Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

Cryptocurrency markets are steadily coasting along after suffering from some volatile low swings last week. Over the past 24 hours, most cryptocurrencies are still in the red nurturing losses between 1-3 percent, and a few are in the green by a few percentages. At the time of publication, the price of bitcoin cash (BCH) is hovering around $850 per coin. Meanwhile, bitcoin core values are meandering just above the $6,500 region.

Also read: William Shatner Joins Bitcoin Mining Project, Admits He Doesn’t Quite Get It

SEC Announcement Adds Second Wind Into the Cryptocurrency Market Sails

Since last week’s ‘Bloody Sunday’ cryptocurrency market have seen some slight recovery but not by much. Markets were dropping pretty low up until the U.S. Securities and Exchange Commission (SEC) revealed cryptocurrencies that are decentralized are not securities. After the SEC’s head of the Division of Corporate Finance, William Hinman, made these statements digital asset markets saw a small rally and this push has kept markets from drawing lower, at least for a short period of time. The overall market valuation for all 1600+ cryptocurrencies is currently worth around $280Bn USD and 24-hour trade volume for the entire lot of digital currencies is $10.8Bn.

BCH Market Action

Bitcoin cash markets have steadily held above the $840 – $855 region over the past few hours with around $303Mn in 24-hour trade volume. Just like before last week’s dump, trade volume is pretty flat and action has simmered down over the past day. The top exchanges swapping the most BCH today are Okex, Exx, Hitbtc, and Bitz. Bitcoin core (BTC) currently represents 48.8 percent of the trades swapped with BCH today. This is followed by tether (USDT 28.8%), USD (13%), KRW (4%) and ETH (2%). As of this writing, one BCH is equivalent to 0.1309 BTC, and bitcoin cash is the fifth highest trade volume.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BCH/USD Technical Indicators

The daily and 4-hour charts on Bitfinex show that BCH bulls have some resistance ahead in order for the markets to progress upwards. The two Simple Moving Averages (SMA) on the 4-hour BCH/USD chart show the short-term 100 SMA is above the long-term 200 trendline.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The two SMAs recently crossed hairs and this indicates a move to the upside could be in the cards. Both the Relative Strength Index (RSI) oscillator (54) and the MACd show deep consolidation and a touch of uncertainty. Looking at order books shows BCH bulls have some solid resistance past the $870 mark and some more between $900 – $950. On the backside, stronger foundations have been built up over the past few days and BCH bears will see some pit stops around $825 and $775.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BTC Market Action

As mentioned above, bitcoin core markets have been hovering just above the $6,500 territory for most of today’s trading sessions. Trade volume over the past 24 hours for BTC is around $3.1Bn and the overall market capitalization today is $111Bn. The top five exchanges by BTC trade volume on June 16 are Bitfinex, Coinbase, Bitstamp, Kraken, and Neraex. The Japanese yen today is dominating BTC trades today by over 71 percent. This is followed by tether (USDT 14.3%), USD (9.1%), KRW (1.6%), and the EUR (1.3%). Currently, BTC dominance amongst all the other markets is 39.9 percent.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BTC/USD Technical Indicators

4-hour and daily charts for GDAX and Bitstamp’s BTC/USD markets show quite a bit of consolidation as well. We can see from this chart that the two SMAs have also crossed paths with the 100 SMA just above the 200 SMA trendline. This indicates the path of least resistance will be towards the upside, but much like the BCH/USD 4-hour chart the gap is small, and the two could easily cross again.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

RSI levels are the same as well (52) and the MACd looks to be heading southbound soon. The current resistance zone for BTC bulls is between $6650 and $6775 (20 and 50 MA) at press time. On the back side, bears will meet resistance between 6400 and 6200 and significant foundational buy support beyond that. If things were to go into the sub-$6K region, the $5K region will likely hold for a very long time. However, at any time between this vantage point and that theoretical region, we could see a strong impulse leg upward.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The Top Cryptocurrency Markets

On Saturday, June 16 the second highest valued market held by ethereum (ETH) is up 1.7 percent and one ETH is averaging around $500. Ethereum values over the last seven days are down 14 percent. Ripple XRP markets are down 0.4 percent over the last 24-hours and down 18 percent during the course of the week. One XRP is trading for $0.53 cents per token. The fifth largest market, EOS, is up 0.12 percent and down 23 percent over the last seven days. The EOS token is trading for $10.67 and the currency holds the fourth highest trade volumes today.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The Verdict: Skepticism Remains Strong

The verdict this weekend still leans towards the bearish side taking into consideration the current charts, but mostly, market volumes have been considerably low. The SEC news helped add some positivity to an otherwise extremely gloomy week as far as markets were concerned. Traders are likely to remain skeptical for the time being until some bullish signals appear. The good news is markets have found support once again but where it will take us from here is hard to say.

