India Could Soon Legalize Bitcoin

Indian media outlets have reported about the recently held session of the country’s parliamentary inter-ministerial committee on cryptocurrency. The committee’s first session is said to have concluded on a promising note, where a majority of the members were in favor of introducing regulations on cryptocurrency usage, thereby offering a legal status to Bitcoin and other virtual currencies. On the other hand, few committee members called for a complete ban on cryptocurrency usage in the country.

According to news reports, the positive outlook towards virtual currencies expressed by the committee members increases the likelihood of Bitcoin and other cryptocurrencies receiving a legal status soon. The committee has decided to focus on exploring the possible amendments to the Reserve Bank of India Act required to assign a legal position to cryptocurrencies.

Provided the committee successfully decides upon conferring a legal status to Bitcoin, with suitable amendments to existing regulations, then all cryptocurrency transactions and investments will become taxable assets. In addition to taxation, there is also a possibility of the government imposing strict Foreign Exchange Management Act (FEMA) regulations against overseas cryptocurrency investments. Bitcoin users will also be required to meet stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

The committee is expected to present its findings to the parliament by mid-May, based on which the concerned ministry (Finance Ministry) will take further action.

While assigning a legal status to Bitcoin is welcomed by India’s cryptocurrency businesses, there are few concerns about its eventual impact on the sector. Indian regulators have in the past gone overboard with investment and tax regulations. If the government decides to overreach in this matter, it could end up hampering the growth of cryptocurrency ecosystem in India. The government should weigh the pros and cons, make necessary allowances for the industry’s progress while framing new cryptocurrency laws.

Ref: CNBC | Image: NewsBTC

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Another day done in our bitcoin price trading efforts is drawing to a close, and it’s been one that has been pretty good to us. We noted in our coverage this morning that the bitcoin price seemed to be settling down a bit, and that we we’re expecting some degree of sideways trading today, as price ranged into a consolidation period.

We set up a range that was capable of taking advantage of breakouts to both the up and the downside, and set up some relatively aggressive targets coupled with some tight risk management parameters. As it turns out, the strategy has served us well.

We saw the bitcoin price break through the upper level in our range mid afternoon, and price hasn’t really looked back since. We got in on the break, and managed to carry through to our predefined take profit without any suggestion of a reversal or a chop.

So, what does this mean for tonight?

Well, it brings 1300 into play as a potential near term target (we’re actually going to look beyond that level, as we’ll get to shortly), meaning we could be in for some fresh highs in the bitcoin price near term. Fresh highs make things interesting, as they usually generate a wave of extra attention (outside the space) that adds extra speculative capital to the equation, meaning we could see a real run soon.

So, let’s get to our key levels for this evening. Take a look at the chart below before we get started.

As the chart shows, the range we’ve got for tonight is defined by support to the downside at 1281, and resistance to the upside at 1290. If we see a close above 1290, we’ll be in towards 1305. Conversely, a close below support will put us in towards 1270.

Let’s see what happens.

Charts courtesy of SimpleFX

Bitcoin exchanges are always looking for new opportunities to expand their market presence. Coinbase recently announced project Token, which is quite an intriguing concept. It combines private and secure messaging with an Ethereum wallet and a browser for Ethereum-based applications. The application is available in the form of a developer preview, with no release date announced just yet.

It has to be said, Token is an app that holds a lot of merit. It is evident Coinbase took some inspiration from similar messaging applications to build their own app. Token looks a bit like WeChat, and it packs quite a similar toolset as well. To be more specific, the goal is to enable digital wallets on a global scale among Token users.

Token Looks Quite Appealing Already

Unlike what most people would expect, however, Token is not about using Bitcoin payments. Instead, the developers made a conscious decision to support Ethereum only. Token will provide a digital Ethereum wallet for all platform users, allowing them to send and receive money without problems. It is possible bitcoin integration will follow in the future, though. For now, Token is all about Ethereum and bringing that particular ecosystem to the masses.

Moreover, this piece of software allows users to access Ethereum applications as well. The user does not need to install or host the accessed applications, which is a nice touch. It is good to see a convenient solution to explore Ethereum apps, especially for less tech-savvy cryptocurrency enthusiasts. At the same time, users still remain in control of their own funds at all times, which is a smart business decision.

The reputation system provided by the application should not be underestimated either. Trusting people in an online ecosystem is not easy by any means. Token users will build up a reputation as they transact with other users. The reputation system also extends to any accessible applications. More people using a specific app means it will gain a better status on the platform. Once again, an interesting choice, although one that will be well received by most people.

