Ripple failed to stay above the $0.2200 support and declined recently against the US Dollar. XRP price is showing bearish signs and it could continue to dive towards $0.2000.Ripple price topped near the $0.2269 level and declined recently against the US dollar.It is now trading well below the $0.2200 pivot level and the 100 hourly simple moving average.There was a break below a key bullish trend line with support near $0.2185 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair is likely to continue lower towards the $0.2000 support level in the near term.Ripple Price Could Extend LossesAfter a steady rise, ripple struggled to continue above the $0.2260 and $0.2280 levels. XRP formed a short term top near the $0.2269 level and recently started a strong decline.There was a break below the key $0.2200 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $0.2185 on the hourly chart of the XRP/USD pair.Ripple PriceThe pair is now trading well below the 76.4% Fib retracement level of the upward move from the $0.2084 low to $0.2269 high. Ripple is now trading near the last swing low at $0.2085.If the bears remain in action, there is a risk of more losses below $0.2080. An immediate support is seen near the $0.2040 level. The first key support is near the $0.2000 area.The 1.618 Fib extension level of the upward move from the $0.2084 low to $0.2269 high is the next major support near the $0.1970 level. Any further losses could open the doors for a larger decline towards the $0.1920 and $0.1900 support levels.Key HurdlesRipple is clearly trading in a short term bearish zone below the $0.2150 and $0.2100 levels. If the price attempts a recovery, it could face hurdles near the $0.2120 level.The main resistance is near the $0.2200 level and the 100 hourly SMA, above which the price is likely to retest the $0.2265 pivot level in the coming sessions.Technical IndicatorsHourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and it is well below the 35 level.Major Support Levels – $0.2040, $0.2000 and $0.1970.Major Resistance Levels – $0.2120, $0.2200 and $0.2220.Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.
Archives for May 3, 2020
Ethereum failed to continue above the $220 resistance and declined below $208 against the US Dollar. ETH price is currently testing $200 and remains at a risk of more losses.Ethereum topped near the $220 level and started a fresh decline.The price is down more than 5% and it is currently closing in towards the $200 support zone.There is a key bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD (data feed via Kraken).The pair is likely to decline toward the $192 support before it might start a strong increase.Ethereum Price is Extending LossesAfter forming a support base above $202 and $200, Ethereum recovered above $210 against the US Dollar. ETH price traded above the $215 level and remained well above the 100 hourly simple moving average.However, the bulls faced a strong resistance near the $220 level. The failed to push the price above $220, resulting in a fresh decline. There was a break below the $210 level and the 100 hourly simple moving average.Ethereum is now trading near the key $202 and $200 support levels. An initial resistance on the upside is near the $207 level. It is close to the 23.6% Fib retracement level of the recent slide from the $220 high to $202 low.There is also a key bearish trend line forming with resistance near $208 on the hourly chart of ETH/USD. The trend line coincides with the 50% Fib retracement level of the recent slide from the $220 high to $202 low.Ethereum PriceThe main resistance on the upside is now near $210 and the 100 hourly SMA. To move into a positive zone, the price must break the $208 and $210 resistance levels. The next key resistance is seen near the $220 level, above which Ether could rise towards the $230 level.Main Uptrend SupportOn the downside, there is a crucial support forming near the $202 and $200 levels. If Ethereum fails to stay above the key $200 support, it could slide towards the $192 support.Any further losses below the $192 support might open the doors for a larger decline towards the $182 and $180 support levels in the next 2-3 days.Technical IndicatorsHourly MACD – The MACD for ETH/USD is slowly gaining pace in the bearish zone.Hourly RSI – The RSI for ETH/USD is currently well below the 40 level, with a bearish angle.Major Support Level – $200Major Resistance Level – $210
