Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

Over the past few days, cryptocurrency markets have been losing steam as many digital assets have lost a good amount of value. Most coins are down anywhere between 3-15 percent over the past 24-hours. Bitcoin Cash (BCH) values have dipped 10 percent over the last day and prices hover around $1,055 today. Bitcoin Core (BTC) prices are under the $8K zone losing 4.1 percent today as BTC values average around $7,909 at the time of publication.

Also Read: Bank in Argentina Launches BTC Settlement Services

Stormy Weather Continues to Dump on Crypto-Markets This Spring

Last spring and more specifically in May of 2017 digital currency markets were on fire but this year is a whole different story. Cryptocurrency markets are not doing so well today as every single coin among the top 50 largest valuations are in the red showing losses. The overall market capitalization of all 1,600+ digital assets is around $345Bn today and 24-hour trade volume hovers around 17.8Bn. Trade volume pales in comparison to two weeks ago when cryptocurrency daily trade volumes where much higher. For instance, BCH 24-hour volumes today are around $722Mn when two weeks ago it was about $2Bn+. The same goes for BTC as its daily volumes used to be around $8-9Bn and now the metric stands at $5Bn during today’s trading sessions.

Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

Bitcoin Cash (BCH) Market Action

Markets Update: Stormy Weather Continues to Plague Cryptocurrency TradersBitcoin Cash values have dipped a good eight percent today, and roughly sixteen percent during the past seven days. The top exchanges today swapping the most BCH include Okex, Hitbtc, Bitfinex, Lbank, and Huobi. The top three currencies on these specific trading platforms traded for BCH includes tether (USDT), BTC, and USD. Today the most traded pairs with BCH is BTC by 39.3 percent, Tether (USDT 24.7%), USD (20.5%), KRW (10.3%), and the EUR (2.3%). Ethereum, the Japanese yen, and Waves are also capturing decent percentages of BCH trade volume on May 23.

Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

BCH/USD Technical Indicators

Looking at the 4-hour BCH/USD chart on Bitfinex and Bitstamp shows bulls are attempting to regain some upper ground this morning after the dips. As we mentioned during our last markets update the two Simple Moving Averages (SMA) trend lines were about to cross hairs and this happened earlier today. The 100 SMA is now below the longer-term 200 SMA indicating the path to resistance will likely be on the downside. The Relative Strength Index is meandering in the middle showing some consolidation taking place and uncertainty towards the next big move.

Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

MACd shows similar sentiment as the indicator is hovering around -23 but shows room for improvement. Order books on the upside show BCH bulls need to press past big sell walls between $1,090-1,160. On the backside if bears manage to bring BCH down there is decent support between $950-1,000 at press time but if that resistance breaks things could drop much lower. Presently it looks like bears won’t get prices that low in the short-term, but these ranges are not out of the question.

Bitcoin Core (BTC) Market Action

Markets Update: Stormy Weather Continues to Plague Cryptocurrency TradersBitcoin Core (BTC) prices are below the $8K region after holding above this zone for a couple weeks. Now prices are hovering around $7,927 per BTC and markets are down 4.6 percent during the last seven days. Daily trade volume is weaker than usual as traders are only swapping $5.6Bn worth of BTC during this morning’s trading sessions. The top exchange today trading the most BTC is Binance followed by Bitfinex, Okex, Huobi, and Bitflyer. The Japanese yen is the most dominating pair today with BTC at 55 percent and followed by the USD (19.8%), Tether (USDT 15%), KRW (3.7%), and the EUR (3.2%).

Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

BTC/USD Technical Indicators

Looking at the 4-hour BTC/USD chart on Coinbase/GDAX and Bitstamp shows buyers are stepping up their positions this morning. The two SMAs have also crossed paths during the earlier morning BTC trading sessions as well with the short term 100 SMA now below the 200 SMA. This also indicates bears currently have the reigns and they may take the dips further in the coming hours if resistance above $8K cannot be broken. However, RSI levels show oversold conditions and this shows a bounce back may be in the cards today as well.

Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

Looking at order books shows much less resistance on the BTC/USD side in comparison to the BCH/USD side. Bulls only need to muster past the $8-8200 zone to get to higher regions but things become more difficult between $8,500-8,750. On the back side buy orders show solid foundations between $7,400 and $6,900 but after that things don’t look so hot. Overall chart patterns show it’s unlikely prices will get below the $7,400 region anytime soon, and bulls are fighting back with some success at the time of publication.

The Verdict: Stormy Weather and Uncertainty is Slowly Breaking Optimism Down  

Overall most coins are feeling the losses and trying to regain some of the upper hand. Litecoin (LTC) and Ripple (XRP) are two coins who have managed to take less of a beating. Another market oddity today is the BTC/ZEC cryptocurrency fork called Bitcoin Private (BTCP) which is up 13 percent over the past 24-hours.

Markets Update: Stormy Weather Continues to Plague Cryptocurrency Traders

Top 24-hour trade volume coins today are Tether (USDT), Ethereum (ETH), EOS, Bitcoin Cash (BCH), and Tron (TRX). The losses today throw another black cloud on enthusiasts and traders hoping for long positions to pull through this spring. However, for cryptocurrency traders, it has been nothing but stormy weather with a few brief instances of sunshine here and there. Positivity is lessening and people are definitely more skeptical this week than the past three weeks prior.

Where do you see the price of BCH, BTC, and other cryptocurrencies 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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Bitcoin Closing on Long-Term Bear Indicator Not Seen Since 2014

Following bitcoin's recent losses, a key long-term trend indicator is looking increasingly bearish. Notably, the five-month moving average (MA) has rolled over in favor of the bears and looks set to cut the 10-month MA from above - a bearish crossover that hasn't been seen since June 2014. If that occurs it could be a […]

Bitcoin Price Faces Bear Indicator Not Seen Since 2014

Following bitcoin's recent losses, a key long-term trend indicator is looking increasingly bearish. Notably, the five-month moving average (MA) has rolled over in favor of the bears and looks set to cut the 10-month MA from above - a bearish crossover that hasn't been seen since June 2014. If that occurs it could be a […]

Top Altcoin Markets of 2015 Gain 10,000% in 3 Years

Top Altcoin Markets of 2015 Gain 10,000% in 3 Years

With the bear trend of early 2018 having witnessed losses not seen in the cryptocurrency markets since 2014, it can be easy to lose track of the meteoric gains produced by the leading virtual currency markets over the span of just a few years. When comparing current prices to those listed on Coinmarketcap’s historic snapshot from the 17th of May, 2015 – the peak of bitcoin’s previous winter – one can see that bitcoin has produced price gains of over 3,000%, whilst the value of the then-top four altcoins have increased by between 9,000% and roughly 13,000%.

Also Read: 5 Years Ago You Should Have Bought Bitcoin, Not Altcoins

BTC Up 3,300% in Three Years

Top Altcoin Markets of 2015 Gain 10,000% in 3 YearsWhen comparing the current price of BTC market action from three years ago, the price of a single bitcoin has inflated by approximately 3,303% – rising from about $237 USD to approximately $8,000 today.

On the 17th of May, 2015, BTC had a total market capitalization of $3,354,597,555 – a figure that is dwarfed by the bitcoin market’s valuation of roughly $137.3 billion.

Top Altcoin Markets of 2015 Gain 10,000% in 3 Years

Value of Top Four Altcoin Markets Increased by Approximately 10,000% Since 2015

Top Altcoin Markets of 2015 Gain 10,000% in 3 YearsWhilst the gains produce by BTC since 2015 have been stunning, the price of bitcoin had then produced a dramatic long-term capitulation after having skyrocketed in late 2013 during what arguably comprised the first BTC bull rally to generate widespread mainstream coverage of cryptocurrencies. During the 2013 bull rally, the altcoin ecosystem entirely consisted of micro-cap projects just beginning to emerge from the petri dishes of their infancy – meaning that the alternative cryptocurrency markets were primed to explode alongside bitcoin during the recent multi-year bull trend.

