Key Risks of Staking Tezos, Cosmos, and IRISnet, and How to Reduce Them

/latest/2019/04/evaluating-risks-staking-strategies-revealed-for-tezos-cosmos-irisnet/

POS Bakerz, a Staking-as-a-Service (SaaS) provider that “offers public delegation services to Tezos (XTZ), Cosmos (ATOM), and IRISnet (IRIS) token holders,” has published a blog post in which it revealed the inherent risks involved with staking cryptocurrencies.

Acknowledging that staking has become “a new trend” in the crypto space, as Coinbase Custody recently announced its support for staking on Tezos, POS Bakerz explained in its blog, posted on April 24th, 2019, how proof-of-stake (PoS)-based networks deal with dishonest actors or malicious behavior.

Tezos Only “Punishes Bakers,” Cosmos And IRISnet “Punish Validators And Delegators”

As mentioned in POS Bakerz’ blog, “slashing” occurs on PoS chains when a “validator/baker” is “punished for a fault” or dishonest behavior they engaged in, and “it is a mechanism by which the network disincentivizes” malicious actions. For instance, in “Liquid Proof-of-Stake (LPoS) protocols such as Tezos only the baker is directly punished in case of a fault,” POS Bakerz wrote.

Bakerz added that “in Bonded Proof-of-Stake protocols (BPoS) such as Cosmos or IRISnet, both the validator and its delegators are directly punished.” As noted in Bakerz blog, slashing can occur in cases where there’s a “liveness fault” detected on Cosmos or IRISnet. This occurs when the “validator node does not participate in the network consensus for a long time and misses several blocks.”

Additionally, POS Bakerz mentioned that there could be a “security fault” on Tezos, Cosmos, or IRISnet and “most” other PoS protocols when an entity “disturbs the network consensus by validating/verifying twice or more the same blocks.” Such types of security faults, POS Bakerz’ explained, are “also called double-baking or double-endorsing in the case of Tezos, or double-signing in the case of Cosmos & IRISnet.”

Finally, there’s the “governance fault” which can occur on Cosmos or IRISnet, and in this type of fault “the validator [may have] voted multiple times on the same consensus process, and these votes contradict each other, or [the validator] did not [actually] vote at all.”

Penalties And Punishments in Proof Of Stake Networks

The penalties assigned on PoS chains “depend on the kind of misbehavior and on the parameters of the protocol,” POS Bakerz noted. In most cases, the “validator/baker is punished [by confiscating a] certain percentage of tokens [they’ve] staked.”

“In some protocols,” Bakerz noted, the “validator can also be jailed, a process prohibiting [them] from re-entering the networks for a certain period of time.” Meanwhile, in BPoS) protocols such as Cosmos and IRISnet, the “delegators are also at risk of punishment,” so POS Bakerz recommended that users “carefully choose [their] validator.”

According to Bakerz, one of the “most dangerous risks in staking is the volatility.” The validator mentioned that “earning” cryptocurrency dividends on staked funds could seem promising or lucrative at first; however, in bear markets, the value of the staked assets may depreciate to the point where it may no longer be feasible (or profitable) to continue staking.

POS Bakerz recommended that users stake their funds on networks that have solid technological foundations and a supportive and an active “community behind [them], and not only the ones that pay [the] most rewards.” POS Bakerz further noted that its team “also thinks that diversification” in the staking business is a good strategy, where users can become a “multi-protocol player.”

Going to suggest that those interested in staking first do their own research, POS Bakerz stated that users can check out stakingrewards.com if they are planning to learn more about “staking tokens” and the return on investment (ROI) they can expect.

Notably, POS Bakerz is also currently assessing whether it’d profitable if staking could be extended to “hedge positions.” For now, the Bakerz’ team recommends simply shorting the actual POS cryptocurrency to potentially reduce, or minimize, losses when prices go down.

Another potential risk factor pointed out by POS Bakerz is delegating tokens to validators who may not pay rewards. With some PoS protocols “such as Tezos,” Bakerz noted that the first set of “rewards come after 7 cycles, so approximately 20 days and people [typically] do not check if they’ve well received their rewards.”

