Expert Opinion: Was Bithumb Behind Stability of BTC Prices in Last few Months?

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Bitcoin nosedives to reach newer lows for 2018
Did Bithumb’s volume promotion caused several months of stabilization in prices
Bitcoin further meltdown takes it to new support zone.

Did Bithumb’s promotional active lead to price stabilization of cryptocurrencies
Another day when the bears ruled the markets and took bitcoin to its new low of 2018. While analyst across the board still trying to find answers of this fall, Cryptocompare seems to how found something interesting regarding Bitcoin’s multi-month stability before the great dive. Crypto compare’s new report “CCCAGG Exchange Review” took a good hard look at global volumes on crypto exchanges and where they’re coming from. One of the key findings of the report was the incredible impact of a series of promotions from the Korean exchange Bithumb. The following chart from the report shows data points of various Bithumb’s various promotions against bitcoin’s price, which clearly shows bitcoin’s break below $6,000 came shortly after the promotion ended.

If these findings are indeed accurate, one will say that blaming South Korea for the drop wouldn’t exactly be correct. More likely, it appears that the volume promotion by Bithumb caused several months of stabilization in prices. While this is still very much theoretical at this point, one can definitely be sure that all of the recent volatility in the crypto markets has been driven by technical factors. After the breakout of $5,000, Bitcoin had a light support at $3,500, which has now been broken. The next key area of support that is being tested now is $3,000.
Bitcoin falls takes it to new support zone
The crypto markets have now passed several dismal milestones. Ethereum, for example, is now firmly trading below $100 per coin and even experienced a flash crash today on some exchanges.
Another milestone is a new high for short positions on the Bitfinex platform. In this chart, one can see BTC short positions in blue against the bitcoin price in orange.

 
This might not be as concerning as one would think though. A high level of shorts in a specific market can often be an indication that the trend is about to reverse. If all the equity available to short is currently doing so, then it’s not possible to add more short positions, which could possibly be a good setup for a short squeeze as the price approaches the critical level of $3,000.
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Source: CoinGape

Expert Opinion: Institutional Offerings For Crypto Increases as Leading Coins Prepare For Another Bounce

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Fidelity and Nasdaq Ventures join hands to invest in crypto exchange ErisX
BTC ETF may not be coming soon but new products would keep institutions interested
Crypto prices touching interesting lower level which could indicate a bounce may be coming

Institutional crypto products and offerings on the rise
Well, its been a while that Nasdaq and Fidelity announced their intentions to get into cryptocurrency related businesses, but they seem to be in a real hurry to get their hands-on cryptocurrencies. Resultant both Nasdaq and Fidelity have come together to get their hands on cryptos by pooling in an investment of USD 27.5 million in cryptocurrency exchange ErisX which also happens to be a regulated online exchange platform.
This investment will be used by the company to hire staff and “build out our infrastructure and secure the appropriate steps are taken to develop a regulated market for digital assets,” ErisX Chief Executive Officer Thomas Chippas said in a statement.
While SEC is still to pronounce its verdict on Bitcoin ETF, institutions have started looking at options which allows them to invest in cryptocurrencies. This rising interest of institutions in cryptocurrencies and incremental growth in institutional investors related products and services has taken off the dependence on Bitcoin ETF to get in institutional monies. So irrespective, the decision from SEC goes in favor of Bitcoin ETF or, the availability of new product can still get plenty of institutional money into crypto markets.
Are we in for another bounce in crypto markets?
It’s no secret that crypto prices have been under pressure lately. Just yesterday, Bloomberg analysts reaffirmed their position that bitcoin could be headed straight for $1,500. Of course, it’s possible to get that low. Anything is possible in volatile markets but one would say that there are still a lot of key levels before that will more than likely support the price.
Currently, the Bitcoin price is dangling close to USD 3500 support. If it breaks through to the downside the next strong support is at USD 3000. If things get worse the next point to watch for USD 1800 before we see USD 1500. All these support levels had played key roles during the rise of 2017 and hence they just can’t be ignored. Of course, the first on that list and the level we’re currently testing is $3,500, which has been showing incredible resilience so far. For institutional investors looking to invest in the assets rather than the infrastructure, there really isn’t much reason to go in strong at the moment.
However thinking long term, if we do think that bitcoin will pass through the all-time highs anytime within the next decade, it won’t make much sense to wait until it $1,500 to start placing orders.
 
