Goldman Sachs Warns Investors Not to Ignore Bitcoin any Longer

Goldman Sachs has done a complete 180 turn as far as Bitcoin and cryptocurrency are concerned. That is not entirely surprising, as Bitcoin shouldn’t be ignored by anyone. However, the institution is now actively telling their investors not to dismiss Bitcoin any longer. Given the recent price surge, that outcome isn’t surprising by any means. It will be interesting to see if their words have any major impact, though.

Goldman Sachs has been one of the few financial institutions to dismiss Bitcoin for some time. That is only normal, as most banks have taken up a similar attitude. Cryptocurrency poses a risk, in their opinion, even though any other type of investment does so as well.  Things have come to change in favor of Bitcoin lately, though. In fact, it seems the institution now warns investors NOT to ignore cryptocurrency. A drastic turn of events, to say the least. Whether or not this will yield positive results, remains to be seen for now.

Another Positive Change by Goldman Sachs

According to a recent Q&A involving the company, Bitcoin is impossible to ignore. Considering how one Bitcoin is valued above US$4,000 now, that statement is more than obvious. No one should ignore an investment opportunity based on sentiments. Believing in Bitcoin is not required to reap the rewards of what this cryptocurrency has to offer. That is, as far as investors and speculators are concerned. The Apple stockholder may be an Android fanatic as well, but still makes good money regardless.

One has to commend Goldman Sachs for this turn of events, though. They are even advising people on how to buy and trade cryptocurrency right now.It doesn’t make too much sense for the average investor, to say the least. They aren’t used to directly holding their wealth in a wallet only they can control. Rest assured most people will keep storing BTC on exchanges for the foreseeable future, though. That is never a good approach, but for speculators, it makes the most sense right now.

Trading cryptocurrencies requires a lot of work, though. Although technical analysis is a part of Bitcoin as well, other factors are at play too. People who follow the advice of Goldman Sachs will need to do their homework first and foremost. Bitcoin is not your average stock investment which can be ignored for long periods of time. The institution also puts a small focus on cryptocurrency ICOs right now. An interesting turn of events, that much is evident.

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The world of cryptocurrency debit cards is getting more competitive. Some new players have emerged with an ICO as of late. Both TenX and MonaCo will be making some significant waves in the coming months, by the look of things. Speaking of TenX, they are working on various improvements to make things more exciting for token holders. Storing these tokens on exchanges could prove to be a very bad idea, to say the least.

It is good to see more competitors emerge in the world of cryptocurrency debit cards. These projects are a great way to make currencies more spendable in the real world. Bitcoin cards, for example, are far more commonly used than most people give them credit for. It now appears Ethereum-oriented debit cards will be making some waves as well. Both TenX and MonaCo are inching closer to releasing their cards and mobile applications. It will be an intriguing competition, to say the least.

TenX and MonaCo Spice up the Debit Card Industry

Speaking of TenX, they are looking to get listed on additional exchanges. Yunbi is a top priority right now. Gaining a foothold in the Chinese market can do wonders for any debit card-oriented company. Digital payments and non-ash solutions are very popular in China. An Ethereum debit card with its own native token offering rewards will certainly make an impact. Now that the currency is listed on this platform, things will get very interesting for sure.

Moreover, it seems people storing their TenX tokens on exchanges may be punished. More precisely, the tokens award holders with a 0.5% reward. However, the team is contemplating to exclude the coins held on exchanges and in the internal TenX contract. This makes a lot of sense, as the rewards should never go to exchanges in the first place. Incentivizing users to store their tokens privately is a good choice. This decision has not been finalized yet, though. Once again, an interesting proposal that can set a new standard for similar projects in the future.

The TenX debit cards themselves should start arriving by late September of 2017. MonaCo will take orders for their cards at the end of this month. Who will be first to deliver the goods remains to be determined right now. We can only hope to see some great competition between both of these projects. Such cards can mean positive things for Ethereum as well. Up until now, the average person has no clue why they should spend ETH on goods and services. That may all come to change in the near future, thanks to these projects.

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Key Points

  • Bitcoin price rocketed higher above the $4000 level for a new high at $4098 against the US Dollar.
  • There was a break above a crucial contracting and ascending triangle at $3765 on the 4-hours chart of BTC/USD (data feed from SimpleFX).
  • Buying on dips towards the $3850 remain a good idea in the near term.

Bitcoin price is in a super bullish trend against the US Dollar and other cryptocurrencies, and BTC/USD might continue to move higher towards $4500.