Bitcoin is struggling to gain bullish momentum above $9,200 against the US Dollar. BTC price is currently declining and it could continue to slide towards $8,400 or $8,200.Bitcoin is facing an increase in selling pressure below $9,200 and $9,000.The price is trading below the 100 hourly simple moving average and it could dive towards $8,400.There is a key bearish trend line forming with resistance near $8,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could correct in the short term, but it is likely to continue lower towards $8,400 or $8,200.Bitcoin is Facing HurdlesAfter a sharp downside correction, bitcoin found support above the $8,400 level against the US Dollar. BTC price recovered nicely above $8,800 and $9,000, but it faced a strong selling interest near the $9,200 level.A high is formed near $9,201 and the price is currently declining. It broke a key bullish trend line with support at $8,980 on the hourly chart to enter a bearish zone. BTC even settled below the $8,900 level and the 100 hourly simple moving average.Bitcoin PriceA low is formed near $8,629 and the price is currently attempting an upside correction. Bitcoin is trading near the 23.6% Fib retracement level of the recent slide from the $9,201 high to $8,629 low.On the upside, an initial resistance is near the $8,900 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $8,900 on the same chart.The trend line coincides with the 50% Fib retracement level of the recent slide from the $9,201 high to $8,629 low. If there is a successful close above the trend line, 100 hourly SMA, and the $9,000 resistance, the price could recover further.The main resistance is near the $9,200 level, above which the bulls are likely to aim a test of the $9,500 resistance in the near term.Downside ThrustConversely, bitcoin price might continue to move down below the $8,700 level. An initial support is near the $8,600 level, below which the price could dive towards the $8,400 support.If the bulls fail to protect the $8,400 support, there is a risk of a larger downside thrust towards the $8,200 level or the $8,000 handle in the near term.Technical indicators:Hourly MACD – The MACD is showing negative signs in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently close to the 40 level.Major Support Levels – $8,400 followed by $8,200.Major Resistance Levels – $8,900, $9,000 and $9,200.
Economic growth figures are starting to trickle in, and, as expected, they’re bad. Really bad. This past week the U.S. reported Q1 GDP growth as -4.8%. Italy’s GDP fell -4.5%, Spain came in at -5.2%, and France trumped that with a whopping -5.8%. And that’s just warming up – Christine Lagarde, head of the ECB, has warned that euro-area GDP could fall by as much as 15% in Q2.
And yet stock markets in the U.S. and Europe closed up on the week, in spite of the inevitability that the next quarter will be worse still.
You’re reading Crypto Long & Short, a newsletter that looks closely at the forces driving cryptocurrency markets. Authored by CoinDesk’s head of research, Noelle Acheson, it goes out every Sunday and offers a recap of the week – with insights and analysis – from a professional investor’s point of view. You can subscribe here.
This could be partly due to the concentration of market capitalization – nearly 25% of the S&P 500 market capitalization is from five tech companies, which arguably will do relatively well out of more people staying at and working from home.
Or, it could be because the stock market has broken all ties with the actual economy. The aforementioned concentration of the S&P 500 is intensifying, fueled by the dominance of passive investing, which means its performance does not reflect that of most of its constituents. And the “moral hazard” posed by the government’s willingness to bail out companies in difficulty suspends the need to scrutinize balance sheets and evaluate viability.
But reality doesn’t stay suspended forever, no matter how much we wish it would. Eventually the abrupt slowdown of economic activity will feed through to numbers that investors can’t ignore, and the current P/E valuations will start to look absurd.
This is where bitcoin comes in. Its underlying technology and monetary system make it one of the few investable assets that is immune to the economic fluctuations we have ahead.
First, its P/E ratios will never look absurd because it doesn’t have any earnings. Nothing to get hit there.
Second, its use will not be curtailed by lack of customer mobility – users can transact from anywhere. In fact, logistical constraints could boost interest in bitcoin transactions from those who normally hand over physical cash (although why they would want to if people aren’t moving around is another question).
Third, its market valuation is not susceptible to artificial support from governments trying to keep investor (and voter) spirits up.
This does not mean that bitcoin’s price will keep going up while other prices come down. We saw back in March that, when things get bad in markets, bitcoin also suffers. Its price is driven by sentiment.
