of the 50-day SMA. Until then, traders should remain on the sidelines.

ADA/USD

Cardano has been trading inside a range for the past 24 days. A break down will resume the downtrend, with a pattern target of $0.054541. The down sloping moving averages and the RSI in negative territory show that the path of least resistance is to the downside.  

However, if bulls hold the bottom of the range, the ADA/USD pair might extend its consolidation for a few more days. The first sign of strength will be a breakout of the resistance zone of $0.111843–$0.13.

We will wait for the trend to change and a new buy setup to form before recommending any trades.

IOTA/USD

IOTA is threatening to go below $0.5750, after staying above it for the past two days. A break of this support can result in a retest of the August 14 low of $0.4037. If this support also gives way, the slide could extend to $0.3350.  

The 20-day EMA is turning down and the RSI is back in negative territory, showing that sellers are in control. A breakout of the overhead resistance zone between the 50-day SMA and $0.9150 will indicate a change in trend.

We suggest traders hold on to their long positions with the stops at $0.46. If the IOTA/USD pair struggles to recover within the next couple of days, we might recommend closing the remaining position.

XMR/USD

Bulls have been attempting to support Monero at the moving averages for the past two days but have not been able to push prices higher.

A breakdown from the $109.22 level can result in a fall to the trendline, which may offer minor support. If the trendline support breaks, the XMR/USD pair could retest the $81 level.

A strong bounce from current levels will indicate demand at lower levels. The virtual currency will confirm a change in trend if it sustains above $150 for three days. As the first support level has held, we recommend traders hold their long positions with the stop loss at $90.  

Market data is provided by the HitBTC exchange. The charts for analysis are provided by TradingView.

Major Mining Pool F2Pool Publishes List of Minimum Prices for Profitable Crypto Mining

Co-founder of the world’s sixth largest crypto mining pool has published a list of break-even price points for various crypto miner models.

The CEO of China-based crypto mining pool F2Pool posted a company-branded infographic September 6 that indicates at what minimum price points the mining of various cryptocurrencies becomes unprofitable.

Shixing Mao, co-founder and CEO and of the world’s sixth largest mining pool F2Pool, published a list of price levels for major cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Zcash (ZEC) below which mining said currency with various different miners allegedly becomes unprofitable.

According to Mao’s graphic, if Bitcoin’s price hits lower than 36,792 yuan (about $5,376) point, this would mean that mining the cryptocurrency on an Antminer T9 would be unprofitable. In the case of using an S7 model miner, the break-even point amounts to a significantly higher 79,258 yuan (about $11,581) Bitcoin price point.

Break-even price points for different cryptocurrencies and miners Source: F2Pool’s CEO Weibo

In contrast to S7, mining Bitcoin on Antminer T9 model that was released in January 2017, is still profit-making at Bitcoin’s currently prices, while the newer Innosilicon T2 has the lowest threshold, amounting to 26,636 yuan or about $3,891.

At press time, Bitcoin is trading at $6,452, according to Cointelegraph’s Bitcoin Price Index

In mid-August, U.S. graphics processing unit (GPU) manufacturer Nvidia revealed that crypto mining hardware sales were much lower than expected in Q2 2018, claiming that the company does not expect to make significant blockchain-related sales for the rest of the year.

In July, major Taiwanese microchips producer TSMC once again decreased its annual revenue and capital expenditure estimates, following growth rate reduction in the crypto mining field, among other areas.

Scattered Gains Bring Respite after Midweek Crash, But Many Alts Continue to See Losses

Crypto markets have slightly stabilized today, although many major coins continue to shed value.

Friday, September 7: after the midweek bloodbath, crypto markets have slightly stabilized today, although many coins continue to shed value, as Coin360 data shows.

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,430 at press time, down just under one percent on the day, according to Cointelegraph’s Bitcoin Price Index.

Despite a bullish start to September, Bitcoin’s price decline set in this Wednesday, September 5. Since then, the leading cryptocurrency has spiralled downwards from a high of $7,391 to over $1,000 less at its intraday low today at $6,354.

The coin is now a stark 16 percent down on its weekly chart. On the month, Bitcoin nonetheless remains up by around 7.3 percent.

