Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets

Cryptocurrency markets are losing some gains today, as most digital assets are down between 3-15 percent during this morning’s trading sessions on May 16, 2018. The overall cryptocurrency market cap has shaved a few billion in losses since our last markets update, leading to the valuation of all 1,600 cryptocurrencies hovering around $374Bn today. During the last 24-hours Bitcoin Cash (BCH) value has dropped 10.4 percent and prices are around $1,258 per BCH. Bitcoin Core (BTC) prices have also dipped, but by only 5.6 percent with one BTC priced at $8,234 at the time of publication.

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BCH Markets Down 20% This Week

At least three-quarters of the entire cryptocurrency ecosystem has lost value today as many coins are seeing losses this Wednesday. Total 24-hour trade volume for today’s trading session is around $22.6B worth of exchanges. Bitcoin Cash markets have lost a bit of value since yesterday as the network experienced an upgrade which increased its block size to 32MB. BCH trade volume is thinner than the week prior as only $1Bn has been traded during the last day. The top five exchanges swapping the most BCH during today’s trading sessions are Okex, Bitfinex, Huobi, Upbit, and Hitbtc. Both the South Korean won and tether (USDT) BCH trading pairs have seen exponential volumes but BTC still dominates pairs by 34 percent. The BCH/BTC pair is followed by tether (USDT 25.4%), USD (22%), KRW (14%), and the EUR (1.4%).

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
BCH/USD market action on May 16, 2018, according to Satoshi Pulse.

BCH/USD Technical Indicators

Looking at the four-hour BCH/USD chart on Bitfinex the price is seeing some deep triangular consolidation at the moment. The MACd is on the rise after the initial dip took place and show more improvement could be in the cards. RSI levels show the oscillator is around 38 right now, showing oversold conditions seem imminent. Looking at the two Simple Moving Averages indicates the path to resistance to the upside still looks obtainable as the short term 100 SMA rides above the longer term 200 SMA trend line. Looking at order books on the upside, BCH bulls need to muster up the strength to break past $1,330-1,355 in order to make headway northbound. On the flipside, if the dips continue there are some solid foundations between the current vantage point and $1,210.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
Bitfinex — BCH/USD May 16, 2018, at 10 am EDT.

A Brief Glimpse at Overall Cryptocurrency Market Action

The entire cryptocurrency ecosystem is seeing pretty decent losses today even though there’s been loads of good news coming from the industry this week. The number one cryptocurrency market cap held by Bitcoin Core (BTC) is wavering just below the $8,400 region with $7Bn in trade volume over the past 24-hours. Ethereum (ETH) markets has seen some dippage as well, as prices have lost 4 percent today. One ETH is hovering just above $700 USD at the time of publication. Ripple (XRP) markets are seeing heavier losses around 6.3 percent as one XRP is $0.69 cents today. Lastly, the fifth highest capitalization has been a contested position for a while now as many coins have been filling this area over the past year. EOS has held the number five spot for a few weeks now but its markets are down 11.7 percent today as one EOS is averaging $12 per coin.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
The top ten cryptocurrencies today according to Satoshi Pulse.

The Verdict: Mid-May Market Action is Lackluster but Positivity Remains

So far, the mid-May bull run lots of enthusiasts were hoping for has been nothing but a fizzle this week. Many believed cryptocurrencies would begin to see larger gains after the Consensus conference in New York started but that forecast never came to fruition, at least not yet. The only coins that are doing well today are a few miscellaneous tokens and stablecoins like tether (USD, and TrueUSD showing traders are likely using these ‘stable’ currencies as shelter from the current storm). Optimism and positivity among traders on social media and trader groups on Telegram still seems bright, even though markets have shaved some decent gains over the past 72-hours.

