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EOS Price Watch: Bulls Getting Back on Their Feet

EOS Price Key Highlights

  • EOS price appears to be forming a double bottom on its 4-hour time frame, signaling that the downtrend may be over.
  • Price has also formed slightly higher lows to mark the start of an ascending channel on its 4-hour time frame.
  • However, technical indicators are still reflecting the presence of selling pressure.

EOS price is showing some bullish hints with a rising channel and double bottom, but technical indicators suggest otherwise.

Technical Indicators Signals

The 100 SMA crossed below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. However, it’s also worth noting that EOS price is above these dynamic inflection points as an early indicator of bullish momentum.

Price also seems to have cleared the mid-channel area of interest to signal a pickup in bullish pressure. However, RSI is pointing down after recently hitting overbought levels, signaling a return in selling momentum. Similarly stochastic is heading south so EOS price could follow suit. In that case, another test of the channel support might be in order.

EOSUSD Chart from TradingView

EOSUSD Chart from TradingView

Cryptocurrencies appear to be staying supported owing to a number of positive developments in the previous week, which ended with the SEC announcing their decision to delay the ruling on bitcoin ETF applications.

This is something that the regulator has also done for other proposals, giving more time for a comment period before making an official announcement. This appears to be keeping market watchers positive that an approval could be in the works since the regulator refrained from issuing a rejection straight away.

With that, EOS and its peers could tread carefully as traders might be quick to react to any hints on whether or not an approval is in order. For EOS itself, the expansion of Bancor to this digital asset also adds more support.

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Newdex Decentralized Crypto Exchange Robbed in New Hacking Attack

After discovering a new security vulnerability, hackers managed to flood a crypto exchange with fake EOS tokens. By the end of their operation, they ended up stealing as much as $58,000 from the exchange’s users directly.

New Hacking Attack Hits a “Decentralized” Exchange

The hacking attacks of the crypto world show no signs of stopping or even slowing down at this point. The proof of this is a new attack that has hit a “decentralized” crypto exchange called Newdex. The attack was not a classic one, and the hackers actually flooded the exchange with as much as 1 billion fake EOS tokens which they themselves created according to reports.

The tokens were created on EOS platform, and also named EOS. Through their use, the attackers illegitimately bought IQ, BLACK, and ADD tokens from the exchange. The exchange confirmed this, naming the account that performed the scam as “oo1122334455”. Additionally, the exchange admitted that as many as 11,800 fake orders were issued through the use of fake EOS coins.

Eventually, the scammers traded fake EOS for real EOS, gaining around 4,028 EOS coins, or approximately $20,000 on Bitfinex. The worst losses were experienced by the Newdex users, which cost around $58,000 in total. While the exchange’s team has apologized for the incident, they released no plans regarding compensation for their users.

How Did They Pull It Off?

After an initial investigation, it would seem that the vulnerability consists of two aspects. The first one is the fact that anyone can make their own token on EOS, and name it whatever they want — including “EOS”. The second one includes the fact that Newdex doesn’t require smart contracts. That way, it is not possible to actually confirm that the tokens pumped into its system are actually what they seem to be.

This is due to the fact that developers are using the popularity of DEX (decentralized exchanges), and are dressing to pose as one. What’s more, the community proved that Newdex is not a real DEX several days before the incident, stating that Scatter is presented as a trading and login interface, so that it would look like a DEX. The reality is that users are sending funds to regular EOS accounts that don’t have any kind of smart contract running on it.

This is called the “newdexpocket”, which is an EOS account that doesn’t use smart contract code and is actually just a Newdex dApp wallet. Basically, this means that the users are sending funds to a regular personal EOS account, with no confirmation that they are making an official and real transaction.

In the end, while this definitely is not the greatest hacking attack in crypto history, it may be the biggest fiasco. What’s worse, this might seriously damage a lot of people’s opinion of DEX and decentralized internet.

