Ripple price declined further below the $0.3040 and $0.3000 support levels against the US dollar.The price remained in a bearish zone below $0.3200 as discussed in yesterday’s analysis.There is a major bearish trend line in place with resistance at $0.3060 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could correct higher in the short term, but it is likely to decline further towards $0.2850.Ripple price extended losses and broke key supports against the US Dollar and bitcoin. XRP is currently in a bearish zone and it could continue to move down towards $0.2850 or $0.2820.Ripple Price AnalysisYesterday, we saw the start of a strong decline from the $0.3300 resistance area in ripple price against the US Dollar. The XRP/USD pair declined sharply below the $0.3250 and $0.3220 support levels. There was even a close below the $0.3200 level and the 100 hourly simple moving average. A swing low was formed near $0.3175 and later the price corrected higher. It moved above $0.3200, but it failed below the 50% Fib retracement level of the drop from the $0.3288 high to $0.3175 low.As a result, there was a fresh decline below the $0.3175 support area (as discussed in yesterday’s analysis). There was a sharp decline below the $0.3100 and $0.3040 support levels. The price even broke the $0.3000 support to register more than 10% intraday drop. It traded close to the $0.2900 level and a swing low was formed at $0.2904. At the moment, the price is consolidating losses above the $0.2910 level. It recovered above the 23.6% Fib retracement level of the recent drop from the $0.3216 high to $0.2904 low. On the upside, there are many hurdles near the $0.3050 and $0.3060 levels.There is also a major bearish trend line in place with resistance at $0.3060 on the hourly chart of the XRP/USD pair. The trend line coincides with the 50% Fib retracement level of the recent drop from the $0.3216 high to $0.2904 low. Therefore, it won’t be easy for the bulls to push the price above the $0.3050 and $0.3060 resistance levels.Looking at the chart, ripple price is clearly under a lot of bearish pressure below $0.3100 and the 100 hourly SMA. There is a risk of more losses below the $0.2900 support levels. Sellers may push the price towards $0.2850 or even $0.2820.Technical IndicatorsHourly MACD – The MACD for XRP/USD could move back in a bearish zone in the short term.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 and 40 levels.Major Support Levels – $0.2900, $0.2850 and $0.2820.Major Resistance Levels – $0.3050, $0.3060 and $0.3070.
Archives for April 24, 2019
ETH price extended losses and traded to a new weekly low near the $160 level against the US Dollar.The price is currently trading below the key resistance levels near $167 and $169.There is a major bearish trend line in place with resistance near $167 on the hourly chart of ETH/USD (data feed via Kraken).The pair might decline one last time towards $160 or $158 before a fresh upward move in the near term.Ethereum price seems to be struggling below key pivot levels versus the US Dollar and bitcoin. ETH could retest the $160 support area before the bulls take a stand.Ethereum Price AnalysisRecently, we saw the start of a major downside correction in Ethereum price from the $177 resistance against the US Dollar. The ETH/USD pair declined below the $170 support level and the 100 hourly simple moving average. The price tested the $166 support level and later corrected a few points. However, the price faced a strong resistance near the $170 resistance. There was a failure near the 50% Fib retracement level of the drop from the $177 high to $166 low.As a result, the price resumed its decline and it even broke the last swing low near $166. The decline was such that the price surpassed the $162 support and tested the $160 support area. A swing low was formed above $160 and the price recently corrected higher. It broke the 50% Fib retracement level of the recent decline from the $170 swing high to $160 swing low. The bulls were able to push the price above the $165 level as well. However, the $166-167 zone acted as a strong resistance.Ethereum failed to clear the 618% Fib retracement level of the recent decline from the $170 swing high to $160 swing low. There is also a major bearish trend line in place with resistance near $167 on the hourly chart of ETH/USD. Therefore, the price could decline one more time towards the $160 support area. On the upside, the $167 and $169 levels are major resistances. A close above $169 and the 100 hourly SMA is must for a fresh increase in the near term.Looking at the chart, Ethereum price is currently trading in a bearish zone below $167 and $169. It seems like there could be another dip towards $160 or $158. Once the current correction wave is complete, the price is likely to bounce back above $170.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is about to move back in the bearish zone.Hourly RSI – The RSI for ETH/USD failed to stay above 50 and it is currently moving towards the 40 level.Major Support Level – $160Major Resistance Level – $169
Local-search company Yelp has joined the pact by reportedly adding a filter to help users find merchants that accept cryptocurrency. No matter if you’re looking for a burger bar, dog groomer, or any other kind of business listed on its site, you can now zero in on those that let you pay with crypto.
