Markets Update: Stable Cryptocurrencies and Unstable Pegged Coins

Since our last markets update, cryptocurrencies have been steadily moving sideways as traders are patiently waiting for the next big move. On Wednesday, Oct. 17, bitcoin core has been hovering between $6,400-6,550, while bitcoin cash has been coasting along around $425-500 per coin. The market capitalization of all 2,000+ cryptocurrencies hasn’t budged much over the last two weeks and currently rests at $213.4 billion.

Also read: Bizarro World: Federated Sidechain Technology Promoted Over Nakamoto Consensus

Stablecoins Show More Action Than Most Cryptocurrencies This Week

Markets have been trading in a triangular and consolidated pattern since the last big spike on Sunday, Oct. 15. That day, bitcoin core (BTC) spiked to a high of $6,760 on a few exchanges like Bitstamp, and bitcoin cash touched $501. Additionally, exchanges that use the stablecoin tether (USDT) saw BTC and BCH prices rise even higher than most spot markets and BTC values saw highs above $7,000. This market behavior was due to USDT dropping below the value of USD, hitting a low of $0.86 per token.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins

Other stablecoins like TUSD, GUSD, and USDC saw significant volumes this week as lots of money poured into these specific markets. On Oct. 16, Circle’s stablecoin USDC grew 2,000 % in seven days on partner exchanges and that day’s USDC volume surpassed the week prior’s.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins

During that time, other stablecoins like GUSD and TUSD rose above their dollar pegs while USDT dipped below. Following the jump in value, BCH and BTC prices have dipped a hair and USDT values have regained momentum.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins

The Top Cryptocurrency Markets

Bitcoin core markets are down today around 1% and one BTC is trading for $6,534 according to Satoshi Pulse data. Ethereum (ETH) prices are down 1.4%, as each ETH trades at $207 this Wednesday. Following behind ETH is ripple (XRP), which is up 1.8% over the last 24 hours. XRP prices are hovering around $0.46 at the time of publication. Lastly, EOS is down 0.68% today and the digital asset is swapped for $5.39 per coin. Overall, the top contenders are down between one to 13% over the last seven days of trading sessions.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins
The top ten cryptocurrency markets on Oct. 17, 2018.

Bitcoin Cash (BCH) Market Action

Bitcoin cash spot markets are seeing BCH trade for $451 per coin with the currency’s value down 1.7% over the last 24 hours. Percentages are down even lower for the week as seven-day statistics show BCH has dipped around 11.7% this past week. The top five exchanges swapping the most BCH this Wednesday are Lbank, Hitbtc, Binance, Okex and Huobi. BTC is the top trading pair exchanged with BCH, capturing 41.8% of all spot market trades. This is followed by the trading pairs USDT (27%), ETH (16%), USD (5.2%), and KRW (5.2%). Bitcoin cash has the sixth-largest trading volume, as $301 million worth of BCH trades have been processed in the last 24 hours.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins
BCH/USD seven-day.

BCH/USD Technical Indicators

Looking at the four-hour and daily Bitstamp and Bitfinex BCH/USD charts shows some serious sideways action since the last spike. Many other digital asset charts like BTC/USD are following similar patterns, as traders seem to be finding new positions over the last two days. Currently, the BCH four-hour relative strength index (RSI -40) oscillator is meandering in the midrange and not granting many clues. The two simple moving averages (100 & 200 SMA) indicate a change may be in the cards as the two look as though they will be crossing hairs soon.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins
Oct. 17, 2018, BCH/USD Bitfinex

Unless things change, the 100 SMA looks to be dropping below the 200 SMA trendline, showing the path toward the least resistance will be the downside. Order books show there are big hurdles for BCH bulls from now until $465 and another pitstop above the $500 region. If things change and the price heads south, BCH bears will be stopped at $415 and $390 respectively.

The Verdict: Uncertainty Is in the Air

The verdict this week depends on who you ask, but can be generalized with one word: uncertainty. Some traders believe a bearish-to-bullish change is imminent, while others think cryptocurrency prices may sink lower. BTC/USD and ETH/USD shorts are fairly high, but not as much as they were a few weeks ago. The consolidated tight pattern and lack of shorts this week show uncertainty in the minds of traders waiting for a breakout in either direction.

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comment section 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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The Fall of Tether and What It Means for the Cryptocurrency Markets

The Fall of Tether and What It Means for the Cryptocurrency Markets

The demise of Tether has been a car crash in slow motion. An unswervable event that has played out over the course of months, it has reached a crescendo in the past 24 hours, with tether slipping significantly from its dollar peg. It is possible, perhaps even probable, that it will regain parity with the U.S. dollar. But by then, the damage may have already been done.

Also read: The Daily: Tether Sheds Its Peg

The Beginning of the End
or the Start of a New Dawn?

The Fall of Tether and What It Means for the Cryptocurrency MarketsA cryptocurrency losing 10 percent of its value in a week would not normally be news. But when that cryptocurrency is a supposedly “stable” coin — and one whose very stability is relied on by a huge tranche of the market — its slippage is big news. One small slip for tether can result in a giant leap for other cryptocurrencies; it is no coincidence that BTC’s climb to $7,500 in the past 12 hours, as well as its subsequent decline, was triggered by tether’s instability.

A precis of the events that led to this state of affairs goes as follows:

  • Tether’s trading volume has built up over time, leading to it becoming the second most traded crypto after BTC (USDT 24-hour volume currently stands at $4.8B)
  • Bitfinex’s failure to publish an audit has led to fears that tether could be backed by nothing, or at least not enough to cover the 2.5 billion tethers in circulation
  • Bitfinex’s struggle to obtain a banking partner has exacerbated the problem
  • Rumors of Tether/Bitfinex being subpoenaed and potentially shut down have swirled for months
  • Last week Bitfinex lost its latest bank, HSBC, forcing it to suspend fiat deposits
  • A steady stream of criticism has poisoned the Tether brand, leaving confidence in the stablecoin at an all-time low
  • Wary of being trapped in an asset that’s a prime target for FUD (both real and false), traders have exchanged USDT for BTC or other stablecoins
  • This has caused the price of tether to slip and other stablecoins to trade at a premium

Which leads us to where we are today, which is a cryptocurrency market that doesn’t know what’s going on. Tether bears are loving the collapse of USDT, other stablecoins are relishing their time to shine, memers are meming, arbers arbing, and BTC is leading the market on a merry dance from the low $6000s to the high sevens.

 

The Fall of Tether and What It Means for the Cryptocurrency Markets
Tether’s drop-off has occurred sharply, as can be seen when viewed over a three-month window.

On cryptocurrency forums, traders shared apocalyptic predictions of what tether’s demise might do for the ecosystem, and whether it would presage Mt Gox 2.0. Hyperbole reigned supreme. “It took almost four years for people to regain some kind of confidence after Gox,” wrote one. “This is far worse than Gox, and will hurt crypto immensely in the eyes of even the bagholders and basic bitches.” They continued:

Without dumb money entering the system, you can’t offload your shitcoins, thus you’ll all be sitting on bags, and the market will become inert. It’s gonna be a bad, bad turn, regardless of what happens.

Exchanges Rush to Introduce New Stablecoins

The Fall of Tether and What It Means for the Cryptocurrency MarketsWith tether’s card marked, so to speak, cryptocurrency exchanges have sought to expedite the introduction of alternative stablecoins. Today (Oct. 16), Okex went stablecoin crazy, adding TUSD, USDC, GUDC, and PAX. On Binance, meanwhile, TUSD is trading at $1.12 against tether, having reached a high of $1.24 at one stage. At the time of publication, tether was averaging $0.93 across exchanges, but with some marked disparities between platforms. On Binance and Bittrex, for example, where there is a greater choice of stablecoins, tether has fared worse. On Kraken and Bitfinex, on the other hand, traders have little option but to trust in tether.

Should Bitfinex succeed in restoring its banking arrangements this week, as the exchange has promised, it is conceivable that the move could restore faith in tether, which may regain the $1 peg it has adhered to so faithfully until this week. Whether tether is backed or unbacked, audited or unaudited, its status — from a technical perspective — has not changed in the past seven days. Psychologically, though, everything has changed. Like a cheating spouse, a stablecoin that’s been caught out once will always be suspected of straying again. While the markets will weather this period of uncertainty, for tether there may be no way back. Where tether and Bitfinex go from here is anyone’s guess.

Do you think this is the end for tether, or will the stablecoin recover? Let us know in the comments section below.


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Worst Cryptocurrencies of 2018 Have Left Some Heavy Bagholders

2018’s Worst Cryptocurrencies Have Created Some Heavy Bagholders

Tales of woe are easy to come by in the current market, in which most altcoins are faring multiples worse than bitcoin. Investors that have avoided the following projects, however, can draw some solace.

Also read: US Court Issues Emergency Order Halting a Planned Initial Coin Offering

This Year’s Underperforming Coins
Have Fared Worse Than You Think

2018’s Worst Cryptocurrencies Have Created Some Heavy Bagholders

It’s easy to find underperforming altcoins from the past 10 months of largely bearish market action. Echelons easier, in fact, than finding the handful that have weathered the storm and have appreciated in value or, at the very least, have outperformed bitcoin. Taking a magnifying glass to 2018’s altcoin dunces makes for a productive exercise; not to revel in the misfortune of others, but for educational purposes.

“I bought the ‘dip’ a dozen times this year,” one Redditor complained recently. “Went down after each time.” Another remarked: “I’ve lost 95 percent of 25k and have been buying all the way down.”

The “hodl” meme that prospered in 2017, helping traders through “China bans bitcoin” FUD and other negative news cycles, has largely been abandoned now that hodling has been proven to be a disastrous strategy for anyone heavily invested in altcoins. The BTFD (Buy the F– Dip) meme has also waned, as traders have learned that in many cases the dip is often merely a precursor to a series of even lower dips.