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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EOS Mainnet Now Two-Thirds of the Way to Activation

The EOS mainnet has still not gone live, but it’s inching closer to activation now that the block producer voting threshold has reached two-thirds of the required participation. As CCN reported, blockchain development company Block.one released the first version of the EOSIO software on June 2 at the conclusion of its yearlong initial coin offering

The post EOS Mainnet Now Two-Thirds of the Way to Activation appeared first on CCN

New Report Blames Tether for Bitcoin’s Bull Run

New Report Blames Tether for Bitcoin’s Bull Run

Tether is back in the news thanks to a new report alleging it played a pivotal role in bitcoin’s mega-bull run last year. This isn’t the first time the dollar-pegged stablecoin has been blamed for market manipulation, but is the most compelling evidence to date that 2017’s record highs may not have been entirely organic.

Also read: Ripple CEO: Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

How Untethered Is Bitcoin?

Meet the Stablecoins Trying to Take on Tether“Is Bitcoin Really Un-Tethered?” runs the title of a provocative new research paper published today. Its authors have taken an algorithmic investigative approach, using blockchain analysis to determine the extent to which timed release of tethers into the cryptocurrency ecosystem may have served as a tool for artificially inflating prices. Long-time tether critic Bitfinexed has been alleging as much for months, and successfully persuaded a portion of the cryptocurrency community that tether-led market manipulation was rampant.

At the time, though, when BTC was hitting new all-time highs virtually every day all through November and December, most traders didn’t care; they were too busy watching their portfolio go up. But in the sober light of 2018’s enduring bear market, tether’s ability to influence the price of BTC is of major concern. If it transpires that last year’s record prices were the result of manipulation then without tether’s support, the prospect of bitcoin hitting another all-time high is remote. In fact, with BTC currently languishing below $6,500, even five figures feels like a long way off.

Tether Consistently Pumps BTC, Claims Report

Tether Back in the Printing Business With Massive $300 Million BatchThe abstract to the report by John M. Griffin and Amin Shame states: “We find that purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices…such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies…These patterns cannot be explained by investor demand proxies but are most consistent with the supply-based hypothesis where Tether is used to provide price support and manipulate cryptocurrency prices.”

This flies in the face of a previous study which found little correlation between tether printing and BTC price increases. “[The author’s] testing does not support the claims that BTC prices are moved by USDT printing — although, Ivanov explains, his statistical analysis doesn’t necessarily fully disprove tether manipulations,” we wrote in February. The author of that report conceded, however, that only a complete audit of tether would settle the matter once and for all.

Not everyone is convinced that prices increasing following tether printing is proof of manipulation

Tether Rises to Claim 12th Spot by Market Cap

For a cryptocurrency whose price is designed to stay constant, at $1 a token, tether has been on the rise recently. It recently leapfrogged dash and monero to claim 12th spot in the cryptocurrency charts based on market cap. This feat is due to the decline of the cryptocurrency market in general, which currently stands at $273 billion. As the markets continue to bleed red, tether, together with other stablecoins, forms one of the few safe harbors.

New Report Blames Tether for Bitcoin’s Bull Run

Bolstering the findings of today’s report into tether is the revelation that cryptos such as ether and zcash also pumped following the release of tether, with the green candles often breaking out on USDT exchanges first. When Bitfinex stopped issuing tethers for a while earlier this year, the cryptocurrency breakouts also ceased.  At 66 pages, and complemented by meticulous charts, citations, and algorithmical analysis, the authors of today’s report have produced the most comprehensive tether investigation to date.

The report finishes: “Overall, our findings provide substantial support for the view that price manipulation may be behind substantial distortive effects in cryptocurrencies. These findings suggest that external capital market surveillance and monitoring may be necessary to obtain a market that is truly free. More generally, our findings support the historical narrative that dubious activities are not just a by-product of price appreciation, but can substantially contribute to price distortions and capital misallocation.”