Yelp’s move is reflective of a larger move that the crypto space has craved – mass adoption. Whether merchants are rolling out ways to draw in customers or demand to pay with crypto is on the rise, this is clearly a good sign.
— Yelp (@Yelp) April 20, 2019
Fresh Wave of New Faces
Yelp’s filter hunts down establishments that accept crypto. It doesn’t accept digital currencies itself.
Yelp’s filter is significant because its user base is huge. It reportedly had more than 30 million unique visitors on its mobile application and 69 million unique users on its mobile website last year. Roughly 62 million desktop users visited. This was just in its last fiscal quarter.
Another popular site that has made such moves is travel giant Expedia. Bitcoin.travel reportedly is now supporting payments in seven different cryptocurrencies, including Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and Dogecoin.
It’s no wonder that the travel space would have been among the first to start making concessions for crypto payment acceptance. The industry thrives on making the travel experience as painless as possible, and this includes customers having convenient payment options.
Putting Naysayers to Rest?
Yelp and the other online outfits becoming more comfortable with crypto should begin to put more of the critics to rest.
As recently as March, a CCN editorial writer discounted an article from the Economist that attempted to say bitcoin may never have a “long-lasting” recovery.
CCN also reported on a key bitcoin bull leaving his spot at financial services giant EY. Angus Champion said that while he’s still a bitcoin bull, he’s discouraged by how long he believes it will take for mass adoption and doesn’t want to wait around.
Angus hopes tougher-minded, more resilient people will continue to make strides in the space.
“I’m as confident in bitcoin’s ability to radically transform the world as I ever have been. However, I believe the time horizon to do that is very long, and I believe my best bet in the industry is to simply buy and hold.”
Bitcoin incurred a significant amount of buying pressure yesterday that allowed it to surge past $5,600, which instantly made many investors and analysts alike to flip bullish on the cryptocurrency. Despite this, BTC was unable to hold support at this price level and has since fallen into the $5,400 region.Now, one analyst believes that Bitcoin is close to being ready to form another leg up, on the condition that it is able to garner a strong buying reaction if it is to dip into the $5,300 region.Bitcoin (BTC) Fails to Find Support at $5,600At the time of writing Bitcoin is trading down roughly 2% at its current price of $5,490. On Monday, Bitcoin incurred a relatively large amount of buying pressure that pushed its price to the mid-$5,600 region, at which point it faced increased selling pressure that drove its price back down to its current levels.It is important to note that BTC is still trading up from its weekly lows of $5,230 and is just slightly below its one-month highs of $5,650, which were set yesterday.UB, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s current price action, explaining that he is closely watching to see how BTC responds to the $5,300, as a strong reaction to this price level may allow the crypto to form another leg up.“$BTC – I’m leaning towards another leg up if there’s a strong reaction from the ~$5300 area. If there’s a bounce before then, I may be interested in taking a short position from ~$5530 for a day trade. Whichever scenario happens, the end goal is the same ($5300),” he explained in a recent tweet.$BTC – I’m leaning towards another leg up if there’s a strong reaction from the ~$5300 area.If there’s a bounce before then, I may be interested in taking a short position from ~$5530 for a day trade,Whichever scenario happens, the end goal is the same ($5300).#Bitcoin pic.twitter.com/Gkdhz8kNP4— UB (@CryptoUB) April 24, 2019Another interesting pattern to note is that BTC is closely hugging an ascending trendline, which may lead it to climb higher in the near-future.“$BTC hugging this trendline, in play since the April breakout,” Alex Krüger, a popular analyst and economist who focuses primarily on cryptocurrencies, noted in a recent tweet.$BTC hugging this trendline, in play since the April breakout. pic.twitter.com/6Ri0DuwTGS— Alex Krüger (@krugermacro) April 24, 2019BTC May Still Be on Track for a Move Into the $6,000 Region Although Bitcoin’s slow upwards grind is leading many analysts to have conflicting opinions as to which direction the cryptocurrency is heading next, it may still be able to surge into the $6,000 region before incurring any significant selling pressure.Josh Rager, another popular analyst on Twitter, discussed this possibility in a recent tweet, explaining that BTC may climb as high as $6,400 before retracing.