The total crypto market cap failed to surpass the key $280.0 resistance area.Bitcoin price started a downside correction and traded below the $10,800 support.Litecoin (LTC) price is struggling to correct higher and is testing the $75.00 support.BCH price is currently correcting lower and it might test the $305 support area.Tron (TRX) price is extending losses and it remains in a strong downtrend below $0.0185.Cardano (ADA) price broke the key $0.0500 support level to extend its slide.Looking at the total cryptocurrency market cap 4-hours chart, there was a decent upward move above the $270.0B resistance level. However, the $278.0B and $280.0B resistance levels acted as a strong barrier and prevented gains. The market cap is currently correcting lower, but it might find support near the $265B level. There is also an ascending channel forming with support near the $265.0B level. If there is a downside break below $265.0B, bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins could decline sharply in the near term.
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Author: Aayush Jindal
ETH price started a downside correction after testing the $202 resistance area against the US Dollar.The price is currently trading below $198 and is trading near the $194 support area.This week’s followed key bullish trend line with support near $194 is active on the hourly chart of ETH/USD (data feed via Kraken).The pair is likely approaching the next break either above $200 or below $192 in the near term.Ethereum price is setting up for the next key break versus the US Dollar, while Looking at the chart, Ethereum price is likely approaching the next break either above $200 or below $192 in the near term. If the price continues to struggle near the $200 and $202 resistance levels, there are chances of a strong downward move in the coming sessions.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly gaining strength in the bearish zone.Hourly RSI – The RSI for ETH/USD is now well below the 50 level.Major Support Level – $190Major Resistance Level – $202
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Author: Aayush Jindal
By CCN Markets: Bank of America (BofA) continues its steady creep into the crypto world, filing another blockchain-related patent application. This new one is particularly interesting because it’s for a crypto wallet.
CCN discussed the move with several crypto players. Here’s what they had to say.
Is BofA’s move game-changing?
BofA’s latest crypto-related patent application was published by the U.S. Patent and Trademark Office on Aug. 15. The second-largest U.S. bank wants to create a multi-tiered digital wallet using blockchain.
Tim Weiss, CEO of digital wallet provider DigitalBank Vault LTD, said:
“It is a game-changer, indeed. It is a needed move for the entire crypto industry, a move that signals to the public that a new era is starting and that banks are finally accepting cryptocurrencies and ready to store them in a safe and controlled way.”
Nicholas Krapels, business development and blockchain lead at Konstellation, said the sheer number of patents BofA has managed to accumulate is impressive but noted some of them have begun to lapse.
“This pattern demonstrates that BAC does not really have a coherent blockchain strategy and is just looking for something – anything – to show their investors that they’ve ticked the box on [distributed ledger technology.”
How BofA can be a game-changer
Alex McDougall, chief investment officer at Bicameral Ventures, said about BofA’s move:
“While BofA’s multi-layer wallet patent application is very interesting on its own, the real value will potentially be unlocked if this is a signal that BofA is turning its mind to becoming a player in the ‘picks and shovels’ layer of the blockchain industry.”
Igor Chugunov, CEO and founder of CREDITS Blockchain Platform, takes issue with BofA’s wishy-washy blockchain stance.
“The most interesting thing is that the bank management denies the presence of interest in Blockchain technology in every possible way, expressing its doubt about its applicability, but still continues its activities step by step.”
Key questions for big banks who want into crypto world
Hector Hoyos, CEO and CTO of HOYOS Integrity Corporation, said traditional banks must answer two key questions:
- When will they offer to hold crypto assets for their customers?
- When will they engage in retail cryptocurrency acceptance?
“The answer to these two questions is that they are already positioning themselves and thus filing denotes that, but it’s possible that alternative financial services companies such as payment processors could functionally beat them to it.”
David Martin is chief compliance officer and founder of Crypto Clarity LLC, an advisory and consulting services firm. He said:
“Who knows how the various products and services of BofA, not to mention JPMorgan and Facebook, will fair with user groups or how successful they will be.”
Bank of America blockchain
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Author: Tedra DeSue
By CCN Markets: The walls are closing in on Netflix. Apple is not only going to debut its streaming video service within the next two months but has boosted spending on its service from $1 billion to $6 billion.
Big Shows, Big Budgets, Big PR
This gigantic capital increase is a vote of confidence in Jamie Erlicht and Zack Van Amburg, whom Apple poached from Sony TV studios following the pair’s incredibly successful run there overseeing original programming.
To those of us who had experience with these executives, the hire was not only a no-brainer but a brilliantly executed surgical strike. Apple has taken a very diligent approach toward creating new programming.
Apple’s flagship premier will be “The Morning Show,” to which it committed to full seasons worth of episodes, at a cost of $300 million. The cast includes Steve Carell, Jennifer Aniston, and Reese Witherspoon.
The strategy of launching a high-profile, extremely expensive, star-driven vehicle duplicates what Netflix did when it began original programming with “House of Cards.”
While one should not expect every show coming out of Apple to cost $150 million per season, its initial slate does suggest Apple is going for the quality approach to programming, a standard originally set by Home Box Office.
