Bitcoin price climbed into a crucial uptrend after it broke the $4,200 resistance against the US Dollar.The price surged higher and broke the $4,500 and $5,000 resistances before starting a downside correction.There is a significant ascending channel formed with support at $4,900 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair remains well supported on dips and buyers are likely to push the price to a new 2019 high.Bitcoin price gained bullish momentum recently above $5,000 against the US Dollar. BTC is following a solid uptrend and it is likely to climb towards the $5,400 and $5,600 levels.Bitcoin Price Weekly Analysis (BTC)This past week, bitcoin started a strong rise after it broke the $4,200 resistance price against the US Dollar. The BTC/USD pair climbed above many resistance levels, including $4,400, $4,600 and $4,800. Buyers were even successful in a break above $5,000, plus a close above the 100 simple moving average (4-hours). The price traded above the $5,200 level and a new 2019 high was formed at $5,358. Later, the price started a downside correction and traded below $5,200 and $5,000.There was a break below the 50% Fib retracement level of the last wave from the $4,128 low to $5,358 high. However, the decline was limited and the price found support near the $4,750 level. The 50% Fib retracement level of the last wave from the $4,128 low to $5,358 high also acted as a strong support. Recently, the price started a fresh increase and moved above the $5,000 and $5,100 resistance levels, which is a positive sign.At the outset, there is a significant ascending channel formed with support at $4,900 on the 4-hours chart of the BTC/USD pair. The pair is likely to continue higher since it recently broke the $5,060 resistance level. To the topside, the price is likely to break the $5,358 high. The next stop could be $5,400, above which bitcoin is likely to surge towards the $5,600 resistance level in the near term.Looking at the chart, BTC price is clearly trading in a solid uptrend above the $4,900 support area. If there is a downside extension below $4,900, the price might revisit the $4,750 support level. The next major support is at $4,500, where buyers are likely to take a stand. In the short, there could be range moves before the price climbs towards the $5,400 or $5,600 level.Technical indicators4 hours MACD – The MACD for BTC/USD is about to move into the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is placed well above the 55 level.Major Support Level – $4,900Major Resistance Level – $5,400
Archives for April 6, 2019
ETH price started a nice uptrend above the $155 and $165 resistances against the US Dollar.The price traded as high as $180, corrected lower, and now preparing for the next upside break.There are two bullish trend lines in place with support near $159 and $153 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair remains in a strong uptrend and it is likely to climb towards $180 and $200 in the near term.Ethereum price is following a solid bullish path versus the US Dollar, but struggling against bitcoin. ETH is likely setting up for a fresh increase for $180 and $200, while BTC is already gaining momentum.Ethereum Price Weekly AnalysisThis past week, ETH price started a strong upward move after it broke the $140 and $145 resistances against the US Dollar. There was a nasty rise above the $155 resistance level and the 100 simple moving average (4-hours). Buyers gained control and pushed the price above the $165 and $170 resistance levels. The price traded to a new yearly high at $182 and later started a downside correction. There were a few swing moves, but finally a low and support was formed near the $154 level.Ether price recovered recently and moved above the $165 level. There was a break above 50% Fib retracement level of the last correction from the $180 high to $154 swing low. However, the price seems to be facing a strong resistance near the $170 and $172 levels. Besides, the 61.8% Fib retracement level of the last correction from the $180 high to $154 swing low also acted as a hurdle for buyers. At the moment, there are two bullish trend lines in place with support near $159 and $153 on the 4-hours chart of ETH/USD.More importantly, it seems like there is a breakout triangle in place with resistance near $170. A successful break above the triangle and $172 is likely to push the price higher. The next stop for buyers could be near the $180 swing high. Above $180, the main target is likely to be $200.The above chart indicates that Ethereum is clearly trading with a positive tone above $155 and $160. Even if there is a downside correction, the price remains supported near $160 and $155. Only a daily close below the $152 level and the 100 simple moving average (4-hours) might increase selling pressure.Technical Indicators4 hours MACD – The MACD for ETH/USD is about to move back in the bullish zone.4 hours RSI – The RSI for ETH/USD is currently positioned well above the 55 level.Major Support Level – $160Major Resistance Level – $180
The crypto rally has lots more runway ahead, even if the bitcoin price appears stuck. Trader and classical chartist Peter Brandt revealed his bullish prediction of $50,000 for the bitcoin price, which is currently holding steady at $5,000.