“$BTC – possible scenario: Bitcoin continues to make its way up to the peak interest area at $6400+. Lots of historical volume at this level and would create peak fomo. This is where people who bought previously at $6k have the opportunity sell to fomo buyers before a retrace,” he said.$BTC – possible scenarioBitcoin continues to make its way up to the peak interest area at $6400+Lots of historical volume at this level and would create peak fomoThis is where people who bought previously at $6k have the opportunity sell to fomo buyers before a retrace pic.twitter.com/XaUZvByhB2— Josh Rager 📈 (@Josh_Rager) April 24, 2019As the week continues on, it is likely that analysts will begin forming a general consensus as to where Bitcoin is heading next, and as to whether or not the persisting bear trend is truly over, or if further losses are imminent.Featured image from Shutterstock.
An online trading platform that boasts more than 11 million retail clients has been rumoured to be moving into the crypto industry. TDAmeritrade is believed to be working with Chicago-based crypto exchange ErisX to facilitate offering digital asset buying and selling on its platform.The news is just the latest example of an established platform opening up to the crypto asset industry. Previous examples such as those by Fidelity and Bakkt highlight that demand for digital currency-related services is clearly increasing, despite bearish sentiment continuing to abound.Is TDAmeritrade Bringing 11 Million Investors to Crypto?According to a report in crypto news resource, The Block, TDAmeritrade is moving into the digital asset industry. The publication cites an anonymous source “familiar with the situation” as linking the online trading platform with ErisX, a cryptocurrency trading venue based in Chicago.The story goes that TDAmeritrade is involved with testing how to link up different traditional asset exchanges with the ErisX platform. If true, this could mean that a whopping 11 million retail investors will soon have the opportunity to take on direct exposure to crypto on a platform that they are already highly familiar with.A spokesperson from ErisX declined to give the names of specific partners involved in the testing. However, they did confirm that there was indeed the aforementioned integration testing, which involved creating a “production environment with a limited number of participants to optimise the process in advance of our public launch.”SCOOP ! ErisX is testing its new crypto exchange, and TDAmeritrade is one firm looking to link up with the markethttps://t.co/9M9Pl6DVcJ— Frank Chaparro (@fintechfrank) April 24, 2019Lending additional credence to the rumours is the fact that TDAmeritrade has been busy creating a cryptocurrency-focused team. An internal message from the firm, also reported by The Block, stated that Sunayna Tuteja would take up a position as the Head of Digital Assets at the traditional asset online trading venue.Is the Market Finally Catching Up to the News?If you look at the total market capitalisation for all crypto assets since December 2017, you’d be forgiven for thinking that some terrible event happened that completely crushed all optimism for the financial revolution started by Bitcoin ten years ago.However, there has been no such black swan event. In fact, in terms of development, there has been plenty. Perhaps most telling that the demand for crypto is in the ascent rather than descent is the fact that some of the largest money managers and most established investment institutions are developing their own products and services to support the industry.The largest of these is the Intercontinental Exchange, who are currently waiting on regulatory approval for the much-anticipated Bakkt platform, along with Fidelty, the multi-trillion-dollar investment giant that recently launched its own custody platform.Evidently, there continues to be vast demand for such services from established and trusted names in the world of investments. The likes of the ICE and Fidelity are not going to put their reputation on the line for some flash-in-a-pan fad. Additionally, the fact that TDAmeritrade and the others that cannot yet be named are reportedly working with ErisX to offer their own crypto trading services only serves to highlight this further. Perhaps the recent price increases so far in 2019 finally represent this enduring interest in the of Bitcoin and other crypto assets. Related Reading: Do the Recent Trading Volume Highs Mark an End to the Bitcoin Bear Market?Featured Image from Shutterstock.
