Crypto Market Wrap: Consolidation Continues, Is a Breakout Imminent?

Market Wrap
Crypto consolidation continues; Litecoin still inching up, NEO making progress, everything else is flat.
Crypto markets are looking a little erratic as we enter the weekend but in the grand scheme of things nothing has changed over the past seven days. Total market cap has crept up marginally but most tokens are still consolidating within their slim boundaries.
Bitcoin has bounced of intraday resistance levels of $3,640 twice but is still holding above major support at $3,600. Lower highs have been made all week indicating that BTC is likely to turn bearish soon, especially if it falls below the key $3,600 level.
Ethereum is stable at $123 still, it has not moved a bit over the past 24 hours and remains where it has been since mid-week. XRP is slowly weakening and the gap between the two has now widened to $450 million.
There has been so little action for the majority of the top ten that they are showing tenths of a percent change over the past day. Litecoin is the biggest mover with 2% as it pulls away from EOS and increases the market cap gap between them. Very little else is going on in this section.
NEO is today’s top coin in the big twenty as it adds 3% on the day. Tezos is creeping back towards a top twenty place adding 2% but it is still a way off Zcash. Maker and NEM are dumping 4-5 percent following a couple of days of reasonable gains.
There are only two altcoins in double digits at the time of writing. Ontology and Aelf have added 16% a piece during the Asian trading session. The Parity Games partnership appears to be driving momentum for ONT. There are no big dumps going on at the messy end of the top one hundred but the day’s worst performers are Aurora and Revain.

Total market capitalization has not moved over the past 24 hours and remains a fraction higher at just over $121 billion. Markets are still range bound in a very tight channel where they have been all week. There are no signs of momentum in either direction and the tedium continues in crypto land.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
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Will Bitcoin Block Size Reduction Argument Cause Another Crypto Conflict?

Things have been busy in crypto land this week and the big debate over Bitcoin’s block size has only just been usurped by JP Morgan’s attempt to launch its own completely centralized crypto coin. The block size issue is an important one so we’ll delve a little deeper into that.
Another Crypto Conflict Imminent?
Bitcoin Core, the enigmatic code that runs the world’s largest decentralized currency, has a highly calibrated and specific set of instructions and protocols. Any attempt to deviate from them is usually met with brimstone and fire from the developers and community. When they disagree a hard fork usually occurs and there have been a lot of them over Bitcoin’s short ten year lifespan.
The highly controversial proposal discussed this week came from Core developer Luke Dashj who suggested decreasing the size of the blocks from their current 1Mb to 300Kb. In theory this may increase adoption by reducing costs associated with network participation.

Another example: This patch would enforce a very simple softfork, reducing #Bitcoin block sizes to ~300k between Aug 1 and Dec 31. It demonstrates how one can make a truly TEMPORARY softfork.https://t.co/sukdk2zJpR
(DO NOT RUN THIS IN PRODUCTION EVEN IF YOU SUPPORT A UASF)
— Luke Dashjr (@LukeDashjr) February 7, 2019

Since the Bitcoin network has grown so large now (over 200Gb) running a full node, which stores and updates a copy of the entire blockchain, is extremely resource intensive and costly. The reduction in block size would alleviate these expenditures but would require the majority to move to a soft forked version of the existing BTC chain.
The decentralization case is a strong one; if data centers are required to run full nodes then the network effectively becomes centralized. Blockstream’s strategy chief Samson Mow told Hard Fork;
“This is also why most Bitcoin users do not want huge blocks, because then full nodes could only be run in data centers, which perfectly defeats the purpose of having a decentralized network,”
Some of the community have backed this notion and still advocate for a smaller block size to reduce the potential centralization of running full nodes. The counter argument is that this ‘minor tweak’, as some have described it, will result in a huge disruption to a well-functioning system.  The demise of Bitmain has already reduced centralization concerns and smaller blocks would be of greater benefit to miners who can earn more from transaction fees. The crypto community on twitter has also had their say as the debate rages on;

The crypto community is tired of being tortured by a Bitcoin that refuses to scale and remains in constant limbo. Live or die: scale or go off-chain, huge blocks or teeny ones. This is crypto fatigue. Just get it over with, and deal with what happens. https://t.co/lI8RPPBwJD
— Joel Valenzuela (@TheDesertLynx) February 13, 2019