Lesson 1: There’s a Big Difference
Between a 90% and a 95% Loss

Wanchain (WAN), one of the more established cryptocurrency projects, is down 90 percent from its all-time high (ATH). The helpful break-even multiple column provided by Onchainfx shows that WAN would need to do a 10x to reach its previous ATH. Icon (ICX) is down 95 percent in comparison. On paper, it may sound like ICX has fared only marginally worse than WAN, and yet it would take a 20x multiple for icon to reach its former peak of $12.04 per token.

2018’s Worst Cryptocurrencies Have Created Some Heavy Bagholders
The worst performers of 2018 by break-even multiple, according to Onchainfx

Lesson 2: Don’t Trust the
Market Cap of Forked Coins

Market cap, or the number of coins in circulation multiplied by price per coin, is a notoriously crude yardstick, but it’s particularly bad when it comes to forks. Coins like bitcoin private and bitcoin diamond have market caps calculated by the number of BTC holders who could technically claim the forks. But in reality, the vast majority of bitcoiners have no interest in these minority forks and will never bother to obtain them, making their true circulating supply and market cap significantly lower.

Bitcoin atom (BTA), for example, has a market cap of $4.67 million. Its 24-hour volume is less than $15,000, however, and BTA is down 99.98 percent for the year to date, according to Coincodex. Another coin with a supposedly high market cap, ignis, is down 99.66 percent this year, despite technically having a cap of $30 million.

2018’s Worst Cryptocurrencies Have Created Some Heavy Bagholders
Ignis has fallen so far, its yearly chart appears to be dead after March.

Lesson 3: There’s No Such Thing as a Price Floor

Just because an altcoin is down more than 90 percent doesn’t mean the road to (partial) recovery is in sight. Many traders racked up huge losses this year — not from buying at the top, but from buying at what they believed to be the bottom. As one trader confessed:

I bought bitclave (CAT) on exchange at ICO price thinking wow a shitcoin finally at ICO … then it went -99% on me.

As one can see in Telegram channels that share the collective salt of crypto investors, everyone’s portfolio is underwater this year. It’s just that some have shipped water at a much faster rate than others. In the case of leading cryptocurrencies such as bitcoin core, bitcoin cash and ethereum, the vast majority of investors didn’t purchase these assets at their ATH. Anyone who held BTC or BCH a year ago, for instance, would still be up on their investment by around 30 percent.

2018’s Worst Cryptocurrencies Have Created Some Heavy BagholdersThe markets aren’t nearly as gloomy as crypto’s worst critics would suggest — except in the case of traders who got carried away and diversified into risky altcoins and ICO tokens during peak mania. “I had a dream of making so much I could retire. I thought it was a once in a lifetime opportunity to make tons of cash and I was worried about missing out so I took a huge risk,” one investor recently confessed. “Life has humbled me. I’m an idiot.”

Do you think altcoin investors will be shrewder in picking their portfolios in the future, or will the lessons of 2018 be promptly forgotten when the bull market returns? Let us know in the comments section below.


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Markets Update: Heavy Selling Across Leading Markets, ZRX Rallies

Markets Update: Heavy Selling Across Leading Markets, ZRX Rallies

The cryptocurrency markets appear to be consolidating following the significant sell-off that transpired on Thursday. The event saw BTC produce the largest percentage red daily candle posted since Sep. 5, driving losses across most major markets. ZRX was the most notable exception to the bearish price action that erupted through most cryptocurrencies, rallying significantly following the announcement that Coinbase Pro would be launching three ZRX pairings.

Also Read: Win $100 of Bitcoin Cash in Bitcoin.com’s Paper Wallet Design Contest

BTC Consolidates Within Triangle as Inter-Exchange Spreads Extend

BTC experienced a sharp sell-off yesterday, shedding nearly 6% against the dollar in little over an hour as it fell from roughly $6,630 to $6,250 on Bitfinex, and 7.35% as the market fell from $6,530 to a low of $6,030 on Bitstamp.

BTC/USD – Bitfinex – 1H

Despite the bearish move, the range of price action for BTC continues to consolidate and tighten within a long-term triangle formation, with many traders anxiously awaiting a significant move to break the triangle and establish a short-term direction for price action.

As of this writing, there is a significant spread in the price of BTC across various exchanges, with BTC trading for $6,330 on Bitfinex, $6,223 on Bitstamp, and $6,278 on Binance.

BCH Drops by 16%

BCH lost approximately 16% of its value when measured against the dollar yesterday, falling from $516 to $434 on Bitfinex, and from $510 to $428 on Bitstamp.

BCH/USD – Bitstamp – 1H

As with BTC, BCH is trading for a roughly 1% premium on Bitfinex. However, the majority of leading BCH markets by volume appear to be in unison, with BCH for approximately $451 on Bitfinex, and $446 to $447 across most leading exchanges as of this writing.

When measuring against BTC, BCH fell by 11% yesterday, dropping from 0.08 BTC to 0.0692 on Bitfinex. As of this writing, BCH is trading for 0.07115 BTC.

BCH/BTC – Bitfinex – 1H

ETH Slips Below $200, XRP Bounces Strongly

ETH lost more than 15% against the dollar yesterday, slipping from $226 to approximately $190 on Bitfinex, and is now trading for around $195.

ETH/USD – Bitstamp – 1H

When measuring against BTC, ETH lost approximately 10% as it fell from 0.034 BTC to 0.03. As of this writing, ETH is trading for approximately 0.0315 BTC.

ETH/BTC – Bitfinex – 1H

XRP suffered a loss of roughly 18% as it fell from $0.466 to $0.0383 on Bitfinex yesterday, before posting one of the stronger bounces of the major crypto markets today. XRP is currently trading at roughly 0.435% – approximately 12% higher than yesterday’s closing price, after retracing from its intraday high of almost $0.45.

XRP/USD – Bitfinex – 1H

XRP/BTC fell by roughly 12% yesterday, slipping from 0.00007 BTC to 0.000061 BTC. Despite the significant drop, XRP/BTC produced a significant recovery today as it rallied back to 0.00007 BTC, before retracing to its current price of roughly 0.000068 BTC.

XRP/BTC – Bitfinex – 1H

ZRX Rallies On Coinbase Pro Listing

Whilst most market suffered heavy losses yesterday, ZRX closed 2.7% above yesterday’s opening price of $0.76 after rallying on the news of Coinbase Pro listing USD, EUR, and BTC pairings.

Initially, ZRX fell by 15% from $0.765 to $0.646 in two hours yesterday, before news of the Coinbase Pro listing broke. The markets quickly recovered to the day’s opening price, before rallying as high as $0.9 on Bitfinex – roughly 17.5% higher than yesterday’s opening price. As of this writing, ZRX is trading for $0.79.

ZRX/USD – Bitfinex – 1H

When measuring against BTC, ZRX opened yesterday’s trading at 0.000114 BTC, before falling 8.5% to set an intraday low of 0.000104. ZRX then rallied to post an intraday high of 0.000144 BTC 26% higher than the day’s opening price, before closing the day up 8% at 0.000123 BTC. As of this writing, ZRX is trading for 0.0001255 BTC.

ZRX/BTC – Bitfinex – 1H

Do you think we will see a break down or a breakout when BTC exits its triangle? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tradingview


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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‘Crypto Fund’ Approved to Manage Cryptocurrency Investments in Switzerland

Crypto Fund Gets Go-Ahead to Manage Cryptocurrency Investment Funds in Switzerland

Emerging Swiss virtual currency fund, Crypto Fund AG, said on Tuesday it had been given an asset management license by the Financial Market Supervisory Authority (Finma). The license allows the company to manage crypto-related investments within Switzerland and to solicit for others elsewhere. Crypto Fund will also be authorized to provide investment advice to corporate investors.

Also read: Online Automotive Parts Retailer Newparts Now Accepts Bitcoin Cash

Crypto Fund to ‘Accelerate Maturity’ in Crypto Markets After Getting Finma License

“The authorization represents our professional work over the last 12 months and is a major milestone for us,” said Mathias Maurer, chief operating officer of Crypto Fund, in an emailed statement to news.Bitcoin.com. “This [license] puts…[the company] on the same playing field with other globally recognized and regulated Swiss fund managers,” he wrote.

Crypto Fund Gets Go-Ahead to Manage Cryptocurrency Investment Funds in Switzerland

Without the license, issued under the Swiss Collective Investment Schemes Act, activities of crypto firms in the Alpine country will be limited and only “subject to fulfilling compliance with money laundering,” Maurer noted.

Founded in June 2017, Crypto Fund is the financial arm of Crypto Finance AG. The Zug-based company facilitates the implementation of blockchain technology through services such as asset management and brokerage, building bridges between investors and businesses that seek to utilize the technology.

Switzerland has taken a progressive stance towards cryptocurrency, legalizing its use and formalizing crypto transactions in various contexts. But some crypto projects still find it difficult to open bank accounts and regulatory clarity to cryptocurrency-focused bankers and investors is still not as clear as it might be.

In June, Finma licensed Crypto Finance to distribute collective investment schemes and funds to qualifying investors.

Jan Brzezek

“The importance of crypto assets is growing and our aim is to accelerate maturity in these markets,” Crypto Finance chief executive officer Jan Brzezek said in an online statement.

He noted that the license was important in building confidence “for crypto assets around the world.” Brzezek is looking to seek approval for a passive investment fund in the future.

Progressive Switzerland Continues to Expand Crypto Space

Along with countries such as Gibraltar, Isle of Man, Cayman Islands and Mauritius, Switzerland has welcomed cryptocurrencies like bitcoin core and bitcoin cash, going against other governments’ sceptical view of digital coins as being opaque, volatile and speculative.