It is worth mentioning Token uses the Signal Protocol to provide end-to-end encryption. The Ethereum network serves as a backbone for global digital payments. Accessible apps use the SOFA protocol, which is a custom-built open standard for financial applications as part of a chat bot. uPort support will be enabled in the future as a way to provide a decentralized identity system.

Header image courtesy of Shutterstock

Blockchain, also referred to as distributed ledger has proven to be the ideal solution for democratizing various industry segments, including financial sector which have remained heavily centralized over decades. The very technology is now increasingly being implemented in the entertainment sector. Token.FM is one such platform that has adopted a similar approach in the music industry.

Token.FM is a blockchain-based music distribution service developed by Tokenly, a blockchain technology solutions company. A couple of days ago, the company announced the upcoming launch of its Token.FM platform. In the press release, Tokenly mentions the trial to go live sometime during early May 2017, followed by the launch of its Series A fundraising round.

The new Tokenly product has already received the distinction of being the first ever blockchain-based direct-to-fan music platform. Token.FM allows singers and artists to take control over their creations by enabling them to decide the pricing, distribution, and revenue split for streaming and sales. In addition, the platform provides fans with unprecedented access to exclusive content, including artist chats/experiences, early access to concert tickets, merchandise and more.

In the press release, the CEO of Tokenly Adam B Levine was quoted saying,

“Token.FM is all about deepening the relationship between artists and fans while restoring the sense of music ownership that has been largely missing from the digital music experience. Now, artists can fully control the distribution of their music and see exactly who their most devoted fans are, rewarding them with exclusive perks. Meanwhile, fans enjoy full ownership of the music they purchase and a closer relationship with their favorite artists and fellow music lovers. In the end, it’s all thanks to the power of the Blockchain, which we are thrilled to take beyond the stage of conception and concretely apply to direct-to-fan music sales for the very first time.”

The Token.FM platform already has an early adopter in the form of Tatiana Moroz, a well-known singer in the cryptocurrency industry. She has made her whole album catalog available on the platform.

Token.FM is not the only player targeting the music industry with a blockchain solution. There are other platforms like ArtByte, VOISE etc., which are also doing their bit to empower the artists and audience with blockchain technology. In the coming days, there will be more such platforms competing directly with established music platforms, forcing them to change their model.

Ref: BusinessWire | Digital Music News | Image: NewsBTC

OK then, let’s get things kicked off for the day out of Europe. After what was a pretty exciting start to the week, things seem to have settled down a little bit as we head into the later stages. The bitcoin price has spent the last couple of days ranging between the 1240-1270 range, and while we’ve seen the odd breakout from this range on the shorter, intraday timeframe, we’ve not been able to get into anything sustained, and we’ve had to make do with short sharp choppy trades. After the start of the week that we saw, this isn’t too much of a bad thing. We managed to pull a few decent sustained profits from the market early week (and towards the end of the week last week) so all remains well.

Anyway, that’s enough fluff. Let’s get some key levels outlined for the session today, and see if we can pull a profit from the market on any volatility – be that breakout sustained or a sharp choppy trade.

So, take a look at the chart before we get going. Last night we widened things out to the thirty-minute timeframe. For this morning’s session out of Europe, we’re going to shift back to the fifteen-minute frame. As ever, the chart below has our key range overlaid in green.

As the chart shows, then, our focus range for the session today is defined by support to the downside at 1263, and resistance to the upside at 1270. That’s a tight range, so we’re going to go after price with a breakout approach only – no intrarange action.

So, if we see price break above resistance, we’re going to get in to a long entry towards an immediate upside target of 1280. Conversely, a close below support is going to get us in short towards a downside target of 1250.

Charts courtesy of SimpleFX

The online casino industry is rapidly expanding. This expansion increases demands on online security for all players. The security net must include not only a player’s deposits and withdrawals, but it must also help to establish the feeling of a fair game. Online casinos take security extremely seriously and attempt to create a fraud-free environment where their players can thrive.

One way of offering a dependable payment scheme is to collaborate with established and trusted partners. Some of the biggest companies in online money transfers are Visa, Mastercard, and Maestro. They are all renowned for their focus on security.

A new type of currency that’s steadily gaining popularity within the online gaming industry is Bitcoin. It is a form of payment exclusively available online and allows users to make anonymous transfers with the currency of Bitcoin, instead of using, for example, USD or SEK.