But it is also driven by expectations of future adoption and demand, which are unrelated to the drivers of demand for most other investable assets.
In terms of fundamentals, bitcoin has nothing to lose in the upcoming crisis – no income, no debt, and its future adoption does not depend on happy and confident consumers. Just the opposite, in fact.
The growing awareness of this, combined with heightened media attention due to the upcoming halving, could be one of the reasons behind this week’s recovery. Or perhaps it is being swept along in the wave of inexplicable optimism in traditional markets.
Should that turn south, bitcoin is likely to suffer in the sentiment-driven short term. Longer-term, however, fundamentals tend to surface, and those that drive bitcoin are radically different from those that drive traditional markets.
Talk about marching to your own beat.
Not that big a deal
One argument in favor of the bitcoin price rallying after the halving is that of supply and demand. Assuming demand is more or less constant (I know, but work with me here), when supply drops, the price should go up. Basic economics – you remember that graph from high school, right?
After the halving, there will be fewer new bitcoin entering the market every day. Since miners need to sell part of their hard-won new bitcoins to meet expenses, some of the sell pressure comes from miners. If they are selling fewer bitcoins (because they have fewer bitcoins to sell), then there is less supply meeting a constant demand, and the equilibrium price moves up.
Fine, but one part of this model is already obviously unstable – demand is not constant, not by a long stretch.
Even so, there is another overlooked weakness: the dent in sell pressure is negligible.
Post-halving, there will be 6.25 fewer new bitcoins entering circulation with every block. Assuming a new block every 10 minutes, that translates to approximately 900 fewer new bitcoins a day.
Considering that the number of bitcoins transferred on-chain in April was an average of over 270,000 per day, 900 less won’t make much of a difference to the supply curve in that simple basic price equilibrium graph.
Any positive halving impact is more likely to come from increased awareness and trader interest resulting from the media attention. The juxtaposition of what is becoming known as a “quantitative hardening” against a “quantitative easing,” combined with growing unease about the latter, is likely to transform this media-fueled attention into a lasting interest from investors, analysts and economists.
What is unclear is whether any price momentum from the halving would be enough to offset a hit to general sentiment from broader macro concern. As always in investing, one’s individual time horizon is everything.
Anyone know what’s going on yet?
In spite of a stream of bad news on employment, production and earnings, the S&P 500 had its strongest April since 1987, possibly floating on the stimulus laughing gas. European indices also had a good month, as economies started announcing tentative steps towards opening up their economies and electricity consumption started edging up.
As April turned into May, markets started to retreat, perhaps digesting the recent gains, and perhaps unnerved by a new anti-China belligerence from the U.S. and earnings warnings from tech companies. Gold continues to play the inflation game but with less enthusiasm and some profit taking – it remains to be seen how it would perform if stocks head south again. And West Texas oil had its first positive week in about a month as confidence gathered around the production cuts, although there could well be more turmoil there as the next futures expiries approach.
As you can see in the chart above, bitcoin had a particularly strong month.
The jump this week gave bitcoin its best April in years, with data suggesting that this rally is largely fueled by U.S. investors, with growth more in spot volumes than derivatives.
And a lack of foreign reserves has pushed countries such as Lebanon and Turkey towards currency crises, which remind us that a strong dollar impacts much more than just FX markets. What’s happening in Lebanon, where anti-government protests have turned violent and triggered the closure of the capital’s banks, will become a textbook example of the risks of centralized finance for years to come.
(Note: Nothing in this newsletter is investment advice. The author owns small amounts of bitcoin and ether.)
CoinDesk Research has published its first in a series of deep dives into listed crypto companies. We’re starting with Hut 8, one of the largest listed bitcoin miners, and its financials and recent operational shifts reveal some of the hurdles bitcoin miners struggle with in capitalizing their business while maintaining margins.