Uncertainty by legacy Swiss banks on the policing and implementation of initial coin offerings (ICOs) in the financial market made them cautious, and reluctant to issue participants in the nascent market with company accounts, leading to the departure of at least two major players this year. However, banks have started to open up. The 86-year-old private bank Maerki Baumann now accepts crypto assets.

Crypto Fund Gets Go-Ahead to Manage Cryptocurrency Investment Funds in Switzerland

Faced with competition from crypto-affirming rivals including Liechtenstein, Gibraltar and the Cayman Islands, whose banks are more welcoming, Switzerland’s financial regulator got to work with lawmakers this year to provide clarity on the policing of the ICO market. The Crypto Fund license is the latest high-profile effort to build seamless synergies in the area.

Crypto-related businesses employ hundreds of people in Switzerland, with cryptocurrency legal tender in certain contexts. Switzerland sees virtual money and blockchain as a strategic innovation in global finance and is intent on maintaining and growing the jobs it has to offer in this field. The country’s tax regulatory authority considers cryptocurrencies to be assets, subject to wealth tax and declared on annual tax returns.

According to reports, Zug, also known as Crypto Valley, ranks favorably among the most crypto-friendly cities in the world, boasting more than 400 crypto businesses. Four of the 10 biggest ICOs in 2017 were registered in Switzerland, greater than any other country, according to a PwC report.

What do you think about crypto-related investment funds? Let us know in the comments section below.


Images courtesy of Shutterstock and Crypto Finance


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Binance Exchange to Replace Token Listing Fees With Donations

Binance Exchange to Replace Token Listing Fees With Donations

The popular Binance exchange has decide to replace its token listing fees with donations. The move follows a recent wave of strong criticism against cryptocurrency exchanges for the supposedly excessive fees they charge projects.

Also Read: Binance Wants to Invest in Africa, Reaches Out to African Projects

Donations Instead of Fees

Binance Exchange to Replace Token Listing Fees With DonationsThe Binance exchange has announced today a major change to its token listing fee policy. The team revealed that: “Starting immediately, and going forward, we will make all listing fees transparent and donate 100% of them to charity.”

According to the new policy, leaders of any project will be able to determine their desired fees (donations) themselves. Binance’s charity initiative will then disclose those sums to the public. The company claims it will not dictate any minimum viable donation fees. “A large donation does not guarantee or in any way influence the outcome of our listing review process,” added Binance CEO Changpeng Zhao.

400 BTC per Listing?

Binance Exchange to Replace Token Listing Fees With DonationsThis move can be seen as part of Binance’s recent drive to push crypto adoption into the philanthropy scene. Back in July of this year the company launched the “Blockchain for Charity” foundation, led by United Nations Goodwill Ambassador Helen Hai in partnership with the president of Malta, with the stated aim of helping the U.N. narrow down its Sustainable Development Goals funding gap.

The change can also be seen as a response by Binance to a wave of strong criticism hitting all popular cryptocurrency exchanges this year for the supposedly excessive fees they charge projects, which desperately need such platforms to reach more investors. This issue has been on the mind of the Binance leadership for a while now and Changpeng Zhao has addressed it before. Back in August we reported that the CEO publicly denounced as a liar a project founder who claimed Binance demanded 400 BTC to list a token.

How should exchanges decide which tokens to list? Is it legitimate to charge a fee? Share your thoughts in the comments section below.


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Bitfinex Strongly Refutes Insolvency Claims

Bitfinex Strongly Refutes Insolvency Claims

Bitfinex has vigorously refuted claims that it and its Tether stablecoin are on the brink of insolvency. Rumors have surrounded the opaque exchange for over a year, but have intensified in the past month. “Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this,” asserts a strongly worded denial.

Also read: Total of 7 Crypto Exchanges and 158 Wallets Hacked in South Korea, Police Find

Bitfinex Comes Out With All Guns Blazing

Bitfinex Starts Sharing Customer Tax Data with AuthoritiesRumors of Bitfinex and Tether’s potential insolvency have been swirling through the cryptosphere in recent days. Such has been their virality that the normally uncommunicative exchange has taken the step of breaking its silence. In a blog post published today, Bitfinex emphatically refuted all such unfounded claims and took aim at critics who “are quick to scream insolvency, seemingly with little understanding of what this concept means and what they are generally talking about”.

As proof of this, Bitfinex posted the address of its BTC, ETH, and EOS cold wallets. They contain almost $1 billion of bitcoin core, $400 million of ether and $200 million of EOS. Since the bulk of these assets are presumably customer deposits, they do not in fact prove that Bitfinex is solvent. Besides, even the platform’s staunchest critics have not denied that Bitfinex has significant crypto assets under its control. Rather, they have raised concerns over its fiat banking arrangements, and specifically the enduring question of whether the $2.8 billion of tethers in circulation are backed by dollar deposits.

Bitfinex Strongly Refutes Insolvency Claims

“A Targeted Campaign Based on Nothing but Fiction”

Bitfinex hasn’t minced its words in seeking to rebut the many rumors regarding its business, excoriating a “a targeted campaign based on nothing but fiction”, and insisting that customer fiat deposits are working as normal. It’s also insisted that anything that might be going on with Puerto Rico-based Noble Bank, itself the subject of insolvency rumors, is none of its concern. It’s been revealed that Bitfinex is now banking with HSBC, via an intermediary, though it is unclear whether HSBC is aware of this due to funds being funneled through the private account of Global Trading Solutions.

Bitfinex, currently the world’s 12th largest crypto exchange by trading volume, has conceded that it has been suffering from banking issues, acknowledging:

Complications continue to exist for us in the domain of fiat transactions…However, we continue to do our utmost to minimise any waiting times associated with fiat deposits and withdrawals.

Bitfinex Strongly Refutes Insolvency Claims
The Bitfinex BTC cold wallet

Certain figures on crypto Twitter have been encouraging traders to get their funds off Bitfinex before the platform collapses or is shut down by authorities. Both predictions, at this time, are likely to be wide of the mark. Running a top 20 cryptocurrency exchange, especially one that has been established for as long as Bitfinex, ought to be a very profitable enterprise. Questions still remain over Tether, however; to date, no journalist has managed to unearth evidence of a customer depositing or withdrawing fiat currency in return for USDT. Until such a time, the rumor mill will continue to thrive.

Do you believe Bitfinex is solvent? Let us know in the comments section below.


Images courtesy of Shutterstock, and Bitfinex.


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September Volume Report: Altcoins See Increase in Trade Activity

September Volume Report: Altcoins See Increase in Trade Activity

September saw all but three of the top twenty cryptocurrency markets post an increase in monthly trade volume. XRP pairings saw the strongest month-over-month volume gain, with 30-day volume tripling when compared with August.

Also Read: Markets Update: Crypto-Traders Patiently Wait for a Break Out 

BTC Stagnates, USDT and ETH Post Strongest Volume Since Q2

September Volume Report: Altcoins See Increase in Trade ActivityDespite relative stagnancy in monthly BTC trade volume, an increase in altcoin trade during September appears to have corresponded with an increase in USDT and ETH trading activity.

September saw approximately $124.3 billion USD worth of trade take place across all BTC pairings – comprising a meager 0.24% increase in trading activity over August’s $124 billion, and marking September as the second weakest month of trade for BTC pairings this year.

Trade volume for USDT pairings increased by almost 4.5% percent month-over-month – with $86.5 billion worth of USDT changing hands during September.

ETH pairings broke a multi-month trend of declining trade volume, with September’s $53.8 billion comprising a 17.6% increase over August’s $45.75 billion.

Monthly XRP Trade Volume Triples

September Volume Report: Altcoins See Increase in Trade ActivityXRP posted a dramatic increase in trade activity for September, disrupting the top rankings by volume to rank as the fourth most-traded cryptocurrency pairing after ranking seventh for four consecutive months. XRP pairings saw $24.7 billion worth of trade take place during September – a 216% increase over August’s $7.8 billion.

EOS was the fifth most traded cryptocurrency during September, with $20 billion in trade. Despite slipping down a place in the rankings, EOS posted a 10.5% increase in trade volume over August’s $18.1 billion.

Bitcoin Cash pairings produce $12.9 billion worth of trade during September, comprising a 26.5% increase in volume over August’s $10.2 billion.

LTC was the seventh most traded cryptocurrency during September – with $9.6 billion trade. The month saw a 34.5% increase in trade volume over August’s $7.14 billion and comprised the strongest month for LTC trade since May.

Monthly ETC Trade Volume Drops by One Third

September Volume Report: Altcoins See Increase in Trade ActivityDash has continued its steady climb up the top rankings – gaining one place for the second consecutive months since reclaiming its top ten position in July. During September, Dash was the eighth most traded cryptocurrency with nearly $6.5 billion in volume – a 23.5% increase over August’s $5.26 billion.

ETC has broken its four-month-long trend of increasing volume month-over-month after sliding to ninth with $5.1 billion in 30-day trade volume. Ethereum Classic was the only top ten cryptocurrency market to post a drop in month-over-month volume during September – posting 35.5% drop in volume compared with August’s $7.9 billion.

CKUSD climbed two places to rank in the top ten most traded cryptocurrencies for September with $4.07 billion in trade. September saw CKUSD post a 21% increase in volume over August’s $3.36 billion.

Most Top 20 Altcoins Post Volume Increase

September Volume Report: Altcoins See Increase in Trade ActivityQTUM moved one place up the rankings to eleventh during September after posting $3.64 billion in trade, despite volume dropping by 9% from August’s $4 billion.

TRX moved up one rank to twelfth for September with $3.52 billion in trade – a 2% gain over August’s $3.45 billion.

