The total crypto market cap is struggling to break the key $220.0B resistance area.Bitcoin price is now trading well below the $8,400 and $8,500 resistance levels.Binance coin (BNB) price is slowly declining and it could test the $15.20 support area.Litecoin (LTC) price is somehow holding the key $55.00 support area.BCH price is consolidating above the key $220 support level, with bearish signs.Tron (TRX) price settled above the $0.0140 level, but it is facing hurdles near the $0.0150 level.The crypto market cap and bitcoin (BTC) are trading below key resistance. Ethereum (ETH), litecoin, ripple, BCH, TRX, XLM, BNB and EOS are slowly moving lower.Bitcoin Cash Price AnalysisBCH price failed to clear the $235 resistance area and recently corrected lower against the US Dollar. The BCH/USD pair tested the $220 support level and it is currently trading in a range. If there is a downside break below the $220 support, the price could test the $205 or $200 support level.On the upside, there are hurdles forming near the $230 and $235 levels. A clear break above the $235 resistance might push the price towards the $250 resistance area.Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price AnalysisBinance coin (BNB) price is currently trading in a range above the $15.00 support area. On the upside, BNB price is facing a strong resistance near the $16.00 and $16.20 levels. On the downside, a break below the $15.00 support could lead the price towards the $14.20 support.Litecoin price is somehow holding the $55.00 support area. If LTC price breaks the $55.00 support level, there is a risk of another drop towards the $50.00 support area. On the upside, the price must break the $58.00 and $60.00 resistance levels to move into a positive zone.Tron price recovered from the $0.0120 support area and it settled above the $0.0140 level. However, TRX price is now facing a strong resistance near the $0.0150 level. If there is a daily close above the $0.0150 resistance, there are chances of more upsides above the $0.0155 and $0.0160 levels in the near term.Looking at the total cryptocurrency market cap 4-hours chart, there is a crucial resistance forming near the $220.0B level. Moreover, there is a connecting bearish trend line forming with resistance near $215.0B on the same chart. To start a strong upward move, the market cap must surpass the $220.0B resistance area. On the downside, the main support is near the $200.0B level. If there is a break below the $200.0B support, it could spark another drop in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.
Archives for October 3, 2019
Ripple price struggled to break the $0.2550 resistance and declined recently against the US dollar.The price is trading below $0.2500 and it seems like it could slowly decline towards $0.2400.There was a break below a connecting bullish trend line with support near $0.2475 on the hourly chart of the XRP/USD pair (data source from Kraken).The price could accelerate lower if there is a break below the $0.2420 and $0.2400 support levels.Ripple price is under pressure below $0.2500 against the US Dollar, similar to bitcoin. XRP price must break $0.2500 and $0.2550 to start a strong upward move.Ripple Price AnalysisYesterday, ripple price made a couple of attempts to surpass the $0.2550 resistance against the US Dollar. However, the XRP/USD pair failed to gain strength above $0.2550 and recently declined. It broke the $0.2500 and $0.2480 support levels. Moreover, there was a close below the $0.2500 level and the 100 hourly simple moving average.During the decline, there was a break below a connecting bullish trend line with support near $0.2475 on the hourly chart of the XRP/USD pair. The pair tested the $0.2420 support area and it is currently correcting higher. It broke the $0.2450 level, plus the 50% Fib retracement level of the recent decline from the $0.2544 high to $0.2415 low. However, the previous support near the $0.2500 level and the 100 hourly simple moving average are currently preventing an upside break.Moreover, the 61.8% Fib retracement level of the recent decline from the $0.2544 high to $0.2415 low is acting as a resistance. There is also a connecting bearish trend line forming with resistance near $0.2500 on the same chart. Therefore, an upside break above the $0.2500 level might start a fresh increase. The next key resistance is near the $0.2550 level, above which the price could test the main $0.2620 resistance.On the downside, an immediate support is near the $0.2450 level, followed by $0.2420. If there is a bearish break below the $0.2420 and $0.2400 support levels, the price may perhaps retest the main $0.2350 support in the near term.Looking at the chart, ripple price is clearly trading in a bearish zone below $0.2550 and the 100 hourly SMA. It seems like there could be another dip towards the $0.2400 or $0.2350 support level. On the upside, the bulls need to gain strength above $0.2550 and $0.2620 for bullish continuation.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly moving into the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level, with bearish signs.Major Support Levels – $0.2420, $0.2400 and $0.2350.Major Resistance Levels – $0.2500, $0.2550 and $0.2620.
