Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, Dash: Price Analysis, Nov. 21

Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, Dash: Price Analysis, Nov. 21

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. Bottoms are formed during market capitulations. After Bitcoin broke below the critical support of $5,900, investors dumped their holdings, fearing a complete loss on investment. For someone who does not believe in the future of cryptocurrencies and who was in it only for making a quick buck, it might be the right thing to do. However, for the others, who believe in the story of blockchain and cryptocurrencies, the current fall offers a great opportunity to invest for the long term. During bottom formations, the outlook is always very dire and every bit of news is viewed as negative. One such news was the U.S. Justice Department investigating the probability of Bitcoin manipulation in 2017 using stablecoin Tether. Though we believe that any regulatory step to protect retail investors is a long-term positive, the markets did not view it in the same way. After the fall, while naysayers are claiming victory and forecasting a further fall, the bulls see an opportunity to buy for the long term. It is difficult to predict a bottom when markets are gripped in fear. Hence, we believe it is better to wait for the markets to show signs of stabilization before attempting a buy. The software companies did not vanish after the dotcom bubble. The world did not come to an end after the financial crisis of 2007–2008. In the same way, this bear market will also pass and the stronger cryptocurrencies will rise and reward investors. Therefore, be patient and let the markets offer us a relatively low-risk buying opportunity. BTC/USD Bitcoin nosedived to a low of $4,368.69 on Nov.20. The fall of the past two days gives the impression of panic selling by investors. Usually bottoms are formed after such a round of liquidation.   Both moving averages have turned down, which is a negative sign. The RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback is likely. The bulls might attempt to carry…

Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, IOTA: Price Analysis, Nov. 19

Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, IOTA: Price Analysis, Nov. 19

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. After a period of three days, the crypto markets have resumed their downtrend. Total market capitalization of the crypto universe has dipped below $170 billion, which is a new yearly low. Following the increase in volatility and the renewed downtrend, some analysts have projected abysmally low prices for Bitcoin. When the sentiment is negative, such forecasts can scare new investors away, and also force the weaker hands to dump their holdings. In its short trading history, is this the first time that Bitcoin has fallen about 74 percent from its peak? No! According to Charlie Bilello, director of research at Pension Partners, the digital currency has twice plunged by 94 percent from its highs and again risen from the ashes. The third worst fall was 85 percent from its then highs. This shows that the asset class has experienced massive falls before. It is just that this time, Bitcoin is more in the limelight than on previous occasions. During bear markets and periods of panic, the fundamentals take a back seat and the markets are driven only by sentiment. Though such periods offer an opportunity to load up for the long term, it is better to wait for the decline to end before buying because prices can go abysmally low during panic selling. What are the lower levels that can attract buyers? Let’s find out. BTC/USD After a three-day break, the bears are back with a vengeance. Bitcoin has plummeted below the support of $5,450 with ease. Failure of the bulls to pullback to the $5,900 level shows selling pressure on every small rise. The 20-day EMA and the 50-day SMA have turned down and the RSI is deep in the oversold territory. This shows that the sellers continue to pound the BTC/USD pair without even waiting for a pullback. If the bulls fail to provide support at the important psychological level of $5000, the fall can extend to $4700 and below that to $4100. However, the reading of…

Major Swiss Stock Exchange SIX Lists World’s First Multi-Crypto ETP Amidst Market Collapse

Major Swiss Stock Exchange SIX Lists World’s First Multi-Crypto ETP Amidst Market Collapse

Switzerland’s principal stock exchange SIX Swiss Exchange will list the world’s first multi-crypto-based exchange-traded product (ETP) next week, the Financial Times (FT) reported Saturday, Nov. 16. Backed by the Swiss startup Amun AG, the first global multi-crypto ETP will be listed under index HODL, and will track five major cryptocurrencies: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). According to the article, each cryptocurrency will acquire a certain market share within the upcoming ETP, with Bitcoin accounting for around half of the ETP’s assets. The rest are set to be divided in fractions, with 25.4 percent in now-second cryptocurrency XRP, and 16.7 percent in Ethereum, while Bitcoin Cash and Litecoin will acquire 5.2 and 3 percent of the market, respectively. Amun’s co-founder and chief executive Hany Rashwan commented that the upcoming ETF is organized in a way to comply with the same strict policies that are required by traditional ETPs. According to Rashwan, this will provide a well-regulated tool for trading cryptocurrencies for both institutional and retail investors that are limited in the field by crypto-unfriendly environments. The Amun ETP index will be managed by the German index unit of investment management firm VanEck, according to major Swiss news agency Finews.com. While Amun AG is based in the Swiss “crypto valley” town of Zug, it is reportedly a branch of Amun Technologies, a U.K.-based fintech company. The firm first announced their plans to introduce a crypto ETP in late September this year, according to Bloomberg. According to Amun’s official website, SIX Swiss Exchange is the fourth largest stock exchange in Europe with a market capitalization of $1.6 trillion. On Wednesday, Nov. 14, head of securities and exchanges at SIX Thomas Zeeb claimed that blockchain-based digital exchanges will entirely replace conventional ones in “about ten years,” citing a large interest in cost advantages of the technology by brokers, banks, and insurance firms. ETPs represent a type of security that is priced derivatively and trades intraday on a national securities exchange, based on investment tools such as commodity, a currency, a share price, or an interest rate, according to New York City-based investing and finance website Investopedia. ETPs can reportedly be actively managed funds, including exchange-traded funds (ETFs), and others. Some experts have…

Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, DASH: Price Analysis, Nov. 16

Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, DASH: Price Analysis, Nov. 16

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. Bitcoin saw its third worst drop of 2018 on Nov. 14, as it broke down to new year-to-date lows. In doing so, it broke through the critical support of $5,900, which had held throughout the year. Prior to the breakdown, Bitcoin had entered a period of low volatility not seen in years. We were expecting the resolution of the tight range in cryptocurrencies to be to the upside, hence, our bias was on the long side. However, with the fall, the technical picture has weakened, and our assumption was proven wrong. We need to reassess our strategy in this new backdrop. Interestingly, not all cryptocurrencies have followed Bitcoin to new year-to-date lows. There are a few that have held out quite well. Ripple has overtaken Ethereum as the second most valuable cryptocurrency in terms of market capitalization. So, there are some bright spots even in this mayhem. Bitcoin Cash has completed its fork without any major incident. However, as it is still in its early days, we have skipped analyzing either coin today. After the recent fall, how should traders approach the markets? Is it time to step aside and wait, or do some cryptocurrencies offer a buying opportunity? Let’s study the charts and find out. BTC/USD Bitcoin plunged below the support of $5,900 on Nov. 14, to an intraday low of $5,737.02. The closing (UTC time frame) of the day was at $5,932.75, which shows buying near the lows. Nevertheless, the bears continued their selling the next day, plummeting prices further to $5,430.02, which was just below the support at $5,450. Some buying was seen again at the lower levels as the digital currency recovered lost ground and closed at $5,747.05. The pullback from the intraday lows in the past two days shows that the lower levels are attracting buying. This points to a retest of the breakdown level of $5,900 in the next 4–5 days. The performance of the BTC/USD pair at the $5,900 levels will give…

Bitcoin Volatility More Than Triples on the Month Amid Falling Crypto Prices

Bitcoin Volatility More Than Triples on the Month Amid Falling Crypto Prices

With all eyes on the crypto market mayhem and Bitcoin’s new year-to-date lows, the cryptocurrency’s soaring volatility levels remain underreported. According to the Bitcoin (BTC) Volatility Index as of yesterday, Dec. 9, volatility levels on the BTC-USD market have risen threefold on the month. BTC-USD Volatility Index 30-Day Chart, Nov. 9 – Dec. 9. Source: buybitcoinworldwide The most recent available data for Dec. 9 indicates that BTC-USD volatility hit 5.53 percent, as compared with 1.57 percent on Nov. 9 at the start of the 30-day Volatility Index. As of Nov. 19, volatility has been on a consistent ascent, from 2 percent to 4.53 percent one week later, and then upwards to break above 5 percent on Nov. 29. According to the BTC-USD chart for the preceding 30 days — between Oct. 9 and Nov. 9 —  volatility did not rise above 2.06 percent at any point, remaining closer to 1.5-1.7 percent for the majority of the period. BTC-USD Volatility Index 30-Day Chart, Oct. 9 – Nov. 9. Source: buybitcoinworldwide On the BTC-USD 6-month volatility chart, the trend shows a jagged but consistent decrease in volatility as of mid-August — from a six-month high of 3.84 percent in mid-August down to a low of just 0.73 percent in mid-November — before the exponential rise in recent weeks. BTC-USD Volatility Index 1-year Chart, Dec. 9 2017 – Dec. 9 2018. Source: buybitcoinworldwide The last time volatility was at a similar level this year was in mid-March, when Bitcoin was trading around $8,771 (Mar. 11), according to CoinMarketCap historical data. As previously reported, Bitcoin achieved a 17-month low volatility rate in early October, drawing considerable attention from the crypto community, and even the short-lived joke the asset had transpired to become “the ultimate stablecoin.” As of press time, Bitcoin is trading at $3,524, up 1.5 percent on the day and down around 16 and 45 percent on the week and month respectively, according to Cointelegraph’s Bitcoin Price Index.