By CCN: It’s not easy being Charlie Lee. It’s no secret the Litecoin creator has had to deal with a crypto community that hasn’t gotten over his LTC portfolio sale. But he’s also fending off other blockchain projects, many of which have no place in the ecosystem to begin with. Lee took out his frustrations on Twitter, bemoaning the struggle to keep Litecoin in the limelight.
“Watch Litecoin surviving the test of time. It’s not easy fighting off all the s**tcoins and scamcoins to stay in the top 10.”
Litecoin is currently ranked as the fifth-biggest cryptocurrency on CoinMarketCap, though it continues to jockey for position among its peers.
Watch Litecoin surviving the test of time. It’s not easy fighting off all the shitcoins and scamcoins to stay in the top 10. 😀 https://t.co/7wWhBbxkKE
— Charlie Lee [LTC⚡] (@SatoshiLite) April 24, 2019
In the DataLight visualization, Litecoin holds its own against other cryptocurrencies over the past six years. Lee’s project was the second-biggest cryptocurrency in 2013, followed by Peercoin and Namecoin. If you haven’t heard of the latter two coins, it’s probably because they’re both ranked somewhere between the top 200-300 coins today. Eventually, XRP muscled its way in until Ethereum showed up and told them who was boss. Meanwhile, Litecoin, which Lee created as digital silver to bitcoin’s gold, has managed to maintain a spot in the top 10 cryptocurrencies since 2013.
‘No Such Thing as Crypto’
Incidentally, some people have a similarly scathing opinion about Litecoin, which was created using a variation of Bitcoin’s code. Derivatives trader Tone Vays doesn’t have time for any other coins, based on a recent tweet in which he eviscerates any project that is not bitcoin. He calls out Litecoin in addition to privacy coin Monero as “waste of time useless projects.”
There is no such thing as #crypto (even though I sometimes use that term). There is #Bitcoin, there are waste of time useless projects like $XMR, $LTC, & other PoW honest #Blockchains and there r SCAMS like $ETH, $DASH, $XRP and all #ICO‘s like $BNB, $EOS, $ADA & of course $TPAY https://t.co/d2RzPat8PX
— Tone Vays [#UnderstandBit] (@ToneVays) April 20, 2019
Upon further reflection, he clarified his position, saying:
“I agree, they are not ‘all scammers’ most of them are just Stupid and are not very good developers, or they would have actual jobs and/or be useful to society. I report my uncle who has been a truck driver for 40 years more than any Ethereum developer. He helps society.”
The bone Tone Vays has to pick with Lee surrounds a Swiss-based project called TokenPay, which partnered with Litecoin for a stake in Munich-based WEG bank. Vays suggests that Lee’s influence has influenced others in the crypto community for TokenPay like sheep being led to the slaughter.
Charlie Lee may be a leader, but crypto investors have minds of their own. If you have any doubt, consider how they responded to Coinbase’s controversial Hacking Team acquisition. There’s a reason why Litecoin has not wavered from its status as one of the top 10 cryptocurrencies.
Charlie Lee may have to swat a few flies, but at the end of the day, he’s leading one of the top-performing cryptocurrencies whose price has more than doubled year-to-date. The scam coins and s**t coins should be abated as the industry matures. For now, Charlie might want to keep that fly swatter handy.