Bitcoin’s 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Ethereum (ETH) has tumbled to around $216 at press time, losing just over 3 percent on the day. As with Bitcoin, Ethereum started September strong, briefly brushing the $300 price point September 1 before this week’s price plummet.

On its weekly chart, Ethereum is down just over 23 percent, with monthly losses around 46 percent.

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Among the other top ten coins on CoinMarketCap, only three are in the green, though losses are capped below 3 percent. After Ethereum, Bitcoin Cash (BCH) is down the most, seeing 2.77 percent losses on the day to trade at just under $500.  

Stellar (XLM) is the only top ten crypto to see solid growth, up 4 percent on the day to trade at around $0.207. While it still remains shy of its intraweek high at almost $0.24, XLM-BTC has seen a solid bounce back to its trading levels before the mid-week market plunge set in September 5.

Stellar’s 7-day price chart from CoinMarketCap

Among the top twenty coins, all but two assets are seeing mixed reds and greens in the 1 percent range, showing the coins are holding steady over the past 24 hours to press time.  

Dash (DASH), ranked 12th by market cap, has soared almost 6.46 percent on the day to trade around $185.56, although it is still trading almost 16 percent lower than its value ($220.50) during early trading hours September 5.

Dash’s 7-day price chart from CoinMarketCap

The other exception among top twenty coins is Dogecoin (DOGE), ranked 20th, which is up around 6 percent on the day, capping a week of extraordinary price volatility.

Dogecoin’s 7-day price chart from CoinMarketCap

Total market capitalization of all cryptocurrencies is around $203.5 billion at press time, down over $35 billion from its intraweek high of around $240 billion.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Even as the markets tumble, fresh data from management and technology consulting firm GreySpark has found that volumes on crypto marketplaces have burgeoned in 2018, with the U.S. dollar the most actively traded fiat against cryptocurrencies.

Responding to this week’s grim market movements, crypto Twitter has actively mulled the possible impact and price correlation surrounding reports that Goldman Sachs was rolling back their plans to open a crypto trading desk. The banking giant’s CFO refuted the rumors in a statement September 6, calling them “fake news” and affirming the company’s plans were on track.

Market-Wide Losses Intensify in Second Day of Major Crypto Price Plummet

Crypto markets are blisteringly red, with virtually all of the top 100 coins posting hefty losses on the 24-hour charts, and Bitcoin below $6,500.

Thursday, September 6: crypto markets are blisteringly red, with virtually all of the top 100 coins posting hefty losses on the 24-hour charts, as Coin360 data shows.

Market visualizat​ion from Coin360

Bitcoin (BTC) is trading at around $6,492 at press time, down almost 6.32 percent on the day, according to Cointelegraph’s Bitcoin Price Index.

Having broken through the $7,000 threshold August 31, Bitcoin saw a solid uptrend until its sudden plummet yesterday, September 5. The top coin is now around 8 percent down on its weekly chart. On the month, however, Bitcoin remains up by around the same figure of 8 percent.

Bitcoin’s 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Ethereum (ETH) is trading around $225 at press time, losing 8 percent on the day. Following upon an intra-week high to scrape $300 September 1, Ethereum traded sideways around $290 until yesterday’s sudden descent.

On its weekly chart, Ethereum is down a hefty 21.8 percent, with monthly losses burgeoning to 44.8 percent.

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Many of the top ten coins listed on CoinMarketCap are seeing significant losses, with Litecoin (LTC) down 7 percent to trade at $55.92, having traded as high as $69 September 4.

Ripple (XRP) is a significant outlier, surviving the day’s dump relatively unscathed, up 2.15 percent on the day to trade around $0.30. Having plummeted in correlation with other major cryptos, the asset has seen a strong bounce upwards in the hours before press time.

Ripples 7-day price chart from CoinMarketCap

Among the top twenty coins, most losses are at five percent or higher, with IOTA (MIOTA), down 6.41 percent on the day to press time. VeChain (VET) has also lost almost 8 percent on the day to trade at $0.015.

Many other smaller market cap alts are seeing double digit losses, showing strong correlation with larger crypto assets.

In an interview with Cointelegraph this week, Brian Kelly, founder and CEO of digital currency investment firm BKCM LLC, who is also a regular contributor to CNBC as a crypto analyst, said he considers that in today’s Initial Coin Offering (ICO) market, “the days of a whitepaper and a dream and $30 million are probably over.”

