South Africa Gets Its First Multi-Currency Crypto ATM

As cryptocurrency interest and trading continues to grow in South Africa, some retailers are hoping to cash in. The country will soon be the second in southern Africa to launch a crypto ATM. After February’s election of Cyril Ramaphosa as South Africa’s new president, things seemed to be looking up. However, the country is now facing new challenges with the ongoing land reform debate as well as continued allegations of corruption in the country’s government.

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DRAM Sales Decline Amidst Crypto Market Stutter

Sales of DRAM chips in Japan and the rest of the world have declined. The lull in cryptocurrency prices and the decline in smartphone sales are likely responsible for the decrease in sales. Lower Prices Cool Crypto Enthusiasm According to a recent Morgan Stanley report, the decline in cryptocurrency prices has negatively impacted the semiconductor market. With crypto prices falling, miners can end up operating at a loss. Morgan Stanley previously stated that Bitcoin mining

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FUD No More: South Korea Set to Adopt G20’s Unified Cryptocurrency Regulations

As the G20 works to create a set of “unified regulations” in regards to cryptocurrencies, the government of South Korea — the third largest cryptocurrency market in the world — reportedly plans on playing ball with whichever policies the international forum of governments and central bank governors put into place. ‘We Will Step up Efforts to Improve Things’ According to China Money Network, local media has also reported that Korean regulators have agreed to apply the Financial

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Watchout! Satori Botnet Targets Exposed Ethereum Miners

Yesterday, BleepingComputer brought to light recent reports that have Ethereum miners worried, as enslaved internet-connected devices have been targeting miners worldwide.  Evidence filed by multiple internet security companies have shown that the Satori botnet, a system of IoT devices which number in the tens of thousands, has been trying to infiltrate Ethereum miners through a 3333 port exploit. This specific port has often been a way in which miners can remotely control their mining equipment,

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TruePlay Partners with Online Gaming Industry’s Top Players

TruePlay was first developed in 2017 by Oleksiy Mageramov, Stanislav Makarchuk, and Oleksii Ragozin, who sought to create a truly transparent platform that any gambling project would be able to implement. With the online gambling industry bringing in $49b. last year alone, the solution to many of the industry’s problems must be tried and effective. TruePlay has is its own blockchain-based transaction system that allows for fast token deposits and withdrawals that works across multiple

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Steve Wozniak Compares Ethereum to Apple at Vienna Conference

Steve Wozniak said that in the future, Ethereum may become as influential as Apple.

At the WeAreDevelopers tech conference in Vienna, Steve “Woz” Wozniak compared Ethereum’s platform with Apple and said it could become just as influential, Forbes reported May 18.

While delivering his speech at the conference, Wozniak was enthusiastic about Ethereum (ETH), describing it as a platform similar to Apple’s. He said that in the long-term Ethereum can become just as influential as Apple is. He added:

“Ethereum interests me because it can do things and because it’s a platform.”

According to Forbes, Wozniak happened upon Bitcoin and Ethereum in its early days, although he divested from crypto in early 2018. Wozniak said he still owns one Bitcoin (BTC) and two Ethereum (ETH) to “experiment with paying for different things.”

On Thursday, in his opening speech at the conference, Wozniak called blockchain “the next major IT revolution that is about to happen.” He said that both blockchain and cryptocurrencies will achieve their full potential in a decade. In October of last year, Wozniak said at the Money 20/20 conference in Las Vegas that Bitcoin is better than gold or the US dollar.

After Apple, Wozniak has remained part of the the tech world, founding the coding academy Woz University that has 31 coding centers across the US.

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Norway Central Bank Considers Developing Digital Currency

Norway’s central bank considers introducing its own cryptocurrency to “ensure confidence in money and the monetary system.”

Norway’s central bank, Norges Bank, is considering developing its own digital currency as a supplement to cash to “ensure confidence in money and the monetary system”, according to a working paper May 18.