Preston Pysh looks at investment opportunities in a market increasingly manipulated by government printing, predicting that a “break” will be triggered either by social unrest or a natural transition to a different form of money. TAKEAWAY: Preston is not a crypto enthusiast (among other things, he hosts the podcast “We Study Billionaires”), but he is bullish on bitcoin largely as an alternative to an increasingly debased dollar – this makes his take particularly interesting for those managing diversified portfolios, which should be everyone.
How many of a project’s contributors have to be hit by a bus for the project to stall? Introducing the “bus factor,” a new metric that measures resilience. Really. TAKEAWAY: Actually, it’s a cool concept, intriguingly expanded on here by analyst Hasu. The higher the bus factor (the more widely distributed the code development), the easier a network is to replicate. The lower the bus factor (the more concentrated its control), the greater the risk. A couple of years ago Twitter woke up to a mercifully false rumor that Ethereum creator Vitalik Buterin had been killed in a car accident. (It didn’t involve a bus as far as I know.) The news pushed ether’s price down 15%. These days the impact would probably be different (although please be careful, Vitalik), but the anecdote shows that this is a metric worth watching.
The city of Ya’an, in China’s mountainous Sichuan province, is publicly encouraging the blockchain industry to help consume excessive hydroelectricity ahead of the summer rainy season. TAKEAWAY: This highlights how excess energy from hydroelectric and natural gas plants can bring down operating costs for miners, making their sector – crucial to the maintenance of the bitcoin network – more profitable and less vulnerable to price swings and halvings.
Bitcoin futures and bitcoin options both had their most active day since the crash on March 12, according to derivatives data provider skew.com. TAKEAWAY: To be honest, I’m not sure what this means, but it feels significant.
Coin Metrics presents “free float supply,” which adjusts supply measurement by taking out founding tokens and vested tokens, as well as those that are inactive, burned or probably lost. TAKEAWAY: The result is a measure of circulating tokens, a more reliable gauge of a network’s size and liquidity. Bitcoin’s free float supply, according to Coin Metrics, is over 4 million less (over 20% less) than the reported figure, which implies that its velocity (the transaction rate compared to the amount outstanding) is higher than many have calculated.
Blockchain analytics firm Glassnode has introduced a new metric called Glassnode On-Chain BTC Index (GNI), which aims to link price performance to network fundamentals. TAKEAWAY: Any fundamentals-tracking index is subjective, no matter how much rigor goes into selecting and quantifying the components. However, as long as the methodology is consistent, they can provide valuable information about trends and shifts, and at first glance the GNI does a good job of taking into account the principal value drivers of sentiment, liquidity and network health. The index recently turned from bearish to neutral, which is itself a bullish sign.
Large crypto investors, popularly known as “whales,” seem to be accumulating bitcoin amid the ongoing price rally. TAKEAWAY: Although an imperfect indicator, this can be interpreted as bullish, as high-net worth individuals or funds appear to be adding to or taking new long positions in bitcoin, perhaps in response to the monetary turmoil in the fiat world.
Genesis Capital* released its Q1 lending report, which highlights more than $2 billion of new loan originations, twice the figure for the previous quarter. This brings their cumulative amount lent to $6.2 billion. TAKEAWAY: Those are substantial figures, which point to a deepening maturation of the space. The report is worth a read, especially as it gives insight into the timeline around the March 12 crash, and how Genesis handled the turmoil. It also confirms that the lender has tightened credit, given the market uncertainty. This is likely to be temporary and comes as a relief – the sector needs strong lenders, as leverage can fuel growth but can also bring it tumbling down if it has to unwind suddenly. (*Genesis Capital is owned by CoinDesk’s parent company DCG.)
Leigh Cuen spoke to severalcrypto custody and wallet providers about the uptick in activity they have seen since the beginning of the lockdown. TAKEAWAY: Growing interest in off-exchange custody solutions implies a growing interest in holding crypto assets, rather than just trading them. Some of the exchanges Leigh spoke to cater mainly to institutional clients, but others have a wider base, which implies that interest in bitcoin is spreading amongst all types of investors.
