Tether Shows Law Firm Its Funds But Stops Short of an Audit

Tether Shows Law Firm Its Funds But Stops Short of an Audit

Tether has released a surprise “Transparency Update” that purports to show it has enough funds in the bank to cover the $2.6 billion of USDT in circulation. The company has stopped short of a full audit, however, leaving critics bemoaning  Tether’s inability to settle the solvency debate once and for all.

Also read: Major Korean Crypto Exchange: $31 Million Vanishes

Tether Tries to Dispel the FUD

Tether Shows Law Firm Its Funds But Stops Short of an AuditSpeculating over the solvency of Tether, and specifically whether its dollar-pegged stablecoin is actually backed by fiat reserves, is a pastime that has spawned entire Twitter personas devoted to the issue. Vocal Tether critic Bitfinexed has been joined by a growing chorus of critics demanding full transparency from Tether, which is part owned by Bitfinex. Tether has now obliged, producing, for the second time in six months, a legal report into its financial standing.

The report, which was produced by the law firm of a former FBI director, carries weight from a legal perspective. But it fails to provide cast iron guarantees that Tether is not operating a fractional reserve. Until the company’s accounts are professionally audited, the true state of Tether’s finances will remain a point of speculation.

“As many are aware, Tether and related parties have been the subject of scrutiny over the course of the past several months,” begins the Transparency Update. “We have spent our time largely disregarding these allegations, instead letting our efforts, and the continued faith of our community of users, speak for themselves.” Many cryptocurrency traders would rather Tether had addressed these issues sooner rather than letting the blind “faith” of its community serve as a guarantee.

Enter Freeh, Sporkin & Sullivan

Tether Shows Law Firm Its Funds But Stops Short of an AuditThe magnificently named Freeh, Sporkin & Sullivan are the legal firm who were handed the task of taking a snapshot of Tether’s bank balance. This they did on June 1, whereupon they confirmed that there were sufficient funds to cover all USDT in circulation on a 1:1 basis.

“Recent reports have opened our eyes to the fundamental lack of understanding surrounding Tether, the issuance and redemption mechanisms, and the compliance procedures that we have built,” continues the Transparency Update document. “To mitigate this, we will be taking additional steps aimed at opening up Tether to the general public and clearing away any uncertainty that may exist.”

The simple answer, and the one that cryptocurrency holders have been screaming out for, is for Tether to commission an independent audit. Only once that has been completed can the lingering doubt disperse and faith in Tether be restored. While today’s report is hardly the all-clear that the crypto community might have hoped for, its release still helped propel BTC up by $150, undoing the damage inflicted hours previously by the news of Bithumb’s $31 million hack.

Do you think Tether has the funds to cover all of the USDT in circulation? Let us know in the comments section below.


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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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New Platform Ranks Cryptocurrency Exchanges by Liquidity, Security, and Reliability

Hacken has launched a new website that provides an all-in-one tool for rating cryptocurrency exchanges. Crypto Exchange Ranks (CER) allows for side by side comparisons of well over a dozen exchanges, including real-time arbitrage data and ratings for liquidity, compliance, reliability, and security.

Also read: Hollywood Stars in Movie About Crypto Money Laundering

CER Aims to Accurately Rank Cryptocurrency Exchanges

Crypto Exchange Ranks by Ukraine’s Hacken officially launches on Monday, June 18. The service allows users to access a wide range of metrics for major exchanges within the cryptocurrency ecosystem. News.Bitcoin.com was granted access to the beta version of the platform, which comprises a scoring dashboard for exchange comparison together with tabs for viewing liquidity and arbitrage.

While not every feature has been activated in the beta version, the ones that are in operation appear to work well and provide useful tools for traders seeking arbitrage opportunities, or trying to determine the withdrawal limits of various platforms. Anton Kaminsky, Business Development Director of Crypto Exchange Ranks, told news.Bitcoin.com that the goal was “to create a sophisticated tool for crypto exchange rankings, to save time and effort for all market participants”.

New Platform Ranks Cryptocurrency Exchanges by Liquidity, Security, and Reliability

CER Is to Exchanges What CMC Is to Cryptocurrencies

While platforms such as Coinmarketcap provide certain data on exchanges, such as 24-hour volume and most traded pairs, CER has taken a different approach. The site, which will be free at launch before later introducing a subscription model, scans the order book of each exchange in real time to calculate its size. It also enables users to compare prices for any coin on up to five exchanges, to view aggregated volumes for up to five exchanges, and to check the balances of the platforms’ hot and cold wallets.

New Platform Ranks Cryptocurrency Exchanges by Liquidity, Security, and Reliability

While most traders are unlikely to be concerned with cybersecurity ratings, the existence of such tools may incentivize exchanges to improve their service, knowing that their every action is being monitored. Dmitriy Budorin, CEO of Hacken who created the platform, said: “Cryptocurrency exchanges are the backbone of the whole emerging crypto economy. CER will contribute to its healthier development. We hope that with CER, the exchanges will start taking their cybersecurity more seriously and refuse any bad practices, while users will receive comprehensive tools for smart decision making”.

Version 1.0 of CER launches on Monday, before future updates will add the ability to track aggregated portfolios, and to access TA and FA tools within the platform’s dashboard.

Would you use a platform like Crypto Exchange Rankings? Let us know in the comments section below.


Images courtesy of CER.


Disclaimer: Bitcoin.com does not endorse nor support this product/service.

Readers should do their own due diligence before taking any actions related to the mentioned 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 this article.

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Markets Update: Crypto Markets Tests Key Support Levels

Markets Update: Crypto Markets Tests Key Support Levels

Bearish momentum appears to be accelerating across the cryptocurrency markets following the failure of BTC to hold above the long-term ascending trendline dating back to July 2017. As of this writing, the BTC markets appear to be falling to test support at the $6,000 USD area after forming a large descending triangle. The leading alternative cryptocurrency markets are following suit, with all of the top ten cryptocurrency markets having lost approximately 10% against USD in the last 24 hours.

Also Read: As Bitcoin Futures Volumes Increase Credit Agencies Look to Downgrade Dealers 

Bitcoin Breaks Below Symmetrical Triangle

It has been a rough week for the BTC market so far, with the price of bitcoin having lost roughly 15% in the last four days. The accelerating selling pressure can be attributed to bitcoin’s failure to break above the long-term symmetrical triangle comprised of an ascending trendline running from July 2017, and a descending trendline connecting the all-time of $20,000 to the local high of $10,000.

As of this writing, the immediate price action shows BTC trading for approximately $6,300 after producing a small bounce following a sharp drop down to $6,100. The bitcoin markets are yet to retest the prior local support area of roughly $6,600. In breaking below the symmetrical triangle, BTC has formed a descending triangle, with current price action testing the $6,000 resistance area for the third time this year.

Markets Update: Crypto Markets Tests Key Support Levels

Many trades are inferring from current price action that the short to medium term outlook may have a bearish bias – as BTC has broken below a key long-term ascending trendline, and have broken below the local low produced during April.

Bitcoin Cash Tests Major Trendline

The BCH markets are currently trading for approximately $815 after making a third point of contact with a descending trendline from the all-time price high and breaking below the $1,000 area for the third time in 2018 on Monday.

Markets Update: Crypto Markets Tests Key Support Levels

The price of BCH has lost 23.5% in the last four recent days, with current price action approaching the support-line of a large symmetrical triangle spanning the entirety of the market’s history. Immediate price action appears to be readying for a modest bounce off the key price area of approximately $775 – which shows confluence with the breakout area from November 2017, in addition to comprising February’s low. A bounce off this area would also comprise a fourth point of contact with the long-term ascending trendline dating back to the first week of BCH trading.

Whilst the Bitcoin Cash markets are not bucking the bearish trend, should the current support area hold, BCH could produce a higher low – which, after May’s bounce, posted a higher top than was produced in February, would comprise a confluence of notable bullish signals.

However, even if BCH is able to bounce off the approximately $750 area, it remains to be seen as to whether the market will be able to break above the large symmetrical triangle which appears to be guiding recent price action. BCH has also been highly correlated with BTC in recent months, suggesting that if BTC continues to bleed, it is highly likely that BCH will follow suit. A break below the year-long ascending trendline would likely signal further bearish action.

Ethereum Forms Symmetrical Triangle

Ethereum has lost approximately 20% in the last four days, with the price of ETH falling from approximately $600 to roughly $465 as of this writing. ETH is testing the support-line of large symmetrical triangle formation stemming from the market’s all-time price high of roughly $1,400, with current price action making a fifth point of contact with the ascending trendline dated from late-May 2017.