Bitcoin Price Continuous Gains

Bitcoin price after the Hard Fork continued to gain momentum above $3000 against the US Dollar. The upside was so strong that buyers were able to break key resistance levels like $3700 and $3900. The price even broke a milestone level of $4000 and recently traded as high as $4098. The current uptrend is very strong and putting a lot of pressure on other cryptocurrencies like Ethereum.

During the upside move, there was a break above a crucial contracting and ascending triangle at $3765 on the 4-hours chart of BTC/USD. It has opened the doors for further gains above $4000 in the near term. The stated triangle at $3900 might act as a support if the price corrects lower from the current levels. The 23.6% Fib retracement level of the last wave from the $3232 low to $4098 high is also at $3894.

Bitcoin Price Weekly Analysis BTC USD

Overall, the price remains in a super bullish trend and supported above $3800. Any major declines in the near term can be considered as buying opportunity above $3800. On the upside, the recent high at $4098 is an initial resistance. The next move hurdle for buyers could be at $4500.

Looking at the technical indicators:

4-hours MACD – The MACD is gaining heavy momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently in the extreme overbought zone.

Major Support Level – $3800

Major Resistance Level – $4100

 

Charts courtesy – SimpleFX

Key Highlights

  • ETH price remained elevated above $280 against the US Dollar, but currently under pressure due to Bitcoin price rise.
  • There was a break below a major bullish trend line with support at $303.50 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently under pressure and may struggle to break the recent high of $317.19.

Ethereum price is struggling to gain momentum against the US Dollar and Bitcoin. ETH/USD is currently correcting lower towards $280.

Ethereum Price Resistance

It was mostly a good week for ETH price as it moved above the $315 level to trade as high as $317.19 against the US Dollar. Later, the price struggled to move towards $320-325 and currently moving lower. It traded lower and moved below the $310 level. During the downside move, it broke the 23.6% Fib retracement level of the wave from the $256.34 low to $317.19 high.

Moreover, there was a break below a major bullish trend line with support at $303.50 on the 4-hours chart of ETH/USD. However, the downside move was protected by the 50% Fib retracement level of the wave from the $256.34 low to $317.19 high. The last two candles on the 4-hours chart are mostly bearish, which is not a good sign. There are chances that ETH price might recover towards the $310 level, but most likely to face strong offers.

Ethereum Price Weekly Analysis ETH USD

Therefore, in the short term, there can be swing moves towards $310 and then a downside move to test the $280 support zone. In the medium term, the price is well supported and likely to resume gains above $300. However, Bitcoin price needs to settle down to decrease bearish pressure on all altcoins.

4-hours MACD – The MACD is still in the bullish zone despite of the recent decline.

4-hours RSI – The RSI is moving lower towards the 50 level.

Major Support Level – $280

Major Resistance Level – $317

 

Charts courtesy – SimpleFX

Privacy and security have become a rarity in the recent times as users of the internet, and other online applications are under constant threat of being compromised by the hackers or eavesdropped by government agencies.

Many times hackers have made use of illegally gotten private information to compromise computers, emails, social media, bank accounts and even cryptocurrency wallets. At the same time, there hasn’t been much progress with regard to fool-proof privacy, secrecy and security solutions in a conventional set up due to various limitations. However, thanks to blockchain technology, things have started to improve on that front.

Obsidian, a blockchain based communications platform has come up with a solution that ensures the privacy and secrecy of its users while providing best in the class security offered by cryptocurrency blockchain.

The platform is built over C# based blockchain, powered by Stratis protocol. It has implemented Masternodes and Service Nodes to create Obsidian Secure Messenger application. The platform is presently in public alpha testing,

Obsidian is currently running a presale of Obsidian Coin (ODN), allowing investors to purchase the tokens against payment in Bitcoin or Ethereum. The presale in its final week is set to end on August 18, 2017.

The Obsidian project is already beyond the MVP stage, which can’t be said about other platforms as many of them run crowdsale with nothing more than whitepaper. The MVP is currently undergoing a public alpha test, allowing investors to get their hands on the platform before purchasing the tokens.

Once the presale is over, the Obsidian ICO will commence within 24 hours, offering the remaining coins for sale. Any unsold coins by the end of ICO will be destroyed to ensure the value of ODN is conserved. Meanwhile, Obsidian is looking at some exciting partnerships across the horizon and even VC funding due to the uniqueness of its application.

Investors who are interested in the project can be part of the crowdsale by visiting the Obsidian website.

Comparison chart for Obsidian versus other messengers