EOS becomes biggest gainer among top-10 club; news comes on the back of Coinbase announcement

The cryptocurrency market’s confused state of mind has witnessed some coins ride the bullish wave while others are still under the paws of the bear. EOS, which had earlier been thumped by the bear, has risen from the ashes by growing in double-digit numbers.
At the time of writing, EOS was going up by 10.02% with a total market cap of $1.763 billion. The cryptocurrency was trading for $1.95 with a 24-hour market volume of $861.220 million. A majority of EOS’s trade volume was held by OKEx, which had a grasp on $104.145 million of the total trade.
EOS 24-hour chart | Source: CoinMarketCap
OKEx was closely followed by DOBI trade, which controlled $7.87$ of all EOS transactions. What makes EOS’s rise so significant is the fact that just a few days back, the cryptocurrency was the biggest loser among the top-10 cryptocurrencies, sliding by a massive 20%.
EOS was also given a boost recently when the cryptocurrency was decided to be one of the coins that will be listed on Coinbase. The world’s largest cryptocurrency exchange had announced:
“As we announced in September, Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law. Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap.”
Other top-ten cryptocurrencies that were listed by Coinbase include Stellar Lumens [XLM] and Cardano [ADA]. Coinbase further stated:
“Our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. Finally, as per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, which allows us to add assets efficiently and responsibly.”
 
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Bloomberg: Bitcoin Price “Fading”, $1,500 Possible

After MarketWatch got lambasted for publishing a questionable op-ed regarding a Bitcoin mining “death spiral,” the financial media continued their bearish cryptocurrency coverage on Wednesday. More specifically, Bloomberg News, which covers the crypto industry round the clock, recently had its in-house analysts tout a $1,500 per BTC prediction — far below what many traders deem “logical.”
Bloomberg Analyst Bearish, Expects Bitcoin To Fall To $1,500
While selling pressure has begun to abate, with 24-hour volumes in the cryptocurrency market falling to $14 billion, BTC continued its seemingly endless downtrend on Wednesday. The asset, which ranged primarily between $3,900 and $4,200 for a week, fell under the former price level in recent hours. During one point on Wednesday, the foremost cryptocurrency suddenly fell to $3,668, nearing its one-year low around $3,500, originally established in November.
Related Reading: November Has Been Bitcoin’s Worst Month for Seven Years
But since its initial sell-off, BTC has found itself amid a veneer of stability, finding a short-term foothold at in the mid-3700s, as bears presumably catch their breath. Yesterday’s move clearly exhibits the sentiment that volatility has likely returned to cryptocurrency markets, after the aforementioned multi-day lull.
And, according to Bloomberg, this bearish volatility is likely to continue into 2019, contradicting sentiment that both the cryptocurrency and equities markets would undergo a “Santa Claus rally.”
The financial market resource recently noted that the Directional Movement Index (DMI) indicates that after BTC fell under $6,600 in July, the asset has been “caught in a strong selling trend.” While a single indicator isn’t enough to signal a downtrend, Bloomberg also drew attention to the Average Directional Index (ADX), which is nearing 50 — a purportedly bearish sign.
In a note relayed through Bloomberg News, coupled with a subsequent interview, Mike McGlone, an analyst at the outlet, has made it clear that the aforementioned indicators point to lower lows for Bitcoin. McGlone, who hasn’t been afraid to tout his doomsday sentiment in the past, explained that BTC could fall another ~60% to $1,500, with altcoins likely falling close behind the cryptocurrency godfather.
Interestingly, while Bitcoin Cash’s hard fork has come and passed, the analyst drew attention to the contentious event, along with year-end tax selling, as purported catalysts for Bitcoin’s move to $1,500. Elaborating, while also touching on market cycles, McGlone noted:
“We’re at a classic psychological stage where the market is reversing the 2017 frenzy… The hard fork was a key trigger that signaled the technology is way too nascent. You had these dicey characters threatening to destroy each other and institutions said ’It might be best if we stay away from this for a while.’”
Crypto Industry Savants Still See Long-Term Potential
Although McGlone painted a dismal picture for crypto’s prospects, which were already beaten and bruised to hell and back, a number of industry insiders have maintained their abiding faith in this revolutionary innovation.
Roger Ver, the infamous chief executive of Bitcoin.com, recently told the aforementioned outlet that the future is brighter than ever for cryptocurrencies. Speaking to Bloomberg on the streets of Tokyo, the zealous decentralist and anti-government crusader drew attention to a number of fundamental factors, including the Japanese FSA’s recent approval of a self-regulating crypto consortium, growing awareness of this innovation, and ramping adoption.
Keeping all this in mind, coupled with the fact that hackers and scammers continue to target the industry, Ver mused that he is still “incredibly bullish on the entire crypto-coin ecosystem.”
Mike Kayamori, chief executive at Quoine, also expressed a similar thought process. Kayamori, who heads the Japanese blockchain-centric startup, noted that while “nobody knows” where Bitcoin will bottom, taking historical trends into account, a reversal may be inbound. The Japanese crypto proponent added that by the end of 2019, he expects for BTC to surpass the all-time high it established in the wee hours of 2017.
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Flash crash: Ethereum [ETH] spews blood as bear attack destroys the $99 support

The bear market has shown no mercy on the cryptocurrency markets as several coins saw support breaks and price spirals. Some cryptocurrencies were more affected by the bear attack, some more than others, with Ethereum [ETH] being a prime example. Ethereum, which had earlier fallen below the $100 mark, has done it again, but this time around, the Vitalik Buterin co-founded cryptocurrency has gone even lower.
At the time of writing, Ethereum was sliding by 7.12 % and was trading for $98.87. The cryptocurrency held a total market cap of $10.455 billion and a 24-hour market volume of $2.176 million. Ethereum bear woes came into the limelight a few weeks back when XRP, replaced Ethereum as the second largest cryptocurrency on the charts. The disparity between the market caps has also increased, with the current difference being close to $4 billion.