The second largest cryptocurrency market by capitalization in May 2015, XRP, then had a total market capitalization of just $208.5 million, with price action sitting at approximately $0.006534. In three years, the price of Ripple has realized gains of approximately 10,105% with XRP currently trading for $0.6667, and Ripple comprising the fourth largest market by capitalization, with over $26.1 billion.

Top Altcoin Markets of 2015 Gain 10,000% in 3 Years

LTC, the then-third largest cryptocurrency market (approximately $57.7 million), has produced price gains of roughly 9,000% since May 2015, with a single litecoin trading for approximately $1.45 nearly three years ago, and $132 today. LTC currently comprises the sixth largest cryptocurrency market, with a total capitalization of almost $7.5 billion.

Top Altcoin Markets of 2015 Gain 10,000% in 3 Years

Dash and Stellar Produce Price Gains of Approximately 12,000% in Three Years

On the 17th of May 2015, Dash was the fourth largest cryptocurrency by capitalization ($16 million), with Dash trading for just $3 each. In the three years since, the value of Dash has inflated by approximately 12,670%, with Dash currently trading for $380. Dash is now the twelfth largest market by capitalization, which is currently estimated to be over $3 billion.

Top Altcoin Markets of 2015 Gain 10,000% in 3 Years

Stellar, the then-fifth largest cryptocurrency market with approximately $12.5 million, now comprises the eighth largest crypto with a total capitalization of $5.8 billion. The price of Stellar has increased by approximately 11,860%, gaining from $0.002609 to $0.312048 today.

Top Altcoin Markets of 2015 Gain 10,000% in 3 Years

Did you invest in cryptocurrencies in 2015? What markets did you win, lose, and and miss out on? Share your experiences in the comments section below!


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This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls Coin

This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls Coin

This week’s round-up features a colorful selection of bitcoin stories but we’ll start with the possible explanation for recent market dips. Most cryptocurrencies dropped in price over the period, following developments with depressing effect on traders. In Japan, Mt. Gox’s bitcoins stored in court ordered wallets have moved again, while in South Korea, the largest exchange Upbit has found itself under investigation for suspected fraud.  

Also read: Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain Mileage

Markets React to Disturbing News from Japan and Korea

The prices of leading cryptocurrencies dropped this week, with some recovery across the board on Sunday. The negative trend was probably determined by some notable developments in Asia, powerful enough to influence the mood of traders. Just as Bitcoin (BTC) looked poised to storm the $10,000 psychological threshold, the ghost of notoriously hacked cryptocurrency exchange Mt. Gox reminded bitcoiners it isn’t done with them yet. Tokyo-based court appointed trustee of the remaining bitcoin to be distributed among creditors, Nobuaki Kobayashi, seems ready to flood the market, again. According to Blockchain.info, over 8,000 coins from two court ordered cold storage wallets have been recently shifted. As soon as the news broke, BTC prices plummeted.

This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls Coin

South Korean media reported that the country’s largest cryptocurrency exchange, Upbit, is under investigation on suspicions of fraud. The exchange confirmed the news in a statement and tried to reassure its customers that their assets are kept securely, while “all transactions and withdrawals are operating normally.” Reports suggested that Upbit is suspected of transferring customer funds from their cryptocurrency exchange account to a representative or executive account. Acting on that information, Korean prosecutors have conducted search and seizure against the company, securing computer hard disks and accounting records. Upbit is currently the world’s fourth-largest crypto trading platform.

China to Publish Monthly Crypto Report

This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls CoinThe Chinese government has decided to keep a close eye on decentralized currencies, despite all crypto bans it has imposed so far. Beijing authorities are set to publish a regular monthly analysis of over two dozen crypto assets in the form of the new Global Public Chain Assessment Index. “This independent analysis of cryptocurrencies and global public blockchain technology demonstrates the confidence of the Chinese Government in the technology, and will act as a guide,” according to a government press release. Almost 30 cryptos will be analyzed. The coins included in the index are expected to conform to certain standards like having an independent main chain and an open block browser.