ETH price is currently under pressure and is trading below the $175 level against the US Dollar.The price is trading above the $170 support area, but it is struggling to climb higher.There is a major contracting triangle forming with support near $170 on the hourly chart of ETH/USD (data feed via Kraken).A downside break below the $170 support might spark a strong decline towards $165 or $160.Ethereum price is preparing for the next move versus the US Dollar, while consolidating vs bitcoin. ETH price must stay above the $170 support to avoid another drop.Ethereum Price AnalysisYesterday, there was an upward move above the $178 level in Ethereum against the US Dollar. ETH price even traded above the $180 resistance and the 100 hourly simple moving average. However, the bulls failed to push the price further higher and it remained well below the $185 resistance. A swing high was formed near the $182 level and the price recently declined below $180 and $178.Moreover, there was a break below the $175 support area and the 100 hourly SMA. The decline was such that the price even broke the $172 support. Finally, it tested the $170 support area. The bears made two attempts to push the price below the $170 support, but they failed to gain strength. As a result, there was an upside correction above the $172 level.The price broke the 23.6% Fib retracement level of the recent drop from the $182 high to $170 low. However, the previous support near the $175 level and the 100 hourly SMA is currently acting as a resistance. Additionally, the 50% Fib retracement level of the recent drop from the $182 high to $170 low is also acting as a solid resistance. More importantly, there is a major contracting triangle forming with support near $170 on the hourly chart of ETH/USD.If there is a downside break below the $170 support, the price could continue to decline. The next key support is near $165, below which the price is likely to test $160. Conversely, an upside break above $182 and $185 is needed for bullish acceleration.Looking at the chart, Ethereum price is clearly preparing for the next move either above $185 or below $170. As long as the price is below the $175 pivot level and the 100 hourly SMA, there is a risk of a downside break.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.Hourly RSI – The RSI for ETH/USD is currently just above the 40 level, with a positive angle.Major Support Level – $170Major Resistance Level – $182
After attempting to move higher yesterday, Ethereum (ETH) has once again faced an influx of selling pressure that has thwarted the potential rally that some analysts and investors were previously eying as a strong possibility.Analysts are now noting that Ethereum may face further selling pressure in the near-term, but they are also noting that a dip towards $160 could spark the next notable uptrend that allows ETH to climb significantly higher.Ethereum Drops Towards $170 as Sellers Take Control of Crypto MarketsAt the time of writing, Ethereum is trading down roughly 2% at its current price of $173.75, which marks a slight drop from its recent highs of $185.Because Ethereum was unable secure its foothold within the lower-$180 region, it is highly probable that it continues finding further selling pressure in the near-term while Bitcoin consolidates within the lower-$8,000 region.Josh Olszewicz, a popular crypto analyst on Twitter, recently noted that ETH is currently caught within a bearish technical formation that historically results in downwards breaks.“1h $ETH: ah ya, the ol’ inverse scythe,” he concisely noted while pointing to the below pattern on Ethereum’s one-hour chart.1h $ETHah ya, the ol’ inverse scythe pic.twitter.com/o0GuEFb4u1— Josh Olszewicz (@CarpeNoctom) October 2, 2019It is highly probable that the fate of Ethereum in the near-term will be largely dictated by Bitcoin, as any sudden movement in either direction will likely give significant guidance to the aggregated crypto markets.ETH May Dip Lower Before Next Uptrend Starts HornHairs, another popular crypto analyst on Twitter, explained in a recent tweet that he believes that ETH may dip into the $160 region before it incurs enough buying pressure to spark a fresh uptrend on a longer-time period.“$ETH #Ethereum: HTF view remains the same, bullish SFP at demand… the type of thing I look for during reversals. LTF shows clearly mapped out levels for the coming days/weeks. Bids from $160-170 not a bad move for a longer-term play,” he noted while referencing the below chart.$ETH #EthereumHTF view remains the same, bullish SFP at demand… the type of thing I look for during reversalsLTF shows clearly mapped out levels for the coming days/weeks. Bids from $160-170 not a bad move for a longer term play… pic.twitter.com/43Hya3yY2v— HornHairs 🌊 (@CryptoHornHairs) October 2, 2019The coming few hours and days will likely elucidate which direction Ethereum and other major alts will move in the near-term, as Bitcoin appears to be currently resting at a critical turning point that may set the tone for how the entire markets will trend throughout the second half of 2019.Featured image from Shutterstock.
