Ripple Overtakes Ethereum as ETH Plunges 10%, Trend of Market




Over the last 24 hours, Ripple (XRP) has fallen by 9.5 percent against the US dollar. Still, it overtook Ethereum (ETH) to become the second most valuable cryptocurrency in the global market.

On November 17, XRP recorded an increase in value of around 8 percent during a period in which most major cryptocurrencies including both Bitcoin (BTC) and Ethereum struggled to maintain momentum.

The short-term rally of XRP on Saturday allowed it to take a lead over Ethereum, comfortably surpassing ETH with a market cap of $19.1 billion. As of November 19, the market cap of Ethereum remains at $15.92 billion.

Coinbase Adding XRP Custody and Increasing Sell Pressure on ETH

In August, Sam McIngvale, a product lead at Coinbase Custody, stated that the company is exploring the addition of many major cryptocurrencies and ERC20 tokens to its custodian solution targeted at institutional investors.

“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets,” McIngvale wrote.

Earlier this month, Coinbase Custody integrated XRP to its custodial platform, enabling institutions to purchase and hold XRP with Coinbase as the trusted custodian.

Currently, the U.S. Securities and Exchange Commission (SEC) is in the midst of cracking down on initial coin offering (ICO) projects for issuing digital assets that are considered securities under existing regulations.

The SEC has not cleared XRP as a non-security and as of November 19, only Bitcoin and Ethereum remain cleared by the SEC. Hence, the integration of XRP by exchanges like Gemini and Coinbase Pro is expected to be prolonged until a more comprehensive guideline by the SEC is released.

The integration of XRP into Coinbase Custody was still a positive development for XRP, as it opened the asset to a new group of investors outside of the pubic cryptocurrency exchange market.

Meanwhile, sell pressure on ETH continued to grow as ICOs held a big chunk of their ETH holdings throughout the past few months.

As former Diar chief editor, Larry Cermak said, “there is a big misconception that ICO companies have liquidated most of their ETH holdings… On average, all of these projects have moved or liquidated 62% of the amount that they initially raised. In other words, they are still holding 38% of the initially raised amounts.”

To fund their operations, ICO projects have consistently sold ETH in the public exchange market, amounting to millions of dollars, intensifying sell pressure on ETH.

Where is Market Heading

Technical indicators are showing no signs of a bottom and volume is declining. The conditions of the market are subpar and in the short-term, it is not likely to see a swift recovery of the crypto market above the $200 billion mark.

Featured image from Shutterstock.

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Will ICOs Continue to Drag ETH Down?

Bears hit the cryptocurrency market today, and Ethereum was among the most severe casualties.

The world’s third largest cryptocurrency erased as much as $2.25 billion from its market cap. Meanwhile, its value plunged 12 percent from an intraday high at $177 to $155.60 – its new intraday low – within a few hours, according to aggregated data available at CoinMarketCap.com. Aayush Jindal, a crypto market analyst at NewsBTC, predicted further declines in the Ether-to-dollar market, citing a critical bearish trendline that is capping every upside attempt of the digital currency.

SOURCE: COINMARKETCAP.COM

“There is a key connecting bearish trend line formed with resistance at $178 on the hourly chart of ETH/USD,” he forecasted.

ICOs Likely to Intensify Selling Action

A report coming at the behest of Diar, a daily crypto newsletter, also found strong bearish catalysts that point to an extended selling action in the Ethereum market. The study based its bearish prediction on the possibility of the leading ICO projects liquidating their ETH holdings.

“Some of the most popular and anticipated projects, most of which have yet to launch, are sitting on treasuries north of $500Mn. That’s excluding their cash on hand, as well as their own token reserves,” Diar research found.

Larry Cermak, head analyst at Diar, believed that these decentralized applications project would become unprofitable. Meanwhile, they will continue shorting Ether to cover their expenses against the lower market demand. The imbalance will prove bearish to the Ethereum market, overall.

“Obviously, a lot of the ICO companies will continue selling ETH to cover operating expenses and to fund their businesses,” Cermak said in a tweet. “It’s important to realize that the majority of these projects isn’t generating any revenue. And most likely never will.”

Demand to Drive Ether Bulls

The Diar analysis offered its predictions based on how ICO projects would behave with their Ether holdings. It provided a more straightforward view of the projects that reportedly holds roughly 3.7% of the total Ether coins in circulation. While the likelihood of ICO project selling their entire holdings is high, the same cannot be predicted on the demand side which keeps fluctuating.

Retail investors, hedge funds and every other speculator could keep looking at Ether as an investable asset, similar to Bitcoin. On the other hand, blockchain projects could create network effects for their platform growth and use Ether as money or store-of-value.