The report, prepared by a Norges Bank working group, investigates aspects they believe should be considered when assessing the issuance of a central bank digital currency (CBDC). The authors emphasize at least three possible CDBC applications: the introduction of a reliable alternative to deposits in private banks, a suitable legal tender as a supplement to cash, and an independent backup solution for electronic payment systems. Norges Bank Governor Øystein Olsen wrote:

“A decline in cash usage has prompted us to think about whether at some future date a number of new attributes that are important for ensuring an efficient and robust payment system and confidence in the monetary system will be needed.”

The report states that a CBDC could provide customers with an alternative means to store assets. According to Norges bank, the foundation of a CBDC must also not interfere with the ability of the bank and other financial institutions to provide credit. Norges Bank will reportedly continue to issue cash as long as there is demand for it. The working group has only completed the initial phase of studying a potential CBDC, stating:

“It is too early to conclude whether Norges Bank should take the initiative in introducing a CBDC. The impacts of a CBDC – and the socio-economic cost-benefit analysis – will depend on the specific design. The design, in turn, will depend on the purpose of introducing a CBDC.”

Other countries in Europe have also begun to consider issuing a digital currency through their central bank. Similar to Norway, Sweden’s Riksbank is considering an e-krona as a result of declining cash circulation.

Yesterday, Cointelegraph reported that the Swiss Federal Council has requested a study on a state-backed digital currency examining the risks and opportunities of its introduction. Now, the lower house of the Swiss parliament has to decide whether to support the Federal Council’s request for research. Should the proposal be approved, the Swiss Finance Ministry will conduct the study.

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eToro’s 9M Users Set To Increase with US Exchange & Wallet Launch

UK-based trading platform eToro has announced it will launch an international cryptocurrency exchange and mobile wallet, debuting in the US for the first time. $100M Series E Funds Put To Work As part of a keynote speech at the Consensus 2018 conference in New York which finished May 16, eToro CEO Yoni Assia confirmed the move, which will provide US traders with ten cryptocurrency pairs. “U.S. crypto holders have a strong appetite for diversified portfolios,”

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eToro’s 9M Users Set To Increase with US Exchange & Wallet Launch

UK-based trading platform eToro has announced it will launch an international cryptocurrency exchange and mobile wallet, debuting in the US for the first time. $100M Series E Funds Put To Work As part of a keynote speech at the Consensus 2018 conference in New York which finished May 16, eToro CEO Yoni Assia confirmed the move, which will provide US traders with ten cryptocurrency pairs. “U.S. crypto holders have a strong appetite for diversified portfolios,”

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Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS: Price Analysis, May 18

Latest technical analysis on top 9 cryptocurrencies from an expert trader.

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.

Despite the expectations, Bitcoin prices failed to go higher after the NYC crypto conference Consensys. In fact, prices started to decline during the very conference.

Therefore, it is better if the digital currencies consolidate the huge gains of 2017 and allow the fundamentals to catch up. The longer time spent in the range, the stronger will be the breakout.

Apple’s co-founder Steve Wozniak believes that the blockchain technology and Bitcoin will reach its full potential in about a decade. However, with many crypto enthusiasts trying to bring the technology to mainstream use, acceptance might come much earlier.

As this is a new asset class, there might be a danger of potential scams. According to a study by The Wall Street Journal, about 18.6 percent initial coin offerings (ICOs) were using “deceptive or even fraudulent tactics.” This is why investors should not allow greed to blur their judgment while doing the due diligence.

Let’s see if we find any low-risk buying opportunity today?

BTC/USD

Bitcoin has failed to attract buyers. It has continued to slide and is now at the critical support of $7,941.68. If this level breaks down, the digital currency will plunge to $7,000. The 50-day SMA is flat and the 20-day EMA is turning down, moving towards a bearish crossover. This is a negative development.

BTC

If the support at $7,941.68 holds, the bulls will attempt a pullback, which will face resistance at the moving averages.

We can confirm that the BTC/USD pair is range bound once the price breaks out of the 20-day EMA. As it is yet to bounce off the supports, we are avoiding any buy recommendations.

ETH/USD

Ethereum continues to outperform the other top cryptocurrencies. It is well above the 50-day SMA and just below the 20-day EMA. It is trying to hold the neckline of the bearish head and shoulders pattern. The pattern will complete on a breakdown and close (UTC) below the neckline, which has a lower target of $418.

