Crypto Markets Remain Shaky, NEM Continues Rising for the Second Day

Tuesday, October 2: crypto markets are seeing mixed signals, with up and down fluctuations for the last few hours and most of the top 20 cryptocurrencies by market cap seeing losses, according to CoinMarketCap. However, in terms of the 100 top cryptocurrencies, around half of the markets are in the green today.

Market visualization from Coin360

After seeing a slight growth on September 30,  Bitcoin (BTC) continues seeing losses. The major cryptocurrency is up around .015 percent over the past 24 hours, trading at $6,564 at press time. While Bitcoin has managed to trade above $6,600 for a while within the day, the coin has seen its intraday low of $6,499. According to Cointelegraph’s price price index, Bitcoin is still up almost 2 percent over the past 7 days.

Bitcoin’s market share has seen a small growth of around 0.3 percent over the past 24 hours, according to CoinMarketCap.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH), the second cryptocurrency by market cap, sees more losses today, down almost 1 percent over a 24 hour period. The top altcoin is trading at $227 at press time, showing around 23 percent losses over the month. However, Ethereum is still up over the week, having managed to hold around 3.5 percent of gains over the past 7 days.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP), the third top cryptocurrency, has been dropping gradually within the day, as shown on Ripple’s  24 hour price chart. However, the cryptocurrency is slightly up around 1.3 percent over the past 24 hours, and trades at $0.55 at press time. Ripple is still seeing a large growth of about 62 percent over the past 30 days.

Ripple 24-hours price chart

Ripple 24-hours price chart. Source: Cointelegraph Ripple Price Index

Total market capitalization currently amounts to around $220 billion at press time. The intraday high of the total market cap constitutes around $222 billion. Daily trade volume of crypto markets amounts to about $13.4 billion at press time, and the number of all cryptocurrencies that are listed on CoinMarketCap is 2,011 at press time.

Total market capitalization 24-hour chart

Total market capitalization 24-hour chart. Source: CoinMarketCap

While the most of top 20 cryptocurrencies have suffered losses over the past 24 hours, NEM (XEM) has continued growing today. After seeing strong gains yesterday, the altcoin keeps gaining the momentum, up 3.9 percent over a 24 hour period. In terms of weekly gains, NEM is up more than 15 percent at press time.

VeChain (VET) is also up 2.4 percent, and trading at around $0.013 at press time. The top 19th cryptocurrency is also up around 4 percent over the past 7 days.

Considering the largest losses in the top 20 crypto markets, Stellar (XLM) has seen the biggest losses of more than 2.1 percent. The top sixth coin by market cap is trading at $0.25, but still up around 4 percent in terms of its weekly gains.

Dash (DASH) is down of more than 1.2 percent today. The altcoin 12th altcoin is trading at about $183, also down around 0.8 percent over the week.

Recently, Cointelegraph reported that German investors in Initial Coin Offerings (ICOs) have lost up to 90 percent of their capital, which is even more than the losses of major cryptocurrencies Bitcoin and Ethereum this year.

On October 2, a Bloomberg report showed that institutional investors have replaced retail investors as the top traders of cryptocurrencies worth more than $100,000, with traditional investors such as hedge funds having become more involved in crypto markets through private transactions.



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Ripple Price Analysis: XRP/USD Dips Remain Supported Near $0.5550

Key Highlights

  • Ripple price gained traction and traded above the $0.6000 resistance against the US dollar.
  • There is a key bullish trend line in place with support at $0.5555 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could correct lower, but dips towards $0.5500 and $0.5400 remains supported.

Ripple price is trading with a bullish angle against the US Dollar and Bitcoin. XRP/USD is likely to resume upsides above $0.6000 after a short-term downside correction.

Ripple Price Analysis

There were decent gains above the $0.5500 support level in Ripple price against the US Dollar. The XRP/USD pair gained traction and moved above the $0.5800 and $0.6000 resistance levels. A fresh weekly high was formed at $0.6194 and the price settled above the 100 hourly simple moving average. Later, there was a downside correction and the price declined below the $0.5800 support.

There was also a break below the 50% fib retracement level of the last wave from the $0.5161 low to $0.619 high. The price traded towards the $0.5500 support where buyers emerged. The 61.8% fib retracement level of the last wave from the $0.5161 low to $0.619 high was tested. Moreover, there is a key bullish trend line in place with support at $0.5555 on the hourly chart of the XRP/USD pair. The pair is currently trading well above the $0.5550 support with a bullish angle. If there is a break above the $0.5850 and $0.5900 levels, there could be more gains. The next target for buyers could be $0.6000 and $0.6150.

Looking at the chart, ripple price could correct a few points in the short term towards $0.5550. However, buyers are likely to defend any major losses under $0.5450, below which the price may test $0.5200.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently flat in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD has moved slightly below the 50 level.