Bitcoin guru John Carvalho added; “Right now, there isn’t a lot of support for [block size] adjustment ideas because many see it as a controversial and sore topic. We all still feel the bruises from the Segwit2x/No2x/BCash debates,”
There has also been a big push to the Lightning Network which could be affected as proponents of the recently forked Bitcoin SV noted;

I'm shocked the core devs want to reduce the block size from 1MB to only 300KB.
I'm flabbergasted!
Do they not understand along with killing mainnet adoption they're also killing LN adoption???
How the fuck are you going to onboard billions of people if you shrink???#Bitcoin
— Mike Relentless [SV] (@mikerelentless) February 13, 2019

The most pertinent comment though highlights that infighting such as this can only cause longer term damage to Bitcoin and the entire ethos of decentralized currencies;

Stop this madness! Last thing Bitcoin needs is yet more contentious forks in this key year for adoption! A soft fork to "reduce the block size" is a hard fork in all but name. This will split off from the established consensus, cause massive drama, and damage trust in Bitcoin. https://t.co/54tzz4UIli
— Cøbra (@CobraBitcoin) February 11, 2019

Changes to the established code and network are always a hot potato in the crypto world, and block size is top of that tree. Bitcoin has a long way to go before it can truly be considered autonomous and decentralized and these debates are part of that evolution process for the nascent technology. However, with markets battered and bruised, another public crypto conflict between rival factions will cause more damage than good in the short term for Bitcoin and its brethren.
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XEM Rises From Crypto Ashes as NEM Foundation Soldiers On

News that a crypto project has to downsize and restructure is never good. The bear market has battered all but the extremely resilient and most organizations have had to tighten their belts somewhat.
NEM Foundation Restructures, Reveals Debts
The NEM Foundation has managed to rescue its project from crypto oblivion through a series of funding proposals and restructuring. At the end of last month the Foundation revealed that it had less than one month of funding remaining and that downsizing was inevitable. Following that news the token dumped 34% over the next ten days to a 2019 low of $0.034 (1010 satoshis).
This week a further announcement was released with proposals for funding and joint collaboration between the two divisions of the organization, the Foundation and NEM Labs. A massive restructuring has started and the Foundation has called for a ‘proof of importance’ (POI) vote in support of a funding request from the community. The core of the project is now known as Catapult and it will become the new NEM engine for dApps and smart contract deployment.
The team has painfully admitted and made public the level of debt and what remains for future funding of staff and development;
“Yes, our team will be in debt once February expenses are paid … Total potential expected debt if everything is fully paid for: ~$15,000- $50,000 USD … We had 150 employees in 2018 and are projected to have ~54 employees (both fulltime and consultant) in 2019.”
With a clear path forward though, the project has a chance of survival and those that remain with it are confident in the future for NEM. These results can already be seen in token performance today.
XEM Market Reaction
XEM is the top performing altcoin in the top twenty at the time of writing. It had made 8% on the day when it reached an intraday high of $0.044 (1230 satoshis) a couple of hours ago. Daily volume has doubled from $12 to $24 million with Binance being the top exchange for NEM trade.

Over the past seven days XEM has made an impressive 22% climbing from $0.036 (1085 satoshis) this time last Friday to where it trades today. The longer term picture is not so pretty for NEM which has largely fallen out of favor along with most of the other crypto tokens that have dropped out of the top ten.
Nobody could have envisaged a dump of over 97% from all-time high but the NEM Foundation has taken the right approach under the circumstances. Restructure, keep building, and soldier on though hard times.
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Crypto Market Wrap: Could Binance Coin Flip Stellar (XLM) Soon?