Markets Update: Crypto Markets Tests Key Support Levels

As with many other markets, even if Ethereum is able to bounce off the long-term ascending trendline, it is unlikely that the ETH markets will produce significant recovery unless Ethereum is able to break above large symmetrical triangle in which price action is currently trending.

EOS Drops by 55% in 6 Weeks

After rallying to produce a record high of approximately $23 at the start of May, the EOS markets have since produced heavy losses of over 55% in six weeks, including a drop of nearly $30% in last four days. As of this writing, the price of EOS is testing support at roughly $10.

Markets Update: Crypto Markets Tests Key Support Levels

Throughout June, EOS has maintained its position as the fourth most traded cryptocurrency by 24-hour volume.

Do you think that the markets are set to produce further bearish action in the short term? Join the discussion in the comments section below!


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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.


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Markets Update: Crypto Prices Take a Weekend Beating

Markets Update: Crypto Prices Take a Weekend Beating

Cryptocurrency markets are suffering from deep losses today, on June 10, 2018, as most digital assets are seeing 24-hour declines between 9 and 25 percent. The number one position, held by Bitcoin Core (BTC), dropped more than a $1,000 just a few hours ago, from $7,600 to $6,600, but prices have rebounded back to $6,787 per BTC. The fourth highest valued market, held by Bitcoin Cash (BCH), dropped around $225 in value after hovering around $1,150 for a while. The currency is now averaging $933 per BCH. It’s safe to say market participants are shaken and many are curious about why the market keeps sliding.

Also Read: CFTC Subpoenas Leading Exchanges for Trading Data

Crypto Markets Take a Jab to the Gut This Weekend

Markets Update: Crypto Prices Take a Weekend BeatingA dump took place today that hit markets below the belt, as most cryptocurrencies lost significant values. Last week, towards the beginning of the weekend, markets were pretty stable and consolidating tightly into a triangular formation. Then, on Saturday, the United States Commodity Futures Trading Commission (CFTC) and the U.S. Justice Department revealed they had subpoenaed four major exchanges while looking into their cryptocurrency price manipulation investigation. Just before that moment on June 9, just like last time when U.S. regulators initially announced the manipulation probe, markets slid about 1-hour before the announcement. Today’s drop was harder to put the blame on as it could have been an after effect from yesterday’s announcement, the fact that market volumes are extremely thin, or some blamed it on the small exchange from South Korea Coinrail being hacked this weekend for $40Mn worth of ICO tokens.

BTC Market Action

On Sunday, June 10, Bitcoin Core (BTC) markets are down 9.8 percent and over the past seven days, BTC markets are under by 11 percent. This means most of the losses have taken place this weekend as BTC volatility was fairly nonexistent at the beginning of the week. Right now BTC’s overall market capitalization is around $115Bn with a dominance level of around 38 percent. Trade volume is super weak and this is why a lot of traders are skeptical these days because 24-hour volumes today were around $4Bn, but since the last drop volumes jumped to $5.5Bn over the past hour. The top exchanges today swapping the most BTC are Bitfinex, Binance, Okex, Huobi, and GDAX. The Japanese yen is dominating BTC currency pairs big time commanding more than 60 percent of BTC trades at the time of publication. This is followed by the USD (19.2%) tether (USDT 13.5%), EUR (2.7%), and the KRW (2.2%). Of course, there was a significant drop in South Korean won-BTC pair action today.

Markets Update: Crypto Prices Take a Weekend Beating

BTC/USD Technical Indicators

Looking at the charts shows BTC bulls had mustered up some strength to push above the $6800 zone but the fight was a real struggle. 4-hour charts show the two Simple Moving Averages (SMA) have a good sized gap between them with the 200 SMA well above the 100 SMA trendline. This means bearish sentiment may continue during the short term and markets are very close to a triple bottom. After the last push the MACd is heading downwards and RSI levels are very low too (15.78) indicating oversold conditions. Daily Bollinger Bands (B-bands) are seeing a significant coil and buyers below the current vantage point are itching for lower prices. Looking at order books shows bears will see pit stops around $6,400 and the triple bottom $5,900 region. If bulls can heal right now, after that intense beating, then they need to overcome big walls around $7,300 and 7,800 to at least catch some fresh air from the onslaught.

Markets Update: Crypto Prices Take a Weekend Beating

BCH Market Action

After a few solid weeks of BTC being the dominant pair with Bitcoin Cash (BCH), today tether USDT has taken the lead at 31.77 percent. This is followed by BTC (31.5%), USD (21.9%), KRW (9.1%), and the EUR (1.9%). Bitcoin Cash has lost around 16.4 percent over the last 24-hours and 19 percent over the last seven days. This Sunday, the total market capitalization for BCH is around $15.9Bn with about $693Mn in 24-hour trade volume. The top trading platforms exchanging the most Bitcoin Cash today include Okex, Binance, Huobi, Bitfinex, and Lbank. The losses in BCH values have been very much correlated with BTC market tumbles but prices have still remained around 0.14 BTC per BCH.

Markets Update: Crypto Prices Take a Weekend Beating

BCH/USD Technical Indicators

Looking at BCH charts on Bitfinex shows similar indicators, as the two Simple Moving Averages have a decent gap like BTC with the 100 SMA below the long-term 200 SMA. Again, this indicates the path of least resistance will be towards the downside. RSI levels show oversold conditions (30) and the MACd is sliding southbound as well at the time of writing. Daily B-bands are also extremely tight, showing a massive consolidation period taking place. Looking at order books indicates that bears will have a hard fight until 910 and then another pit stop at $860. If things go lower than that, markets are going to look ugly all around. BCH bulls need to recharge and bust past $985 but buyers will also be deterred around $1,020, as sell orders are piling up around that region.

Markets Update: Crypto Prices Take a Weekend Beating

The Top Cryptocurrency Markets

Overall, the top cryptocurrencies are down, except for ‘stablecoins’ like tether and the various others allegedly pegged to the USD. The second largest market valuation today belongs to Ethereum (ETH) but its markets are down 13.9 percent. One ETH is trading for $517 and the currency is the most swapped coin on Shapeshift today, but traded for BTC. The third largest market, Ripple (XRP), is down 13.8 percent and one XRP is trading for $0.57 cents per token. Lastly, the fifth highest valued market commanded by EOS is down significantly at 21 percent this Sunday. At the moment, EOS is trading around $11.25 per coin and holds the fourth largest trade volume over the last 24-hours.

Markets Update: Crypto Prices Take a Weekend Beating

The Verdict: Skepticism and the Search for That Confounded Bottom

You can probably guess what our market verdict is today without reading the sub-title above, as things are looking bearish and everyone knows this fact. Because markets keep sliding, then recovering, then sliding downwards, even more, has caused enthusiasts and traders to be skeptical of any bullish signals. Most traders are looking curiously for ‘the bottom’ and when that time will be, so right now many are just playing musical chairs looking for the right positions.

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.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

The post Markets Update: Crypto Prices Take a Weekend Beating appeared first on Bitcoin News.

BTC Markets Update: Major Symmetrical Triangle Set to Break

BTC Markets Update: Major Symmetrical Triangle Set to Break

The BTC markets are currently testing two major trendlines comprising a major symmetrical triangle. As of this writing, bitcoin appears to be following a major ascending trendline that dates back to mid-2017, whilst simultaneously testing a descending trendline that runs from December’s all-time high of nearly $20,000 USD to the local high of approximately $10,000. Many traders are expecting that the resolution of the triangle will determine the direction of the next significant move in the BTC markets.

Also Read: Data Prediction Sites Show More Conservative Cryptocurrency Price Forecasts

Consolidatory Range Tightens for BTC

In recent months, the BTC markets have consolidated in an increasing tightening range between approximately $6,000 and $10,000. After last month’s local high of nearly $10,000, the markets have formed a large lopsided symmetrical triangle pattern.

As of this writing, price action appears poised to break either above or below the symmetrical triangle formation, with the current price of roughly $7,700 brushing up against both the ascending trendline that dates back to July 2017’s prices of approximately $1,800, and the descending trendline running from the all-time high of nearly $20,000 to May’s local high of roughly $10,000.

Break Out or Break Down?

BTC Markets Update: Major Symmetrical Triangle Set to BreakFor traders, the BTC markets are producing frustratingly mixed signals, with the steadily declining trade volume witnessed in recent weeks likely indicating an increasing number of market participants opting to sit on the sidelines and wait for confirmation of bitcoin’s next major move.

When looking at the stochastic RSI, bitcoin is producing conflicting signals across different time-frames. Shorter time-frames, such as the 1-day, 12-hour, 6-hour, and 4-hour, suggest that the BTC markets may be over-bought, with the stochastic RSI sitting above the 80-threshold.