Then, scalability should continue to challenge the Ethereum network and hamper its adoption rate at a larger scale. Other projects are also developing in the blockchain space to circumvent Ethereum’s shortcomings but even they are facing challenges over some factors related to feasibility – and even decentralization.

In a near-term scenario, the Ethereum market should act on the whims of speculative investors. That means, an extended selling action should establish a new bottom and retrace its steps to find an equally crucial resistance – just like Bitcoin.

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Below $200 ETH Mining is Useless, Hash Rate Drop

After 11 months of relentless bears, statistics from Susquehanna, a US based trading and technology firm has confirmed that mining Ether is no longer profitable. This is mostly due to a relentless bears that have since drove prices from $1400 to $200. Because of this, monthly mining profitability is now zero, down from $150 registered mid last year.

The Drop in ETH Mining is Because of Serenity

Unlike Bitcoin, Ethereum mining utilizes GPU chip sets. Though they guarantee complete decentralization, Ethereum does not have a predetermined issuance model. Then again at the moment there is no cap on the total amount of ETH that will ever circulate.

You May Like: Have All ICOs Sold Out? A Look at the Altcoin Survivors

Ethereum rewards consist of block rewards issued per the platform’s development roadmap. Eventually, it shall move to a proof-of-stake model and the inflation rate will depend on ETH stake. So at the moment, in order to smoothly transition from proof-of-work to proof-of-stake, a difficulty adjustment scheme is in place to exponentially increase the difficulty of mining ETH.

Interesting Read: ConsenSys and Amazon to Launch Ethereum Marketplace for Enterprise Blockchain

This would eventually force mining to become unprofitable and force a hard fork to use the proof-of-stake protocol. In order to address the impending mining difficulty, adjustment of the issuance model was necessary. As a result, during the Byzantine hard fork of 2017, block rewards were shaved from 5 to 3.

In the upcoming Constantinople hard fork, core developers plan to reduce block reward issuance from 3 to 2 by mid January 2019 while pushing difficulty bomb implementation to 2020. Next year’s 33 percent reduction in the block reward will reduce inflation from its current level of 7.5 percent to 5 percent.

ETH/USD Price Analysis

Weekly Chart

From a top down approach, it is clear that ETH/USD is struggling against sellers. Not only is it trading within a bear breakout pattern with clear point of interest at $250–$300 as resistance and $160 as support, but the fundamental factors are supportive of price.

Therefore in line with our previous ETH/USD price analysis, we recommend patience for risk-on traders until after there are strong, high volume losses below $160—Sep 2018 lows. Such breaks will confirm the bear breakout pattern of early August and usher the next wave of sellers aiming at $130 and later $50.

Daily Chart

ETH/USD Price Analysis

The bear break out pattern of early Aug and Sep is clear in this time frame. Now that prices are in a clear bear trend confirming Oct 11 and Sep 5 losses as sellers step up, aggressive traders can begin unloading at spot with stops at $210 and first targets at $130 more so if there are solid losses below $160—Sep lows.

As aforementioned such losses shall trigger conservative sellers aiming at $130 and later $50.

All Charts Courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.



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Star Trek’s Captain Kirk Defends ETH Decentralization, While Fake Elon Musks Overrun Twitter

Coming every Sunday, the Hodler’s Digest will help you to track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.

Top Stories This Week

Elon Musk Impersonators Flood Twitter With Fake Crypto Giveaways

Although impersonators on Twitter pretending to be famous celebrities offering crypto giveaways are many, this week saw an influx of these crypto pretenders posing as Tesla CEO Elon Musk. After compromising verified accounts with the blue check mark, scammers would change the name and picture to appear to be Musk, asking in comment threads for people to send them small amounts of crypto in exchange for more crypto sent back in a fake “giveaway.” According to news reports, one fake Musk account received around $170,000.

China’s Central Bank Scrutinizes Crypto Airdrops, Questions Their Legality

The People’s Bank of China (PBoC), the country’s central bank, has begun to scrutinize crypto airdrops, which is refers to as “disguised” Initial Coin Offerings (ICO). This week’s report from the bank notes that the entity is strictly anti-ICO and crypto trading, noting the high risks of financial fraud and pyramid schemes. The report notes that “airdrops” are potentially evading the regulation concerning the public token sale model, adding that they capitalize on speculation in the market to drive their own profits.

Star Trek’s William Shatner Tweets Thumbs up in Support of Vitalik Buterin

William Shatner, the former Captain Kirk on popular American television show Star Trek, tweeted a thumbs up at Ethereum (ETH) co-founder Vitalik Buterin this week. The celebrity’s tweet led to backlash from crypto Twitter trolls that criticized the Ethereum network’s supposed centralization, leading Shatner to quote ERC standards in response. The 87-year-old Shatner then received kudos from other crypto Twitter participants for his seemingly in-depth knowledge of the network.

