Oversold Conditions Show Bitcoin Bottom




In the last 24 hours, the valuation of the crypto market increased from $137 billion to $140 billion after a minor recovery of around 2 percent.

Both major cryptocurrencies and small market cap tokens have ended the day with relatively minor losses in the range of 1 to 3 percent.

Is Bottom Near For Bitcoin?

The volume of Bitcoin (BTC) has dropped from $5.5 billion back to $4 billion over the past several days, by more than 27 percent. Given that the value of BTC has not fallen substantially during the time wherein its volume fell, a case can be made that the sell-pressure on the dominant cryptocurrency has subsided.

A cryptocurrency trader and economist Alex Krüger explained:

“Yesterday, BTC triggered my main oversold signal on the daily. This signal printed only once before: Jan/17/2015. Very close to a bottom that held for eight months, and was breached only once ever after, briefly, during the Aug/18/2015 flash crash.”

Generally, after a 30 to 40 percent drop, major cryptocurrencies tend to recover in the mid-term, as seen in the case of Ripple (XRP). A similar trend could be portrayed by BTC in the upcoming weeks if the asset could begin demonstrating stability at its low price range.

Even if BTC falls below the $4,000 mark prior to engaging in a corrective rally, which is a possibility given that the $4,000 support level was tested twice in the past five days, stability in the range of $3,800 to $4,200 could allow BTC to establish roots in the $4,000 region and signal a bottom.

“Some nice buyback wicks showing up, but don’t think we’re out of the woods until a daily close above green,” noted Hsaka, a cryptocurrency technical analyst.

Bitcoin is still only down 78 percent from its all-time high, which is relatively low when compared to the average drop in the price of BTC from its all-time high in previous major corrections. In 2011, 2013, and 2015, BTC recorded an average drop of over 85 percent in every major correction it experienced.

So far, VeChain, Binance Coin, and Bitcoin remain as the best performing cryptocurrencies throughout the bear market, with Binance Coin down 78 percent from its all-time high.

Tokens are in Trouble

On Friday, tokens seemed to be experiencing a sudden short-term recovery as Augur and Maker demonstrated gains in the range of 5 to 13 percent.

Chart provided by ATHCoinIndex

In the past 12 hours, Augur dropped by 10 percent and Maker recorded a decline of 7 percent, deleting their weekly gains.

From their all-time highs, most tokens, even those that have performed well against BTC and the US dollar in early 2017, are averaging a drop of around 98 percent.

With increasing pressure from the U.S. Securities and Exchange Commission (SEC) and dozens of pending cases against initial coin offering (ICO) projects being evaluated by local authorities, the price of tokens is expected to drop substantially in the weeks to come.

Featured Image from Shutterstock. Charts from TradingView.

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Indian Government to Present Draft Bill on Crypto Regulation in December, Documents Show

The Indian government is actively preparing a draft bill on crypto regulation, which is expected to see light this December, according to documents obtained by digital news website Quartz India Tuesday, Nov. 20.

The government has filed a counter-affidavit yesterday, Nov. 19 in the Supreme Court of India, which is currently hearing a case filed by several crypto exchanges against the Reserve Bank of India (RBI).

The document states that the Indian finance ministry panel, responsible for the draft and headed by secretary in the department of economic affairs Subhash Chandra Garg, will present its first version in December:

“Currently, serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology in the financial system and framework for digital currency in India.”

Quartz India reports that the draft report and bill will be sent out to members of the inter-ministerial committee (IMC), and that the next meeting of the IMC will specifically discuss the draft legislation. The documents notes that it is “expected that the draft report will be placed before the IMC by next month.”

Moreover, Garg’s panel has scheduled two meeting on crypto regulation in January 2019. According to Quartz India, the members of the committee will present the legislation and accept propositions during the meetings.

The legal battle over crypto regulations started April 2018, when the RBI announced that it would cease to provide services to persons or legal entities involved in cryptocurrencies. Following the move, eleven crypto businesses filed a case against the RBI in the Supreme Court to overturn the decision. After several postponements, the hearing was finally held late October.

During the hearing, the Supreme Court set a two-week deadline for the Indian government to announce its official stance on crypto. Shortly after the hearing, the Indian secretary of Economic Affairs recommended that the country’s Ministry of Finance to impose a ban on “private cryptocurrencies.”