ETH

As the 50-day SMA is still rising and the 20-day EMA is flat, we don’t expect the ETH/USD pair to sink to $418 in a hurry.

We anticipate a strong support at the 50-day SMA, which is close to the 50 percent retracement levels of the rally from $363 to $838.

The first bullish sign will be a breakout of $745 levels. Until then, every pullback attempt will be met with a strong selling pressure.

BCH/USD

Bitcoin Cash has completed the head and shoulders pattern, which gives it a lower target objective of $650. Currently, it is close to the 50-day SMA, which might act as a support and a pullback to the neckline of the bearish H&S pattern is probable. If the bulls fail to scale above the neckline, chances of a breakdown increase.

BCH

As the BCH/USD pair had risen vertically from $777.5304 on April 18 to $1,590.7825 on April 24, there are no supports in between $800-$1,130. Below the 50-day SMA, the cryptocurrency can plunge to $800 levels where some buying can be expected.

We suggest waiting for prices to stabilize before buying. Catching a falling knife can be dangerous.

XRP/USD

Ripple is trying to hold the May 12 lows of $0.632 but it seems weak as it is not finding buyers even at these levels. A break and fall to the critical support level of $0.56270 looks probable.

XRP

On the upside, the bulls will have to break out of the resistance zone between the 50-day SMA and $0.76 to exhibit strength.

We suggest waiting for the XRP/USD pair to show some strength before initiating any long positions.

XLM/USD

Stellar has broken below some key support levels and is currently at the neckline of the head and shoulders pattern. A break and close (UTC) below the neckline will complete the pattern which has a lower target of $0.2.  

XLM

Even if the neckline support holds, it will be a tough climb for the bulls because the XLM/USD pair will face resistance at the 50-day SMA and the 20-day EMA.

The first sign of strength will be on a break out above the May 13 highs of $0.38692920. The longer the price sustains below the moving averages, the weaker it will get. Hence, we are not suggesting any trade on it.

LTC/USD

Litecoin has been trading below the 50-day SMA for the past three days, which shows a lack of buying even at these low levels. The bulls are trying to defend the $127 levels. If this level breaks, a slide to the $115 levels is possible.

LTC

On the upside, any bounce to the 50-day SMA or the 20-day EMA will attract selling. We remain bearish on the LTC/USD pair until it shows consistent buying.

The trend will change only on a breakout and close above the $170 levels. However, if the digital currency falls to $115 levels and holds, we shall risk a buy.

ADA/BTC

Cardano has broken below the trendline and the 50-day SMA. It has minor support at the May 12 lows of 0.00002870. If this level breaks, the next support on the downside is at 0.000025.

ADA

On the upside, the bulls will face stiff resistance at the 50-day SMA and the 20-day EMA. Once these two levels are crossed, the final hurdle will be the horizontal resistance at 0.00003445.

We shall turn positive once the ADA/BTC pair sustains above this level. Until then, it remains in a no-trade zone.   

IOTA/USD

IOTA is trying to hold the horizontal support at $1.63, which is just below the 50-day SMA. If the support holds, a move back to $2.2117 is possible but the up move will face resistance at the 20-day EMA and at $2 levels.

IOTA

If the support breaks, the IOTA/USD pair can slide to $1.28 levels. The 50-day SMA is rising while the 20-day EMA is declining.

Chances of a range bound action are high. We need to wait for a buy setup to emerge before suggesting any long positions on it.

EOS/USD

EOS has been attempting to hold on to the 50-day SMA for the past two days. The 61.8 percent Fibonacci retracement level of the recent rally is also close to the current levels. An attempt to rebound off the supports on May 17 met with selling pressure close to the 20-day EMA.  

EOS

The EOS/USD pair might remain range bound between the 50-day SMA and the 20-day EMA for a few days before breaking out or breaking down from it.

The next support on the downside is at $10 levels, while the overhead resistance is at $14. We shall look for buying opportunities once the digital currency sustains above the descending channel.

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

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