Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most Staff

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most of Staff

Recent updates show that with the cryptocurrency markets performing far from how they did a year ago, some exchanges have failed to adapt to the current situation. For example, one U.K. firm is reportedly set to fire most of its employees. Yet other exchanges are still going strong, breaking into new territories and adding new trading instruments.

Also Read: The Daily: Crypto Funds Team up With New Startup Hub, FX Broker Adds BCH/BTC

Weak Quarterly Trading Volumes

Diar, an analysis service for the global digital currency industry, has issued a report highlighting the extremely weak performance of popular crypto exchanges during the third quarter of the year. For example, total USD trading volumes on Coinbase reached their lowest point in a year and total USDT trading volumes on Binance fell from $235 billion in the first quarter to just $106 billion.

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most of Staff

As the report shows, one way the exchanges are looking to secure growth for the future is by moving toward tokenized securities.

“Having made bank on the trading bonanza in the past year, cryptocurrency exchanges are also acutely aware that, for the most part, the tokens they list don’t currently satisfy a utility purpose,” Diar explained. “Diving into deep pockets, exchanges are diversifying their portfolio by investing in various parts of the ecosystem to support the long-term growth of an industry stuck in development. But most notably, exchanges have amped up their investment interest for the possible issuing and trading of tokenized securities.”

Coinfloor to Fire Over Half its Employees

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most of StaffCoinfloor is in the process of firing most of its staff, according to a report by the Financial News, citing two people familiar with the matter. Founded in 2013 with backing from Transfer Wise founder Taavet Hinrikus, venture capital firm Passion Capital and Adam Knight, Coinfloor was estimated to employ about 40 people before the newly planned cuts.

Coinfloor CEO Obi Nwosu told the London-based newspaper that the company has “seen significant change in trade volume across the market.” He also stated that: “Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies.”

Israeli Exchange Looks Abroad

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most of StaffAccording to Israeli media reports, Tel Aviv-based exchange Bit2c is looking to offer its services into foreign markets. The exchange has reportedly acquired a Gibraltar-based firm, Eyos, that is said to be in advanced phases of receiving a distributed ledger technology (DLT) license from the local regulatory authorities that can be used to accept clients from across the EU.

“This is a significant breakthrough in making unique Israeli technology more accessible while providing a professional and experienced service to the whole of Europe, and all in the framework of a license that will enable a range of trading activities, payment options and cooperations with traditional financial institutions such as banks, credit companies and insurance companies,” Bit2c CEO Eli Bejerano said. “We continue to examine other markets, and in the future we will act to get additional licenses around the world.”

Bequant Launches EUR Stablecoin

Exchanges Roundup: Coinbase Volumes Hit 1-Year Low, UK Exchange to Fire Most of StaffBequant, a London-based global exchange, has announced the launch of Stasis’ stablecoin EURS. The company explains that the launch of the token, meant to be backed 1-for-1 by the euro, will allow safe investing for its European institutional investors in a reliable asset.

“The cryptocurrency sector is constantly striving for ways to encourage transparency, reliability and trust from investors — both institutional and individuals. Doing so not only builds trust within the industry, but also establishes clear regulation and controls that make crypto-assets a desirable choice for any investor’s portfolio. Stablecoins hold huge advantages in making this goal possible, tying themselves to a more traditional asset,” said CEO George Zarya.

“STASIS EUR’s work in creating a more reliable asset will help build the credibility of cryptocurrency in the wider financial market through its improved processes aimed at providing a more secure asset for investment. Its listing on BeQuant presents a huge opportunity for investors to get involved with a currency that is already giving previously cautious investors access to the world of crypto.”

Should we expect more exchanges to cut staff as trading volumes drop? Share your thoughts in the comments section below.


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BCH Roundup: Markets and Developments Leap Ahead This Week

BCH Roundup: Markets and Developments Leap Ahead This Week

There’s been a lot going on within the Bitcoin Cash (BCH) ecosystem lately as both BCH markets and infrastructure developments this week have been quite interesting. Over the last two days, while most cryptocurrencies have seen gains around 1-15 percent, bitcoin cash values spiked over 25 percent yesterday.

Also read: Ledger Nano S Review: Can This $65 Device Top Trezor?

Bitcoin Cash Markets Are Up 30 Percent This Week

BCH Roundup: Markets and Developments Leap Ahead This WeekBitcoin cash markets are doing quite well today as the decentralized cryptocurrency is up 14.8 percent over the last 24-hours since yesterday’s spike. Some speculators believe the news may have been attributed to Bitmain’s recent IPO filing in Hong Kong. The jump in price continued into September 27 as BCH priced reached a high of $578 per coin. At the moment BCH is averaging around $560 per coin with a massive global trade volume (compared to the average 24-H volume $300-400M) of around $1 billion. This positions bitcoin cash as the fourth most traded coin of the day and the currency’s market capitalization is about $9.76 billion. The top five exchanges swapping the most bitcoin cash today include Binance, Bitfinex, Lbank, Okex, and EXX. On the peer-to-peer trading platform Shapeshift, BTC for BCH trades was the most popular exchange over the last 24-hours.

BCH Roundup: Markets and Developments Leap Ahead This Week

New Merchant Support, a Global Database Platform, and BCH/USD Pairs on Bittrex

There’s been a bunch of infrastructure developments and announcements as well this week in the BCH community. For instance, the first Bohemian style clothing e-commerce site bohemianbeachstyle.com revealed it is proudly accepting only bitcoin cash. A developer explained yesterday and gave everyone a sneak peak of a BCH-powered vending machine that allows people to pay for candy with bitcoin cash. Unwriter launched Bitdb 2.0 which provides a global database platform that crawls the entire BCH transaction universe. This week the well-known cryptocurrency exchange, Bittrex, announced that it will offer BCH/USD pairs on October 3rd.

Drivechain Compatibility & New Full Node Client Builds Under Construction

This week BCH fans found out that Openbazaar developer Chris Pacia has ported the ‘Btcd’ implementation into Bitcoin Cash. However, Pacia notes he hasn’t officially announced the finished build yet, as it is missing features and he also hasn’t worked on porting the wallet code. Another developer has also been working on an alternative BCH full node as well with an Android OS compatible wallet.

“I have been working on a fresh Bitcoin Cash full node implementation (and an Android wallet) — You can find the code at github.com/nextcashtech/bitcoin,” the Reddit user u/Karl the Programmer explains. Karl adds:

It is all written by me and uses only C++ standard libraries and Pieter Wuille’s secp256k1 implementation. It is still in early development and needs a lot of tests written and does not implement all consensus rules — I would love to get some feedback.

BCH Roundup: Markets and Developments Leap Ahead This Week
Lots of development taking place on the BCH network like Bitdb 2.0, and two BCH implementations in the works.

Furthermore, Paul Sztorc launched the first version of Drivechain yesterday and explained: “it will be very easy to release a version for BCH users.” “Unlike most people, I’m happy to be agnostic in this regard — Let the users exercise their sovereignty,” Sztorc explained on Twitter.

Cyber Capital Analyst Alex Fauver: ‘Bitcoin Cash Will Replace Fiat Currencies’

Bitcoin cash fans also heard Alex Fauver, an analyst at Cyber Capital BV explain that bitcoin cash (BCH) will replace the fiat currency system in an interview published this week. Fauver first discovered cryptocurrencies in 2013 and fell in love with BTC, but then years later “Bitcoin Cash happened.” Fauver further states:     

To be honest, before the fork, I didn’t think a minority fork could survive, but then my understanding of the incentive mechanisms that drive miners to continue to mine developed, so that I realized they’re not hostile.

BCH Roundup: Markets and Developments Leap Ahead This Week
According to a recently published interview with Coingeek, CyberCapital’s Alex Fauvel chooses Bitcoin Cash (BCH).