In order to check whether users have received rewards on staked funds, Bakerz highly recommends using Baking Bad on Tezos, a delegator auditor, and/or block explorers to see if payment was actually made.

Stakers Contribute Directly to “Centralization or Decentralization Of Network”

According to POS Bakerz, validators need not have “custody” of staked user funds, so it is recommended that the funds “not be sent directly” to the validator’s wallet. There’s also a guide which POS Bakerz suggested that potential stakers follow for further instructions.

As noted by Bakerz, when users stake funds on PoS chains, they are “directly contributing to the centralization or decentralization of the network.” For example, the “percentage of voting rights” retained by the “top 10 block producers (BPs)” on Cosmos stands at 57.3% (as of April 13th, 2019). Voting rights for the top 10 BPs on Tezos and IRISnet is currently at 28.8% and 34.3% respectively.

A good strategy, POS Bakerz believes, for staking tokens is to “not necessarily delegate to the largest ones, but rather to choose your validator based on its uptime, self-bond, security practices, community involvement, customer service, service fees, etc.”

Moreover, Bakerz noted that “by encouraging smaller validators, [users] will contribute to the decentralization of the network, which is great.”

Blockchain Browser Brave to Reward Users with BAT Tokens for Watching Ads

Decentralized browser Brave has launched Brave Ads, an option that enables its users to earn rewards for watching advertising. The development was announced on Brave’s website on April 24.

The announcement reads that users of Brave — which is an open-source blockchain-powered browser that blocks ads and website trackers — can now receive 70% of the ad revenue share as a reward for their attention in the form of the browser’s native cryptocurrency, basic attention tokens (BAT). Brave Ads purportedly ensures that brands are connecting with people who are interested in advertising, eliminating costs, and risks regarding privacy, security, and fraud.

The company further notes that it is working with charity-related blockchain consultancy startup The Giving Block to provide ad inventory and test use cases, as well as nonpartisan nonprofit organization The Human Right Foundation, which is featured as part of the launch, where users are able to tip the organization through Brave Rewards. Brendan Eich, CEO and co-founder of Brave Software said:

“With Brave Ads, we are launching a digital ad platform that is the first to protect users’ data rights and to reward them for their attention. Brave Ads also aim to improve the economics and conversion of the online advertising industry, so that publishers and advertisers can thrive without the intermediaries that collect huge fees and that contribute to web-wide surveillance.”

In January Brave partnered with news website Cheddar to offer its users three months of free access to premium content. The browser’s users will purportedly automatically obtain access to premium content on Cheddar’s website, without action on the user’s end.

As reported last December, Brave became the default browser on a phone from major smartphone manufacturer HTC. Brave was reportedly set to be pre-installed on the HTC Exodus 1, “the first native blockchain phone” with support for multiple blockchains, including the Bitcoin and Ethereum networks.

At press time, BAT is trading at $0.433, having gained almost 6.79% over the past 24 hours, according CoinMarketCap. The token’s current market capitalization is around $541 million, while its daily trading volume is around $136.9 million.

Japan FSA Investigates Security Lapses at Cryptocurrency Exchanges

Japan FSA Investigates Security Lapses at Cryptocurrency Exchanges

Japan’s Financial Services Agency (FSA) recently investigated two cryptocurrency exchanges which made significant changes in its management as reported by Reuters. The regulatory watchdog was on the lookout for the modalities put in place by these platforms to prevent money laundering and to protect customer funds.

FSA Takes Exchanges to Task Over Security Concerns

According to Reuters, two anonymous sources revealed that Japan’s financial watchdog visited two Japanese cryptocurrency exchanges, Huobi Japan Inc and Fisco Cryptocurrency Exchange Inc to check for security lapses. The sources stated that both exchanges recently shuffled their management.

