Markets Update: BTC and BCH Prices Continue to Slide

Markets Update: BTC and BCH Prices Continue to Slide

Cryptocurrency values are still slumping downwards as they have been for the past three consecutive months. Currently, the overall cryptocurrency market valuation of all 1,500+ digital assets is $248Bn after losing billions over the past few days. BTC/USD markets are below the $7K territory and recently touched a low of $6,510 per coin.

Also read: Huobi’s Sentiment Index Shows Cryptocurrency Investors Still Bullish

The Dumping Continues to Plague Cryptocurrency Markets

Markets Update: BTC and BCH Prices Continue to SlideThe dumping continues to ensue as markets are still feeling the effects of a bearish phase the past few months. So far BTC/USD values have not yet double bottomed to the $5,900 low point but have been meandering awfully close to that price region. Today BTC volumes are weaker than usual as the past 24-hour trade volume has shaved a billion and rests at $4B right now. The top five exchanges swapping the most BTC includes Bitfinex, Okex, Binance, Bitflyer, and Huobi. All of the trading platforms are seeing much lighter trade volumes than our recently published Markets Update.

The Japanese Yen Comes Close to Capturing 60% of Global BTC Trades

One striking metric during today’s trading sessions is the amount of trade volume with BTC against the Japanese yen. The yen currently captures 57 percent of the global trade volume today with the USD falling behind (21%). Below the USD is tether (USDT 12.6%), the euro (3.1%), and the South Korean won (2.8%). BTC prices have a market cap dominance level of 45 percent out of the $248Bn and all 1500+ assets are swapping a measly $10.5 billion today.   

BTC/USD Technical Indicators

Technical indicators show buyers are trying to breach past the $6,600 zone but have been unsuccessful so far. Most of yesterday’s trading sessions remained sideways at $6,800. Today there’s a touch of bullish action happening at the moment looking at the 4-hour BTC/USD chart but it’s not much. Both Simple Moving Averages (SMA) are again spread with the 100 SMA well below the long-term 200 SMA trendline. Both Macd and RSI Stochastic oscillators have been sliding southbound following the bearish divergence. Order books show that walls above the $7,600-8,200 zones are not too bad but bulls need to accumulate momentum to take the price to those levels. On the back side, BTC/USD order books show some really strong support around the $5,900 range once again. That specific foundational support flows all the way to the $5,400 range and traders can expect pit stops in those areas.

Markets Update: BTC and BCH Prices Continue to Slide

Bitcoin Cash Markets Nurse Deep Price Wounds and Flat Volumes

Markets Update: BTC and BCH Prices Continue to SlideBitcoin cash (BCH/USD) markets are down 4 percent and the price is hovering just above the $600 territory at the time of publication. Volume is flat for global trade volumes as the BCH market has traded only $228Mn over the past 24-hours. The top five exchanges trading the most bitcoin cash during today’s trading sessions includes Hitbtc, Lbank, Okex, Huobi, and Bit-Z. Bitcoin core (BTC) trades against BCH is the most prominent currency pair today as the currency captures 54 percent of exchanges. This is followed by the USD (18%), tether (USDT 17.2%), the South Korean won (3.7) and Binance Coin (BNB 2.2%). Bitcoin cash is the eighth most traded cryptocurrency today by volume and the market holds a $10.3Bn market capitalization.

BCH/USD Technical Indicators

BCH/USD charts also show a significant bearish divergence as bitcoin cash has lost roughly $50 in USD value per coin since yesterday. Just like BTC, the SMA trendlines for BCH/USD markets are very similar as there’s a gap in between the 100 SMA and 200 SMA. The 100 SMA is well below the 200 SMA which indicates the path to resistance will be on the downside. Looking at the 4-hour window shows RSI Stochastic oscillators also indicate some bearish short-term sentiment. BCH/USD order books show much tougher buy and sell walls. There’s some solid resistance from the current vantage point of $650-675. On the backside, there are strong foundations between the $575 and $540 territories.