Bitcoin Cash Proponents Believe Driving BCH Adoption and Passionate Development Will Reflect the Currency’s Value

There have been a whole lot more developments that continue to cushion BCH’s position in the crypto-economy. The community-maintained bitcoin cash merchant directory Greenpages.cash, which launched last week has added over 250 merchants, Openbazaar links, Tor (.onion) links, request settings to edit merchants, and the site also added the Money Button. Earlier this week bitcoin cash support has also been added to Primedice.com, a very popular cryptocurrency casino. With the community working together to build cool applications and drive global adoption, the passion seems to be reflecting the coin’s overall value this week.

What do you think about this week’s bitcoin cash announcements and developments? Let us know what you think in the comment 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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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.”


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BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs

The past seven days has been another interesting week for Bitcoin Cash (BCH) proponents. After wrapping up a successful Stress Test Day with a record 2.2 million transactions confirmed in 24-hours there’s been a lot more happening within the BCH ecosystem.

Also read: Bitcoin Cash Hard Fork Debate Reconvenes After the Stress Test

Bitcoin Cash (BCH) Market Action

The Bitcoin Cash (BCH) community recently celebrated the successful Stress Test Day on September 1 and continued flooding the network with transactions until September 6. As far as BCH trading markets are concerned the spot price of bitcoin cash has been pretty low as the cryptocurrency is now trading at $437 per coin. At the time of publication, the bitcoin cash market capitalization is $7.6 billion and commands $345 million in 24-hour trade volume. Data stemming from the price and market statistics website Satoshi Pulse details that the top exchange today swapping the most BCH is the trading platform Lbank. This is followed by cryptocurrency exchanges Coinex, Huobi, Okex, and Hitbtc. As far as money flow traded against BCH the top pairs today include tether (USDT 46%), BTC (29.3%), ETH (12.7%), USD (7%), QC (1.9%), and KRW (0.88%).

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs

Online Pharmaceutical Service Accepts Bitcoin Cash 

Besides the dreary crypto-markets, there’s been lots of good news taking place within the BCH ecosystem. One specific merchant adoption announcement bitcoin cashers enjoyed was from the online pharmacy service from Canada called Script.care. The pharmaceutical vendor has announced the company now accept bitcoin cash for payments. Script.care says the company is pleased to accept BCH to fulfill prescription orders and their pricing is significantly lower than average prices for in the USA. Unfortunately being an online pharmaceutical vendor the company cannot deal directly with Canadian citizens. “We can import and export medications but not sell them to Canadians directly,” explains a Script.care representative.

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs
Canadian company Script.care accepts bitcoin cash (BCH) for payments.

Bitcoin Cash Powered App Matter.cash Adds Arbitrarily Long Comment Abilities

Back in June news.Bitcoin.com reported on the long form blogging application Matter.cash and this week the platform has added some new features. The application is a platform that allows people to publish long-form posts using the Bitcoin Cash chain’s op-return feature. The Matter.cash creators explain this week that users can now add arbitrarily long comments as replies to posts on the website. The platform’s developers say that there will be ‘Submatters’ soon which will be similar to Reddit-style communities.

“We’re launching the ability to create, and grow your own community while earning Bitcoin Cash — Owners will have full support for managing the look and feel as well as have special administration rights in a permissionless fashion,” the developer explains.

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs

North Queensland Rock Fest Sponsored by BCH Proponents 

Another BCH adoption story stems from the North Queensland Australia region where BCH merchants in the area are sponsoring the North Queensland ‘Country by day Rock by Night’ rock festival. Lately, bitcoin cashers have been hearing a lot about the North Queensland BCH community and the Coffee Pedlar a Bitcoin-Cash-only cafe that supports zero-confirmation transactions. The rock festival will feature artists such as Troy Cassar-Daley, The McClymonts, Judah Kelly, Homegrown, Brooke ‘Josie’ Roberts, and Tony Cook. According to the North Queensland BCH community, tickets are also discounted to $40 if paid in bitcoin cash.

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs

Lots of Things Happening and Many More Bitcoin Cash Developments on the Way

Lastly, BCH supporters were excited to hear that the NBA’s Houston Rockets owner, Tilman Fertitta, has revealed his luxury automobile dealership Post Oak Motor Cars will now accept bitcoin cash. This means BCH fans can now purchase a Bugatti, Bentley, or Rolls Royce by using bitcoin cash for payment. Overall there’s been a lot happening within the BCH community and many more developments are on the way. For instance, the developer Unwriter has revealed that Bitdb 2.0 is coming soon which will upgrade the global NoSQL database powered by the BCH chain. “Not just an upgrade, but a quantum leap,” Unwriter explains.

What do you think about the Bitcoin Cash ecosystem this week? Let us know what you think about this subject in the comment section below.

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


Images via Shutterstock, Reddit, Matter.cash, Script.care, and Satoshi Pulse. 


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Markets Update: Traders Uncertain of the Next Crypto Market Cycle

Markets Update: Traders Uncertain of the Next Crypto-Market Cycle

Cryptocurrency markets today are seeing a touch of recovery after digital asset prices suffered from some significant losses over the past few days. The entire virtual currency economy has consolidated just above the $200 billion mark, after dropping well below this threshold during Saturday evening’s trading sessions. Over the last seven days, each digital asset in the top ten (except for tether) has lost between 10-30 percent in value over the last seven days.

Also read: The Darknet Cat and Mouse Game: Law Enforcement Gains More Traction 

Cryptocurrency Markets Lose up To 30 Percent in a Week

Last week wasn’t the greatest for cryptocurrency markets as a great majority of them have suffered deep losses. Today, on September 9, there’s a bit of recovery and consolidation taking place within a good portion of virtual currency markets. For instance, bitcoin core (BTC) prices dropped to a low of $6,094 last night, bitcoin cash (BCH) slid to $464, and ethereum (ETH) dropped to $187 per coin. But today is a different story as BTC has jumped back to $6,370, BCH $483, and ETH has risen to $202.

Markets Update: Traders Uncertain of the Next Crypto-Market Cycle
The top ten digital assets today on Sunday, September 9, 2018.

The top five cryptocurrency trade volumes today are BTC, USDT, ETH, EOS, and BCH. A large number of traders are focused on ethereum markets as they tumbled this week over 30 percent and ETH/USD shorts (bets against ETH) have reached an all-time high. The digital assets that took the least of the blows this week include BTC, XMR, and XML. Overall there really hasn’t been any horrible cryptocurrency news to justify the sliding prices but there also hasn’t been much positive news either to bring the opposite effect.

Markets Update: Traders Uncertain of the Next Crypto-Market Cycle
Ethereum (ETH/USD) Shorts on Bitfinex skyrocket to all-time highs.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are down 3.9 percent over the last 24 hours and 23 percent over the last seven days. At the time of publication, one BCH is trading for $483 per coin with $325.6 million in daily trade volume. The top exchanges swapping the most bitcoin cash today include Lbank ($80.61M), Coinex ($47M), Okex ($40.16M), Huobi ($37.95M), and Bitforex ($32.61M). The biggest pair traded with bitcoin cash is tether (USDT), capturing 42.6 percent of today’s BCH trades. This is followed by BTC (27.6%), ETH (17.2%), USD (7%), and QC (2.5%). With the fifth highest trade volume today and the fourth largest market capitalization, bitcoin cash has a valuation of around $8.4 billion this Sunday.

Markets Update: Traders Uncertain of the Next Crypto-Market Cycle
Bitcoin cash (BCH) market action on Sunday, September 9, 2018. 1-Day chart via Satoshi Pulse.

Bitcoin Core (BTC) Market Action

Bitcoin core (BTC) market values have seen losses of around 1.46 percent today and 11.65 percent over the last week. Currently, BTC is being swapped for $6,383 per coin and holds a market valuation of about $110.5 billion. 24-hour trade volume for BTC is around $4 billion and BTC market dominance is around 55 percent at the time of writing. The top five exchanges trading the most BTC today are Bitflyer ($2.11B), Binance ($238.96M), Bitfinex ($148.64M), Bitmart ($139.35M), and Coinex ($80.79M). The top five pairs traded with BTC this Sunday are tether (USDT 56.2%), USD (22.1%), JPY (10.4%), EUR (3.7%), and KRW (3%).