The Financial Conduct Authority (FCA), Britain’s top financial regulator, has just concluded a consultation on crypto asset derivatives products. It believes that amateur traders using the products have little awareness of the risks involved.The FCA is considering a blanket ban on retail investors trading the products. The final decision is expected in early 2020.FCA May Ban Retail Investors from Trading Crypto DerivativesAccording to a report in The Economist, British traders lost almost half a billion dollars on crypto derivatives between the middle of 2017 and the end of 2018. The FCA’s proposed ban would aim at limiting these losses by excluding non-accredited investors from the risky products. It estimates that such a restriction could reduce the annual losses of crypto traders by as much as $290 million a year.The FCA presumes that amateur traders lack the knowledge to safely use some of the more risky products available. The Economist mentions leverage of up to 100x, high trading fees, potential market manipulation, illiquidity, and difficulty in valuing digital assets as the regulator’s main causes for concern. The FCA also highlights the high level of correlation between supposedly different assets in the market. It claims this indicates prices driven by hype rather than technological advances or real-world usage.Crypto industry insiders, such as Jacqui Hatfield of the law firm Orrick, do not believe a blanket ban would be effective. Calling the proposed restrictions a “knee-jerk reaction”, the fintech legal specialist added that it may only serve to drive investors to take up larger positions in actual digital assets (rather than surrounding products) and exchange platforms to simply relocate overseas.Meanwhile the chairman of UK-based digital asset management firm Coinshares, Danny Masters, argued that it was not up to regulators such as the FCA to stifle the still-growing market.🚨 @TheFCA is planning to ban access to cryptoasset investment products.The regulator’s evidence base for such a ban demonstrates a worrying lack of understanding.Act now to help us stop these concerning proposals: https://t.co/B9yPI3QZDc— CoinShares 👩🚀 (@CoinSharesCo) September 19, 2019In a CoinShares blog, posted prior to the culmination of the recent FCA consultation, the company argued that the regulator’s methodology for judging the cryptocurrency is flawed:“We believe that the FCA has not provided sufficient evidence to justify the proposed ban. Through its consultation, the regulator makes little attempt to genuinely evidence its claims and instead ‘cherry picks’ datasets in order to illustrate its perception of cryptoassets, ETNs and the perceived harm the FCA believes these products cause.”The company also called upon concerned parties to contact the FCA to raise objections about the proposed ban on crypto derivative products. It even drafted an email explaining the supposed value exchange traded notes for digital assets can bring to retail investors. As mentioned, the final decision on the ban is expected in early 2020. Related Reading: Youtube Star Thinks Bitcoin is the “Most Important Investment”Featured Image from Shutterstock.
One of the founding Libra Association members may be on the verge of pulling out.
The Financial Times reported Thursday that payments firm PayPal is considering leaving the Facebook-initiated crypto project due in part to the regulatory backlash Libra has received in recent months.
According to the Financial Times, PayPal representatives did not attend a Libra Association meeting on Thursday, in what may be a sign of the broader turmoil.
Facebook first revealed Libra in June, unveiling a grand ambition of providing financial services to more than a billion unbanked individuals through a stablecoin accessible by any smartphone.
As part of its project, Libra will be overseen by a governing council of 100 members, including Facebook and its subsidiary Calibra. PayPal, Visa, Mastercard, Uber and 22 other prominent payments and services firms were listed as founding members of the council, dubbed the Libra Association.
Dante Disparte, the Libra Association’s head of policy and communications, told the FT that building a project like Libra “is not an easy path.”
“We recognise that change is hard, and that each organisation that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that Libra promises,” he said.
Thursday’s revelation follows a Wall Street Journal report that Visa and Mastercard are also considering withdrawing from the project. Like PayPal, it is possible that these companies are concerned that the regulatory backlash and scrutiny to Libra will extend to their current businesses as well.
Calibra CEO David Marcus, himself the former president of PayPal, addressed the Journal’s report on Twitter, writing that he had “no knowledge of specific organizations’ plans to not step up.”
“The tone of some of this reporting suggests angst, etc… I can tell you that we’re very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront.”
A spokesperson for PayPal did not immediately return a request for comment.
David Marcus image via U.S. Senate Banking Committee
Stone Ridge Asset Management wants to launch a bitcoin futures fund. According to a filing with the U.S. Securities and Exchange Commission (SEC), Stone Ridge is looking to register the NYDIG Bitcoin Strategy Fund, a bitcoin futures contract offering that would be entering into an increasingly crowded space.
If approved, Stone Ridge’s futures product would be significantly different from Bakkt’s own. Primarily, it would be investing in cash-settled bitcoin futures that are traded on exchanges regulated by the U.S. Commodity Futures Trading Commission (CFTC). The fund won’t invest in bitcoin or any other cryptocurrency directly, per the filing.