As Cointelegraph previously reported, while the legal crypto framework in India remains unclear, Indian authorities arrested the developers of country’s first Bitcoin (BTC) “ATM” in the city of Bangalore under criminal charges. According to local news outlets, the two co-founders of the country’s first cryptocurrency exchange, Unocoin, were booked under serious criminal charges, including criminal conspiracy, cheating, and forgery.



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Major Chinese Tech Magazine Adds Payment in Bitcoin to Show Blockchain ‘Practicality’

Beijing Sci-Tech Report (BSTR), China’s oldest media publication covering the tech industry, has announced it will offer subscriptions payable with Bitcoin (BTC), local media outlet Guangming reported Sunday, September 30.

An evidently rare occurrence from China, were government pressure has forced crypto exchanges and Initial Coin Offering (ICO) operators to halt activities over the past year, BSTR says it wishes to promote blockchain and crypto use through “practical actions.”

“[S]ubscribers can pay subscription fees to the specific bitcoin receiving address of the newspaper to complete the subscription,” Guangming confirms.

The product on offer is an annual subscription to the publication’s ‘Tech Life’ magazine, which costs 0.01 BTC (about $65).

Chinese authorities continue to clamp down on trading and promotional operations related to cryptocurrency, Cointelegraph reporting on fresh efforts to tackle overseas platforms by blocking access to them online in August.

At the same time, owning and investing in cryptocurrency is not officially illegal.

Responding to queries about the BSTR move on social media, Chinese cryptocurrency news commentator cnLedger underlined the fact that by offering a Bitcoin subscription, the publication was not breaking the law.

“Owning and investing in crypto is not banned,” it wrote.

“Otherwise Jihan (Wu, CEO) of Bitmain and Leon (Li, CEO) of Huobi would be among the first ones to get fined/caught. Thousands if not millions would have been arrested already (large amount of OTC tradings).”



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Three Crypto Firms Ordered to Show Cause by Colorado State Securities Commissioner

Colorado Securities Commissioner Gerald Rome has ordered three crypto firms alleged of promoting unregistered Initial Coin Offerings (ICOs) to show cause, according to a press release August 28. An order to show cause is a court order that compels a party or individual in a case to justify, prove, or explain something in court.

The orders come as part of a state investigation into “what has become a trend of allegedly fraudulent companies looking to make quick money,” according to the press release. The investigations are being conducted under the purview of the of the Division of Securities, which is part of the Department of Regulatory Agencies (DORA).

Bionic Coin, Sybrelabs Ltd., and Global Pay Net (also known as GLPN Coin and GPN Token) received orders. DORA has previously submitted orders to EstateX, Bitconnect Ltd., Magma Foundation, and Bitcoin Investments Ltd.

According to the press release, the firms made hyperbolic and misleading statements to investors regarding their products. Bionic claimed that “Bionic will grow your money without any effort.” The firm also listed Forbes as a media partner, but investigators could not find any reference to the company on the sites supposedly promoting it. The site also claimed that individuals who promote the project on social media and blogs will receive up to ten thousand tokens per post.

Sybrelabs promoted an unregistered security to Colorado residents via a type of investment pool which reportedly allowed for trading on crypto exchanges through what was advertised as a “cryptoarbitrage robot.”

Global Pay Net sells GLPN Coins, which reportedly provide an international financial platform based on blockchain technology. The press release quotes a description of GPLN coins as “full-value assets that represent one’s share in the business” and that “investors receive 80 percent of the company’s profits.” The site also lists multiple crypto professionals, two of whom have denied involvement in the project.

In May, DORA announced its investigation into two companies for promoting unlawful ICOs to Colorado residents. The Colorado Securities Commissioner said that California-based Linda Healthcare Corp. and Washington-based Broad Investments LLC could possibly be violating securities laws by promoting unregistered ICOs.

Within the course of DORA’s investigation, officials found that Linda Healthcare was not in operation, while Broad Investments’ “math-oriented value system” on their website was also not operational. DORA officials said that neither company provided information on the risks of investing in ICOs.



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Does Bank of America’s Crypto Custody Show Irrelevance of Bitcoin ETF?


This week, $312 billion Bank of America (BoA) filed a patent to offer crypto custody, targeting large-scale institutional investors and retail traders.

Some experts have said that the efforts of major financial institutions to create institutional products around cryptocurrencies will bolster the adoption of crypto in US markets, which will naturally lead to other publicly tradable instruments such as Bitcoin exchange-traded funds (ETFs).

Bitcoin ETFs Not Necessary?