ZEC maintained its position at 13th after posting $3.36 billion in trade- a nearly 16% gain over last month’s $2.9 billion.

NEO moved up three places to rank fourteenth after producing $2.61 billion in 30-day volume – a 30% gain over the $1.83 billion in trade posted last month.

XLM has held its position at fifteenth for the third consecutive month after posting $2.3 billion in during September – an 18.5% gain over August’s $1.94 billion.

ADA has maintained its rank at sixteenth for the second month in a row. ADA posted $2.1 in trade volume during September – a 14.1% gain over last month’s $1.84 billion.on in trade – a 25% gain over August’s $1.615 billion.

ONT fell four positions to rank eighteenth this month. ONT posted $1.45 billion in monthly trade volume – a 38% drop from last August’s $2.34b.

BIX gained two positions to rank seventeenth during September after posting $2.02 billion in trade.

BTM appeared on the top twenty rankings during September after posting 1.34 billion in trade.

XMR ranked twentieth for volume this month, producing 1.05 billion in trading activity.

Do you think that volume in the altcoin markets will continue to increase? Share your thoughts in the comments section below!


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Markets Update: Crypto-Traders Patiently Wait for a Break Out

Markets Update: Crypto-Traders Patiently Wait for a Break Out

Cryptocurrency prices have remained in a consolidated pattern over the last two weeks with a few ups and downs, but have remained fairly stable in recent days. The overall market capitalization of all 1900+ cryptocurrencies is valued at $221 billion with close to $12 billion worth traded over the last 24-hours.

Also read: Bitpay Phases Out Crypto-Debit Cards for European Cardholders

Crypto-Markets Are Meandering Around as Traders Wait for a Break Out

Digital asset traders are patiently waiting for a break-out of some sort, in any direction, but it’s safe to say a lot of people are waiting for that bearish-to-bullish reversal. Today, just before the weekend, cryptocurrency trade volumes globally have ticked up and prices are meandering along with 2-3 percent swings at times. Bitcoin core (BTC) is hovering around $6,596 at the time of publication with a $114 billion total market valuation. BTC is the top traded coin by trade volume, as BTC markets are capturing $3.8 billion in daily trades. The second highest valued capitalization held by Ethereum (ETH) is around $22.9 billion with each ETH trading for $224 per coin. Ripple (XRP) is being swapped for $0.53 and the currency’s valuation is awfully close to Ethereum’s market cap at $21.3 billion. Eos (EOS) markets are up 3.5 percent today as one eos is being exchanged for $5.75 per coin.

Markets Update: Crypto-Traders Patiently Wait for a Break Out
Top ten cryptocurrencies October 4, 2018.

Bitcoin Cash Market Action

Bitcoin cash (BCH) markets are up only 0.9 percent today, and over the last seven days the currency has lost 8.3 percent. Today BCH is being traded for roughly $516 per coin and the overall market capitalization is $8.99 billion. With a 24-hour volume of around $452.9 million, bitcoin cash markets hold the sixth highest trading volume throughout the crypto-economy. The top five exchanges today swapping the most BCH include Lbank, Hitbtc, Binance, Okex, and Huobi. Tether (USDT) is the currency traded with BCH the most today as USDT captures 36.5 percent of the market. This is followed by BTC (34.1%), ETH (19.4%), USD (4.6%), and KRW (1.8%).

Markets Update: Crypto-Traders Patiently Wait for a Break Out
Bitcoin Cash (BCH) 10-4-18 3:20 pm EDT.

BCH/USD Technical Indicators

Looking at the daily and 4-hour BCH/USD charts on Bitfinex and Bitstamp show bears have managed to lower the price of BCH to get in on some cheaper coins. On the 4-hour charts, both the RSI (-36) and Stochastic oscillators show markets are remaining in oversold territories at press time. One thing that’s worth noting is the two Simple-Moving-Averages (SMA) are about to cross hairs and this could mean an upside trend reversal is in the cards.

Markets Update: Crypto-Traders Patiently Wait for a Break Out
BCH/USD Bitfinex daily 10-4-18.

The 200 SMA is still slightly above the 100 SMA trendline showing for now the path towards the least resistance is still the downside. The 4-hour MACd shows room for improvement and Bollinger bands are extra tight. Looking at order books we can see lots of opposition at the current vantage point up until $550 and then again at $580. On the backside, if bears try and claw the price down more then there are thick foundations at $480 all the way to $460.

Markets Update: Crypto-Traders Patiently Wait for a Break Out
BCH/USD Bitfinex 4-hour 10-4-18.

The Verdict: Traders Uncertain of a Bullish Reversal or Downside Break

Of course, there are a lot of analysts who believe crypto prices will grow bullish again this year and some think BTC can hit $20K again. However this week on CNBC the CEO of crypto investment firm Galaxy Digital, Michael Novogratz said he doesn’t think BTC will go above all-time highs in 2018 and continues, “I don’t think it breaks $9,000 this year.” During an interview this week the cryptocurrency analyst Nikola Lazić forecasted a downturn in prices.

“I am expecting a breakout from the downside because the horizontal support has already been broken today, the red triangle’s support has been broken in the past when the price found support on the symmetrical triangle’s uptrend line which was respected in the past,” explains Lazić.

The analyst continues:

If that last support gets broken then we are definitely seeing a lower low which would be below $5,767 (£4,458).

Overall markets, in general, have been consolidating and traders are simply waiting for the next spike or drop depending on which way they are betting. It’s safe to say enthusiasts and traders are still uncertain where markets will take them during the last quarter of the year.

Where do you see the price of Bitcoin Cash and other coins headed from here? Let us know in the comment section 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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Northern Bitcoin Ag Lists on Munich Stock Exchange Mid-Tier Market

Northern Bitcoin Ag Lists on Munich Stock Exchange Mid-Tier Market

German bitcoin mining company, Northern Bitcoin AG, has migrated to a section of the Munich Stock Exchange that caters for medium-sized enterprises. The M:Access is regarded as a key market for companies seeking to improve transparency, accountability and to gain wider access to new money. Since April 2015, the company has been listed on the over-the-counter market of the Munich exchange, which is a rung below its current listing.

Also read: New POS by Pundix Allows Nigerians to Make Payments in Bitcoin

Northern Bitcoin Ag New Listing Opens Access to Capital Markets

German bitcoin miner, Northern Bitcoin AG (MUN:NB2), has listed its shares on M:Access, a junior market on the Munich Stock Exchange (MSE). The Frankfurt-based company first went public in April 2015, joining the least of the MSE three-tier system – over-the-counter market. The main platform is the ‘regulated market.’

Northern Bitcoin Ag Lists on Munich Stock Exchange Mid-Tier Market
Former building of the Munich Stock Exchange

Mathis Schultz, chief executive officer of Northern Bitcoin AG, said listing on Munich’s mid-tier market would give the company, a cryptocurrency software and hardware developer, wider access to capital markets.

“Our business is very dynamic. We are developing synchronously with the globally strongly growing Bitcoin blockchain and its first and largest application, the bitcoin,” he said, in a statement.

“As Northern Bitcoin AG develops its business very fast, it simultaneously has to serve the growing needs of the investors. Northern Bitcoin fulfills the higher obligations arising from admission to the M:Access segment of the Munich Stock Exchange and thus our results and perspectives become more transparent to investors. So, M:Access increases the visibility of our company in the capital market,” Mathis Schultz explained.

M:Access is a segment of the MSE open market that ensures a degree of transparency through special admission and follow-up obligations, which are closely aligned with the main regulated market.

‘Mining Powered by Renewable Energy’

Munich Stock Exchange managing director Marc Feiler said listing of the $157.76 million valued Northern Bitcoin AG was testament to the growing cryptocurrency industry.

“With Northern Bitcoin, we have gained an innovative, young company in a very interesting and highly regarded market for M:Access. This shows us that we offer an unbureaucratic and flexible stock exchange in Munich that attracts companies across all industries,” Dr  Feiler said.

Northern Bitcoin Ag Lists on Munich Stock Exchange Mid-Tier Market

Northern Bitcoin AG, formerly Biosilu Healthcare AG, runs its mining rig from Norway, which the company claims is 100% powered by renewable energy from hydro and wind. The network is designed to allow its users to contribute to the mining of bitcoin, with the rewards split among the contributors.

The miner reported $1.72 million net loss for the half year to June 2018. Over the past 52 weeks, shares of Northern Bitcoin AG have reached a high of $58 and a low of $1. At press time, the stock was up 5.1% at $21.34.

What do you think about Northern Bitcoin’s business model, which aims to run bitcoin mining completely on renewable energy? Let us know in the comments section below.


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Markets Update: Digital Asset Consolidation and Accumulation Continues

Markets Update: Digital Asset Consolidation and Accumulation Continues

On Saturday September 29, cryptocurrency prices are meandering along after an interesting two weeks of ups and downs. Since last week’s crypto market dips, digital asset markets have been seemingly less volatile and many cryptocurrencies are following a tight wedge formation indicating a possible accumulation phase.

Also read: Ebang Announces 44 Terahash E-11 Miners With 10nm Chips

The Cryptocurrency Economy Gains US$13 Billion This Week

The weekend is here and digital asset traders are trying to figure out what’s next in the land of crypto trading. There’s been some improvement since our last markets update four days ago as the entire crypto-economy at the time was valued at US$210 billion. Today, thanks to gains stemming from ethereum, ripple, and bitcoin cash, the overall market capitalization has gained over $13 billion as it currently rests at $223.7 billion. The top assets today with the most 24-hour trade volume include bitcoin core (BTC), tether (USDT), ethereum (ETH), ripple (XRP), eos (EOS), and bitcoin cash (BCH).