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Source: CoinGape

Expert Opinion: Dipping Token Prices Test Business Models for Cryptos

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Crypto business models being tested amidst the meltdown
Weak businesses wither out amidst real industry growth
Binance increases adoption of its BNB coin in the hospitality sector

Bear market tests business model strength as weaker ones fizzle out
Well, bear markets have a beauty of their own. Although they suppress the prices, they do help in cleaning up the weak links from the industry- be it investors or businesses who are either fragile or are in here for some quick bucks. This recent meltdown in cryptos seems to be doing exactly the same. By applying a modernized version of Darwin’s ‘Survival of the Fittest’ theory, this bear market in cryptos is putting pressure on businesses to prove their model.
Of course, this pressure has resulted in some calamities, prominent ones being the main team responsible for developing Ethereum Classic (a spinoff of Ethereum) announcing that they will be closing operations and crypto social site Steemit along with adult entertainment site Spankchain have been laying off a large portion of their staff.  But these calamities have cleaned up weaker elements of the industry and have strengthened the foundations for the crypto industry for exponential growth.
Binance expands adoption in the hospitality industry
While not many crypto stakeholders are happy with how 2018 has been for them, Binance seems to be having a wonderful time. 2018 has been the year when Binance has grown strong as an exchange, as a company and as a true flag bearer of the crypto world. Binance has expanded its operations into new verticals, added new products, added new pairs and yes has bought its native token Binance Coin (BNB) to best use. According to the recent news flow coming from the exchange, Binance has announced that it will be launching its own public blockchain called Binance Chain.  Also its native coin, Binance coin (BNB) can now be used on a blockchain based hotel booking site with over 450,000 listings. This is a particularly interesting update because of the status of BNB coin in general and this sudden use case as a means of payment in sites other than Binance means that this unique asset may also be considered a cryptocurrency as well.
The post Expert Opinion: Dipping Token Prices Test Business Models for Cryptos appeared first on Coingape.
Source: CoinGape

Expert Opinion: Has Bitcoin entered “Death Spiral?” Dropping prices bring in pessimism on the street

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Santa Clara professor discusses Bitcoin’s Death Spiral
Dropping prices bring in new pessimistic opinions in the market
Recent reduction BTC hash rate has readjusted bitcoin mining difficulty

Has Bitcoin entered a Death Spiral phase?
Well as prices drop, the street gets filled with bearish and pessimistic comments. And this is not restricted to cryptos but happens across asset classes. Over past 24 hours, the crypto world is been discussing about the Bitcoin “Death Spiral”, a term which has gained limelight, thanks to an opinion piece published by Santa Clara University Professor of Finance Atulya Sarin. According to Sarin, with the recent decline in prices the Bitcoin has entered a “death spiral,” and it’s “close to becoming worthless.” In words of Sarin, Death Spiral phenomenon is when,

“Mining at a cost higher than the cost at which you can sell in the futures market destroys value. So, any rational investor — even one who strongly believes the price of bitcoin will rebind — has no incentive to mine if the cost of mining is higher than the future price and is better off buying in the futures market. And unlike gold, which can retain its value even if mining activity stops, bitcoin can have no value absent the mining activity that maintains the ledger of who owns it. Absent the mining activity, bitcoin is a just a set of encrypted numbers with no value.”