What makes this system more secure than others is the elimination of intermediaries in the transfers. This way, the player need not go through several steps with different companies in order to make a transaction. By skipping the intermediaries the risk for fraud is effectively minimalized.

Bitcoin and casino security

A Japanese scientist called Satoshi Nakamoto created Bitcoin. The currency was first introduced in 2008 and has since then become one of the most used currencies in online gambling. The practical aspect of Bitcoin trumps the use of regular currencies as it works as a simple transaction between two individuals rather than a series of transactions between the player and various companies. The Bitcoin system is not regulated by a central agency, which comes with both pros and cons. The lack of regulation has been seen by many industries as a way of making the system vulnerable and unsafe. On the other hand, the same thing could be argued in Bitcoin’s favor, as there is a smaller rulebook when no government-run agency is involved in the system.

Bitcoin is an e-wallet found at many online casinos. The currency is virtual and shown through an online code. Bitcoin is kept on a specially designed website and assures the users anonymity. None of the transactions can be traced from the website. This very anonymity increases the security for online gamblers. Besides the lack of intermediaries, Bitcoin can provide player’s a sense of discretion many other ways of transfers lack.

RNG – A way to ensure fairness

The acronym RNG stands for Random Number Generator. The system is used by the well-known Swedish game developer Net Entertainment to ensure the justness of their games for all future players. The company has even created their own RNG, which has been tested by independent companies. The idea behind the system is to ensure fairness in the element of chance when it comes to winnings in slot games.

Online casinos use the RNG system in all their games to make sure that the winnings in their slots are always determined by chance, and not influenced by outside forces. By applying the RNG system, online casinos can prove to be dedicated to providing a fair and equal chance of winning for all players. Another security system often used by online casinos is the RFID mini chip.


RFID stands for Radio Frequency Identification. It is a mini chip containing a radio transmitter, which sends information to a specific scanner. RFID is in a way similar to barcodes but is used through radio waves as opposed to a printed pattern. The radio waves carry all necessary information and the RFID can be received from a distance. A RFID can be installed pretty much anywhere. Online casinos have been implementing RFID to increase security in relation to credit card scams in online casinos. The transmitter is often used to give casinos a better overview of transfers to easier detect fraud and unlawful behaviors.

Vikingslots, for example, is one of the online casinos following this new trend and is currently using the newest safety measures available for online gambling. Bitcoin, RNG, and RFID have all been implemented on the casino’s website. The use of these systems guarantees a secure gambling experience for all users.

Cover image via Toronto Gold

Every bitcoin enthusiast knows by now certain Chinese pools will never support SegWit. ViaBTC is one of the biggest proponents of this scaling solution so far. The company issued an official statement on Medium as to why they have taken this stance. All of these comments have been heard before, yet for some reason, the announcement is causing quite a stir.

It is very clear ViaBTC has no intent of switching their stance on SegWit anytime soon. The company feels it is not a solution that solves the capacity issue. With blocks running full for over a year – something that is disputed by a few bitcoin experts – the need for a scaling solution is now. SegWit cannot solve this problem, according to the company.

While it slightly increases the block size due to new transaction formats, it is not enough to satiate current bitcoin transaction demand. The company handily forgets to mention one of their “partners in crime” opposing SegWit is actively mining empty blocks “because they can”, though.

ViaBTC Reiterates The Typical Anti-Core Sentiments

Moreover, ViaBTC sees little merit in the Lightning Network. They state how “LN cannot be considered as a block scaling solution”. Moreover, the post mentions how “most bitcoin use scenarios are not applicable with the Lightning network”. Quite a controversial statement, considering LN enables instant transactions regardless of the amount. ViaBTC also feels the Lightning Network will create “payment centers” which is a direct “violation” of the peer-to-peer protocol itself.

Perhaps the most interesting sentiment is how SegWit makes future block scaling harder. There is a lot of waste associated with SegWit transactions. While blocks may increase to 4MB in size, less than 2MB of each block will contain actual transaction data. That is not that big of an upgrade, according to ViaBTC. Instead, the company proposes the move to 8MB blocks immediately. Having most of these blocks over half empty for many years to come is a waste as well, though.

It is obvious ViaBTC and other Bitcoin Unlimited supporters are fed up with the Bitcoin Core developers. The Medium posts mention as much, as the company feels the influence of Bitcoin Core has been “overrated by their actions”. Rest assured that the statement will not sit well with a lot of people. All of these posts simply continue to delay bitcoin scaling, as the community clearly wants SegWit. Mining pools such as ViaBTC keep opposing this change just because they can. It is good to see them voice their concerns, but in the end, they are the ones hurting bitcoin right now.