Markets Update: Digital Asset Consolidation and Accumulation Continues
Top ten digital asset markets on Saturday, September 29, 2018.

Bitcoin core (BTC) prices are hovering around $6,587 today, but markets are down 0.86 percent over the last 24-hours, and 1.5 percent for the week. BTC has an overall market valuation of around $113 billion and trade volume is meandering around $4.6 billion this weekend. Ethereum (ETH) is up 3.6 percent this Saturday and one ETH is trading for $232 per coin at press time. Ripple (XRP) markets have seen a 7.5 percent gain over the last 24-hours and 0.11 percent over the week. XRP is trading for $0.56 per coin and the market valuation for ripple today is $22.7 billion. Lastly, eos (EOS) has lost 0.96 percent today and 2.86 percent for the last seven days. One eos is swapping for $5.75 per token with a market capitalization of around $5.2 billion.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are continuing to do well this week as prices have gained 13 percent over the last seven days. However, BCH markets over the past 24 hours are down 0.18 percent leading to a price of around $542 per BCH. Currently, the market capitalization for bitcoin cash hovers around $9.42 billion and trade volume is about $639 million at the time of publication. The top five BCH swapping exchanges this weekend are Lbank, Hitbtc, Okex, Binance, and Coinex. The top currency pairs traded with bitcoin cash this weekend include USDT (39.9%), BTC (32.9%), ETH (13%), USD (7.5%), and KRW (2.8%).

Markets Update: Digital Asset Consolidation and Accumulation Continues
BCH/USD seven-day Satoshi Pulse, 9-29-18.

BCH/USD Technical Indicators

Looking at the 4-hour trading view charts on both Bitfinex and Bitstamp shows BCH bulls may be showing a bit of exhaustion after the spike a few days ago. The Macd indicator (4-H) shows bulls have leveled some upper resistance as the price approached oversold territories yesterday. Both momentum oscillators on the 4-H BCH chart indicate some bullish charges continue as RSI (-58.4) and Stochastic (-22.4) show room for more improvement today.

Markets Update: Digital Asset Consolidation and Accumulation Continues
BCH/USD 4-hour Bitfinex, 9-29-18.

The two simple-moving-averages (SMA) trendlines look as though a crossover trend could take place over the next 24 hours. However, the SMA 200 is still above the 100 SMA indicating the path towards the least resistance is still the downside. Order books towards the upside show heavy opposition from now up until $575; from there on, books show smoother seas. On the backside, if bears manage to claw price down some more we can see strong foundational support from the current vantage point and until $488. There also appears to be a massive wall holding from $485 through $470.

Markets Update: Digital Asset Consolidation and Accumulation Continues
BCH/USD daily Bitfinex, 9-29-18.

The Verdict: While Traders Wait for Higher Highs in 2018, Some Envision Momentum Building in the Fourth Quarter

There’s been a lot going on in the cryptocurrency world but this week’s headlines were definitely far less negative than last week’s crypto news. In the US a federal judge on Sep 26 declared that all cryptocurrencies should be viewed as commodities which in turn provides the Commodity Futures Trading Commission (CFTC) with the ability to charge digital currency projects with fraud. A few cryptocurrency analysts and industry executives are still positive we will see a bull run by the year’s end.

As 2018’s fourth quarter begins, Naeem Aslam, chief market analyst at Think Markets UK, says he sees momentum increasing again. “September is coming to an end and a very interesting quarter is about to start. Does it remind you of anything? Oh yes, it reminds me of last year’s bull rally,” wrote Aslam on Friday. The Think Markets researcher adds:

It appears to me that a similar momentum could be building up again — This must be music to those who are suffering from heavy losses in the crypto market.  

Speaking in an interview at the Consensus: Singapore 2018 event, Changpeng Zhao (CZ), CEO at Binance, also thinks the bull market will return and cautiously says cryptocurrency prices usually spike during fourth quarters. CZ emphasized during the interview:

I think that any minute the bull market will return, and historically, October to December are the good months — Before Christmas are usually the months when the markets go up very often, but I am not saying that it will this year, or that it will not.  

Where do you see the price of Bitcoin Cash and other coins headed from here? Let us know in the comment section 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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Bitcoin Group SE Reports Half-Year Profit Surges 300% to $3.85 Million

Bitcoin Group SE Reports Half Year Profit Surges 300% to €3.33 Million

German digital currency exchange Bitcoin Group SE reported on Friday a first-half net profit increase of more than 300% to €3.32 million (~$3.85 million USD). The company added 86,000 new accounts of people buying and selling cryptocurrency like bitcoin and bitcoin cash in the first six months of 2018.

Also read: Debit Card Issuer Bitnovo Announces Bitcoin Cash Support

Bitcoin Group SE Profits Rise 300% on Increased Customer Traffic

Bitcoin Group SE today reported its net profit soared 306% to $3.85 million in the first half of the year as more people bought and sold cryptocurrency through the German exchange. A year earlier, profit was at $0.95 million.

Bitcoin Group SE Reports Half Year Profit Surges 300% to €3.33 Million

For the first six months of 2018, Bitcoin Group SE said sales revenues tripled to $6.57 million from $2.1 million in the comparable period a year ago. Operating profit climbed 368% to $5.64 million.

German’s only regulated digital currency exchange said about $707.6 million worth of bitcoin was traded on the platform at the end of last year, when the price of BTC peaked at $20,000.

But volume “flattened out…due to profit taking”, the company said, and also because of the free-fall in the price of bitcoin during the review period. Bitcoin plummeted about 52% during the first half of this year, falling from $12,968 on January 1 to $6,251 by the end of June.

Rapid Customer Growth

Bitcoin’s astronomical rise at the end of 2017, coupled with increased mainstream media headlines, have brought public attention to a currency that’s predominantly transacted on smartphones, laptops or desktop computers.

Bitcoin Group SE Reports Half Year Profit Surges 300% to €3.33 Million

Bitcoin Group SE said it added 14,300 new users on its platform every month, bringing a total of 86,000 new accounts for the half-year. Around 753,000 investors are now actively using the exchange to buy and sell crypto, it said.

“Despite a stronger correction of the exchange rates, it is evident that many customers find confidence in cryptocurrencies and perceive them as an equivalent alternative to paper currencies,” said Marco Bodewein, managing director at Bitcoin Group SE.

Exchanges Seek Expansion

Digital currency exchanges are looking for growth in new areas or to consolidate existing positions to help boost revenue and minimize risk from an uncertain regulatory environment in their home economies.

Bitcoin Group SE Reports Half Year Profit Surges 300% to €3.33 Million

Coinbase is to relax its listing requirements, as part of efforts to have more digital coins listed and traded on the US exchange. Binance is on an expansion spree, opening up new trading platforms in Uganda, and a fiat-capable exchange in Singapore.

Bitcoin Group SE, which has $40.24 million in current assets, expressed doubt of meeting its one million customer-base target by year-end on account of the existing bearish trading in the crypto markets.

In January, the German exchange bought a 50% stake in financial investment broker Sineus Financial Services Gmbh, to diversify risk, subject to regulatory approval.
“In the future, this will enable the group to offer additional financial services in the cryptocurrency sector,” Bitcoin Group SE said.

What do you think about the earnings performance of cryptocurrency-related companies? Let us know in the comments section below.


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Top Crypto Markets of September 2016 – Where Are They Now?

Looking at a snapshot of the top cryptocurrency markets by market capitalization from the 25th of September 2016 shows that whilst the three largest markets remain the same, only two other cryptocurrencies still retain their top ten ranking today.

Also Read: Bitmain Bids for Public Listing on the Hong Kong Stock Exchange

Top 3 Markets by Capitalization Retain Rankings

In two years, the price of BTC has gained roughly 980%, rising from $602.89 USD on the 25th of September, 2016, to approximately $6,500 as of this writing. BTC has held an uninterrupted reign as the largest cryptocurrency by market capitalization, growing from approximately $9.5 billion during September 2016 to $112.9 billion today.

The second largest cryptocurrency by market capitalization, Ethereum, has gained approximately 1,550% since trading for roughly $13 two years ago, with ETH at $215 as of this writing. The market capitalization of Ethereum has grown from $1.1 billion 24 months ago to $22.3 billion.

Top Crypto Markets of September 2016 - Where Are They Now?

XRP has seen among the highest price gains of the leading crypto markets since September 2016, gaining 6,880% from $0.007391 to $0.515865 today. XRP’s market cap has grown from $262 million to $20.5 billion.

Top Crypto Markets of September 2016 - Where Are They Now?

LTC and XMR Fall from Top 5

On September 25th, 2016, Litecoin was the fourth largest cryptocurrency with a market cap of $181.14 million. Today, LTC is the seventh largest cryptocurrency with a capitalization of $3.4 billion and is trading for $58 – a roughly 1,425% gain over 2016’s price of $3.80.

Top Crypto Markets of September 2016 - Where Are They Now?

In the last two years, Monero has fallen from the fifth-ranked cryptocurrency with a market cap of $136.2 million to the tenth ranked crypto with a capitalization of $1.9 billion. XMR has seen price gains of nearly 1,000% in 24 months, growing from $10.50 to $115.

Top Crypto Markets of September 2016 - Where Are They Now?

Steem Posts Weakest 24-Month Price Gains

Ethereum Classic has fallen from the top ten largest cryptocurrency markets since 2016. Then ranked sixth with a capitalization of nearly $105 million, ETC is now fifteenth with a market cap of $1.16 billion. ETC has gained 780% from $1.25 two years ago to approximately $11 today.

Top Crypto Markets of September 2016 - Where Are They Now?

Steem has suffered a significant fall in its ranking by market cap, dropping from seventh two years ago with $95.2 million, to today be ranked thirty-fourth with a capitalization of $280.5 million. Steem has seen the weakest price gains of the top ten markets of September 2016, growing roughly 60% from $0.617 to $1 today.