The patent of BoA, filed with the US Patent and Trademark Office, described a vault system with which institutions can safely store digital assets like Bitcoin. It read:

“The processor is also able to deposit the quantity of cryptocurrency into a vault connected to a network and determine a total quantity of cryptocurrency deposited into the vault. The processor may also, in response to determining the total quantity of cryptocurrency deposited into the vault exceeds a threshold, facilitate the disconnection of the vault from the network.”

In essence, the system of BoA is similar to the services offered by Xapo, a Hong Kong-based Bitcoin vault company that has been storing over $10 billion in Bitcoin on behalf of institutions since early 2014.

With such a system in place, BoA will be able to provide a platform for its clients and large institutions in the finance sector to allocate large sums of money into the crypto sector without concerns regarding security and regulation.

bitcoin custody

BoA stated that the primary purpose of its crypto vault system is to allow enterprises to safely store large amounts of digital assets while being able to conduct transactions on a daily basis.

“Enterprises may handle a large number of financial transactions on a daily basis. As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to securely store cryptocurrency,” BoA said.

In an interview with Forbes, Jonathan Hamel of Acadamie Bitcoin in Montreal explained that the introduction of institutional products around crypto like the BoA custody solution and Bakkt, a joint venture created by Microsoft, Starbucks, and the New York Stock Exchange, will significantly improve the physical over-the-counter (OTC) and institutional infrastructure.

In the near future, Hamel said that institutions will be able to comfortably invest through existing custodian solutions that are sufficient to bring in billions of dollars in new capital into the space.

As the OTC and institutional market improves, Hamel noted that ETFs and other publicly tradable instruments will inevitably arrive in US markets, emphasizing that investors do not have to be concerned about the approval of ETFs just yet.

“I don’t think (the rejections) are that important. The ‘physical’ over-the-counter/institutional bitcoin infrastructure is only getting started. The development of financial vehicles backed by bitcoin is inevitable. It’s not if, it’s when,” Hamel stated.

Institutional Market is Improving

Currently, the vast majority of investors are highly anticipating the debut of the first Bitcoin ETF because most believe that an ETF would bring in substantial capital into the asset class.

But, officials at the US Securities and Exchange Commission (SEC) have made it clear that there exists certain requirements ETF operators will have to meet and the first Bitcoin ETF is unlikely to emerge in US markets until early 2019.

In the meantime, as Hamel said, investors are still able to invest in the market through custodian solutions and the institutional market improves, more institutions will be willing to consider cryptocurrencies as a legitimate market to invest in as an alternative.

Images from Shutterstock

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$30 Billion Lost: 4 Stats That Show a Crypto Market in Decline

The crypto markets are seeing red in a big way Wednesday as an ongoing rout is wiping away billions of dollars in value.

As reported by CoinDesk, the collective market capitalization for all crypto assets hit a new low for the year earlier today – as it stands, the overall market cap is roughly $225 billion, representing a significant decline from the more than $800 billion witnessed in early January of this year.

Among the developments driving the market turmoil: the fact that the U.S. Securities and Exchange Commission (SEC) decided to punt a decision on a proposed bitcoin exchange-traded fund.

As always, the devil is in the details – and these four statistics show a market in turmoil

1. Market cap decline

According to figures compiled by CoinDesk, as much as $51 billion in market cap was lost during the past seven days. CoinMarketCap figures indicate that as much as $30 billion or more in value was shed amid the day’s market action.

This amount indicates a more than 18 percent decline within that time frame.

2. Top coins take a hit

But the market capitalization data only tells part of the story.

Perhaps most tellingly, all of the top 20 cryptocurrencies (indicated on sites like CoinMarketCap as well as OnChainFX), showed significant declines in the past 24 hours, accounting for an average loss of more than 14 percent during that period.

Source: OnChainFX.com

For bitcoin specifically, the past days haven’t been exactly forgiving either.

3. Days of pain

The cryptocurrency has seen losses for ten out of the last eleven days – a series of events that have not occurred since September 2014.

That extended period of price declines is fully on display in the graph below, pulled from Bitfinex, which shows the market sliding downward after climbing above $8,000 last month.

4. Reversal of fortune

But the 11-day datapoint has another message: the recent bull run has basically evaporated, CoinDesk analysis shows.

Today’s low represents a depreciation of 26.28 percent endured over the bearish stint. As a result, over 80 percent of the recent rally from bitcoin’s annual low has evaporated.

In sum, bitcoin’s price rallied $2,705 from June 24th to July 24th, over $2,000 of which has since disappeared, according to data from Bitfinex.