 

Image from Shutterstock

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Another $10 Billion Lost; Why Have Crypto Markets Dumped Again?

FOMO Moments

Another week, another dump; Ethereum, EOS, and VeChain, all in pain.

Just when the crypto community was thinking a recovery could be possible, markets take a big dump once again to dash all hopes. Wiping out all gains over the past few days, markets have slid back below $200 billion and are looking extremely bearish again today.

Bitcoin has lost 3% on the day dropping it below key support levels to $6,295. BTC made a breakout from its rising wedge pattern resulting in a slide of over $200 in three hours or so. Ethereum as usual has fared even worse wiping out all last week’s gains and collapsing 9% on the day back to just below $200. Technical indicators suggest it could fall further back before any rallies can be expected.

Equally as predictable are the altcoins which are all dumping today. The repetitive pattern of 4-5 day’s gains being wiped off in less than one day is becoming quite tiresome. In the top ten EOS, Litecoin and Cardano are suffering along with Ethereum shedding 7-9 percent on the day. Bitcoin Cash and Monero are not far behind with 6-7 percent losses.

A sea of red has enveloped the rest of the altcoins in the top twenty with VeChain taking the biggest hit at 10%. The rest are all losing 6-7 percent on the day, a pattern which is being repeated all the way down the chart.

Only Steem is defying the dump with an 18% pump at the time of writing. A strange occurrence since their blockchain has been suffering with technical difficulties lately. A few other obscure altcoins are in the green today including Cybermiles, QASH, and FunFair. The rest are getting pounded and at the top of that list is Aurora dropping 27%, followed by MOAC and Mixin both losing 12%.

Total crypto market capitalization has dumped almost $10 billion over night, or around 4.5%. It is currently at $193 billion and dangerously close to falling to another yearly low. Trade volume has increased to $12 billion but largely in the wrong direction.

Reports have emerged of a long silent Bitcoin wallet containing over 110,000 BTC recently awakening to dump a lot of crypto into the markets. It has been speculated that this could have something to do with the now defunct dark web marketplace, Silk Road, though this remains as speculation.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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Hackers Steal $200,000 Worth of EOS, dApp Had Smart Contract Flaw

A gambling application that is based on the EOS blockchain has had a flaw in its smart contract system exploited. Hackers were able to make off with $200,000 worth of EOS due to the vulnerability.

EOSBet Taken Offline Following Security Breach

Those behind today’s attack exploited a weakness in one of the EOSBet platform’s smart contracts. Following the incident, the service was taken offline whilst developers tried to pinpoint exactly how such an attack was possible.

According to a report by TheNextWeb, an EOSBet spokesperson has stated:

“[…] A few hours ago, we were attacked, and about 40,000 EOS was taken from our bankroll… This bug was not minor as was stated previously, and we are still doing forensics and piecing together what happened.”

They added that the service should resume full functionality “relatively quickly” and that the incident was caused by a fault within the coding of one of their games. In addition, it appears that the hackers were able to target numerous games with the same code.

It seems that those behind the attack were able to trick the EOSBet’s transfer funds function by using a fake hash. The discovery was first made public by a member of the EOSBet Reddit community. The post by user “thbourlove” showed the code used to exploit the vulnerability. This was responded to by the platform’s official Reddit account:

“Yep, we were hacked. But we also have this exact assertion that you do. I would be careful, it’s a bit deeper than you think.”

It seems that those responsible for the attack have attempted to make the transfers off the platform to the attacker’s wallet appear legitimate by creating an account that looks very similar to that of the official EOSBet wallet. They received small transactions from a number of accounts accompanied by the following message and other similar ones:

“Memo: Please refund the illegal income eos, otherwise we will hire a team of lawyers in China to pursue all criminal liability and losses to you. Eosbet official eos account: eosbetdicell.”

