Creditbit’s Future Looks Promising in the Light of Current Trends

Going by the current trend for Creditbit, the future of the crypto looks quite promising. Creditbit is continuing its positive run and is speculated to cross many more milestones. The current statistics for CRB are nothing short of impressive. The trading volume is well past 1m USD, and the market cap has crossed the $15m milestone. The market cap is well beyond the target of $10m which was being speculated last week; this only goes on to show the meteoric growth that the coin has seen in such a short span of time.

Creditbit is showing a promising trend and building up the credibility regarding its positive future. The coin has managed to buck even the current cryptocurrency market trends which show a tumble that the prices have taken in the past 24 hours, as opposed to CRB which seems to be going just about fine.

Creditbit’s recovery from its earlier price decline has boosted the holders’ confidence and also made them more hopeful about its future. The recent momentum and the volume spike against ETH saw heavy gains in CRB/ETH pair on Livecoin. The volume which was initiated by the CRB/ETH went through the roof following CRB/BTC launch on Bittrex, spurred further on by the Bitcoin volatility in the previous 24hrs. This spells good news for CRB’s future as the crypto markets continue to be volatile and investors keep on looking to diversify their portfolios.

The Creditbit community is also rapidly growing as the positive trends around the crypto attract more and more traction. Every coin needs a strong community to support it and as is evident by the strong belief that the community has in the Creditbit project, the support for the project is only going to grow in the future. The project which has managed to pique the interest of investors and critics alike sure seems to have a bright future ahead.

Finally, the Creditbit dev team is a hard-working lot, which has promised many radical features to the community regarding the project. Features like CreditIDENTITY and CreditDAO already have the community’s attention. Further, features like CreditGAME are not just awaited within the community but are also expected to garner the attention of prospective investors in big markets like China.

Therefore, with the current positive trends and the increased market cap, it is clear the popularity that CRB seems to enjoy is not going to be short lived. This bodes well for the crypto’s future. Further, with more and more features being rolled out by the dev team to further develop the project, and a new development roadmap on its way, the project’s future sure seems exciting!

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Bitcoin, the leading cryptocurrency with record breaking performance until last week has started down a downhill slope. The cryptocurrency’s price has fallen from the record $3000 to less than $2500 as the cryptocurrency exchanges continue to struggle with technical issues. Also, the ongoing scalability debate has caused significant uncertainty among the community members as well.

Making matters worse are the cyber-attacks currently being faced by few exchanges. Earlier this week, two well-known cryptocurrency platforms, Bitfinex and BTC-e came under sustained DDoS attacks, which affected the latter’s service for some time. Yesterday Coinbase also ended up facing an outage, yet again, which made the platform go completely offline for several hours.

The technology issues have also caused fluctuations in Ethereum price as the cryptocurrency is supported by most of the affected exchange platforms. Apart from the technical issues faced by centralized exchange platforms, negative comments about Bitcoin by some well-known personalities have also ended up creating pressure on the cryptocurrency price.

The change in Bitcoin price has reignited the discussion about the volatile nature of the popular cryptocurrency and how it is not suitable for use as a mainstream payment instrument. However, given the rate of growth of the cryptocurrency community and upcoming cryptocurrency legislations in many countries, the value of Bitcoin is expected to rebound in the coming days.

It is not just Bitcoin that saw a downward trend in the recent days. Even technology stocks have registered a fall this week. The fall in tech stocks is said to be unsustainable levels of growth in the technology segment, which sounds quite similar to the scalability issues currently being faced by the cryptocurrency community.

The cryptocurrency market, driven by speculations has overshot the actual growth, making it unsustainable during short-term. However, long-term investments are expected to stay profitable. Meanwhile, the developer community must pick up the pace and resolve the Bitcoin network’s scaling issues to promote further growth.

Ref: CNBC | Fortune | Image: NewsBTC

So there we go, another week out of the way in our bitcoin price trading efforts. Often, when we hit Friday evening, we are able to look back at the week and note much fun it’s been jumping in and out of the markets, picking up profits here and there.

This week, that’s very much not the case.

The bitcoin price has been something of a bloodbath.

We’ve seen a pretty severe correction on the run we saw over the last month or so and a fair chunk of the value appreciation has been given back to the markets. In this morning’s analysis, we noted that the action that we saw overnight may be indicative of this correction bottoming out, and, in turn, a chance to realign our bias.

Action throughout the session today has pretty much allowed us to maintain this thesis. Well, to a degree. Price declined about throughout the session today and we saw intraday lows at around the 2400 flat mark. We think that if price can hold above this level, we should see the end of the downside run and a return to the overarching upside momentum.

That’s the plan, anyway.