Crypto industry commentator Joseph Young has today given his perspective on Twitter, tempering the grim market picture with the suggestion that:

“Previous corrections 2014, 2016 were much more brutal than the 2018 crypto correction. On average two-year corrections were suffered, with no positive development for investors to track. In 2018: 1. crypto jobs up 50% in Asia 2. Bakkt 3. Better crypto custody for institutions.”

Total market capitalization of all cryptocurrencies is just under $205 billion at press time, down over $35 billion from its intraweek high of just under $240 billion.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Eschewing news-correlated market analyses, eToro’s Mati Greenspan today tweeted a four-word bottom line to one disgruntled crypto community member’s question, “what was the reason behind the dip today?”:

“More sellers than buyers.”

Winklevoss Twins’ Company Files New Patent for Securely Storing Digital Assets

Winklevoss IP, a company owned by twins Cameron and Tyler Winklevoss, has filed a new patent for digital assets security transactions.

Cameron and Tyler Winklevoss’ company has filed a new patent for “securely storing digital assets,” the U.S. Patent and Trademark Office (USPTO) revealed Tuesday, September 4.

The Winklevoss IP, LLC patent, entitled “Systems and methods for storing digital math-based assets using a secure portal,” includes a new method that allows for the division of a digital asset account “into a plurality of private key segments,” providing more secure technology for cryptocurrencies. The patent states:

“Private keys for a multi-signature account may be stored as backups, e.g., in secure storage, which may be difficult to access, and may be used in the event that more readily obtainable keys are lost.”

According to the filing, the patent applies to “digital math-based assets,” where Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC) are mentioned among other altcoins.

Earlier this spring, Winklevoss IP had won a patent application for crypto-based asset trading that allows for the settlement of exchange-traded products (ETPs) using cryptocurrencies. In June, the Winklevoss’ brothers also won a similar patent for a crypto-related ETP system.

Back in April, Winklevoss IP was granted a patent for a system to enhance the security of digital transactions, implementing common cryptographic encryption principles, as Cointelegraph reported April 13.

Digital Wealth Management Firm Apex Clearing to Launch Crypto Investment Subsidiary

Apex Clearing announces cryptocurrency investment access for client businesses.

Financial clearing and execution company Apex Clearing confirmed it planned to open a dedicated cryptocurrency entity in a press release Wednesday, September 5.

Apex, which has operated since 2012, will create Apex Crypto to give existing clients access to various cryptocurrencies, initially including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) among others.

Investing platforms such as broker dealers using Apex will thus be able to provide cryptocurrency investment opportunities to their own users, the press release notes.

The move, CEO Bill Capuzzi says, reflected the “continued surge” in demand for crypto-based investment options. Capuzzi added:

“We are helping our clients break down barriers to provide the speed, efficiency and flexibility they need to serve the next generation of investors.”

Apex Clearing plans to deliver Apex Crypto in Q4 this year, the announcement coming the same day Wall Street giant Goldman Sachs reportedly revealed it would shelve its own cryptocurrency product plans.

According to Business Insider, quoting “people familiar” with the developments, Goldman Sachs had “come to the conclusion that many steps still need to be taken, most of them outside its control, before a regulated bank would be allowed to trade cryptocurrencies.”

Nonetheless, interest from investment sources in the crypto market continues, with investors eyeing Intercontinental Exchange’s Bakkt platform, also set for a Q4 debut.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 5

The market has lost $12 billion in mere hours, following news of Goldman Sachs halting its plans for a crypto trading desk.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Cryptocurrency prices are plunging across the board. As of press time, all of the top 10 coins are in the red. Barring Stellar and Bitcoin, each one is down by more than 7 percent. When an asset class enters a protracted bear phase, such falls are to be expected because the sentiment is brittle and any adverse news can cause panic among the traders.

The previous attempt to rally in July was abandoned after the U.S. Securities and Exchange Commission (SEC) rejected the Bitcoin exchange-traded fund (ETF) proposal submitted by the Winklevoss twins.

Today’s fall gained momentum following reports that Goldman Sachs has halted its plans to open a cryptocurrency trading desk, citing uncertain regulations. The bank, however, still wants to go ahead with its cryptocurrency custody product for institutional clients.