Market Wrap
Crypto markets continue consolidating; Litecoin back in fourth, BNB, XLM and NEM moving, Maker falls back.
Movements have been minimal on crypto markets as we round out another week. The good news is that gains made this time last week have held for now but signs of further upward motion have not materialized. Total market capitalization has remained over $120 billion as the consolidation continues.
Bitcoin is range bound in a very tight channel at the moment between $3,600 and $3,650. It has not changed in price since the same time yesterday but has consolidated above support levels so could move higher in the short term.
Ethereum is still flat at $123 with zero movement over the past few days. Momentum is expected as Constantinople draws closer next week. XRP is holding $0.30 and also range bound, the gap between the two remains at $300 million.
There is not much to report in the top ten during the day’s Asian trading session. Litecoin has re-flipped EOS and taken fourth place back with a 2.5% gain to $43, though the gap between them is negligible. Binance Coin is yet again the top mover here with 4% added and a rare blip by Stellar has sent XLM up 2.5% on the day – the gap between the two is now only $200 million.
NEM has made the biggest move in the top twenty with 5% as the organization restructures and moves forward with the project. Very little else is going on and a few such as Monero, Maker, and Zcash are falling back 3% or so.
Crypto.com’s MCO token its getting today’s fomo spike with a 26% jump as Singaporean crypto credit cards gather steam. Tezos is also having a good Friday with 8% added on the day. At the red end of the top one hundred is MOAC dumping 10% and yesterday’s pumped Komodo dropping 7%.

Total market capitalization dipped back to $119 billion but has recovered to the same level as yesterday, $120 billion. The sideways motion continues and there is very little going on with markets at the moment. Gains made in last Friday’s big pump have held for the week leaving markets at the same place they were this time last month.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
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Crypto Bear Market is Prime Entry Point For Tech Giants

The yearlong plunge in cryptocurrency markets has resulted in downsizing for many tech startups but for the big players it could provide the perfect entry point.
Big Players Looking Towards Blockchain
Many blockchain projects have faced the squeeze in recent months and been forced to let staff go and downsize operations. The NEM Foundation has been the latest in the growing list of those battered by the bears as it faces a complete restructuring. This could be good news for bigger players looking to scoop up tech talent for their own crypto ambitions.
Facebook has been the latest example as the social media giant recently acquired the team from a small London based blockchain outfit called Chainspace. According to RBC internet analyst Zachary Schwartzman crypto and blockchain could be seen as a huge threat to the likes of Facebook as computing moves to public blockchains in what he described as the “embryonic stages of a potential massive paradigm shift”.
“On the surface, it may appear that Facebook purposefully hired the technical team related to DECODE. But we don’t believe this was the case. Our view is that this was simply an acqui-hire to expand Facebook’s internal crypto team’s expertise,” Schwartzman told CNBC.
The report goes on to note that other tech and finance giants are also keenly eyeing the space which looks far more lucrative today than it did at the height of the hype a year ago. IBM, Amazon, Microsoft and JP Morgan are all venturing into blockchain for its increased security and transparency over existing systems.
Venture capital was on a roll in 2018 as over $2.6 billion was spent on deals for more than 300 companies, according to researchers. This was more than triple the figure for 2017 despite the plunge in prices. The investment environment has cooled off a little since then however as some companies still didn’t have products on the table at the time of their fund raising. EOS has been the prime example here with $4 billion raised, mostly in Ethereum, and no product at the time. EOS has dumped 88% since its all-time high in April last year along with the rest of the cryptocurrencies.
The plunge in Ethereum, which many used to raise funds, has added to the woes of these startups which have flooded the market with it further adding to the bearish overall sentiment. Analysts have predicted a big shakeout whereby those that failed to meet deadlines and keep up with product updates will fall away while those still focusing on building the technology will ultimately survive.
The tech and internet monopolies are definitely paying attention and are circling like sharks in a digital pool that is filling up with fresh talent as the crypto winter continues.
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BitTorrent Token Airdrop Completes, BTT Jumps 10%, TRX Falls

There is no better way to garner attention for a new crypto token than to give it away. The Team at the Tron Foundation are experts at marketing and have widely promoted the BitTorrent token and a series of airdrops, the first of which has just been completed.
Over 10 Billion Tokens Distributed
Yesterday Justin Sun took to twitter to announce the long awaited airdrop for TRX holders;
“The largest and longest airdrop in the cryptocurrency history will begin shortly. We have taken the snapshot for all #TRON accounts and ideally we will send #BTT to #TRX holders in next 24 hours.”
The official announcement said that TRX held on supporting exchanges and cold wallets would be legible to receive BTT. The ratio of BTT airdropped is 1 TRX = 0.1097681177 BTT, with 1.1% of the total supply to be distributed. A further 990,000,000 BTT will be airdropped on March 11 and an incrementally increasing amount on the eleventh of every month until 2025.
The release also warned about a number of fake social media accounts falsely claiming to be BitTorrent. A few hours later another tweet added that the planned process of 48 hours only took 4 and 10.8 billion tokens had been distributed;