The second fund of a16z’s crypto divisionhas raised $515 million, more than the original target of $450 million and considerably more than the $300 million raised by the first fund, which launched in 2018. The investments will focus on next-generation payments, decentralized finance, new monetization models and the concept of a decentralized internet. TAKEAWAY: While this is a crypto venture fund, investing in startup equity and tokens without the intention to trade, this raise is bullish for the sector as it implies a belief that at least some of the beneficiary blockchain companies will have viable businesses.
Silvergate Bankadded 46 crypto customers in the first quarter, bringing the total to 850, largely institutional investors. The number of transactions more than doubled in Q1 vs Q4, and was up more than 3x vs the same period in 2019. TAKEAWAY: One intriguing disclosure in the report was the mention of a lending service called SEN Leverage, currently in pilot mode, which will allow bank customers to obtain U.S. dollar loans collateralized by bitcoin. Crypto as collateral is a fascinating area to watch. On the one hand, the bearer status of bitcoin, its relative liquidity and its ease of transfer make it an ideal collateral from a lender’s point of view. On the other hand, current legislation makes it very difficult in practice. This paper by Xavier Foccroulle Menard, posted on SSRN this week, gives a great explanation as to why. (TL;DR: it’s to do with UCC definitions of collateral – guess what, bitcoin doesn’t fit.)
Hangzhou-based Ebang International Holdings, one of the leading manufacturers of bitcoin mining equipment, has filed with the SEC for an IPO of up to $100 million. TAKEAWAY: There does seem to be a trend amongst Chinese companies of trying to list in the U.S., in a bid to broaden their geographical diversification. Curiously, this could encourage the shift of the epicenter of bitcoin mining away from China and towards the U.S.
CFTC commissioner Brian Quintenz, one of the organization’s crypto supporters who advocated for self regulation in the crypto industry, will not seek renomination when his post ends this month, and will leave the regulatory organization by late October. TAKEAWAY: SEC commissioner Hester Peirce, who has argued in favor of bitcoin ETFs and also favors a more supportive approach to innovation, is also nearing the end of her term. As far as I know, her plans have not been made clear yet, and we don’t know who will be replacing Quintenz – but this could mark a subtle change in tone at one of the most powerful securities regulators.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Bitcoin’s highly anticipated mining rewards halving is only eight days away, and cryptocurrency investors have long been debating what the short-term impacts of this event will be.In the long-term it is unquestionably bullish due to it causing a 50% annual inflation reduction for BTC, but the short-term impacts are highly speculative, and limited data sets make it hard to look towards historical precedent for guidance.One analyst is noting, however, that the event is typically followed by a sharp selloff following its conclusion, a sign that the ongoing BTC rally may ultimately prove to be fleeting.Data Signals That Anticipation for Bitcoin’s Halving is Growing at a Rapid Rate Bitcoin’s rally seen in the time following its sharp mid-March meltdown has been attributed by some investors to growing anticipation for the mining rewards halving.It is important to note that although this may be a partial cause for the over 100% rebound seen throughout the past several weeks, it likely stems more from the massive technical strength formed as a result of the “V-shaped” recovery seen in the days following its decline to lows of $3,800.Nevertheless, volume data from Google Trends regarding the search term “Bitcoin Halving” does suggest that there is significant global interest in this event.Image via Google TrendsAs seen in the above chart, it appears that search volume for this term began turning parabolic in early-April and is showing no signs of slowing down as the event fast approaches.The interest in this event is rooted primarily in its potential short-term impacts on the cryptocurrency’s price.One popular Bitcoin proponent named PlanB recently spoke about how the halving’s timing relates to his extremely popular – and controversial – Stock-to-Flow Model, which predicts that BTC will begin ascending up towards $100,000 in the time shortly following this event.“Chart update: Bitcoin halving May 12… so it begins,” he said while pointing to the chart seen below.Image Courtesy of PlanBHalving May Be Followed by Brutal SelloffDespite PlanB’s S2F model predicting that Bitcoin will begin another parabolic rally in the months ahead, history seems to suggest that BTC will see a brutal post-halving selloff.One popular crypto analyst on Twitter spoke about this in a recent post on Twitter, explaining that historically BTC has seen notable selloffs in the 1-2 months following the mining rewards halving.“For those who is going through their first Bitcoin halving, congratulations, you made it… Historically, BTC price tends to dump in the first 1-2 months post halving. History repeats itself?”Although Bitcoin has only seen two halving events prior to this one and the sample size is too small to gain any conclusive trends from, it’s possible that a lack of any immense bullishness around the time it takes place will lead to great disappointment amongst speculators.Featured image from Unplash.