Markets Update: Traders Uncertain of the Next Crypto-Market Cycle
Bitcoin core (BTC) market action on Sunday, September 9, 2018. 1-Day chart via Satoshi Pulse.

The Verdict: A Thick Veil of Uncertainty and Confusion

Overall, today is seemingly better than the past 72 hours of trading sessions and many cryptocurrency markets are showing some consolidation. 2018 has been rough for those who didn’t expect a bear market this year as there was a very long cycle of denial and several bear traps over the last nine months. The current verdict this week is a thick veil of uncertainty and confusion.

Markets Update: Traders Uncertain of the Next Crypto-Market Cycle
September 2018: cryptocurrency traders assume markets are either in Panic, Depression, or the Hope cycle.

Many are wondering if we are entering the capitulation market cycle which will then lead to despair or depression, a trend that could cut digital asset values in half from the current vantage point. However, typically after the long accumulation phase and the depression cycle markets should reverse. The problem is traders don’t know if we have already suffered through despair or if we can expect more pain in the near future.

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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Bittrex to Launch Caribbean and Latin American Crypto Exchange

Bittrex to Launch Caribbean and Latin American Crypto-Exchange

The US-based exchange Bittrex has announced a partnership with Cryptofacil, a new cryptocurrency trading platform designed to accommodate citizens in Latin America and the Caribbean. The company explains the new exchange will be powered by Bittrex and offer customers in those regions accessibility to over 200 digital assets.

Also read: Proof-of-Stake is a Rebranded Version of the Old Financial System

US Exchange Bittrex Is Launching a New Exchange That Tends to Latin American and Caribbean Citizens

Bittrex to Launch Caribbean and Latin American Crypto-ExchangeThe North American cryptocurrency trading platform Bittrex is expanding its operations by entering a new partnership with a financial tech company called Cryptofacil. Bittrex has detailed it will be launching an exchange with Cryptofacil that will allow Latin American and Caribbean residents the ability to trade over 200 cryptocurrencies. At the moment the companies are offering a pre-registration period for interested traders. Cryptofacil’s co-founder, Andres Szafran, says the team plans to leverage the Bittrex trading platform’s experience and token review process.

“We developed Cryptofacil to focus on basic customer requirements: a simple and easy to use cryptocurrency platform with superior customer support and value-added services in a safe and secure environment,” explains Szafran. “Our goal is to become the crypto exchange of record and the most reputable platform in Latin America and the Caribbean.”

Bittrex to Launch Caribbean and Latin American Crypto-Exchange

A Focus on Driving Worldwide Cryptocurrency Adoption

Bittrex CEO Bill Shihara says the Cryptofacil team based in Uruguay has a deep knowledge of the Latin American and Caribbean markets. The partnership provides Bittrex with the opportunity to offer these residents access to a broad selection of cryptocurrency assets and the company’s reputation will help bolster the goal. The partnership with Cryptofacil “will further drive worldwide adoption,” Shihara detailed during the announcement.

Shihara emphasized:

As we continue expanding our global footprint, it is partnerships like this one that will serve to not only support the blockchain industry, but also to incubate innovative projects using this revolutionary technology.

In Latin America and the Caribbean, much of the population is unbanked and estimates believe over 400 million people do not have access to basic financial services. The new Cryptofacil exchange will compete with a slew of other firms trying to tap this market such as Bitso, Ripio, Volabit, Panda Exchange, Bitex, and Cryptobuyer. Founded in 2013 by Shihara and with over $39 million in daily cryptocurrency trade volume, Bittrex thinks it can make a dent in these areas. Moreover, while citizens from the Caribbean and Latin America will be Cryptofacil’s first venture, the platform may expand to other areas as well, details Bittrex.

What do you think about Bittrex expanding into the Caribbean and Latin America region with an exchange called Cryptofacil? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, Bittrex, and Cryptofacil. 


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Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

Cryptocurrency markets have lost considerable value since our last markets update three days ago. The entire digital currency economy of roughly 1900+ assets has lost $35 billion since then, and a great majority of cryptocurrencies over the last 24 hours are in the red seeing significant losses.

Also Read: New Information Heightens Satoshi Nakamoto Mystery

Crypto-Markets Drop Significantly

Just when cryptocurrency fans thought things were getting better and many digital assets started slowly moving back up, digital asset prices plunged during the early morning trading sessions on September 5. For example, bitcoin core (BTC) values slipped from the $7,400 range at 5 am EDT, to the $6,900 area until 5:30 pm. Then again BTC prices slid another leg down to a low of $6250 around 11 pm, but values have since increased back to the $6,400-6,500 area. Bitcoin cash (BCH) markets on September 5, from 12-to-5 am were seeing BCH prices coast along at $630 per coin, but dipped to $560 at 7 am. Following this, BCH dived even further as prices had dropped below the $500 zone and the price right now at the time of publication is $517 per BCH.

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

The top cryptocurrencies have followed a similar path and most digital assets are down between 8-14 percent in just one day. Some virtual currency markets are down as low as 20 percent over the last seven days. Ethereum (ETH) markets on Bitfinex had a serious flash sale as 60,000 ETH were dumped during yesterday morning’s early trading sessions. A half an hour later another 70,000 ETH were exchanged on the trading platform. This decline has pushed the price of ETH down 20 percent as it now hovers at around $225 per coin. No one is quite sure what happened yesterday, and some suspect an ethereum-based ICO might have cashed out. Then there are the curious losses BCH, BTC, and all the other coins that suffered too. Some skeptics blamed the Goldman Sachs decision to put off its cryptocurrency trading desk, which seemed a bit outlandish to most traders.

Bitcoin Cash (BCH) Market Action

As we mentioned above, the price of bitcoin cash is trading at $517 per BCH, and markets are seeing some buying action after the oversold conditions set in. BCH markets are down 8.6 percent over the last 24-hours and 2.9 percent over the last week. The market valuation right now is $8.8 billion and trading markets have been swapping around $528 million over the last day. The top exchanges swapping the most BCH include Lbank, Okex, Coinex, Binance, and Bitforex. The biggest currency pair today traded for bitcoin cash is tether (USDT) with 43 percent of the BCH market share. This is followed by BTC (27.5%), USD (13.1%), ETH (9%), and QC (2.2%). Bitcoin cash is the fifth largest cryptocurrency by trade volume today above litecoin (LTC) and below eos.

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

Bitcoin Core (BTC) Market Action

Bitcoin Core (BTC) prices are hovering around $6,494 per coin at the time of publication with a market valuation of around $112.4 billion. 24-hour trade volume is about $6.24 billion on September 6, and digital asset volumes across the board have all seen an increase. Bitcoin core is the top cryptocurrency by volume over the last day, and BTC is down 7.4 percent over the last 24 hours. The top trading platforms with the most BTC volume include Bitflyer, Bitfinex, Binance, Bitmart, and Coinbase Pro. The dominant pair traded with BTC is tether (USDT) which captures 42 percent of trades. The following top four pairs with BTC include USD (33%), JPY (11.4%), EUR (5.3%), and KRW (2.8%).

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

The Verdict: Uncertainty Stings With All Eyes on Short Positions and the Silk Road Stash

Since our last report, we discussed the rise of BTC/USD shorts stacking up and coming close to the August high of 40,000 shorts. Well, since bullish signals never came to fruition, shorts have continued to rise exponentially and there are now BTC/USD 38,700+ short positions today. Ethereum shorts are reaching all-time highs as well, and even at a $225 price per ETH bears are betting heavily against the cryptocurrency.

Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues

The verdict today is of course far less positive than our last market’s update three days ago, and traders are much more skeptical. On social media, telegram channels, and Reddit forums most traders do not believe this dump had anything to do with some silly decision Goldman Sachs made. Further, many traders are wondering about the Silk Road coins that have been on the move and if they will be exchanged on the market like the last ETH flash sale.

Coincidentally, traditional currency markets, specifically the USD is showing a lot of strength against a wide variety of nation state-issued currencies. Moreover, most commodities like precious metals and oil markets have been incredibly bearish over the last 30-days. But over the last 24 hours, the USD strength has grown softer and spot gold and cryptocurrency markets could rebound in the short term.

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.


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

 

The post Markets Update: Shorts Continue to Rise as Bearish Sentiment Ensues appeared first on Bitcoin News.

Markets Update: While Cryptocurrency Traders See Gains, Shorts Stack Up

Markets Update: While Cryptocurrency Traders See Gains, Shorts Stack Up

Cryptocurrency markets have shown some strength over the last seven days as many digital assets are up between 3 to 40 percent. At the time of publication, the entire digital currency market capitalization of all 1600+ cryptocurrencies is around $239B USD. The markets look far more optimistic than a few weeks ago but short contracts on Bitfinex order books for BTC/USD future markets in particular is nearing its all-time high once again.    

Also Read: New Information Heightens Satoshi Nakamoto Mystery

Cryptocurrency Markets See Some Gains This Week

Many people are wondering when the cryptocurrency bear market of 2018 will end. Some believe the tides are already changing while others believe it will continue to be a grueling year of dipping markets. There are still Wall Street bigwigs who think BTC will reach $20K by the year’s end and folks like Fundstrat’s Tom Lee remind us of these predictions every week. Meanwhile, this week a variety of digital assets have seen much larger gains than BTC’s 7.7 percent weekly rise, as some rose above 15 to 40 percent over the last seven days. For instance, bitcoin cash (BCH) spiked 17.8 percent during the last week, eos jumped 24 percent, and dash saw a 40 percent jump.

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

Bitcoin Core (BTC) Market Action

Right now BTC is hovering around $7,274 in value and is up 0.15 percent over the last 24 hours. BTC’s market valuation today is about $125.3B and $3.9B in trades have been swapped over the last day. The top five exchanges trading the most BTC are Bitflyer (69%), Binance (5.7%), Bitfinex (3.9%), Bitmart (3.3%), and Coinbene (2.9%). Right now there is lots of tether (USDT) being swapped with BTC as BTC/USDT pairs are around 59 percent today. This is followed by USD (16.8%), JPY (12.2%), KRW (3.2%), and EUR (2.9%).

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

BTC/USD Technical Indicators

At the time of writing, BTC/USD 4-hour charts show some interesting activity. The two Simple Moving Averages (SMA) have recently crossed hairs with the SMA 100 above the longer-term 200 SMA. This indicates the path towards the least resistance is the upside and prices may see some more upward pushes. However, the Relative Strength Index (RSI) is hovering around 64.3 showing some bullish exhaustion and overbought markets. Order books indicate that buyers need to surpass $7,500 and another pitstop at $7,850 to gain higher ground. On the backside, if bears gather more strength then there’s lots of foundational support between the current vantage point and $6,500.

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

Bitcoin Cash (BCH) Market Action

Currently, bitcoin cash prices are around $626 per coin and BCH has a market valuation of around $10.8B. Over the last 24 hours, BCH markets have seen around $399M in global trade volume. The top trading platforms swapping the most BCH include Lbank 16.47%, Coinex 13.65%, Okex 13.29%, Binance 10%, and Huobi 8.55%. The top currencies paired with BCH today include tether (USDT 46%), BTC (26.7%), ETH (12.4%), USD (8%), and QC (2.4%).      

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

BCH/USD Technical Indicators

Looking at the 4-hour BCH/USD chart on Bitfinex and Bitstamp shows some differences between the BTC/USD chart. For instance, the two SMA trend lines show the longer-term 200 SMA is well above the 100 showing the least resistance is toward the downside. The RSI oscillator for BCH/USD charts is meandering around 62 which indicates some uncertainty after some expected pull back. Looking at order books towards the upside shows from now until $680 there is heavy resistance. Towards the downside, strong support can be seen between now and $610, and at $550.

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

The Verdict: Enthusiasts Seem Positive, But Traders Are Betting Against BTC as Shorts Near Last August’s ATH

Cryptocurrency proponents seem optimistic the bearish trend will end soon, based on the sentiment to be observed on social media, Telegram trading chat groups, and forums. However looking at future markets on Bitfinex, Bitmex and others show people are betting heavily against BTC’s price going up. BTC/USD short contracts on Bitfinex are slowly approaching the all-time high (ATH) that took place on August 21.

Markets Update: While Cryptocurrency Traders See Gains - Shorts Stack Up

There was a small short squeeze that took place the following day but the squeeze was short-lived. Right now there are 33,408 shorts on the exchange and only 25,974 long positions. Again, either two things could happen: either the shorts bring the price down and bears get their way or lots of short positions will be squeezed which is what happened last April.

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.


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

The post Markets Update: While Cryptocurrency Traders See Gains, Shorts Stack Up appeared first on Bitcoin News.

Markets Update: BTC Shorts Approach Record Highs This Week

Markets Update: BTC Shorts Approach Record Highs This Week

Cryptocurrency markets have been consolidating after a few volatile spikes and subsequent dumps over the last few weeks. Now a lot of crypto-traders are uncertain what will happen next, but quite a lot of people are showing pessimism by betting against cryptocurrencies like BTC with short positions. At the moment, BTC/USD short positions on Bitfinex are slowly approaching the all-time high that took place this past April.

Also read: Testing the Newly Transformed Non-Custodial Coinbase Wallet   

BTC/USD Shorts Stack Up

Last April, BTC/USD short positions on Bitfinex reached a high of over 40,000 and now market shorts are climbing awfully close to that all-time high this August. At press time, there are 39,039 shorts on Bitfinex which means one of two things will happen — Either the price will drop downwards following suit with the bear’s predictions, or the bulls are playing a trick and the price will spike upwards very quickly in a very fast short-squeeze. People who are shorting BTC/USD believe and are betting the price will go down in the near future.

Markets Update: BTC Shorts Approach Record Highs This Week
BTC/USD shorts on Bitfinex are awfully close to April’s all-time high.

Long positions on Bitfinex are less than shorts at the moment, but not too much lower as there are 25,895 longs today on August 21. Traders playing long positions hope the BTC/USD price will replicate the action that took place last April when the price spiked fast and many got squeezed.

Markets Update: BTC Shorts Approach Record Highs This Week
Traders are betting long this week as well with 25,895 longs today on August 21. 

Waning Spot Volumes and a Lot of Money in Tether

There are two things that are also weighing heavily on traders: the lack of trade volume these days, and the amount of money in tether right now. BTC/USD trade volume has dropped significantly over the last few months and is around $3.7B over the last 24 hours. The lack of volume makes people leery of betting on a major rally as some traders think there’s not enough push to prime another bull-run.

Markets Update: BTC Shorts Approach Record Highs This Week

However, the large amounts of funds in tether (USDT) right now gives people the reason to believe all that money will flow back into cryptocurrencies. Tether does have a lot of money as the currency now holds the 8th largest market capitalization amongst every coin on August 21. USDT has a market valuation of around $2.7B right now and optimistic traders believe a large portion of that money will be back soon.

Leveraged Betting Increases Exponentially as Traders Hope They Made the Right Choice  

Additionally, leverage trading on exchanges that allow traders to bet short or long has grown exponentially over the past two months. Exchanges that offer these trades, like Bitfinex and Bitmex, have seen significant trades volumes. Bitfinex is the third largest trading platform by volume today on August 21, with $280M USD worth of BTC swapped over the last 24 hours. Another example is the leverage trading platform Bitmex, which traded 1,041,748 BTC on July 24 shattering records by hitting a daily trade volume over $1B USD. Bitmex touched another volume high again by swapping 1,027,214 BTC on August 8.