Do you think tether played a part in inflating prices last year? Let us know in the comments section below.


Images courtesy of Shutterstock, and Tether.


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Crypto Exchange Bitfinex Bounces Back after a DDoS Attack

Shortly after completing an unplanned maintenance, Bitfinex suffered a DDoS attack on Tuesday. While it managed to recover in less than 3 hours, users weren’t happy their assets were frozen twice. On June 5, Bitfinex reported its platform was “under heavy load”. Roughly an hour later the exchanged confirmed it was a Distributed Denial of … Continued

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PR: Tron Mainnet Launched – Young Team Dispelled Rumors with Sweat, Perseverance and Success

Tron Mainnet Launched - Young Team Dispelled Rumors with Sweat, Perseverance and Success

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

TRX made a hit as the first cryptocurrency whose value exceeded a hundred times of its issuance price in 2018 when the New Year had been only a few days away. In a flash, it squeezed itself into the Top 20 list of cryptos with highest market capitalization. Since then, TRON has recruited a mighty tech team and released a series of iterations. Albeit good news now and then, TRON is never short of controversaries and even rumors.

Yesterday, TRON launched its Mainnet. All rumors were dispelled, and TRON came again under the spotlights.

First, I’ll talk about highlights of the launch, in case you don’t know yet.

TRON Mainnet Launch began as scheduled at GMT+8 of May 31, 2018. Justin Sun, the founder of TRON, announced that TRON Mainnet was officially launched in a TRON T-shirt. Rephrasing the famous line of Neil Armstrong, the first human stepping on the moon, Sun proudly claimed that “Odyssey 2.0 launch is one small step for TRON, one giant leap for blockchain.”

Sun explained in English what TRON had done and would do as such:
1. TRON takes the crown for commits in Q2, totaling more than any other blockchain project in the world;
2. TRON has completed mainnet token migration and shed its identity as an ERC token;
3. With 1.08M tokenholders, TRON is now the #1 token on Ethereum, far ahead of any other cryptocurrency, including Bitcoin and EOS;
4. TRON attracts much more attention than other blockchains on Youtube, Twitter, Weibo, WeChat, Reddit and other online platforms, promising to be the hottest cryptocurrency globally;
5. With a consistent trade volume of between USD 500M – USD 1B, TRON has stabilized in the top 5 of most traded cryptos;
6. More than 100 trading pairs have been activated for international transactions;
7. As the TVM version is scheduled to be launched on July 31, TRON is expected to complete basic infrastructure for a decentralized ecosystem in Q3.

In the end of his speech, Sun urged all TRON users to participate in the June 26 Super Representative Election.

After Sun, Lucien Chen (CTO), Marcus Zhao (director of blockchain R&D), Haoqi Zhao (director of technical operation) and Wendy Yi (product director) gave their speeches about TRON and its plans. TRON’s commitment to community is apparent in its various programs for developers that include TRON Accelerator, hackathons and programming competitions, totaling up to USD 2B in rewards.

As token conversion is the most widely concerned issue among users, TRON has given its official manifesto. As the mainnet is launched, TRX will gain independence, no longer an ERC20 token as it was. There are a number of exchanges where holders can transfer conveniently their TRX into the mainnet at the fixed ratio of 1:1. Users can transact as usual while conversion is being processed.

Available exchanges include Bit-Z, Bittrex, Bitfinex, Bibox, gate.io, Binance, Coinrail, Coinnest, Bitpie, Bixin, RightBTC, DragonEx, Upbit, Bithumb, Liqui, BitKop, OKEX, CoinTiger, Huobi pro and OEX. Watch out for the continually updating list before June 25.

When the migration is completed, all TRX holders are entitled to vote in an election that yields 27 super representatives, or SR, who are somewhat like senior managers in a company. SRs have the access to book-keeping, and their duties include daily maintenance, performance optimization and boosting the ecosystem. By the time that this piece was written, more than 60 individuals or organizations from all over the world had submitted SR applications, among whom were 20+ big names like Node Capital, LinkVC, GENESIS, Next Genius, Antpool, BTCC and Top.one.

As a Java-based DApp platform, TRON is developer-friendly and promises high network performance. Over 20 star-ups have joined for various DApps including cold setup wallets and blockchain explorers for PC, web and mobile devices.

