By many measures, Tuesday was the biggest day for Bitcoin (BTC) and crypto ever. As some quipped on what is affectionately known as “Crypto Twitter”, yesterday was a “turning point” for the entire industry. If you’ve been living under a rock, here’s a recap.Related Reading: Bitcoin (BTC) Price Uptrend Intact: Bulls Sighting Fresh IncreaseDuring the wee hours of Tuesday morning, Facebook, making good on months of rumors and speculation, unveiled Libra, the world’s first Silicon Valley-backed cryptocurrency. True to leaks published over recent months, the project was revealed to be a stablecoin, backed by a basket of assets that includes but isn’t limited to the United States Dollar.What was also confirmed was that Libra, which quickly occupied the headlines of every mainstream media outlet — from Bloomberg to the New York Times — was backed by corporate giants. Visa, Mastercard, Booking Holdings (Booking.com, Kayak, etc.), Uber, Spotify, Coinbase, and notable venture capitalists.Interestingly, while Libra appeals to the public more than it does to the Bitcoin-lauding decentralists, most in the cryptocurrency community has begun to embrace this venture. In fact, some state that this project has the potential not only to decimate the need for altcoins but boost BTC to new highs too.Bitcoin Bulls Welcome Libra With Open ArmsAt launch, Libra is expected to be the, as HTC’s Phil Chen puts it, the “antithesis” of Bitcoin. While the development of the blockchain and its in-house programming language “Move” will be open-sourced, nodes are expected to be permissioned at launch.Yet, many are bullish on the project anyways. In a comment issued via Twitter, Max Keiser, a prominent anti-establishment proponent (that wants to burn fiat at an upcoming Bitcoin conference), explained that Facebook’s cryptocurrency will be instrumental in the success — not downfall — of Bitcoin.It’s built into the protocol’s genesis block that eventually a heavyweight like $fb would take on BTC. This increased awareness and appeal to would-be potentates will, of course, drive the hashrate to new highs, leading to new ATH for BTC price. Zuck is Satoshi’s useful idiot.— Max Keiser, tweet poet. (@maxkeiser) June 18, 2019Keiser remarked that built into Bitcoin’s Genesis Block is code that tacitly awaited the arrival of a “heavyweight” like Facebook into the cryptocurrency ecosystem. He explains that with the increased awareness and appeal of the digital asset class achieved via Libra’s widespread adoption, Bitcoin should directly benefit.More specifically, the investor, who speculated in 2011 that BTC will eventually surmount the auspicious price point of $100,000, noted that Libra will inherently drive Bitcoin’s hash rate higher. This, due to simple network effects and the capex (capital expenditures) of miners, should be the catalyst that drives BTC to new all-time highs, meaning past $20,000.The RT contributor, who recently released a series outlining Bitcoin’s history dubbed “To The Moon”, claimed that by virtue of green lighting Libra, Facebook’s Mark Zuckerberg is now a “BTC drone.”What Keiser seems to be postulating is that with Libra, Zuckerberg will do everything in his power to push the adoption of his latest venture, leading to a direct inflow of capital and interest to Bitcoin as a result.Here’s the absolute truth #Bitcoin has turned Mark Zuckerberg out. He’s a BTC drone now. He works for us. His capital, distribution, and ambition will annihilate Congress, regulators, Central Banks and Wall St.Satoshi planned this all along. It’s baked into the protocol. pic.twitter.com/2P9lN7KgZP— Max Keiser, tweet poet. (@maxkeiser) June 19, 2019Fundstrat’s Tom Lee, known for his incessant optimism regarding the cryptocurrency market, agreed with Keiser’s quip. As reported by NewsBTC previously, the Bitcoin-centric markets researcher claimed that the Facebook digital asset is “complementary” to Bitcoin, not anything else.In fact, Lee went as far as to say that with this recent news regarding the Silicon Valley firm in mind, he would be inclined to suggest that $10,000 is right on the horizon for BTC. And, as this outlet has covered previously, once $10,000 is breached, the analyst believes that $40,000 will follow shortly thereafter.Bound to Run Into IssuesLibra’s launch