Investors must exhibit some patience, however, as it won’t happen overnight. Brandt expects that it will achieve this level over the next two-to-three years based on historical patterns that are resurfacing like a reflection in a mirror.
Bitcoin Price Could Surge to $50,000 by 2021
There are countless bitcoin predictions out there, so what makes his so special? Unlike much of the other analysis, Brandt presciently called bitcoin’s 2018 destiny in which the leading cryptocurrency shed more than 80% of its value.
He identified a similar pattern in the charts in 2018/2019 that replicate the price movements from the 2013-2015 bear market period, after which time the bull market arrived. Technically speaking, that’s where the bitcoin price is trading today. He told Yahoo Finance:
“We saw sequential 10 up and down moves in the bear market, and we’ve almost identically formed that same sort of pattern. After the 2015 low in bitcoin, we saw the market then developed into a parabolic advance,” said Brandt, adding: “Based on those analog studies, I think crypto now will go back into a parabolic bull market.”
Will the Bitcoin Price Retest 2018 Lows?
While Brandt’s outlook is music to the ears of bitcoin investors, his crystal ball isn’t free of interference. Brandt has questions, too, chief among which based on the “analog year comparison is whether [the] 10a rally will lead to 10b retest similar to 2013-2015,” as depicted in the below chart. In other words, will the bitcoin price rally for a while before retesting late 2018 lows, which was $3,122 on Bitstamp, over the summer before climbing to $50,000?
“There’s a chance that it does and a chance that it doesn’t,” he said in answer to his own question.
— Peter Brandt (@PeterLBrandt) April 6, 2019
Crypto Bull Runs Don’t Wait for Anybody
Whether that parabolic move has begun or bitcoin “takes a break” in the coming months, one thing is clear: the BTC price is headed for $50,000 between now and 2022.
“When bitcoin starts moving, it moves. It doesn’t hold up for everybody to catch a stagecoach,” said Brandt, who expects that bitcoin will leave its previous high of $20,000 in the dust.
Brandt, who has been trading for more than four decades, isn’t concerned with what’s driving the rally, just the “basic underlying demand for the coins themselves.” This is easier said than done, considering the unique nature of the cryptocurrency market whose only basis for comparison is about a decade. This differs from fundamental analysis, like that of Fundstrat’s Tom Lee, which will illuminate the catalysts behind the price moves. Lee is similarly bullish and told CNBC this week that bitcoin’s fair market value is currently $14,000.
Brandt, meanwhile, chalks up this week’s 20% bitcoin rally to good old “more buyers than sellers” – but also more urgency among buyers.
The crypto markets have continued to surge today, maintaining the upwards momentum that was first sparked when Bitcoin began to skyrocket from lows of $4,000. Today’s surge has led many cryptocurrencies to climb 3% or more, with some surging over 10%.Although today’s upwards momentum is certainly bullish, whether or not individual cryptos are able to continue climbing is largely dependent on if Bitcoin is able to maintain stability above its 200-day median, which recently turned into a support level.Bitcoin Swings Up Towards $5,200, But is Nearing ResistanceAt the time of writing, Bitcoin is trading up nearly 4% at its current price of $5,200, up from its 24-hour lows of just under $5,000. Today’s upwards movement was sparked when BTC briefly dropped below $5,000, which signals that there is a decent amount of buying pressure at this price level.David Puell, a popular cryptocurrency analyst on Twitter, recently explained that Bitcoin has now established its 200-day median as a strong level of support, which currently exists at roughly $4,000.“$BTC: Little something for ya… 1. A reminder of how beautiful the 200-day and 200-week moving averages are. 2. Bitcoin’s 200-day median, which just flipped to bullish and should serve as support in the next few months (currently at 4k),” he explained.