China is also working to develop a national standard for blockchain technologies and applications. The new system should be completed and introduced by the end of 2019, according to reports by state-controlled media in the People’s Republic. Initially the blockchain standard will include basic standards, business and application standards, process and method standards, credible and interoperable standards, and information security standards, but the scope of its applicability will be expanded in the future.

Localbitcoins Changes ToS to Comply With EU Law

The popular peer-to-peer exchange Localbitcoins has updated its Terms of Service (ToS), noting that the changes have been introduced mainly due to regulations in the European Union. The new ToS of the Helsinki-based trading platform highlight certain identification requirements. In some situations users will be required to submit a copy of ID, although identity verification is not yet implemented as a mandatory procedure for all traders. The company has detailed some of the situations in which identification will be necessary. These include trading over certain volume limits, cases of account hacking/recovery, and fraud investigations. The new terms will be enforced on May 25.

Facebook Mulls Own Token, Reports Say

Bitcoin in Brief Saturday: “Social” Coins, Crypto Vending, Blockchain MileageThis week we also covered some interesting developments in our daily rubric “Bitcoin in Brief”. After introducing a ban on crypto-related ads earlier this year, social media giant Facebook is now considering creating its own cryptocurrency to facilitate on-platform payments, reports suggested. Sources familiar with the matter told the financial news outlet Cheddar that the network is serious about the project to introduce global crypto payments. A digital token would allow its two billion users around the world to take advantage of crypto transactions and skip state-issued fiat currencies. The company announced recently it had formed a team tasked to explore the uses for blockchain technologies that can be utilized to improve its business. The group is headed by David Marcus, former head of Facebook Messenger and ex-president of Paypal, who currently sits on the board of Coinbase.

BCH-Powered Social Media Apps Launch New Features

Two popular Bitcoin Cash social media applications, Memo and Blockpress, have introduced new features on their platforms this week. Users can now upload pictures, video, and even torrent magnets found on the Pirate Bay. Memo has recently added a bunch of features like replies, emojis, and a counter for typing. Its programmers also added a ‘Topics’ section where people can discuss any topic trending on the application. On Thursday, the Memo development team added image and Youtube video support. Users can now upload a picture or their favorite Youtube video utilizing an on-chain BCH transaction.

Last week, another BCH-powered social media application was launched – Blockpress. Just like Memo, the platform enables the ability to publish 77 characters via the Bitcoin Cash network. Its developer “Attila” said that after the May 15 BCH upgrade the Blockpress platform will provide the ability to upload much longer content. Currently, its users can add images to posts, a notification feed, community topics, and a sidebar of followed profiles on Blockpress.

Bitcoin and the Carnal Temptations

A bitcoin supporter hopes to replace New York Attorney General Eric Schneiderman, who resigned amid a sex scandal. Four women have recently complained about non-consensual physical violence by Schneiderman. Stock market lawyer and former stand-up comedian Manny Alicandro has announced his candidacy on the Republican ticket. He is described as bitcoin enthusiast and a crypto investor, who advises several blockchain startups. Alicandro’s campaign will highlight the current harsh regulation of bitcoin in the Empire State and may accept donations in bitcoin. He has been quoted as saying that he would like to see lighter rules for cryptocurrency businesses. Alicandro believes that New York’s Bitlicense regime is hurting jobs and stifling innovation.

This Week in Bitcoin: Ghost Scares Markets, Facebook Mulls CoinNY Attorney General Eric Schneiderman resigned just hours after the news about the violent sex scandal broke. His administration was behind an investigation into the operations of bitcoin exchanges which was rebuked by representatives of the crypto industry like Kraken CEO Jessie Powell who sharply criticized the regulatory overreach of his office.

This week bitcoin and carnal pleasures were mentioned together more than once. Exotic dancer Brenna Sparks, featured in the article about a Las Vegas club where strippers accept bitcoin via QR tattoos, has published a blog post on an adult entertainment industry portal explaining the advantages of cryptocurrency to her colleagues. Noting that digital money can help with upholding privacy and fighting piracy, Brenna also points out the main advantage of cryptos like bitcoin – helping people in the business avoid paying almost 50% to middlemen.