Top Crypto Markets of September 2016 - Where Are They Now?

DASH and NEM Slide from Top 10

Two years ago, Dash was the eighth largest crypto market with a capitalization of $78 million. As of this writing, Dash is ranked eleventh with a market cap of $1.57 million and is trading for $189 after gaining 1,540% in 24 months from $11.54.

Top Crypto Markets of September 2016 - Where Are They Now?

On September 25th, 2016, Nem was the ninth largest cryptocurrency with a capitalization of $46.3 million, with XEM tokens trading for $0.005153 each. Today, Nem is ranked eighteenth by market cap with $844 million and has gained over 1,700% to trade for $0.093783.

Top Crypto Markets of September 2016 - Where Are They Now?

Maidsafecoin Falls from Top 50 by Market Cap

Maidsafecoin has seen the largest slide in its market cap ranking since September 2016, falling from tenth with $39.4 million to sixtieth with nearly $109.5 million today. MAID has posted two-year price gains of roughly 180%, growing from $0.087132 to $0.241936.

Top Crypto Markets of September 2016 - Where Are They Now?

Where do you think today’s top ten largest cryptocurrencies will rank in 2020? Share your predictions in the comments section below!


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Markets Update: Cryptocurrencies Dip Again Forming Consolidated Support

Markets Update: Cryptocurrencies Dip Again Forming Consolidated Support

Just when cryptocurrency prices were starting to look better, digital asset markets shaved around $19 billion USD off the entire crypto-economy. Today the cryptocurrency ecosystem’s 1,900+ coins have an overall market capitalization of about $210 billion and about $14 billion in global trade volume.

Also read: Ebang Announces 44 Terahash E-11 Miners With 10nm Chips

The 2018 Dips

Markets are looking gloomy again as last week many markets had spiked between 5-30 percent in value over the last seven days. Of course, most of those gains were erased last night and during today’s cryptocurrency trading sessions. During our last markets update just two days ago, the entire crypto-cap was around $229 billion, but yesterday that all changed. Global digital asset trade volumes haven’t changed much as prices have begun to sink, when usually trade volumes pick up the pace during the dips.

Markets Update: Cryptocurrencies Dip Again Forming Consolidated Support

This Tuesday bitcoin core (BTC) is valued around $6,435 as the cryptocurrency is down 2.4 percent over the last 24-hours. Still holding the top trade volume position BTC has about $4.4 billion in daily volume with a market valuation of around $111 billion. Ethereum (ETH) prices have dropped by 9.9 percent this Tuesday and one ETH is trading for $210 per coin at the time of publication. The third highest valued market capitalization held by ripple (XRP) saw seven-day gains of over 103 percent last week. This week is different for XRP as the currency is down 12 percent today ($0.45 per coin), but is still up 54 percent for the entire week. Bitcoin cash (BCH) values have dipped 6.4 percent today as one BCH is trading for $434 per coin today. 

Bitcoin Cash (BCH) Market Action

Bitcoin cash markets are still up over 2 percent over the course of the last seven days. BCH holds the sixth largest trade volume today below eos and above litecoin. The decentralized cryptocurrency’s overall market valuation is hovering around $7.6 billion with $375 million in 24-hour trade volume. The top five exchanges swapping the most BCH today include EXX, Lbank, Hitbtc, Okex, and Huobi. Binance and Coinex also command 6-7 percent of the global BCH trades today each. The top currency pair traded with bitcoin cash this week is BTC as the digital asset captures 50.8 percent of worldwide exchanges. This is followed by USDT (30.9%), ETH (7.9%), USD (5.5%), QC (1.6%), and KRW (1.5%).

Markets Update: Cryptocurrencies Dip Again Forming Consolidated Support

BCH/USD Technical Indicators

Looking at the 4-hour, and daily charts BCH/USD charts on Bitfinex show that bulls have failed to push past upper resistance two days ago. The Macd indicator (4-H) shows the bearish drop may be a touch overextended at the moment. Both the 4-H RSI (-34.8) and Stochastic (-28.4) momentum oscillators also show markets are entering oversold conditions. There’s a large gap between the two Simple Moving Averages (SMA) with the 200 SMA well above the 100 SMA trendline. This gap confirms the market trend won’t crossover just yet, as the path towards the least resistance is towards the downside. Looking at order books show some key support and resistance levels. On the upside, bulls will be held back from the current vantage point up until $460. A price of $500 per BCH and above shows more resistance levels for buyers to overcome. On the backside, bears will see a temporary stop at $410 and there will also be key foundational support around $380.

Markets Update: Cryptocurrencies Dip Again Forming Consolidated Support

The Verdict: Skeptics Highlight Bets Against the Top Crypto-Markets and Consolidation

Of course, the verdict has changed for this particular markets update to a touch more skepticism. BTC/USD and ETH/USD short contracts are starting to rise again. Cryptocurrency prices are seeing some slight recovery today on September 25 after the initial drop the day before but not by much. Rob Sluymer the managing director and technical strategist at Fundstrat details that the recent dips put some cryptocurrencies in an uncertain position. Sluymer notes this week:

Last week’s decline leaves BTC in a fragile technical position as it attempts to stabilize/base at $6,100-$6,200 support. A break below $6,100 would signal a retest and possible break of $5,800 support with potential risk to $5,000.

Unless there’s a considerable trend reversal trader’s betting against crypto-markets, we could see another downside break to BCH lows of $350, BTC $5,700, and ETH $160. However others believe it is more likely digital assets will follow a consolidated pennant support, and prices will remain in these current ranges. A spike above BCH ($650), BTC ($7,200), and ETH ($290) would show a consistent bearish-to-bullish trend reversal signal.

Where do you see the price of BTC, BCH, and other coins headed from here? Let us know in the comment section 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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Securing a Major Exchange Listing Is No Guarantee of Success

Securing a Major Exchange Listing Is No Guarantee of Success

It is widely assumed that securing listing on a major cryptocurrency exchange will ensure an altcoin’s long-term success. Many ICO buyers and project leaders believe this to be pivotal in determining their token’s fate. A look at the demand for less popular tokens on major exchanges, however, reveals this notion to be false.

Also read: Ebang Announces 44 Terahash E-11 Miners With 10nm Chips

Big Exchanges Aren’t All They’re Cracked Up to Be

Securing a Major Exchange Listing Is No Guarantee of Success“When Binance?” is the refrain of token-holders in Telegram groups. To many ICO teams, securing a major exchange listing is the holy grail, the pinnacle of achievement. The liquidity, validation, and credibility that a tier-one exchange provides is instrumental in advancing projects to the next stage. The guaranteed pump that heralds listing on an exchange such as Binance is also welcomed by token-holders, who relish the chance to offload their assets and pass them on to the next wave of traders.

But when the bright lights that accompany a major exchange listing have faded, and the excited Telegram chatter has dropped to a murmur, the hard work begins. Creating a project whose token has long-term value and capable of generating demand is tough. A lot of project leaders simply don’t have what it takes to stick the course and put in the hard work, community building, protocol enhancing, and partnership forging. Toasting your exchange listing is easy. Ensuring your token justifies remaining exchange listed is tough.

Tier-One Exchanges Provide Liquidity – Not Demand

There are many things that a tier-one exchange such as Okex, Huobi, or Binance can provide, not least liquidity. With so many other assets readily available, including ETH and BTC trading pairs, slipping in and out of a particular token is easy. But one thing these platforms cannot generate is demand. There needs to be a reason for traders to want to purchase a particular asset, and that’s where a lot of projects falter.

Binance saw $1.3 billion traded in the past 24 hours, including $42 million of EOS and $20 million of stellar. Work your way further down the list of traded tokens, however, and you’ll find hundreds of tokens that captured between 0% and 0.01% of the platform’s total trading volume. In the last 24 hours, just $71,000 of QLC Chain (QLC/BTC) was traded and only $12,000 of Bread (BRD/ETH). With Binance’s less popular trading pairs, there are dozens of assets with even lower volume: in the case of VIA/BN and RLC/BNB, just $742 and $549 respectively.

Securing a Major Exchange Listing Is No Guarantee of Success
Some of the least popular trading pairs on Okex

Many Altcoins on Major Exchanges Have No Volume

On Okex, the low volume markets look even worse than those on Binance. Many of the 500+ trading pairs listed on the Hong Kong exchange have zero or single digit volume. In the last 24 hours, just $1 of Unikoin Gold (UKG/ETH) was traded and a grand total of $4 of Change (CAG/BTC and CAG/USDT). In fact, 50% of all trading pairs on Okex recorded less than $35,000 of volume in the last 24 hours.

Securing a Major Exchange Listing Is No Guarantee of Success
Given the cost of securing a major exchange listing, ICOs may conclude that the juice isn’t worth the squeeze.

Huobi, the third largest exchange in the world after Binance and Okex, fares marginally better, but its least popular pair (ADX/ETH) still struggles to break the $1,000 threshold. At Bitfinex, the world’s fourth largest exchange, the ultra-low volume is particularly severe: $79 of Aragon (ANT/USD and ANT/BTC) was traded in the last 24 hours, $166 of Everipedia, and $66 of PAI/USD.

Many of the prestigious exchanges mentioned here charge listing fees that run into the hundreds of thousands of dollars. Tokenized projects eyeing a tier-one exchange would do well to note the fate of coins that were added to them in the last six months. For every altcoin that has found traction, there are a dozen more that are dead in all but name. Major exchange listing is no guarantee of success.

Why do you think there are so many dead coins on major exchanges and do you think the worst performers should be delisted? Let us know in the comments section below.