Major Support Level – $0.5500

Major Resistance Level – $0.5900

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Bitcoin Cash Price Analysis: BCH/USD Dips Remain Supported Above $540

Key Points

  • Bitcoin cash price extended gains above the $550 resistance and traded towards $600 against the US Dollar.
  • There was a break above a bullish pennant pattern with resistance at $522 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair traded as high as $592 and it is currently correcting lower towards key supports.

Bitcoin cash price is placed nicely above the $540 support against the US Dollar. BCH/USD remains supported on dips near the $540 and $525 levels.

Bitcoin Cash Price Analysis

There was an increase in buying interest for bitcoin cash price above the $520 level against the US Dollar. The BCH/USD pair completed a downside correction yesterday at $510. Later, the pair gained traction and made a nice upside move above the $525 and $540 levels. The price action was such that buyers gained control above the $540 level and the price gained substantially.

During the rise, there was a break above a bullish pennant pattern with resistance at $522 on the hourly chart of the BCH/USD pair. The pair broke the $580 resistance and traded close to the $600 level. A new weekly high was formed at $592 before the price corrected lower. It moved down below the 23.6% Fib retracement level of the last wave from the $503 low to $592 high. On the downside, there are many supports above the $540 level. An immediate support is at $550. Below this, the 50% Fib retracement level of the last wave from the $503 low to $592 high is at $547.

Looking at the chart, BCH price is trading in an uptrend above the $540 level. On the upside, a break above $590 and $600 could accelerate gains in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well above the 50 level.

Major Support Level – $540

Major Resistance Level – $590

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Bitcoin Cash Price Analysis: BCH/USD Dips Remain Supported

Key Points

  • Bitcoin cash price dipped recently, but it found support near $410 against the US Dollar.
  • There is a major bearish trend line in place with resistance near $440 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair needs to climb above the $450 hurdle for more gains in the near term.

Bitcoin cash price is trading above $400 against the US Dollar. BCH/USD is facing a couple of important resistances near $445 and $450 levels.

Bitcoin Cash Price Resistance

During the past few days, bitcoin cash price traded in a range above the $400 handle against the US Dollar. The BCH/USD pair tested the $400 and $410 support levels on a couple of occasions and remained well bid. There was a strong rise recently after the price formed a low at $408. The price jumped above the $425 and $430 levels, but sellers defended the $445 and $450 resistances.

There is also a major bearish trend line in place with resistance near $440 on the hourly chart of the BCH/USD pair. The pair corrected lower below the 23.6% Fib retracement level of the last wave from the $408 low to $442 high. It seems like the price may continue to move down towards the $425 level. It represents the 50% Fib retracement level of the last wave from the $408 low to $442 high. Below this, the price could test the $410 support in the near term. On the upside, the price has to break the $445, $450, and the 100 hourly SMA for more gains.

Looking at the chart, BCH price could continue to trade in a range above the $410 level. Once there is a proper close above $450 and the 100 hourly SMA, the price may perhaps rise towards $500.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is just around the 50 level.

Major Support Level – $410

Major Resistance Level – $450

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Bitcoin Cash Price Analysis: BCH/USD’s Recoveries Remain Capped

Key Points

  • Bitcoin cash price found support near the $460 level and recovered a few points against the US Dollar.
  • There is a connecting bearish trend line formed with resistance near $488 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair has to move above the $488 and $500 resistance levels to recover further in the near term.

Bitcoin cash price is struggling to gain traction above $500 against the US Dollar. BCH/USD may resume its downside once the current correction is over.

Bitcoin Cash Price Resistance

This past week, we saw nasty declines in bitcoin cash price below the $550 support against the US Dollar. The BCH/USD pair recently broke the $500 support area and traded as low as $461. Later, there was an upside correction initiated and the price moved above the $475 level. There was also a break above the 23.6% Fib retracement level of the last decline from the $526 high to $461 low.

However, the price is facing a strong resistance near the $490-500 zone. There is also a connecting bearish trend line formed with resistance near $488 on the hourly chart of the BCH/USD pair. Above the trend line, the 50% Fib retracement level of the last decline from the $526 high to $461 low is near $494. Moreover, the 100 hourly simple moving average is also positioned near the $500 level. Therefore, it seems like there is a strong resistance zone formed near the $490 and $500 levels.

Looking at the chart, BCH price may correct a few points towards $500 in the short term. However, upsides are likely to be limited and the price may dive back towards the $460 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slowly moving back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently just near the 50 level.

Major Support Level – $460

Major Resistance Level – $500

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Ethereum Classic Price Analysis: ETC/USD’s Dips Remain Supported

Key Highlights

  • Ethereum classic price surged higher this week and traded above $14.00 against the US dollar.
  • There is a crucial bullish trend line formed with support at $13.55 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
  • The pair is currently testing a major support area near $15.50 and it could bounce back.