In the past, the public has largely viewed cryptocurrencies – and Bitcoin in particular – as tools widely used by criminals that provide them with unfettered anonymity while they facilitate nefarious transactions on the dark web. Although the public’s perception of BTC and other digital currencies may have been altered slightly after the 2017 bull run that sucked new participants into the markets, the stigma still remains.Despite this, increasing regulatory scrutiny may begin reducing the amount of illicit transactions that cryptocurrencies facilitate, and increasing regulatory requirements for exchanges may nullify their use as money laundering tools.Dark Web Bitcoin (BTC) Purchases Continue to Grow SteadilyOver the past several years, Bitcoin has been the currency of choice for those looking to make purchases on the dark web, and many critics of the cryptocurrency incessantly claim that without the dark web, BTC would lose the majority of its utility.Although the massive progress the industry has made over the past several years certainly serves as a testament to the fact that cryptocurrencies have far more and greater use-cases than simply making anonymous purchases, those looking to make purchases on the dark and unregulated recesses of the internet are still relying heavily on Bitcoin.Nathaniel Popper, a New York Times journalist, recently conducted and compiled research on the scale of Bitcoin’s dark web use, and explained in a recent thread of tweets that despite several promising use-cases for BTC and other cryptos, nefarious transactions are still a large driving factor behind their adoption.“But there are things to worry about. While online payments using Bitcoin declined last year, Bitcoin purchases on the dark net grew steadily, according to data pulled together for us by Chainalysis. Transactions related to theft and hacking grew even faster,” Popper explained, referencing a chart that shows the significant amount of money being sent to dark net markets each month.But there are things to worry about. While online payments using Bitcoin declined last year, Bitcoin purchases on the dark net grew steadily, according to data pulled together for us by Chainalysis. Transactions related to theft and hacking grew even faster. pic.twitter.com/jaqtUJYz2w— Nathaniel Popper (@nathanielpopper) April 23, 2019Could Increasing Regulatory Scrutiny Shift These Transactions to Legal Markets?Until recently, most major online marketplaces have offered users services like PayPal to facilitate transactions, but as Bitcoin’s userbase continues to grow, it is highly likely that more sites will begin accepting it as a form of payment – as the transactions are rapid and it would eliminate the expensive fees and operational costs associated with accepting credit cards.Increasing regulatory scrutiny of the nascent markets may help drive adoption, as these marketplaces may grow more apt to accept crypto if the stigma surrounding its status as a tool for criminal is removed.Just today, New York announced its first conviction for money laundering using cryptocurrency, convicting two male defendants for laundering nearly $3 million in sales of controlled substances over the internet. The two men pled guilty to the charges and are now facing up to 7.5 years of jail time.It is highly likely that cases like this one will become common place as states and federal governments begin cracking down on illicit activity involving cryptocurrency, which will slowly but surely remove the negative stigma surrounding the bourgeoning technology, and will make large consumer-based corporations more hastened to accept it as a form of payment.Featured image from Shutterstock.
South Korean technology giant Samsung has invested 2.6 million euros ($2.9 million) into crypto hardware startup Ledger.
The investment gives the startup a valuation of roughly $290 million, French business magazine Capital reported Wednesday. A spokesperson for Ledger confirmed that Samsung backed the startup, but could not confirm further details. A Samsung representative did not respond to a request for comment by press time.
The news, coinciding with Ledger promoting Pascal Gauthier to CEO, follows previous funding rounds by the company, including a $7 million Series A fund raise in 2017 and a $75 million Series B in 2018. It is unclear whether Samsung’s investment is part of a larger funding round.
Ledger’s previous CEO and co-founder, Éric Larchevêque, confirmed the investment but declined to comment further, Capital reported. On Twitter, Larchevêque seemingly confirmed the news as well, saying in one tweet (translated from French) that “We will always need hardware wallets, but to accompany a revolution crypto based on a personal sovereignty accessible to all, the smartphone will actually play a central role.”
According to his Twitter bio, Larchevêque now serves as Ledger’s executive chairman.
A logical match
Ledger is currently working with various banks and other firms to offer a number of custody options. A custody venture with Japanese bank Nomura is expected to launch by 2020, while the hardware developer is simultaneously collaborating with Hong Kong-licensed Legacy Trust to offer custody services for ethereum-based tokens.
For its part, Samsung recently stormed into the crypto and blockchain space. It recently announced that a forthcoming new line of flagship smartphones – the Galaxy S10 series – will include crypto wallet functionality. And the company is now said to be working on its own unique blockchain based on ethereum.