Image via Shutterstock; Chart via TradingView

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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Bitcoin Misery Index Indicators Show the Crypto ‘Isn’t Broken’

Bitcoin (BTC) “isn’t broken” if it’s holding at the current price and volatility levels, Fundstrat’s Tom Lee said to CNBC’s “Fast Money” on August 6.

In the interview, the Wall Street bull referred to the current indicators of Fundstrat’s recently launched Bitcoin Misery Index (BMI), which aims to inform investors of how “miserable” holders of the currency are based on its price and volatility.

According to Lee, when the index is below 27, it shows that future returns are very good, while if it surpasses 68 percent, it is “time to sell Bitcoin.” Pointing at the index’s current number of 39, Lee concluded that the momentum is “recovering,” noting

“Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets.”

Fundstrat’s head of research also pointed out the current levels of Bitcoin dominance on the crypto markets, which has surged up to around 48 percent over the past several weeks after dropping to as low as 37 percent in July.  

As Lee explained, the fact that major cryptocurrency keeps gaining momentum in terms of market share is “actually showing the market is reacting to what’s been taking place.”

Lee also pointed at the recent biggest news in the industry, such as the Intercontinental Exchange’s (ICE) announcement of developing a new global digital assets platform, as well as the U.S. Securities and Exchange Commission (SEC) stating that Bitcoin is not a security.

On Aug. 3, ICE, the operator of 23 leading global exchanges including the New York Stock Exchange (NYSE), announced its plans to build an integrated digital assets platform to enable customers, merchants, and institutional clients to buy, sell, store, and spend digital assets on a “seamless global network.”

In the beginning of July, Lee repeated his stance that Bitcoin could reach anywhere between $22,000 to $25,000 by the end of 2018. Earlier this summer, on June 27, Lee had predicted that the BTC downtrend that took place in June would be reversed if Bitcoin could push through a resistance point of $6,300 to $6,400.



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Bitcoin Hovers Near $7,000, While Altcoins Show Marked Signs of Recovery

August 5: After yesterday’s market nosedive, Bitcoin (BTC) is up just slightly, hovering around the $7,000 mark. All major altcoins are however showing marked signs of recovery, up between one and seven percent, as data from Coin360 shows.

Market visualization from Coin360

Bitcoin (BTC) is trading around $7,040 to press time, holding ground on the day after its rapid tumble yesterday back to a price point not seen since July 17. The leading cryptocurrency could now be eyeing $6,800 as a short-term support, after several faltering pushes above the $7,000 threshold earlier today failed to hold. Bitcoin’s weekly losses are now at around 14.05 percent, with monthly gains pinched to just under 8 percent.

Btc

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

Ethereum (ETH) is seeing slightly more significant daily gains, up 1-2 percent to trade around $412 at press time. The leading altcoin has nonetheless sustained a gradual decline to lose over $50 in value on its weekly chart, posting around a 11.35 percent loss. On the month, Ethereum is down 11.66 percent.

ETH

Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index

On CoinMarketCap’s listings, all of the top fifteen coins are in the green, posting more solid gains between one and seven percent on the day.

IOTA (MIOTA) is a significant outlier, showing the strongest signs of recovery of the major altcoins with a solid 7.21 percent gain to trade around $0.91 at press time. Of the top ten coins, Cardano (ADA) is the second strongest performer on the day, up around 3.63 percent to trade around $0.13 at press time.  

Among the top twenty coins by market cap, Ethereum Classic (ETC) is also seeing significant gains, growing 7.17 percent on the day and trading around $17.44 at press time. The altcoin’s mini rally kicked off late August 3, likely buoyed by news of its imminent listing on major U.S. crypto exchange and wallet service provider Coinbase, set for August 7.

ETC

Ethereum Classic’s 7-day price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is around $257.2 billion at press time –– up а solid $5 billion from yesterday’s low at $252.3 billion. Nonetheless, the markets have lost around $50 billion since late July’s rally to reach over $303 billion.

Total

1-month chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

As the market tumbled Friday, the week’s major news remains the bullish revelation that the Intercontinental Exchange (ICE) – the operator of 23 leading global exchanges including the New York Stock Exchange (NYSE) – plans to create a Microsoft cloud-powered ecosystem for digital assets that would cover the spectrum from federally regulated markets and warehousing to merchant and consumer needs.