hasn’t been cut and dried, however, despite what reports may suggest. Mere hours, maybe minutes after the press embargo broke on Facebook Libra, lawmakers were already commenting scathingly on the news.Speaking to an audience in Portugal, Mark Carney, the Governor of the Bank of England, pledged to scrutinize the cryptocurrency. First reported by Bloomberg, the regulator said that the Group of Seven (G7), the largest economies on Earth, will ensure that Libra abides by the “highest standards of regulation”.Carney’s peer over in France, Bruno Le Maire followed suit just after, claiming that he is fearful that Libra could be used to harvest data, launder money, and finance terrorism. Similar terms were used in his comment to those used in anti-Bitcoin regulatory statements. Le Maire explained:“This money will allow this company to assemble even more data, which only increases our determination to regulate the internet giants.”Most recently and most notably, United States Representative Maxine Waters has called for Facebook to halt Libra in its tracks. She, like her peers over in Europe, expressed the sentiment that Libra could become a threat about online privacy.Waters added that she is also concerned about “national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies,” citing Facebook’s “troubled past”.It is currently unclear how this will (or will not) hamper Libra, and thus Bitcoin. But this will be interesting to watch unfold over the next couple of weeks and months.Featured Image from Shutterstock
Archives for June 19, 2019
By CCN Markets: Litecoin (LTC) entered a positive territory on Wednesday while other top cryptocurrencies trended flat as investors became cautious following the introduction of the Facebook token, Libra.
The LTC-to-dollar exchange rate established an intraday high of $139.66, up more than 3 percent since the Asian session open. The upside action neutralized the pair’s losses in the past seven days. At the same time, it brought Litecoin’s month-to-date gains to 26 percent, with a market value of approx $3.94 billion.
Debit Card, Calibra Announcement
The surge in the Litecoin price closely followed an announcement by the Litecoin Foundation. The nonprofit organization introduced an LTC debit card, an equivalent of a traditional payment card loaded with Litecoin-spending features. The notification read:
“The soon to be released debit card will enable users to spend the value of their cryptocurrency either online or in physical store locations, anywhere in the world where major credit cards are accepted.”
Interestingly, the Litecoin Foundation’s announcement arrived on the same day when social media giant Facebook introduced Calibra, its upcoming blockchain-based digital wallet service. The major global event prompted the entire cryptocurrency market, especially Bitcoin, to come to a standstill as investors took time to process their medium-term strategies.
Litecoin is among the only few cryptocurrencies that managed to revive its interim bullish bias. From the time of the Facebook token announcement until this writing, the LTC-to-dollar exchange had surged by around 8.5 percent.
As shown in the 1D Coinbase chart below, the LTC-to-dollar exchange visibly broke out of a symmetrical triangle pattern. Nevertheless, the move lacked an adequate volume to justify a full-fledged upside breakout. It typically means that the Litecoin price could see a small downside correction. The move, therefore, could bring the price back inside the comprehensive triangle range.
Nevertheless, if price manages to float above the triangle resistance, it could see a sustaining upside move towards $148. A further break and the LTC price could even establish a new yearly high towards $165, a significant resistance level from April 2018 session.
Conversely, a break below the triangle support would have traders eye $121 as their interim downside target.
Click here for a real-time Litecoin price chart.
This post was last modified (EST) on 19/06/2019 07:38
- Bitcoin fell 2.87 percent on Tuesday, ending the longest stretch of daily gains since July 2018. The long-term outlook, however, remains bullish with the 3-day chart calling a move to $10,000.
- On the way higher, BTC may face resistance at the key Fibonacci retracement level of $9,642.