This week markets have been a lot less volatile which is giving everyone the impression that something will change shortly, especially with all the shorts stacking up over the last seven days. BTC/USD prices are hovering above the support zone, the rough region where most traders believe is BTC’s bottom ($5,800). Either the bulls will get rejected and the support zone gets tested again or they surpass current resistance and move back towards the $8K range. One thing is for sure, traders are betting on this outcome feverishly and hoping they made the right choice.

Where do you see the prices headed from here? Are you short or long? 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.


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

The post Markets Update: BTC Shorts Approach Record Highs This Week appeared first on Bitcoin News.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

Cryptocurrency prices have seen some recovery after our last markets update four days ago when a large majority of digital assets lost quite a bit of value. Since then, and more so over the last 48 hours, the entire crypto-economy capitalization ($216B) has gained roughly $20B. The action yesterday was more bullish as most of the top digital assets were up between 6-20 percent but have since lost some of those gains during this weekend’s trading sessions.

Also read: Testing the Newly Transformed Non-Custodial Coinbase Wallet

Up Moves, Down Moves, and Eight Months of Corrections

Last week was pretty bad for most of the top digital asset markets, except we mentioned during our last markets update that bitcoin core (BTC) spot market prices took the least of the blows downward. Then a little less than 48 hours ago and mostly yesterday cryptocurrency markets picked up again with BTC touching a high of $6,615 on Bitstamp. But on Friday, August 17 most digital asset markets besides BTC reaped a lot more gains as a good portion of the top markets saw 10-20 percent spikes.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

The biggest gainers were ripple (XRP), monero (XMR), and stellar (XLM) as the values of each currency are up between 2-5 percent over the last seven days. Top digital currency trade volumes today are held by BTC, USDT, ETH, EOS, XRP, and BCH. There’s been about $14B USD worth of trade volume swapped among all 1600+ virtual currencies.  

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are down today 4.3 percent while the past seven days show BCH is also down 2.2 percent. At the time of writing, BCH/USD markets are valued at $560 per coin with an overall market valuation of around $9.68B today. The top five exchanges swapping the most BCH this weekend are Okex, Coinex, Binance, Hitbtc, and Bitfinex.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

Market volume is fairly decent, but weaker with $420M USD worth of BCH traded over the last 24 hours. Right now the top currency paired with bitcoin cash on exchanges is tether (USDT) which captures 49.2 percent of all trades. This is followed by BTC (27.5%), USD (10.5%), ZB (3.44%), QC (3.16%), and the KRW (2.15%).

Bitcoin Core (BTC) Market Action

Bitcoin core (BTC) prices are up about 1 percent over the last seven days worth of trading sessions but are down 1.9 percent today. At press time the average price for BTC is around $6,430 per coin and BTC’s market capitalization is $110B. The top exchanges today trading the most BTC include Bitflyer, Binance, Coinbene, Bitfinex, and Okex.

Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance

As mentioned above, BTC captures the top volume position with around $4B in 24-hour trade volume which is much weaker than the $5.5B traded four days ago. The top pairs trading with BTC involve the following currencies tether (USDT 59.1%), USD (19.6%), JPY (11.5%), EUR (2.9%), KRW (2.3%) and bitcoin cash (BCH 1.7%).

The Verdict: Uncertain Predictions

At the moment, even with prices showing some upswing, and some traders believing cryptocurrencies will enter a bullish trend, most traders still seem pessimistic. It’s difficult to see digital assets rise with dwindling trade volumes. Furthermore, a lot of confidence has been shot over the last eight months of false bull flags and many psychological price levels degrading. Some believe there is a noticeable support zone and prices may still move sideways and test these zones again. Other, more optimistic traders think the path of least resistance is towards the upside and markets are entering a bearish-to-bullish trend. Much of these short-term theories will likely be confirmed within the next 48 hours.

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.


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

 

The post Markets Update: Crypto Prices Consolidate After Failing to Surpass Resistance appeared first on Bitcoin News.

Markets Update: Bloody Crypto-Markets Suffer More Losses

Markets Update: Bloody Crypto-Markets Suffer More Losses

Leading up until this Tuesday a great majority of cryptocurrency markets have lost considerable value over the past few days. Since our last markets update this past Saturday, the overall cryptocurrency capitalization as a whole has dropped significantly by losing $20 billion USD. All eyes will surely be fixed on digital asset charts this week as there’s been a plague of bearish market sentiment cast over the entire crypto-economy.

Also read: Coingeek Speaks on Consensus Changes and Next-Gen ASIC Chip 

There’s Blood in the Crypto-Streets

When it comes to cryptocurrency markets today on August 14, there’s an awful lot of ‘blood in the streets.’ During yesterday’s trading sessions, the entire cryptocurrency economy dropped under the sub-$200B zone and today the valuation is hovering around $195-199B. This is due to the extreme losses many digital currencies have suffered through over the past three days. A great majority of coins are seeing losses between 3-25 percent today as many assets have touched their previous bottoms or lower. Overall trade volume this Tuesday has increased, likely because prices are so low right now, and over the last 24-hours around $15.9B cryptocurrencies have been traded.

Markets Update: Bloody Crypto-Markets Suffer More Losses
The top ten digital assets today on August 14, 2018, at 10 am EDT.

Bitcoin core (BTC) has been able to dodge a lot of the downward blows as the currency has lost a lot less percentage wise than most other coins. This has led to BTC dominance or its market capitalization measured in comparison with the entire crypto-economy valuation to spike upwards of over 54 percent. Out of the top ten digital assets, cardano (ADA) has taken the biggest blow and has sunk to the 8th highest position because it lost over 16.8 percent in value over the last 24-hours. The price of ADA has dipped to around $0.09 per coin at the time of publication.

Markets Update: Bloody Crypto-Markets Suffer More Losses
Out of the top ten digital assets, cardano (ADA) has lost the most over the last 48-hours.

This is followed by the second biggest top ten loss with ethereum (ETH) seeing its market value lose 16.1 percent today with one ETH trading for $268. The third largest top ten loss today belongs to EOS as its markets are down 13.7 percent with one EOS trading for $4.44 per coin.

Bitcoin Core Market Action

Bitcoin core markets are down 3.94 percent today, and the cryptocurrency has been fighting to hold above $6,050-$6,175 per coin over the last day. Last night the BTC/USD price dropped to $5,880 coming awfully close to the currency’s assumed bottom at $5,774. Today BTC trade volume over the last day has been fairly decent at $5.5B and the currency’s entire market valuation is about $106B at press time.

Markets Update: Bloody Crypto-Markets Suffer More Losses

The top five exchanges swapping the most BTC includes Bitflyer, Okex, Bitfinex, Binance, and Coinbene. The trading pairs seeing the most swaps today with BTC includes tether (USDT 50.2%), USD (26.5%), JPY (11.3%), EUR (4.7%), KRW (2.4%) and bitcoin cash (BCH 1.88%).

Markets Update: Bloody Crypto-Markets Suffer More Losses
BTC/USD 4-H, August 14, 2018, 10 am EDT Coinbase.

Bitcoin Cash (BCH) Market Action

Bitcoin cash markets have seen a 24-hour loss of around 15 percent today and the currency’s market capitalization is around $8.5B. At the moment bitcoin cash is trying to stay above $490-515 at the time of writing but bulls have been struggling. Last night BCH dipped to a low of $472 on Bitstamp, but trade volume had spiked over $400M+ pushing the price back up after the drop.

Markets Update: Bloody Crypto-Markets Suffer More Losses

The five leading bitcoin cash exchanges today include Coinex, Okex, Binance, Hitbtc, and Bitfinex. The currencies that are currently being traded with bitcoin cash the most includes tether (USDT 49.1%), BTC (27%), USD (13.1%), QC (2.83%), ETH (2.79%), and the KRW (1.88%).