The price of TRX rose by 6%, though only for a short time, during the half hour after the launch began on May 31 (GMT+8) while it had been fluctuating around USD 0.06 on the same day.

As a matter of fact, now that Odyssey 2.0 is technologically available, its full-fledged functioning involves reaching consensus, which in turn requires coordinating the efforts of more than its 1M+ users. From the 1st to the 24th of June, the community developers will be carrying out additional tests on the Mainnet and generating consensus before the first block, also known as the Genesis Block, happens at midnight, June 25 (GMT+8).

As the momentum goes, TRON will have surprises for the blockchain community every month ahead just like the amazing six months before now.

Contact Email Address
trx@tron.network
Supporting Link
https://tron.network/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Tron Mainnet Launched – Young Team Dispelled Rumors with Sweat, Perseverance and Success appeared first on Bitcoin News.

The Most Popular Crypto Exchanges: What Exchange Should You Use?

popular crypto exchanges

What are the most popular crypto exchanges? Are you missing out on the best?

When it comes to crypto exchanges, there are a lot of options out there. You need to choose the one that works best for you. To do this, you need to know what you want. Do you want to be able to exchange cryptocurrency for fiat currency? Do you want a specific crypto trading pair?

Knowing what you want will help you to choose the right cryptocurrency exchange for your needs. We’ve created a list of some of the most ...

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Washington-Based Bittrex Lists USD Trading Pairs after Landing Banking Partner

Prominent US cryptocurrency exchange Bittrex will offer USD trading pairs to customers in select states now that it has found a banking partner, the firm announced on Thursday. Bloomberg reports that the Seattle-based exchange has signed a banking agreement with New York-based financial institution Signature Bank that will allow it to begin accepting USD deposits … Continued

The post Washington-Based Bittrex Lists USD Trading Pairs after Landing Banking Partner appeared first on CCN

Trezor Supported Coins

trezor wallet

Some members of the crypto community still store their coins on exchanges despite the countless recommendations not to do so. This is for safety reasons as hacking and theft is a greater possibility when coins are stored online. On the other hand, the more careful 35% of users use hardware wallets to safely store their coins. Although various wallets are susceptible to attacks like malware and DDoS, certain wallets such as Trezor, Ledger Nano S, and many others are produced exactly to keep such issues from happening to you.

What is a Trezor Wallet?

The Trezor ...

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Neo Wallet

Neo Wallet logo

What is NEO?

NEO is a cryptocurrency which runs on the NEO blockchain. This NEO blockchain uses a technology called smart contracts. Smart contracts are essentially customized blockchains which eliminate the need for a middleman to conduct a transaction. This significantly reduces transaction charges. Because Neo uses the latest blockchain technology, which allows for the decentralization of smart contracts and smart assets and adds transparency to the entire process. The NEO team appear dedicated, as the system constantly strives for change and up-gradation. NEO uses digital identities to associate smart contracts and smart assets with an identity. This ...

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EOS Mainnet Launch Countdown: Bithumb Will Do the Token Swap for You

EOS mainnet launch

The EOS mainnet launch countdown continues: there are now five more days until EOSIO 1.0 launches. Are you ready?

In case you hadn’t heard yet, EOS is going live on June 2nd. This means that the token is separating from its identity as an ERC20 token on Ethereum and is becoming its own entity. And this means that you need to register your EOS tokens – otherwise, you’ll lose them forever.

If you bought your EOS tokens from an exchange, you need to register them by June 1st. Not sure how to register? Check ...

Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges.

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DOJ Crypto Investigation Tanks Prices, Fundstrat Welcomes Adult Supervision

DOJ Crypto Investigation Tanks Prices, Fundstrat Welcomes Adult Supervision

Investigations are all about the crypto ecosystem, but a recent report regarding a US Department of Justice price manipulation crackdown was widely said to be the cause of market caps falling, and by a lot. Fundstrat, the ecosystem’s favorite financial professional crypto bull, is on record as welcoming government regulation, what it calls “adult supervision.”

Also read: Bitcoin Use Case: Limiting Government Growth

Fundstrat Welcomes Adult Supervision of Crypto

Legacy media, thanks to a Bloomberg article, ran wild with fear, uncertainty, and doubt (FUD) this week, regarding a supposed US Department of Justice investigation of price manipulation. Weaker hands in response effectively sent bitcoin core (BTC) well below $8K, heading for 7, and the entire crypto market cap slid accordingly.