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Study Finds “No Evidence” of USDT Price Manipulation

Study Finds “No Evidence” of USDT Price Manipulation

A study examining the widely suspected correlation between Tether issuance and BTC price movement, undertaken by Wang Chun Wei and published by the University of Queensland, has found that USDT grants do not have a “statistically significant” effect on price fluctuations. Despite refuting the correlation between price fluctuations and Tether grants, the study notes a “positive relationship” between USDT issuance and “increased crypto-trading the following day.”

Also Read: China During Crypto Ban: One Woman Tries to Live on Bitcoin 

Study Finds No Statistical Correlation Between Tether Issuance and BTC Price Movements

Study Finds “No Evidence” of USDT Price ManipulationWang Chun Wei’s latest study, titled “The impact of Tether grants on Bitcoin,” has found the issuance of USDT does not have a “statistically significant” effect on BTC price movements.

Among the key assertions concluded by the study are that “It is unlikely that Tether manipulation caused the 2017 Bitcoin rally,” and that “Tether grants did not Granger-cause Bitcoin returns.”

The study employs an autoregressive distributed lag (ADL) model, testing “if Tether grants Granger-cause Bitcoin returns,” finding “no evidence suggesting Tether grants Granger cause Bitcoin returns.”

Strong Correlation Between USDT Grants and Increased Trading Activity Identified

Study Finds “No Evidence” of USDT Price ManipulationDespite arguing against USDT grants exhibiting a causal relationship with price swings, the study identifies a relationship between Tether issuance and trading volume, noting a “Positive relationship between Tether grants and increased crypto-trading the following day,” and “Evidence suggest[ing] that Tether trading increased following periods of negative Bitcoin returns.”

Elsewhere in the report, Wang Chun Wei cites the work of Griffin and Shams (2018), stating that “After tracking transactions between individual wallets…using over 200 BG worth of blockchain data…[Griffin and Shams (2018) found] that purchases with Tether are timed following Bitcoin downturns, suggesting Tether was used to support and manipulate Bitcoin prices.”

Mr. Wei notes that his “findings show that Tether grants were potentially timed to follow Bitcoin downturns and subsequent Bitcoin/Tether trading volumes increased, confirming Griffin and Shams (2018) narrative,” however, seeks to refute Griffin and Shams’ assertions, concluding that “the impact of Tether grants on Bitcoin returns were not statistically significant, and therefore Tether issuances cannot be an effective tool for moving Bitcoin prices.”

What is your response to Wang Chun Wei’s findings? Do you agree with Griffin and Shams’ argument that the increased trade activity surrounding the issuance of USDT could be indicative of price manipulation, or are you swayed by Wang Chun Wei’s assertion that there isn’t a “statistically significant” correlation between USDT issuance and price movements? Join the discussion in the comments section below!


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Markets Update: Despite Negative Headlines – Crypto-Prices Continue to Rise

A few days ago digital asset markets saw some good gains pushing the entire crypto-economy up past $229 billion. Both bitcoin cash (BCH) and bitcoin core (BTC) had nice percentage spikes with BCH up 13 percent, and BTC up 3.5 percent over the last week. However, the biggest gainer this week was ripple (XRP) jumping over 103 percent over the course of the past seven days.

Also read: Bitcoin Glyphs Added to Apple’s Shortcuts Application

Cryptocurrency Markets Rebound and Consolidate

It was a weird week in cryptocurrency land, to say the least. During the last seven days, digital asset enthusiasts heard about the Securities Exchange Commission’s (SEC) deciding to hold off on the Vaneck/Cboe ETF decision until they get further commentary. Then a critical exploit that could have caused massive inflation was found in the Core reference client (and many other implementations) by a BCH developer. Lastly, the Japanese exchange Zaif revealed this week it lost close to 6000 BTC in a hack. Now one would think all of these things would affect cryptocurrency markets in a negative way. On the contrary, digital currency markets spiked in value as a great majority of coins saw seven-day gains.

The Top Crypto-Markets

Bitcoin core (BTC) markets over the last week are up 3.4 percent (US$6,723) and the cryptocurrency’s market valuation is around $116.2 billion today. Ethereum (ETH) markets shot up pretty good this week as one ETH ($244) has gained 12 percent. Of course, the cryptocurrency crowd witnessed the 103 percent increase ripple (XRP) markets experienced this week. One XRP is valued at $0.56 this Sunday and the coin’s market capitalization is about $22.5 billion. Bitcoin cash (BCH) markets are up 13 percent per BCH ($492) over the last seven days and the currency’s market valuation is about $8.5 billion this weekend. Lastly, EOS is priced at $5.45 and the EOS market performance over the last weeks is up 12.2 percent.

Markets Update: Despite Negative Headlines - Crypto-Prices Continue to Rise

Bitcoin Cash (BCH) Market Action

Bitcoin cash market action today is showing the spot price hovering at $492 per coin but this Sunday BCH is up 3.12 percent over the past 24 hours. Over the last week, BCH dropped to a low of $411 on September 17 and went back to a high of $501 on the 21st. The top bitcoin cash swapping exchanges today are EXX, Lbank, Hitbtc, Okex, and Huobi. The top currency pairs traded for bitcoin cash this weekend include BTC (51.8%), USDT (30.8%), ETH (6.9%), USD (5.1%), and KRW (2.3%). Bitcoin cash markets hold the sixth highest trade volumes today below eos (EOS) and above litecoin (LTC) volumes.

Markets Update: Despite Negative Headlines - Crypto-Prices Continue to Rise

BCH/USD Technical Indicators

The BCH/USD daily and 4-hour charts on Bitfinex and Binance indicate bulls are showing some signs of tiring out. We saw a big spike by the BCH bulls but it hit large resistance as markets gathered near 200 MA and corrected. Today, looking at the BCH/USD 4-hour chart, the 200 Simple Moving Average is above the 100 SMA trendline showing the path towards the least resistance is towards the downside. The 4-H RSI (61.6) shows the bulls may be exhausted and we could see some more sell off before another attempted upper leg jump. Order books show there’s some heavy resistance from here until $570 and another pitstop around the $590-630 range. Looking behind us we can see some foundational support between now until the $425 range and bears will be stopped there for a good period of time.

BCH/USD daily chart 9/23/18.

The Verdict: Despite Some Setbacks, Market Confidence Seems to Be on the Rise

Overall market confidence seems to be on the rise despite the recent BTC inflation bug and the SEC’s recent announcement to push off the decision to approve or deny the Vaneck/Cboe ETF. BTC/USD shorts, however, are very high still with over 30,000 short positions but ETH/USD short contracts have dropped significantly lower after touching their ATH. ETH/USD shorts have been cut from 26,000 on September 17 to just over 12,000 today.

Charles Hayter, the co-founder and CEO of the cryptocurrency data website Cryptocompare, believes last week’s ETH drop shook up market sentiment. “The fall in ethereum has spooked the market,” Hayter details. However, on a more positive note, Hayter emphasizes “there are multiple incumbent financial institutions looking closely at the space.”

Digital asset trade volumes have increased as this weekend has seen trade volume between $13-15 billion USD over the last 48 hours. This weekend’s verdict is far more optimistic than last weekend but it’s likely we will see some heavy consolidation and some corrections before the next level up, unless bears regain their strength.

Where do you see the price of BTC, BCH, and other coins headed from here? Let us know in the comment section 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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Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto

The cryptocurrency markets have produced a significant rally today – with just three of the top fifty crypto markets by capitalization posting losses for the last 24 hours of trade action as of this writing. The most notable gainer has been XRP – gaining over 50% in the last day to overtake ETH as the second largest cryptocurrency by market capitalization.

Also Read: China Updates Crypto Rankings, Downgrades Bitcoin

BTC Break Above Resistance at $6,500 USD

BTC has broken above the $6,500 resistance area, following roughly two weeks of sideways price action between approximately $6,000 and $6,500.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto

As of this writing, BTC is trading for approximately $6,700 after appearing to establish roughly $6,800 as local resistance when looking at intraday price action. BTC has gained roughly 4% in the last 24 hours.

Looking at the stochastic RSI on the weekly charts shows that momentum is coiling into an increasingly tightening mid-level range – suggesting that the markets may be primed for a strong move in either direction.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
BTC/USD – StochRSI – Bitfinex – 1w

Bitcoin Core has a total capitalization of $115.7 billion and a market dominance 52%.

BCH Tests $500 Area

Bitcoin Cash gained roughly 12% in the last 24 hours – bouncing from approximately $430 to currently be trading for $483.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
BCH/USD – Bitfinex – 4hr

BCH also gained nearly 7% over BTC today – rallying from 0.067 BTC to 0.0735 BTC, before retracing to the current price area of 0.072 BTC.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
BCH/BTC – Bitfinex – 1d

The BCH/BTC rally appears to coincide with a bounce of the upper-side of the descending trend line that has guided price action since May. BCH currently has a market cap of $8.34 billion and a dominance of 3.75%.

Dramatic XRP Rally Elevates Ripple to Second Largest Crypto by Market Cap

XRP posted the largest gains of the top cryptocurrency markets – rallying by 100% before violently retracing to post daily gains of approximately 50% as of this writing. The markets quickly bounced from roughly $0.4 to $0.8, before retrace to the current $0.6 price area.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
XRP/USD – Bitfinex – 4hr

XRP posted similarly impressive gains over BTC also – rallying 90% from 0.000062 BTC to test 0.000117, before retracing to the current price are of 0.0000875 BTC.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
XRP/BTC – Bitfinex – 4hr

The dramatic XRP rally drove Ripple to overtake Ethereum to rank as the second largest cryptocurrency by capitalization for the third time in the last 18 months. Ripple currently has a market capitalization of $23.5 billion and a dominance of roughly 10.5%.