Ethereum classic price climbed higher recently against the US Dollar and Bitcoin. ETC/USD is currently correcting lower, but dips remain supported above $13.50.

Ethereum Classic Price Support

During the past few sessions, there was a solid rise in ETC price from the $12.40 low against the US dollar. The ETC/USD pair surged higher and broke the $13.00 and $13.80 resistance levels. There was even a break above the $14.00 level and the price traded as high as $14.53. Later, the price started a downside correction and traded below the $14.00 level.

There was also a break below the 50% Fib retracement level of the last leg from the $13.01 low to $14.53 high. However, declines were well protected near the $13.50 level, which acted as a support earlier as well. Additionally, the 61.8% Fib retracement level of the last leg from the $13.01 low to $14.53 high stopped declines. More importantly, there is a crucial bullish trend line formed with support at $13.55 on the hourly chart of the ETC/USD pair. The pair is currently consolidating above the $13.50 support. As long as the price is above the trend line and the $13.50 support, it could resume its upside move.

The chart suggests that ETC price is placed nicely in an uptrend from the $12.40 low. If the $13.50 support holds, it could bounce back above the $14.00 level in the near term. If not, there is a risk of an extended correction towards the $13.20 level.

Hourly MACD – The MACD for ETC/USD is currently in the bearish zone.

Hourly RSI – The RSI for ETC/USD is currently below the 50 level.

Major Support Level – $13.50

Major Resistance Level – $14.20

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Some Crypto Mining Apps Remain in Google Play Store Despite Recent Ban

According to a report by the Next Web published on August 28, several cryptocurrency mining apps remain in the Google Play Store despite the ban.

On July 27, Google banned crypto-mining apps from its Play Store. An update to Google’s developer policy read that “we don’t allow apps that mine cryptocurrency on devices.” The company gave mining app developers a 30-day grace period to revise their products in order to comply with the new terms.

The deferral period has passed, but some apps that enable on-device mining are still available on the Play Store, according to the Next Web. The site reportedly found eight apps, three of which have been removed. NeoNeonMiner, Crypto Miner PRO, Pickaxe Miner, and Pocket Miner are still live on the store, while Bitcoin Miner reportedly claims its offering complies with the terms introduced by Google.

While MinerGate has been removed from the store, its developers told Hard Fork that the app’s latest iteration deleted its on-device mining features in order to comply with Google’s rules. MinerGate told Hard Fork in an email:

“Mining on your phone directly was among the core features of the MinerGate app before the last changes in Google Play Development policies. With the last update, we are removing this functionality to meet the updated requirements.”

Earlier this month, Google Play Store hosted a reported Ethereum (ETH) scam application. Lukas Stefanko, a malware researcher from Slovakia, reportedly found a fraudulent “Ethereum” app on Google Play that had been offered for purchase at price of €335 or around $388. According to the researcher, the scam intended to dupe uninformed buyers into purchasing the app, who mistook it for the original Ethereum cryptocurrency.

In April, Google also announced that it is removing mining extensions from its Chrome Web Store after “90 percent” supposedly failed to comply with its rules. The move reportedly came in response to analysis of malicious “cryptojacking” present in extensions.



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SEC to Review Rejected Bitcoin ETFs, Why They Will Remain Declined


This week, the US Securities and Exchange Commission (SEC) has said it will review nine Bitcoin exchange-traded funds (ETFs) it disapproved on August 24.

The letter sent to NYSE Group senior counsel David De Gregorio by SEC secretary Brent Fields read:

“This letter is to notify you that, pursuant to Rule 43 I of the Commission’s Rules of Practice, 17 CFR 20 I .43 1, the Commission will review the delegated action. In accordance with Rule 431 (e), the August 22 order is stayed until the Commission orders otherwise.”

Community is Excited When They Shouldn’t Be

Jake Chervinsky, a government enforcement defense & securities litigation attorney at Kobre Kim LLP, recently explained in a statement that the revision of the ETFs was initiated by SEC commissioner Hester Peirce and that it only takes a single commissioner to order a review.

Last month, upon the disapproval of the Winklevoss Bitcoin ETF, commissioner Peirce expressed her optimism towards ETFs and said that Bitcoin ETFs are worthy enough to hit US markets.

According to Chervinsky, the ordered revision of the nine ETFs is only methodical and the outcome of the revision will lead to the same conclusion the SEC disclosed on August 24.

He said:

“Don’t get too excited, folks. Under Rule 431 of the SEC’s Rules of Practice, it only takes a single Commissioner to order a review like this. Hester Peirce deserves credit & respect for putting up a fight, but there’s no reason to think yesterday’s rejections will be reversed.

Final thought on bitcoin ETFs for the week: the SEC’s primary goal is to exercise jurisdiction over crypto markets (by any means necessary). Congress hasn’t given them regulatory authority, so they’re essentially trying to coerce ETF sponsors into surveilling the market for them.”