Taking a leaf out of the Twitter-bot scammers’ playbook of spreading ill gotten gains thinly across many wallets, the fake account then sent out many small amounts of EOS tokens to several accounts with this message:

“Memo: Dear players: In order to make up for the loss of eosbet players in the hacking incident, the platform launched a recharge to send BET. 1EOS=1BET, the official eos account: eosbetdicell, the transfer will automatically give the same BET.”

Presumably, the hope is that the disbursement is meant to resemble an official refund for players impacted by the breach.

Although the figures involved are much smaller, the incident is all too reminiscent of the DAO hack on the Ethereum network. There, a smart contract vulnerability was exploited allowing attackers to make off with millions of dollars of investors ETH tokens. It was the response the this that caused the fork that created Ethereum Classic. Clearly, far greater care needs be taken by developers hoping to use smart contracts in their dApps.

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Cryptocurrency Market Update: Ethereum Bites Back Surging 25% in Two Days

FOMO Moments

Markets are recovering this Friday; Ethereum, EOS, and Tron rising higher.

Markets have continued with their recovery from yearly lows as we end the week. Media outlets have been talking about a dead cat bounce, especially for Ethereum, but at the moment it is rallying again. Total market capitalization has climbed back over $200 billion and signals are bullish.

Bitcoin has made another 2.5% again today to send it up to $6,570. Analysts predict that BTC will form a double top at the $6,600 resistance level. Ethereum has surged almost 13% on the day to take it back to $213. From its massive low of $170 on Wednesday ETH has clawed back 25% in just two days pushing its market cap back over $20 billion again.

Mainstream media FUD harping on about the death of ETH has not deterred investors and traders who have got back in at rock bottom levels. There is no disputing though that Ethereum is down and still has a long way to go for a true recovery to be acknowledged. Right now $400 seems a long way away.

Altcoins are mostly green at the moment with Ethereum being the top performer in the top 25. EOS has made the second most in the top ten with an 8% rise on the day to $5.37. Bitcoin Cash and Monero are close behind with over 6% gains each. Stellar has not moved much with just 1.5% in the past 24 hours.

Looking further down the list Tron is doing well with a 7% bounce back to $0.020, followed by Iota and Nem gaining over 5% each. Dogecoin has cooled off and has actually declined after days of good gains, it is down 6% on the day.

Rchain is topping the top one hundred surging 50% on the day to $0.30. Aurora and MOAC have pumped 30 and 25 percent respectively, and Dropil, Decred and Maker are also in double figures over 13%. Emercoin is getting bashed at the moment with a 14% dump on the day.

Total crypto market capitalization is climbing out of its big dip and has gained 4% on the day to $202 billion. Trade volume has risen to $14 billion but there are still no significant indicators that a big bull run is imminent. Bitcoin dominance has dropped back a percent to 56 as Ethereum makes a recovery.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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Ethereum Down to $200 As Investor Confidence Crisis Looms

The Ethereum bearish market hasn’t come to an end yet.

The month of September has been particularly hard on the cryptocurrency as it quickly lost the $300 handle earlier this month, and is already threatening to consistently dive below the $200 area.

Mike McGlone, a commodity strategist at Bloomberg Intelligence, said Ether may fall further to a support target of $155.

Ethereum Crisis Driven by Increased Competition, Lack of Mainstream Adoption and FUD

The open-source, public, blockchain-based distributed computing platform and operating system was once an innovative product to help developers create functional blockchain applications. This was without a middleman or counterparty risk.

However, as the cryptocurrency market grows, currently with 1,926 different cryptocurrencies available for trading on 13,731 exchanges worldwide, more blockchain networks are disputing what once was the Ethereum territory.

A number of promising distributed ledger technology networks have come to challenge Ethereum’s throne. This includee EOS (which was officially launched in June 2018), NEO (which targets large scale enterprises), Cardano, Aeterenity, ICON, Lisk, Stratis, and Waves.