Chilean Government Making Progress on Crypto Regulation, Says Finance Minister

Chilean Government Making Progress on Crypto Regulation, Says Finance Minister

Chile’s Minister of Finance Felipe Larrain claims that a group of state institutions “is making progress” in developing crypto regulation, local daily newspaper La Tercera reports Friday, Dec. 7. According to Larrain, the Ministry of Finance is working with Chile’s central bank and Financial Stability Board to provide a balanced legal framework for the crypto industry. He noted that crypto regulations are but one aspect of a wider project to provide legal definitions for the fintech sector. Larrain noted that crypto regulation might take time: “We are aware that it is important to move in this direction. But all countries in the world are facing similar problems [with crypto regulation], and there is no magic wand to solve them. We are exploring the best solutions to see how to regulate this brand new phenomenon.” In March, following the closure of crypto-business accounts in major Chilean banks, Larrain promised to develop a legal framework to normalize the situation. Nine months on however, no such legislation has come forward, although the Chilean parliament has made some forays into regulating blockchain technology. Larrain’s recent statement comes shortly after a Chilean Supreme Court decision, annulled a previous ruling by an anti-monopoly court to protect local crypto exchange Orionx and to reopen its banking accounts. In the decision, a judge claimed that cryptocurrencies “have no physical manifestation and no intrinsic value.” Despite the alarming publications in local media, Chile’s crypto entrepreneurs told Cointelegraph that the new decision has nothing to do with prohibiting crypto exchanges. Both Orionx and Buda.com, which have been involved in a legal battle since March, assure that their banking accounts will not be affected, as the anti-monopoly court’s decision is still in force.

Two US Bills Focus on Cryptocurrency Market Manipulation and Improving Regulations

Two US Bills Focus on Cryptocurrency Market Manipulation and Improving Regulations

Two new bills focusing on cryptocurrency market manipulation aim to “position the United States to be a leader in the cryptocurrency industry,” their sponsors claimed Dec. 6. The bills, dubbed “The Virtual Currency Consumer Protection Act of 2018” and “The U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2018” will go before the House of Representatives having been compiled in mid-November. A bipartisan effort, their authors, congressmen Darren Soto and Ted Budd, said they wish to “provide data on how Congress can best mitigate these risks while propelling development that benefits our economy.” “Virtual currencies and the underlying blockchain technology has a profound potential to be a driver of economic growth,” they said in a joint statement. “That’s why we must ensure that the United States is at the forefront of protecting consumers and the financial well-being of virtual currency investors, while also promoting an environment of innovation to maximize the potential of these technological advances.” The plans come as the U.S. sees continued growing pains in its journey to regulate cryptocurrency markets. As Cointelegraph reported Friday, a new academic report has highlighted “overlapping” jurisdiction of agencies as contributing to the U.S.’ lack of appeal for industry businesses and consumers alike. Cryptocurrency exchanges in particular have taken specific action to protect themselves from exposure by setting up offshore operations. Soto and Budd correspondingly seek to broaden the basis for domestic regulation by looking beyond borders, their second bill advocating a “comparative study of the regulation of virtual currency in other countries” in order to “make recommendations for regulatory changes to promote competitiveness.” Wall Street has already focused on market manipulation control meanwhile, Nasdaq in October claiming its financial instruments could help mitigate the practice.

Bitcoin’s Share of the Crypto Market Is Nearing a 3-Month High

Bitcoin’s Share of the Crypto Market Is Nearing a 3-Month High

Bitcoin’s share of the cryptocurrency market hit an 11-week high on Thursday, market data shows. Data from CoinMarketCap reveals that bitcoin’s dominance rate reached 55.38 percent on Dec. 6, which is its highest level recorded since Sept. 20. At press time, that figure is hovering around 55.1 percent.  The dominance rate is a metric used to measure the percent market share of a particular asset in cryptocurrency market. What the development suggests is that traders may be shifting funds from alternative cryptocurrencies into the world’s largest coin by market capitalization – or at the very least, demand for bitcoin is outpacing other networks. Bitcoin has always maintained the largest share of the cryptocurrency market, even when its dominance rate hit an all time low of 32 percent on Jan. 13 of this year. At the time, the alternative cryptocurrency market (or the crypto market excluding bitcoin) had seen its total capitalization increased nearly 24,000 percent over the course of the prior year, which ate away a considerable amount of bitcoin’s overall market share. Since then, the alternative cryptocurrency market has depreciated more than 90 percent in terms of total capitalization from its record high of $550 billion. Bitcoin’s price has struggled to retain its value, too, haven fallen over 80 percent since its all-time high was recorded in December 2017. Yet it’s still clearly the preferred cryptocurrency even in a risk-off market, where mitigating risk is a top priority – a claim shored up by its rising dominance rate.  Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing. ladder image via Shutterstock