Many had been banking on large institutional players to provide support for crypto prices, but it looks like there will be a delay in their entry until the regulatory environment improves.

The bulls could compensate for this news and arrest the fall, which would be a positive sign confirming demand at lower levels. However, in a more negative turn of events, the price could continue to fall and make a new low. The picture will clear up over the next couple of days.

Meanwhile, let’s look at the price charts and assess the damage caused by this sudden fall.

BTC/USD

We had mentioned in our previous analysis that Bitcoin might face resistance closer to the $7504.68 level. Therefore, we had recommended traders protect their long positions by raising their stops to breakeven. The magnitude of the fall, however, has surprised everyone.  

The price plunged to a low of $6910.91 today, where some buying emerged but the bulls are finding it difficult to push the prices much higher. If the price sustains below the 20-day EMA, it will indicate weakness. The pair is currently at a critical level. The price action over the next couple of days will give us a better idea of what to expect.

The BTC/USD pair will gain strength if the bulls defend the 20-day EMA and push the prices above $7413.46.

ETH/USD

The symmetrical triangle in Ethereum has resolved on the downside, resuming the downtrend. The pattern target of the breakdown is $192.93.

Currently, the bulls are trying to defend the August 14 low of $249.93 but the formation looks negative.

The 50-day SMA is trending down and the 20-day EMA has also turned down, which shows that the sellers are back in the driver’s seat.

The ETH/USD pair will gain strength only after it breaks out of the downtrend line and the 50-day SMA. Until then, all rallies will be sold into. Therefore, traders should avoid bottom fishing at the current levels.

XRP/USD

Ripple has broken down of the range, which is a bearish sign. The price can now retest the August 14 low of $0.24508, which is a major support.

The 20-day EMA, which had flattened out earlier, has turned down once again and the 50-day SMA continues to trend down. This shows that the sellers are back in command in the short-term.

The trend will remain firmly down until the XRP/USD pair breaks out of the 50-day SMA and the downtrend line. Traders should remain on the sidelines and consider initiating long positions only on a breakout and close (UTC time frame) above $0.37390.

BCH/USD

Bitcoin Cash has turned down sharply from the 50-day SMA. The 20-day EMA has failed to provide support on the downside.

The BCH/USD pair can correct to the strong support zone of $473.9060–$500. If the support holds, the virtual currency can begin consolidating. However, if the bears break below $473.9060, the fall can extend to $400 and beyond that to $300.

The first sign of strength will be a breakout and close (UTC time frame) above the 50-day SMA. Until then, traders should avoid initiating any long positions at the lower levels.

EOS/USD

EOS plunged back to the support level of $5.65, after failing to sustain above the 50-day SMA. If the support breaks, the virtual currency can fall to the trendline and below that to the support zone of $4.5–$4.8.

If the $5.65 level holds, the bulls will again try to break out of the 50-day SMA. The EOS/USD pair will pick up momentum if it sustains above $6.8299.

Traders who had initiated long positions on our buy recommendation can book a loss on 50 percent of the position at the current levels and keep the stop loss on the rest at $4. We shall watch the price action for the next two days and then decide whether to hold the position or close it.

XLM/USD

Stellar has held above $0.184 since mid-December. Three previous attempts to break down of this support failed. On the previous two occasions, the cryptocurrency spent about 20-25 days in consolidation, before starting an up move.

The current consolidation has been going for a month. If the bulls break out of the overhead resistance, a move to $0.3157505, followed by a rally to $0.35 is probable.

If the XLM/USD pair breaks down of $0.184, it will become very negative and can sink to $0.11812475 and lower.

Therefore, the traders should initiate long positions only on a breakout of the current consolidation.

LTC/USD

Litecoin has consistently made new year-to-date lows since breaking down of the $107.102 level. The bulls had formed a range after falling to $74, but they could not break out of the 50-day SMA. Subsequently, the pair broke down and made a new intraday low of $49.466.

Currently, the LTC/USD pair has again turned down from the 50-day SMA and the downtrend line. The bulls are trying to defend the $62.319 levels. If this level breaks, the virtual currency can retest the lows of $49.466.