BTC Markets Update: Major Symmetrical Triangle Set to Break
BTC Stoch RSI, 1-Day, Bitfinex

However, both the 1-week and the 3-day charts show the stochastic RSI to be underneath the 20-threshold – suggesting that an upward momentum shift could be imminent.

BTC Markets Update: Major Symmetrical Triangle Set to Break
BTC Stoch RSI, 1-Week, Bitfinex

Short-Term Outlook

If the BTC markets are able to break above the symmetrical pattern in which the markets have been consolidating, the move may be interpreted as a confirmation that the recent retrace has produced a higher low, and will likely serve as a catalyst for a retest of the $9,000 to $10,000 area.

Should the markets snap below the long-term ascending trendline, many traders are predicting that the bitcoin will see a test of support at the $6,000 area for the third time this year.

Bitcoin Cash Consolidates Above $1,000

The BCH markets have continued to consolidate above $1,000 in recent days, following an impressive bullish rally that saw Bitcoin Cash gain more than 30% and break out of the bear-channel that drove price action for most of May.

As of this writing, Bitcoin Cash is trading for $1,140, with the markets appearing poised to test resistance at approximately $1,200 – a price area that converges with the descending trendline running from the November all-time high to the local high of roughly $1,800 posted last month.

When looking at the BCH/BTC charts, the Bitcoin Cash markets appear to have produced its second higher low for 2018. The recent bullish momentum saw BCH gain more than 20% as it bounced from roughly 0.124 BTC to test resistance at the 0.15 BTC area.

As of this writing, BCH is trading for approximately 0.148 BTC.

Do you think the markets will break down, or break out of the symmetrical triangle formation? Share your thoughts in the comments section below!


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Cryptocurrency Exchanges Are Drowning in Tokens

Cryptocurrency Exchanges Are Drowning in Tokens

It’s hard to put a finger on the precise point at which token overload kicked in. Token fatigue has been brewing for some time, as the spate of new coins, mostly launched by ICOs, has  turned into an unstoppable torrent. Every day, cryptocurrency exchanges are barraged with listing applications by ICOs, and they do their best to keep up, for the projects’ sake, and for the community’s, and because listing tokens is a lucrative business. But at its current rate, the trend is surely unsustainable.

Also read: IMF Says Bitcoin Could Create Less Demand for Regular Debt-based Fiat Money

We’ve Past the Point of Peak Token

There comes a point at which the crypto community is entitled to ponder how much is too much? How many tokens does there need to be before everyone is sated? From a technical perspective, that point might arrive when all the available three-letter token abbreviations have been used up, which will arrive around the time that the crypto space births its 17,000th altcoin. Then again, there are already multiple tokens sharing the same three-letter ticker, causing no end of confusion on sites like Coinmarketcap. There are also tokens claiming four- and five-letter abbreviations, suggesting that a shortage of desirable tickers won’t be enough to curtail the madness.

Cryptocurrency Exchanges Are Drowning in Tokens

Besides, traders don’t want an end to new tokens altogether; new additions that add genuine utility and which create demand will always be welcomed. It’s the other 90% added to exchanges that leave a lot to be desired. These shitcoins, for want of a better name, have little if any real world usage, and do little more than drain liquidity from exchanges, as traders’ portfolios become increasingly stretched. Even on Binance, one of the world’s most liquid crypto exchanges, the near-daily addition of new assets is starting to take its toll. 50 coins listed on its platform currently have volume of under 100 BTC, versus 10,000 BTC or more for the likes of ETH and EOS.

Token Saturation Leads to Token Confusion

The side-effects of token overload include lower liquidity and confusion caused by tokens sharing the same or similar name. There have been a number of instances of traders buying the wrong asset, such as Matryx instead of Matrix. This week it happened again. After Binance and Kucoin announced the listing of Quarkchain, some traders went and bought Quark by mistake – an entirely unrelated asset, which experienced its very own pump and dump. Even for traders who try to stay in the loop, keeping track of all these tokens is getting impossible.

Cryptocurrency Exchanges Are Drowning in Tokens
Quark was not listed on Binance this week but that didn’t stop it from pumping in price

The rate of new additions to Crypto Exchange Listing, a Telegram channel that aims to predict new exchange listings before they’ve been announced, has mushroomed. Many of the account’s predictions are wrong (which is why they come with a prominent disclaimer), but the appearance of hitherto unheard of tokens in this channel illustrates the difficulty of keeping track of all these new assets and of differentiating the wheat from the chaff.

There Is No End Game, Just Endless Tokens

Not everyone is concerned by the proliferation of new tokens. “Tokenize the world!” is the oft-quoted mantra of Anthony Pompliano, and there is no shortage of crypto projects willing to heed his rallying call. Every day, an average of two ICOs completes their token sale, and that’s just the mainstream ones; the number of smaller crowdsales completing daily, whose tokens will never make it to a major exchange, runs into double figures.

There are now 1,644 tokens listed on Coinmarketcap and that is by no means all of them – the site actually takes a fairly conservative policy to adding assets, otherwise the total would be two or three times as much. Cointracking lists 5,670 cryptos, although some of these have since died.

Cryptocurrency Exchanges Are Drowning in Tokens
Charles Ponzi

Most tokenized projects are not scams in the Bitconnect sense. But collectively, they bear many of the hallmarks of a classic Ponzi, defined as a scheme which relies “on a constant flow of new investments to continue to provide returns to older investors. When this flow runs out, the scheme falls apart”. To support all these new tokens, cryptocurrency exchanges need to be onboarding new users at an alarming rate. The moment interest in cryptocurrency wanes most of these new tokens will be left high and dry, like ships grounded at high tide, mementos of the madness that made people believe, for a short while, that it would be a good idea to tokenize the world.

Do you think the spate of new tokens has gotten out of control? Let us know in the comments section below.


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Markets Update: Leading Cryptocurrencies Break Above Bear Channels

Markets Update: Leading Cryptocurrencies Break Above Bear Channels

The bullish action witnessed by the cryptocurrency markets last week has seen many leading markets break above the bearish descending channels which have guided price action in recent weeks. The last couple of days has seen the many markets retrace – with many traders closely watching to see if the markets can hold up and confirm the formation of a higher low, or if they will wash out to produce more bearish momentum.

Also Read: Bitcoin Cash and Ethereum Trading Volume Soars But Ripple Keeps Falling

BTC Tests Major Trendline

The BTC markets recently posted a green weekly candle for the first time in the last four weeks – signaling for the potential for bitcoin to produce a second consecutive higher low since February’s washout down to $6,000 USD. Should support at approximately $7,000 successfully hold, many traders predicting that more bullish momentum may be in store the BTC markets. Transversely, a break-down from the current price area to retest $6,000 would also comprise the rejection of the long-term ascending trendline dated from July 2017. Should this trendline break, such would likely comprise the catalyst for further bearish price action across the cryptocurrency markets.

Looking at BTC on the 4-hour chart, one can see that it has broken above the immediate descending bear-channel in which the markets have trended for several weeks, as with many other cryptocurrency markets. If BTC can stay outside of said channel, such may be a signal for coming upward price action.

As of this writing, BTC is trading for approximately $7,600 and exerts a market dominance of 37.7%. The market capitalization of the bitcoin markets is $130.2 billion.

BCH Consolidates Above $1,000

BCH/USD has also broken out the bear channel in which price action has trend since early May after gaining approximately 15% since the start of June. If prices are able to hold up, BCH will have produced its first higher low for 2018 – potentially comprising the first signal that Bitcoin Cash may be exiting the bear trend that has dominated market action throughout 2018.

The BCH/BTC markets have also broken above a bear-channel, with Bitcoin Cash gaining over BTC by approximately 10% in the last week.

As of this writing, BCH is trading for approximately $1,150 USD, or 0.15 BTC, with BCH comprising roughly 5.7% of the total capitalization of all crypto markets combined. Bitcoin Cash is the fourth largest crypto market by capitalization with a market cap of nearly $19.8 billion.

 

ETH/BTC Forms Symmetrical Triangle

As of this writing, ETH appears to have bounced off an ascending trendline for the second time since in 2018 that dates back to December, after ETH gained approximately 10% during the last weekend over bitcoin. Whilst ETH/BTC currently appears to be forming one of several potential symmetrical triangles, a break of the immediate ascending trendline could lead to a significant breakdown relative to BTC. ETH is trading for 0.0777 BTC as of this writing.

When paired against USD, ETH has gained roughly 17% in the last week – bouncing from a recent low of approximately $520 to currently be trading for nearly $610. Looking at the daily chart, the ETH/USD markets appear to be creating a new price channel above the long-term ascending trendline from early 2017, and outside of the descending trendline that drove price action from January until early-April.