- The hourly and 4-hour charts are reporting bearish indicator divergences. As a result, a correction to key support at $8,600 could be seen before a potential rally to $10,000.
Bitcoin’s (BTC) price closed on a negative note on Tuesday, snapping the longest daily winning streak in 11 months.
The leading cryptocurrency by market value fell 2.87 percent yesterday, having scored 2-5 percent gains in each of the preceding six days.
That was the longest stretch of daily price gains since July 2018. Back then, the price had advanced for seven successive days – from July 13 to July 19 – to hit highs above $7,500, as per data source CoinMarketCap.
The latest six-day winning streak saw bitcoin rise from $8,120 to $9,366, possibly due to the hype surrounding Facebook’s foray into cryptocurrencies, Binance.com’s decision to ban US customers and other factors, as discussed on Monday.
Even so, BTC suffered moderate losses, possibly because Facebook’s Libra launch was priced in over the weekend.
Looking forward, the long-term outlook remains bullish with technical charts calling a rise to $10,000. However, in the next 24 hours, a correction to key support near $8,700 could be seen.
As of writing, BTC is trading largely unchanged on the day at $9,135, according to CoinMarketCap.
BTC’s previous three-day candle closed above the high of $9,006 hit on May 30, establishing another bullish higher high. It is worth noting that the cryptocurrency has charted a series of higher lows and higher highs since early February.
Further, the 5- and 10-candle moving averages (MAs) continue to trend north, indicating a bullish setup and the widely followed relative strength index (RSI) has maintained the bullish bias with a bounce from the ascending trendline connecting November and January lows.
Therefore, the path of least resistance is on the higher side. On the way toward $10,000, BTC may face stiff resistance at $9,642 – 38.2 percent Fibonacci retracement of the sell-off from $20,078 to $3,193.
The bullish bias would be invalidated if the price finds acceptance below the ascending 10-candle MA, currently at $8,477.
The outlook would turn bearish if the price drops below recent lows below $7,600, violating the bullish higher lows pattern.
The RSI has produced lower highs on the 4-hour chart over the last five days, contradicting the higher highs on price. That bearish divergence indicates scope for a price pullback.
The bearish RSI divergence would be invalidated if the indicator cuts through the descending trendline hurdle, currently at 60.
As seen above, the price is stuck between the 50-hour and 100-hour MAs.
The cryptocurrency bounced up from the 100-hour MA in Asian trading hours. So far, however, the 50-hour MA hurdle, currently at $9,198, has proved a tough nut to crack.
A break below the overnight low of $9,005 would confirm bearish lower highs and lower lows pattern and allow a deeper drop to $8,600 – support of the trendline connecting June 10 and June 11 lows.
Disclosure: The author holds no cryptocurrency at the time of writing
By CCN Markets: Facebook’s unveiling of Libra, its cryptocurrency project coming in 2020, has caught the attention of many, including the French Finance Minister. Bruno Le Maire, speaking on French Radio, has said that this new cryptocurrency cannot operate as a sovereign currency.
Facebook’s Libra project intends to introduce a digital currency for usage on its platforms. However, this is raising several economic issues. Concerns on its regulation, and the status of this currency, are up for debate with Le Maire giving some stern warnings.
Stern Libra warning
With its reach of over 2.3 billion users, Facebook’s cryptocurrency could well call into question the banks’ control over commercial transactions as well as the role of the state in the banking system.
It is for these reasons that Le Maire has warned that currency remains the product of sovereign states and not private companies.
“That Facebook creates its own currency, a transaction instrument, why not,” Le Marie mused. “In contrast, it is out of the question that it becomes a sovereign currency,” he then warned.
Call to regulators
Le Marie is not only issuing general warnings. He is demanding guarantees from the social media giant several. The French minister has said he wants a “guarantee that this instrument of transaction cannot be diverted to finance terrorism or any other illegal activity.”
Moreover, La Marie has also stated his intention to find out more about the project at the G7 with the central bankers in the coming months.