We have sent out 10,856,613,707 #BTT to #TRX holders, which means 99.69% completion rate! We plan to finish the airdrop in 48 hours but it seems we have done it in 4 hours thanks to the fast speed of #TRON blockchain! #BitTorrent #TRON $TRX $BTT https://t.co/Kr5e1yFzJw
— Justin Sun (@justinsuntron) February 11, 2019

This was shortly followed up by another message confirming that the airdrop had been completed;

We have done the airdrop so please check your wallet&account! Really appreciate the support from #TRON and #BitTorrent community! See you in the airdrop next month! The airdrop for next month will soon be released! #TRX $TRX #BTT $BTT https://t.co/Kr5e1yFzJw
— Justin Sun (@justinsuntron) February 12, 2019

At the time of writing however the BTT tokens had yet to display for TRX account holders using Binance which had some technical issues yesterday. The ever alert Sun reassured his hodlers;

The BitTorrent Foundation completed $BTT Airdrop for $TRX holders. If your tokens are on an exchange or a wallet supporting our airdrop program they are on their way. Please be patient, it may take some time given the volume airdropped
— Justin Sun (@justinsuntron) February 12, 2019

BTT and TRX Market Reaction
According to Coinmarketcap BTT has jumped 11% on the day in USD terms and 12% against Bitcoin. It is currently trading at 26 satoshis, 73% higher than what it was at inception. Binance has over 50% of the total trade but Upbit is currently the top fiat exchange with 35% of the daily volume as Koreans load up in KRW.

Tron however has taken the opposite path and fallen back dropping 4.7% on the day as crypto markets pull back from their weekend pump. TRX is currently trading at $0.024 (673 satoshis), which is down 8% on the week but 30% higher than it was at the beginning of the year. Tron has been one of 2019’s top performing crypto assets alongside Litecoin and Binance Coin. It has held on to eighth place with a market cap of $1.6 billion, $400 million behind Tether.
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Crypto Market Wrap: Maker Moving as Markets Consolidate

Market Wrap
Crypto markets consolidating again; Binance Coin, Dash and Maker are moving, the rest slipping slowly.
As widely predicted the crypto market pump was just that as things are starting to dump again today. The movements have been minor but the majority are in the red at the moment as market capitalization slips back to $120 billion.
Bitcoin did not get close to $3,700 today so new resistance levels are forming lower again. Around $3,650 seems to be its stability point for the time being but dips are not being supported and Bitcoin could drop lower, it is currently down half a percent on the day.
Ethereum has held on to second place by not moving over the past 24 hours. Still trading at $120 ETH could get some momentum from the Constantinople hard fork which has been delayed until the end of the month. XRP has lost a little more ground today and the gap between the two is currently just over $200 million.
Most of the top ten are falling back during the Asian trading session today. Tron has dropped the most despite the BTT airdrop today as TRX loses 3.5%. Bitcoin Cash is not far behind with a 3% slide. Only Binance Coin is making progress today adding another 2.5% as it closes the gap on Stellar in ninth which has dumped another 2%.

There are two big movers in the top twenty at the moment. Dash and Maker have added a further 7% on the day trading at $83 and $495 respectively. The Maker dev fund was moved to a new multisig wallet two days ago which caused the CMC market cap spike and the flipping of ETC and NEM. NEO and Zcash have also added 3.5% each to their prices over the past 24 hours but IOTA and NEM continue to slide.
There are no major pumps occurring in the top one hundred at the time of writing. Huobi Token is the best performer adding 15% followed by MOAC with a 12% rise. Getting bashed is yesterday’s pump; Quant followed by Revain both shedding 10% in predictable dumps.
Total market capitalization has not really moved overnight and is still at $120 billion. No further gains for the big cap coins look likely so further consolidation is expected in this channel for the time being. Volume is still at $20 billion and markets are still 6% higher than they were this time last week.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
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Intercontinental Exchange (ICE) Chief Confident About Future for Bakkt and Crypto 