Apple Apparently Briefly Removes Crypto Podcast Reportedly Ranked #4 in Investing

The podcast “Off the Chain,” hosted by Morgan Creek Digital partner and crypto analyst Anthony “Pomp” Pompliano has apparently been removed from the U.S. iTunes store this week. According to a tweet from Pompliano, the podcast was ranked 4th in the “investing” category before it was “mysteriously” taken down. The episode, which contained an interview with “Bitcoin Maximalist” Murad Mahmudov about the current worldwide monetary system, is available by press time.

Joseph Lubin Thinks Blockchain Will Take “A Little Longer” to Develop Than the Internet

In an interview this week, Ethereum co-founder Joseph Lubin said that blockchain will “probably take a little longer” to develop than the Internet, because it is “much more complicated. Lubin, who is also the creator of ConsenSys, noted that blockchain is developing similar to the web, due to its exponential growth and the “hundred of projects” to date. Lubin also said that DLT will be able to “permeate society more than the Internet” and make way for Web3.0.

Most Memorable Quotations

“His viewpoints don’t take into account the fact that the code has to be audited by an auditing firm and approved by consortium or it doesn’t get accepted. He thinks it exists in a bubble.

That’s why we have ERC-20, ERC-721… ERC-1701”William Shatner (Captain Kirk), defending the Ethereum network’s decentralization

“We are NOT tolerant. We will not capitulate. We will not surrender. We will not negotiate. We will not end,”Craig Wright, speaking about his own Bitcoin Cash (BCH) faction before the upcoming hard fork

Laws and Taxes

Thai Revenue Department Plans to Use Blockchain to Track Tax Payments

Thailand’s Revenue Department is planning to track payments using blockchain and machine learning, utilizing the tech to verify the validity of taxes paid as well as increasing the speed of the tax refund process. The machine learning use will help to expose tax fraud and support more transparency, as a digital tax collection system based on modern technologies is a stated goal of Thailand’s government.

French Parliament Finance Committee Adopts Amendments to Crypto Tax Bill

The Finance Committee of the lower house of France’s parliament has adopted regulations this week that would ease taxes on cryptocurrency sales. The Finance Committee of the National Assembly has submitted a draft of the government finance bill for 2019, specifying that the tax on crypto sales will be equal to capital income tax. If the amendments to the budget are accepted in the hearings scheduled for next week, the rate will be reduced from 36.2 percent to 30 percent starting Jan. 1, 2019.

US Judge Ends Freeze on Charlie Shrem’s Assets Amidst Winklevoss Lawsuit

A U.S. judge has ruled this week to end the freeze on Charlie Shrem’s assets in a lawsuit brought against him by the Winklevoss twins. The twins alleged in their lawsuit that Shrem took part of their $250,000 investment in his now-defunct exchange BitInstant to buy 5,000 Bitcoins (BTC). Shrem’s lawyer has said that his client is innocent, and that the claims have “no basis in fact or law.” According to the Winklevoss’ lawyers, the freeze should continue as Shrem possess $12 million in crypto, real estate holdings, and other assets. However, at present time only $10 in assets have been identified.

Thailand’s Securities Regulator Promises to Certify One ICO Portal in November

The general secretary of the Thai Securities and Exchange Commission (SEC) said this week that “at least one” ICO “portal” will be able to operate legally in the country in November. Rapee Sucharitakul said that they “might” starting approving ICO offerings in December, noting that five such “operators” are currently under consideration by the Finance Ministry. Thailand’s legislation requires that the Thai SEC vet crypto entities like ICOs, exchanges, and “digital asset operators” who wish to operate in Thailand.

Adoption

Wallet Provider Blockchain.Com to Airdrop $125 Mln in XLM After Adding Stellar Support

Crypto wallet provider Blockchain.com will now support altcoin Stellar (XLM), accompanied by an airdrop of $125 in XLM to its user base. The provider noted that the large airdrop is a “great way to drive decentralization and adoption for new networks,” noting that crypto airdrops allow consumers to “test, trade, and transact” newer crypto assets without need to mine or invest in them first. The choice to add support for Stellar was driven by the scalability of the token’s network, as well as its ability to create custom tokens that represent “real-world or virtual goods and services.”

Decentralized Network Bancor Partners With EOS for Cross-Blockchain Trading With ETH

Decentralized liquidity network Bancor said this week that it had partnered with EOS in order to allow for cross-blockchain swaps between Ethereum and EOS-based tokens. Bancor has now expanded to the EOS blockchain, using its DApp BancorX for the conversation. Bancor noted that the cross-blockchain DApp was built in collaboration with LiquidEOS, Bancor’s EOS “Block Producer.” According to the press release, this conversion DApp paves the way for “vastly more blockchain” to be included in cross-blockchain trading.