Markets Update: BTC and BCH Prices Continue to Slide

The Verdict: In the Real World Spring is Approaching but the Dreaded ‘Crypto Winter’ is Still Scaring Traders

Nearly every single cryptocurrency market besides tether USDT is down in value and some digital assets are struggling to recover. One notable altcoin market the past couple days is EOS/USD which actually has seen some gains. The cryptocurrency EOS has silently captured the number six position on Coinmarketcap just behind litecoin (LTC). The bearish markets have set a thick layer of uncertainty and skepticism towards crypto markets lately. Many traders are hoping for a reversal but there haven’t been any good signals indicating a frothy comeback is in the cards. For now, most traders are either weathering the storm by ‘hodling’ or riding the waves by shorting bitcoin all the way down on exchanges like Kraken and Bitmex.

Where do you see the price of BTC and BCH heading from here? Do you think cryptocurrencies will see more gains? 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.”


Images via Shutterstock, Bitstamp, Trading View, and Coinmarketcap.


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The post Markets Update: BTC and BCH Prices Continue to Slide appeared first on Bitcoin News.

Emin Gün Sirer Discusses Cryptocurrency Academics and Proof-of-Stake

Emin Gün Sirer Discusses Cryptocurrency Academics and Proof-of-Stake

At the Satoshi’s Vision Conference in Tokyo, our Bitcoin.com video host Mike Malley chatted with the Cornell CS professor Emin Gün Sirer about on-chain scaling and the Bitcoin Cash network.  

Also Read: ABC Developer Amaury Séchet on the Future of Bitcoin Cash

The Academic Side of Blockchain Technology and Cryptocurrency Solutions

Emin Gün Sirer is a well-known researcher who specializes in computer networking and peer-to-peer systems who also teaches as a computer scientist professor at Cornell University. The professor has been very vocal during the course of the great scaling debate and a person who is not afraid to criticize cryptocurrency community actors. At the Satoshi’s Vision Conference Gün Sirer discusses the academic side of blockchain technology and cryptocurrency solutions.

“This field is really exciting because it sits on the intersections of so many others — so it combines elements from systems building, economics, game theory, programming languages at times, and a series of databases. Often a bunch of other elements from the computer science spectrum,” Gün Sirer explains during his discussion with Bitcoin.com.

Emin Gün Sirer Discusses Cryptocurrency Academics and Proof-of-Stake

Building Things That Offer Real World Use Cases

The Cornell professor then explains that his work focuses very much on the implementation side of the industry and building concepts that bring real-world value.   

“My particular place in the spectrum is very much towards the implementation side. If I could sort of try to map everyone onto a singular linear scale, where on the right-hand side you have wizard hats, the theoretical people, and on the left-hand side, you have people who build stuff with hard hats. I am very proud of my hard hat; I am very proud of being someone who actually builds things that work,” Gün Sirer emphasizes to Mike Malley during their discussion.

Emin Gün Sirer Discusses Cryptocurrency Academics and Proof-of-Stake

The Year of Proof-of-Stake Consensus Mechanisms

Moreover, Gün Sirer explains that he is excited about new consensus mechanisms and believes there will be a significant shift in the next year and a half.    

“My group has been looking at what should the infrastructure of blockchains be. We are at a very interesting time, and people are coming up with new consensus protocols daily — Something I keep an eye out for is new consensus protocols — This coming year, not this particular year but the year after, I suspect will be the year of Proof-of-Stake (PoS) protocols,” Gün Sirer tells our video host.  

The ones that exist today are still incredibly complex and even in my field doesn’t feel like they are justified well enough that they secure enough to really ‘bet the farm on.’ In about a year in a half you will see PoS really start to take shape — I’m really excited about that.      

During the rest of the video, Emin Gün Sirer discusses node communication and how networks can communicate better. If you want to hear the rest of the Cornell professor’s chat with our host, then make sure you check out the video below.

What do you think about Emin Gün Sirer commentary and his Satoshi’s Vision Conference interview with Bitcoin.com? Let us know what you think in the comments below.


Images via Bitcoin.com and Emin Gün Sirer.


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Markets Update: Trader Sentiment Optimistic But Signals Still Unclear

Markets Update: Trader Sentiment Optimistic But Signals Still Unclear

Cryptocurrency markets are bouncing around in value over the course of the weekend as the entire crypto-market capitalization currently rests at $329 billion USD. BTC/USD markets briefly jumped above the $9K region on Sunday, March 25 but dropped an hour later to a low of $8,398. Most of the digital currencies within the crypto-economy have followed suit with BTC as most coins have lost 3-5 percent in value during the late night (EDT) trading sessions.