$BTC: Little something for ya…1. A reminder of how beautiful the 200-day and 200-week moving averages are.2. Bitcoin’s 200-day median, which just flipped to bullish and should serve as support in the next few months (currently at 4k). pic.twitter.com/CpV9mYerkY— David Puell (@kenoshaking) April 6, 2019Crypto Markets Swing UpwardsBitcoin’s ability to continue climbing has led the crypto markets to surge, with many individual cryptocurrencies climbing 3% or more.Bitcoin Cash (BCH) has led today’s market surge, climbing nearly 13% to its current price of $326. In comparison, Ethereum (ETH) has climbed just under 3% to $168.90, while XRP has dropped nominally to its current price of $0.361.Litecoin is currently trading up nearly 10% at its current price of $96.41 and is nearing the important psychological level of $100.As for what may be fueling BCH and LTC’s latest surge, Alex Krüger, a popular economist who focuses on cryptocurrencies, recently explained that the amount of outstanding long positions – which he calls “fuel” – is playing a huge role.“$ETH not moving higher at the moment as strongly as other coins such as $LTC or $BCH has little to do with fundamentals. This is why (less fuel available),” he explained, referencing a chart that shows the open long positions for both Ethereum and Litecoin.$ETH not moving higher at the moment as strongly as other coins such as $LTC or $BCH has little to do with fundamentals.This is why 👇 (less fuel available) pic.twitter.com/aGg9gUBunz— Alex Krüger (@krugermacro) April 6, 2019As the weekend continues, traders and analysts alike will gain greater insight into where the markets will head in the week to come.Featured image from Shutterstock.
It isn’t a secret that last week’s price action has some convinced that the year-long crypto bear trend is coming to a head. In fact, Fundstrat’s in-house Bitcoin (BTC) optimist, Tom Lee, recently told Bloomberg that he adamantly believes that the cryptocurrency market can now be classified as a bull market, looking to the 200-day moving average for BTC to back his point.And interestingly, key technical indicators might agree with this buoyant sentiment.Related Reading: Notable Bitcoin Bear Flips Bullish, Expects BTC to Go Parabolic in Near-FutureBitcoin Trend Indicator Flips Green, Upside Could Be In StoreAccording to analyst Altcoin Pyscho, Guppy, a technical indicator that weighs moving averages to predict price trends, has “flipped green” on the one-day Bitcoin chart on BitMEX.$BTCTHE GUPPY HAS FLIPPED GREENUnless this is a fakeout, which has only happened twice on the bitcoin daily chart, the trend has officially been reversed.This is where you should start longing every bullish SFP (with stops) pic.twitter.com/aGHoqSl7jT— Altcoin Psycho (@AltcoinPsycho) April 5, 2019While there’s a fleeting chance that this shift in the Guppy is a bull trap or “fakeout,” which has purportedly only occurred twice in BTC’s history, Pyscho asserts that the bear trend has likely been reversed. He adds:“This is where you start longing every bullish swing failure pattern (with stops).”The popular Twitter pundit is far from the first to have proclaimed an end to bears, accentuating that this subset of traders is likely nearing hibernation.Earlier this week, Alex Krüger explained that if BTC breaks past $4,200, which it did, it would be fair to say that the previously ongoing downturn had been reversed. Krüger even quipped that he is “going to miss this big fellow.” And more recently, as hinted at earlier, Tom Lee claimed that Bitcoin is officially in a “bull run” state, drawing attention to the fact that it closed above a key moving average, thereby cementing the validity of the recent surge.Not So Fast, Weekly Guppy Indicates OtherwiseFunnily enough, however, the one-week Guppy is telling an entirely different story. Nunya Bizniz recently wrote on Twitter that the last time Bitcoin’s one-week Guppy looked as it is now, BTC rallied into the top of its range, before a final capitulation event, which brought the cryptocurrency lower than the seeming bottom. Thus, if history repeats, BTC will move to as high as $5,600 in the coming weeks, before a rapid sell-off that brings the asset under $3,000 for mere days.BTC: Guppy. pic.twitter.com/1PbWKaJNju— Nunya Bizniz (@Pladizow) April 5, 2019A trader going by the moniker “Budd” made a similar point, explaining that his analysis of the same weekly indicator shows that there are a “few more months of sideways” before an eventual rally, making it clear that this recent price action doesn’t exactly confirm that BTC hitting all-time highs soon is possible.Weekly Guppy says we have a few more months of sideways @AltcoinPsycho pic.twitter.com/U0PnfH0aZ6— ₿udd (@crypto_budd) April 5, 2019Featured Image from Shutterstock
The Nasdaq, which plunged in value following both the dotcom bubble and financial crisis, more than doubled in value in the following five years of post-bubble recovery. Like the Nasdaq, bitcoin could recover rapidly in the medium-term, analysis suggests.