Looking at immediate price action on a 4-hour chart, ETH appears to have just crept above last month’s bear-channel, however, a break-out above the descending trendline is still far from confirmed as of this writing.

The market dominance of Ethereum is approximately 17.6% as of this writing. The market capitalization of ETH is nearly $60.9 billion.

Other Leading Markets Bounce Above Bear-Channels

The third largest crypto market by capitalization, Ripple has gained approximately 11.5% over USD this week, rallying from approximately $0.605 to $0.676.

When measuring against BTC, XRP has gained roughly 10% in the last 7 days and is currently trading for 8915 satoshis after having broken above last month’s bear-channel. Ripple has a market capitalization of $26.67 billion.

EOS has produced a significant bounce in recent days, gaining around over 16% from the last month’s low of roughly $12.15 and breaking above May’s descending channel. EOS/USD currently appears to have bounced off support at the previous all-time-high area from 2017 of approximately $14. When compared with BTC, EOS gained approximately 12% from $0.00165 to $0.00185.

EOS is currently the fifth largest cryptocurrency by market cap with $12.67 billion.

Do you think that the markets are forming a higher low? Or a dead cat bounce before more downward price action? Share your thoughts in the comments section below!


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Bitcoin Cash and Ethereum Trading Volume Soars But Ripple Keeps Falling

May was a bumper month for bitcoin cash and ethereum. Both digital assets saw a major increase in global trading volume compared to the month prior. BTC held steady, averaging $200 billion a month, but ripple didn’t fare so well, recording trading volume that was down 86% since January, mirroring its decline in price.

Also read: Decentralized Exchange Compendium ‘Index’ Lists Over 200 Dex Platforms

Bitcoin Cash Is May’s King of Coins

Bitcoin-ABC incident report (26APR2018)There are various ways to measure a cryptocurrency that’s in demand, with trading volume the most useful indicator after price. A lot of bitcoin cash changed hands in May – 140% more than in the month prior in fact. Diar’s weekly update highlights the big winners and losers in the cryptocurrency market in May, and shows the substantial demand for BCH. In total, $30 billion of bitcoin cash changed hands in May. The next biggest gainer was ethereum, whose trade volume was up 50% on April, resulting in monthly trading volume of over $80 billion.

Most major cryptocurrencies saw an increase in trading volume in May including litecoin, which had a modest increase. There was one notable loser however – ripple. XRP trading volume has been on the decline since January, back when $100 billion of tokens were traded in a month, pushing the price of XRP north of $3. Reality has since settled in, and May saw just $16 billion of ripple traded.

Bitcoin Cash and Ethereum Trading Volume Soar But Ripple Keeps Falling

Fake Volume Rears Its Head

When it comes to analyzing trading volume, one topic that often crops up concerns fake volume. Exchanges and their traders are frequently accused of creating orders that they have no intention of fulfilling, which creates a false impression of liquidity. If traders are doing so, it’s likely bot-based as a means of market manipulation in the pursuit of profit. If exchanges are responsible, it’s likely to make their platform look more popular than it is, and to benefit from the additional custom that comes from being a top ranked global exchange by volume.

Bitcoin Cash and Ethereum Trading Volume Soar But Ripple Keeps Falling

Binance is the latest exchange to have faced accusations of fake volume, with certain coins displaying unusually high volume for short periods of time, comprising fluctuations that appear outwith normal trading patterns. Given the hundreds of thousands of traders who can be using a platform such as Binance at one time, including countless bots connected via API, determining which orders are real, which are fake, and who’s responsible for any manipulation, is virtually impossible.

Do you think fake volume is a problem on major exchanges? Let us know in the comments section below.


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Markets Update: Digital Currency Market Bulls Push Back After Decline

Markets Update: Digital Currency Market Bulls Push Back After Decline

Cryptocurrency prices are making some headway today after suffering from a bearish onslaught last week. Since our last markets update the digital asset economy has gained $26 billion over the last five days. The price of bitcoin cash (BCH) touched a high of $1,160 earlier today but now hovers around $1,140 per BCH. Bitcoin core (BTC) values reached $7,790 per BTC but subsequently dropped to an average of $7,713 at 7am EDT.

Also Read: Devere Group Adds Bitcoin Cash and EOS to Crypto Exchange App

Cryptocurrency Markets See a Short Term Push Upwards

The question over the past few months is — How long will the cryptocurrency bear run last? A few weeks ago things were trending upwards showing signs of a reversal after digital assets lost considerable value after touching all-time highs. Today cryptocurrency markets are showing some deep consolidation as traders have been shifting positions in hopes of another bull run this year. However ever since BTC touched a high of $19,600 digital currency bears have been storming the markets and shorting them to profit from the downturn.

Bitcoin Cash Market Action

On Sunday, June 3, 2018 bitcoin cash markets are commanding an overall valuation of $19.5Bn and the decentralized currency has gained 10 percent over the past 24-hours. Seven day gains for BCH show the digital asset has jumped upwards 13.9 percent in value. BCH purchasing volume has also increased and rests at $753Mn over the past 24-hours. The top five exchanges swapping the most bitcoin cash today include Okex, Huobi, Bitfinex, Lbank, and Binance. One BCH is roughly 0.1465 BTC and bitcoin core is the most traded pair with BCH today. BTC captures 40.8 percent of BCH trades followed by tether (USDT 28.9%), USD (17.7%), KRW (8.9%), and the EUR (1.3%).

Markets Update: Digital Currency Market Bulls Push Back After Decline

BCH/USD Technical Indicators

Looking at the 4-hour BCH/USD chart on Bitfinex shows bulls are tiring out a touch from this morning’s upward push. Before the spike, the market appeared to form a deep consolidated diagonal formation as Bollinger Bands have been extremely tight. BCH buyers are currently facing resistance and the two Simple Moving Averages (SMA) indicate the path to resistance may be towards the upside. The short-term 100 SMA is above the 200 SMA trendline but not by much. After this morning’s rise, the MACd still shows room for improvement and the Relative Strength Index (RSI) points to (71) overbought conditions. Order books show BCH bulls need to press past $1,185 to find smoother seas while on the backside there are foundations between the current vantage point and $925.

Markets Update: Digital Currency Market Bulls Push Back After Decline

Bitcoin Core Market Action

Bitcoin Core’s (BTC) upwards action is slowing down right now after touching a high of close to $7,800 earlier this morning. The price of BTC is up 0.88 percent over the last 24 hours and 5.2 percent over the last seven days. Trading volume has increased only a little bit since our last markets update as BTC traders this Sunday are swapping $4.95Bn in trade volume. The top exchanges trading the most of this action are Binance, Okex, Bitfinex, Huobi, and BTCC. The Japanese yen today is the forerunning pair traded with BTC capturing 55 percent of trades. Tether (USDT 18.6%) follows the yen, and then the USD (16.3%), KRW (3.3%), and the RUB (2.3%). The Russian Ruble has sort of silently sneaked into the top five currency pairs position with BTC. Furthermore on the peer-to-peer exchange Shapeshift.io the top trade today is ETH for BTC.

Markets Update: Digital Currency Market Bulls Push Back After Decline

BTC/USD Technical Indicators

Looking at the same 4-hour timeline for BTC/USD on Coinbase and Bitstamp show bulls are feeling exhausted after that last push. The cryptocurrency is holding just above the $7,700 region and resistance is piling up across exchange order books. The two SMA trendlines for BTC show similar action as the short term 100 SMA is just above the long-term 200 SMA. With this said we may see some more northbound action if bulls can manage to press through current resistance. MACd is meandering downwards indicating bears are attacking and RSI levels are around 56, showing conditions could go either way after the last spike. Order books are not too bad looking at the upside as bulls need to muster up strength to get past $7,900-8,100 in order to approach far safer and less bearish conditions. Looking down we can see that bears will be stopped at $7,200 and there are considerably sized walls through $6,600 as well.

Markets Update: Digital Currency Market Bulls Push Back After Decline

The Top Digital Assets Today

Cryptocurrency markets in general throughout the top positions are seeing gains today. The second highest market capitalization commanded by ethereum (ETH) has seen a 4.6 percent increase this Sunday. The price of ethereum has gained 7.3 percent this week in total and the price per ETH today is $619. Ripple (XRP) values are up 2.7 percent as one XRP is averaging around $0.66 cents per token. The token EOS which just launched its mainnet is up 5.7 percent this Sunday and 19 percent this week. One EOS is priced at $14.84 per token at the time of publication.

Markets Update: Digital Currency Market Bulls Push Back After Decline

The Verdict: Skepticism Remains

The upswing has added a touch of positivity throughout the cryptocurrency trading environment as markets managed to hold steady at current levels. But many are still skeptical of the current direction and we are most definitely not outside the bear market just yet. Currently, the verdict is traders are skeptical after losing optimism the past three weeks, but some believe the next step is to move upwards as most markets have triple bottomed this year.