Trading Platform eToro Releases Crypto Wallet Supporting Bitcoin, Three Altcoins

Global crypto and fiat trading platform eToro has released its own cryptocurrency wallet this week with support for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The platform noted that they plan to add a “whole host of additional functionality” including additional crypto and fiat tokens, crypto-to-crypto conversion, and fiat deposits. eToro currently supports 14 total cryptocurrencies on its platform and has more than 10 million registered users.

Major Crypto Wallet Coinbase Launches Support for Basic Attention Token

Crypto exchange and wallet Coinbase announced this week that it would add support for a rollout of full trading of the Basic Attention Token (BAT) for its Android and iOS apps. As per the announcement, Coinbase customers can now buy, sell, send, receive, and store BAT on the platform, except for initially those residents of New York. Last week, Coinbase had noted the addition of inbound transfers of BAT to Coinbase Pro, specifying that the token would undergo four listing stages until it reached full access.

Mergers, Acquisitions, and Partnerships

Port of Valencia Integrates Maersk and IBM’s Blockchain Shipping Platform

The Port Authority of Valencia, Spain, has joined IBM and Maersk’s blockchain ecosystem, the TradeLens platform, which aims to apply blockchain tech to global supply chains. According to the announcement, the port has integrated into the platform as “Early Adopters,” meaning that the port will be a part of the platform’s early development. There are currently more than 20 participants in the TradeLens ecosystem, which has already reportedly processed 154 million “data-sending events.”

Deloitte Partners With Identity Management Startup for Digital ID System

“Big Four” accounting firm Deloitte has partnered with identity management firm Attest Inc. in order to create a blockchain-based digital identity system. The Chicago-based Attest offers a shared identity platform that allows its clients to conduct transactions, including its governmental customers, which can provide identity services to citizens. The partnership plans to develop a digital identity offering for government-compliant identifiers to be used for existing products, including a cryptographically secured identity storage wallet.

South Korea’s Bithumb Partners With E-Commerce Giant Qoo10 for Crypto Payments

South Korea’s leading virtual currency exchange Bithumb announced a partnership this week with Asian e-commerce fim Qoo10 to create a cryptocurrency payment service. Qoo10, which covers Asian markets including Singapore, Hong Kong, China, and Indonesia, will work with the Bithumb Cache system to purchase products through Qoo10. The two companies will use both the Qoo10 settlement service and the cache system, which is a password settlement service that allows Bithumb customers to convert their funds for use in payments with their password.

Nine Major Shipper Operators Launch Blockchain-Based Global Business Network

Nine major terminal operators and shipping companies have signed a Memorandum of Understanding (MoU) to develop an open digital platform based on DLT. The MoU is aimed at forming a consortium of shipping operators to develop the Global Shipping Business Network (GSBN), noting that the software solution will be provided by Hong Kong-based shipping and logistics firm CargotSmart. The new alliance includes such shipping giants as PSA International, a Singapore-based company and one of the world’s largest port operators, and Shanghai International Port Group, leading operator of ports in China.

Funding Rounds

Major Mining Provider Bitfury Raises $80 Million in Closed Funding Round

Bitcoin mining infrastructure provider Bitfury raised $80 million this week in a closed funding round led by European venture capital fund Korelya Capital. Other participants in the funding round included South Korean Internet giant Naver Group, Asian institutions Macquarie Capital and Dentsu Japan, and Mike Novogratz’s Galaxy Digital. The funding round comes several weeks after rumors circled that Bitfury was considering an IPO.

Winners and Losers

The crypto markets are seeing mixed signals, with Bitcoin trading for around $6,404.13 and Ethereum at $211 by press time. Total market cap is around $212 billion.

The top three altcoin gainers of the week are Traco, Pedit, and the Internet of Things. The top three altcoin losers of the week are Simmitri, empowr coin, and OBXcoin.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

FUD of the Week

Turkish Police Arrest 11 in Reported Hack of Crypto Wallet Accounts

The Cybercrime Department of the Turkish National Police arrested 11 suspects this week while investing the alleged hack of crypto accounts, with victims reporting more than $80,000 in losses. 14 individuals so far have reported crypto wallet hacks to local prosecution authorities, noting that their Bitcoin had been transferred to other wallets. Police have since seized two fake identity cards, as well as a number of devices allegedly used in the hacks such as 18 mobile phones and SIM cards, 22 memory sticks, from the hackers. The investigation notes that it found the suspects by tracking new SIM cards registered to exchanges by the hackers.