The ongoing regulatory delays and hurdles imposed by the US government have not dampened the enthusiasm for crypto related products such as the highly anticipated Bakkt launch.
Bakkt Will be a ‘Moonshot Bet’
The Intercontinental Exchange (ICE) has recently announced its fourth quarter earnings which have beat some Wall Street predictions. Chief executive Jeffrey Sprecher took the opportunity to speak on the sterling performance and shed some light on the Bakkt crypto project. Seeking Alpha ran a full transcript of the conference call in which Sprecher referred to Bakkt as a “moonshot bet”.
Over a billion dollars has been spent on strategic investments in 2018, including the Bakkt crypto futures project, according to CFO Scott Hill. Sprecher added that Bakkt had raised over $180 million from ICE and twelve other investors and partners including Fortress Investment Group and Susquehanna International Group. He said that “as we look to 2019 and beyond we’re excited about the opportunities that lie ahead, not only for our core business but also for newer initiatives,” which includes Bakkt.
The launch delays have been largely the fault of the US government shutdown imposed by president Trump. The highly anticipated product has been seen as a major on-ramp for crypto as it includes some major players. The firm aims to create a crypto ecosystem to bring huge companies such as Starbucks and Microsoft into the crypto industry. Sprecher stated;
“That infrastructure has attracted a lot of very, very interesting companies that have come — some that have invested in Bakkt, some are just working with Bakkt to try to tap into that infrastructure for some new use cases that will involve blockchain and digital assets and other things that we can provide these people. Obviously, we’ve announced the Starbucks — our work with Starbucks and Microsoft. We have very, very large retail franchises global connectivity to end users that we hope will be brought into that ecosystem and could create a very, very valuable company out of that initiative if our business plan plays out.”
Regarding the Bakkt launch date there were no specifics mentioned, only that it is expected ‘later this year’. Last month the company revealed more details about its Bitcoin futures products. The Bakkt BTC (USD) Daily Future will be a 1 BTC contract that will be physically delivered.
Bakkt also announced the acquisition of assets from Rosenthal Collins Group (RCG) last month. The ‘back office’ infrastructure will be needed to develop the crypto ecosystem and ensure full security and a trusted fintech solution for its clients.
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Crypto Market Wrap: Dash Moving Up as Markets Stabilize

Market Wrap
Crypto markets have stabilized and there is little action; Binance Coin and Dash are still heading up, Bytecoin is dumping.
The big crypto market pump on Friday and Saturday ran out of steam yesterday and things have been pretty static ever since. Total market capitalization has stabilized at this new level above $120 billion for now and a new direction has yet to be formed.
Bitcoin spiked a couple of hours ago to hit resistance at $3,700 before bouncing right back off of it. BTC has pulled back to where it has traded for much of the past 24 hours, $3,650. Daily volume is slightly higher at $6.4 billion but things are holding steady at this level for now.
Ethereum is still gaining slowly and has finally surpassed XRP to take second place. ETH hit an intraday high of $125 before falling back to $120 where it currently trades, still up a percent or so on the day. XRP conversely has fallen back 1.5% dropping to $0.305 and shedding market cap enabling the ETH flip. The two are still very close though with the current gap at just over $100 million.
There has been little movement in the top ten over the past 24 hours. Binance Coin continues to strengthen and has added a further 3% on the day taking BNB to $9.40. It is now less than $200 million away from Stellar in ninth which keeps sliding. Litecoin has remained strong and is currently just over $44 and clear of EOS in fifth.

Dash is the top performer in the top twenty at the time of writing with 6% to $78 on the release of Dash Core v0.13.1. Maker has flipped both Ethereum Classic and NEM as it takes 17th place and Waves is about to enter the top twenty with a 4.5% gain. Monero and IOTA are both falling back a couple of percent.
Ark is getting the fomo treatment at the moment as it pumps 26% as the team updated their mobile wallet adding dynamic fees. Ark is the only altcoin in double digit gains at the moment. There are no big dumps going on during the day’s Asian trading session but those at the red end of the top one hundred include Bytecoin and Chainlink.
Total crypto market capitalization has remained above $120 billion since late Friday’s $10 billion cash injection. Very little has occurred over the past 24 hours however volume has increased to over $20 billion indicating another move could be coming soon. Bitcoin dominance is just below 53% at the moment as markets stabilize once again.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
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Ethereum Continues to Climb, Flips XRP For Second Place