A majority of Ethereum’s trading volume was coming from Coinbit, with Ethereum transactions worth $176.672 million being conducted on the cryptocurrency exchange. Coinbit was closely followed by OEX, which had a hold on 6.31% of the total ETH trade.
The price slide has seen a significant part of the Ethereum user base panic, especially with attacks coming in from all quarters. Justin Sun, the Founder of the Tron Foundation and its CEO, has stated multiple times that users need to shift from the Ethereum network to the Tron network.
This statement has always been followed by the Tron official giving out numbers that show that Tron has started surpassing the daily transactions of Ethereum, and sometimes Ethereum and Bitcoin combined.
One of Ethereum’s Co-Founders, Joseph Lubin, had commented on the cryptocurrency market as well as blockchain technology recently, with him stating:
“I believe in #blockchain technology because of the people behind it. The developers, engineers, and technologists who #BUIDL The smart contract experts who audit and secure the code The designers who care deeply about user experience The marketers who tell the story of Web3″
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Source: AMB Crypto

Crypto Bear Market Strikes: Ethereum Classic (ETC) Development Group Folds

While crypto’s unbridled optimists have done their best to keep this market afloat, incessantly imploring Bitcoin investors to “HODL” and “BUIDL,” their cries haven’t stopped a key Ethereum Classic development group from unfortunately capitulating.
Ethereum Classic Ecosystem Loses Key Player Amid Market Tumult
After a multi-month downturn in the cryptocurrency world, which has seen $700 billion evaporate from this industry’s market value, ETCDEV, an essential player in the Ethereum Classic ecosystem, has announced its closure on December 3rd, 2018. For those who aren’t in the loop, ETCDEV is an Ethereum-centric development group launched two and a half years ago, whose creation was catalyzed by the DAO debacle of 2016.
Since the organization came into being, it rapidly became the face of the Ethereum Classic development community, lauded for its penchant for technological revolution and its ability to innovate.  But now, as aforementioned, the organization has had to fold, purportedly due to funding constraints.
Through a tweet, Igor Artamonov, the founder and chief technology officer of ETVDEV, wrote:

Unfortunately ETCDEV cannot continue to work in the current situation and has to announce shutdown of our current activities pic.twitter.com/N6xWnpBNJJ
— ETCDEV (@etcdev) December 3, 2018

Although the ETCDEV executive cited a lack of sustainable financing, this message comes just days after Artamonov released a Medium article lambasting one of his peers for being a “Trojan Horse” for another team. Regardless, the fact of the matter is that Ethereum Classic remains heavily wounded after this occurrence, as the project lost its primary development team.
Since the disheartening announcement from the experienced development consortium, ETC has fallen by 9.40% to $4.61 a pop, under-performing BTC by 5.7%.
Upon the advent of the rapid sell-off, deemed irrational by some, yet backed by $190 million in 24-hour volumes, the official Twitter page of the Ethereum predecessor quickly took to its brainchild’s side. Through a message of support, evidently issued to calm the nerves of perturbed ETC investors, the team made it apparent that ETCDEV isn’t the entire project. Instead, it was noted that Ethereum Classic is a consortium of like-minded innovators and teams, such as IOHK, ETC Co-op, “and a litany of volunteers.”
Aggregating its underlying bullish sentiment into a single statement, the show-runners behind the @eth_classic handle simply wrote, “keep calm, and build on.”
Crypto Bear Market Qualms
This recent announcement comes just days after Steemit, the company behind the (somewhat) decentralized social media platform that shares its name, revealed it was undergoing a business reorganization, purging 70% of its employees.
Related Reading: Steemit Announces Structural Reorganization, Laying off 70% of Employees
Ned Scott, CEO of Steemit, said on the matter:
“While we were building up our team over the last months, we had been relying on projections of basically a higher bottom for the market… Since that’s no longer there we’ve been forced to lay off more than 70% of our organization.”
He explained that as Steemit’s top brass met, amid worsening market conditions, it became logical that a staff restructuring at the private startup was necessary. Interestingly, Scott failed to divulge an exact headcount pre- and post-purge, making it difficult to discern how many were affected.
SpankChain, an adult entertainment platform centered around blockchain, recently saw its CEO take to Reddit to announce that it, as well as Steemit, had downsized drastically. The project head noted that the SpankChain project hired eight individuals, and has reduced its burn rate from $200,000 to $80,000 per month.
However, it isn’t all doom and gloom, as not all crypto-related organizations and startups have been subject to the financial pressure caused by the unpredictable cryptocurrency market.
As reported by BreakerMag, Ethereum pioneer Joseph Lubin, who can be likened to the Sergey Brin (Google co-founder) of the blockchain industry, recently distributed an uplifting note to all employees at ConsenSys, often defined as the Google of this innovative sector. In the letter, authored by the passionate Canadian technology entrepreneur, it was noted that in spite of the market sell-off, ConsenSys remains poised to “succeed wildly,” with a potential to usurp the traditional facets of society. Lubin wrote:
“[Blockchain is] a technology and an ethos that many of us believe will profoundly reshape human society over time… We now find ourselves occupying a very competitive universe, [and have the ability to] succeed wildly. [But,] we must recognize that what got us here will probably not get us there, wherever ‘there’ is.”
In a testament to Lubin’s undying belief in this decade-old technology, ConsenSys itself, primarily consisting of a handful of distributed subsidiaries, has reportedly hired upwards of 550 employees. BreakerMag has divulged that the startup’s rapid expansion can be primarily attributed to Lubin’s Ether coffers, which are reported to hold millions upon millions of ETH. And despite the downturn, it appears his stash isn’t even close to depletion.
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Prominent Crypto Analyst: Bitcoin over $4,400 May Catalyze 10% Rally