Texas Regulator Issues Emergency Cease and Desist to Australian Cloud Mining Company

The Texas State Securities Board has issued an emergency cease and desist order this week to Australian cloud mining firm AWS Mining PTY LTD for selling unregistered securities. AWS Mining, along with many of its employees, are charged with violating the Texas Securities Acts by convincing Texas residents to purchase AWS’ unregistered cloud mining power contracts promising a “200 percent passive return on every investment.” The cease and desist notes that AWS did not follow through on its promised profits to investors, as well as failed to register as a securities broker-dealer.

Swiss Financial Regulator Recommends Banks to Set Crypto Risk Coverage at 800%

The Swiss Financial Market Supervisory Authority (FINMA) said in a report this week that banks and other financial institutions could calculate risk coverage for cryptocurrencies at 800 percent of their current market value. The confidential letter, seen by a local Swiss news outlet, noted that the recommendation for a flat risk weight at 800 percent are to “to cover market and credit risks, regardless of whether the positions are held in the banking or trading book.” The news outlet reports that 800 percent is at the upper end of the range, meaning that FINMA sees crypto as a volatile asset.

US SEC Charges EtherDelta Founder With Operating Unregistered Securities Exchange

Zachary Coburn, the founder of crypto token trading platform EtherDelta, has been charged by the U.S. Securities and Exchange Commission (SEC) with operating an unregistered securities exchange. EtherDelta has operated as a secondary marketplace for trading ERC20 tokens, letting users buy and sell digital assets using an order book and smart contracts on the ETH blockchain and placing a total of more than 3.6 million orders (some involving those considered securities) over an 18-month operating period. Coburn neither denied nor admitted the findings, but agreed to pay $300,00 in unlawful profits, as well as $13,000 in prejudgement interest and a $75,000 penalty.

Chinese Mining Giant Bitmain Sues Unknown Hacker for $5.5 Million Crypto Theft

China-based BTC mining firm Bitmain has sued an anonymous hacker for the reported theft of crypto work about $5.5 million from Bitmain’s account on Binance this April. As stated in the U.S. court documents, the “John Doe” hacker used stored Bitcoin after taking over Bitmain’s Binance account to manipulate the price of altcoin Decentraland (MANA) and then abscond with the profits. Bitmain notes that the hacker was able to steal $5.5 million in digital assets, including about 617 BTC. The documents also note that the hacker carried out transactions between BTC and MANA from Bitmain’s wallet and their own, completing the theft by transferring BTC from their Bitmain account into a digital wallet on Bittrex.

Prediction of the Week

Tim Draper Maintains Bitcoin Prediction of $250,000 by 2020

Venture capital investor Tim Draper said this week that he still believes that Bitcoin will experience 40 times returns and reach $250,000 by 2022. Although his initial prediction was for the coin to hit this price point in April of this year, Draper said that the industry merely needs to make it so that “Bitcoin could be used to buy Starbucks coffee” and the world will “open up.” Draper also added that he didn’t trust “political currencies” that are “determined by some weird political party,” adding that he sees a future with blockchain and smart contracts taking on a more prevalent role in states.

Best Cointelegraph Features

Morgan Stanley Report Shows Strong Institutional Investment for Bitcoin

At the end of October, multinational investment bank and financial services firm Morgan Stanley released a report on how Bitcoin has been a new “institutional investment class” since 2018. The report, which shows a relatively bullish outlook for 2018, brings attention to the stablecoin phenomenon, noting that not all stablecoins active currently will survive.

The SEC Stops Accepting Public Comments on Bitcoin ETFs, Takes Time to Make Decision

Last week, the cryptoverse buzzed with misinformation that the U.S. SEC was finally going to make a decision about Bitcoin ETFs. However, last week’s deadline concerned a close to the acceptance of public comments, leaving the SEC to now make their decision on the nine BTC ETFs on their own. Cointelegraph delves into the possibilities for the SEC’s decision, as well as looks into the root of where this deadline confusion came from.

Blockchain Advocates Storm Governors’ Mansions and Retain House Seats in US Midterm Elections

The U.S. saw midterm elections that week that led to the Democratic Party taking back the House, leaving the Republicans still in control of the Senate. Amidst the party lines, the governorships in both California and Colorado were won by crypto- and blockchain-friendly candidates Gavin Newsom and Jared Polis respectively. Beyond his strong blockchain policy push in his state, Polis (also the first openly gay elected governor), co-founded and co-chaired the Congressional Blockchain Caucus, a bipartisan group of Members of Congress. Electorally, the Caucus has done exceptionally well in the midterms: both of the co-chairs and 10 out of 12 regular members who stood for reelection retained their seats.