Professor Sarin might have put his points based on some facts, but to be clear it is extremely unlikely for such an event to occur, simply because any time a miner does shut down their rig it makes it more profitable for all other miners to continue their operations.  This is the reason Satoshi Nakamoto is called a genius cause his theory practically covers every pitfall that can be envisioned.
The reason there is pessimism in the crypto market today is that there always new people coming into the crypto space and that’s why these types of stories tend to re-emerge. When a newcomer grasps a specific concept, they can sometimes fail to consider the wider implications of their line of reasoning.
Bitcoin mining difficulty has just been readjusted
For most of 2018, while the bear market persisted, mining hash rate and difficulty for Bitcoin continued to increase. But now as Bitcoin price has dropped below $4k, even briefly touching $3,500, the hash rate of the bitcoin network has also taken a dip resulting in the fall of Bitcoin mining difficulty. As the bitcoin prices dipped, Bitcoin miners shut down their rigs that resulted in the fall of hash rate and subsequently the mining difficulty. Actually, every two weeks, the hashing difficulty algorithm of Bitcoin is adjusted in order to maintain the usual 10 minute block time. Since the prices took a hit in mid-November, it has been already adjusted twice. And as a result of this adjustment, the difficulty has been on a downward spiral. And now at a lower difficulty, it will now become easier for new miners to re-enter and receive their bitcoin reward.
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Source: CoinGape

Expert Opinion: Crypto Businesses Continue To Grow Despite Bear Markets

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Mike Novogratz says its challenging and difficult to grow businesses in bear markets
Despite Bear Markets Crypto Businesses show a healthy sign of growth with resource allocation
Blockchain Projects are hiring at a rapid pace

Challenging to grow businesses in Bear Markets: Mike Novogratz
As prices remain under pressure, one of Wall Street’s greatest crypto advocates Mike Novogratz has gone on record saying that “It sucks to build businesses in a Bear Market” . Mike stated the same as 2018 was, indeed, a bearish year for cryptocurrencies and especially Galaxy Digital, with the company’s shares dropping 37 percent since they were first listed on Canada’s TSX Venture Exchange at the start of August. It also posted losses of $134 million in the first quarter, driven by $85.5 million in unrealized losses on digital investments and $13.5 million in total losses from its trading arm. During the second quarter, Galaxy Digital posted net income of $35 million, with $44.8 million in unrealized gains and a reduction of its trading losses to $1.1 million.
Things looked really difficult for Galaxy in 2018, but the pessimism by Mike Novogratz is clearly not justified. As it is difficult to build businesses in any market environment, bear market definitely do pose challenges but they need to continuously evolve to meet the clients need in all market conditions
Cryptobusiness continue to grow and hire despite market slow down
While cryptocurrencies are at all time low and challenges continue to bother growth, some businesses continue to grow especially the crypto exchanges. The prices of cryptocurrencies haven’t been able to dampen the interest in them as everyone still wishes to have a piece of this “new money.” Be it any exchange, they have grown significantly in terms of new clients. And it’s not just crypto exchanges, the crypto industry is shining brightly at the moment. Despite the bear market and broader market conditions, blockchain projects are hiring at a rapid pace. This recent study from Glassdoor.com confirms that bitcoin and blockchain roles have never been in greater demand.
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Source: CoinGape

Expert Opinion: Court Questions SEC’s Stance on ICO’s While Speculations Rise Around Upcoming G20 summit

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

District Judge Turns down SEC Request Regarding Blockvest ICO
All eyes on Buenos Aires where G20 summit begins
Cryptos, as well as equity markets, falls in nervousness before the G20 summit

US court makes an intervention in SEC tricky policies on ICO
Till now Securities and Exchange Commission of United States had the final say in a decision regarding cryptocurrencies and Initial Coin Offering (ICO). But for the first time in an extraordinary decision, San Diego District Judge Gonzalo Curiel, who was presiding over a case between the SEC and the startup company Blockvest, stated that that the SEC couldn’t show that investors had bought into the Blockvest ICO with an expectation of making a profit from the efforts of others. Judge Gonzalo Curiel had previously granted the SEC’s ex parte request for a temporary restraining order and froze the assets involved in the ICO but has found the case to be otherwise. Lawyers who have been closely watching this case believe that this case sends a strong message to the SEC that the courts are vigilantly paying close attention to the question of whether digital tokens fit the legal definition of a security.  Well, looks like SEC’s regulations regarding ICOs which are currently tricky and largely unresolved will soon have to take a proper shape.
Peter Navarro’s presence at G20 summit could be eventful for cryptos and global markets
All eyes are on Buenos Aires today where 20 of the worlds most notable leaders have gathered with the goal of making the world a better place. The official theme for this years G20 summit is “fair and sustainable development” through a few reported events have already indicated that this summit could be an eventful one. If media is to be believed Trump has canceled his one on one meeting with Putin while the controversial White House Trade Adviser, Peter Navarro is expected to be attending the G20 summit.
The nervousness of an eventful G20 summit has created some selling pressure on equities which has had its “coupling” effect on cryptos as well.
Bitcoin halted its two-day rally and had fallen below $4,000 again giving back about half the gains accumulated this week. If it doesn’t turn around soon, it’s very possible we could get another test of the yellow line at $3,500. If it holds- that would be really great but if it does manage to break we have strong support coming at $3,000 per coin
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Source: CoinGape