So, with this said, let’s get some key levels put together with which we can go after the market this evening. As ever, take a quick look at the chart below to get an idea what’s on and where things stand for the session today. It’s a one-minute candlestick chart and it’s got our key range overlaid in green.

As the chart shows, the range we have in our sights for this evening’s session comes in at support to the downside at 2400 flat and resistance to the upside at 2452. Long on a close above resistance towards 2475. Short on a close below support towards a downside target of 2375.

Let’s see what happens.

Charts courtesy of Trading View

There is no shortage of controversial opinions on Bitcoin these days. Contrary to what people may expect, not all of these opinions come from outside of cryptocurrency. Roger Ver, a person who has been tweeting some strange things lately, has made yet another disturbing statement. In his opinion, the Bitcoin Genesis block was an ICO. It is impossible to compare these two, though, as no money was raised to generate 21 million coins out of thin air.

Roger Ver Makes No Sense Whatsoever

Roger Ver has made quite a few strange statements these past few months. His most recent tweet is by far one of the weirdest things we have seen to date, though. Ver claims Bitcoin had the first ICO, called the Genesis block. It is a very strange idea to compare Bitcoin with cryptocurrency ICOs, though. The Genesis Block created Bitcoin, but there was no fundraising or crowdfunding involved. Moreover, not all 21 million coins were created in one go either.

Statements like these often get the Bitcoin community riled up a bit. The feedback on this tweet says a lot, to say the least. People seemingly feel Ver has lost his common sense by stating such ludicrous things. Granted, one can argue miners “invested” their computer hardware to mine Bitcoin after the Genesis block. Then again, this still does not relate to an ICO by any means. There were no coins offered initially other than the block reward, which everyone could compete for.

A Genesis Block Is Not An ICO

It is impossible to defend statements like these, unfortunately. Bitcoin’s Genesis block is as far removed from an ICO as possible. No one asked people to invest in Bitcoin before the Genesis block. The idea was proposed in such a way anyone could freely participate in mining. Those that did generate coins en masse, whereas the rest did not. The initial distribution of Bitcoin may leave much to be desired, but it’s not an ICO under any circumstance.

For a person who made millions from buying Bitcoin at an early stage, one would expect most sensible statements. This one will, unfortunately, go down in the history books for sure. It is unclear what Roger Ver is even trying to achieve by making such strange statements. Bitcoin wasn’t, isn’t, and never will be an ICO. It may have had an unfair distribution during the first year, but very few of those coins have actually moved around over the past few years.

The online gaming and eSports industry have a lot of fan following. The market players in the segment rarely shy away from using the latest of the technologies. Realizing the opportunity and to further add value to the sector, Alexey Zakharov and Igor Solomatin have introduced Skincoin.

Skincoin is a unique cryptocurrency, designed exclusively for the online gaming community. The Skincoin tokens (SKIN) can be used to trade game skins, wager bets on gambling and eSports platforms and more. The token will be accompanied by its own cryptocurrency ecosystem, including wallets, exchange and trading platforms, marketplace, third party integrations and even its own range of product offerings.

Created using Ethereum blockchain, SKIN is an ERC20 compatible token with loads of potential. In order to facilitate the development of its entire ecosystem and gain an active community following, the cryptocurrency has announced the launch of its ICO. The crowdsale will allow investors to purchase 600 million SKIN at the price of 1 ETH/ 6000 SKIN. With the goal of raising 100,000 ETH, the platform accepts only Ethereum contributions and offers a 20% bonus to those investing during the first two days of the ICO, set to begin on 21 June 2017.

Skincoin has already presented its development roadmap to offer a clear picture of the team’s grand vision. Under continued development, Skincoin can potentially reach out to over 3 million individuals in a market worth at least $5 billion as per previous year’s estimates.

Skincoin has already partnered with few platforms frequented by players of some of the popular game titles like Counter-Strike: Global Offensive (CS: GO), Dota 2, and Team Fortress 2. Skincoin envisions itself to be in the center of the online gaming universe, as an accepted currency on gaming services, betting services, online gaming stores, and marketplaces. To make the vision a reality, Skincoin has already partnered with few online gaming platforms and has plans to launch its own trading platform in August 2017. Eventually, the platform intends to have its own gaming services, making it an irreplaceable element in the gaming industry.

The year 2017 has not been overly kind to the Coinbase exchange platform. Multiple outages and delayed transactions have caused a lot of friction between company and customers. It now appears the company froze the Free Ross Ulbricht account as well for some unknown reason. As a result, 16.5 BTC is trapped in limbo, which would have been used to pay for Ross’ defense lawyers. So far, Coinbase has not issued any response.

It is quite disconcerting to see Coinbase randomly close accounts. Although the company reserves the right to do so, it should only be seen as a last-resort approach. For some unknown reason, this particular account containing 16.5 Bitcoin was disabled. This Coinbase account belongs to the Free Ross campaign. All of the money donated to this account is used to pay fro Ross Ulbricht’s defense lawyers.