In addition to the overwhelming competition in 2018, Ethereum has faced sell-offs as blockchain start-ups paid in ETH during their initial coin offerings (ICOs) cashed out to cover expenses.

The negative narrative, however, may be a creation of its competitors, according to Angel Versetti, CEO and co-founder of blockchain-powered network Ambrosus. She told CNBC that Ethereum has been proven to work well compared with other, newer blockchains.

“There are more stakeholders with concentrated power (or large stake of holdings of coins) among other altcoins, who are promoting a narrative that Ethereum’s competitors are better and stronger. It’s important to bear in mind, however, that these predictions are not based on fact, and are merely speculative in nature.”

Bloomberg Intelligence commodity strategist Mike McGlone expects Ether to fall further to a support target of $155 “as it faces increasing competition, market volatility, and a maturing industry.”

Kyle Samani, managing partner at crypto hedge fund Multicoin Capital, said: “People started building apps and software, but the market got ahead of itself — they are realizing you have to be in it for the long haul, and some investors don’t have the patience.”

Matthew Newton, market analyst at eToro, said that flaws in Ethereum have been found but “there is also a lot of FUD being spread around about the death of ether, which may be contributing to an emotional sell-off.”

Lack of dApp mainstream adoption may also be hurting ER20 token prices as Ethereum faces a massive crisis in investor confidence.

Featured image from Shutterstock.

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Year-to-Date, Bitcoin Outperformed 3 National Currencies Despite Major Correction

Bitcoin, the most dominant cryptocurrency in the global market, has still managed to outperform three national currencies year-to-date despite its steep decline since December of last year.

Charlie Bilello, the director of research at Pension Partners, a New York-based investment advisory which manages mutual funds and separate accounts, published a chart comparing the returns of cryptocurrencies and reserve currencies that revealed Bitcoin has outperformed the Venezuelan bolivar, Sudanese pound, and Argentine peso.

Third Worst Correction of Bitcoin

Bitcoin and the rest of the cryptocurrency market have experienced their third worst correction in 2018, subsequent to major drops in 2012 and 2014. Still, Bitcoin along with VeChain and EOS have outperformed many reserve currencies over the past nine months, especially those that were largely affected by US sanctions.

The Turkish lira fell by more than 50 percent since last year, recording a 44 percent loss against the US dollar after the US government tightened its sanctions against Turkey by excluding the region from the global financial system.

The Argentine peso and the Venezuelan bolivar massive declined in value due to hyperinflation, and for the residents of Venezuela, the drop of the bolivar was intensified to unprecedented levels after the country’s president Nicolas Maduro officially announced his controversial decision to effectively replace the national currency with a state-backed cryptocurrency called Petro.

Throughout the past nine years, as Coinbase CTO Balaji Srinivasan stated at TechCrunch Sessions: Zug, the cryptocurrency market has experienced a clear pattern of bubble-crash-build-rally.

Developers like Ethereum creator Joseph Lubin and Gnosis founder Martin Koppelman have said that price of cryptocurrencies is the least interesting element of the market as it will follow positive developments that are made in the cryptocurrency sector in the long run.

But, while a long-term recovery is generally expected by the vast majority of investors and analysts in the market, the same cannot be said for certain national currencies that have performed poorly for many years.

Crucially, eToro CEO Yoni Assia said in an interview with NewsBTC that the demand for Bitcoin has not fallen since early 2018, possibly due to the entrance of institutional investors into the cryptocurrency market. He said:

“In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days. Market adjustments like those we have experienced recently help to stabilize prices, and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”

Stabilization of Bitcoin

Bitcoin saw its most stable month in August in a 14-month period, demonstrating newly found stability which analysts argued was created by the involvement of large-scale investors and institutions in the market.

The lack of correlation between Bitcoin and the broader financial market is expected to increase the demand from institutions for cryptocurrencies as an emerging asset class, which may allow cryptocurrencies to continue to outperform national currencies in the years to come.