It’s been a strong week for Bitcoin and the rest of the cryptocurrency market.Per data from Coin360.com, the leading cryptocurrency has gained close to 20% in the past seven days. While this is undoubtedly one of Bitcoin’s best weekly performances in months, this is actually the asset’s seventh week of gains in a row, signifying a strong bull trend.Analysts are expecting a correction as an odd technical signal that marked Bitcoin’s $3,700 lows is now suggesting that a reversion to a bear trend is potentially underway.Bitcoin Could Soon Plummet LowerA top trader recently shared the chart below, indicating that at every Fibonacci time level was “a major shift in trend.” The vertical labeled “2” marked the bottom of 2019’s bear market around the high-$6,000s, while the vertical marked “2.382” marked the $3,700 bottom seen in March.Just yesterday, Bitcoin reached the next time level at “2.618,” suggesting that should history continue to rhyme, the cryptocurrency is poised to start a downtrend.Chart from @Byzgeneral (Twitter)This is far from the only sign suggesting an imminent trend reversal.When the April candle closed earlier this week, many cryptocurrency traders celebrated because what they saw was a “bullish engulfing candle,” when a candle reverses 100% of the losses seen over the candle prior.As reported by NewsBTC, though, the candle formation is a misnomer, as it is actually a sign of a bearish reversal. Thomas Bulkowski, a world-renowned technical analyst that has identified the meaning of many of these trends, wrote:“[These candles] act as a temporary reversal of a downward price trend. This is also one of the trading setups I suggest you avoid. Why? Because the primary trend is downward. The bullish engulfing candlestick reverse that trend, but only for a short time. The primary downward trend takes over and price resumes falling.”This indicates that the cryptocurrency could return lower in the months ahead.Adding credence to this sentiment is an observation from Zack Voell, an analyst at CoinDesk. Voell noted on Twitter that every time the CME’s open interest metric for its Bitcoin futures passed $300 million, a top was found.This happened twice in the past 12 months, and unfortunately for bulls, this signal was just spotted again, indicating that BTC found a medium-term top at $9,500.Related Reading: A Massive VC Just Raised $500M to Back Crypto: Here’s Why It’s ImportantIts Long-Term Trajectory Is Still PositiveDespite the chance at a reversal in the weeks ahead, the long-term trend of the leading cryptocurrency is also starting to shape up positive.In a research note on cryptocurrency published Thursday, David Grider — the lead digital strategist at Wall Street analysis firm Fundstrat Global Advisors — said that his firm is bullish on Bitcoin moving forward, specifically citing the halving as a positive catalyst:“We’re bullish over the next 12 months and expect prices may continue moving up into the [halving] and possibly after.”Thomas Lee, a co-founder of the analysis outlet, echoed the optimism. In a tweet, the analyst said that Bitcoin’s year-to-date performance proves that it is not only benefiting from the halving, but is also acting as a “solid risk-on asset and as a hedge against calamity.”Marketwatch, which covered the note, noted that Fundstrat sees the cryptocurrency nearly doubling in the coming 12 months to $14,350.Related Reading: Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 NearsPhoto by Bryan Goff on Unsplash