Also read: Slush Pool Mines the First ASIC Boost Block Sparking More Debate  

Crypto Markets Hold Steady As Traders Wait for the Next Big Move

Markets Update: Trader Sentiment Optimistic But Signals Still UnclearThe past few days most cryptocurrencies have been somewhat stable as they have been following the same triangular sideways pattern as BTC/USD markets. At the time of publication BTC’s price is hovering above the $8,540 range as global markets are swapping roughly $5.4Bn worth of trades over the past 24-hours. The top five exchanges trading the most BTC includes Bitfinex, Binance, Okex, Bitflyer, and Upbit.

One of the most traded cryptocurrencies traded with BTC right now is Tron on the Binance exchange. According to Shapeshift, the top trade today on the peer-to-peer platform is ETH for BTC. At the moment Japan is leading the global trades for BTC markets as the yen is capturing over 57 percent of trade volume. This is followed by the USD (20.8%), tether (USDT 13.6%), the South Korean won (3%), and the euro (2.4%).

Technical Indicators

Looking at the 4-hour, daily, and weekly BTC/USD charts show some bearish divergence taking place during the Saturday evening trading sessions. The two Simple Moving Averages (100-200 SMA) have crossed hairs just a few hours ago as the long-term 200 SMA is now above the short term 100 SMA. This indicates bears have taken control for now as BTC/USD markets lost $500 in value today. However, a reversal pattern took place during yesterday’s trading sessions showing a long bullish engulfing candle. This indicates the current bearish divergence may not last long.

Markets Update: Trader Sentiment Optimistic But Signals Still Unclear

MACd is currently heading southbound following suit with both RSI and Stochastic oscillators. Another indication that bears have taken control for the moment after resistance above $9K could not be broken. Order books show that there’s some solid resistance around the $9K territory but even more so around $9,250. From there if bulls manage to muster up some strength after the last dip resistance is less after the $9,550 area. On the back side, if bears manage to keep dragging the price down with shorts then there are some solid foundations between the current price to $7,900. If the Displaced Moving Average ($7,245) breaks then BTC/USD prices could sink back to much lower levels. However, it doesn’t look like bears can bring the price down that low from the current vantage point.

Markets Update: Trader Sentiment Optimistic But Signals Still Unclear

Digital Asset Markets in General

Cryptocurrency markets, in general, are seeing losses over the past 24-hours. Although over the last hour there have been improvements across the board. The weekly charts show the top ten digital assets are all still up between 5-51 percent, except ethereum markets which are down 0.69 percent. Ethereum (ETH) prices are hovering around $521 per token and over the past 24-hours, ETH is down 3.7 percent. Ripple (XRP) markets are down today 3.5 percent as one XRP $0.63 cents per coin. The fourth highest market capitalization bitcoin cash (BCH) is down 3.7 percent and one BCH today is coasting along around $982. Lastly, litecoin (LTC) markets are also down 4.1 percent and each LTC is roughly $159 per token. Overall cryptocurrency volume across all 1583 digital assets is around $14.1Bn over the past 24-hours.

Markets Update: Trader Sentiment Optimistic But Signals Still Unclear

The Verdict: Short-Term Bearish Sentiment — Long-Term Bullish Optimism

Digital asset proponents seem very optimistic that markets will recover in the short term. The reversal has added some positivity among a lot of traders as there are far more long bets than shorts this week as opposed to two weeks ago. There is far less regulatory FUD swarming through the community and there’s been a lot more positivity lately. However, trade volumes are still fairly flat and its nowhere near what it was during the all-time highs. Even though there have been some bullish signals, hardcore traders are still skeptical that we are out of the woods and safe from bear attacks.  

Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? 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.”


Images via Shutterstock, Bitstamp, Trading View, and Coinmarketcap.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Trader Sentiment Optimistic But Signals Still Unclear appeared first on Bitcoin News.

Bitcoin drops below $10K after three days of cryptocurrency correction

 The crypto crash that began two days ago accelerated yesterday and today, with essentially all top 100 coins down anywhere between 15-30 percent. The total market capitalization of all cryptocurrencies is hovering around $450 billion, down ~30 percent from $650 billion just 48 hours ago. Yesterday, Bitcoin was just a few dollars away from dropping below $10,000, but it bounced back around $11k,… Read More