Expert Opinion: Bitcoins Popularity Increases as Volatility Returns while Cryptos Look Pretty Much Tied Up To Equities

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Google searches on Bitcoin seems growing since it got volatile
Crypto price movements look tied up to equities
Crypto finds a new supporter in Allianz’s Mohamed El-Erian

Volatility makes Bitcoin popular
Bitcoin was in a stable range before hell broke out and prices started collapsing before it touches the year lows. Not a lot of people invested in cryptos were happy with this fall, but people at large seem to have again got excited as bitcoin regained its volatility. According to the data of google searches for the word, Bitcoin has risen sharply since the volatility has come back to the top coin and has reached the highest level since April 2018. Certainly, it would be better for the use case of cryptocurrencies if they remained more stable, or to see a slow but steady increase in prices. But let’s be straight, would bitcoin be as popular as it is today if not for the wild volatility? The outrageous bull run of 2017 has been largely responsible for bringing an unprecedented number of new users into the network but it seems that excitement can be generated on the way down as well. Of course, they’re still nowhere near the levels that we saw in late 2017, but they are well above anything seen before May of 2017.

Crypto prices still look tied to Equities
A lot has been spoken about how crypto prices are not linked to equity and some analysts also believe that money from falling equities has found investment in cryptocurrencies. But every time there is a new set of data that comes up to prove that cryptos and equity prices go hand in hand. Speaking of Bitcoin, and more specifically its relationship to the stock markets, it’s impossible to ignore that it’s been moving in lockstep with the equities lately. In this next graph, we can see bitcoin in orange and the Dow Jones in purple over the last week and a half. There has been data that has shown how on a day to day basis it is very little or no correlation between stocks and crypto. But as we can see in the graph, there are certainly profound moments when their two paths are connected somehow.

Speaking of Equities and Bitcoin, Bitcoin seems to have found a new fan from the equity world. Its Mohamed Aly El-Erian, the chief economic adviser at Allianz, who has forecasted that “they will become more and more widespread.” And what more exciting here is he sees crypto assets as a new part of the broader economy and not a replacement of it.
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Source: CoinGape

Crypto Today: Indicators Show That Institutional Investors Are Making Their Way to Cryptos

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Indicators show that institutional investors are definitely moving forward with crypto investments.
Nasdaq plans to pursue Bitcoin Futures despite crumbling prices
First Crypto ETP on Swiss Exchange SIX becomes popular as traders go crazy over it

Institutions are coming to cryptos
Comfortable and lucrative entry points and availability of crypto products to invest in has been the right recipe that institutional money has been searching for to enter cryptos. With the recent meltdown in markets, the prices now seem lucrative enough institutions to bet on cryptos there is still a very little option or products for an institution to put their monies in to. Understanding this gap Nasdaq Inc. is moving ahead with a plan to list Bitcoin futures. The New York exchange operator, which was first reported to be eyeing Bitcoin futures last year, wants to allow trading in the first quarter of 2019, according to people close to this development. It currently has been working to satisfy the concerns of the U.S.’s main swaps regulator, the Commodity Futures Trading Commission, before launching the contracts.
Another news flow coming in from Europe that shows signs that institutions are getting into cryptos is the popularity of the recently launched crypto-based ETP that found its listing on Swiss exchange SIX. According to the data and news reports coming in from Switzerland, traders seem to have gone crazy Amun Crypto Basket ETP, worlds first crypto ETP. The recently launched Amun Crypto Basket ETP which began trading on Switzerland’s Six Exchange last week has already had the highest volume among another exchange-traded product trading on Swiss stock exchange, SIX. Although, the price of the investment product is down 15% at $12.40 a unit, reflecting the bearish sentiment of the overall crypto market, its turnover of 425,000 CHF ($425,000) a day was good enough to beat a number of products in silver, crude oil, and gold trading on SIX. As high volumes are typically associated with investor enthusiasm in a given stock or financial-product one can be sure that institutions are eyeing this product to enter crypto markets