Bitcoin has been on a stellar run over the past week, gaining 20%, according to data from Coin360.com. It’s a move that has brought the cryptocurrency above resistance level after resistance level, suggesting an uptrend is forming.Since peaking at $9,500 though, the cryptocurrency has slipped, with BTC now trading at $8,800 as of the time of this article’s writing. It’s a retracement that isn’t all too convincing of the bull case, an analyst has suggested.Related Reading: Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 NearsBitcoin Needs to Retake $9,090 On a Weekly BasisAccording to a crypto swing trader, Bitcoin closing above $9,090 on a weekly basis will have him “full[y bullish] until further notice,” referencing how the level has been a key resistance and support level over the past year.Chart from @cryptomeowmoew (Twitter)BTC closing above $9,090, the chart suggests, would confirm a resistance-support flip of that level, giving the cryptocurrency the fuel to rally even higher.Unfortunately, it seems that this bullish close will not come to pass, with BTC trading at $8,800 as of the time of this article’s writing.Unless the cryptocurrency can mount a multi-percent rally in the coming two hours, a weekly close above $9,090 will need to wait until next week.There Are Other Reasons to Be BullishBitcoin seems unlikely to close the weekly above the level specified by the trader, but analysts say there is a confluence of other reasons to be bullish on the main cryptocurrency on a medium-term time frame.One well-known trader remarked that there is a strong confluence of reasons to be bullish on Bitcoin at the moment. The confluence of reasons is as follows:The funding rate on BitMEX, which is the amount longs pay short, and the premium index, the difference people pay for Bitcoin on BitMEX vs. BTC’s index price, are “still negative.” This suggests longs are not yet overleveraged.Bitcoin is trading above the yearly volume-weighted average price.BTC is above the 200-day moving average.The one-day Ichimoku Cloud has flipped bullish.Also bullish, the Parabolic Stop-and-Run Reversal indicator just signaled a “buy” for Bitcoin on the weekly chart.Nunya Bizniz, a chartist in the cryptocurrency space, explained that in the wake of the six times this indicator has appeared in the past five years, Bitcoin saw “substantial upside.” Such was the case at the start of 2019, when just prior to the 25% breakout on April 1st, the PSAR flipped bullish, marking the start of an over 300% rally.Chart from Nunya Bizniz (@Pladizow on Twitter)History repeating will see BTC strongly break to the upside yet again in the coming weeks.In terms of fundamentals, Bitcoin’s block reward halving is a mere 10 days out, estimates suggest. Analysts expect this fundamental event to act as a catalyst for a parabolic surge in the cryptocurrency market. Photo by jordan Huie on Unsplash
The latest T-Rex Nvidia GPU miner version 0.15.3 has introduced support for the new KAWPOW algorithm just as expect in time for the fork of RavenCoin (RVN) that is coming in just a few days – May 6th 2020 at 18:00:00 UTC. Aside from the new Kawpow support for the upcoming RVN fork, the latest T-Rex miner also adds supports for ProgPow and MTP-tcr algorithms.
Aside from T-Rex adding support for KAWPOW in the latest version, there are a few other alternatives available already – the official open-source kawpowminer, the latest TT-Miner, the latest NBMiner and the latest GMiner. The only one that is still missing support for KAWPOW is Z-Enemy, however enemy has already announced that there should be an update before the RVN fork and it will also support the new Ravencoin algorithm.
T-Rex is closed source Nvidia GPU miner available for both Linux and Windows operating systems. The miner comes in multiple versions supporting CUDA 9.1, CUDA 9.2 and CUDA 10.0. The miner has developer fee of 1% for all of the supported algorithms, only tensority has a higher dev fee of 3%.