Stone Ridge will offer 100,000 futures shares at $10 each with no minimum purchases, but the initial capital to be raised would be capped at $25 million.
“‘Cash-settled’ means that when the relevant future expires, if the value of the underlying asset exceeds the futures price, the seller pays to the purchaser cash in the amount of that excess, and if the futures price exceeds the value of the underlying asset, the purchaser pays to the seller cash in the amount of that excess,” according to the filing.
In addition to the fund’s investments in futures, Stone Ridge would acquire large amounts of cash and government and business securities to provide much-needed liquidity and to “serve as collateral for the Fund’s Bitcoin futures and to support the Fund’s use of leverage,” the filing explains.
Stone Ridge Joining Growing List of Bitcoin Futures and Investment Offerings
Stone Ridge’s filing shows that an increasing number of industry players are exploring bitcoin futures products. As noted above, Intercontinental Exchange’s Bakkt launched its much-anticipated physically settled bitcoin futures in September 2019.
Although Bakkt’s emergence has been pitched as the spark needed for the next bull run, the results have been underwhelming. Bakkt’s first week did not meet optimistic expectations as the platform settled contracts worth less than $7 million, which some believe is the equivalent of four minutes of trading on many popular cryptocurrency exchanges.
Meanwhile, Bakkt’s competitor, the Chicago Mercantile Exchange (CME) Group, announced that it would be adding options to its own bitcoin futures contracts in 2020.
“Based on increasing client demand and robust growth in our Bitcoin futures markets, we believe the launch of options will provide our clients with additional flexibility to trade and hedge their bitcoin price risk,” Tim McCourt, CME’s global head of equity index and alternative investment products, said.
In Central Europe, a new form of security is launching on October 4, 2019, on Switzerland’s primary stock exchange, SIX. Swiss cryptocurrency custodian Bitcoin Suisse AG has joined forces with fintech startup Amun AG to list an exchange-traded product (ETP) weighted with 90 percent bitcoin and 10 percent ether. The joint product will trade under the ticker ABBA on the exchange.
“It represents a unique way for investors to add the two major cryptocurrencies globally to their portfolio via a regulated product listed on SIX and backed by a Swiss-based custodian,” Hany Rashwan, CEO of Amun, explained in a statement.
Bitcoin has further extended its bout of consolidation as it continues trading sideways around the $8,200 level, which appears to be a key support level that BTC’s bulls need to defend in order for the crypto to move higher in the near-term.Analysts are noting that Bitcoin is currently forming what could be a long-term bottom, but this possibility will only be validated if the crypto is able to post an upwards movement from its recent lows.Bitcoin Consolidates at $8,200 as Bulls Struggle to Push the Crypto HigherAt the time of writing, Bitcoin is trading down marginally at its current price of $8,260, which is around the level at which the crypto has been trading at for the past several days.During a fleeting overnight movement, Bitcoin surged towards $8,400 before facing insurmountable levels of resistance that sent its price back to its support around $8,200.This recent price action signals that Bitcoin is currently at a turning point, as analysts have previously noted that a break below its current support levels could lead the cryptocurrency to plunge significantly lower before it finds any notable support.It is important to note that analysts are claiming that Bitcoin could be close to incurring an upwards break towards $8,700, but its inability to break above $8,400 overnight may have invalidated any bullishness that the crypto had previously incurred.UB, a popular cryptocurrency analyst on Twitter, shared a bullish sentiment regarding BTC in a tweet from yesterday evening, explaining that he is targeting a movement towards $8,700.“$BTC – Entered into a long on a LTF break of the Diag w/ confirmation as stated in the above Tweet. On the way to $8.7k,” he explained.$BTC – Entered into a long on a LTF break of the Diag w/ confirmation as stated in the above Tweet.On the way to $8.7k. #Bitcoin pic.twitter.com/AZNJRZeGQQ— UB (@CryptoUB) October 3, 2019BTC May Be Forming a Double Bottom FormationAlthough Bitcoin failed to post a bullish movement up towards $8,700 and was rejected around $8,400, analysts are still noting that the crypto could move higher in the near-term as it attempts to form a bullish double bottom formation.Big Cheds, another popular cryptocurrency analyst on Twitter, spoke about this possibility in a recent tweet, saying:“$BTC #Bitcoin 12 hour – BBs starting to get tighter as bulls *ATTEMPT* to form a double bottom/rounded bottom.”$BTC #Bitcoin 12 hour – BBs starting to get tighter as bulls *ATTEMPT* to form a double bottom/rounded bottom pic.twitter.com/GXqv5Z6YmA— Big Cheds (@BigCheds) October 3, 2019How Bitcoin responds to its near-term support at $8,200 will likely prove to be critical for determining a mid-to-long term trend, as a decisive break below this price level could lead the crypto to cut even further into the gains it incurred throughout 2019.Featured image from Shutterstock.