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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Most Masternode Coins Are a Scam

Most Masternode Coins Are a Scam

Long before Proof of Stake entered crypto consciousness, people were staking Proof of Work coins. In return for locking up a portion of tokens and running a masternode, you can earn verification rewards. Earning a passive income while helping to secure a network sounds as comfortable as it does noble. The reality, however, is that most masternode coins are a scam.

Also read: Crypto Exchange Launches in Gibraltar 

Loads of Nodes But Little Utility

Every trader has a strategy for profiting through good times and lean. Some buy into ICOs and wait for the market to recover; some scalp profits where they can through day trading; and some set up masternodes. Dash is the altcoin credited with starting the craze for masternodes. Back when the coin was trading for under a dollar, the Proof of Work coin introduced a masternode system that called for staking 1,000 Dash.

Most Masternode Coins Are a Scam
The top 10 masternode coins by market cap. Check how thin the volume is for many of them

The scheme proved hugely successful, both as a means of governing the network, and as an earner for individuals running a node, who were being handsomely compensated by the time the crypto market mooned in 2017. At its peak, it would have cost $1.5 million to purchase enough Dash to set up a masternode. The success of the scheme, which made early adopters of Dash’s masternode system very rich, was soon copied by countless other coins. Dash has at least a modicum of real world utility, but most of the copycats that have sprung up since serve no purpose other than to enrich their early adopters and stakers.

Most Masternode Coins Are a Scam

Masternode Coins Are the New Lending Platforms

The crypto winter of 2018 has been especially unkind to masternode coins. Dash has been on a slide since mid December, when it peaked at $1,580 a coin, and sits at $320 today. Lesser known masternode coins have fared even worse. Yearto.Date maintains a list of the best and worst performing masternode coins of 2018, and it isn’t pretty – even the third best performing coin of the year is in the red.

Although masternode coins aren’t a scam in the Bitconnect sense, like lending platforms they’re a scheme which looks profitable in a bull market when everything’s pumping, but when the tide turns gets badly found out. Sites like Cryptopia and Trade Satoshi are graveyards where abandoned masternode coins go to die.

Most Masternode Coins Are a Scam

Masternodes as a Service

Setting up a masternode is relatively straightforward – all it takes is a VPS and the ability to change a few lines of Linux code – but for those who lack the knowhow, services such as Digital Price will handle setup and hosting. Even without getting your hands dirty, running a masternode is still a risky business given the potential for your staked coins to shed 90% of their value in a matter of months. The volatility works both ways though, and it’s also possible to reap huge profits from masternode coins that pump, typically because they’re being bought in bulk by other traders also looking to stake coins. This sort of system is unsustainable of course, and when a bunch of node operators all decide to offload their surplus coins, the market crashes.

Most Masternode Coins Are a Scam
This year’s biggest masternode winners and losers

Despite these inherent weaknesses, the concept of masternodes remains a solid one: it’s just that for the system to work, the network must be worth protecting in the first place, and for that to happen the coin needs to be used for something other than staking – like remittance, P2P payments, or ecommerce. As a result, it makes more sense for developers to focus on generating demand for a blockchain first instead of launching masternodes and hoping that the utility follows. Newer projects such as Origin Protocol, Dadi, Essentia, REMME, and Zencash will all be adding masternodes in the future. The difference, with these networks, is that nodes will be a feature rather than the defining characteristic. The next generation of masternode coins might actually be worth something. The current generation are mostly scamcoins.

Do you think most masternode coins are a scam, or do they serve a purpose aside from providing a passive income to stakers? Let us know in the comments section below.


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The Top Ten Altcoin Markets of 2014 – How Are They Faring Now?

The Top Ten Altcoin Markets of 2014 - How Are They Faring Now?

With the number of altcoins listed on Coinmarketcap reaching 1,640 as of this writing, the question begs – how will all of these altcoin markets perform in the long term? When looking back four years at a historic snapshot of the leading markets from June 1st, 2014, one can see that only two of the top ten altcoins have retained their position in the top ten cryptocurrencies by market capitalization today. Additionally, only two markets have gained value over both fiat and BTC pairings, whilst four markets have lost value against both USD and BTC.

Also Read: New Binance Listings Are Losing Their Luster

The Cryptocurrency Markets Four Years Ago

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?At the time of the snapshot, the altcoin sphere was early in its development – with six of the ten cryptocurrency markets by capitalization then being less than 12 months old. Whilst the majority of markets have produced gains over the U.S. dollar (USD), most markets have produced dramatic losses against BTC.

BTC has maintained its position as the leading market by capitalization over the years. At the time of the snapshot, the BTC markets had a total capitalization of $8.2 billion, with bitcoin trading for approximately $640 each. Today, BTC boasts a market cap of nearly $127.2 billion, and the price of bitcoin has since risen to 1,065%, trading for approximately $7,450 as of this writing.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

Many Leading Altcoins Lose Value Against BTC

Litecoin was the second largest crypto market on June 1st, 2014, then comprising a $320.5 million USD market, with LTC trading for $11.10 each. Litecoin has retained its position in top ten cryptocurrencies by market cap, today ranking sixth with a capitalization of roughly $6.725 billion. As of this writing, LTC is trading for $118.40 – an increase in USD-value of 966%. Despite the impressive gains, LTC has lost value against BTC – falling 9.14% from 0.0175 BTC to 0.0159 BTC.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

At the start of June 2014, NXT was the third largest crypto market by capitalization. NXT was then trading for $0.057 and had a total capitalization of $57 million. Today, NXT is the one-hundred-and-fourth ranked market by capitalization with a market cap of approximately $123.3 billion. NXT is trading for $0.132 each as of this writing. Despite having gained 131.5% over USD, NXT has lost nearly 80% of its value when paired against BTC – falling from 8,802 satoshis to 1,780 satoshis in four years.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

Dash Gains 130% Over BTC

Fours years ago, Dash was the fourth largest cryptocurrency market cap with a total capitalization of nearly $50 million, despite having traded for only four and a half months.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

Today, Dash is still a leading market, ranking fourteenth by capitalization with a market cap of almost $2.5 billion. Dash is one of two top ten altcoin markets to have gained over both fiat and BTC pairs since four years ago – gaining 2,550% from $11.50 to $305, and nearly 130% from 0.0178 BTC to 0.0409 BTC.

Peercoin Falls 92% Against BTC

Since the time of the snapshot, Peercoin’s market cap ranking has slid from fifth to two-hundred-and-twelfth – growing modestly from $43.3 million to $46.3 million.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

The price of PPC has lost against both fiat and bitcoin pairings – falling by 7.5% from $2.02 to $1.87, and dropping by 92% from 0.0032 BTC to 0.00025 BTC.

XRP Gains 15,250% Over USD in Four Years

Ripple is the only top ten altcoin market from June 2014 to have since ascended in its ranking by market cap – climbing from sixth with a total capitalization of $31.7 million four years ago, to third with a market cap of over $24 billion today.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

The gains produced by the price of XRP over the last four years exceed those posted by all other top ten markets from the time of the snapshot – with XRP having since gained 15,250% from $0.004 to $0.614, and 1,243% from 615 satoshis to 8,260 satoshis.

DOGE Gains Over USD, Drop Against BTC

At the time of the snapshot, Dogecoin was the seventh-ranked cryptocurrency by capitalization with a market cap of $28 million. Today, the Dogecoin markets are ranked forty-seventh with a capitalization of nearly $390 million.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

The price of DOGE has increased against fiat but fallen against BTC – gaining roughly 875% from $0.000349 to $0.0034 over the dollar, whilst dropping 16.3% from 55 satoshis to 46 satoshis.

Top 6-10 Ranked Altcoin Markets Lose Over 90% Since June 2014

Fours years ago, Namecoin was the eighth-ranked crypto by market cap with a capitalization of $21.1 million. Namecoin has since fallen to rank three-hundred-and-sixteenth, with its market cap currently sitting at $25.37 million. NMC has lost value against both USD and BTC – falling 27.4% from $2.37 to $1.72, and dropping 93.6% from 0.0036 BTC to 0.00023 BTC.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

Blackcoin was the ninth-ranked cryptocurrency by market cap with a capitalization of $19 million at the time of snapshot. Blackcoin’s market cap has since shrunk to $15.9 million – ranking it three-hundred-and-ninety-second. BLK has suffered significant losses since the snapshot – dropping 19.15% from $0.256 to $0.207, and falling roughly 93.5% from 42,000 satoshis to 2,780 satoshis.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

On June 1st, 2014, Omni was the tenth largest cryptocurrency by market cap with a capitalization of $13.6 million. Today, Omni is ranked four-hundred-and-twenty-seventh with a market capitalization of nearly $13.8 million. The price of OMNI has gained 11.4% from $22.6 to $24.58, however, has lost 91% against bitcoin – plummeting from 0.037 BTC to 0.0033 BTC in four years.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

At the time of the snapshot, Bitshares PTS was the eleventh largest crypto market with a capitalization of $7.5 million. Four years ago, PTS was trading for roughly 742,000 satoshis each. Today, the Bitshares PTS markets appear dead with the last trade recorded on Coinmarketcap having occurred on the September 7th, 2016 for 27 satoshis – a 99.99% drop against USD from $4.59 to $0.000165.