With the 200-day moving average of bitcoin reversing its trend for the first time in 16 months and various technical indicators demonstrating a positive near-term trend for the asset, many industry executives and investment firms like Pantera Capital believe bitcoin has bottomed out.
If $3,122 Was the Bottom, Bitcoin is En Route to a Strong Recovery
As suggested by Bloomberg’s emerging markets analyst Michael Patterson, if bitcoin found its bottom at $3,122 in December 2018, the dominant cryptocurrency may be en route to a strong upside price movement in the years to come.
“If Bitcoin has in fact bottomed out, history suggests there could be further upside. The Nasdaq more than doubled in the five years after its post-bubble low and has since reached record highs that are well above its peak during dot-com mania,” Patterson wrote.”
Since hitting its 12-month low, the bitcoin price has rebounded to $5,000, recording a staggering 60 percent increase in value within less than four months.
Previously, former International Monetary Fund (IMF) economist Mark Dow said that bitcoin investors should head for the exits if the asset fails to recover to the $5,000 to $6,000 region, as it would lead the asset vulnerable to a potentially large downside movement.
What Makes Analysts Confident Bitcoin Found its Bottom?
Earlier this week, economist and global markets analyst Alex Krüger said that whether bitcoin has reached its bottom at $3,122 or not is not up for debate.
Purely based on technical indicators and data, Krüger emphasized that when the bitcoin price crossed $4,200, it broke out of its 16-month bear trend.
“The crypto bear market has been over for three months now. BTC breaking above $4,200 will mark the end of the bear trend that started in January 2018. Going to miss this big fellow.”
“This is not a call. Not a matter of aging well or not. A break above 4200 technically ends the bear trend that started Jan 2018. Facts don’t care about opinions. If strong selling resumes later on, that would represent a different trend.”
Moreover, fundamental analysts have said that there exist billions of dollars waiting on the sidelines in the cryptocurrency market to be allocated to crypto assets in the future.
Nearly $3 billion ready to flow into BTC and alts. https://t.co/kWTNCtbyZM
— Mati Greenspan (@MatiGreenspan) April 5, 2019
The caution of strategists in the financial sector is that in the 1990s when Japan’s Nikkei plunged during an intense correction, it struggled to recover until 2009.
However, it is difficult to compare the price trend of bitcoin and major stock markets because of contrasting environments.
As seen in previous bull runs of the cryptocurrency market, cryptocurrencies tend to move in cycles. When the market is on an upside trend, parabolic movements are often spotted. When the market initiates a downward movement, it often suffers intensified volatility.
Bitcoin Moves in Short Time Frames
Thomas Lee, the head of research at Fundstrat Global Advisors, said that bitcoin tends to record its biggest gains in a 10-day time frame of every year.
2/ Reminder that BTC generally generates all of its performance within 10D of any year.
–ex the top 10 days, BTC is down 25% annually since 2013 pic.twitter.com/zoEocEEZvu
— Thomas Lee (@fundstrat) April 2, 2019
As such, the way bitcoin and the rest of the cryptocurrency market behave in terms of short-term price movement is drastically different than how major markets such as the stock market of Japan moves.
Industry executives remain confident that bitcoin has established its bottom because of the level of activity in the cryptocurrency and blockchain industry across all leading markets including the U.S., Japan, and South Korea.