Header image courtesy of Shutterstock

Evolve Markets is a privately owned brokerage firm which offers forex, commodities, indices, and crypto-trading instruments to its users. The company is based out of St. Vincent and the Grenadines and registered under the ownership of Evolve Markets Ltd. It is a new age firm which wants to connect independent traders to the potential of global financial assets, while using advanced payment protocols like Bitcoin.

Some of the most traded financial instruments at Evolve Markets include BTCUSD, EURUSD, USDJPY, OILUSD, SPX500, ETHBTC, ETHUSD, and many others.

Evolve Markets is based on a platform which is one of the most trusted among the forex and stock traders around the globe, MetaTrader4. Equipped with some of the handiest features, MetaTrader4 is extremely sophisticated and offers cross platform solutions for online traders. The features offered by MetaTrader4 makes it possible for the users to enjoy a flexible and interactive trading environment.

Evolve Markets’ MetaTrader4 trading platform is both desktop and web-based. Mobile versions for smartphones and tablets are available for Google Android from the Play Store as well as Apple iOS from the App Store.

Evolve Markets understands the need for anonymity and lets people trade without asking for any personal identification. There is also no minimum deposit required to open an account on the platform. Evolve Markets provides for a user friendly and smooth trading experience, which makes all the difference.

The security at Evolve Markets is top notch. The platform is known not only for its brilliant user experience but also advanced safety protocols. The platform uses the popular two-factor authentication (2FA) protocol, a process that puts an additional security layer on the top of login process.

Further, the private keys on the platform are safe from any cyber attack as the platform keeps all it incoming Bitcoins in a cold storage. Also, each withdrawal request is reviewed manually to ensure that the bitcoins are being dispatched to their rightful destinations. The user passwords are also encrypted which makes them irretrievable even for the company.

Evolve Markets, with its advanced features and sturdy security measures, is a platform worth exploring.

Hello and welcome to News BTC’s Market Outlook April 20.


Bitcoin had a slightly choppy day on Wednesday, as we continue to hover just below significant resistance. At this point, looks as if short-term pullbacks offer buying opportunities as the market builds up momentum to continue to go higher. Longer-term, I have a target of 1300, but it may take several sessions get there. I also look for support near the 1240 handle.


Ethereum had a very quiet session for most Wednesday, as we continue to hang about the $52 level. Nonetheless, it seems only a matter of time before we break above $53 and continue to go much higher. With this, it seems that buying on the dips will continue to be a viable strategy, as the $50 level below should be significant support based upon recent trading action.

Things for watching and see you again tomorrow.


Key Highlights

  • ETH price after trading towards the $52.40 level against the US Dollar failed, and moved down.
  • Yesterday’s highlighted connecting bullish trend line with support at $49.90 on the hourly chart (ETH/USD, data feed via SimpleFX) was broken.
  • The price traded sharply lower towards $47.40 before starting a pullback.

Ethereum price fell sharply earlier today against the US Dollar, and the ETH/USD pair broke a major support trend line at $49.90.

Ethereum Price Bearish or Correction?

Yesterday, we saw a nice bullish wave in ETH price towards $52 against the US Dollar. The price traded as high as $52.40 where it faced resistance and started trading lower. Later, the downside move was accelerated, as the price broke down, and surpassed the $49 support. It also broke the 61.8% Fib retracement level of the last wave from the $47.10 low to $52.42 high. Moreover, it cleared yesterday’s highlighted connecting bullish trend line with support at $49.90 on the hourly chart.

It opened the doors for more losses, as the price traded towards the last low of $47.10. It just managed to hold the $47.40, and started moving back higher. It recovered above the 23.6% Fib retracement level of the last decline from the $52.40 high to $47.40 low. However, the upside recovery failed near the broken trend line around $50.00. Also, the 100 hourly simple moving average along with the 61.8% Fib retracement level of the last decline from the $52.40 high to $47.40 low acted as a resistance.

Ethereum Price Technical Analysis ETH USD

The price is clearly struggling to clear the 100 hourly simple moving average and $50. So, there is a chance of it moving down once again towards the $48 level in the near term.

Hourly MACD – The MACD is extending moves in the bearish zone.

Hourly RSI – The RSI is in the bearish zone, and struggling to move higher.

Major Support Level – $48.00

Major Resistance Level – $50.50


Charts courtesy – SimpleFX