“I asked the central bank governors of the G7 to report to us in mid-July, when the G7 Finance Ministers will be meeting, to tell us what guarantees are to be obtained from Facebook,” added the minister.
Le Marie’s concerns not only circulate the financial implications of a privately distributed currency. The minister has also raised his concerns about Facebook and its data scandals in the past. He added that this digital currency would allow the social media platform to accumulate masses of private data once again again.
Facebook Stock Plunges After WSJ Drops Bombshell Privacy Report https://t.co/Ea9jaOTjc8
— CCN Markets (@CCNMarkets) June 12, 2019
This post was last modified (EST) on 19/06/2019 05:07
Noticing the prodigious increase in video streaming across the web and the prohibitive costs involved in transcoding, serial entrepreneurs Doug Petkanics and Eric Tang built a platform that links encoding providers with anyone who needs processing power for video services.
The infrastructure functions as a “token coordinating network,” incentivizing those with computing power to join and match the needs of those looking to stream, by offering the ability to get paid for their idle processing power in ethereum.
Currently the company has more than 30 providers of compute power on the platform, and more than 100 events have streamed video through Liverpeer. Though Petkanics told TechCrunch, those users may have been an “early-adopter, philosophically-aligned crowd.”
Livepeer is designed for developers who want to build applications that include live video, users who want to stream video, gaming, coding, entertainment, or educational courses, and broadcasters who currently have large audiences and high streaming bills or infrastructure costs.
By making use of idle processing power, Liverpeer drives down the price for encoding. Petkanics said the system is 10 times cheaper than incumbent streaming providers, equivalent to two streams for roughly 70 cents per day, compared to $3 per stream per hour of traditional streaming services.
Founders see an additional growth opportunity in bootstrapping the excess capacity of GPUs used by crypto miners, thereby further reducing costs. Though they also said the Series A funding will go towards implementing applications outside of the purview of crypto-fans to enter the larger marketplace.
The company is offering six months free for new participants as an inducement to try the platform.
Video infrastructure behemoth Brightcove’s former CEO David Mendels joined the upstart as an advisor to the company. And Houseparty founder Ben Rubin was part of the Series A round. Additionally, Digital Currency Group — which acquired CoinDesk in 2016 — Libertus, Collaborative Fund, Notation Capital, Compound, North Island and StakeZero also provided funding.
All attention has been focused squarely on Libra this week as Facebook enters the crypto arena with its centralized offering. This new digital token is nothing like crypto as we know it and one of the year’s top performers by a mile, Litecoin, is still going strong.Over the past 24 hours LTC has regained its Monday losses and topped out at an intraday high of just north of $135 a few hours ago. It has held on to these gains during Asian trading this morning as daily volume has increased to $3.7 billion.LTC price 24 hours – coinmarketcap.comLitecoin market cap is currently $8.37 billion, double what it was at the end of April. LTC has fallen slightly on the week, cooling off from its 2019 high of $142 on June 12th. Over the past 30 days, however, Litecoin has made a whopping 50 percent gain.Where Next For Litecoin?Analysts and traders are looking at the charts for the next move as LTC appears to be starting to consolidate. Trader ‘CryptoFibonacci’, who offers daily analysis on the top cryptos, has identified key areas of support should a pullback occur.“Just sort of consolidating here. 10 ema has held. 125-126 is some key support. If that is broken, it would bring the 115 area into play and possibly 107. Almost looks like a bull pennant on this one too.”$LTC Daily Chart.Just sort of consolidating here. 10 ema has held. 125-126 is some key support. If that is broken, it would bring the 115 area into play and possibly 107. Almost looks like a bull pennant on this one too.