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Crypto Markets in The Green, XRP Sees Major Boost Briefly Overtaking ETH by Market Cap

Tuesday, Nov. 6: top cryptocurrencies have seen strong gains on the day, with Ripple (XRP) temporarily overtaking Ethereum (ETH) as the top altcoin by market capitalization.

Market visualization from Coin360

Bitcoin (BTC) is up 0.3 percent over the last 24 hours, and is trading at around $6,447 as of press time. Having briefly dipped below $6,400 during the day, BTC has rebounded and is pushing a slightly higher price point. BTC is still down 1.67 percent over the past 30 days.

Bitcoin 7-day price chart. Source: CoinMarketCap

Bitcoin 7-day price chart. Source: CoinMarketCap ​​​​​​​

ETH has seen some growth over the 24-hour period, up 3.64 percent from $206 to $215 at press time. ETH has won back its position as the second largest cryptocurrency with a market capitalization of $22.2 billion at press time.

Ethereum 24-hour price chart. Source: CoinMarketCap

Ethereum 24-hour price chart. Source: CoinMarketCap

The XRP price has increased by almost 10 percent on the day, which resulted in it briefly overtaking ETH in terms of market cap. At press time, XRP is trading at $0.53, while the coin’s market cap is around $21.4 billion.

Ripple 24-hour price chart. Source: CoinMarketCap

Ripple 24-hour price chart. Source: CoinMarketCap

Bitcoin Cash (BCH) is still seeing gains following its recent hard fork, gaining 8.59 percent on the day and trading around $602 at press time. On its weekly chart, the coin’s lowest price point was on Oct. 31 at $415, but has steadily moved to its highest point of $607 today.

Bitcoin Cash 7-day price chart. Source: CoinMarketCap

Bitcoin Cash 7-day price chart. Source: CoinMarketCap

Stellar (XLM) is trading at around $0.260 as of press time, having gained almost 7 percent on the day. The altcoin’s market cap is around $4.93 billion, while its daily trading volume is around $95.4 million.

Total market capitalization of all cryptocurrencies is over $217 billion at press time, according to CoinMarketCap, after seeing an intra-week low on Oct. 31 around $202 billion.

Total Market Capitalization 7-day chart. Source: CoinMarketCap

Total Market Capitalization 7-day chart. Source: CoinMarketCap

On Nov. 5, Michael Novogratz delivered a fresh bullish price prediction for BTC, suggesting that  the leading cryptocurrency could hit highs of “$20,000 or more” in 2019. Novogratz said that next year conditions should change markedly, with institutional investors’ “FOMO” (‘fear of missing out’) causing a surge in prices.

Also yesterday, BTC futures trading on the U.S. Chicago Board Options Exchange (CBOE) hit record low volatility levels in October, in stark contrast to the rocky global equity markets. The average weekly volatility for the week ending Oct. 26 was reportedly just three percent for XBT-CBOE Bitcoin futures, the lowest ever level since they launched for trading on Dec. 10, 2017.



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Bitcoin Reaches October 2017 Volume as ETH, XRP, and BCH Fall 4%


Over the last 24 hours, the volume of Bitcoin has increased by yet another 10 percent from $3.5 billion to around $3.8 billion.

On October 28, the volume of Bitcoin increased by around 20 percent from $3.1 billion to $3.5 billion, showing strong and sustainable momentum in the lower region of $6,000 for the first time since mid-September.

Still Low Volume, But What Happened in November?

As cryptocurrency investor and technical analyst Hsaka recently stated, the volume of Bitcoin has declined to the October 2017 level.

Trading activity in the cryptocurrency exchange market has subsided due to the stagnant price movement of major cryptocurrencies. The decline in momentum of Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS have affected the performance of small market cap tokens and digital assets.

But, in October, a drop in daily trading volume and a stagnant few months led to a short-term surge in price for Bitcoin, Ethereum, and other major cryptocurrencies, allowing the market to achieve a valuation of $800 billion.

Since August 9, the price of Bitcoin failed to escape a tight range from $6,300 to $6,600 apart from one occasion in mid-September, and an increase in volatility in the weeks to come could enable the market to achieve positive sentiment prior to the end of 2018.

“If you squint hard enough, you can see the $BTC weekly candle. $85 spread between the high and low of the week (as of now). Last time we had lesser volume than this was Oct ’17. Hopefully we see some semblance of volatility into the weekly close,” Hsaka wrote.

DonAlt, a cryptocurrency trader, stated that in the days to come, Bitcoin will likely retest $6,200, as it fell below its support level at $6,400.

“Finally a movement. And as I guessed right as I’m about to leave for vacation, as always. Looking for a daily close at the edge of the green zone. Intraday a retest of 6200 still very possible.”