Where do you see the price of BCH 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 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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The Peer-to-Peer Cryptocurrency Exchange Hodl Hodl Doesn’t Require KYC

The Peer-to-Peer Cryptocurrency Exchange Hodl Hodl Doesn't Require KYC

This week as people hear about the peer-to-peer exchange Localbitcoins requiring identification for traders who deal in “significant” trade volumes, many of them are scouring the internet in search of decentralized exchanges that don’t require Know-Your-Customer (KYC) verification. One such trading platform called ‘Hodl Hodl’ launched its beta version this past February allowing traders to swap cryptocurrencies without the need for regulatory compliance protocols.

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The Peer-to-Peer Multi-Sig Escrow Exchange ‘Hodl Hodl’ Doesn’t Require KYC Verification

There’s a new peer-to-peer cryptocurrency exchange called ‘Hodl Hodl,’ a platform that launched this past February, allowing traders to trade digital assets without the need for a third party. The trading platform creates a multi-signature escrow system that sets a predetermined trading time for both participants. At the moment Hodl Hodl is in its beta form and only has two cryptocurrencies available for trade at the moment which include BTC, and LTC. The creators of the exchange state more features will be launched when the platform comes out of beta in the summer of 2018.

The Peer-to-Peer Cryptocurrency Exchange Hodl Hodl Doesn't Require KYC

Hodl Hodl is very similar to Localbitcoins and the platform Bitquick as it allows deals between buyers and sellers. The trading platform does not require users to verify their identities. Moreover, there are many options available for payments such as Moneygram, Skrill, various credit cards, Venmo, Western Union, Alipay, and many more. In order to sell BTC or LTC, a user simply fills out the trade requirements which include location, the amount they want to sell, a payment window, and the payment type. On the buyer side, users choose which cryptocurrency trades and the specific requirements look enticing to them. For instance, certain payment options for purchasing BTC on Hodl Hodl are higher than other options available. Credit card purchases show a price of over $9,000 per BTC while other options are still a few hundred dollars more than the current spot price.

Peer-to-Peer Review and Reputation System to Curb Counterparty Risk

Because the platform is still in beta users can experiment with the Hodl Hodl testnet exchange first. When the peer-to-peer platform comes out of beta, the exchange will be charging a maximum of 0.6 percent per trade. However, right now up until the beginning of July 2018 the exchange is waiving fees for users. Hodl Hodl claims they do not hold funds and basically provide traders with “secure multi-signature (P2SH) contracts, and you control the key to the funds in escrow.”

The Peer-to-Peer Cryptocurrency Exchange Hodl Hodl Doesn't Require KYC

Additionally, the platform offers two-factor authentication (2FA), and a dispute resolution system as well. Hodl Hodl does not require KYC verifications but does have a trader review and reputation system. The exchange explains the rating system is used so counterparties can be trusted among other traders.  

“It shows whether he is fulfilling his obligations to other parties, whether he makes the payment fast, and whether he is responsive,” explains Hodl Hodl. “The Rating system is a useful tool for traders — it is information about how the trader behaved in the past and a reason/incentive to continue to act properly in the future.”

The Peer-to-Peer Cryptocurrency Exchange Hodl Hodl Doesn't Require KYC

Hodl Hodl Doesn’t Leave Beta Until the Summer of 2018

Overall the Hodl Hodl system’s cryptocurrency trades function similarly to peer-to-peer ‘escrow-like’ trading platforms. Much like Bisq, Barterdex, and the other exchanges that facilitate trading activities without KYC in a decentralized manner — the Hodl Hodl platform doesn’t have a ton of action as far as volume. At the moment there are users selling BTC in various increments up to $10,000 USD, but some have caps between $300-1,500. The development team has explained that more cryptocurrencies will be added in the future alongside improving its mobile interface.

Have you tried the peer-to-peer exchange Hodl Hodl? Let us know what you think about this platform in the comments below.

Disclaimer: does not endorse this product/service. Readers should always do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. and the author are not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images via Shutterstock, Jamie Redman, and Hodl Hodl. 

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