#LTC #Litecoin pic.twitter.com/ASbKQRCfRg— CryptoFibonacci (@CryptoFib) June 19, 2019The Fibonacci levels have come into play previously and the mid $120s zone would be one for further accumulation leading up to the halving.With just 47 days to go, there is likely to be a run up to $150 for LTC in the next few weeks. Fellow trader and investor ‘Crypto Rand’ has targeted $160.I can’t stop myself from adding more $LTCMy target still: $160 pic.twitter.com/kT3AwVtw84— Crypto Rand (@crypto_rand) June 18, 2019Litecoin Foundation Launches Crypto Debit CardAccording to a recent announcement the Litecoin Foundation has teamed up with Bibox Exchange and Ternio to release a special edition Litecoin debit card. The BlockCard will enable users to spend crypto online or in physical stores anywhere that major credit cards are accepted.Ternio’s BlockCard platform will be used to power the plastic which will hold three cryptocurrencies, LTC, Bibox Token (BIX) and Ternio (TERN). Litecoin godfather Charlie Lee stated;“This is an exciting partnership for us as it furthers the Litecoin Foundation’s mission to create more use cases for spending Litecoin in everyday life. Leveraging Ternio’s BlockCard platform with Bibox’s exchange engine gives Litecoin holders unparalleled access to use their LTC at merchants around the world.”The announcement added that Bibox will act as the custodian of funds leveraging its $200+ million worth of crypto trading volume to help route the deposits and spending for users. The debit card will be released in the US first before it is made available to other markets.There are big things ahead for Litecoin and the halving is only half of it.Image from Shutterstock
The next major iteration of the ethereum blockchain – dubbed ethereum 2.0 – may see a partial launch as early as January 2020.
Proposed by Ethereum Foundation researcher Justin Drake in a bi-weekly coordination call between ethereum 2.0 developers, the date suggestion was raised after affirming that a code freeze over the first iteration of ethereum 2.0, called Phase Zero, was “on track” for June 30.
“We still have quite a bit of time before the end of 2019 so I think looking at a target genesis date towards end of 2019 could be realistic. One thing that could work well is the 3rd of January 2020,” said Drake during the call.
But that January 3rd date isn’t a done deal, in spite of reports to the contrary. Fellow Ethereum Foundation researcher Danny Ryan stressed in email to CoinDesk that the proposed date hasn’t been finalized and additional work on testing ethereum 2.0 will factor into such a decision.
“Although it is feasible, the client teams are not yet ready to commit to a date, especially considering we haven’t entered into multi-client testnets yet. With each phase of development there are plenty of unknowns so we will just keep … tackling them as they come.”
Speaking more deeply to the requirements needed for a stable Phase Zero launch, Drake highlighted that researchers are presently targeting a minimum amount of 2 million ETH staked on the ethereum 2.0 network. By today’s estimates, this would mean the re-vamped ethereum blockchain would be launching with over $500 million in ETH locked by prospective ethereum 2.0 validators, who are envisioned to take on the same role as miners on the current ethereum blockchain.
Forward to Serenity
Since the network’s inception, developers have been looking ahead to an eventual transition to a proof-of-stake consensus model, dubbed Serenity.
Both block creation and transaction validation in proof-of-stake generates rewards for users who attest to the validity of the blockchain by locking a portion of their tokens holdings on the network. Unlike proof-of-work, which is the model ethereum currently leverages, amount of tokens staked is primarily how users compete for network rewards as opposed to computational energy expended.
To encourage a safe on-boarding experience for current ethereum miners looking at transitioning to the ethereum 2.0 proof-of-stake blockchain as validators, Drake mentioned that opening up the deposit contract for staked ETH this October during Devcon, an annual gathering held by the Ethereum Foundation, could be wise.
“The idea here is to try and launch the deposit contract ahead of the targeted genesis [date] so that we allow time for validators to make their deposits,” explained Drake. “One idea is to do a deposit contract ceremony at Devcon. One of the reason of having this very public ceremony is so that we can all agree on the exact address of the deposit contract and avoid scam deposit contracts.”