BCH, XRP, and ETH Down 4%

Heavily impacted by the two percent drop in the price of BTC over the past three hours, Bitcoin Cash (BCH), Ripple (XRP), and Ethereum (ETH) declined by more than 4 percent, recording a steep decline for the first time since early October.

BCH and EOS recorded a more intense drop in comparison to other major cryptocurrencies, as the two assets often reflect the movement of small cryptocurrencies and tokens during a market downtrend.

While the state of the market depends on the speed of the recovery of BTC, analysts generally believe that the crypto market will initiate a fast corrective rally in the days to come, particularly because the sell-off of major assets were triggered without a large spike in volume.

The sell-pressure on most digital assets remain less intense than in August and September, which could allow the market to rebound relatively quickly in the short-term.

Featured Image from Shutterstock. Charts from TradingView.

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Electronics Giant HTC Announces Presale of Its Blockchain Smartphone Exodus in BTC, ETH

Taiwanese electronics company HTC has announced the presale of its widely-discussed blockchain smartphone, Exodus 1, the product’s official Twitter account reveals Oct. 23.

The Exodus 1 presale was officially announced today during the Web3 summit, taking place Oct. 22-24 in Berlin. According to the HTC Exodus website, “early access” to the phone can currently only be purchased via Bitcoin (BTC) or Ethereum (ETH), and is available to 34 regions, including the U.S., U.K. and Hong Kong.

At press time, pre-orders for the Exodus 1 are listed at around $960 (0.15 BTC or 4.78 ETH), with shipping date stated as December 2018.

As per the official announcement on Twitter, the company states it is seeking collaboration with “a community of developers and enthusiasts […] to keep building security.”

HTC first revealed its plan to launch blockchain-powered smartphone back in May 2018. The company then promised Exodus 1 would support “multiple blockchain protocols,” such as Bitcoin, Ethereum, Lightning Network (LN), and Dfinity network, as well as boast a universal cryptocurrency wallet.

In July, HTC confirmed its plans to install a native crypto wallet inside its phone. The company also announced it would support CryptoKitties, the once-popular Ethereum-based decentralized application (DApp) game. Later that month Litecoin (LTC) founder Charlie Lee revealed that he would consult HTC in the making of the blockchain smartphone.

However, the current Exodus 1 is not exactly what HTC had promised earlier, as U.S. tech journal The Verge points out. When announced in May, as The Verge reports, HTC’s “decentralized chief officer” Phil Chen had said that each Exodus phone would function as a “node” to facilitate bitcoin trading. Chen also stated at the time that the phone would allow users to “own [their] own identity.”

The model available for pre-order today evidently provides a crypto wallet in a secure are “protected from the Android OS,” as The Verge notes, but the other promised features are reportedly lacking.



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China’s Blockchain Assault Continue, ETH Hold Steady

Even though transacting over blockchain platforms is legal, fresh efforts by Chinese regulators and agencies to further bog down privacy is of great concern. Proposals by the Cyberspace Administration of China may be conflicting with laws. Even if they are still consulting with the public, its implementation might adversely affect price. On to the charts our last Ethereum trade plan holds since price is relative stable.

Latest Ethereum News

It’s quite absurd that China while the secondly largest economy and perhaps the largest crypto user base—before their Sep 2017 crack down and ICOs is taking such tough steps as they bend towards muffling crypto and similar activities. In a new wave of “direct” attacks on anonymity and privacy of blockchain, a new legislation would mandate market participants to register using their real names and national identity documents.

As various news sources inside China report, the Cyberspace Administration of China is currently in a public consultation and it will be catastrophic for users who prefer privacy once it goes live. That’s assuming the public endorses CAC’s proposals. If that would be the case then it would be mandatory, a legal provision for all blockchain providers to submit the real name and identities of users desirous to transact over the blockchain.

Undoubtedly, this is sending jitters through the space and as complex as it is, users are free to hold digital assets and transact over blockchain platforms as Monero and Ethereum. However, the implementations of such laws shall inevitably cloud previous stands and even inject uncertainty in an already fragile ecosystem.

Ethereum Price Analysis

Weekly Chart

 

If anything price action of the last month or so has been slack. ETH price action is still trending inside week ending Sep 9 high low. That’s aside from the tight trading range between psychological $200 and $300. As a result we have a long upper wick signaling bears in lower time frames.

Now, though ETH is up four percent in the last week, prices are yet to slide lower and past the main support line at $160 or week ending Sep 9 lows meaning our previous Ethereum trade plan is live. But, considering how price is set up, odds are we might see further losses. Notice that bulls didn’t build enough momentum to clear $300 or week ending Sep 9 losses.