Following the change in management, the FSA paid a visit to Huobi and Fisco to probe if the exchanges had measures in place to protect its customers against fraud and check anti-money laundering (AML). Also, the regulatory body investigated both companies for internal oversight.

Huobi and Fisco, however, did not provide information regarding the visit and inspections of the FSA. With the massive hacks suffered in the past by Japanese digital currency exchanges, the recent move by the regulatory body shows that it is out to ensure that companies tighten their security, eliminating room for lapses.

In one such effort at ensuring top-notch security, the FSA mandated virtual currency exchanges to beef up their security protocol. The Japanese body observed that even with the more secure cold wallets used by most exchanges, most were prone to inside attacks due to the sloppy security system.

Earlier on, the FSA put a restriction on hot wallets, as its usage led to the loss of millions of dollars in virtual currency.

FSA Not Relenting on Checks and Balances

Japan is the first country to set up a regulatory framework for cryptocurrency exchanges operating in the country, and ever since, the country has been trying to ensure security and consumer protection.

The inspection of Huobi Japan Inc. and Fisco isn’t a first, as the FSA in April 2018, suspended two virtual currency exchanges, Eternal Link and FSHO, following the hack of Coincheck and Zaif. Investigations by the regulatory body revealed that both Eternal Link and FSHO had lax know-your-customer (KYC) checks and inadequate security.

Also, Japan-based digital currency exchange, BitFlyer, upgraded its user verification process after a query from the FSA.

Although a friendly haven for cryptocurrency exchanges, Japan’s insistence on security and user protection has caused home-based exchanges to sit up. While the country’s regulatory laws may be seen as draconian for some causing others to leave, companies willing to operate in Japan would ultimately have to bend to the FSA’s rules.

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John McAfee no Longer Interested in Unmasking Satoshi Nakamoto

John McAfee no Longer Interested in Unmasking Satoshi Nakamoto

John McAfee, the eccentric British-American cryptocurrency evangelist and computer programmer that founded McAfee Associates, one of the earliest software firms in the world, has suspended his plans of unmasking the identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, reports Bloomberg on April 23, 2019.

McAfee Backpedals

Per sources close to the development, John McAfee, the crypto big whale who used to promote initial coin offering (ICO) projects via his official Twitter handle for a fee of $100,000 per tweet, has suspended his plans of revealing the real identity of Satoshi Nakamoto to the the public, claiming the move could hurt his entire struggle against an impending extradition to the United States from his current hide out in the Bahamas.

For those unaware, earlier in January 2019, McAfee announced he had fled the United States due to tax fraud charges by the Internal Revenue Service (IRS).

The 2020 U.S. presidential “aspirant” also claimed he was charged for using bitcoin and altcoins to facilitate his criminal activities by a Tennessee court.

According to Bloomberg, McAfee who previously pledged to expose Satoshi Nakamoto within just one week has revealed via a phone interview from the Bahamas that he had spoken with the real Satoshi and “he is not a happy camper about my attempt to oust him.”

While the identity of Satoshi remains a mystery to date, with several “faketoshis” claiming to be the almighty creator of bitcoin, McAfee has made it clear that being one of the best technologists on earth makes unraveling the mysteries behind Satoshi Nakamoto quite an easy task for him.

However, McAfee has claimed that his extradition lawyer has advised him to desist from making such a move, as it would be detrimental to his well being, since it could potentially make him the target of lawsuits, forcing him to defend himself “on many fronts.”

Interestingly, McAfee took to his official Twitter handle to post a letter from his lawyer, in a bid to back his claims up.

“The U.S. extradition request to the Bahamas is imminent. I met with Mario Gray, my extradition lawyer, and it is now clear that releasing the identity of Satoshi at this time could influence the trial and risk my extradition. I cannot risk that. I’ll wait,” McAfee tweeted.

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SBI Group Invests $15 Million in ‘Smart Card’ Wallet Manufacturer

‘Smart card’ crypto wallet manufacturer Tangem has received a $15 million investment from major Japanese financial services firm SBI Group, Cointelegraph auf Deutsch reports on April 24. The new investment will purportedly allow Tangem to relocate its headquarters to the ‘Crypto Valley’ of Zug, Switzerland.

