Bitcoin and other Cryptocurrencies

Bitcoin Cash (BCH) jumps to $21.8B market cap amid general crypto market consolidation.

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The first meeting of the G20's Digital Economy Task Force is being held in Buenos Aires on February 8 and 9.

German and French finance ministers and central bank governors have sought joint action by the G20 group of advanced and developing countries to tackle the risks posed by cryptocurrencies, reports said Friday. In a letter to the finance minister of Argentina, which holds the G20 presidency now, they have asked the matter to be placed as the top agenda for the upcoming meeting in March.

They have sought an international report on the impact of cryptocurrencies, an International Monetary Fund report on the financial stability risks they pose and trans-boundary efforts to regulate them.

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Blockchain and Distributed Ledger Technology (DLT) have shown their immense potential in recent times and are gaining traction, but mistaking the technologies for a silver bullet could be costly according to some industry protagonists.

Blockchain holds great promise - if you peel back the layers - and as I heard at the annual ISITC Europe 2018 conference in London late this January. Dr Kay Swinburne, British MEP and vice-Chair of the influential Economic and Monetary Affairs Committee (ECON) in the European Parliament spoke of the technology and its attributes in a Keynote address to City types.

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Bitcoin posted big key-reversal bar on the weekly time-frame

Bitcoin is already near resistance around 9222, the January spike-low, and the trend-line from last month. A break through both of these hurdles could have Bitcoin finding a resurgence of buyers for a larger rebound to unfold back towards 11.5-12k, or better.

The lower end of that targeted zone would wipe out the last leg lower from the triangle proceeding the sell-off, a common occurrence after these types of technical patterns lead to a strong move and reversal.

The broader outlook remains, though, despite the possibility of a rally; lower prices look likely as the mania continues to move in reverse. However, this won’t happen in a straight line and with volatility high there will be plenty of trading opportunities for both sides of the market.

Ethereum does similar, remains the strongest of the group

Ethereum continues to act the strongest of the group, and if we see a broader surge higher it could rally back relatively close to its previous high before turning lower again. With a little more strength, it will soon test the underside of the November trend-line. Beyond there, look to the trend-line off the high near 1100.

Litecoin reversal from support brings attention on December trend-line

Litecoin traded just below the June spike-high and 200-day MA before putting in what amounted to a near double-bottom (close enough). The weekly doji candlestick has it pointed higher, but also very near the trend-line off the December high. A breakout above should help propel Litecoin higher, with 200+ targeted.

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Bitcoin seems to have completed another high-low cycle in recent months, with the currency falling from an all-time high just shy of $20,000 in mid-December to under $6,000, before recovering to around $9,000 currently. This analysis attempts to value the currency based on some fundamental factors.

We believe the recovery in Bitcoin prices over the last few days could mark the beginning of a fresh rally in the cryptocurrency – fueled by a steady increase in the number of users as well as transaction volume each month this year. Our analysis forecasts an average increase of about 8% each month in the number of unique addresses over the rest of the year, accompanied by a roughly 10% increase in transaction volume each month over this period. This indicates a potential price in excess of $25,000 by the end of the year – representing a gain of almost 200% over the next ten months. Of course the price depends on much more than these fundamental factors, so we will have to wait and see how the currency performs.

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Litecoin posted massive gains, still has room to run

Litecoin lit up the board with a 30%+ gain yesterday, and tacking some more on today. On Monday, we made note of key reversals in the cryptocurrency sector, and that they likely pointed to higher prices, but the rally has exceeded short-term expectations.

The break above 210 has the 257/270-area in focus, and if the rally really gains steam resistance beyond that area doesn’t clock in until over 300. At the moment, buying into the up-move doesn’t hold the best risk/reward, but momentum favors longs until we see a strong reversal in this week’s surge.

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A bill to amend California's electronic records law, aimed at recognizing blockchain transactions, digital signatures, and smart contracts as legal forms of record, has been introduced in the State Assembly. Assembly Bill 2658, titled "Electronic records: the Uniform Electronic Transactions Act: blockchain technology," was introduced by Majority Leader Ian Calderon.

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We’ve written a number of articles on the current lousy state of the GPU market and what you can practically do about it, ranging from optimization guides for existing cards to whether AMD’s Ryzen 5 2400G can serve as a plausible low-end gaming solution to tide you over if you need a new card. But there’s another option available — the used GPU market. Does it provide a reasonable alternative?

The short answer is: Maybe. But you’re going to want to be extremely careful before you pull the trigger.
The problem with buying a used GPU off an unknown seller is that you’ve got no idea what the card’s operating conditions were. While this has always been true, cryptocurrency mining puts unique stresses on GPUs compared with conventional gaming.

First, cryptocurrency miners typically run 24/7, while most gaming GPUs don’t. Gamers also tend to understand and prioritize good cooling, while cryptocurrency miners tend to maximize performance first and worry about cooling later. Four GPUs that are perfectly capable of cooling themselves individually can run extremely hot when put loaded into a chassis at the same time. GPU miners may also have overclocked a GPU or tweaked its voltage for stability. While this is also a risk when buying a used gaming card, again, we’re talking about the difference between 24/7 operation and occasional use.

eBay offers certain protections to guard against being sold defective equipment. But just because hardware works the day you receive it doesn’t mean it won’t fail in a month or two, or display erratic crashes when loaded in a very specific fashion. We recommend buyers looking for a used card prioritize owners who specifically state that the GPU has not been overclocked or used for cryptocurrency mining.

Still, this advice relies on the original owner being honest. What can we do to avoid relying on the owner’s honesty?
Simple: We can test the card. But in order for the tests to be effective as diagnostic criteria, you’ll need to test your current GPU first.

It’s common to see people recommend benchmarks like Furmark for GPU stress testing, but I’m going to disagree with that assessment. AMD and Nvidia both scan for thermal viruses like Furmark and typically prevent them from pushing GPUs as hard as possible. Instead, I’m going to recommend you run your tests in games you already own, either by looping built-in benchmarks or with play-through tests.

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New data on the GPU market has put formal numbers behind the visible impact of cryptocurrency mining on GPU prices. Unfortunately, we’ve also got fresh information suggesting the GPU price inflation cycle isn’t ending any time soon.
Jon Peddie Research has released data on GPU sales in Q4 2017 showing that GPU shipments decreased 1.5 percent in Q4, in-line with normal seasonal expectations. Year-to-year GPU shipments decreased by 4.8 percent, driven mostly by declines in laptop shipments (desktop dropped 2 percent, but notebooks fell 7 percent).



AMD’s market share rose by eight percent from Q3 to Q4 2017, suggesting an explanation for why Vega and Polaris chips are so over-priced (we noted this in our coverage earlier this week). If cryptocurrency miners are preferring Vega over Nvidia’s Pascal, it would explain why prices on AMD cards are blown sky-high — it reflects increased demand for those parts. JPR notes, “Over three million add-in boards (AIBs) were sold to cryptocurrency miners worth $776 million in 2017. AMD was the primary benefactor of those sales.”

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Ethereum ‘head-and-shoulders’ developing on right side of topping pattern

The cryptocurrency space looks headed lower soon, with a couple of charts holding set-ups of intrigue given the posturing and price levels in play. Ethereum (ETH/USD) is sporting a pattern inside a pattern, while Ripple (XRP/USD) is showing little buying interest at key price support.

A break of the neckline and support zone (800/770) should kick off the next leg lower and further cement the broader topping pattern. Looking lower, there is trend-line support from November, then below there the 200-day MA, and Feb low at 565. The major target objective, though, lies near 400, where the apex of the wedge from late last year lies.

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