As Bitcoin continues to toss and turn day-to-day, failing to establish a solid footing at a single support level, the crypto market’s preeminent analysts have assumed the mantle of forecasting where prices could head next.
While some commentators are often lambasted for their dubious and baseless predictions, there remain voices of reason, who analyze crypto with caution and finesse, even in the direst of straits.
Bitcoin at $4,900 Could Be Possible, Important Short-Term Level
Since November 14th, the eve of Bitcoin Cash’s contentious network upgrade, the crypto market has been endowed with a renewed sense of panic, catalyzing sell-off after sell-off in recent weeks.
In a matter of two weeks, Bitcoin fell from $6,200, where it held throughout the summer, to a year-to-date low of $3,500, the asset’s lowest value since China clamped down on crypto in September 2017.
Related Reading:Investor: China Has a “Love-Hate” Relationship with Crypto and Blockchain
However, since Bitcoin fell under $4,000 on two recent occasions, which came alongside the aggregate value of crypto assets foraying below $130 billion, bears have scaled back on their apparent crusade. In the past 72 hours alone, Bitcoin has moved from $3,700 to a weekly high of $4,375, an 18% move that didn’t go unnoticed.
Alex Kruger, a well-respected markets analyst, recently took to his expansive Twitter following to divulge his most recent analysis. Kruger noted that if the aforementioned digital asset makes a convincing move above $4,400, $4,800 to $4,900 could be in Bitcoin’s cards.

Looking for 4800-4900 if 4400 gets breached. That's the base of Nov/19 and right above 20EMA. Starting with 4800 interested in shorts. This was initially 4400, changed plan. Below 3700 exit longs. Too soon to short the lows again, would like prior consolidation for that. $BTC pic.twitter.com/hVQ5bGnTIc
— Alex Krüger (@Crypto_Macro) November 29, 2018

Elaborating on the significance of this specific target, Kruger, a New York-based crypto backer, noted that not only is $4,900 slightly above the 20-day exponential moving average (EMA), but also the base of Bitcoin on November 19th.
Although the importance the analyst places on the 2o-day EMA indicator is self-explanatory, Kruger’s use of the November 19th’s base is rather astute, as that day preceded the thirdhand sell-off that sent Bitcoin under $4,800, a supposed key level.
Keeping this data in mind, Kruger then noted that he changed his short position order to $4,800, rather than $4,400. This, of course, indicates that for now, Bitcoin could undergo a hefty 10% move in the coming days.
Not All Crypto Analysts Are Expecting a Reversal Just Yet
Although Kruger, known for his cautious optimism, now holds a bullish-leaning short-term outlook for the cryptocurrency realm, not all of his peers, other industry insiders, are in his boat, so to speak.
As reported by NewsBTC previously, Vinny Lingham, CEO of Civic, recently noted that Bitcoin will likely remain range-bound between $3,000 and $5,000 “for a while.” Giving his claim more specificity, Lingham explained that trading within the aforementioned $2,000-wide range is likely to continue for a minimum of three to six months, a common timeline referenced by crypto bears.
Interestingly, the savant noted that as there are boatloads of buying pressure at $3,000, as it stands, that specific support level has a high possibility of holding its ground successfully. Still, the entrepreneur added that if a convincing breakout isn’t established by the end of Bitcoin’s six-month range, a foray under $3,000 wouldn’t be out of the realm of possibility.
Murad Mahmudov, an astute cryptocurrency analyst formerly of Princeton University, issued similar sentiment, drawing attention to an in-depth chart of his creation that highlighted a year-long descending triangle for Bitcoin.