Markets Update: Bloody Crypto-Markets Suffer More Losses
BCH/USD 4-H, August 14, 2018, 10 am EDT Bitfinex.

The Verdict: Volatile Markets and Heavy Losses Increase Uncertainty

Digital asset markets have been wild over the past few weeks and many traders seem uncertain about where the ‘good-ship-crypto’ will go from here. 2017 was an exceptional year and the past seven months of 2018 has been literally the exact opposite as far as cryptocurrency values are concerned. The cryptocurrency economy as a whole has lost considerable value which in turn is brewing deep skepticism towards the future of certain crypto-markets. For now, most traders remain uncertain of where things will go and many are praying they played their positions correctly in hopes they don’t get squeezed. At the moment digital asset prices are starting to see a slight recovery after the significant losses last night. 

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.


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

The post Markets Update: Bloody Crypto-Markets Suffer More Losses appeared first on Bitcoin News.

Markets Update: Crypto-Prices See Some Recovery After the Dip

Markets Update: Crypto-Prices See Some Recovery After the Dip

Digital assets, this weekend, have recovered a touch after a temporary price dip that started roughly 48 hours ago but crypto-values have rebounded once again on July 27. This Saturday, all 1600+ digital currencies are seeing slight gains as the entire cryptocurrency market capitalization at the start of the weekend is around $297.9Bn USD, with over $32.2Bn worth of cryptos swapped in the last 24 hours.

Also Read: Crowd Psychology Driving BTC Prices, Finance Experts Say 

Cryptos See Some Slight Recovery This Weekend

A great majority of digital assets today are in the green seeing gains between 2-10 percent during the last 24 hours of trading sessions. Prices first took a big drop after the US Securities and Exchange Commission (SEC) had denied the Winklevoss twins exchange-traded fund (ETF) which may have put a black cloud over the community’s optimism concerning the upcoming Cboe ETF decision. After the ETF was denied, the price of bitcoin core (BTC) dropped from a rough average of $8,200 per BTC to a low of $7,798. However, not too long after that BTC prices jumped back up $400 to the $8,200 zone again. Most of the other digital currencies within the crypto-economy have been correlated with BTC and had followed the rebound back as most are nurturing losses today.

Bitcoin Core (BTC) Market Action

At the time of publication, the price of bitcoin core (BTC) is averaging around $8140- 8200 per coin. BTC has swapped over $6.2Bn today in global trade volume and the currency’s market valuation is around $140Bn this Saturday. The top BTC exchanges include Bitflyer ($2.02 Bn), Binance ($270.07 Mn), Bitfinex ($229.94 Mn), EXX ($212.66 Mn), and Coinbene ($169.53 Mn). The Japanese yen continues to be the dominant currency pair (49.5%) traded with BTC which is followed by tether (USDT 32.2%), USD (12.5%), EUR (1.64%), and the KRW (1.5%). BTC dominance is the highest it has been in months as the digital asset’s capitalization is 47.3 percent amongst all 1600+ market valuations. On the peer-to-peer platform, Shapeshift this Saturday shows the top swap is ethereum (ETH) for bitcoin core (BTC).   

Markets Update: Crypto-Prices See Some Recovery After the Dip

BTC/USD Technical Indicators

BTC/USD charts today on Coinbase and Bitstamp are showing some consolidated action taking place as bulls seem to be recharging. A few days ago, the BTC/USD charts’ relative strength index (RSI) signaled a bearish divergence which drowned out the bulls with buyers wanting cheaper prices. Today the RSI is lower (52) and BTC bulls could muster up some strength to surpass current resistance levels. The SMA 200 is above the short-term SMA 100 on the 4-hour chart which indicates the path to least resistance is towards the downside. MACd is meandering in the middle (27.89) and shows room for improvement in the next few hours. Order books looking northbound show deep resistance from now up until $8,660 and observations from the Average Directional Index (ADX) shows this move is possible. On the back side, there is plenty of foundational support between $8K through $7,400.

Markets Update: Crypto-Prices See Some Recovery After the Dip

Bitcoin Cash (BCH) Market Action  

Bitcoin cash (BCH) is being sold between $780 to 830 per coin this Saturday and the currency’s market valuation is around $14Bn. 24-hour trade volume is a bit lackluster since our last markets update as trades are around $567.3Mn today. The top BCH exchanges swapping the most bitcoin cash today include Coinex ($132.40 Mn), Okex ($59.30 Mn), Binance ($54.47 Mn), Hitbtc ($36.31 Mn), and Huobi Pro ($32.71 M). The top currency pair with BCH is tether (USDT 57.6%) which is followed by BTC (28.2%), USD (5.6%), ETH (2.7%), and KRW (1.14%). Bitcoin cash is the fifth most traded cryptocurrency this Saturday, just below the currency EOS.

Markets Update: Crypto-Prices See Some Recovery After the Dip

BCH/USD Technical Indicators

BCH/USD charts are somewhat similar to the BTC technical indicators. RSI levels for BCH/USD on Bitstamp and Bitfinex are hovering around the 44.76 area which shows improvements could be made in the short term. MACd is similar to BTC but looks as though its heading southbound at the time of writing.

Markets Update: Crypto-Prices See Some Recovery After the Dip

Further, the SMA 200 is also above the SMA 100 trendline which shows downside action is more tempting right now. However, the Average Directional Index (ADX) trend shows that bulls could push forward after chewing through some heavy resistance. Order books looking northbound indicate some pit stops between the current vantage point and then again at $840-870.

Markets Update: Crypto-Prices See Some Recovery After the Dip

The Verdict: Market Sentiment is Still Upbeat

Overall optimism seems pretty good this weekend as quite a few enthusiasts and traders seem positive the bearish trend is seemingly reversing. Most cryptocurrencies are up between 40-60 percent since the lows that took place on June 24. Some notable market movers this Saturday include XLM, BTC, VEN, BNB, and OX. The verdict today is still positive and a good majority of people believe prices will continue to trend higher but there are definitely a few skeptics who think the bear market may not be over just yet — But overall the verdict is still upbeat.   

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

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

The post Markets Update: Crypto-Prices See Some Recovery After the Dip appeared first on Bitcoin News.

BCH Roundup: Markets Spike While the Community Debates Token Protocols

BCH Roundup: Markets Spike While the Community Debates Token Protocols

There’s been a lot happening this week within the Bitcoin Cash (BCH) ecosystem, and much of the community’s discussion revolves around tokenization concepts on the BCH chain. Meanwhile, the network has been running smoothly, and BCH markets seem to be reversing their trend after cryptocurrencies values were experiencing bearish sentiment for the past six months.

Also read: Ross Ulbricht Joins Twitter

This Week’s BCH Network and Market Action   

In twelve days the Bitcoin Cash community will be celebrating the anniversary of the blockchain split that occurred last year on August 1. There’s been a lot going on within the BCH environment as far as infrastructure support and development. At the time of publication, the BCH chain is 7,031 blocks ahead of the Bitcoin Core (BTC) chain and BCH is operating at 12.47% of BTC’s difficulty. There are roughly 13 mining pools three of which are unknown and the BCH hashrate over the past seven days has been between 4.3 to 4.9 exahash per second. There have also been a few big blocks processed recently like one that measured 7.9 MB and was mined by Viabtc.

BCH Roundup: Markets Spike While the Community Debates Token Protocols

BCH markets this week have done well as the cryptocurrency’s value is up 19.5 percent over the last seven days. Today on Thursday, July 19 at 2 pm EDT the digital asset is worth $814 per BCH. Right now BCH has a $14Bn market valuation and it’s seeing $700Mn to $900Mn in daily trade volumes. The top BCH exchanges today include Coinex ($84.84 Mn), Huobi Pro ($83.15 Mn), Okex ($70.45 Mn), Binance ($59.14 Mn), and Hitbtc ($36.41 Mn). The top currency today paired with BCH is tether (USDT) commanding 47.7 percent of BCH trades. This is followed by BTC (29.9%), USD (11.2%), KRW (3.1%) and ETH (2.9%).