Note that for bulls to be squarely in charge then we need to see strong gains above $250 and $300. Thereafter, first targets would be at $400 with stops at the lows of the bull break out candlestick. On the reverse side, losses below $200 and $170 builds the impetus for further losses towards $75.

Daily Chart

Ethereum Price Analysis

Price action of the last few days best concludes the lack of activity as price accumulate in lower time frames. From the chart, it’s clear that ETH is in range mode with minor resistance at $220.

With waning momentum and trade volumes, traders must first see strong movements before they commit their hard earned capital. Therefore, as long as this range mode continue, we recommend staying neutral until a break out in either direction prints.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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ETH up Two Percent as Fidelity Investment Enter Space

Straight from Fidelity Investment creation of a new crypto subsidiary to yesterday’s altcoins revival, odds are ETH are likely to edge higher today. Though it is down six percent in the last week, the three percent gain in the last 24 hours at the back of high trading volumes could be the impetus bulls need to rally above $300.

Latest Ethereum News

There is a sweeping tide in traditional Wall Street corporations and Fidelity Investment is the latest to see opportunity in crypto and ancillary services. The fund management firm with more than $7.2 trillion of assets under management is forming a new subsidiary, the Fidelity Digital Asset Services. This branch will specifically cater for the needs of institutional level investors.

The Fidelity Digital Asset Services will be a platform where investors of all caliber would trade across different exchanges that meet Fidelity Investment standards thanks to their in-house internal crossing engine and smart order routing platform feature. Although the firm didn’t mention any partnering exchange, Fidelity approval procedures are stringent. The firm considers among other things the financial strength and regulatory compliance that syncs well with the firm’s third-party framework.

Besides trading, Fidelity entry in a space that many consider risky, is a stamp of approval. Initially, the risky tag was one of the many reasons why high liquid investors were shying away from cryptocurrency investment. Now, through an offline, cold storage custodial services, Fidelity Investment is acting like a missing link satisfying investor’s needs.

Already, the subsidiary’s head has said they are working with 13,000 institutional investors. This confirm  comments from Fidelity Investment CEO Abigail Johnson that their aim is to make digital assets as Ethereum more accessible to investors.

Ethereum Price Analysis

Weekly Chart

Overly, ETH is stable and has so far bulls have been successful in rejecting lower lows. Though there is this wave of excitement across the market, our previous Ethereum trade plan is valid since none of our trade conditions are live.

From the chart, it’s clear that week ending Sep 9 bar is still influential. It’s lows at $190 act as the first level of support. Because of our last recommendations, we shall only initiate trades upon break outs above $250 or $160.

Therefore, that means once bulls muster enough momentum to rally above $250 and $300 on the upper side reversing week ending Sep 9 losses then we shall suggest buys on dips with first targets at $400.

On the reverse side, losses below $160 or 2018 lows shall open doors for further losses towards $75.

 

Daily Chart

Ethereum Price Analysis

 

In the daily chart, it’s clear that yesterday’s price rally happened at the back of high trading volumes. Even though prices are still trading within Oct 11 bears, it’s better to trade from a top down approach. In that case we recommend taking longs once there is a solid close above $250 as aforementioned.

Overly, the market is vibrant. But since our shorts are not valid, risk off traders can load at spot with first targets at $250.

Fitting stops should be at Oct 15 lows at $190.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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Ethereum (ETH) Price Watch: Next Downside Targets

Ethereum Price Key Highlights

  • Ethereum broke below its latest consolidation pattern, indicating that losses are in the cards.
  • Price is still trading inside a descending channel on the daily chart and looks ready for a test of support.
  • But first, the mid-channel area of interest could attract some buyers since it’s close to the long-term lows at $150.

Ethereum price could be in for more declines as it bounced off the descending channel resistance and is making its way back down.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is likely to gain traction. In that case, ethereum could head for the bottom of the channel around $50 or at least until the lows at the $150 area of interest.

Stochastic is heading south so ethereum price could follow suit while sellers have the upper hand. This oscillator has plenty of room before reaching oversold conditions or indicating exhaustion among sellers, so bearish pressure could stay in play for longer. RSI also has some room to head lower but looks ready to turn back up, possibly signaling a pickup in bullish pressure enough for another test of the channel top.

ETHUSD Chart from TradingView

Risk sentiment hasn’t been in favor of cryptocurrency gains in the past few days and it doesn’t help that regulatory developments are spelling grim odds for further progress either. There have also been jitters ahead of Nouriel Roubini’s testimony in Congress this week as he is known for taking a critical stance against cryptocurrencies and repeatedly calling bubbles.

With that, his remarks could continue to keep a lid on ethereum and its peers, unless there are any major positive developments before the week comes to a close.

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