The post Year-to-Date, Bitcoin Outperformed 3 National Currencies Despite Major Correction appeared first on NewsBTC.

Cryptocurrency Market Update: Dogecoin Barking at The Moon

FOMO Moments

Markets recovering slowly; Dogecoin, EOS, Dash and Monero doing well.

Things are looking brighter as we enter the weekend in crypto land. Green is across the board as markets head back over $230 billion and are poised for further gains.

Bitcoin made it back across the $7k barrier and has posted a 1.4% gain on the day to trade at $7,070 and further bullish moves are expected. Ethereum is still oscillating between $280 and $290 and cannot seem to make any progress above its major resistance level. ETH is up 2% on the day however and is currently sitting at $287.

Altcoins are looking much better today following a day of inactivity yesterday. EOS is making the biggest moves in the top ten with a 7.5% climb to $6.65. Over the week EOS has recovered 33% from a low of below $5 this time last Saturday. Litecoin and Cardano are also doing a bit better today with gains over 5%.

Privacy coins Dash and Monero are both enjoying double figure gains of 15% and 12% respectively. Neo and Nem are the next two in the top twenty recovering today with 7% gains and the rest are all in the green by at least 2%.

Dogecoin is barking at the moon today with a 56% jump to $0.0057 or 82 satoshis. Trade volume has surged by 200% in 24 hours to $140 million which has pushed market cap up to $657 million and DOGE into 21st position above OmiseGO, Lisk and Ontology. In addition to Bitcoin, Ethereum and Litecoin, Dogecoin has also been listed on the Yahoo Finance iOS trading app which has caused the resultant price pump.

dogecoin

An obscure entry by AurumCoin can be seen on Coinmarketcap at the moment posting a 5,750% pump from nothing and it all appears to be one trade on an equally obscure exchange, Cryptohub. It is likely to disappear as quickly as it arrived when the real market cap is worked out. Reddcoin and Siacoin are also making moves today with 33% and 18% jumps respectively.

Total crypto market capitalization has gained 2.6% on the day to $232 billion, its highest level since August 10. The recovery has been slow and steady over the past couple of weeks which is a better sign than unnatural pumps which are often followed by the opposite action.

More on Dogecoin can be found here: http://dogecoin.com/

FOMO Moments is a section that takes a daily look at the top 30 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

The post Cryptocurrency Market Update: Dogecoin Barking at The Moon appeared first on NewsBTC.

Research Firm Satis Group Predicts Bitcoin at $144,000 in 10 Years, Bitcoin Cash at $180

Research firm Satis Group has released a new report making bold price predictions about the current leading cryptocurrencies on the market. It is attempting to create accurate valuations based on real-world data.

Individual Crypto Asset Valuations

As an emerging, disruptive technology that’s value isn’t yet fully understood or demonstrated, it’s increasingly difficult to give each individual crypto asset a valuation. This creates wild price volatility led by speculators working through natural price discovery.

The report, penned by researchers Sherwin Dowlat and Michael Hodapp, is a deep dive into cryptocurrency market valuations. The duo used a combination of peer-based metrics, quantity theory, discounted cash flow models, and economic forecasting to come up with their valuations.

Satis Group’s research suggests that Bitcoin (BTC), the original cryptocurrency created by Satoshi Nakamoto that started it all, will unsurprisingly continue to reign supreme. They project that it will be priced at $96,000 by the year 2023, and could reach nearly $144,000 before the end of the next decade (sorry, McAfee).

The next highest value cryptocurrency is Monero (XMR), which Satis predict could reach over $18,000 within five years. By 2028, XMR is estimated to be worth as much as $39,000 according to the report. Satis suggest the “largest upside” in the “entire crypto asset market” is in the privacy sector. The firm believes that the network effect, similar to what’s happened with Bitcoin since its inception, would be repeated with the dominant privacy coins.