From Zug, Tangem want to develop new use cases for its physical smart cards that function like the hardware wallet version of banknotes. Each of these smart cards carries a fixed amount of cryptocurrency. The company intends for these smart cards to be used for daily crypto payments. Andrey Kurennykh, Tangem’s CEO said:

“It is the main mission of Tangem to bring the application of blockchain technology to people’s everyday lives. Our technology can help many industries really benefit from blockchain tech and make the life of individuals safer and better through financial inclusion and access to decentralized payment solutions”.

The startup was co-founded by the former head of UBS‘s Moscow branch, Anselm Schmucki, and claims to combine Swiss financial know-how with Russian IT expertise. Under the leadership of CEO Andrey Kurennykh, the company employs 13 people in Switzerland, Russia, Singapore and Hong Kong.

Currently, the startup is working on the application of Tangem notes, and has produced and sold over 25,000 wallets for individuals and companies such as Cardano and RSK.

Tangem carried out the first pilot sale of its card wallets in the spring of 2018. In January 2019, Tangem reportedly came to an agreement with the government of the Marshall Islands to issue physical banknotes for the Sovereign (SOV), the state digital currency of the Marshall Islands.

Brazilian Police Arrest Suspect for Money Laundering With Bitcoin

Brazilian police have arrested a man for operating a clandestine drug laboratory and using the leading cryptocurrency bitcoin (BTC) to launder the proceeds, Cointelegraph Brasil reported on April 24.

The State Department of Drug Trafficking (Denarc) in Porto Alegre, Rio Grande do Sul, reportedly located a clandestine bitcoin mining laboratory in a small house while chasing a suspected drug trafficker on April 23. The report says the discovery is “something considered unusual in Rio Grande do Sul.”

At the site, law enforcement officials found 25 digital currency mining machines, which ran 24 hours a day, as well as “sophisticated” software and hardware, with an estimated value of more than 250,000 reals ($63,000).

According to the police, the person who claimed to be responsible for the equipment argued that “he rented the space and was mining bitcoin as an investment — which is not abnormal.” The suspect was reportedly fined for illegal use of electric power in the house.

Earlier in April, the Manhattan district attorney indicted a group of individuals with allegedly selling drugs and laundering millions of dollars with bitcoin. The defendants allegedly operated stores on the Dark Web that sold and shipped “hundreds of thousands” of tablets of counterfeit drugs.

Recently, a United States federal jury convicted two alleged cybercriminals of spreading malware to steal credit card credentials and illicitly mine cryptocurrency. The infected computers also reportedly registered over 100,000 AOL email accounts that were used to spread the malware further with millions of emails sent to the stolen addresses.

Despite Dropping, Ethereum (ETH) is Bullish and May Even Be a Store of Value

  • Ethereum (ETH) prices drop 5.5 percent from $170
  • The development of Ethereum 2.0 will reinforce ETH

Despite competition and the threats of Binance Chain, Ethereum will leverage on their first mover advantage as a time-tested platform and recover. Besides, the promise of Ethereum 2.0 and implementation of EIP 1234 means scarcity and ETH holders would be the primary beneficiaries.

Ethereum Price Analysis

Fundamentals

That Ethereum is enjoying a first-mover advantage in a field that is already crowding with competitors offering faster and cheaper alternatives is correct. Entrants like Tron, EOS and now Binance Chain may prove too “speedy or scalable” for a platform that is already grappling with scalability and dApps shifting camps thanks to VMs that are compatible with open source Ethereum.

Although plans are there to increase the throughput of the network via Shasper for example, similar platforms as Tron and EOS are operating with irresistible offers as well as a scalable network though with a tinge of centralization thanks to consensus algorithm deployed.

Even so, there is hope, and as Ethereum seek to migrate from a proof-of-work to a proof-of-stake system, the activation of Constantinople was at the back of consensus that mining rewards would fall from three to two in readiness of a freeze that will not only see rewards decrease but inflation drop to 0.5 percent during Serenity.