As Cointelegraph reported today, Starbucks, one the enterprises partnering with ICE to build the digital asset ecosystem, clarified that it will not be accepting Bitcoin (BTC) or other cryptocurrencies as payment, following misleading reports from mainstream media.

ICE has further revealed it will be offering physically-delivered BTC futures contracts as of this November – as long as it gets the green light from the U.S. Commodity Futures Trading Commission (CFTC).

Some analysts have suggested that the physical delivery would herald a significant institutionalization of the crypto landscape and be bullish for the markets – as distinct from the cash-settled Bitcoin futures contracts currently traded on CME and CBOE exchanges.



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Tron Price (TRX) Still Going Down, But Technicals Show Positive Future


The Tron price (TRX) lost a good deal of its value over the last three days. On Friday, July 20, Tron is trading at $0.0349, losing around 8% in 24 hours.

Technically, TRX is trading within a range on D1, with the major support at $0.0230, and the resistance at $0.1004. In the midterm, Tron is trading within a descending channel, trying to reach the major support. Meanwhile, the Stochastic is converging, which signals a possibility of ascending correction. This will be confirmed once the resistance of the current channel gets broken out. The correction potential can be measured by Fibo levels, with the major targets at 23.6% (0.0476), 38.2% (0.0577), and 50.0% (0.0650).

In the short term, the Tron price is pulling back after testing the midterm channel resistance, with a new ascending channel forming. The most likely scenario is the price going up towards $0.0460, which is confirmed with the Stochastic being in the oversold territory. However, the local ascending channel breakout is also possible, and, if this is the case, the price may head down to $0.0290.

Among the recent fundamentals, what is worth mentioning is that Ledger Nano S wallet now supports Tron and Zcoin. Previously, Tron users weren’t able to use such wallets to store their money.

Overall, Tron has been driving very much attention lately. First, this is explained with the crypto recently migrating to its own blockchain platform. This will enable getting the tokens out of ERC-20 without any consequences, losses, or reputation damages.

According to GoogleTrends surveys, Tron is attracting more and more users, and is included into the top in-demand altcoins, together with Ripple.

Last week, the markets were closely watching the meeting between Justin Sun, Tron founder and CEO, and Twitter management. The meeting was closed for media, but some news still managed to “escape.” As such, it is reported that the parties might have discussed scam bots, which is a very topical issue for Twitter, as the social media often gets attached with such bots lately. Thus, the Tron specialists may be involved into this fight against scam bots for Twitter. If Tron is really into cooperating with the social media giant, this will surely be positive for TRX.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

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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Crypto Markets Show No Friday 13th Fear as Assets U-Turn on Previous Losses

Cryptocurrency markets staged a modest comeback Friday, July 13, following a week in which Bitcoin (BTC) lost over 5 percent against the dollar and Ethereum (ETH) over 7 percent.

Data from Cointelegraph’s price indices and Coin360 show a rebound from weekly lows of $6,180 for Bitcoin, which had hit highs of $6,792 July 8.

Market visualization from Coin360

At press time Friday, BTC/USD is trading around $6,250 up just about one percent on the day, this week’s downward momentum failing to crack support around the $6,000 barrier.

Bitcoin’s general price pattern continues to reflect a curious pattern of sudden losses followed by de facto flat performance, a cycle which commentators have failed to fully explain.

Accusations of market manipulation by actors ranging from whales to Tether token production have not seen sufficient evidence, with recent research denying theories major bagholders are dictating market performance.

Bitcoin price chart

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

For Ethereum, prices have continued to broadly fluctuate around Bitcoin, Friday’s reversal also seeing about one percent gains against a broader weekly decline around 6.2 percent. At press time, ETH/USD is circling $437.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

The return to form of the two largest cryptocurrencies has in turn produced copycat behavior from the majority of the top 50 cryptoassets, with most seeing 1-4 percent gains today. EOS rose over 4 percent Friday, while Dash is up a notable 8.4 percent, leading the top 25 coins.

Bancor’s BNT token, which lost around one third of its value this week after its issuer reported a hack, has so far failed to reverse its losses, up a modest 0.8 percent today.

As Cointelegraph continues to report, many commentators from the cryptocurrency industry and beyond continue to hold a bullish stance on prices in the medium term.

A report last month by Chinese exchange Huobi saw the majority of respondents to its survey forecast a “substantial” increase by the end of the year, 71 percent believing markets will expand by over 30 percent of current levels.

TenX’s Julian Hosp went further, this week committing to a Bitcoin price target of $60,000 by the start of 2019.



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