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Source: CoinGape

Crypto Today: Market Meltdown Could Open Up Entry Points for Wall Street

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro

Falling crypto markets giving lucrative entry points which may interest Wall Street
Increased activity on Bitcoin Futures suggest Institutional participation
Technical Analysis 101: Newbies don’t fall it blindly  

Market Meltdown is giving attractive entry points for Wall Street to enter cryptos
Well, the market has been in free fall for past couple of weeks and a lot of investors have eroded their capital in this downfall. But on the other side, this downfall has bought cryptos to a level where it looks a lucrative buying opportunity for the ones who have been waiting on the sidelines especially the institutional investors. Of course, it would be very difficult to prove but this theory really rings true.
What makes one feel this theory to be untrue is that there are still some questions that go unanswered. Iik, for example,e the analyst, in their viewpoints, have suddenly turned bearish on Bitcoin at USD 3700 levels when they were bullish even at USD 20000? And that to when nothing much has changed fundamentally for the Bitcoin. And if institutions are buying or accumulating why are the prices falling?
Even with these unanswered question,s there is some incident that shows some institutional interest building up. There is commonly circulated which shows that there is a whale who is currently accumulating massive amounts of Basic Attention Tokens (BAT) on the down-low. Also, there has been increased volumes over the last two weeks in the bitcoin future on the CBOE and CME exchanges which suggest that the futures market on Wall Street are participating in the volatility.
 

Even though the volumes in the futures contracts are still only a fraction of the market there have been instances of spikes in volume in recent times. Like on November 20th they peaked at 87,278 BTC, which is about 8% of the volumes recorded on the crypto exchanges. All this really tells us is that they’re trading more when prices are moving and we’ve seen that before. Whether they’re secretly accumulating through OTC deals and using the futures to hedge remains to be seen.
Newbies in cryptos need to understand situations before following Technical Analysis
Technical analysis is an excellent study and if used wisely, could help people make good money. But using technical tools without market knowledge or situation analysis can land one in trouble. And that is what is happening with the newbies who are reading indicators blindly. A lot of beginners you come across take things like trendlines start to treat them as if they’re a perfect indicator of what’s about to happen. For example, this log scale bitcoin graph has come up a few times in the last week.

It does show a break below the long-term trendline, however, for those of who are new at this stuff forget to understand that a break below a trendline doesn’t indicate that the trend is over. Take this chart as a perfect example. Notice how in early October the US Dollar broke strongly above its downward trendline, only to continue downward and test that same trendline in January.

The key here is to take this type of things in stride and not to place too much weight on a single breakout or indicator.
Taking it to cryptos, when someone says that the next area of support is between $3,000 to $3,500 it doesn’t mean that this is the bottom and it also doesn’t mean that the markets necessarily need to go that far down. It’s just one indicator and should be seen in the context of a greater story that includes both technical and fundamental analysis.
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Source: CoinGape

Expert Opinion: XRP stays Favourite amidst Crypto Collapse

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eT
Important Points:

XRP remains street favourite despite the meltdown
Technically, the price floor on XRP has a bit of a cushion which is pretty unbreakable.
SEC commissioner Hester Pierce gives an insight account of SEC’s functioning