There have been a number of clear victors over the weekend as crypto markets pumped by $10 billion. Litecoin has been the obvious one with a surge of almost 40% since Friday but Ethereum has also make a strong enough comeback to retake second spot from XRP.
Ethereum Back in Second Place
Ethereum has been battered and bruised in recent weeks hitting a new 2019 low Wednesday last week of $103. The $100 level is a key support zone both technically and psychologically and a fall below this would spell a tough recovery period for Ethereum.
During the recent crypto market pump late Friday Ethereum surged over 14% from $105 to $120 by Saturday. This alone has not been enough for it to usurp XRP which also climbed during the rally. However over the past 24 hours Ethereum has continued climbing to reach an intraday and weekly high of $125. ETH has since pulled back a little and is currently trading at $121, but still up 1.5% on the day at the time of writing.

Daily volume is up from $2.7 to $3.2 billion and this has been enough to push Ethereum’s market capitalization above XRP according to Coinmarketcap.com. At the time of writing ETH market cap was $12.7 billion and it was in second place. Ripple’s token conversely only managed to make 8% during the weekend rally taking it to a weekly high of $0.315.
Since the Saturday high XRP has slid back to $0.305 marking a 1.5% decline on the day. Market cap has shrunk to $12.5 billion as it drops back behind Ethereum and into third spot again. The two are very close and a re-flippening could easily occur if Ethereum weakens more than XRP over the coming week.
The lack of momentum for XRP is perplexing since new partners are continually being onboarded into RippleNet. At the end of last month Japan’s SBI financial group released a report recognizing Ripple’s importance for cross border transactions. The SWIFT and R3 partnership announced last month could also been good news for Ripple but none of this has been reflected in XRP price.
Ethereum has been further weakened by the Constantinople hard fork delay but a rescheduling to late February could spell more bullish momentum for ETH. The new fork which will address previously discovered security flaws will take place at block 7,280,000 or around February 27.
At the moment though Ethereum is back as the world’s second largest crypto asset.
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Bitcoin Bulls Break Resistance, Where Will BTC Go Next?

There has been no shortage of price predictions for Bitcoin over the past couple of months. As the bears tighten their grip on crypto markets and the winter deepens it all appears to be doom and gloom.
A Short Term Bounce For Bitcoin
A ray of light broke through the winter clouds yesterday when crypto markets surged by $10 billion. Bitcoin led the charge when it punched through resistance at $3,500 and then again at $3,600 just 15 minutes later.
For weeks BTC has been lulling around these levels unable to muster the strength to get past them. Only yesterday Bitcoin fell to its lowest level for 2019 when it briefly touched $3,390. The break below $3,400 must have triggered a raft of buy trades which sent BTC surging 9% to reach an intraday high of just below $3,700. Daily volume has surged from $5 billion to $7.8 billion, the highest it has been since the bounce off the bottom in mid-December. BTC is currently holding at around $3,650 at the time of writing.
Bitcoin price YTD
The volatility has returned again as Bitcoin hits a 15 day high the day after posting a seven week low. The big question now is where will it go next? Regardless of the big green candle for the day, the market is still trending down and making lower highs and lower lows. Previous robust resistance levels will test the strength of this bull run and determine whether it is to continue. At the moment $3,600 seems to be holding but the next major hurdle to overcome for BTC will be the wall of resistance at $4,000.
Analysts have been hinting at BTC being in oversold territory on the short term. Referring to the RSI indicator, technical analyst at Fundstrat Global Advisors, Rob Sluymer, echoed this sentiment when he said “BTC is again at historically oversold levels and is retesting important support that needs to hold to suggest a bottom is developing,”
Speaking to Bloomberg recently he added that the longer term outlook was not pretty; “A break below the fourth-quarter lows at $3,100 would imply a decline to $2,270, while a move above $4,200 is needed to signal Bitcoin is beginning to improve,” So it seems that the $4,000 level, or just above it, is still the key to further upwards momentum.
As it stands this mini recovery is just that and there have been no longer term signals to spell a major trend reversal. If the likes of Murad Mahmudov are correct, Bitcoin has a lot further to fall before it really starts to come back with a vengeance.
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What Caused Litecoin to Surge Over 30% and Flip BCH and EOS?