A Flurry of New Tokenization Projects and the Criticism Against OP_Return Token Systems

This week there were three tokenization projects announced that aim to add more depth to the Bitcoin Cash network. The first project revealed was called ‘Wormhole’ which is a fork of Omni Layer and is reportedly being developed by Bitmain developers. The next two projects announced is a Color Coin protocol implementation designed by the Cryptonize.it developers and also the Simple Ledger Protocol paper written by six well known BCH developers. However, the following day after these two ideas were made public a new discussion revolving around the flaws of OP_Return operations.

BCH Roundup: Markets Spike While the Community Debates Token Protocols

One blogpost on Yours.org, fully critiques the two papers that utilize OP_Return within their framework and further states that there is no friendly, simplified payment verification (SPV) support. The writer @lawn states that token systems that rely on BCH OP_Return operations must choose from reduced SPV wallet security, light wallet based validation, and trusted third-party validation or a combination.  

“I think token schemes based on OP_Return is a dead end and we should focus our energy on miner validated and fully SPV capable tokens,” explains the critique. “Thus far only GROUP fits the bill,” the writer adds.

Bitcoin Unlimited’s Andrew Stone Analyzes the Tokeda Project

BCH Roundup: Markets Spike While the Community Debates Token Protocols
BU’s lead developer Andrew Stone.

Then on Wednesday the lead developer for Bitcoin Unlimited (BU) Andrew Stone published a paper that reviews the Tokeda paper written by Joannes Vermorel. Stone’s ‘Tokeda Criticism’ says that the “Early Draft: Incomplete” paper written by Vermorel has been presented as a viable option against GROUP so it should be analyzed. The BU developer concludes that a lot of specifics within the Tokeda idea are general and unspecified and further would likely require some sort of “authority-based system.”    

“Although much of Tokeda is completely unspecified, it seems to propose a system where token holders control a UTXO that should only be spent to the issuer, who has the opportunity to apply arbitrary policy before forwarding the spend to its actual destination — It is, therefore, an authority-based, SPV capable system,” Stone’s criticism explains.   

However, it ineptly deploys the power of authority-based systems resulting in problems easily solved by other authority systems. By placing its UTXO on the blockchain, and requiring 2 transactions per transfer, it compares very unfavorably with respect to scalability with many other token proposals, including the permissionless Group tokenization. Authority-based tokens should be able to do much better in their ability to shard the UTXO.  

Stone continues, “For example, authority-based extension block systems such as FSHblocks can move all token transfers completely off-chain — out of history AND UTXO. The only on-chain transfers required are those that are actually moving BCH value between the BCH blockchain and the extension block.”

Given its lack of interactivity with BCH and authority-based architecture, there seems to be no reason whatsoever for Tokeda’s implementation on a blockchain.

With So Much Going On, BCH Proponents Hardly Notice the Market Uptrend

Overall the Bitcoin Cash community seems to enjoy evaluating these proposals, and the criticisms have also been welcomed to some degree. There are definitely developers who believe that their systems that utilize OP_Return operations are not dead ends and will continue in this permissionless environment — After all, no one can stop them from producing these tokenization systems.

BCH Roundup: Markets Spike While the Community Debates Token Protocols
Over the past year, BCH supporters have seen apps like Joystream, Memo.cash, Blockpress, Chainfeed, Cointext, Cashpay, Read.cash, Cash Shuffle and more.

Furthermore, BCH proponents seem pleased with the current development progress from programmers like Unwriter since the upgrade took place this past May. Markets have been better all around for most cryptocurrencies including bitcoin cash but the BCH community seems more focused than ever on the people building with the BCH chain. Most would agree that eventually, market uptrends will follow cryptocurrencies that show steady innovation.

What do you think about the latest events and announcements taking place within the Bitcoin Cash environment? Let us know your thoughts on this subject in the comment section below.


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The post BCH Roundup: Markets Spike While the Community Debates Token Protocols appeared first on Bitcoin News.

This New Trick Helps Exchanges Artificially Pump Up Their Trade Volume

This New Trick Helps Exchanges Artificially Pump Up Their Trade Volume

Some exchange operators have found a new trick to artificially pump up their trade volume. They are directly rewarding users with their own issued tokens for generating transactions, something critics call a backdoor ICO ripe for manipulation.

Also Read: If You Can’t Beat Them, Join Them – Bitcoin Is Hiring Regulators

Trading as Mining

This New Trick Helps Exchanges Artificially Pump Up Their Trade VolumeHigh trade volume has been a measure bitcoin exchanges competed on for a long while now. And some supposedly used various methods just to increase their numbers along the years, from zero-fee transactions to encouraging algos. Recently there were even accusations that some hired their own market makers just to constantly trade and even counting both sides of any trade, effectively doubling the real action. And now some have started to just pay traders for using their platforms instead of waiting for organic growth.

Apparently invented by Fcoin, a platform recently founded by former Huobi CTO Zhang Jian, the “transaction fee mining” model is meant to help clients offset trading costs by handing them exchange tokens. While this is a new development in crypto, it has precedents in other fields. FX and stock brokers sometimes offer cashbacks or other incentives (such as free iPads) dependent on volume to increase client trading. Here, however, the tokens are arguably a form of dividend-bearing securities, and offering control in the exchanges themselves … which is something that can not happen without crypto tokens.

Stealing Binance’s Thunder?

This New Trick Helps Exchanges Artificially Pump Up Their Trade VolumeA number of exchanges using the trans-fee model have popped up following Fcoin, including Singapore’s Coinbene and Hong Kong’s Bit-Z. The platforms have been able to rack up massive trade volume numbers in short time thanks to this method. Naturally, the company that is most upset about this is Binance which, of course, has its own token but distributed it in an ICO.

Binance CEO Changpeng Zhao slammed the practice as a disguised ICO on Chinese social media and reportedly stated: “If an exchange’s survival depends largely on the price rise of its own token rather than on transaction fee earnings, it has to drive up the token price. In this regard, less experienced traders and retail investors can hardly have the upper hand in the trading competition with those crypto whales, especially the exchange whale.”

Do you care about and trust the reported trade volume by exchanges in the bitcoin ecosystem? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post This New Trick Helps Exchanges Artificially Pump Up Their Trade Volume appeared first on Bitcoin News.

Markets Update: Cryptocurrency Prices Tumble Before the Weekend

Markets Update: Cryptocurrency Prices Tumble Before the Weekend

Cryptocurrency markets are slumping today as most digital asset markets are seeing losses between 8-20 percent over the past 24-hours. Lots of speculators are attributing the dump to the recent measures taken by Japan’s Financial Services Agency (FSA), asking cryptocurrency exchanges like Bitflyer to make improvements to the Japanese trading platforms’ anti-money laundering practices.

Also read: William Shatner Joins Bitcoin Mining Project, Admits He Doesn’t Quite Get It

The Crypto-Bears Are Back

Just a few days ago digital currency market prices were reversing northbound after the extremely bearish first two weeks of June. Now markets are once again being attacked by bears, and most of the top cryptocurrencies are seeing deep losses over the past day. Bitcoin Core (BTC) values have tumbled 8.5 percent over the last 24-hours and the currency is down 6.3 percent over the last week. Bitcoin Cash (BCH) markets are also down 12.5 percent during the past day, and over the last seven days BCH is down 11.7 percent. The decline in prices started after Japan’s FSA began telling exchanges they need to upgrade their systems and anti-money laundering procedures. We don’t really know whether or not this announcement is the true reason behind the dump, but traders and speculators have tethered the two together.