XRP stands favourite amidst investors
The crypto markets might have seen a rebound, but no one on the street is still sure where the bottom is. In this downward spiralling market, XRP still holds the favourite tag. A recent social media poll stated XRP taking the top spot amongst other prominent tokens and coins. Out of the 6000 votes received, 70% were in favour of the XRP, although by the time the poll closed, other top projects especially Cardano, EOS, Litecoin, Dash too had taken some liking. With a stellar community support and liking of many, XRP’s fate is now in the hands of SEC, who will decide whether the coin is a security or not.
Source: Mati Greenspan Tweet
Apart from social media polls, technically too XRP stands out amongst many other projects. Even though Bitcoin had an amazing 2017, but in percentage terms, the gains were dwarfed by XRP, which rose by a total of 33,493% during the course of the year clearly showing the strength XRP carries. On the downside as well XRP, unlike bitcoin, comes with a bit of a cushion, which was provided by the run-up to the X-rapid release in late September. The chart below shows two strong support zones for XRP. the red line at $0.25 is a strong support for XRP by the yellow line at $0.35 also played a significant role during August and September and so can be seen as a light level of support. Even after this fall, XRP continues to hold the yellow line as support.
 

“Crypto Mom” SEC commissioner Hester Pierce, gives an insight account of SEC’s functioning
One factor that’s been influencing crypto pricing lately is the outlook from global financial regulators. So, it’s quite important for investors to understand what they’re thinking. While the SEC initially took a hands-off approach to cryptocurrencies, they have been increasingly providing guidance as to how they view the different parts of the crypto space. From enforcement action against ICOs which are deemed unregistered securities to ruling on proposed rule changes to allow the trade of Bitcoin ETPs, it is becoming clearer that just because a project is a cryptocurrency, it can’t sidestep the rules which have been in place for decades.
In a recent interview to Peter McCormack, Commissioner Peirce did present some interesting factors on how SEC functions but was very clear that rules won’t be bent. The detailed podcast and insights could be found here
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Source: CoinGape

Crypto Today: FUD and Rumors Creep into Markets after Crypto’s relentless fall

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.

A lot of FUD entering social media regarding the situation in Chinese mining industry
New entrants in cryptos not able to differentiate between FUD and real news
Bitcoin Hash rate going down but still away from raising concerns

FUDs around. Beware.
While the dropping crypto prices have impacted the miners and yes some of them have been forced to close their shops as they would withstand the pressure, but the extent to which this is highlighted on social media is far from real.
The social media currently is full of FUD and rumors as a lot of users are recycling older images, most of which were released in July during floods, to portray the current scenario of Chinese crypto mining rigs and connecting to the latest meltdown in crypto markets. The following picture is one of them

The pictures are presented in a manner that a newbie in the world of cryptos would definitely be scared and that what’s been happening
Due to the last year rise in crypto prices, a lot of people have entered the industry over the past 1 year and it’s really difficult for them to differentiate into what is a real news and what is a rumor creating needless panic in the markets. Although in a way, this is a healthy part of the bitcoin cycle, where everyone who got involved a year ago is now learning as much as they can about crypto. During the next surge, they will be the experts.
But Bitcoin’s hash rate dipping, that’s not FUD. Right, but here’s what it means. 
Bitcoin’s hash rate has indeed dropped in the last few weeks but this is not at all concerning. It’s actually comforting as the rate has risen so sharply over the course of the year and is now returning to normalized levels.

Also, it should be noted that the hashrate doesn’t directly influence supply or demand. Each bitcoin block is still created about every 10 minutes, creating exactly 12.5 new BTC for the miner who creates it. If there’s less hash, it will simply make it easier for the ones who are left to find the blocks.
Do you see a FUD going around you about cryptos. Let us know on comments.
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Source: CoinGape

Crypto Today: Satoshi Nakamoto Envisioned the Forking Drama 8 Years back, Post BCH Fork Relief in Crypto Market

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.”