Keeping the trepid chart in mind, Mahmudov claimed that Bitcoin could be poised to bottom in the ~$3,000 range by the turn of the year.
And interestingly, Kruger himself, responding to his short-term analysis, claimed that this is a “static/base game plan” for traders, not for investors. He added that due to the macro landscape, likely referencing the drawdown in traditional equities markets, the long-term bottom for cryptocurrencies may still be a distant speck on the horizon, not a looming obstacle.
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Crypto Investor: Bitcoin Has Yet To Bottom, But $4,200 Is a Steal

On Wednesday, after a multi-week sell-off that saw crypto assets toss and turn non-stop, investors in this market found some much-needed reprieve. In the span of 12 hours, Bitcoin surged past $3,800, establishing a five-day high at $4,375 on the back of an aggressive influx of buying pressure. And with this move, which saw the aggregate value of all crypto assets move towards $140 billion, optimists claim that a bull run, or a recovery at the very least, is in this market’s grasp.
As Bitcoin breached $4,200, a supposed level of resistance, naive investors clamored to figure out if the worst is truly behind the cryptocurrency industry. Aiming to offer his conjectures on the matter, Michael Bucella, a partner at crypto-focused investment firm BlockTower Capital, made a guest appearance on CNBC Fast Money, a segment that has covered cryptocurrencies incessantly in recent weeks.

#Bitcoin back above $4k, but should you trust the bounce? BlackTower Capital's Michael Bucella on whether this rally is for real. pic.twitter.com/uWWSNHKbuo
— CNBC's Fast Money (@CNBCFastMoney) November 28, 2018

Bitcoin Has One Leg Lower To Go
Noting that crypto’s bear cycle isn’t as perilous as it seems, Bucella, a former executive at Goldman Sachs‘ Canada arm, drew attention to his theory regarding the interplay between “strong hands” and “weak hands,” the two overarching brands of cryptocurrency investors. The BlockTower partner noted that while it would be accurate to assume that weak hands, better known as speculators, are liquidating their holdings to diehards, the latter group isn’t rushing to on-ramp fiat.
He explained that crypto’s recent liquidity dry spell, along with market volatility, can be chalked up to the hesitance from strong hands to bulk-buy Bitcoin. Although this statement may seem bearish in and of itself, Bucella added that crypto’s near-year-long “distress cycle” is presumably coming to its culmination, echoing analysts’ cries that the bottom is almost in.
Related Reading: Bitcoin Bounces Off $3,500, Analysts Skeptical That Crypto Bottom Is In
The BlockTower representative, referencing Bitcoin’s historical price action, went on to point out that the last leg of crypto bear markets are normally the most volatile, yet short-lived. And while he was reluctant to forecast the level that Bitcoin will bottom at, Bucella explained that when digital assets bottom, whether it be at $2,000, $3,000, or otherwise, viable buying opportunities will be scant.
The Smartest Money Is Moving Into Crypto
Citing the strategies of investment savants, like traditional equity legend Howard Marks, the cryptocurrency advocate noted that while waiting for Bitcoin’s last bout of capitulation would be wise, $4,200/coin remains a bargain deal from a multi-year investment standpoint. And as such, Bucella stated that the “smartest money is [still] moving in.”
Related Reading: Bitcoin Unspent Transaction Output Accumulation Could Signal Crypto’s Next Bull Run
Expanding on what he meant by “smartest money,” Bucella drew attention to the notable amounts of interest that MIT, Harvard, Stanford, and Yale have endowed onto cryptocurrencies and the firms maintain this ecosystem. While CNBC anchor Mellisa Lee did draw attention to the fact that these investments aren’t directly in crypto assets, the Fast Money guest noted that these plays are bullish nonetheless, as the aforementioned endowments are directly bolstering crypto-centric infrastructure ventures.
Speaking on institutional adoption specifically, the recent industry entrant noted that for global macro funds, many of which are headed by traditionalists, investing in Bitcoin may be a dicey decision, as the world first’s digital asset has only been through one long-term cycle.
Still, while he didn’t seem comfortable admitting that risk-off financial entities aren’t ready to foray into Bitcoin, his comments regarding smart money’s entrance into cryptocurrency markets isn’t a comment that should be ignored. And, as seen by TD Ameritrade’s, Fidelity’s, and the Intercontinental Exchange’s ventures in crypto and blockchain technologies, the smart money is likely preparing for the impending opening of the floodgates.
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XRP takes a tumble as cryptocurrency falls by more than 5%; bear market catches up

The bullish boost that the cryptocurrency market received on Monday, November 26, seems to have waned with the bear taking charge again. XRP, Bitcoin [BTC] and Ethereum [ETH] all saw significant drops, with the cryptoverse looking into the mouth of another bearish run.
XRP, which has been one of the few cryptocurrencies holding strong against the bearish forces, has not been able to defend itself this time, with the cryptocurrency falling at the rate of 5.66%. Ripple’s product was trading for $0.354, with a total market cap of $14.297 billion.
The cryptocurrency’s $951.300 million trade volume was mainly consolidated between three main cryptocurrency exchanges: Bitbank, ZBG, and Binance. Bitbank held the lion’s share of the XRP trade volume, encompassing $151.849 million of the total. Bitbank was closely followed by ZBG, which had a grasp on 11.59% of all the XRP trade traded in the cryptosphere.
XRP’s 24-hour chart | Source; CoinMarketCap
XRP’s fall surprisingly comes in the wake of developments in the space, with recent reports showing that XRP will be listed on Vertpig.com, a popular cryptocurrency exchange. The company had tweeted:
“As well as integrating EUR and GBP to Buy & Sell all coins Vertpig has listed. A big couple of weeks coming up, Make your next trade on Vertpig!”
Ripple, XRP’s parent company, has made it quite evident that the organization plans to cash in on the remittances market, with the main goal to improve the cross-border payments industry. The company has also created multiple partnerships with several established financial institutions such as Banco Santander.
Brad Garlinghouse, the Chief Executive Officer of Ripple, and Cory Johnson, the Chief Market Strategist of Ripple, have both been instrumental in the strides taken by all of Ripple’s products: XRP, xVia, xCurrent and xRapid.
Johnson has also made it clear that the main use case of XRP was instant payment settlement and heightened security. He had said:
“The World Bank said that the average cost of remittance was an all-time historical or low for humanity at 6.94%. The average business has a net profit margin of about 7%  but the cost of moving money across borders is about 7%. That means the average business has no business in being global.”
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Source: AMB Crypto