Markets Update: Cryptocurrency Prices Tumble Before the Weekend

Bitcoin Cash Market Action

Bitcoin Cash market prices are hovering around $759 USD per BCH at the time of publication. BCH is the fifth most traded cryptocurrency today as far as volume is concerned as the market has traded roughly $496Mn over the past day. At the moment the BCH market capitalization is 13.2Bn. The top exchanges swapping the most BCH today are Okex, Bitfinex, Huobi, Hitbtc, and EXX. The top currency traded with bitcoin cash today is BTC holding an average of around 42 percent of trades. This is followed by tether (USDT 22.8%), USD (21.2%), ETH (3.7%), and KRW (3.4%).

Markets Update: Cryptocurrency Prices Tumble Before the Weekend

BCH/USD Technical Indicators

Looking at the charts show things are uglier today than our last markets update. The two Simple Moving Averages (100 & 200 SMA) have a deep gap between each other looking at the 4-hour BCH/USD chart on Bitfinex. The short-term 100 SMA is well below the longer term 200 SMA which indicates the path of least resistance will likely be towards the downside. However, MACd is steadily heading southbound and could reverse and show improvement in the next few hours. The Relative Strength Index (RSI) levels are showing oversold conditions around -29 at the time of publication. This also reveals we could see a small trend reversal soon for a short period of time and volume indicates this as well. Looking at order books towards the upside bulls need to muster up strength and push past strong resistance at $800. There’s another upside pitstop at $875 if bulls really push it to the limit before getting exhausted. On the backside, bears will see some stops between the current vantage point and $680 as there are some strong foundations there for the time being.

Markets Update: Cryptocurrency Prices Tumble Before the Weekend

Bitcoin Core Market Action

Bitcoin Core (BTC) market prices are around $6,135 on Friday, June 22, 2018. The currency is the largest traded cryptocurrency as far as volume and BTC has traded $4.3Bn over the last day. The digital assets total market valuation today is 106Bn and BTC market dominance is 40.7 percent a slight increase since last week. The top exchanges trading the most BTC today include Binance, Bitfinex, Okex, Huobi, and Bitflyer. The Japanese yen accounts for over 60 percent of trades on June 22 as yen volume has decreased. This is followed by the USD (31%) USDT (7%), EUR (1.9%), and KRW (1.1%).

Markets Update: Cryptocurrency Prices Tumble Before the Weekend

BTC/USD Technical Indicators

Looking at the 4-hour BTC/USD chart on Coinbase and Bitstamp shows similar action taking place compared to the BCH/USD analysis. The 100 SMA is below the 200 moving average which shows again that bears may continue holding the reigns. MACd just saw a small push up but is now heading southbound once again. RSI levels are around -21 indicating oversold conditions as well. BTC bulls need to jump past the $6,400 range again and will see more resistance around $6,700 where the price hovered for a few days prior. On the backside, bears will need to crunch through buy orders between now and $5,400 which are mountainous walls, at least for now.

Markets Update: Cryptocurrency Prices Tumble Before the Weekend

The Top Crypto-Markets Tumble — EOS Suffers

Overall most of the top currencies are seeing losses, and the second highest capitalization belonging to ethereum (ETH) is down 10.7 percent today. One ETH is priced at $474 per coin, and the currency is down 5.2 percent over the last week. The second highest market, ripple (XRP), is down 7 percent today and one XRP is $0.49 cents per token. Lastly, the fifth largest valuation still belongs to EOS but the token is down 16.8 percent today. One EOS is priced at around $8.63, and markets have shaved 20.3 percent over the last week.

Markets Update: Cryptocurrency Prices Tumble Before the Weekend

The Verdict: Skepticism Remains Strong

The verdict today is far less positive then our last markets update as things are starting to look gloomy again as the weekend approaches. Traders are all calling newer and lower bottoms, and many are skeptical of brighter skies in the short term.

Markets Update: Cryptocurrency Prices Tumble Before the Weekend

Of course most are optimistic about the long-term but for now, no one is sure how long this bear run will last. With the naysayers saying 2018 is nothing like 2014 (including myself), it just may be that we are going through similar circumstances that may last just as long.

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

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, Coinlib.io, and Satoshi Pulse.


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

The post Markets Update: Cryptocurrency Prices Tumble Before the Weekend appeared first on Bitcoin News.

Markets Update: Crypto Prices Take a Weekend Beating

Markets Update: Crypto Prices Take a Weekend Beating

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

Also Read: CFTC Subpoenas Leading Exchanges for Trading Data

Crypto Markets Take a Jab to the Gut This Weekend

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

BTC Market Action

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

Markets Update: Crypto Prices Take a Weekend Beating

BTC/USD Technical Indicators

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

Markets Update: Crypto Prices Take a Weekend Beating

BCH Market Action

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

Markets Update: Crypto Prices Take a Weekend Beating

BCH/USD Technical Indicators

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

Markets Update: Crypto Prices Take a Weekend Beating

The Top Cryptocurrency Markets

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

Markets Update: Crypto Prices Take a Weekend Beating

The Verdict: Skepticism and the Search for That Confounded Bottom

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

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

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


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

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

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

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

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

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

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

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

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

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

A Lot Can Happen in Two Years

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

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

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

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

4. CHBTC (dead now). Today: Huobi

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

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

7. BTC100 (dead now). Today: Bithumb

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

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

10. Kraken. Today: Kraken

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

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

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


Images courtesy of Shutterstock and Coinmarketcap.


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Caspian Partners With Bitmex to Offer All-In-One Portfolio Services

Caspian Partners With Bitmex to Offer All-In-One Portfolio Services

On May 23 the cryptocurrency portfolio and risk management platform Caspian Tech announced a partnership with the Seychelles based trading platform the Bitcoin Mercantile Exchange (Bitmex). The move aims to bring Caspian closer to being an all-in-one platform with access to multiple exchanges.

Also read: Bitcoin in Brief Friday: Luxury Jets, Cheap Air Tickets Now Offered for Bitcoin Cash

Full Stack Portfolio Management Firm Caspian Partners With Bitmex

Caspian Partners With Bitmex to Offer All-In-One Portfolio Services The firm Caspian is making partnerships across the cryptocurrency ecosystem in order to become an all-in-one institutional, investor-focused portfolio management system. This week the firm partnered with Bitmex so now Caspian customers will have a unified trading module with more liquidity. Additionally, the firm provides Order and Execution Management System (OEMS), Risk Management System (RMS), and a Portfolio Management System (PMS).

Arthur Hayes, the co-founder of Bitmex, says the collaboration with Caspian makes sense because “Bitmex employs the latest in multi-factor security, inside and out.”

Bitmex offers quite a bit of liquidity as in the last 30 days the exchange has managed to swap $3Bn in trade volume. The firm offers leveraged trading and futures for multiple cryptocurrencies and claims to have “300 percent more Bitcoin/USD liquidity than any other platform.” Robert Dykes, CEO of Caspian, believes the company can leverage the firm’s multi-factor security – which is an issue of increasing interest to the company’s target market.               

“Our aim at Caspian is to drive exponential growth in crypto-trading participation amongst institutional and sophisticated investors,” Dykes explained during the announcement.

Caspian Partners With Bitmex to Offer All-In-One Portfolio Services
Bitmex states they have 300 percent more Bitcoin/USD liquidity than any other cryptocurrency trading platform.

Caspian Has Also Partnered With the OTC Fund Octagon and the Gemini Exchange

Essentially Caspian is a joint venture tethered to the firm Tora which provides an OEMS global trading platform alongside a blockchain firm called Kenetic. The company says its main mission is to offer sophisticated traders bank-grade security and trading technology. This month Caspian has been making partnerships with market makers like Bitmex as the firm recently partnered with Octagon, Asia’s largest OTC crypto-fund, and the Gemini exchange on May 4. The news follows many cryptocurrency exchanges looking to offer institutional grade financial services within their platforms while Caspian hopes to provide a Swiss army knife of exchanges.

What do you think about the Caspian services partnering with exchanges to offer a sophisticated trading service for institutional investors? Let us know your thoughts on this subject in the comments below.


Images via Shutterstock, Caspian, and Bitmex. 


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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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