What QuadrigaCX Says About Institutional Crypto Investment

Noelle Acheson is a veteran of company analysis and member of CoinDesk’s product team. The following article originally appeared in Institutional Crypto by CoinDesk, a newsletter for the institutional market, with news and views on crypto infrastructure delivered every Tuesday. Sign up here. _______ Open pretty much any mainstream financial media source and it’s hard to feel cheerful. Economic growth is slowing. The yield curve is flattening. Trade tensions are tensing. There’s plenty for an institutional investor to fret about. Yet none of those worries are top-of-mind for institutional investors these days when…

Bitcoin’s Sideways Drift Has Shifted Price Recovery Target to $3.7K

View Bitcoin’s six-day-long consolidation near $3,600 has neutralized the bullish view put forward by a falling wedge breakout confirmed on Feb. 8. The follow-through to that bullish breakout has been extremely weak with prices unable to challenge the highs above $3,700 hit last Friday. A move above $3,711 (Feb. 8 high) would validate the bullish outside reversal candle seen in the 3-day chart and open the doors to the psychological hurdle of $4,000. That looks likely as BTC has witnessed another falling wedge breakout on the 4-hour chart. Bitcoin risks…

Ethereum Price Analysis: ETH Losing Bullish Momentum, Downsides Limited

ETH price struggled to stay above the $121 and $119 support levels against the US Dollar. This week’s followed major bullish trend line was breached with support at $121 on the hourly chart of ETH/USD (data feed via Kraken). There is a new connecting bearish trend line in place with resistance at $121 on the same chart. The price could revisit $121-122 resistance zone, where sellers are likely to reemerge. Ethereum price is pointing a few bearish signs against the US Dollar and bitcoin. ETH/USD is now at a risk…

Long-Term Indicator Suggests Bitcoin Price May Be Nearing Bottom

View Bitcoin’s weekly MACD has diverged in favor of the bulls. The indicator carved out a higher low in December, even though bitcoin’s price slipped to $3,100, signaling waning bearish pressures 17 months before the mining reward halving. Bitcoin witnessed a similar MACD divergence 17 months before the previous halving in July 2016. The bullish MACD divergence indicates the cryptocurrency could be nearing a long-term bottom or may have carved out one near $3,100 in December. That said, a move above the 21-month exponential moving average (EMA), currently at $5,334,…

Here’s How the Gov’t of Seoul is Using a Public Blockchain in the Real-World

The government of Seoul is using ICON, the largest blockchain project in South Korea by valuation, to process information, issue documents, and conduct a wide range of administrative tasks. On February 8, the Seoul Metropolitan Government moved forward with its plans to develop a blockchain ecosystem with the people of Seoul by creating the Seoul Blockchain Governance Team. The Seoul Blockchain Governance Team is composed of 40 college students, 30 normal residents, 20 blockchain developers, and 10 industry experts. The team will develop, test, and deploy distributed ledger-based systems in…

Bitcoin Price Watch: BTC Set For Further Gains, Downsides Limited

Bitcoin price stayed above the key $3,560 support area, with range moves against the US Dollar. This’s week’s followed bearish trend line is intact with resistance at $3,590 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could gain bullish momentum if there is a proper close above $3,590 and $3,600. Bitcoin price is trading nicely in a bullish zone above $3,560 against the US Dollar. BTC is likely to accelerate gains above $3,600 as long as the price stays above the $3,540 support. Bitcoin…

Blockchain Analysis Ties 5 Bitcoin Addresses to QuadrigaCX Exchange

Blockchain watchers have identified a group of bitcoin addresses that likely belong to one of the so-called cold wallets of failed crypto exchange QuadrigaCX. The discovery is notable in light of QuadrigaCX’s claim that it has been unable to access these wallets – which held the lion’s share of the $190 million owed to customers – since the death in December of CEO Gerald Cotten. In court filings, the company has said Cotten had the sole responsibility of moving funds from the exchange’s “hot,” or active, wallet to offline “cold”…

Crypto Institutional Investment Coming | So Says Mike Novogratz

According to a Bloomberg report, Galaxy Digital Holdings founder Mike Novogratz believes that crypto institutional investment will be coming by next year. If this were to be the case, digital coins would most likely rally significantly. Crypto Institutional Investment In an interview with Bloomberg Television, the crypto magnate said the following about digital currency, which he dubs ‘smart money’: “All the architecture that institutions need to feel comfortable with this is being put in place […] You’re going to start to see custody come online.” Crypto Institutional Investment Needs Custody Solution The…

Coinbase Wallet Now Compatible with Google Drive and iCloud

As of yesterday, users using a Coinbase Wallet can now back up an encrypted version of their private keys to their personal cloud storage account. These accounts include either iCloud or Google Drive. Coinbase released this announcement via its personal blog yesterday. Coinbase Wallet Upgrades 🔐☁️ Introducing Cloud Backup for your private keys on Coinbase Wallet! Backup to your personal iCloud or Google Drive, and explore the open financial system with peace of mind. https://t.co/6uaHT8AZky — Coinbase Wallet (@CoinbaseWallet) February 12, 2019 This new feature is making many within the cryptocurrency…

Bitcoin Making Little Headway as Resistance Caps Price Gains

View Bitcoin is struggling to cross the 50-day moving average hurdle for the fifth straight day. The repeated failure at that key hurdle has neutralized the bullish outlook put forward by Friday’s falling wedge breakout. A convincing move above $3,630 (50-day MA) would revive the short-term bullish outlook and open the doors to $3,730 – the neckline of a potential inverse head-and-shoulders bullish reversal pattern on the 4-hour chart. A violation there would confirm a bearish-to-bullish trend change and could yield a rally to $4,130 (target as per the measured…