In the short-term, this may disadvantage or even dis-incentivize miners, but in the long-term, odds are, Ethereum (ETH) prices could soar thanks to scarcity—both in rewards and inflation, better placing the second most valuable coin as a perfect store of value with smart contracting capabilities, better than Bitcoin.

Candlestick Arrangements

Ethereum ETH

Changing hands at $165 with a market cap of $17,372 million, Ethereum (ETH) is under pressure and cracking. It is down 5.5 percent in the last 24 hours. Even so, it is not as positive despite the coin trading within a bullish breakout pattern.

First, it is clear that sellers of Apr-11 are in control. That is so because, from an effort versus result point of view, buyers didn’t fully reverse losses of Apr-11. Besides, although trending above $170 in a bullish breakout pattern, accompanying volumes were low and prices didn’t rally above $190 confirming buyers of Apr-2 setting in motion the next wave of higher high propelling prices towards $250 as laid out in our last ETH/USD trade plan.

Even so, any drop below Apr-15 lows at $155 could see ETH collapse back to $135 or Apr-2 lows in a retest before trend resumption.

Technical Indicators

Average volumes stand at 181k in a bullish breakout pattern. Ideally, ETH buyers would be back in control if prices edge past $190 with high volumes exceeding 575k of Apr-2 or even Feb-24 at 880k in a bullish breakout pattern that will trigger participation as prices rally to $250.

Chart courtesy of Trading View

Crescent Cash BCH Wallet Features SLP Token Support for Smartphones

Crescent Cash BCH Wallet Features SLP Token Support for Smartphones

During the first week of April, news.Bitcoin.com reported on a new bitcoin cash (BCH) mobile wallet called Crescent Cash. At the time, the wallet was the third wallet within the BCH ecosystem to add the Cash Accounts protocol. Now with the latest version release, the noncustodial client is the first mobile wallet to support Simple Ledger Protocol (SLP) tokens.

Also read: Bitcoin Cash Markets and Network Gather Strong Momentum in Q1

Crescent Cash Mobile Wallet Adds SLP Token Support

Development on the Bitcoin Cash network has continued to grow over the last few months and there’s been a load of applications released. On April 23 the developer of the Crescent Cash and the Bchgallery mobile wallets published a new version of the Crescent Cash light client. The application was built by the anonymous software programmer Pokkst and the latest release on Google Play adds SLP token support to the BCH wallet. This means Crescent Cash users can send, receive, and store SLP tokens on a mobile phone, alongside bitcoin cash in a noncustodial manner. There have been a few different wallets that support SLP tokens like Badger and Electron Cash, but Crescent Cash is the first implementation to roll out a mobile version.

“I’ve just released v1.3.0 of Crescent Cash, which brings SLP token support to the wallet,” Pokkst explained on Reddit during the release. “You can now send and receive SLP tokens inside the application. I began planning on how to implement this ever since Roger Ver suggested it in the Bitcoin.com weekly news update.”

Crescent Cash BCH Wallet Features SLP Token Support for Smartphones

Interested users can test the latest version of Crescent Cash by downloading the client directly from Pokkst’s webpage or from the Google Play store for Android phones. Pokkst detailed that he would love to create an iOS version of Crescent Cash, but he needs to publish it under a registered business name which Apple requires for crypto wallets. The Crescent Cash wallet is open source and the code can be reviewed on Gitlab. Pokkst has added new features and polished the wallet code since first implementing the BCH name system Cash Accounts. The user interface has a new dark theme, the mnemonic seed phrase is now hidden, and the SPV operates a lot faster than most light clients. In addition to the Google Play version, Pokkst said he loves FOSS software and plans to release to Fdroid soon as well.