The Top Ten Altcoin Markets of 2014 - How Are They Faring Today?

What were your opinions on bitcoin and cryptocurrency in 2014? Join the discussion in the comments section below!


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New Binance Listings Are Losing Their Luster

New Binance Listings Are Losing Their Luster

As one of the most liquid and globally accessible exchanges, Binance wields a lot of power. Listings are a big deal to cryptocurrency teams, representing a validation of their coin, and they’re also a big deal to investors, who can profit off the price boost that invariably ensues. Lately though, those pumps have been diminishing due to trader fatigue exacerbated by an increase in frequency of new listings.

Also read: Bitcoin Ownership: Your Private Keys to Financial Sovereignty

The Unbouncing of Binance

Community-Focused Exchanges with Proprietary Tokens Are ProsperingWhile any new coin added to Binance can expect an immediate jump in price, the extent of the Binance bounce appears to be waning. It’s common practice for Binance to commence trading four hours after announcing a new listing. Up until recently, a coin could expect to soar in price off the news and then keep rising for hours or even days after trading commenced on the platform. Over the past month, the trajectory taken by new coins has changed, however. The price is still sure to soar, but now its appreciation is typically short-lived, and more akin to that of a classic pump and dump.

Binance has no desire to pump coin prices; it’s merely an unavoidable side-effect of adding new assets. Traders, on the other hand, who have had little to crow about in a lengthy bear market, tend to be very fond of the resultant spike, which provides an opportunity to make – or lose – a lot of crypto in very little time. The reason why Binance coin listings have gone from “sustained price increase” to “flash pump” are likely to be two-fold, and mirror those which occurred at Kucoin earlier this year.

Binance Exchange Founder Sued by VC Fund Sequoia Capital

More Frequency, More Predictability

In April, Binance listed just four coins: Golem, Cloak, Cardano, and Groestlcoin. On April 4, Groestlcoin tripled in price, and then doubled again in the space of 10 days, eventually doing a 5x. Cardano, which already had high liquidity on other major exchanges, grew by a third after its Binance listing. Cloak rose by 25%, and Golem by 40% within five days of listing.

Then, in May, Binance doubled its monthly listing ratio from four to eight. In total it added Theta, Civic, Skycoin, Zencash, Trueusd, Augur, Bytecoin, and Loom. All of these coins pumped in price – even supposed stablecoin Trueusd – but often the effects were short-lived. By the time Civic opened for trading, for instance, it had almost returned to its pre-announcement price.

New Binance Listings Are Losing Their Luster

It is the prerogative of exchanges to decide which coins they should list and how often. In the case of platforms such as Kucoin and Binance, however, the novelty of a weekly listing has turned into the normality of an often daily listing. Even the bots seem to be getting tired of pumping the price of new Binance coins. On June 1, the exchange announced the listing of IOTX. Once again, its chart followed the same pattern as other recent additions such as Civic, with a drop-off as fast as its ascent. Binance listings are good for a lot of things, but sustaining a new price floor for digital assets is not necessarily one of them.

New Binance Listings Are Losing Their Luster

Do you think Binance is losing its ability to inflate newly listed coins? Let us know in the comments section below.


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Bittrex Launches USD Fiat Trading

Bittrex Launches USD Fiat Trading

Bittrex has finally introduced fiat currency support. The US exchange, which was established in 2013, subsisted with tether as its USD surrogate until recently, before adding another stablecoin, TrueUSD, a couple of months ago. Around the same time, its CEO Bill Shihara revealed that the platform would be adding USD pairs and today they went live for corporate clients.

Also read: Weiss Ratings Publishes Complete List of 93 Cryptocurrency Ratings

More Fiat, Less Tether

Bittrex, along with exchanges such as Binance and Upbit, has been gradually weaning itself away from tether, which for a long time was the only dollar-based hedge available. It has been speculated that the desire to list other stablecoins, and to eventually pivot to USD, was partially born out of a desire to be less reliant on the notoriously opaque tether. Whatever the reasoning, Bittrex has now secured the banking facilities necessary to enable fiat-crypto trading, and in Malta Binance is believed to be following suit.

Initially, the Seattle-based exchange will offer the USD paired against BTC, tether (USDT), and TrueUSD. This means that traders can swap between dollar-pegged tokens, which could be useful in the event of needing to send dollars to another exchange, or in the event of a stablecoin slipping from its dollar peg, as previously happened to TrueUSD upon news of its Binance listing.

Bittrex Launches USD Fiat Trading

Bittrex Signs with Signature

Bloomberg reports that Bittrex has inked a deal with New York’s Signature Bank. This will allow corporate clients in certain US states to make fiat deposits. While retail investors will be unable to benefit from this facility initially, Bittrex hopes to eventually roll the service out to all users who reside in states where it is licensed. As of today, May 31, corporate traders in Washington, California, New York, and Montana can make fiat deposits. Due to the restrictions in place, which will prevent the majority of Bittrex’ three million users from being able to participate, USD trading volume is likely to be low to begin with.

Bittrex Launches USD Fiat Trading“It’s been a long path [towards securing a banking agreement],” Bittrex Chief Executive Officer Bill Shihara told Bloomberg. “It’s not just about banks being able to trust Bittrex. It’s about banks being able to trust crypto in general. And I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance.”

“They really do look and pore through the entire business,” Shihara said. “They want to make sure that we’ve got robust AML/KYC processes, that we’ve got the right controls on our finances. They do background checks and everything. They really look at our business soup to nuts.”

Will you use Bittrex’ banking facilities to deposit fiat currency once they’re available to retail investors? Let us know in the comments section below.


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Weiss Ratings Publishes Complete List of 93 Cryptocurrency Ratings

Weiss Ratings Publishes Complete List of 93 Cryptocurrency Ratings

US independent rating agency, Weiss Ratings, has published its complete list of 93 cryptocurrency ratings. The company has upgraded its BTC rating to B-. The list shows 14 coins with B ratings including ETH, IOTA, NEO, XRP, STEEM, TRX, and XLM. Fifty-four of the rated cryptocurrencies carry C ratings.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Complete List of 93 Crypto Ratings

On Tuesday, May 29, Weiss Ratings made public its complete list of 93 cryptocurrencies rated by the company. The American independent rating agency, founded in 1971, has been rating approximately 55,000 institutions and investments such as stocks, ETFs, mutual funds, insurance companies, banks, credit unions, and cryptocurrencies.

Weiss Ratings Publishes Complete List of 93 Cryptocurrency Ratings

Compiled on Friday, the list shows an overall rating of B- for BTC and C- for BCH. It can be obtained by signing up with an email address on the company’s website until June 4.

Weiss Ratings Publishes Complete List of 93 Cryptocurrency RatingsNo cryptocurrency on the list has received an A or a B+ rating. Overall, fourteen coins were rated B or B-. ADA, DCR, EOS were rated B, whereas BTC, ETH, BTS, IOTA, ONT, NEO, XRP, STEEM, TRX, XLM, and ZIL were rated B-.

54 cryptocurrencies were rated either C, C+ or C-. They include BCH, DASH, DOGE, ETC, LSK, LTC, XMR, XEM, QTUM, SC, STRAT, UBQ, VEN, WAVES, and ZEC.

Weiss Cryptocurrency Ratings

The company started publishing crypto ratings on January 24 with the launch of “Weiss Cryptocurrency Ratings” that are “based on a groundbreaking model that analyzes thousands of data points on each coin’s technology, usage, and trading patterns,” the company described.

Weiss Ratings Publishes Complete List of 93 Cryptocurrency Ratings

At launch, Weiss Ratings gave BTC a C+, citing that “Bitcoin (rated C+) gets excellent scores for security and widespread adoption. But it is encountering major network bottlenecks, causing delays and high transactions costs. Despite intense ongoing efforts that are achieving some initial success, Bitcoin has no immediate mechanism for promptly upgrading its software code.”