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Stellar (XLM) has seen some notable underperformance of Bitcoin and the aggregated crypto market throughout 2019 and even 2020, largely being caught within an extended bout of sideways trading.Analysts are now noting that the crypto just broke above an important technical level that it has been caught beneath for many years, with the movement past this level being a notable development that could mean major upside is imminent.Other traders are taking note of Stellar’s growing technical strength, as some are explaining that it could now target an upside movement as large as 50% in the days and weeks ahead.Stellar Just Posted a Notable Breakout as Crypto Market Grows Bullish The entire crypto market has been building greater strength throughout the past several weeks, primarily being led higher by Bitcoin’s notable climb from its mid-March lows of $3,800.Stellar is one such crypto that has seen some notable upside during the course of this recent uptrend, although it has been lagging slightly behind BTC and many of its other peers.It now appears that its technical strength is beginning to reach a boiling point, however, as it was just able to break above its Kumo cloud.This marks the first break of this level that the cryptocurrency has seen since 2018, with this being a notable technical development that could mean it is about to see a parabolic uptrend.Crypto analyst Josh Olszewicz spoke about this breakout in a recent tweet, saying:“2D XLM (USD) first kumo breakout since 2018.”Image Courtesy of Josh OlszewiczThis isn’t the only positive technical factor currently playing to XLM’s favor, as analysts have also been pointing to the crypto’s overt strength seen against its BTC trading pair as a reason for why it may climb higher in the near term.“Not many charts looking as good as XLM vs BTC right now,” another analyst noted.XLM Could Rally 50% Due to This StrengthAs for how high this technical strength could lead the crypto, one popular trader is explaining that he is now targeting a 50% upside movement in the days and weeks ahead.His reasoning behind this is that XLM has been caught within a year-long accumulation pattern, with the potential resolution to this pattern being enough to catapult it higher.“XLM Accumulation. Has been trading sideways for almost a year. Once this breaks to the upside, this thing will run fast and hard. First target is +50% away from the range high,” he said.Image Courtesy of BagsyHow the crypto trends in the days ahead should offer significant insight into its mid-term trend, and it is a strong possibility that Bitcoin’s reaction to its current resistance will have heavy influence over that of Stellar.Featured image from Unplash.
Verus Coin (VRSC) is an interesting crypto project available for a while already that offers a hybrid PoW/PoS mode of operation, so you can mine and stake VRSC coins. The idea of the project and its custom VerusHash algorithm is to be mined with CPU and even though GPU miners do exist for the algo, they do not offer performance advantage over a powerful processor. Near the end of las year FPGA mining support was made available for the VerusHash algorithm with much better efficiency compared to existing CPU/GPU miners and that quickly drove away regular miners. This required a revision of the mining algorithm and the latest VerusHash 2.1 made FPGA miners unable to be used and brought back CPUs as the main choice for mining.
The preferred choice for mining Verus Coin (VRSC) is with CPU and the miner you need is called hellminer, or alternatively you can try with nheqminer. Hellminer is the faster, but closed source even though there is no developer fee, available for Linux and Windows, so you might want to go for it first. The Nheqminer miner fork for VRSC is a bit slower in terms of performance, but is open source and available for Linux, Windows and MacOS.
As already mentioned there are miners for GPUs as well, but they do not offer performance advantage over CPU mining, in fact a multi-GPU mining rig might offer similar or slower performance to a higher-end processor, but with a much higher power usage. So while it is not very reasonable to mine VRSC with GPUs, you can at least try to see what your hardware is capable of and how it relates to CPU performance. There is a ccminer Verushash fork available for Nvidia GPUs as well as AMD Verushash miner available for AMD GPUs.
As far as performance is concerned, AMD’s latest generation Ryzen CPUs do seem to have some advantage over Intel processors, but in general the more cores you have, the better hashrate you can expect to get. Ryzen 3900X (12C-24T) does about 30 MH/s, while an Intel 6850K (6C-12T) does manage to get you just about 11 MH/s hashrate. As a comparison a GPU mining rig with 6x GTX 1080 Ti does manage to get you just about 6 MH/s, so as we’ve explained it is pretty pointless to mine VRSC with anything other than a processor, although it is possible to also use GPUs.
If you need a mining pool where you can try mining Verus Coin (VRSC), then you probably want to head on to Luckpool where most of the hashrate is centered. The pool has some nice features to miners such as awarding the block finder with a fixed reward as well as a hybrid solo mining mode where you still get rewarded even when not finding a block yourself. VRSC is currently traded on multiple smaller crypto exchanges such as SafeTrade, STEX, Graviex, AAcoin, Kuang Exchange.
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