As CCN previously reported, the nine ETFs proposed by ProShares and Direxion were disapproved due to their dependence on derivatives and the Bitcoin futures markets operated by the Chicago Board Options Exchange (Cboe) and CME Group.

The two institutions revised their ETF proposals to utilize US futures markets as the trusted price of the ETF due to the government’s disapproval of the reliance of the Winklevoss Bitcoin ETF on the price listed on US-based cryptocurrency exchange Gemini.

But, the SEC emphasized that the US Bitcoin futures market is not large and mature enough to allow institutions to launch ETFs on top of the market.

The official document released by the SEC read:

“[The ETFs have not met the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices. Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are ‘markets of significant size.’”

Same Outcome

The SEC has clarified on its stance towards derivatives-based Bitcoin ETFs as it stated that the US futures markets are currently not big enough for ETFs to based their price on futures exchanges.

Whether the SEC revises their decision on the rejected Bitcoin ETFs or not, the argument of the commission on the size of the futures market is relevant and if the futures market itself does not see major improvements or growth in the short-term, derivative-based Bitcoin ETFs will not be approved.

Featured image from Shutterstock.

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Cardano Sellers Get Less Active, But Risks Remain High


Cardano lost ground against the US dollar on Friday morning before making a moderate afternoon recovery, trading around $0.0935 and going up by 2% compared to the previous session. Over the last week, the sellers have been getting less active, and the investors lost less than before. Dmitriy Gurkovskiy, Chief Analyst at RoboForex, says the major outlook for Cardano is currently neutral.

Technically, Cardano is correcting on H3 against the previous descending trend. This correction trend has achieved 23.60% Fibo and may continue to 38.20% (0.12073) and 50.00% (0.13227). The current trend support is meanwhile at 0.08319.

On H1, there’s a more detailed view on Cardano, with a descending channel converging, which could mean a reversal is coming. The key reversal signal for that will be the resistance breakout at 0.09640. The nearest target may be at $0.10631, which is the projection channel resistance. The MACD being headed up and the Stochastic leaving the oversold territory also confirm this reversal.

Among the news, one of the most interesting is the information that Cardano is going to update its functionality. In August, IOHK CEO Charles Hoskinson spoke about new opportunities for the projects based upon the coin’s blockchain.

One such project is Icarus, which is a base for creating lightweight wallets with an ability to set up and customize additional features depending on the product purposes. Such wallets are called lightweight, as they don’t load the whole blockchain — just the server side will do.

Another project announced in August is Prometheus, which is another base for creating your own wallets. It is written by means of language called Rust and may be used directly in a web browser. There are also some projects related to smart contracts, a very powerful feature that may become fully functional in the finance industry pretty soon.

The main news on the crypto market in general are mostly related to the SEC decisions. Lately, the agency declined a few bids on creating bitcoin ETFs. However, one of the SEC officers soon tweeted that these bids may be re-considered moving forward. It was initially clear that SEC resolution was not final, but now that it’s been confirmed, it’s much better for the crypto market.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

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Bitcoin Price Watch: BTC/USD Breaks Key Resistance, Dips Remain Supported

Key Points

  • Bitcoin price gained bullish momentum and surged above the $6,480 and $6,550 resistances against the US Dollar.
  • Yesterday’s highlighted key bearish trend line was breached with resistance near $6,475 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair traded above the $6,900 and is currently correcting lower towards key supports.

Bitcoin price broke key resistance at $6,550 against the US Dollar. BTC/USD is back in a bullish zone with a close above the $6,620 high.

Bitcoin Price Analysis

Yesterday, we discussed a few important hurdles near $6,550 in bitcoin price against the US Dollar. The BTC/USD pair traded in a range above the $6,400 level and later surged higher. The price started an upward move and cleared the $6,480 and $6,550 resistance levels. Moreover, there was a break above the last swing high at $6,620 and the 100 hourly simple moving average.

During the upside, yesterday’s highlighted key bearish trend line was breached with resistance near $6,475 on the hourly chart of the BTC/USD pair. A new weekly high was formed near the $6,921 level. Later, there was a downside correction below the $6,900 level. There was also a break below the 23.6% Fib retracement level of the last wave from the $6,236 low to $6,921 high. However, there are many supports on the downside near the $6,600 and $6,550 levels. Additionally, the 50% Fib retracement level of the last wave from the $6,236 low to $6,921 high is near $6,578 to act as a support.

Looking at the chart, if bitcoin is back in a positive zone with a close above the $6,550 level. On the upside, resistances are at $6,800 and $6,900, above which the price may well test the $7,000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is placed nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently retreating from the 75-80 levels.

Major Support Level – $6,550

Major Resistance Level – $6,900

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