Crescent Cash BCH Wallet Features SLP Token Support for Smartphones

Testing Crescent’s New SLP Functionality While More SLP Supporting Mobile Wallets Are Under Development

Using the Crescent Cash app with SLP tokens is fairly straightforward as the new 1.3.0 version gives users a valid SLP address in order to receive tokens. Similarly, Crescent Cash users can toggle between a BCH address or Cash Account name or use an SLP address to send a specific token to another party. After downloading the first version of Crescent Cash, I decided to test the SLP functionality and updated my current version via Google Play. The download only took a few minutes and after refreshing the application I could see a token section (view tokens) while the wallet syncs with the BCH network.

In order to add tokens to my wallet, I simply pressed the ‘Receive’ icon. Here, the user can choose between a standard Cashaddr address for BCH or the SLP address format for tokens. Using my Badger wallet in my Chrome browser, I sent 1,000 Freehugs to my Android phone that I use for testing wallets. The Freehugs didn’t show up in my Crescent Cash account dubbed ‘SLPtokencollector#16048’ until after one confirmation, and once in a while Crescent Cash crashed when it was syncing to the network. After about 10 minutes I went back to my phone and refreshed the application which then showed me my 1,000 Freehugs.

Crescent Cash BCH Wallet Features SLP Token Support for Smartphones
SLP wallet for iOS is coming soon, alongside a Badger wallet for mobile phones as well.

The latest application from Pokkst is the first mobile SLP light client, but not the only BCH wallet that plans to offer SLP support for smartphones. The team behind Badger is in the midst of developing a Badger mobile wallet as well and BCH developer Jean-Baptiste Dominguez showed a sneak peek of an SLP mobile wallet that works for Apple’s iPhone. The Simple Ledger Protocol has gained broad support throughout the BCH ecosystem with tipping bots, block explorers, Badger, and Electron Cash support and now the latest mobile release from Pokkst adds one more platform.

What do you think about the Crescent Cash BCH mobile wallet with Cash Accounts and SLP token support? Let us know what you think about this project in the comments section below.

Disclaimer: Bitcoin.com does not endorse this product/service. This editorial is intended for informational purposes only. This release is an early version of this particular wallet software and early versions can often be buggy. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com or the author is not 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.


Image credits: Shutterstock, Pixabay, Twitter, Crescent Cash, and Jamie Redman.


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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis April 24

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.

Unlike the previous bull market, recovery this time is likely to be a long one because every higher level will bring in huge supply, causing the market to correct. We also expect the markets to take a dip intermittently to shake out the weaker hands.

Many still doubt the future of this nascent asset class. In a recent survey of a few European nations, 63% of participants were confident that cryptocurrencies will exist in 10 years in some form or the other. However, the respondents were not that upbeat on Bitcoin, as only 49% believed that it will exist in 10 year from now. Even fewer, only 7%, hope to see Bitcoin as an investment and security tool in 10 years. This shows that some are still oblivious to the huge potential of this space.

However, companies across the world have been experimenting with blockchain technology and cryptocurrencies. Societe Generale SFH is working towards improving the transparency and transferability of bond issuances. In this regard, it has issued 100 million euro bond as a security token on the Ethereum blockchain.

Samsung might launch its own cryptocurrency named Samsung Coin, according to anonymous sources. Walt Disney Corp. is in talks to buy out online gaming giant NXC Corporation, which in turn has stakes in Korbit and Bitstamp crypto exchanges.

Bitfury has obtained approval for a dedicated bitcoin mining fund for institutional investors from Liechtenstein. This will give an opportunity to the institutions to invest in the interesting world of bitcoin mining.

Currently, altcoins are tumbling. Do any of them offer a buying opportunity? Let’s find out.

BTC/USD

Bitcoin (BTC) is currently facing some resistance close to $5,600. However, both the moving averages are trending up and the RSI is still close to overbought levels. This shows that the bulls are in charge. On the upside, a breakout of $5,600 can propel the price to the next critical zone of $5,674.84–$5,900. We anticipate the bears to defend this zone. Hence, traders can book partial profits on their remaining long positions above $5,600 and keep the stop loss on the rest at $4,800.