Debate about regulation in the US and around the world has raged the entirety of cryptocurrency’s near decade-long life. Bitcoin licensing in New York, senate hearings, G20 central bankers urging global crypto laws, the requisite jockeying and lobbying for exclusive access to regulators, taken together, seems to be slouching toward something major coming down from financial minders. And well-publicized recent hacks haven’t helped confidence. There seems to be a new initial coin offering scam daily. 

DOJ Crypto Investigation Tanks Prices, Fundstrat Welcomes Adult Supervision

Rumors the DOJ is teaming with US bitcoin futures regulator, the Commodity Futures Trading Commission (CFTC), and possibly patching-in the US Securities and Exchange Commission can spook animal spirits, of course. Anecdotal evidence abounds. Add to that six rather frightening words, when strung together by regulators, that make speculators’ ears perk, “neither confirm nor deny an investigation” becomes all the evidence anyone needs to dump positions. Even large exchange Bitfinex has been subpoenaed by the CFTC.

The ecosystem’s favorite bull, Thomas Lee of Fundstrat, in a client letter, put a finer point on happenings: “These stories have pressured the crypto market, as regulatory action (and related headline risk) reduces risk appetite and also is a further deterrent for near-term inflows from new investors. However, these actions signal that adult supervision is coming to crypto and adding such oversight incrementally improves the structural integrity and legitimacy for crypto-currency investor. In other words, in order for institutional investors to be more actively engaged in crypto markets, such adult supervision is a necessary precondition.”

Regulation is an Anathema to Bitcoin

Prior to welcoming crypto regulation, Mr. Lee ate a giant, warm slice of humble pie following his Consensus conference bump prediction of many thousands in BTC price increase. Just the reverse, of course, happened, and Mr. Lee, to his credit, reappeared on as many shows to take his medicine. He acknowledged getting it badly wrong, but ultimately attributed the decline due to unforeseen regulatory rumors and, ironically, saturation at the conference of hype.

In a slide presentation graphic, Fundstrat continued to use “welcome,” as in crackdowns being “welcome and also widely anticipated.” On price specific manipulation investigations, they urged “this probe is again, a very welcome development.”

DOJ Crypto Investigation Tanks Prices, Fundstrat Welcomes Adult Supervision

To crypto enthusiasts, they are decidedly torn. On the one hand, nearly everyone will agree bitcoin was developed to essentially leave government regulatory environments. Government regulations are not issued out of benevolence toward the hoi polloi. No, rather they’re instead an effort to pick winners and losers in terms of which sector of businesses lobbied the hardest, greasing wheels of states in their direction. Regulations enforce burdens often on startups, insulating more established and connected businesses from too much competition. Corruption, then, can and does become institutional. Present day banking is proof enough. Bitcoin, in Satoshi’s vision, releases adopters from financial cartels, at least in theory. To invite regulators goes against everything crypto stands for.

On the other hand, regulation does seem to be inevitable. And if it is, shouldn’t the ecosystem get out in front? Seems rational enough, and that’s a generous reading of Mr. Lee and Fundstrat’s comments. Nevertheless, the company remains bullish on bitcoin core (BTC). They point to Coinbase in particular and its staggering growth to 20 million customers, and BTC related wallet downloads of more than 3.5 million. They do, however, hold to a degree of caution if headlines remain negative and mining rewards/price reach parity.

Do you think regulation of crypto is inevitable? Let us know what you think in the comments below.


Images via Pixabay, Fundstrat.


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Another Report Links Bitfinex to Puerto Rico’s Noble Bank

The whispers that cryptocurrency exchange giant Bitfinex has found a banking partner in the Caribbean are growing louder. Citing three people with knowledge of the matter, Bloomberg reports that the exchange operator has opened accounts at Noble Bank International, a financial institution based in San Juan, Puerto Rico. Noble, notably, does not hold funds directly, … Continued

The post Another Report Links Bitfinex to Puerto Rico’s Noble Bank appeared first on CCN

Bitfinex Forces Users to Submit Tax Information, May Share with Government

Major cryptocurrency exchange Bitfinex has recently notified some of its users that they are required to submit their tax information so the company can then send it over to the British Virgin Island’s (BVI) government, which “may” exchange the info with the tax authorities of its users’ country of residence. The exchange’s message reads: “The … Continued

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