If the support holds, the cryptocurrency will again try to break out of the 50-day SMA. That will be the first sign that the selling has subsided. We shall wait for a reliable buy setup to form before suggesting any trades on it.

ADA/USD

Cardano has been in a strong downtrend, losing about 94 percent from its intraday high of $1.396281 to its intraday low of $0.083192 on August 14.

For the past 22 days, the bulls have been trying to arrest the fall and the ADA/USD pair has entered a consolidation between $0.083192 and $0.111843.

A breakout from the range has a pattern target of $0.140494. However, the trend will change only when the digital currency forms a series of higher highs and higher lows. We shall wait for a new uptrend to start before suggesting any trades on it. A break down from the range will renew the downtrend, which has a pattern target of $0.054541.

IOTA/USD

IOTA has turned down from the 50-day SMA. It has support at $5.750, which should hold. Otherwise, a fall to $0.4628 is probable.  

The IOTA/USD pair will show signs of a turnaround if the bulls break out of the $0.8152–$0.9150 resistance zone.

The traders who had initiated long positions following our earlier recommendation can book profits on partial positions at the current levels and keep the rest with the stop loss at $0.46. Our target objective on the upside is a move to $1.24.

XMR/USD

Monero has turned down from the overhead resistance at $150. It has a strong support at the moving averages and at $109.220. If this support breaks, the virtual currency can slide down to $81.

If the bulls successfully defend the $109.22 line, the XMR/USD pair might again attempt to break out of the overhead resistance at $150. The trend will change if the bulls can sustain above $150 for three days.

Traders who are long on our recommendation can hold their positions with the stop loss at $90.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Blockchain And Human Rights Projects Are Growing By The Day

Blockchain may not be a panacea to the all the world’s problems but there are many areas where it shows potential. Perhaps one of the most important is human rights. According to a 2014 report by Freedom House, only 40 percent of the world live in “free” countries. These are the nations that supposedly respect basic human rights. But a lot has changed since 2014, and not for the better.

A Snapshot of Human Rights Around the World

We often take basic human rights, such as freedom of speech or movement, for granted. Many of us forget that in some countries, simply speaking your mind can land you in jail–or even get you killed. While much of the world remains under the thumb of corrupt and oppressive governments, blockchain technology could provide at least the start of a solution.

Cryptocurrency Tool Kit for only $7

The universal declaration of human rights from the United Nations covers a score of fundamental rights that all people deserve. Yet far too many citizens around the world do not receive them. Among the list of 30 articles are the rights to equality, freedom from slavery, discrimination or torture, and freedom of opinion and information.

An Amnesty report published this year revealed that many supposedly “free” countries are failing to comply with basic human rights. The humanitarian crisis in Venezuela is one of the worst in the country’s history. The ongoing state of war in Yemen shatters all basic human rights to food and shelter. Turkey’s continued clampdown on journalists and political activists and Russia’s curtailing of freedom of speech are all in direct conflict with the human rights agreement.

We often associate human rights violations with developing countries and oppressive regimes. But the US, EU, and Australia all earned a place among the worst human rights violators on Amnesty’s list.  

The EU and Australia were called out for their “callous” treatment of refugees, and Trump’s controversial travel ban borderline violates the human right to freedom of movement while discriminating on religious grounds.

Blockchain and Human Rights

With blockchain technology, we could track human rights issues more easily. This could bring transparency and accountability to both developing and developed countries. Very often, though, speaking about blockchain involves hypothetical use cases for some faraway date in the future. Yet there are many practical use cases of blockchain and human rights right now. Let’s look at a few examples.

The Right to Adequate Living Standard

From Zimbabwe to Venezuela, Yemen to Syria, people all around the world are unable to access their right to an adequate living standard. This means having food to eat, water to drink and not being forced to live in a conflict zone or in fear of persecution.

In countries where hyperinflation is wiping out people’s life savings, blockchain and human rights are starting to team up. Cryptocurrency is beginning to make a dent in the deepening humanitarian crisis in Venezuela.

With a national currency devaluing by 95 percent from one day to the next, more and more Venezuelans are turning to cryptocurrencies like Bitcoin and Dash as a solution. In fact, there are now over 900 merchants that accept payment in Dash across the country. The founder of Dash Venezuela told Coin Central:

“Venezuelans have been using cryptocurrency for years now to protect their capital from inflation. But now with Dash, it has opened a new window as a means of payment. It is an easy way to receive something that is stronger than the Bolivar and is within the law.”