Bitcoin, Ripple, Ethereum, Bitcoin Cash, Stellar, EOS, Litecoin, Cardano, Monero, TRON: Price Analysis, Dec. 3

Bitcoin, Ripple, Ethereum, Bitcoin Cash, Stellar, EOS, Litecoin, Cardano, Monero, TRON: Price Analysis, Dec. 3

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. Over-the-counter (OTC) trading desks usually cater to institutional or large individual traders. While retail traders are dumping their holdings in cryptocurrencies, institutional traders are using the opportunity to buy. Higher demand from large traders has encouraged U.S. cryptocurrency exchange Coinbase to start an OTC desk for its selected customers. This shows that it is only a matter of time before the tide turns from down to up. After a crushing bear market, one expects the volume to dry up due to the lack of buying interest. However, the notional volume of Bitcoin traded this year has already touched the $2.2 trillion mark, according to Satoshi Capital Research. The growth clocked this year is more than 61 percent over the previous year’s total volume of $870 billion. The numbers will soar after the markets turn bullish in 2019. Global funds network Calastone, which processes mutual fund trades for over 1,700 financial companies, will use blockchain for its entire system of fund trade clearing services. Deloitte, one of the “Big Four” audit firms, estimates that the use of blockchain will save $4.3 billion to the global fund industry, excluding the U.S. market. Even after the fall, cryptocurrencies continue to figure into the discussions of world leaders and policy makers. Recently, the G20 countries called for a tax on all cross-border cryptocurrency payment services and regulation to prevent money laundering. BTC/USD Bitcoin has formed a pennant, which is a continuation pattern. A breakdown and close (UTC time frame) below the trendline of the pennant will resume the downtrend and has a pattern target of $2,416.52. The support levels that can stall the fall are $3,620.26 and below that the critical support of $3,000. The moving averages continue to trend down and the RSI is close to the oversold zone, which shows that the bears have an upper hand. Failure of the BTC/USD pair to even reach the 38.2 percent Fibonacci retracement level of the recent fall shows the kind of selling on…

Bitcoin Sees Strongest 24-Hour Performance Since July, Total Market Cap Jumps $11 Bln

Bitcoin Sees Strongest 24-Hour Performance Since July, Total Market Cap Jumps $11 Bln

Wednesday, Nov. 28: After the dramatic Nov. 14 market dump, cryptocurrencies are staking major recoveries across the board, with all of the major coins seeing significant growth and scattered assets sealing double-digit gains, as data from Coin360 shows. Market visualization by Coin360 Bitcoin (BTC) has soared 9.3 percent on the day, breaking above the $4,000 mark to trade at trade at $4,050 at press time. This major bounce has set Bitcoin on track for its strongest daily performance since July, according to a Reuters report published earlier today. On the week, Bitcoin remains almost 16 percent in the red; monthly losses are at a stark 37 percent, according to Cointelegraph’s Bitcoin Price Index. Bitcoin 24-hour price chart. Source: Cointelegraph’s Bitcoin Price Index. Ripple (XRP) is up by a similarly strong 8.3 percent on the day to trade at $0.37 to press time. Today, with a market share of around $15 billion — as compared with Ethereum (ETH)’s $11.9 billion — the alt is holding on to its margin as second-largest ranked crypto asset. Ripple’s weekly and monthly charts are also in the red, with losses of 21 and 18 percent respectively. Ripple 7-day price chart. Source: CoinMarketCap Third-ranked crypto by market cap Ethereum (ETH) has clawed back lost ground to grow 9.7 percent on the day, trading at $114 to press time. The asset’s intraweek low came perilously close to double-digits in fiat value amid the market tumble, and it remains down a hefty 23 percent on its weekly chart. On the month, Ethereum is down close to 44 percent. Ethereum weekly price chart. Source: CoinMarketCap All of the remaining top ten coins on CoinMarketCap are firmly in the green, with seventh largest ranked crypto Litecoin (LTC) up 10 percent on the day to trade at $32; altcoins Stellar (XLM) and Cardano (ADA) are also strong performers, seeing growth of 9.3 and 10.45 percent respectively. Even embattled Bitcoin Cash (BCH) — which is down over 58 percent on the month, due to the fallout of its controversial hard fork Nov. 15. — has seen moderate growth of 4.45 percent on the day. The product of the BCH split, newly-forked “Bitcoin SV” (BSV) is currently ranked 9th largest crypto by market cap, seeing growth of around…