As the crypto markets head into the weekend trading session, Bitcoin has been able to maintain its upwards momentum, and has been able to continue its upwards ascent. Although BTC’s recent price action has been overwhelmingly positive as of late, it may still be caught in an accumulation phase.Assuming that Bitcoin’s current accumulation range reflects that seen following the 2015 bear market, BTC won’t exit the range until mid-July, meaning that traders will have plenty of opportunities to add to their positions.Bitcoin Stable Above $5,000, Continues to ClimbAt the time of writing, Bitcoin is trading up over 2% at its current price of $5,120, up from its daily lows of just under $5,000. Today’s upwards climb was sparked when BTC briefly dipped below $5,000 earlier today, signaling that this level has become a region of support.Bitcoin’s next level of resistance that traders should watch for exists at roughly $5,300, as this is where Bitcoin was swiftly rejected earlier this week when BTC surged to this price level from lows of $4,000.Josh Rager, a popular cryptocurrency analyst on Twitter, recently noted that in the previous bear market, Bitcoin formed an accumulation pattern between its 100-day moving average and its 200-day moving average, which may prove to be a similar trading range for BTC in the near-future.“$BTC Accumulation W Chart. Previous bear market Bitcoin accumulated under the 100 MA & supported by the 200 MA. Similar accumulation could happen with 200 MA (wick below) with the next uptrend starting after breaking above 100 MA. One possible scenario to observe next few months,” he explained.$BTC Accumulation W ChartPrevious bear market Bitcoin accumulated under the 100 MA & supported by the 200 MASimilar accumulation could happen with 200 MA (wick below) with the next uptrend starting after breaking above 100 MAOne possible scenario to observe next few months pic.twitter.com/BHZ3YN6kHZ— Josh Rager 📈 (@Josh_Rager) April 6, 2019Accumulation Range May Persist Until Mid-July of 2019 Moreover, Rager also explained that there is a possibility that Bitcoin is currently mirroring the price action it witnessed in 2015 following the large bear market, which could mean that BTC will be caught in an accumulation zone until mid-July of this year.“$BTC Accumulation Pattern. It took Bitcoin 216 days for accumulation from bottom to spring in 2015. If this were accumulation, this week’s $1000 candle would be the exact middle of 216 accumulation days and would end on July 19th, 2019,” he explained, further adding that comparison analyses are “pure speculation.”$BTC Accumulation W ChartPrevious bear market Bitcoin accumulated under the 100 MA & supported by the 200 MASimilar accumulation could happen with 200 MA (wick below) with the next uptrend starting after breaking above 100 MAOne possible scenario to observe next few months pic.twitter.com/BHZ3YN6kHZ— Josh Rager 📈 (@Josh_Rager) April 6, 2019As the weekend trading session continues, Bitcoin’s price action will continue to unfold, and will likely set the tone for how the markets will trend in the week to come.Featured image from Shutterstock.
Ripple prices trending within a bull breakout after closing above 34 centsBanks are hesitant to adopt xRapid and instead use xCurrentNo doubt, Ripple Inc is proposing a novel and livelihood lifting idea that stands to shape remittance. However, with incumbents holding their ground, revamping their systems and plugging leakages, Ripple has much ground to cover. As they do so, Ripple (XRP) bulls are back and likely to close above 40 cents by mid-next week.Ripple Price AnalysisFundamentalsThe global payment and financial landscape are unrivaled when it comes to testing new systems. They are cautious, and all they need are solutions that are secure beyond “any reasonable doubt.” Unfortunately, though, they are plagued by scandals and continue to soak in heavy fines especially from US and European regulators. The latest mega bank was Swedbank whose CEO had to face the sack because of the institution’s involvement in a money laundering scandal unnecessarily heaping pressure on their operations.Regardless, while they are the main cog in global finance steadying economies, their failure to test new systems as Ripple’s solutions don’t make sense. As a real-time, global payment system, Ripple proposal is to replace SWIFT, an age-old messaging network that until recently, in the face of competition was unwilling to innovate and reduce lag time.A handful of banks are part of the Ripple network with most utilizing xCurrent, an enterprise-grade solution that allows instantaneous settlement and end to end encryption of transaction between member banks. However, investors are tracking adoption of xRapid. Mired by regulatory challenges, once there’s clarification from the US, it would be all systems go.Candlestick