The BCH fork drama that played out was actually envisioned by Satoshi Nakamoto in 2010
As the BCH fork now behind us, the market sees a relief rally

Did Satoshi envision the BCH fork drama right back in 2010?
If someone new to cryptos would have witnessed the BCH fork drama from distance, he would have felt poorly for the crypto industry. But this was very well known, as the great Satoshi Nakamoto had, in fact, predicted the whole drama 8 years ago. According to a post published by Satoshi Nakamoto on June 17, 2010 reply to the post “Transactions and Scripts: DUP HASH160 … EQUALVERIFY CHECKSIG”, Satoshi had said,
If someone was getting ready to fork a second version, I would have to air a lot of disclaimers about the risks of using a minority version.  This is a design where the majority version wins if there’s any disagreement, and that can be pretty ugly for the minority version and I’d rather not go into it, and I don’t have to as long as there’s only one version.
This post clearly puts forward the vision of Satoshi, that when it comes to bitcoin and cryptocurrencies, it’s the idea that carries more weight than the technology and the software. It clearly stated that the miners vote with their hash power, wallet providers and exchanges vote with their code and the market votes with their feet.
Cryptos rally post BCH fork
As the BCH fork now behind us and a lot of coins already sitting on multi-month low, nearly all crypto assets apart from BCH were up over the last 24 hours. It’s good to see things holding up so steadily with everything going on
As the market tries to claw their way up again, a lot of analyst on street analysts are still seeing this downside breakout as an indication that things might go lower, while the long-term players continue to accumulate at these levels.

Source: Coinmarketcap
Let’s wait and watch as we head into the weekend? Any ideas?
The post Crypto Today: Satoshi Nakamoto Envisioned the Forking Drama 8 Years back, Post BCH Fork Relief in Crypto Market appeared first on Coingape.
Source: CoinGape

Expert Opinion: Was Yesterday’s Crypto Meltdown a Capitulation or was it Fears Hash-War post BCH Fork?

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.”

Volatility returns to crypto markets as BTC and other altcoins see multi-month lows
While the real reason for this fall is still unclear, a lot of speculation fills the street.
Several analysts have been talking about the capitulation phase and this could be the end of the bear market
There are fears that hash wars in BCH could end up affecting BTC as the reduction in Hash rates could affect transaction costs on Bitcoin

Why did the Crypto Market Plunge? 
Bitcoin and other altcoins took a severe hit on 14th November 2018 bringing an end to the multi-month stability that had kept the Bitcoin in a tight range of USD 6300 -USD 6700 range rarely moving up or down. This meltdown of the crypto street was not ordinary as it knocked of USD 10 billion in under an hour as nearly all prominent coins took a beating of at least 10 percent.
This drop baffled the street and analysts watching the markets couldn’t find a credible reason for why this plunge took place. A lot of them associated it with the BCH forking event while many others took it to extreme direction like analyst trying to peg this on Brexit, which somehow just doesn’t seem very likely.
The drop, to many, looked as a technical one still a lot of analysts still compared it as the crypto market might be entering the capitulation phase that often marks the end of a bear market. To explain Capitulation is when investors give up any previous gains in any security or market by selling their positions during periods of declines and yesterdays drop did look something like that.
With BCH forking just a few hours away, there is a looming fear that the hash wars in BCH could end up affecting BTC as any miner that switches their BTC hash over to BCH will be paying a very heavy price. Even in the unlikely event that sees a sizable reduction in Bitcoin’s hash rate, it might temporarily affect transaction costs on Bitcoin but it will probably not have any lasting effect on bitcoin’s price and certainly not its stability.
Among other news, Coindesk has launched a new tool to analyze cryptos. Looks interesting.
The post Expert Opinion: Was Yesterday’s Crypto Meltdown a Capitulation or was it Fears Hash-War post BCH Fork? appeared first on Coingape.
Source: CoinGape

Crypto Today: Ripple Labs Masterstroke, BCH fork Countdown begins, Crypto Volumes Spike in South America

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.”

Ripple plays a legal masterstroke as it files for consolidating all its security-related lawsuits
The countdown begins for Bitcoin Cash Hard Fork.
South America is seeing some spikes in crypto while Nicolas Maduro, the President of Venezuela is pushing Petrodollar.