What are your thoughts on this week’s bitcoin topics? Let us know in the comments section below.  


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Markets Update: BCH Prices See Uncorrelated Movement Gain 13%

Markets Update: BCH Prices See Uncorrelated Movement Gain 13%

Cryptocurrency markets are seeing some gains today as most digital assets are up over the past 24-hours between 3-15 percent. Bitcoin Cash (BCH) values spiked considerably during the day’s trading sessions on May 5 touching a high of $1,740 per BCH. At the time of publication, the price of BCH is hovering around $1,720 per coin, adding another $500Mn in 24-hour trade volume.

Also read: Court Orders Chilean Banks to Re-Open Crypto Exchange Accounts 

Bitcoin Cash Markets See Action as BCH Values Spike Considerably During the Weekend Trading Sessions

Bitcoin Cash markets have been surging on Saturday, May 5 as the decentralized cryptocurrency surpassed the $1,700 range during the days earlier morning trading sessions. Overall most digital assets markets are up in general, as at least 2/3rds of the top 500 cryptocurrencies are all seeing gains. BCH, in particular, has made a notable rise jumping over 13 percent over the past 24-hours. After a few weeks of BCH averaging over 0.1 BTC per BCH, the cryptocurrency is slowly approaching 0.2 BTC per coin showing some distinct non-correlated market activity lately. At the moment the top five exchanges swapping the most BCH today include Upbit, Huobi, Okex, Bitfinex, and Bithumb. Over the past few days on South Korean exchanges, BCH spot prices have been consistently $20-80 higher on trading platforms like Upbit and Bithumb.

Markets Update: BCH Prices See Uncorrelated Movement Gain 13%

The top currency swapped for bitcoin cash today is Bitcoin Core (BTC), capturing 36.9 percent of all BCH trades. Following the BTC pair volume, is tether (USDT 24.6%), USD (16.8%), KRW (16.8%), and the EUR (1.4%). Two other notable currencies paired with BCH that have increased in trade volumes over the past day are ethereum (ETH 1%), and the Japanese yen (1%). The Korean won paired with BCH has also seen double the volumes since our last markets update. Further, over $3Bn has been added to the BCH market capitalization since our last report as well, as the total BCH valuation in circulation rests at $28.8Bn at the time of publication.

Technical Indicators

Looking at the charts shows BCH bulls are struggling to break resistance around the $1,750 mark at the moment. The 4-hour chart shows the two Simple Moving Averages (SMA) have a nice gap in between with the 100 SMA well above the longer term 200 SMA trendline. This indicates after eating through some sell orders the path to resistance should be on the upside. RSI levels are 71 right now, showing markets are a touch overbought at the moment and some slight downtrend and consolidation taking place at this vantage point is to be expected.

Markets Update: BCH Prices See Uncorrelated Movement Gain 13%

The MACd, however, is heading northbound and it shows there’s more room for improvement over the next few hours. On the upside looking at order books shows bulls will need to muster enough strength to surpass thick resistance up until the $1,775 price range. On the flip side if bears take the reigns then there are some strong foundations between $1,625 down to the $1,500 zone before buys start to thin out.

The Verdict: Optimistic — Market Action Will Likely Continue to Emulate from Consistent BCH Progress

BCH advocates have been happy about the price but most are more concerned about development, spreading adoption, and preparing for the upcoming 32 MB upgrade that’s now ten days away. There’s been a bunch of development with things like Memo, Joystream, Blockpress, Cointext, Cash Shuffle, and many more projects on the horizon. The price to most BCH supporters is rather unimportant and its considered merely a reflection of all the effort that’s been put into the growing BCH ecosystem since the project’s inception.

Where do you see the price of BCH 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: BCH Prices See Uncorrelated Movement Gain 13% appeared first on Bitcoin News.