ArrangementsAt spot rate, Ripple (XRP) bulls are back and trading above 34 cents, our buy trigger line. That means, in line with our XRP/USD trade plans, buyers are in control now that today’s bar has a long lower wick and low resistance. As a result, risk-off and aggressive traders should look for entry opportunities in lower time frames.According to our previous iterations, the only time risk-averse traders would be in control is when there is a satisfactory and comprehensive close above 40 cents, our next main liquidation level that has been capping gains in the last four months.Therefore, as mentioned, the minor break above the 61.8 percent Fibonacci retracement level places our first target at 40 cents. That’s unless there is a counter bar wiping out gains of Apr 5 pinning back bulls to a 4 cents trade range.Technical IndicatorsTrade volumes are picking up and reflecting this observation is increasing volatility, and XRP bull bars banding along the upper BB. Since Ripple (XRP) is trading within a minor bull breakout after closing above 34 cents, participation is likely to pick up. That means any break above 40 cents would most likely be from a full ranging bar whose volumes exceed Apr 2’s 79 million. If that is the case odds are XRP will rally towards 60 cents and 80 cents.Chart courtesy of Trading View
Ethereum prices on an uptrend, add 16.9 percent in the last weekVolumes could spike if ETH break above $170 at the back of high trade volumesBloomberg says Ethereum is losing steam and Vitalik affirm their findings. But this is expected. Competition is heating up, and more are launching faster and scalable platforms. In the meantime, Ethereum (ETH) is lagging and poised to close above $170 for the first time since Nov 2018.Ethereum Price AnalysisFundamentalsDespite criticism, Ethereum is the market leader and the pioneer smart contract platform. It was the first project to introduce smart contract capability, is permissionless and popular with developers. Since Homestead, progress is positive, and the evolution now is towards proof-of-stake in Serenity. There is also Ethereum 2.0, and if anything, the community is undoubtedly satisfied with what lies ahead.However, in their progress–and in a bid to cement their position as a market leader in smart contracting, similar projects cropped up. Projects as DFinity, EOS, and Tron for example promise to tokenize assets but do so with better throughput and scalable platform. Competition is so stiff that Vitalik admits that they are slipping. His honest overview is visible when China’s CCID ranked the project as third, behind EOS and Tron.But there could be no better comparison than organic findings from Google Trend. In a tweet, a user, Misha notes that Ethereum’s competitor Tron is on demand thanks to BitTorrent and its successful ICO which in turn is driving the asset trading volume at the expense of Ethereum. Candlestick ArrangementsOn-chain development is indeed positive, and at second, Ethereum (ETH) is underperforming. The second most valuable coin is up 16.9 percent in the last week and a massive 2.5 percent in the previous day meaning bulls are back as ETH benefit from Bitcoin flow juices.All the same, ETH is lagging, and unlike other assets as Bitcoin or TRX for example, the coin is struggling and yet to reverse Q4 losses. That means ETH is trading below $170 despite underlying momentum being high. It’s easy to see. ETH bull bars are banding along the upper BB, and as bulls step up, the upper and middle BB are diverging.In line with our last ETH/USD trade plan, aggressive traders can load up on dips in smaller time frames, but it is only until after bulls close above $170 that risk-averse, conservative traders can load up with targets at $250. By doing so, ETH will be free, closing above a four-month resistance trend line and resulting tailwind would easily propel prices towards $250.Technical IndicatorsBuy momentum is high and we expect volumes to surge once ETH bulls close above $170 in a breakout pattern. Ideally, any close above $170 must be with high transaction volumes above Feb 24—880k exceeding Apr 2—575k.Chart courtesy of Trading View