XRP plays a legal master stroke- consolidates all security-related lawsuits  
Well if experts are to be believed, Ripple’ XRP definitely has the potential to replace SWIFT and change the way money moves around the globe via banking channels. But what lies as a major hurdle for XRP’s adoption is its security status. Ripple currently has several lawsuits against it with the plaintiffs claiming that the XRP token is actually a security. If so, the company will likely need to pay dearly for not registering with the SEC before raising money from the public. To mitigate this risk and probably improve its chances of winning Ripple Labs has made a legal move and has the court to consolidate all its ongoing lawsuits into one manageable federal action. It would be interesting to see what the decision comes out to be while the coin is working hard to hold 50 cents per coin price. Though many of the popular cryptos have given back their gains from the early November rally, XRP is standing its ground quite well so far. Well technically too, if the famous Fibonacci Retracement Tool is applied to its price chart one can see that the 50% mark comes out to exactly $0.50 per coin

24-hour countdown to BCH fork begins – but do people really care!
While the drama of BCH community split has gathered all the limelight, the view of the general public seems like – “we don’t care”. Well, at least that’s what a Twitter poll conducted this morning has suggested. Preliminary results of a poll that were put out on Twitter this morning is showing people’s sentiment about this pretty clearly.

But if someone who really cares, he should be looking at the following websites that provide details of the forking.

Number one is Coindash’s cash.coin.dance.
The other is called forkmonitor.info

Crypto continues dominance in South America as economies weaken and crypto volumes spike
One of those areas that have significantly picked up cryptocurrencies is South America. A major reason for this is most economies in South America are facing economic trouble. The volumes in this region are continuously rising. At least according to the following website. https://coin.dance/volume/localbitcoins
Read the complete report here. 
Although the above-mentioned site shows volumes by country, it isn’t a pure indicator of adoption, since it only tracks trades made on the peer-to-peer site localbitcoins.com. However, if one looks at the various countries on the list, they will notice that all the Latin American countries listed are showing increasing volumes lately.
Volumes are on the rise in Mexico, Dominican Republic, and Argentina and are near their all-time highest levels in Colombia, Chile, Peru, and Venezuela.
As the economic cycle continues to slow and the United States continues to raise their interest rates, they put pressure on the emerging market economies, but as one can, people are getting smarter, the global economy is getting freer, and we now have the tools to protect ourselves from the poor monetary policy.
All this continues as Nicolas Maduro, the President of Venezuela says Petro Dollar will become the digital currency of Oil Transactions Worldwide
Did we miss anything important today. Let us know in your comments.
The post Crypto Today: Ripple Labs Masterstroke, BCH fork Countdown begins, Crypto Volumes Spike in South America appeared first on Coingape.
Source: CoinGape

Expert Opinion: BCH Hard Fork Crypto Rally Stops While Bitcoin Hash Rate Continues to Rise

Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro.”

Rally in crypto markets thanks to BCH Fork losses steam
Nearly all leading cryptocurrencies were flat or down in red over last 24 hours
Bitcoin’s transaction rate continues to push forward yet the price remains stable

Crypto rally loses steam as BCH fork date arrives
The drama on crypto street regarding BCH fork might not have ended but definitely, the rally in crypto markets that was driven by the forking news has fizzled out. Over last 24 all major currencies were reported mostly in read with only XRP and BCH just getting into green while report. Overall a mixed November for coins and token compared to last year when the rally erupted.
Source: Coinmarketcap.com
Source: coinmarketcap.com
 
Source: https://www.etoro.com/
Is this the end of all the news and speculation that had fuelled the crypto markets for over a week now.  Will we see a slip off from here again or will the markets get into hibernation mode as it was before the BCH fork triggered the rally.
The BCH community still stands divided as we are less than 2 days away from the fork.  Where is this heading and where will all this end only time will tell. Let’s wait and watch
Bitcoin TPS continues to rise
While prices still stay undecided, the Bitcoin TPS is seen rising. A positive indication that adoption of Bitcoin is on the rise. The price yet does not have any impact of this news but still, there is hope that prices will soon react to this fundamental positive indicator.
The post Expert Opinion: BCH Hard Fork Crypto Rally Stops While Bitcoin Hash Rate Continues to Rise appeared first on Coingape.
Source: CoinGape