ETH Bumped Down to Third-Largest Crypto

Despite a slight slide Ethereum’s ranking by market cap, ETH also produced bullish price action today – gaining by over 10% in the 24 hours from $210 to currently be trading above $230 after breaking the descending trend line that has guided USD price action since May.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ETH/USD – Bitfinex – 1d

Looking at the ETH/BTC chart, it appears that Ethereum has broken out of the descending channel in which it has traded since mid-July – gaining almost 5% in the last day to currently be trading for approximately 0.036 BTC.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ETH/BTC – Bitfinex – 1d

Ethereum has a market capitalization of $23.3 billion and a dominance of roughly 10.5%.

Stellar and Cardano Also Post Double-Digit Gains for Today

XLM and ADA were the second and third strongest performing of the top ten crypto markets by capitalization today.

Stellar’s current price of $0.255 comprises a daily gain of 18.5%, however, similar to XRP, the markets XLM market produced a parabolic spike of 30% on the intraday charts before retracing to current price levels. Stellar is also trading for 0.00003835 BTC and has a market cap of $4.72 billion – making it the sixth-ranked cryptocurrency by capitalization.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ETH/USD – Kraken – 4hr

ADA gained 13% today – rallying from $0.076 to the current price area of roughly $0.086. Cardano is also trading for 0.00001300 BTC and is the ninth largest cryptocurrency with a market cap of roughly $2.19 billion.

Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto
ADA/USD – Bittrex – 4hr

Do you think XRP can hold its position as the second largest cryptocurrency market by capitalization? Or do you expect that ETH will quickly reclaim such? Tell us your thoughts in the comments section below!


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P2P Markets Report: Record Volume in Peru, Argentina, Philippines

P2P Markets Report: Record Volume in Peru, Argentina, Philippines

According to Coindance, peer-to-peer (P2P) trading activity has significantly rebounded during recent weeks, following the record low in volume posted for the week of the 1st of September. The increased trading activity appears to have mostly occurred in the Latin American and emerging BTC markets, with record volume posted by the Peruvian, Argentinian, and Philippine Localbitcoins markets.

Also Read: 55% of All BTC Is Parked in Whale-Sized Wallets

Peruvian Localbitcoins Market Posts BTC Volume Record

Peru saw record-breaking trading activity this past fortnight, with the preceding two weeks comprising the strongest in the history of trade between BTC and the Peruvian Sol (PEN) when measuring in BTC, and the second and third strongest when measuring fiat.

The week of the 8th of September was the strongest on record for BTC/PEN trade on Localbitcoins when measuring in cryptocurrency, and the second strongest when measuring in fiat currency, with 114 BTC worth of trade, or 2.635 million PEN (approximately $800,000 USD) taking place in seven days.

The following week comprised the second strongest when measuring volume in BTC, and the third strongest when measuring in fiat with 112 BTC, or nearly 2.39 million PEN (roughly $720,000 USD) exchanging hands during the week of the 15th of September.

Argentinian and Philippine P2P Markets See Trading Activity When Measuring in Fiat

The last two weeks for trade between BTC and the Argentine Peso (ARS) on Localbitcoins have comprised the two strongest weeks for volume in the market’s history when measuring in fiat currency.

Roughly 6.93 million ARS (approximately $180,000 USD) worth of BTC was traded during the week of the 8th of September, comprising the largest weekly volume for ARS/BTC on Localbitcoins. Nearly 6.16 million ARS (roughly 160,000 USD) worth of trading activity then took place during the week of the 15th of September, the second strongest in the market’s history.

This past week also comprised the strongest on record for trade between the Philippine Peso (PHP) and BTC when measuring in fiat currency, with nearly 37.5 million PHP (approximately $690,000 USD) exchanging hands during the week of the 15th of September.

When measuring in BTC, the 106 BTC worth of trade comprised the strongest week of P2P trading activity in PHP since late May 2016.

Emerging Markets See Increase in Trading Activity

A number of emerging markets also saw spikes in trade volume in recent weeks, with those posted by the Iranian and Tanzanian markets among the most significant.

The week of the 8th of September saw the strongest volume since January for trade between BTC and the Iranian Rial (IRR) on Localbitcoins, with roughly 37.5 billion IRR (approximately $890,000 USD) change hands in seven days.

The preceding two weeks comprised the second and third strongest for trade between Tanzanian Shillings (TZS) and BTC when measuring in fiat currency. When measuring in BTC, this past week tied with the week of the 14th of April, 2018 as the strongest in the history of BTC/TZS trade on Localbitcoins, with 17 BTC worth of trade.

Do you think the lull in P2P trade activity is over, or will we test new lows for volume in the near future? Share your thoughts in the comments section below!


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Markets Update: Short Term Recovery – Is a Bullish Reversal in Sight?

Markets Update: Short Term Recovery - Is a Bullish Reversal in Sight?

Cryptocurrency prices are back on the mend after a great majority of digital assets plunged last week losing 10-20 percent or more in value. Since then, the digital currency economy has regained some strength bouncing back from a low of US$186 billion to $205 billion on Saturday, September 15.

Also read: Test Driving the Money Button — Simple Enough for a 9-Year Old

Crypto-Markets See Some Gains After Some Slashed Prices Last Week — But Is It Enough for a Recovery Rally?

Last week, as BTC/USD and ETH/USD short positions (bets against the cryptocurrency’s price) stacked up reaching all-time highs, many traders were unsure of the outcome. Then, throughout much of the week, a good portion of digital assets except bitcoin core (BTC) lost significant value, bringing BTC market dominance close to 60 percent. However, 48 hours later cryptocurrencies like ethereum (ETH) rebounded in value and spiked 20 percent, bitcoin cash jumped over 15 percent and BTC prices saw a minimal 5 percent lift. This has led to BTC’s market dominance among 1900+ coins down to 55 percent. All of the consecutive rises in value pushed the entire crypto-economy up over $19 billion leading to today’s overall $205 billion dollar market valuation. The top ten cryptocurrencies are seeing gains between 1-9 percent with ETH and LTC leading the pack today. 

Markets Update: Short Term Recovery - Is a Bullish Reversal in Sight?
Top ten crypto-market caps on Saturday, September 15, 2018.

There’s a bit more optimism this week as there’s been plenty of positive news within the cryptocurrency ecosystem. Overstock.com revealed recently that customers will soon be able to purchase digital assets through its portfolio company Bitsy. Abra added native bitcoin cash (BCH) support this week to their multi-currency wallet. Meanwhile, Bitgo has received regulatory approval to begin offering custodial services for institutional digital currency investors.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) this Saturday is trading for an average spot price of around $458 per BCH. The decentralized cryptocurrency has an overall market capitalization of around $7.9 billion and 24-hour trade volume is $280 million. According to Satoshi Pulse statistics, the top five exchanges swapping the most BCH this weekend include Lbank, Coinex, Okex, Huobi-pro, and Hitbtc. The top currency pairs traded for bitcoin cash this weekend include USDT (46.5%), BTC (32.7%), ETH (10.1%), USD (5.6%), and QC (2.2%). Bitcoin cash markets hold the sixth highest trade volumes today below litecoin (LTC) and just above dash (DASH) volumes.

BCH/USD Technical Indicators

Looking at the 4-hour and daily charts for BCH/USD on Bitfinex shows BCH dropped about 22 percent since the first week of September. But over the last 48 hours BCH bulls have managed to recover over 15 percent of those losses. On the 4-hour chart, the two Simple Moving Averages (SMA) have recently cross paths with the 200SMA above the 100SMA trendline. This indicates the path towards the least resistance is still the downside. However, the daily Relative Strength Index (RSI) is meandering around 37.4 indicating bears are likely growing exhausted trying to hammer these markets. BCH bulls need to close out today and tomorrow’s trading sessions with some higher highs in order for them to reverse the current trends. Looking at order books shows there are large buy walls between the current vantage point and $550. On the back side, if bearish sentiment regains strength, then there are solid foundations from here until $388.

Bitcoin Core (BTC) Market Action

Bitcoin core (BTC) is trading for $6,555 per coin today and the entire market valuation is around $113 billion. Similarly to BCH trade volume, BTC’s global trade volume is much lower than usual this weekend at $3.52 billion swapped over the last 24 hours. The top trading platforms today exchanging the most BTC include Bitflyer, Binance, Bitmart, Coinex, and Idax. BTC’s volume by currency shows tether (USDT) holds 58 percent of today’s market trades. This is followed by USD (20%), JPY (10.2%), KRW (3.4%), EUR (2.7%), and BCH (2%).

BTC/USD Technical Indicators

The BTC/USD daily and 4-hour charts on Coinbase Pro and Bitstamp indicate bears are showing signs of tiring out. BTC/USD charts are similar to BCH/USD with some slight differences this weekend. For instance, the 100SMA is above the 200SMA trendline showing the path towards the least resistance may be towards the upside. However, the two SMAs look as though they may cross hairs in the short term indicating a different outlook. The daily RSI (47.6) shows the bulls and bears are parting ways and a trend reversal could be in the cards. Order books show there’s some heavy resistance from here until $6,900 and another pitstop around $7,100-7,200 range. Looking behind us we can see some foundational support between now until the $5,900-5,700 and bears will be stopped there for what looks like a while.

The Verdict: Cryptocurrency Markets Need to Close the Weekend With Some Daily Highs

Positivity in the news is a bit better but in order to see a significant bullish trend reversal crypto-markets need users, traders, and demand from emerging markets. As mentioned above, crypto-bulls need to tread past some higher highs and close out the day’s trading sessions on a good note. But as we’ve seen in the past there’s been plenty of bull traps this year, making traders leery of betting on a trend reversal. The next few days will determine if digital asset markets can recover or drop below the bottoms they’ve held for the past nine months.

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


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