Cryptocurrencies Failed to Extend Gains… Again!

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by | 22nd June 2018 | 0 comments

Cryptocurrencies closed Thursday and opened the last day of the week with losses as investors were waiting for significant breaks but everybody waited, and nobody did it.

Bitcoin was unable to break above the 6,800 area, and the pair is trading down for the second day in a row. Ethereum is trading under the influence of the 20-day moving average again; as it happened the first week of June, the pair is trading negative for the third day

Bitcoin Cash is trading negative for the third day and it is now testing the 830.00 critical level again. Long story short, the future is here, cryptocurrencies are what we all belong, but the price is what it is.

Stanford University goes crypto

Stanford University has opened the Center for Blockchain Research according to a press release by Stanford Engineering. The center will focus on educational blockchain and the design of a curriculum for both students and professionals.

The new blockchain research center will be “an initiative dedicated to researching and understanding a technology that promises to fundamentally change how people and companies make deals and complete financial transactions over the internet.”

The blockchain center will be led by Professors Dan Boneh and David Mazieres, experts on blockchain and cryptocurrencies. The faculty will include Alex Aiken, David Dill, John Mitchell, Tim Roughgarden and Joe Grundfest.

“Blockchains will become increasingly critical to doing business globally. Stanford should be at the forefront of efforts to improve, apply and understand the many ripple effects of this technology,” said Boneh.

The center has been initially funded for the next five years by blockchain organizations such as The Ethereum Foundation, Protocol Labs, the Interchain Foundation, OmiseGO, DFINITY Stiftung and PolyChain Capital.

US House of Representatives members must disclose crypto assets

The House Committee on Ethics of the US House of Representatives said that US lawmakers will have to disclose personal cryptocurrency investments over $1,000 from now on.

The Committee also urged lawmakers to notify the House before participating in any ICO as the Congress is looking to ensure objectivity in crypto regulation.

The house would also require lawmakers to disclose any virtual asset transactions that exceed $1,000 within 45 days of the purchase.

Bitcoin rejected by 6,800, the new last frontier

The 6,800 area finally rejected Bitcoin after testing it several days. BTC/USD is now trading negatively for the second day.

BTC/USD is currently pricing at 6,670, 0.80% down on the day. However, the pair is logging its first positive week in June.

To the downside, if bitcoin extend declines below 6,380, it will find next support at the 6,000 level with a focus on the critical 5,870 line. Below, only the 5,550.

To the upside, the pair needs a close above 6,800 to spur bulls to buy. Then, a break above 6,900, will open the doors to the 7,200 and 7,300 levels.

Ethereum tests the 515.00 support again

ETH/USD Daily Chart - 22-06-18

After opening negative on Friday for the third day in a row, ETH/USD is extending losses after the pair got a rejection from the 20-day moving average at 545.00.

ETH/USD is now trading 2.0% at 515.00; however, the cross is ready to finish its first positive week in June.

To the downside, if the pair closes below the 515.00 support and it falls below the 450.00, Ethereum will find support at 430.00. Then, the last frontier lies at 400.00.

Ethereum needs a close above 530.00 before making bulls believing in an uptrend. Above that, 560.00 is the natural resistance and then 630.00.

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