BTC/USD

Conversely, if the bears sink the BTC/USD pair below the 20-day EMA, it can slide to the next support at $4,914.11. This is a critical support, which might hold. A breakdown of this level will hurt sentiment as it will weaken momentum and indicate that the bears are still shorting at higher levels. If the bulls fail to defend $4,914.11, the digital currency can dip to the 50-day SMA. The next few days are critical as it will determine whether the recovery is over or if this is only a shakeout.

ETH/USD

Ethereum (ETH) again reversed direction from the overhead resistance at $180 on April 23. The price has broken down of the 20-day EMA and has re-entered the triangle, which is a bearish sign. This shows that the breakout from the triangle did not find any buyers at higher levels.

ETH/USD

If the bulls fail to push the price back above $167.32 within the next couple of days, the ETH/USD pair can drop to the 50-day SMA. A break of this support can sink the pair to $144.78. Hence, traders can retain the stop loss on the remaining long positions at $150. We would have suggested closing the entire position but the moving averages are still sloping up and the RSI is at the midpoint, which shows that the bulls are still in the game.

If the bulls quickly push the price back above $167.32, it will again try to break out of the overhead resistance zone of $180–$187.98. It will pick up momentum above $187.98.

XRP/USD

After holding the 50-day SMA for four days, Ripple (XRP) plunged below it today. This is a negative sign. It can now drop to $0.27795, which is a critical support. If this support also gives way, a retest of the yearly low at $0.24508 will be in the cards.

XRP/USD

However, if the support at $0.27795 holds, the XRP/USD pair might remain range bound for a few more days. The 20-day EMA is gradually sloping down and the RSI has dived into the negative territory, which suggests the bears are back in command. The pair has been one of the weakest digital currencies as it has not participated in the recent recovery. This shows a lack of demand for it. We therefore withdraw the existing buy recommendation. We will wait for the price to signal a trend reversal before suggesting a long position in it.

BCH/USD

Bitcoin Cash (BCH) has broken down of the 20-day EMA and is on its way to the next support at $255. The 20-day EMA is flat and the RSI is at the center, which points to a consolidation in the near term.

BCH/USD

If the bulls fail to defend $255, it will be a negative sign. The next stop is the 61.8% Fibonacci retracement of the recent rally at $241.97. If this level also fails to hold, the drop can stretch to the 50-day SMA. The trend is gradually turning in favor of the bears, but if the BCH/USD pair finds buyers at $255, it will remain range bound between $255 and $335.63 for a few days.

EOS/USD

The attempts by the bulls to push EOS back above the 20-day EMA did not sustain. It has plunged below the support and is on its way to the next support of $4.4930. The uptrend line of the rising wedge is at this level and the 50-day SMA is placed just above it. Therefore, we expect a strong defense by the bulls.

EOS/USD

But if the price breaks down of the uptrend line, it will complete the bearish rising wedge pattern that has a target objective of $2.80. However, there are a slew of supports between $3.8723 and $3.00. We expect one of these to hold. With the 20-day EMA weakening and the RSI in the negative territory, the bears are attempting to regain the upper hand.

Nonetheless, if the EOS/USD pair bounces off the 50-day SMA, the bulls will try to push the price back above the 20-day EMA and the downtrend line. If successful, a rally to $6.0726 and above it to $6.8299 is possible. We suggest traders wait for the price to stabilize and signal a turnaround before attempting to go long.

LTC/USD

Litecoin (LTC) failed to rise above the 20-day EMA after breaking down of it on April 21. This attracted further selling and the bears broke down the immediate support of $74.6054. The price is presently at the 50-day SMA, which is a strong support. If this support also breaks, the drop can extend to $62.450.

LTC/USD

Conversely, if the LTC/USD pair rebounds from the 50-day SMA, it will attempt to rise to the overhead resistance of $91. The 20-day EMA has started to slope down and the RSI has declined into the negative zone. This suggests that the bears are making a comeback. Considering the weakness, we have withdrawn the buy proposed in our earlier analysis. We will wait for the uptrend to resume before suggesting a trade in it.