Weiss Ratings Publishes Complete List of 93 Cryptocurrency Ratings“Investors should interpret the Weiss Cryptocurrency grade scale with these terms,” the company explained. “A = excellent; B = good; C = fair; D = weak; [and] E = very weak.” In addition, Weiss Ratings wrote, “A plus or minus sign indicates the upper third or lower third of a grade range, respectively. In addition, an F grade is assigned to cryptocurrencies that have failed or are subject to credible allegations of fraud.” The company’s list of 93 crypto ratings does not contain any coin with an F rating.

Under its system, Weiss Ratings elaborated:

Cryptocurrencies do not have to achieve an A grade to merit interest by investors. A ‘B’ or even ‘B-‘ also qualify as the investment rating equivalent to ‘buy.’ At the same time, investors should not be overly alarmed by a ‘C’ rating. It is a passing grade; and for investors, implies the equivalent of ‘hold.’

What do you think of Weiss’ crypto ratings? Let us know in the comments section below.


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May Breaks 2018’s Down-Trend in Monthly Total Raised by ICOs

May Breaks 2018's Down-Trend in Monthly Total Raised by ICOs

Estimates are indicating that the total sum of capital raised by initial coin offerings (ICOs) in May exceeded the total sum raised in April – comprising the first month-over-month increase in the total sum raised by ICOs in 2018 so far.

Also Read: Markets Update: Slight Comeback Shows Cryptocurrencies Press Forward 

Month-Over-Month Performance of ICOs Up for First Time in 2018

May Breaks 2018's Down-Trend in Monthly Total Raised by ICOsAccording to icodata.io, the total sum raised by ICOs in May has exceeded that which was raised in April – comprising the first instance in which month-over-month gain total for the funds raised through initial coin offerings has increased this year.

As of this writing, icodata.io estimates that ICOs have raised approximately $715 million USD during May – a more than 27% increase over April’s total of roughly $516 million.

Mean Total Raised by ICOs Declines in 2018

May Breaks 2018's Down-Trend in Monthly Total Raised by ICOsAlthough there are an increasing number of significant challenges now facing the ICO industry, such as advertising bans, heightened regulatory hostility in many jurisdictions, and widespread claims that the returns generated by ICOs for investors is declining, initial coin offerings appear to be thriving – with the total sum of funds raised through ICOs in 2018 (estimated to be approximately $5 billion as of this writing) having reached more than 82% of the roughly $6.1 billion raised in 2017.

The average sum raised by initial coin offerings has declined, however, with the mean total raised by 871 ICOs in 2017 equating to just over $7 million – half a million more than the mean total of almost $6.5 million raised by the 780 initial coin offerings of 2018 so far.

Year-Long EOS ICO Expected to Raise $4 Billion

May Breaks 2018's Down-Trend in Monthly Total Raised by ICOsBlock.one’s roughly year-long EOS ICO will come to a conclusion on the 1st of June, with analysts predicting that the offering will have raised in excess of $4 billion – making it the largest ICO in history. The EOS initial coin offering began on June 26, 2017.

Despite the enormous sum raised, EOS has garnered controversy within the cryptocurrency community due to EOS’ terms explicitly stating that EOS Tokens do not have any rights, uses, purpose, attributes, “functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS Platform.”

Do you think that the ICO bubble is loosing steam? Share your thoughts in the comments section below!


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Markets Update: Volume Rankings Report for May 2018 – EOS Dominates Leading Exchanges

Markets Update: Volume Rankings Report for May 2018 - EOS Dominates Leading Exchanges

May witnessed sustained bearish action in the cryptocurrency markets, with many markets giving back most of the gains made during April. When looking at trade volume, we can see that BTC was by far the most traded cryptocurrency, followed by Tether and Ethereum. EOS also saw significant action, rising to become the fourth most traded cryptocurrency during the month.

Also Read: 80% of the Top Cryptocurrency Exchanges From 2016 Have Been Replaced

$185 Billion USD Worth of BTC Traded in May

Markets Update: Volume Rankings Report for May 2018 - EOS Dominates Leading ExchangesAccording to Coinmarketcap, nearly $185 billion worth of BTC has been traded over the course of the last thirty days.

During May, more BTC was traded on the 3rd than any other day – during which $10.2 billion worth of bitcoins exchanged hands whilst the BTC markets ramped up to unsuccessfully test resistance at the $10,000 area.

By contrast, the weakest trading volume was witnessed on May 26th – with $4.05 billion worth of BTC being traded as the markets steadily broke below the $7,500 area. The first two weeks of May produced daily trading volume of roughly $5.8 billion and $10.2 billion worth of BTC daily, with volume declining to between $4.05 billion and $6.75 billion worth of BTC daily during late-May.

Tether and Ethereum Comprise $170 Billion Worth of Trade Combined

Markets Update: Volume Rankings Report for May 2018The the second most traded cryptocurrency during May was Tether – with almost $93 billion worth of USDT exchanging hands. The volume of USDT traded during May oscillated between approximately $4.75 billion and $1.8 billion daily. As with BTC, trading volume was much heavier during the early weeks of May (between approximately 3.2 billion USDT and 4.75 billion USDT daily), before declining to between 1.8 billion USDT and roughly 3.5 billion USDT daily later into the month. The largest amount of USDT was traded on the 11th of May (4.75 billion), with the least amount of USDT being traded 26th of May (1.8 billion).

Ethereum was the third most traded cryptocurrency of the last 30 days, with approximately $76.6 billion worth of ETH exchanging hands during May. The daily volume was fairly steady for ETH, with between $2 billion and $4 billion worth of ETH being traded each day except for May 3rd ($4.2 billion), May 7th ($4.3 billion), May 26th ($1.7 billion), and May 27th ($1.8 billion).

EOS Fourth Ranked Cryptocurrency By Volume Over Last 30 Days

Markets Update: Volume Rankings Report for May 2018 - EOS Dominates Leading ExchangesMay saw significant action in the EOS markets, with EOS consistently grind downwards to lose approximately 40% of its value when compared with the all-time high of approximately $20 posted at the end of April. EOS also maintained its position as a leading cryptocurrency by trade volume, comprising the fourth most traded cryptocurrency during May with a thirty-day volume of $47.5 billion USD.

When looking at 24-hour volume, we can see that EOS pairings are among most traded on the leading exchanges by volume. EOS pairings are the second and sixth highest volume pairs on the top two cryptocurrency exchanges by volume, Binance, and Okex, and comprise the top volume pairing on the third, fifth, and sixth highest volume exchanges – Huobi, Upbit, and Bithumb.

Other Top Markets by Volume Rankings

Markets Update: Volume Rankings Report for May 2018 - EOS Dominates Leading ExchangesBitcoin Cash was the fifth most traded cryptocurrency during May – producing almost $28 billion USD worth of trades during the last thirty days. The volume for BCH fluctuated between approximately $500 million and $2 billion worth of trades daily.

The sixth most traded cryptocurrency was Tron with almost $14 billion worth of trades during May, slightly edging out Ripple – which saw approximately $13.7 billion worth of XRP exchange hands over the last thirty days. Litecoin was the eighth most traded cryptocurrency with nearly $11.9 billion worth of trades, followed by Ethereum Classic with $6.5 billion, and True Chain with $6.1 billion.

24-Hour Volume Rankings Mirror Monthly Top Ten

Markets Update: Volume Rankings Report for May 2018 - EOS Dominates Leading ExchangesThe list of leading cryptocurrencies by 24-hour volume is nearly identical to the 30-day rankings.

BTC was the most traded cryptocurrency of the last day – with BTC parings accounting for 30% of trading activity over the preceding 24 hours. Tether has the second most volume with 15.5%, followed by Ethereum (13%), EOS (8.5%), Bitcoin Cash (3.75%), Tron (2.6%), Ripple (2.10%), and Litecoin (1.9%).

The sole deviation between the 24-hour and the monthly rankings is the appearance of Cardano rather than Ethereum Classic in ninth place with 1.3%. True Chain has the tenth largest volume of the last 24 hours, accounting for approximately 1% of total cryptocurrency trade.

Do you think that EOS will continue to sit as high in the volume rankings once main net launch hype subsides? Share your thoughts in the comments section below!


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80% of the Top Cryptocurrency Exchanges From 2016 Have Been Replaced

80% of the Top Cryptocurrency Exchanges From 2016 Have Been Replaced

In the fast-paced world of cryptocurrency, 2016 feels like a lifetime ago. For many of the top cryptocurrency exchanges at the time it effectively was; several have fallen by the wayside and eight out of the top ten platforms by trading volume have lost their spot. It’s not just vintage altcoins that time has been unkind to: the same holds true for many of the exchanges that once listed them.