Cryptocurrency further allows for micro trade and microlending. Since you can assign a value to the most minute quantity, the size of trade that is economically viable becomes smaller. Blockchain and human rights make a more compelling case as people around the world can finally access the banking system, start their own business, and buy and sell smaller amounts.

The Right to Participate in Government and Free Elections

Another of the UN’s articles is the right to participate in government and free elections. Yet this is willfully denied to many people. Electoral fraud is common around the world. Even in countries like the United States, self-proclaimed as ‘the land of the free’, significant aspersions were cast over the 2016 presidential elections.

The Kenyan elections of 2017 thrust bloodshed, controversy, and chaos front and center. There was a widespread sentiment that the election was rigged, and many Kenyans were unable to take part due to voter intimidation.

So loud was the clamor of voices crying out against the election that it led to a second one. But that was boycotted by the main opponent and the incumbent won by a surreal landslide with 98 percent of the vote.

But rigged elections and voter fraud aren’t by any means limited to Africa. They’re widespread around the world and even common in private companies and public corporations. Blockchain and human rights projects in this area are showing positive results.

People can vote from the privacy of their own homes, free from intimidation. And all votes are tamper-proof on the immutable ledger, akin to anonymous voting in a ballot box.

There are still some issues to be ironed out when it comes to blockchain voting. Verifying voter identity and making sure the same people don’t vote twice, for example. But countries like Estonia are already proving that it is possible. In fact, all Estonians have their own ID cards they can use to vote on the blockchain securely and quickly.

Blockchain and Human rights: This image should a sign for a polling station.

Blockchain voting could secure free elections

The Right to Freedom of Opinion and Information

According to the Committee to Protect Journalists, in December of 2017, a record high number of journalists were imprisoned around the world. The largest concentrations being in China, Turkey, and Egypt. Freedom of opinion and information is a luxury to many in these parts of the world. If a government doesn’t like a certain website, they can shut it down or monitor it. Wikipedia, for example, is censored or banned in many countries, including Russia, Saudi Arabia, Iran, China, Turkey, and even France.

The very fact that blockchain provides us with a decentralized technology that is global and uncensored means that no one centralized entity or government can shut it down. 

Privacy-focused messaging app Mainframe, and mesh networking startups Open Garden and RightMesh are working to provide censorship-resistant platforms to ensure continued, unbroken connectivity. Blockchain and human rights show endless possibilities when it comes to freedom of information.

Closing Thoughts

More and more blockchain and human rights use cases will develop over time. Of the 30 articles on the UN’s human rights list, blockchain technology has the potential to help with many.

With its correct use in identity management, we may be able to eradicate illicit slavery and human trafficking. And the ownership of land deeds recorded on a transparent ledger could put an end to the illegal seizure of land. 

There are certainly many human rights problems to tackle. And it will be interesting to see how many cases blockchain technology is instrumental in.

Cryptocurrency Tool Kit for only $7

This article is Originally posted on CoinCentral.com
Author: Christina Comben

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 4

With most governments and regulators keeping an eye on cryptocurrency markets, we do not expect a vertical rally.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Along with the traditional safe havens like gold, the U.S. dollar, and the Japanese Yen, cryptocurrencies have also made their presence felt in Turkey and Venezuela, which are reeling from economic crises.

The increased volume of trading during moments of crisis in these nations shows that when the next major economic crisis hits the world, demand for cryptocurrencies will skyrocket, pushing prices higher.

China and the U.S. are on the verge of a trade war, which is detrimental to the global economy. If not controlled, it can balloon into a full-blown crisis. Therefore, we believe this will put a floor beneath digital currencies.

With most governments and regulators keeping an eye on cryptocurrency markets, we do not expect a vertical rally. Prices are likely to rise gradually, which is good for the long-term growth of virtual currencies.

BTC/USD

Bitcoin has continued its journey northwards, closing in on the 61.8 percent Fibonacci retracement level which might act as resistance.

Both moving averages are trending up, which shows that the bulls are in command. A bullish crossover will provide further strength to the current rally. The virtual currency will lose momentum if it breaks below the trendline.