Litecoin has long been a stalwart of the crypto sphere. It has been around since 2011 when it forked from the original Bitcoin chain. Alongside its big brother it has steadily grown as a faster and ‘lighter’ alternative. Over the past 24 hours however Litecoin has literally lifted off with a 30% surge propelling it up the crypto market cap charts.
New Partnership to Enhance Litecoin
The entire crypto market has enjoyed a rare pump overnight as $10 billion poured back into digital assets following a week of losses. That is not to say that the bear market is over, far from it as we have seen this action before and the bears may soon regain control. Technical indicators are still signaling further losses for Bitcoin and its brethren over the coming months.
The top performing altcoin during this crypto bounce has been Litecoin. The solid performance is fundamental as software company Beam recently announced a partnership with the Litecoin Foundation. The collaboration will explore the use of Litecoin’s Mimblewimble protocol which derives its name from the Harry Potter series. It is a spell that prevents people spilling secrets so was aptly named as its purpose for crypto is to improve privacy, scalability and fungibility. The Beam medium post added;
“We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality,”
A hard fork would be required if Litecoin was to adopt the protocol which allows users to encrypt transaction data. The fungibility aspect would allow equivalent tokens to be interchangeable with no losses. Charlie Lee posted this tweet last month on the need for such;

Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
I am now focused on making Litecoin more fungible by adding Confidential Transactions.
— Charlie Lee [LTC] (@SatoshiLite) January 28, 2019

Market Reaction
Litecoin’s performance over the past 24 hours has been impressive. It jumped from an intraday low of just over $33 to a high a touch below $44 which results in a 33% surge on the day. Since then LTC has pulled back a little to trade at $42.30 where it is currently holding at the time of writing.
Daily volume surged from $635 million to $1.7 billion which pumped over $500 million into the LTC market cap. This enabled Litecoin to surge up the charts and flip both Bitcoin Cash and EOS to take fourth spot with a current market cap of $2.6 billion. So far this year Litecoin has been one of the top performing cryptocurrencies along with Tron and Binance Coin.
Litecoin is also due for a halving this year on August 8 which reduces the block reward from 25 to 12.5 LTC. Halving events are usually very bullish for crypto assets as they become less inflationary while value goes up.
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Crypto Market Wrap: $10 Billion Pumped Back in to Cryptocurrencies

Market Wrap
Crypto markets are on fire for the first time in 2019; Litecoin shooting for the moon, the rest not far behind.
Following over a week of total lethargy and downward momentum things are looking much brighter this morning. Dispelling any notion that volatility had dropped, an epic pump of $10 billion entered crypto markets over the past 24 hours pushing total market cap back over $120 billion.
Bitcoin led the charge as usual when it broke through the week-long resistance at $3,500. Less than an hour later one huge green candle propelled BTC through its second and longer term level of resistance at $3,600 to finally rest at just below $3,700 before pulling back a little. At the time of writing Bitcoin was trading at $3,650, up 7.5% on the day after dropping to a 2019 low yesterday.
Naturally the rest followed, including Ethereum which has surged 13% taking it back to $118. The move was enough to close the gap on XRP which only gained 6% during the rally. The difference between second and third place is now only $300 million.
Much of the top ten is reveling in rare double digit green gains during Asian trading today with Litecoin leading the pack. By far the best performing crypto asset, LTC has surged 30% adding $500 million to its market cap which enabled it to flip both Bitcoin Cash and EOS for fourth place. They both also made double figures but not enough to catch Litecoin.
In the top twenty Cardano and Dash have been the best performers with 11% gained each. Not far behind with a 10% pump was Monero, IOTA and NEO. All altcoins in this section have made solid gains over the past 24 hours.
There are too many coins in double digits to count the fomo at the moment but the top performers in the top one hundred are Bitcoiin (yes, you read it right) on 56%, Quant on 53%, and Litecoin with 31%. In an extremely rare occurrence there are no altcoins in the red at the time of writing. Only a couple of stablecoins have done their jobs and remained stable.