Cryptocurrencies Plummet, Bitcoin Likely to Fall Further Says Analyst

After a week of poor performance, Bitcoin has continued its descent, and has now crashed below its previous 2018 lows of $5,500, setting fresh lows at $5,100. Bitcoin’s unprecedented drop has led many major altcoins to fall 10% or more, and according to one analyst, more blood is likely to come in the near future.
At the time of writing, Bitcoin (BTC) is trading down 9% at its current price of $5,100, setting a new year-to-date low. BTC’s latest drop comes less than one week after it fell from the $6,300 region, where it had relative stability, down to lows of $5,400.
The latest market carnage has led the overall cryptocurrency market cap to fall to just over $167 billion, a level that hasn’t been seen since October of 2016.
While speaking to MarketWatch, Stephen Innes, the head of Asia Pacific trading at Oanda, said that the regulatory hurdles that Bitcoin will face in the coming months will likely push its price below $5,000, opening the gates for even greater losses.
“The digital token fell as much as 6.3% to $5,202, having plunged through a critical resistance level Wednesday after a period of relative tranquility. I remain incredibly bearish on BTC with the $1,000 level looking as likely as $10,000. But this is from a longstanding and unwavering view that regulators and the banking system will continue to push back against the rise of virtual markets, and will undoubtedly burst crypto’s balloon as the $5,000 cliff edge is approaching fast.”
It remains unclear as to whether or not Bitcoin’s bulls will be able to defend $5,000, which appears to be a critical psychological level.
Related Reading: Tokens Plummet 15-20% Following SEC’s Crackdown on ICOs, Dark Days Ahead
Altcoins Plunge, XRP Holds Steady
As usual, BTC’s price led the general markets, causing many altcoins to drop 10% or more over the past 24-hour trading period. The plunge has, so far, been led by Ethereum (ETH), Litecoin (LTC), and Monero (XMR), which are trading down 11.6%, 10.4%, 12%, and 15% respectively.
XRP, however, has been able to avoid much of the carnage so far, and is currently trading down 3% at its current price of just under $0.50. Coinciding with Bitcoin’s drop last night, XRP fell to lows of $0.47, but quickly recovered to highs of over $0.50 before settling at its current price.
In addition to avoiding today’s widespread losses, XRP has also recovered much of the value it lost from last week’s market drop, when it fell from approximately $0.52 to lows of $0.42, before climbing back towards its current levels.
Because of XRP’s stellar performance over the past week, it has solidified its position as the number two cryptocurrency by market capitalization, which is currently sitting $4 billion higher than that of ETH’s.
The next few days will prove to be critical for bulls who are looking to regain market dominance by pushing Bitcoin’s price back up, as if it breaks below $5,000 there will likely be significantly larger drops to come.
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Bitcoin Cash [BCH] continues to ride the bull; cryptocurrency’s green run sets up upcoming hard fork

The cryptocurrency market seems to have come out of the bearish slump with several major coins and altcoins riding the bull wave to rise out of the bear’s pit. The past two days, November 3 and November 4, have been quite the silver lining for Bitcoin Cash [BCH], which saw the cryptocurrency rise by double-digit numbers.
At the time of writing, Bitcoin Cash [BCH] was growing by 4.93% and was trading for $540.02. The total market cap of the cryptocurrency was $9.418 billion, with a 24-hour market volume of $1.374 billion. A majority of the cryptocurrency’s trade volume was held by OKEx, with a hold on $168.498 million worth of BCH. OKEx was closely followed by DigiFinex, covering $134.561 million of all the Bitcoin Cash trade.
Bitcoin Cash 24-hour chart | Source: CoinMarketCap
Bitcoin Cash had risen to its resistance point of $586.05 on November 4, driving a lot of users and investors to jump on the Bitcoin Cash bandwagon. The cryptocurrency was given a boost recently when Coinbase and Binance, both popular cryptocurrency exchanges, had announced their support for the upcoming Bitcoin Cash hard fork. The Brian Armstrong-led company had said:
“We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase.”
Binance, the world’s largest cryptocurrency exchange in terms of volume, had said that the company will be making an announcement after the Bitcoin Cash hard fork to notify users about the details of the transaction on the platform. Binance had stated:
“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).”
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Source: AMB Crypto

Has Bitcoin Bottomed Out With its Last Dip at $6,200? Investors Optimistic

Since Bitcoin found a foothold in the $6,200-$6,800 range in early-August, crypto traders have been doing their best to discern where this unpredictable market will head next. But, with positive crypto-centric news becoming commonplace, there has been an unprecedented number of investors, commentators, and industry leaders that have foreseen a bottom in the tumultuous cryptocurrency market.
“Last Dip Ever”
AngeloBTC, a well-followed cryptocurrency commentator and analyst, recently broke his one-month-long Twitter hiatus to claim that Bitcoin was seeing its “last dip ever,” alluding to the well-read theory that crypto assets are finally starting to undergo a bottoming phase.