With millions of dollars cryptocurrency stolen from crypto wallets every year, security researchers were surprised to find one active botnet being run for about $160.
The bargain Trojan malware is called MasterMana Botnet, which uses mass mailing to send phishing emails with attachments containing malicious code to crypto investors. Once someone clicks on the email, the code will create backdoors on their computer to empty their wallets, according to a recent research conducted by Prevailion.
“Based on what we’ve observed, the MasterMana Botnet had a global impact on organizations across a wide variety of verticals,” Danny Adamitis, intelligence director at Prevailion, told CoinDesk.
“We assess that the Botnet was interacting with approximately 2,000 machines a week, or 72,000 machines over the course of 2019, based on the snapshot we observed,” Adamitis said.
The research saw references in the code that indicated the threat actors could have Trojanized a version for the major Microsoft file formats, including Word, Excel, PowerPoint and Publisher.
Based upon exhibited tactics, techniques, and procedures (TTPs), the researchers have associated it with the “Gorgon Group”, a notorious hacker collective active for numerous years that has been known for cybercrime and intelligence operations
“The cost for the threat actors to deploy and maintain the campaign was virtually nonexistent,” Prevailion said in the research report. The hackers would need to spend $60 on leasing a Virtual Private Server and $100 Trojan AZORult from Russia-based cyber-crime forums, Prevailion said.
The research suggested the cost for earlier attacks could have been cheaper as they used a similar Trojan called Revenge Rat which had been free through Sept. 15.
A higher-than-average success rate for such attacks depends on the version of the Trojan the hackers are using in the campaign.
“Based on the level of sophistication displayed in this campaign, we believe that the threat actors struck a sweet spot,” the report said.
In other words, the hackers stay under the radar by avoiding popular commodity malware such as Emotet, while using a slightly older Trojan that is still sophisticated enough to evade most security software detection.
According to the research, the campaign was still active as late as Sept. 24 and it suspects that this particular threat actor is likely to continue operations, as previous public reporting has not deterred them.
“We recommended that cryptocurrency investors need to remain particularly vigilant in protecting their personal computer. Having two factor authentication, such as a hardware token is recommended when that option is available,” Adamitis said.
Philadelphia Federal Reserve bank president Patrick Harker said it is “inevitable” for the central banks, including the U.S. Federal Reserve, to start issuing digital currency.
Speaking at a community banking conference in St. Louis, Harker argued that the U.S. should not be the first big country to issue a national coin, because technology is still maturing and the U.S. dollar remains the world’s reserve currency, according to a Reuters report.
“It is inevitable … I think it is better for us to start getting our hands around it,” the Federal Reserve official said, answering a question about the Fed’s decision to create its own real-time payments system called FedNow.
“I am looking at the next five years after that. What comes next? I do think it is something around digital currency.”
Harker’s comment came amid a heated debate around the world over privately issued cryptocurrencies, fearing they would undermine a central bank’s ability to lead effective monetary policies.
This week, executives from some of the biggest American banks complained to the Federal Reserve that Facebook’s cryptocurrency Libra would pose as a monetary threat in the September Federal Advisory Council meeting.
“As consumers adopt Libra, more deposits could migrate onto the platform, effectively reducing liquidity, and that disintermediation may further expand into loan and investment services,” the executives said.
Many of the major economies in the world have started planning to have a national digital currency.
China’s crypto chief Mu Changchun said one of the main goals for the Chinese national stablecoin Digital Currency Electronic Payment (DCEP) is to preempt the rise of Facebook’s cryptocurrency Libra even before it is launched.
“If we allow Libra come to the market, we would open the underground economic channels,” Mu explained. “It will be hard for China to manage foreign currencies and the $50,000 capital outflow cap would be less effective,” Mu said.
Agustin Carstens, chief of the Bank for International Settlements (BIS), said central banks will likely soon need to issue their own digital currencies.
BIS, known as a central bank for central banks in Europe, is supporting global central banks’ efforts to research and develop digital currencies based on national fiat currencies, Carstens said in an interview with the Financial Times.