Also read: Faast Platform Connects With Popular Wallets Offering Cross-Chain Swaps

8/10 of the Top Cryptocurrency Exchanges Have Lost Their Place

80% of the Top Cryptocurrency Exchanges From 2016 Have Been ReplacedOver the past two years, the makeup of the top cryptocurrency exchanges has changed dramatically – and so has the volumes traded. In August 2016, Coinmarketcap records the top exchange as being Okcoin.cn, with a 24-hour volume of $440 million. Today, it’s ranked 188th, with a trading volume of just $17,000. Then, as now, BTC  and LTC were the top traded pairs.

Second on the list for trade volume in 2016 was Btctrade, with 24-hour volume of $218 million. Today, it sits in 54th place with volume of just $23 million. BTC and Ybcoin were its top traded pairs back then, the latter a Chinese coin which died in 2017. Today, Btctrade’s top pairs are BCH and ETH. Of the entire top 10 from 2016, just two exchanges remain there – Huobi and Kraken. Huobi occupied third place then and it lies in fourth spot today, despite its 24-hour volume having grown from $165 million to $1.3 billion. This is naturally a reflection of the increase in value that digital assets such as bitcoin have enjoyed in this period.

80% of the Top Cryptocurrency Exchanges From 2016 Have Been Replaced
The top three exchanges in August 2016

A Lot Can Happen in Two Years

Here’s how the top ten cryptocurrency exchanges looked two years ago and today:

1. Okcoin.cn (188th now). Today: Bitmex

2. Btctrade (54th now). Today: Okex

3. Huobi (4th now). Today: Binance

4. CHBTC (dead now). Today: Huobi

5. BTCC (38th now). Today: Bitfinex

6. Poloniex (29th now). Today: Upbit

7. BTC100 (dead now). Today: Bithumb

8. Btcbox (25th now). Today: Hitbtc

9. Itbit (39th now). Today: GDAX

10. Kraken. Today: Kraken

Many people write altcoins off as having no permanency and predict that the majority of cryptos will die a slow death. They may well be right, but as a look at the dominant cryptocurrency exchanges from 2016 shows, few enterprises live long. The churn rate for exchanges exceeds even that of the coins themselves. Coinmarketcap listed 105 exchanges in 2016, versus 213 today, though only 60% of the listed exchanges back then had any sort of meaningful volume of over $10,000 a day. Even accounting for inflation, 90% of today’s exchanges have some semblance of a respectable volume.

80% of the Top Cryptocurrency Exchanges From 2016 Have Been ReplacedAmong the coins that accounted for the top trading volume in 2016 you’ll find Maidsafe, Nxt, Dogecoin, and even The DAO. Today, most people would agree that the top 10 exchanges have gotten better. Whether the top 10 cryptocurrencies, outside of bitcoin, have improved in quality is another matter. A final indicator of how much the landscape has changed in two years comes from the total trading volume. In August 2016, the top 10 exchanges saw just over $1 billion in cryptocurrencies traded in a day. Today, that figure stands at $10.6 billion. It will be interesting to see, two years from now, how many of 2018’s top exchanges are still standing.

How many of 2016’s top 10 exchanges do you recall? Let us know in the comments section below.


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Markets Update: Slight Comeback Shows Cryptocurrencies Press Forward

Markets Update: Slight Comeback Shows Cryptocurrencies Press Forward

Digital assets are seeing some recovery today on May 29, as cryptocurrency bulls are attempting to press market prices higher. Cryptocurrency values dropped pretty low this weekend once again after being unable to hold steady earlier last week. Bitcoin Cash (BCH) weighted price values are averaging $975-986 at press time, gaining 5.3 percent over the past 24-hours. Bitcoin Core (BTC) values are around $7,420-7,460 per coin, and have seen an increase of around 2.4 percent during today’s trading sessions.

 Also read: The Exahash Era: SHA-256 Mining is a Significant Achievement in Computer Engineering

Crypto-Markets Rally Back on Tuesday, May 29 — But Will the Gains Be Short-Lived?

Today we’re seeing a bit of a minor cryptocurrency rally after prices dipped to significant lows yesterday across the board. There’s definitely been a slight surge in purchasing as on-balance-volumes (OBV) showed a great divergence towards lower levels yesterday. At the moment the entire cryptocurrency market is hovering around $323 billion USD and 24-hour volume is around $17.6 billion. This shows that over the last 30 days the entire cryptocurrency economy has lost $106 billion USD in value. The May 29 minor recovery taking place today is testing major resistance across most digital asset market action, and the next day or so will decide where market values are headed.

Markets Update: Slight Comeback Shows Cryptocurrencies Press Forward

BTC Market Action

Bitcoin Core (BTC) markets are showing a bit of a comeback this Monday morning gaining around 2.4 percent. 24-hour trade volume has increased to $5.4Bn since our last markets update which has helped push the current rally. The top exchanges today swapping the most BTC are Binance, Okex, Bitfinex, Huobi, and Bitflyer. The Japanese yen commands the top position today traded with BTC capturing 53.9 percent. This is followed by other pairs traded with BTC by the USD (20.4%), tether (USDT 16.1%), KRW (3.5%), and the EUR (3.4%).

Markets Update: Slight Comeback Shows Cryptocurrencies Press Forward

BTC/USD Technical Indicators

Looking at the 4-hour BTC/USD chart on Bitstamp shows BTC bulls are attempting to push through some major resistance. Currently, the two Simple Moving Averages (SMA) still show the longer-term 200 SMA above the 100 SMA trendline. This indicates the path to resistance is still looking towards the downside, and today’s intraday traders may feel like shorting at certain vantage points above this region. RSI levels are around 53 right now and meandering higher, indicating today’s rally could keep pressing onwards. Today’s trading sessions also show that BTC bulls need to surpass the 50-week Moving Average (MA) in order to see a more affirmative bullish signal. Right now order books on the upside have heavy resistance from the current price level to $8,100, and after that things are a bit smoother. On the back side, books show that bears will see resistance around $6,900 to $6,300, and if the market goes below that then things will look uglier.

Markets Update: Slight Comeback Shows Cryptocurrencies Press Forward

BCH Market Action

Bitcoin Cash (BCH) market action is seeing some bigger gains today, jumping 5.3 percent in value over the last 24-hours. BCH trade volume at the moment is $665 million amongst the world’s top exchanges. Today the trading platforms trading the most BCH include Okex, Hitbtc, Bitfinex, Huobi, and EXX. On the peer-to-peer exchange, Shapeshift.io, the most popular trade today is Dash for Bitcoin Cash swaps. BTC is the dominant pair with BCH on May 29 encompassing 39 percent of all trades. This is followed by tether (USDT 27.4%), USD (20.8%), KRW (8.7%), and the EUR (1.4%).

Markets Update: Slight Comeback Shows Cryptocurrencies Press Forward

BCH/USD Technical Indicators

4-hour BCH charts show bulls are pushing hard against resistance and have made some progress today. However, the 200 SMA is still well above the short-term 100 SMA, indicating when resistance is met there may be a downside break again. Unfortunately, other indicators reveal the same thing as the RSI oscillator at 75.9 shows overbought conditions and the MACd looks to be retreating as well. Order books show if buyers managed to press past $1,025 then there will be smoother seas up until $1,145. On the back side, it looks pretty decent for foundations and support between now and $885, but from there it won’t look pretty like we said in the aforementioned BTC charts.

Markets Update: Slight Comeback Shows Cryptocurrencies Press Forward

The Top Five Cryptocurrency Markets

A majority of the top cryptocurrency markets are seeing gains today and are in the green. The second highest valued market capitalization is still Ethereum (ETH) as prices hover today around $563 per ETH. Ripple (XRP) has shown some improvement as well seeing 2.5 percent gains with one XRP averaging $0.59 U.S. cents per coin. Lastly, the coin that’s been a forerunner this past couple of weeks, EOS, is seeing decent market losses on May 29. EOS is down 2.66 percent and the price per token is around $11.96. The downturn is likely due to the Chinese-based firm, Qihoo, releasing data on serious security “vulnerabilities” tethered to the EOS platform.

Markets Update: Slight Comeback Shows Cryptocurrencies Press Forward

The Verdict: The Song Remains the Same

During our last markets update the overall verdict was “uncertainty,” and unfortunately this short-term outlook still remains the same. Enthusiasts and traders throughout forums, social media, and Telegram trade groups still are skeptical of a significant reversal at this time. One of the biggest reasons being — Trade volume is just not as strong as it was weeks and months ago, and its been growing weaker. On a more positive note, cryptocurrency development continues in full swing and there have been a lot of optimistic announcements made over the past three weeks about growing infrastructure and new investment vehicles. Right now cryptocurrencies are at major resistance levels, and whether they’re surpassed or not will show a clearer indication of where the cryptocurrency economy is going from here.

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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