The 20-day EMA will act as a strong support for any declines. The BTC/USD pair can rally to $8,000 and above it to the top of the range at $8,566.40.

Traders can hold their long positions but raise the stops to breakeven. The virtual currency will turn negative if it sinks below the $6,955.79 level.

ETH/USD

Ethereum has been trading inside the symmetrical triangle since August 11. It will start the next move after breaking out or breaking down from the triangle.

On the upside, the ETH/USD pair will face selling at the downtrend line and then at the $358 level. Though the 20-day EMA has turned flat, the 50-day SMA is still trending down.

The virtual currency has not convincingly broken out of the 50-day SMA since May 24, and as such, it will act as stiff resistance. We will turn positive when the price scales the 50-day SMA.   

If the price breaks down of the symmetrical triangle, a retest of August 14 lows could be possible.

XRP/USD

Ripple has been consolidating between $0.31–$0.37390 since August 18. The 20-day EMA has turned flat while the 50-day SMA is trending down, which shows that selling has subsided.

The XRP/USD pair will show signs of a change in trend if the bulls break out and sustain above the 50-day SMA, which is just above the upper end of the range. The first target on the upside is a rally at the $0.50 downtrend line.

Traders can buy the breakout and close (at UTC time) above the 50-day SMA and keep the SL at $0.309. As the trend has still not turned up, we are only attempting to catch the pullback. Therefore, we recommend to keep the position size at 50 percent of normal. If the bears break below the range, a retest of the lows is probable.

BCH/USD

After being stuck in a tight range from August 15 to August 31, Bitcoin Cash rallied sharply on September 1 and 2 and broke out of the downtrend.

The BCH/USD pair is currently facing resistance at the 50-day SMA. If the bulls break out of the 50-day SMA, a rally to $880 is probable. The 50-day SMA has turned flat while the 20-day EMA is gradually turning up. The RSI has also entered into positive territory, which increases the probability of an upward move.

Therefore, traders can initiate a long position above $670 with a stop loss of $470. On the downside, the 20-day EMA is likely to act as a strong support.

EOS/USD

EOS triggered our buy recommendation when it closed (UTC time frame) above the 50-day SMA on September 1. However, it has not picked up momentum as we had expected.

EOS has been consolidating close to the 50-day SMA for the past three days. The 20-day EMA has turned up while the 50-day SMA has gone flat, showing an advantage for bulls in the short-term.

On a breakout above $7.25, the EOS/USD pair could quickly rally to $9. On the downside, the zone between the 20-day EMA and $5.65 should act as strong support. As the chart patterns point to a probable change in trend, we suggest traders hold their positions with the stipulated stops.

XLM/USD

Trading in Stellar has been lacklustre as it remains range bound between $0.184 and $0.24987525. Both moving averages have flattened out and the RSI is also close to the 50 level, which confirms a state of equilibrium.

A breakout of the range has a pattern target of $0.3157505, but we anticipate a rally to $0.35. The longer the XLM/USD pair remains in the range, the stronger the eventual breakout will be.

The downtrend line might offer minor resistance, but we expect it to be crossed easily. Therefore, we maintain our buy call initiated on August 27.   

LTC/USD

Litecoin is showing signs of a turnaround, and is currently trying to break out of the downtrend line and the 50-day SMA. If successful, it can quickly move up to $74. The 20-day EMA has turned up while the 50-day SMA is flattening out. This shows that the bulls have the upper hand in the near-term.

If the LTC/USD pair sustains above $74 for three days, the probability of a rally to $94 increases. Short-term traders can continue to establish long positions with suitable stops.

Our bullish view will be invalidated if the bears defend the overhead resistances and sink prices back below the $58 level.

ADA/USD

Cardano has been consolidating near the upper end of the range for the past six days. Though it has failed to break out of the range, it has not given up much ground, showing that traders are not dumping their positions.

The 20-day EMA has turned flat but the 50-day SMA continues to trend down. If the ADA/USD pair scales above $0.111843, it has a pattern target of $0.140494, but may face resistance at $0.13. We do not see a reliable buy setup at current levels and hence, we do not recommend a trade.