Indeed, Samsung may one day issue its own token, according to CoinDesk Korea.
Samsung image via Nemanja Zotovic / Shutterstock
By CCN: If you Google the words “HitBTC” and “scam” together you get a lot of interesting results. The notable Bitcoin exchange appears very legitimate when you use it, but – at least in this reporter’s opinion – the anecdotes that come out of this place sometimes border on the disturbing. CCN received a tip from an alleged victim of their latest antics, in which they purportedly managed to bilk the entirety of their userbase out of MaxiMine, an ERC-20 token which has recently pumped by leaps and bounds.
Trader: HitBTC Failed to Swap MXM Crypto Tokens
Around the beginning of the month, MXM pumped by over 100%. Our source says this was right around the time that MXM issued a new smart contract. Holders of the old token were meant to be converted to the new contract, and crypto exchanges were issued tokens based on the amount they held.
MaxiMine explained the situation with HitBTC in a tweet:
What does it mean ?
We have sent new MXM tokens to Hitbtc when we were upgrading the contract, but when you made withdrawals to other platforms, they only sent old MXM tokens out but still kept new MXM tokens in their wallet. That’s why Coinbene cannot credit your balance.
— MaxiMine (@maximinecoin) April 3, 2019
We can see from the blockchain that HitBTC does indeed hold over 280,000 MXM tokens under the new contract. None of these have moved since the exchange received them.
Our source says he’s only lost about $80 in MaxiMine, but knows of people who lost thousands of dollars. He attempted to withdraw his tokens because HitBTC shut down the MXM markets. This gave users only one option to continue trading them: withdraw and trade somewhere else (like CoinBene.) However, the tokens issued to HitBTC users are no longer valid MXM tokens. Granted under the old contract, they have no value whatsoever.
Over 140,000 MXM Crypto Tokens Lost So Far
Blockchain data verifies the story, supposing we had any doubt in our source. We can see on the Ethereum blockchain that, since the swap, numerous withdrawals have processed on the old contract. One transaction for nearly 50,000 MXM, worth about $7,000 at the height of the recent bull run, was processed about a week ago. The address sending these transactions belongs to HitBTC. Over 140,000 tokens have been sent using the old contract by HitBTC since the token swap took place.
We’ve reached out to HitBTC for comment, but they’ve never been proactive about responding to our press inquiries.
Since the pump, several crypto exchanges have listed MXM. But back in February, only HitBTC and CoinBene were listing it, and the price was less than a penny. At that time, HitBTC was processing only a fraction of the MXM overall volume.
MaxiMine promoters were initially proud of their listing on HitBTC, reporting on it last year:
— MaxiMine (@maximinecoin) June 28, 2018
HitBTC has not commented publicly on its delisting of MXM. The exchange has routinely participated in other software updates, apparently without a hitch. Just recently they supported a change in the TUSD smart contract, joined on as an official EOS block producer, and updated their Bitcoin ABC nodes.
We have successfully supported the Bitcoin ABC Update. Trading pairs for BCHABC/BTC, BCHABC/USDT are available in our terminal: https://t.co/7imLWERLuu
— HitBTC (@hitbtc) April 17, 2019
However, according to our source and Twitter complaints, HitBTC is not receptive to feedback regarding the MXM boondoggle. The company allegedly banned numerous traders for asking after their tokens. Additionally, and this is important, the Bitcoin exchange has never explained why it suddenly delisted a market during its bull run.
— Aladino Dziri ☪ (@Aladino_DZ) April 24, 2019
Our source told CCN:
“The reason I chose to buy at HitBTC is because they were listed as an MXM partner, so I felt I could trust making my transactions there. Their blanket refusal to fix this just further shows they are not competent and should not be trusted with anyone’s money.”
HitBTC had several hours to respond to our inquiries before the publication of this post. This reporter advises any HitBTC users to take this information under advisement when deciding whether to continue using the exchange and to conduct research before depositing coins anywhere.