While the timeline for Phase Zero of ethereum 2.0 has yet to be finalized, past experience suggests a mainnet launch next January is within reach for ethereum developers and researchers.
“From my experience with [ethereum 1.0], I’d definitely say [end-of-year] 2019 / Jan 2020 is a feasible target. For comparison, the pre-audit spec freeze of ethereum 1.0 was Jan 2015 and the launch was July 2015,” ethereum founder Vitalik Buterin told CoinDesk in email.
Ethereum image via Shutterstock
By CCN Markets: Self-professed Bitcoin creator and ‘Faketoshi’, Craig Wright, continued to give himself away in a blog post where he details the logic of false argumentation. Specifically, Wright takes aim at those who would seek to hide behind ad hominem attacks, and use misdirection to avoid the question at hand.
Here we have the manifestation of Wright’s logic in action. The real question is why he persists in the ruse that he is Bitcoin’s inventor, Satoshi Nakamoto. Everything else, as Craig Wright says himself, is misdirection.
The Genetic Fallacy? More Like A Straw Man
Titled “The Genetic Fallacy”, Wright’s latest blog post suggests (in meme form) that the reason people don’t believe his Satoshi claims is because he’s Australian. I resent this implication – as a Scotsman I’m proud of the genetic heritage that links my criminal great-great-great-grandfather to the founding members of the land down under. Wright states:
“You know the other side of the argument is failing when it has moved to attacking a person rather than the argument itself. It is a common tactic in the world of social media. Proof of social media is not about truth but rather about a deception that can change and mutate over time.”
Rather than a genetic fallacy, Wright presents his own straw man argument where we are the distractors, and he is the one quietly entrenched in reality. He writes:
“In effect, they attempt to redirect the argument. It is similar to the fallacy of avoiding the issue, too. In all cases, the person with a weak argument attempts to avoid his argument and use social media and personal innuendo to create a means to abandon the original argument and move on to something he can handle better.”
Perhaps the most succinct description of Craig Wright ever uttered – from the horse’s a-, mouth itself.
Great Men Are Rarely Good
In Andrew O’Hagan’s 2016 book, The Satoshi Affair, Wright is at constant pains to remind his live-in biographer that he’s “not a good bloke”, or that he’s “really a bad guy”. Whether that self-denigration is practiced or genuine, Wright cites it again as a reason why people don’t believe he created Bitcoin, writing:
“The false claim is that, for instance, Craig is a bad man. If I am a bad man, then I can’t be trusted, and hence my claims about Bitcoin cannot be trusted.”
Nothing could be further from the truth. As the oft-stated maxim goes: ‘Great men are rarely good men’. Given Bitcoin’s propagation among the cypherpunk and hacking community, it’s highly unlikely that Satoshi Nakamoto was going to be the nice guy next door. Other possible Satoshi suspects such as Paul Le Roux and Dave Kleiman drive this point home further.
Wright goes on to bemoan the state of today’s biased media landscape, where readers are primed on what to think just by the tone of the story alone. This is undoubtedly true, and has only become more magnified in the age of the internet. But then, did the internet start that particular fire, or did it merely expose a practice that has been the unspoken norm since time immemorial?
In this instance, transparency is key – literally. There could be nothing more transparent than for Craig Wright to move the funds in Satoshi’s dormant Bitcoin account using the private key he claims to have.
Irony For The Ages: The Red Herring That Is Bitcoin SV
Either way, receiving a lecture on the partisan shaping of media perception by Craig S. Wright is one for the chroniclers of irony. In an industry rife with hype, showmanship and sales trickery, Wright has proven himself one of the masters.
For substantiation of this claim, reflect on the massive and ongoing collection of evidence showing Craig Wright’s numerous failed attempts at deception and trickery over the years. Wright continues:
“In many ways, it is designed to take you away from the issue at hand….as a matter of creating misdirection. It allows the arguer to slip in a red herring (ignoratio elenchi) in a relevant conclusion or relevant thesis, for example. They avoid refuting the point being argued, and cloud the issue.”