Last dip ever. pic.twitter.com/IiJ1AoR2UB
— Angelo฿TC (@AngeloBTC) October 15, 2018

Although some claimed that his bullish call was fueled by hope, and nothing more, the fact that such a prominent trader made this prediction comforted thousands of his 124,000 Twitter followers. While Angelo, who was BitMEX’s top trader by volume in early-2018, failed to rationalize his call with technical and fundamental indicators, there has been a multitude of industry leaders that have done that job for him.
Mike Novogratz, a former Wall Street guru turned crypto diehard, revived his dust-ridden Twitter page in early-September to claim that this market “put in a low.” Clearly tapping into his knowledge of traditional capital markets, the Galaxy Digital CEO explained that markets of any variety “like to retrace to the breakout.” So, seeing that crypto assets essentially “retraced the whole of the bubble,” Novogratz claimed that a reversal to the upside is imminent.
Image Courtesy of Mike Novogratz/Bloomberg
While critics of this theory may point out that the chart Novogratz highlighted is now one-month outdated, his point is still as valid as ever. One week after he issued his “#callingabottom” tweet, Novogratz took to CNBC Fast Money to highlight the other side of the coin — fundamental indicators.
Although his appearance on CNBC stretched out to a painstaking 11 minutes, a theme was consistent throughout his comments, which was that institutions are poised to allocate capital to the cryptocurrency market, adding that “institutional FOMO” is proverbially right around the corner.
Since then, however, Novogratz has since retracted some of his short-term price predictions. But, investors shouldn’t be wary, as other industry leaders picked up right where the CEO left off.  Long-time Bitcoin proponent Tom Lee, the head of research at Fundstrat Global Advisors, told his clients that $1,900 per Ether by year’s end is a likely scenario. Despite not explicitly stating it, it is likely that Lee also believes that his $25,000 Bitcoin prediction is still in the cards as well.
Crypto News Cycle Turns Positive, “Kindling” For The Next Bonfire
Blockchain Capital’s Spencer Bogart also had bullish sentiment to tout, recently claiming that while patience is essential, the long-awaited bottom is within this industry’s grasp. Giving his forecast some credence, Bogart explained that the positive developments the crypto market has undergone in the past few months will be “kindling” for crypto’s next bonfire, or growth cycle in other words.
And, as seen by the recent news cycle, this industry has undoubtedly seen its fair share of fundamental developments that will only better the experience for institutional and retail participants.
Bakkt, a cryptocurrency platform aimed at revolutionizing how institutions, retail investors, and merchants interact with this industry, is slated to launch its first product in November. If the launch of its physically-backed futures products goes according to plan, the platform, which has been formally backed by the Intercontinental Exchange, Microsoft, and Starbucks, will only increase the adoption and real-world use of crypto assets.
In a bid to seemingly undermine Bakkt’s launch or to hop on the gravy train, American banking giant TD Ameritrade joined hands with ErisX, which will reportedly offer Bitcoin, Ethereum, Litecoin, and Bitcoin Cash futures by Q2 of 2019. Some argue that ErisX is even more bullish than Bakkt, as its futures vehicle will immediately be available to TD Ameritrade’s 11 million consumers upon launch.
Not only have multinational corporations forayed into crypto through partnerships, but Wall Street giants are willing to gain a vested interest in this budding space through the establishment of crypto-focused products and services. Morgan Stanley, Citigroup, and Goldman Sachs, for example, all recently began work on offering Bitcoin derivative swaps to their clients, which will allow these firms to bring crypto trading to the mainstream.
It is important to note that the aforementioned developments are just the tip of the iceberg when it comes to positive crypto news. So make no mistake, despite the dismal performance of the market, this industry is far from dead in the water.
Although the fundamental indicators are signaling crypto’s biggest bull run to-date, as pointed out by Joseph Young, the lack of volume is still one hurdle the crypto market needs to clear before a bull run is all but confirmed.

Bitcoin and crypto market waiting for 1 thing
1. Final shakeout 2. Positive developments (Bakkt, Custody, Banks) 3. Months of stability Bitcoin at $6,200 ~ $6,800 range since August 9 4. Lower highs since January bottoming out with record low volatility 5. Volume
— Joseph Young (@iamjosephyoung) October 15, 2018

Featured Image From Shutterstock
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Bitcoin Volatility Hits 17-Month Low, What’s Next?