Zcash (ZEC) and Dash (DASH) are right behind Monero with five-year valuations of roughly $4,400 and $1,900 respectively. In 10 years, Zcash could be valued over $9,000, while Dash would come in just under $3,000.

Litecoin (LTC) is predicted to never again reach its all-time high price of $375, with its 10-year outlook performing at just $225.

Ethereum (ETH), the number two cryptocurrency by market cap, has struggled throughout 2018 after reaching an all-time high of $1,432. Interestingly, like Litecoin, the report suggest that it won’t ever reach that high a valuation again. Statis does believe that Ethereum will rise from here, peaking in 2019 at $882, then dropping roughly $100 per three, five, and 10 years out.

Other entries from the current cryptocurrency market top 10 will suffer far worse fates than Litecoin and Ethereum. These will not only decline in value and never reach their previous all-time highs, but will see their prices drop significantly lower than their current bear market prices.

Ripple (XRP) for example, will end up valued at $0.004 in 10 years, according to the data. Stellar (XLM), which shares the same founder as Ripple, Jed McCaleb, will see consistent prices between $0.01 and $0.02 over the next 10 years. Cardano (ADA) shares a very similar fate, dropping to $0.0001 10 years out.

That leaves just EOS (EOS) and Bitcoin’s hard fork, Bitcoin Cash (BCH). EOS oddly drops off to an estimated $0.05 a year from now, only to reach lower than current prices of $4.50 and $4.80 in five and 10 years. Unfortunately for frontman Roger Ver, Bitcoin Cash will fail to see prices over $1,000 again, and won’t come close to its previous all-time high of $4,330. Satis suggests Bitcoin Cash will decline to as low as $268 in 2023, and only $180 in 2028.

Featured image from Shutterstock.

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Cryptocurrency Market Update: EOS Making Moves as Recovery Continues

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More movements on markets today; EOS, Iota, Tron, and Dash all performing well.

Crypto market momentum has continued upwards this week as further gains for most digital coins keep them in the recovery zone. Total market capitalization has been boosted by another $5 billion and has made it over $230 billion, its highest point for 22 days.

Bitcoin managed to break resistance at $7k and push further with a 2% climb on the day to $7,080. The next significant level for BTC is $7,250 and the buyers seem to be in control at the moment. Ethereum has also followed making a gain of 2.5% on the day to pass $290 for the first time in over a week.

Most of the altcoins are in the green today with EOS leading the charge in the top ten. EOS is currently up 15% on the day, trading at $6.20, it has made over 34% on the week from a low of $4.63 last Wednesday. The EOS team has announced that they will develop a new voting system which will be used to let the community decide what to do with the funds raised in the EOSIO.savings account which has now reached a value of $35 million in tokens. Over the past month though, EOS is still down 25% from $8.22 this time last month.

eos

Iota is the other big mover in the top ten with an 11% rise to $0.786 while the rest are posting smaller gains of 1-3%. Further down the list the top twenty is showing similar movements aside from Dash which is still being lifted from its Latin American mobile deal. Dash is up a further 10% on the day to $198. Tron has made 6% to $0.026 while the rest are up just a couple of percent. VeChain has actually fallen back on the day dropping 2%.

Looking at the top one hundred Philippines based newcomer, Noah Coin, has pumped 72% as it enters the chart at 98. Holo is also on a pump with 28% gained on the day. Altcoins falling back at the time of writing include Substratum dropping 10%, and Nano and Aion both losing over 5% on the day.

Total crypto market capitalization has risen a further 2.6% on the day to $231 billion, its highest level for three weeks. Over $20 billion has flooded back into the markets since Friday and trade volume has inched up to $13 billion. It remains to be seen whether this recovery is real yet but more bullish sentiment is definitely welcome after ‘Red August’, the lowest month of the year in crypto land.

More on EOS can be found here: https://eos.io/

FOMO Moments is a section that takes a daily look at the top 30 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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