Mr. Wright is absolutely correct, just not in the way he’d like to think.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN Markets.
Facebook’s Libra cryptocurrency payments initiative could be subject to the “highest standards” in global regulation, said Mark Carney, the governor of the Bank of England.
According to a Financial Times report on Tuesday, Carney noted during a central bank meeting in Portugal that he remains an “open mind” to the utility of Facebook’s Libra cryptocurrency, admitting that worldwide payments systems are largely unequal at the moment.
However, he stated that it would be inevitable for Facebook to meet the highest standards of regulation should it succeeded in signing up users.
Carney added the U.K. central bank would scrutinize Facebook’s crypto payments plan “very closely” and will collaborate with global forces including G7 countries, the Bank of International Settlements, the International Monetary Fund as well as the Financial Stability Board, for which Carney served as a former chair.
Based on the report, Carney also raised questions on how Facebook would be able to ensure anti-money laundering measures while protecting users’ data privacy.
Carney’s comment came after Facebook revealed its long-anticipated cryptocurrency initiative in an effort to build a global peer-to-peer payments network.
Such move had drawn criticism from both home and abroad for the social media giant. Hours following its announcement on Tuesday, financial regulators in Europe already voiced concerns over the possibility of Facebook’s Libra becoming a shadow bank and asked for closer scrutiny over the project.
A lawmaker that heads the U.S. House of Representatives Financial Services Committee had even asked Facebook to halt the development of Libra for the time being until hearings could be held.
Carney image via Shutterstock
Crypto markets consolidating today; Bitcoin takes a breath, LTC back up, XRP, EOS and Tezos retreating.Market WrapCrypto markets have remained in consolidation for the past 24 hours. Very little movement has occurred on most of the majors as Bitcoin shows no direction at the moment. Total market capitalization remains around $285 billion this Wednesday morning.Bitcoin peaked at $9,250 yesterday but failed to hold that level, sliding just below $9k three times in the past 12 hours. It did recover back above it every time though and is currently sitting at $9,150. With heavy resistance above $9.5k and a new support zone at $8.7k BTC could consolidate here for a while.Ethereum is still stagnant, dropping back below $270 again in a downside correction. The next key support level is $260 and a fall through this could lead to larger losses for ETH. Without any clear fundamentals it is hard to see where else it can go in the short term.Altcoin OutlookRed dominates the top ten during today’s Asian trading session. XRP could not hold on to its gains despite the big partnership announcement and has fallen back over 3 percent to $0.43. Bitcoin Cash, EOS and Stellar are shedding a similar amount as altcoins remain weak. Only Litecoin and Binance Coin are in the green, but only just as these two continue to hold strong.The top twenty outlook is also mixed but most crypto assets remain flat for another day. Ethereum Classic and Tezos are the only two that have really moved in the past 24 hours and both are falling back. Zcash is making a comeback and is about to flip NEM for that 20th spot as ZEC grabs 8 percent on the day.FOMO: Insight Chain CranksThe pump of the day has gone to INB which has spiked 85 percent to reach $0.34. There does not appear to be anything obvious fundamentally driving this EOS based blockchain project. Nearly all of the volume is on one exchange, Livecoin, indicating that the pump is probably manipulated.Ardor is doing well today with a climb of 26 percent and privacy based Zcoin is third with a 16 percent gain on the day. At the red end of the top one hundred is Aurora which probably isn’t worth mentioning any more. Zilliqa and Chainlink are also dumping over 7 percent each.Total market cap 24 hours. Coinmarketcap.comTotal crypto market capitalization has not really changed much over the past day. It is back to yesterday’s level of $284 billion with a daily volume of $54 billion which has fallen significantly this week. Altcoins are still largely frozen as Bitcoin continues to dominate, still commanding over 57 percent of the market.Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.