Bitcoin’s volatility rates have hit a 17-month low, due to a combination of a slow news cycle and low trading volume, leading some investors to believe that the lack of volatility could signal a maturing market. Despite this, debate remains as to whether or not a stable Bitcoin is a positive sign for its future.
For the past month, Bitcoin’s prices have shown an unprecedented level of stability, ranging between $6,200 and $6,800 since early September. For the past week, this trading range has tightened, with a new range formed between approximately $6,500 and $6,600.
This tight range has led many cryptocurrency investors to jokingly note that Bitcoin may as well be a stable coin.
On Twitter, 360Trader (@360_trader) mocked the lack of Bitcoin volatility, saying:
“Hey guys, look! BTC moved $60!!!!!!!!”
What’s Next for Bitcoin?
Although the lack of volatility is leading many investors and day traders to believe that Bitcoin is gearing up for a huge price swing, some analysts think that this could signal a maturing market.
While speaking to Bloomberg, Nigel Green, founder of the DeVere Group, noted that the price stability could “be a signal that the cryptocurrency market is maturing.”
Bitcoin is approaching its 10th anniversary this coming January, but it has only been in the past few years that the cryptocurrency has seen mainstream adoption, and signs of institutional and corporate adoption have only been seen over the past several months.
Mike McGlone, a Bloomberg Intelligence commodity strategist, explained that because the market is rapidly maturing, it is likely that price volatility will continue to decline with the introduction of more Bitcoin-related products.
“This is a maturing market, so volatility should continue to decline. When you have a new market, it will be highly volatile until it establishes itself. There are more participants, more derivatives, more ways of trading, hedging and arbitraging.”
It seems as though there exists a growing consensus that the Bitcoin markets are maturing, with David Tawil, the president of ProChain Capital, sharing a similar sentiment McGlone, explaining that as more long-term buyers enter the market, there will be less buying and selling momentum.
Tawil notes that the current buying community are “folks that are invested on a long basis for a long period of time,” which is leading to a declining group of short-term investors looking to make quick gains by buying, and quickly selling, Bitcoin.
As Bitcoin’s volatility decreases as a result of a maturing market, it will, in many ways, be a self-fulfilling prophecy for lower volatility. Gil Luria, the director of research at D.A. Davidson & Co., explains that stable markets attract less swing-traders, who perpetuate volatility.
“Volatility and volumes are two sides of the same coin. When speculators are involved, they drive unusually high volumes as well as volatility by trading the asset with high frequency. As speculator involvement is diminished, volumes go down and volatility goes down as well,” Luria said.
It is likely that the markets will have a more definite answer as to whether or not Bitcoin’s days of parabolic cycles are over, depending on how its price reacts to the continuously tightening trading range.
Featured image from Shutterstock.
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Bitcoin Cash [BCH] in the bear’s clutches, becomes biggest loser among top ten cryptocurrencies

The market opened today, 28th September, to most cryptocurrencies seeing green with popular ones such as Bitcoin [BTC], Ethereum [ETH] and XRP enjoying the bullish boost after some bearish trends over the past few days. Out of the top ten cryptocurrencies, Bitcoin Cash [BCH] was the only one that was suffering the brunt of the bear.
At the time of writing, Bitcoin Cash was sliding at the rate of 5.08% with a total market cap of $9.407 billion. The cryptocurrency was trading at $538.49 with a 24-hour market volume of $989.529 million. Most of the BCH trade volume was occupied by BitForex which held a majority of 22.72%, amounting to $438.985 million. The cryptocurrency’s fortunes were reversed just a day earlier when BCH shot up to $520.79 from a trough of $447.33.
Bitcoin Cash was also in the news recently when news appeared on a Subreddit that Gemini Exchange will soon be adding BCH to its platform. The announcement by Gemini came in the wake of the platform listing another major altcoin, Litecoin [LTC]. Post the reveal, the official Twitter handle of Gemini Support stated:
“We’ve already gotten regulatory approval to list BCH, however, no launch date has been announced. We will be sure to let everyone know once it’s available for trading.”
Reddit user and BCH follower, Rawlsdeep also stated:
“Yay! My preferred exchange prior to the fork! I’m excited to be able to use it again!”
Recently, Simple Ledger Protocol [SLP], a protocol that issues security tokens on the BCH blockchain added a feature called the Bitcoin Files Protocol. The BFP will allow users to validate and upload small files from the BCH blockchain.
Kames Cramer, a Bitcoin Cash programmer and the Founder of the SLP stated:
“SLP Token V1 has two fields in its Genesis transaction called `token_document_url` and `token_document_hash`. These fields allow any additional token related data to be attached to a token.”
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Source: AMB Crypto