Pricing Will Undercut Netflix
Apple TV Plus is apparently going to cost $9.99 per month, substantially undercutting Netflix and priced at just $3 more per month than Disney+.
Whether or not that price point remains the same over time will be determined by how popular the programming is and what kind of demand Apple sees for the service.
Regardless, Netflix is beginning to resemble a leaking boat that management is desperately trying to bail water out of.
It’s one thing when competition was limited to Amazon and limited offerings from Hulu and other smaller streamers. Now the big boys are getting into the game, and the risk of them stealing Netflix market share is very real.
In addition, in case you haven’t noticed, the content quality at Netflix seems to be declining.
Ed Butowsky, Managing Partner at Chapwood Capital Investment Management, tells CCN:
“Netflix now must fend off Disney’s service at $6.99, Apple’s at $9.99, Amazon, Hulu, and CBS All-Access, which will now have the combined CBS and Viacom libraries. Households will only want two or three services, and Disney will be a lock for families. Once Apple is sampled and ramps up shows, Netflix will be in real trouble. Not only that, $6 billion is chump change to Apple, whereas Netflix has to raise high-yield debt to fund its shows.”
Netflix Remains Insanely Overvalued
Netflix’s $130 billion valuation remains outrageous, and even that is a 33% haircut from its $190 billion valuation. It was once thought that Netflix would always have a backstop, in that it could be bought out by one of the studios or even Apple or Disney. That’s certainly not the case since competitors will have their own streaming platforms.
Netflix stock cracked through the $300 threshold today, which certainly doesn’t bode well for the future.
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Author: Lawrence Meyers
Infrastructure Australia has urged for submissions to be made on its Australian Infrastructure Audit 2019, as part of its three-month long industry engagement program.
“We’re at the beginning of our strategic planning process … so my pitch is for [industry] to engage with us, make a submission, and put forward your ideas. We’re a small organisation and we’re hoping, particularly with new cycle of strategic planning, to engage broadly to get ideas from [industry],” Infrastructure Australia associate director Anna Bardsley said, speaking at the Amazon Web Services (AWS) Public Sector Summit in Canberra on Tuesday.
Bardsley’s call follows Infrastructure Australia’s publication of its 2019 Audit last week that covered the major challenges and opportunities facing Australia’s infrastructure over the next 15 years and beyond.
The audit examined several areas including telecommunications; industry efficiency, capacity, and capability; energy; and future trends that encompassed the role technology and data can play.
According to Bardsley, while the audit found that technology is “reshaping the world” when it comes infrastructure delivering new services such as Uber and electric vehicles, as well as rooftop solar technology, the benefits of technology are not equally shared among communities due to age, socioeconomic, and geographic locations.
She added technology is also presenting challenges around cybersecurity and data privacy.
See also: Network technologies are changing faster than we can manage them (TechRepublic)
The audit also found within the telecommunications sector that while substantial investment in new infrastructure as 5G and NBN is “integral in everyday life”, it also poses potential issues around maintenance, Bardsley said.
Additionally, the lack of access to these newer infrastructures are creating a wider digital literacy gap among the elderly and those in regional Australia.
This year’s audit paints a much more realistic picture compared to its 2016 audit when the 200-plus page report lauded the benefits of broadband but failed to state the obvious facts that the days of fibre to the node were limited.
“The delivery of the NBN is a transformational opportunity to enable all Australians to benefit from an increasingly digitised world,” the report stated at the time.
Perhaps it has something to do with the new audit methodology that Infrastructure Australia has adopted, as revealed by Bardsley.
“Reflecting on what’s happening currently in government, we’ve moved away from traditional approaches focused on direct economic contributions to be instead led by theme and megatrends,” she said.
“This decision was informed by our decision to use a new field of research called strategic foresighting to move away from traditional approaches that are characterised by a predict and provide mentality to instead, use forecasting tools that provides a standard to under a fuller spectrum of potential events that might happen into the future.
“Our decision to adopt this methodology was based on our assessment that the current time we live in are defined by significant levels of change and as a result the traditional approach about thinking into the future is no longer sufficient to deal with those future changes.”
Aimee Chanthadavong travelled to Amazon Web Services Public Sector Summit in Canberra courtesy of Amazon Web Services.
Lack of focus on security of Australia’s critical infrastructure: ASPI
The maturity and understanding of operational technology risk lags that of IT systems. The Australian Cyber Security Centre could take a lead role in bridging the knowledge gap, says a new paper.
Australia Post to use NBN as part of network infrastructure upgrade
Australia’s incumbent postal service has awarded Comscentre to help with the five-year project.
Discussions underway about Australia’s AU$60m Regional Connectivity project
The Department of Communications is seeking input from the telecommunications industry, all levels of government, and other interested stakeholders on the grant element of the program.
Calls for legislative change to limit citizen vehicle data collection and use in Australia
The National Transport Commission has asked for a reform, requiring states and territories to agree to broad principles on limiting government collection, use, and disclosure of automated vehicle data.
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Author: Team E-crypto News