Total market capitalization has surged to $121 billion as $10 billion gets pumped into crypto over the past day. Markets expanded by 8.5% in 24 hours marking the best performance so far this year. Daily volume has jumped to $25 billion, its highest level since the rally after December’s lows.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
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Bitcoin Halving Will Make it Less Inflationary and Far More Valuable

The countdown has been ticking for some time now and it is currently 471 days until the Bitcoin block reward halves. This milestone in the evolution of the world’s most popular digital currency will also make it far less inflationary than most of the current central bank’s targets.
Bitcoin Block Reward and Inflation to Fall
The halving or ‘halvening’ date for Bitcoin is currently May 24 next year (2020) according to this counter. It adds that there are currently 17.5 million Bitcoins in circulation and that over 83% have already been mined. By Satoshi’s design the block reward halves every 210,000 blocks, it is currently 12.5 BTC but will drop to 6.25 BTC in May next year.
So what exactly does this mean for the value of Bitcoin? Currently there are 1,800 Bitcoins produced every day and an annual inflation rate of 3.82%. Once the halving even occurs there will be 900 Bitcoins produced per day with an annual inflation rate of 1.8%. The Federal Reserve has set its inflationary target at 2% which means that when Bitcoin halves it will be below that target and less inflationary than the US economy, or its central bank’s targets.
With a diminishing and finite supply, Bitcoin may soon become a huge reserve store of wealth as a lower inflationary rate may reduce the incentive for people to spend it. There are many charts floating around regarding the epic inflation rate of the US dollar over the past hundred years or so to which BTC has been compared. A number of websites have even been setup to calculate USD spending power, or how much it has contracted, over the years. According to the Bureau of Labor Statistics consumer price index, prices in 2019 are over 2,900% higher than prices in 1860 as the value of the greenback has diminished.

Conversely, Bitcoin’s deflationary monetary policy has led it to be labeled as ‘hard money’ in a similar category to gold. Gold is also a very low inflationary commodity which is why it has become the global reserve asset with a market cap of $7 trillion.
A number of investors and analysts have already predicted a bull run leading up to the halving and have advised accumulating in anticipation of this event. Looking at the previous halving event in 2016 shows a bullish year when BTC broke $1,000 for the first time by the end of it after starting 2016 at $430. The same could be true for the next halving event in 2020, most price predictions agree on a trend reversal towards the end of 2019 so it will be a good time to accumulate.
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Will Offline Transactions be The Next Evolution For Bitcoin?

Bitcoin and cryptocurrency, like any new technology, needs to evolve to garner mass adoption. In its current state Bitcoin is still not that easy to use for the layman with no technical knowledge. An additional issue is that it needs a permanent high speed internet connection to function … or does it?
Bitcoin Off The Grid
A company called Blockstream has been working on using satellites to broadcast the Bitcoin network around the globe 24/7. With this globally accessible and passively receivable data stream anyone can access Bitcoin anywhere which may herald a new era of adoption for the king of crypto.
Locations that don’t have access to high speed broadband can now verify transactions and access the Bitcoin network in addition to market data and other services via Satellite API. All of this is free from cost and free from the prying eyes of state controlled internet service providers.
According to a recent medium post this method of access and distribution is rapidly expanding to fuel BTC adoption across the globe. Using their own validating nodes anyone on the planet can now send and receive Bitcoin without the need for expensive data plans. Sending can be done using SMS, mesh network devices, or even printed QR codes.
A firm called GoTenna, a New York-based startup that designs and develops technologies for off-grid and decentralized communications, is one looking closer at this revolutionary method of accessing the Bitcoin network via satellite. It supplies a simple to use mesh networking device, which works with software called TxTenna, which can broadcast BTC transactions to a local mesh network of connected devices.
Using this hardware enables people to send and receive Bitcoin without an internet connection. BTC can be truly offline via this technology which is immune to internet outages or censorship. Being powered by battery also makes the device impervious to power outages. Using this setup along with a Blockstream Satellite Receiver enables anyone to send and receive Bitcoin and get real time data without being connected to the internet.
The post goes on to detail how to setup the system and link up crypto wallets, both software and hardware based, with the final product being a completely off the grid Bitcoin node and wallet capable of validating blocks.
The GoTenna device does currently require others to be networked to it to facilitate communications but that network is growing and, according to its website, there are several thousand nodes across the globe. What it has done, along with Blockstream, is open up a new realm of Bitcoin accessibility without the reliance on internet providers.
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