Price Action Last Week: Market Establishes YTD Low, Then Bounces Back Strong

For many short-term speculators, the current cryptocurrency market could be classified as a bore, with prices remaining relatively stagnant, volume figures dwindling, and altcoins failing to see rapid bouts of non-linear price movement, which were so common during last year’s bull run. Regardless, prices still saw a slight uptick this week, with a majority of crypto assets posting healthy gains.
Market Posts Slight Gain, In Spite Of Influx Of Institutional Interest
Following a strong 20 percent sell-off in early September, which was touted as “the largest daily dump of the year,” Bitcoin and a majority of the foremost altcoins, made a slight recovery this week, with the collective valuation of all crypto assets rising from $196 billion to $204 billion as it stands today. However, it wasn’t cut and dried, as the market briefly established a new year-to-date low at $186 billion, in direct correlation with a strong altcoin decline. Ethereum, for one, fell by over 10 percent within a single day, putting its feet up at the $175 price level for upwards of 12 hours.
Image Courtesy of CoinMarketCap
It has been argued that Ether’s aforementioned downward move, which occurred on Wednesday, catalyzed losses across the board. This controversy seems to be water under the bridge now, however, as prices saw a resurgence on Thursday, much to the dismay of short sellers and cryptocurrency naysayers. While the initial rebound was strong, volumes have since dissipated, which has resulted in crypto assets remaining within a shallow, boring range for the past 72 hours.
Market oscillation aside, Bitcoin still saw a strong week, moving from $6,300 to $6,528 in a slow, but steady uptrend that occurred over the past three to four days. Although BTC’s move pleased many investors, altcoins unarguably performed better, with Ethereum, Monero, and Tezos, for example, seeing an influx of buying pressure. As a result of the relative altcoin strength, Bitcoin dominance took a slight dip, moving from 55.8 percent to 55.2 percent.
And some feel like this positive price action is set to continue because as we move into Monday morning, all tokens in the top 20, save for a few, are posting one to three percent gains.
Image Courtesy of Coin360
This bullish sentiment lines up with what analysts and industry leaders have pointed out over the past seven days. Mike Novogratz, a leading cryptocurrency entrepreneur and the CEO of Galaxy Digital, took to Twitter on Thursday to draw some untimely connections between today’s prices and the state of the market before 2017’s bull run, noting that this retracement indicates that prices could be finally establishing a bottom. Novogratz wrote:
“This is the BGCI chart… I think we put in a low yesterday. [We] retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout… we retraced the whole of the bubble. #callingabottom”
This call for a bottom was echoed by Bloomberg’s Olga Kharif and Kenneth Sexton, who recently revealed that the Williams %R Indicator, a method of technical analysis that moves between 0 and -100 to convey if an asset is overbought or oversold, is signaling that Bitcoin is well oversold at a -80. Last time Bitcoin hit a negative 80 on the Williams %R Indicator, the asset saw a hefty 22 percent gain, from $6,017 to $7,361.
While this doesn’t indicate that the market will undergo a strong move upwards again, many are hopeful that this signal might spark a substantial price recovery.
Featured Image from Shutterstock
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Ethereum Price Weekly Analysis: ETH/USD Remains Sell on Rallies

Key Highlights

ETH price is under heavy selling pressure as it recently broke the $200 support against the US Dollar.
There is a major bearish trend line formed with resistance at $205 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair remains sell on rallies near the $200, $205 and $210 levels in the near term.

Ethereum price is heading south versus the US Dollar and Bitcoin. ETH/USD could continue to move down until buyers take a strong stand.
Ethereum Price Decline
There was no major recovery above the $230 level in ETH price against the US Dollar. The ETH/USD pair remained in a bearish zone and it extended declines. It broke the last swing low near $209 and extended slides. Sellers even managed to push the price below the $200 and $190 levels. More importantly, the price is now trading well below the $230 resistance and the 100 simple moving average (4-hours).
Recently, the price broke a consolidating pattern with support at $225. It opened the doors for more losses and the price traded to a new monthly low at $185. It seems like sellers remain in full control and the price could decline further. On the upside, the 23.6% Fib retracement level of the last decline from the $287 high to $185 low is at $209. Moreover, there is a major bearish trend line formed with resistance at $205 on the 4-hours chart of ETH/USD. Therefore, if the pair corrects higher, it could face sellers near the $200, $205 and $210 levels in the short term.

The above chart indicates that ETH price is likely to extend declines below the $185 level. The next major support is near the $175 level where buyers may perhaps appear. To recover, the price has to move above the $200 and $220 levels.
4-hours MACD – The MACD is placed in the bearish zone.
4-hours RSI – The RSI is currently well below the 20 level.
Major Support Level – $175
Major Resistance Level – $209
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Ethereum Classic Price Analysis: ETC/USD Eyes Test of $10

Key Highlights

Ethereum classic price failed to settle above $14.00 and declined sharply against the US dollar.
There was a break below an important bullish trend line with support at $14.00 on the hourly chart of the ETC/USD pair (Data feed via Kraken).
The pair declined towards the $11.00 level and it remains at a risk of more losses towards the $10.00 level.

Ethereum classic price is back in a bearish zone against the US Dollar and Bitcoin. ETC/USD is likely to decline back towards the $10.00 level in the near term.
Ethereum Classic Price Dropped Heavily
After a decent upside move above the $14.00 level, ETC price faced sellers near $14.20 against the US dollar. The ETC/USD pair started a sharp downside move and broke the $14.00 and $12.00 support levels. The price even settled below the $12.00 support and the 100 hourly simple moving average. It seems like a crucial medium term top was formed near the $14.40 level.
During the decline, there was a break below an important bullish trend line with support at $14.00 on the hourly chart of the ETC/USD pair. The pair traded as low as $11.03 and it is currently consolidating. An initial resistance is near the $11.75 level. Moreover, the 23.3% Fib retracement level of the last decline from the $14.23 high to $11.03 low is also near the same zone. Additionally, there is a connecting bearish trend line in place with resistance at $11.60 on the same chart.

The chart suggests that ETC price is back in a bearish zone below $12.00. If it corrects higher, it could face sellers near $11.60, $11.80 and $12.00. The next major hurdle is near the 50% Fib retracement level of the last decline from the $14.23 high to $11.03 low at $12.63. On the downside, sellers could eye a test of the $10.00 support.
Hourly MACD – The MACD for ETC/USD is back in the bearish zone.
Hourly RSI – The RSI for ETC/USD is currently well below the 35 level.
Major Support Level – $11.00
Major Resistance Level – $12.00
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