IOTA/USD

IOTA has been stuck between the 20-day EMA and the 50-day SMA for the past seven days. The flattening moving averages and the RSI in the positive zone show that selling has subsided. A break out of the downtrend line and the $0.9150 resistance will signal a change in the trend. Therefore, we suggest that traders hold their long positions with the appropriate stop loss.

If the bulls sustain above $0.9150, the IOTA/USD pair can rally to $1.24, where it is likely to face resistance.

Our bullish view will be invalidated if the bears breakdown of the support zone between the 20-day EMA and $0.5750.

XMR/USD

Monero fulfilled our buy recommendation on September 1 when it closed above the long-term downtrend line. The positive close was followed up by a further move towards the overhead resistance of $150. Moving averages are on the verge of a bullish crossover, which confirms that the trend is changing.  

As the RSI has entered into overbought territory, the virtual currency might consolidate close to the $150 level for a few days before breaking out.

The XMR/USD pair will turn negative if bulls fail to hold the next dip above the $109.22 level. Therefore, we suggest holding the current long position with a stop loss of $90. Traders can trail their stops higher in a couple of days.   

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

Bitcoin Seals Further Gains in a Mostly Green Market as Ethereum Fails to Break $300

Crypto markets are largely green today, with Bitcoin (BTC) inching upwards yet further to push the $7,400 price point.

Tuesday, September 4: crypto markets are largely green today, with Bitcoin (BTC) inching upwards yet further, and several large-market-cap alts seeing solid gains, as Coin360 data shows.

Market visualization from Coin360

Bitcoin (BTC) is trading at around $7,374 at press time, up over 1 percent on the day as it continues boost its newly won gains, according to Cointelegraph’s Bitcoin Price Index.

Having reclaimed the $7,000 price point August 31, Bitcoin has seen a solid upwards trend and is now pushing $7,400. The top coin is trading an impressive $550 higher than its low on its weekly chart, with its 7-day rolling gains at almost 7 percent. On the month, Bitcoin is up a fraction of a percent.

Bitcoin’s 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is trading around $288 at press time, seeing virtually no value percentage change on the day. Following upon an intra-week high of about $298, Ethereum has failed to sustain upwards momentum, remaining range bound around $290.

On its weekly chart, Ethereum is more or less even at a fractional 0.1 percent gain, with monthly losses remaining around 31 percent.

Ethereum’s 7-day price chart. Source: CoinMarketCap

The top ten coins listed on CoinMarketCap are mostly seeing modest gains of within a 1-2 percent range. A notable exception is Litecoin (LTC), up around 5.7 percent on the day to trade around $69. Litecoin saw a strong push upwards at the start of September, followed by a couple of days trading sideways before today’s second flush of strong green.

Litecoin’s 7-day price chart. Source: CoinMarketCap

Another strong top ten performer is Monero (XMR), up almost 5 percent to trade around $139 at press time. Monero is now trading at around $40 above its value of $97 on August 30.  

Stellar (XLM) has seemingly not yet absorbed any positive momentum from news that IBM has brought its Blockchain World Wire (BWW) payment network out of beta this week, aiming to ultimately facilitate international settlements between banks in “near real-time.” The asset is up around 2.8 percent on the day to trade around $0.23, a slight push upwards after a couple of days of lackluster momentum.

Stellar’s 7-day price chart. Source: CoinMarketCap

Among the top twenty coins, gains are stronger on average: NEM (XEM) and Vechain (VET) are both up almost 8 percent on the day, with IOTA (MIOTA), Zcash (ZEC) and Dash seeing 3-4 percent growth on their 24-hour charts. NEO has today soared 8.8 percent and is trading at $25 at press time, capping a week of strong, if jagged, growth.

Total market capitalization of all cryptocurrencies is around $240 billion at press time, up almost $12 billion on its weekly chart.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today has seen bullish news for the blockchain space, with South Korea’s Internet and Security Agency (KISA) — a sub-organization of the country’s Ministry of Science and ICT — announcing plans to more than double its budget for public blockchain pilot projects this coming year.

Germany’s joint stock company Deutsche Boerse has also announced the formation of a dedicated unit for blockchain and crypto assets, aiming to harness the technology’s potential to disrupt the capital markets infrastructure.

And in China, the country’s central bank, the People’s Bank of China (PBoC), has officially launched the testing phase of a major blockchain trade finance platform ahead of schedule.