Another week, another round of Crypto Tidbits. I think it would be fair to say that the bulls are back (for the time being) baby! Over the past week, the vale of Bitcoin (BTC) has exploded, pushing past $5,000 for the first time since mid-November.This bullish price action, a move deemed “too far, too fast” by some analysts, has all been underscored by a number of key developments in the underlying industry. Over the past seven days, PayPal has delved into the blockchain space, the SEC has cleared the waters about ICOs, Binance announced a tentative date for its decentralized exchange, Deconomy took place, and crypto returned to the mainstream… again.Related Reading: Crypto Tidbits: DragonEx Hacked For Bitcoin, VanEck ETF Delayed, Facebook Blockchain Hiring SpreeCrypto TidbitsCrypto Startup Liquid Valued At $1 Billion: Liquid, a fiat-to-crypto trading platform, is the latest industry firm to have surmounted a $1 billion valuation in the startup realm. While the platform is little-known, it has become widely-respected, giving users a regulated, reliable exchange to trade Bitcoin, XRP, and other digital assets. The firm’s latest valuation, which classifies it as a Japanese “Unicorn” ($1 billion+), comes after IDG Capital and Bitmain’s venture capital arm, two leading crypto investors, funded Liquid in a bid to spark global expansion, product development, and a foray into the security token marketplace. This asserts that the infrastructure side of the crypto space hasn’t slowed, even in spite of the downturn.Binance To Soon Launch Decentralized Exchange: In a recent speech at South Korean crypto event Deconomy, one of the industry’s largest conferences, Changpeng Zhao of Binance revealed that his firm’s decentralized exchange will be launching by the end of the month. He added that the company’s Singapore fiat on-ramp will also go live in the coming weeks, asserting that Binance has been kept its nose to the grindstone in harrowing market conditions.PayPal Finally Forays Into Blockchain: At long last, fintech darling PayPal has entered the blockchain fray. According to CoinDesk, the firm recently invested an undisclosed sum in Cambridge Blockchain’s Series A extension round, which raised a purported sum in the low single-digit millions. Cambridge Blockchain, which is also backed by crypto industry conglomerate Digital Currency Group, the Apple-affiliated Foxconn, and HCM Capital, is an upstart that allows institutions to transfer sensitive data through ledgers. While this doesn’t show that PayPal is crypto-friendly just yet, this move accentuates the firm’s growing concerns for privacy, as it intends to harness Cambridge’s technology to give users a “lot more direct control over their personal data.”Bithumb Hacked For $13M Of EOS, $6M XRP In Inside Job: Early last week, rumors suggested that Bithumb, a South Korean crypto exchange, was hacked. After hours of radio silence and sudden wallet maintenance, the startup revealed that it had been subject to an attack from “insiders” in which $13 million worth of EOS and $6 million worth of XRP was snatched from company wallets. Bithumb maintained that all consumer funds were kept under lock and key.SEC Looks To Hire Crypto Specialist: Earlier this week, a job listing on a government site revealed that the U.S. Securities and Exchange Commission (SEC) was looking for a “Crypto Specialist.” People applying for this newfangled role need to purportedly have proficiency in federal securities laws, especially how they apply to digital assets and blockchain technologies. This comes as Facebook has unveiled its need for a “Director of Technical Account and Securities and Exchange Commission (SEC) Reporting.”SEC Clarifies Stance On ICOs With Much-Needed Document: Continuing on the theme of regulatory clarity, the SEC subsequently unveiled a guideline for initial coin offerings and other digital assets after it posted the aforementioned job offer. The document, titled Framework for ‘Investment Contract’ Analysis of Digital Assets, asserted that the aged Howey Test should be applied to cryptocurrencies, rather than another set of rules. While this isn’t exactly bullish, it gives blockchain projects some much-needed clarity.Riot Blockchain Hemorrhaged $58 Million In 2018: Riot Blockchain, a nascent cryptocurrency mining firm, recently unveiled its 2018 financial report. And it wasn’t exactly pretty. The firm revealed that it had tallied a $58 million net loss for fiscal 2018, primarily citing the depreciation of its holdings and machines as reasoning for its poor financial standing. This only perpetuates the fact that the publicly-listed blockchain company, which is only a newcomer to the crypto industry, is in hot water, as it is purportedly being probed by the Securities and Exchange Commission in the U.S.Elon Musk Signal Boosts Dogecoin: Earlier this week, Tesla CEO Elon Musk took the mantle as the first (and last) ‘CEO’ of Dogecoin. The entrepreneur quickly replaced his Twitter biography with a short “CEO of Dogecoin.” He subsequently tweeted a meme about the meme cryptocurrency, one that accentuated the Silicon Valley mainstay’s enamorment with Internet culture, and a Bitcoin price-related article from satire outlet The Onion. While the latter action was slow to garner engagement, the former quickly went viral, not just on Crypto Twitter, with the joke-ridden tweet sporting tens of thousands of likes. And just minutes later, Musk regened on his newfound position, becoming the “Former CEO of Dogecoin.” What a turnaround.