BNB/USD

Binance Coin (BNB) has pulled back to the 20-day EMA after failing to make a new high on April 20. Both the moving averages are sloping up, which shows that the trend is bullish. The RSI has also corrected the overbought levels. If the price rebounds from the 20-day EMA, the bulls will again try to retest the lifetime highs.

BNB/USD

However, if the BNB/USD pair slips below the 20-day EMA, it can drop to the uptrend line of the rising wedge. The 50-day SMA is just below this level, hence, we anticipate a strong support at this level, but if the price fails to hold this support, it will complete a bearish rising wedge pattern that has a minimum target objective of $13.60. We shall wait for a reliable buy setup to form before recommending a trade in it.

XLM/USD

Stellar (XLM) has broken down of the 50-day EMA and the immediate support of $0.1090. It is currently trying to find some support at the uptrend line. The 20-day EMA is starting to turn down and the RSI has dived below 50. This shows that the bears have the upper hand.

XLM/USD

If the bulls defend the uptrend line, the XLM/USD pair might attempt to bounce back above the moving averages. If the price ascends the moving averages, it will then face resistance at the downtrend line.

On the other hand, if the bears sink the pair below the uptrend line, it will become negative and can slide to $0.08.

ADA/USD

Though Cardano (ADA) broke out of the channel on April 23, it hit a roadblock at $0.082952. Currently, the price has dipped to the 50-day SMA, which is a strong support. But if this level gives way, a fall to the support of the channel is probable.

ADA/USD

The 20-day EMA is flat and the RSI has dipped into the negative zone. This shows that the bulls are losing their grip over the ADA/USD pair. It will show signs of strength if it can break out of the channel and rise above the overhead resistances of $0.082952 and $0.094256. We will wait for the price to stop falling before turning positive.

TRX/USD

Tron (TRX) triggered our suggested stop loss on the long positions at $0.024 on April 23. The bulls have failed to push prices higher. Hence, it can now drop to the next support at $0.02094452. The 20-day EMA has turned down and the RSI has dipped into the negative territory. This shows that the bears have the upper hand in the near term.

TRX/USD

If $0.02094452 holds, the TRX/USD pair might remain range-bound for a few days, but if the support breaks, the fall can extend to $0.0183. Any attempt to recover will face resistance at $0.02815521. Considering the repeated failed breakout attempts, we shall wait for the price to rise above $0.035 before suggesting any fresh positions once again.

The 20-day EMA has started to turn down and the RSI has also dipped into the negative territory. This shows that the bears are gaining an upper hand in the short-term.

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

2,000 More US Grocery Stores Enable Bitcoin Buying at Coinstar Machines

Supermarket kiosk chain Coinstar is expanding the footprint of its bitcoin-buying service to more than 2,000 locations in 19 different states.

The service, through a partnership with blockchain startup Coinme that offers individuals the ability to convert cash into bitcoin, has expanded from an initial 70 machines to some 2,100 different kiosks, Coinme announced Wednesday.

Further, while the partnership initially enabled kiosks in Albertsons and Safeway stores, customers can now access the buying option in Jewel, Shaw’s and Save Mart locations, according to a press release.

Coinstar CEO Jim Gaherity said in a statement that his company saw an “extremely positive” response to the initial announcement in January 2019. At the time, Coinstar announced that customers could purchase bitcoin using U.S. dollar bills, though coins would not be accepted for such transactions. The company imposed a $2,500 limit.

Wednesday’s press release explained that the partnership’s initial launch saw a 15 percent week-over-week growth in user acquisition, the release noted.

Moreover, the first quarter of 2019 “has been one of the most successful in Coinme’s five-year history,” with 92 percent growth in transaction volume and 109 percent growth in the number of transactions processed, compared to the first quarter of 2019.

“We are incredibly pleased with this collaboration with Coinme and are eager to continue expanding to new markets in the coming months,” Gaherity added.

Image via Ijon / Wikimedia Commons