What is Coinbase Trying to do Here?

It appears these issues have been going on for nearly 24 hours now. So far, Coinbase hasn’t issued an official response regarding this matter. Rest assured the Bitcoin community is not too happy about this course of action. As soon as the account received 16.5 Bitcoin about a day ago, it was promptly disabled. No one knows why this happened or how it can be resolved in a timely manner.

Coinbase is not making a great name for itself by taking these strange actions. The company is in the process of raising more funding, but negative PR will not increase their chances of success. The Ross Ulbricht defense is mainly funded by Bitcoin enthusiasts. Freezing those assets as a Bitcoin company is never a good idea, regardless of the reasoning behind it. Not issuing an official explanation is not helping Coinbase either at this point.

It is rather interesting how this news comes on the heels of Coinbase adding Kathryn Haun to the board of directors. Haun is one of the prosecutors involved in the Ross Ulbricht case Although she never prosecuted Ross, she was involved in going after the corrupt secret service agents. Less than 48 hours after this appointment, the company freezes funds belonging to the Ross Ulbricht defense fund. Perhaps it is a coincidence, although some people will certainly feel differently about it.

After a pretty rough overnight session in the bitcoin price, it looks as though we are finally getting some reprieve on the correction that has dominated this week’s action. This isn’t to say we have seen the last of it, there is every chance that it might continue and that this could just be a small bounce, but for now, at least, it looks as though the worst of it is over.

This means that we can switch our risk off sentiment to something a little bit more risk on, widen out our stop losses and go after a little more aggression to the upside if we see a breakout trade materialize. Those who have been with us all week will know we have been looking primarily to the downside for our breakout entries. We have got in and out of the markets on a couple of upside positions, but we have been forced to limit our targets based on the overarching beverage momentum.

Going forward, we can be a little bit more neutral, as long as price continues to act as it did overnight last night.

If things turn around again, we will have to reevaluate our bias.

So, let’s get to the details. As ever, take a quick look at the chart below before we get started. It is a one-minute candlestick chart, and it has our key range overlaid in blue.

As the chart shows, we are trading at the very top of price action today, with a range defined by support to the downside at 2485 and resistance to the upside at 2503. Standard breakout rules apply, so a close above resistance will put us in long towards 2520. Conversely, a close below support will have us in a short trade towards 2465. Stop losses on both positions will ensure we are taken out of the trades in the event of a bias reversal.

Charts courtesy of Trading View

Hello and welcome to News BTC’s Market Outlook June 16.


DASH continue to sell off during the session on Thursday after initially trying to break above the $160 level. As I record this, the market is testing the $140 level, but quite frankly I think that there is more significant support at the $130 level below. Crypto currencies continue to sell off drastically, and of course this one won’t be any different.


LiteCoin continues to look soft as well, and almost undoubtedly will go looking towards the lower levels of this consolidation area for support. Because of this, we could see the market reach down to the $22 level rather rapidly, and then the psychologically important $20 level. Below there, the $18 level looks even more supportive, and if it gets broken below, that would be an extraordinarily negative sign.

Thanks for watching, I’ll see you again on Monday.

Hello and welcome to News BTC’s Market Outlook June 16.


Ethereum continues to sell off, as the Wednesday session was just as bad as the Tuesday session. We tested the $280 level, but quite frankly I think we go farther to the downside from here. This chart has been parabolic for some time, and because of that the selling becomes vicious. I would need to see some type of stability on the daily chart to begin to think about buying, and believe that we could be looking at a move down to the $250 level next.


Ethereum also fell against Bitcoin, testing the 0.13 level. If we can break down below there, the next support level will be found at the 0.12 level, followed by the 0.11 level. Ultimately, this market is in an uptrend, but crypto currencies are currently being melted down in the marketplace, so I would expect more volatility, and quite frankly bearish pressure overall for the next few sessions.

Thanks for watching, see you again on Monday.

Hello and welcome to News BTC’s Market Outlook June 16.


Bitcoin continues to sell off against the US dollar, reaching as low as $2200 during the day on Thursday. The market looks as if it is going to test the 2000 level by the time it said and done, and as a result it’s very difficult to jump in and start buying here. I would need to see some type of supportive candle to do so. Clearly the sellers are in complete control of the market as the bubble is starting to pop.


Bitcoin fell against the Japanese yen and as I write this is testing the bottom of a massive hammer from the previous session. That is an extraordinarily negative sign, and it looks as if we are going to continue to go lower from here, perhaps reaching towards the ¥240,000 level. Ultimately, this is a market that cannot be bought, least not until stability returns.

Thanks for watching, see you again on Monday.