Consensus 2019: Institutions Join Space BTC Market May Boom

2019 Consensus – Institutions’ Joining Crypto Market May Boost BTC to $10,000
The Bitcoin price increased from $3,500 to $7,000 over the past few weeks and has now breached the $8,000 mark, hitting its highest position of $8,343 for the first time since July 2018. Did the crypto winter come to an end? What will be BTC’s next price target?
BTC May Surge to $10,000 along with Institutions’ Joining Crypto Market
Early this week, cryptocurrency entrepreneurs and investors around the world came to New York to join the Consensus Conference, organized by CoinDesk. Apart from the content in the conference, what we should focus on is the list of sponsors including, Citi Bank, Fidelity, Microsoft, IBM, Amazon Web Services, eBay and etc. Besides, JPMorgan, The Wall Street Journal and Bloomberg who have already announced to launch its own cryptocurrency earlier this year. Many famous institutions have a better understanding of blockchain and started to join the crypto market which may boost BTC’s price upward to $10,000 in the near future.

Bitcoin Futures Trading Records All-time High in Daily Volume
As expected the remarkable steady increase in bitcoin price over the past couple of weeks has seen a new record set in the investment for bitcoin futures contracts. This is all in the wake of the Bitcoin price surge. The recent bitcoin bull run may have a future impact on bitcoin futures trading, and many bitcoin enthusiasts and institutional investors may trade btc futures to get greater profits.

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Source: Crypto Daily

Ethereum (ETH) All Set To Decline Below $200 As Price Tops Out

Ethereum (ETH) recently saw a strong rejection at the $270 resistance level and has now begun its decline towards the bottom of the ascending channel it has been trading in. The price did manage to rise above the $270 mark but it failed to close above it. That being said, it did close above the 1.272 Fibonacci retracement level which was a false bullish signal as the price declined below that level and managed to close below the 1.272 Fib retracement level the next day. ETH/USD flash crashed to $223 but bounced strongly off it. However, that did not stop it from starting the next day in red and declining towards that mark again. RSI on the daily time frame shows that the price just topped out above $270 and is now due for a correction.

A decline to the bottom of the ascending channel is due in both the bullish and bearish cases. The bulls would expect the price to test the 61.8% fib retracement level as support and bounce strongly off it to resume rally towards higher levels. The bears on the other hand expect the price to break this ascending channel and fall towards lower levels. Taking both cases into account, it would be reasonable to say that the price could still rally once more after declining to the bottom of the ascending channel. This means that the bears might have to wait a little longer to get what they want as the whales might want to capitalize on the bullish euphoria that still persists in the market. As long as there are people who will buy the dream, the whales will sell it to them.

The daily chart for ETH/BTC points to a gloomy outlook for Ethereum (ETH) against Bitcoin (BTC). It shows that the recent gains that Ethereum (ETH) and other altcoins made against Bitcoin (BTC) may be lost as the altcoin market takes a hit with the next downtrend. As we have seen in the past, when Bitcoin (BTC) falls, altcoins fall a lot more aggressively. ETH/BTC broke below a critical trend line support and has now tested it as resistance. As expected, the price faced a strong rejection at the trend line support turned resistance and is now expected to decline towards the 50 day moving average.

The number of margined shorts is still reluctant to rise even though ETH/USD had a massive buying frenzy the past few weeks. Retail bears seem to have been unnerved by the recent buying frenzy as they now fear that anything could happen. ETHUSDShorts faced a strong rejection at the 50 day moving average and is expected to decline towards the bottom of the ascending channel. This means that retail bears are not ready to step up just yet but the whales might have different ideas. The bulls are still too excited and market makers might want to give them just one more opportunity to buy the dip before they crash the price again just like they did yesterday.
Source: Crypto Daily

Why Do People Still Think Bitcoin Will Flop?

Day in day out we hear people talking about the end of cryptocurrency led by the demise in Bitcoin. This is always watered down with plenty of experts coming out to talk about Bitcoins eventual $25,000.00 price and often, this leaves us in the middle of a storm that makes it pretty difficult to understand what’s going to happen next.
The truth here is that nobody knows, nobody really knows what will happen with Bitcoin or the rest of the cryptocurrencies, though one thing is clear is that Bitcoin probably isn’t going to cease to exist anytime soon, that’s something to latch onto for now at least.

So, we should ask the question, why do people think Bitcoin is going to tank in the first place.
According to recent reports, David Gerard – a person with notable thoughts on Bitcoin believes that recent bull runs have only taken place as a result of manipulation and that eventually, this manipulation will lead to a huge price crash:

“According to Gerard, there is nothing organic about this bull run since the price is growing way too fast despite the industry facing two recent controversies (Tether-Bitfinex and Binance). His theory is that the Bitcoin price is being manipulated by Bitcoin whales who continue to buy BTC en masse in order to liquidate short positions (this method was described by Willy Woo).”

Furthermore:

“After artificially pumping the price of BTC, they will sell their newly bought coins and tank the market. In essence, we are dealing with your typical pump-and-dump scheme, but on a much larger scale. For the time being, he expects the price of Bitcoin to continue surging since the widespread media coverage will bring new gullible investors that are not able to resist FOMO.”

In the long run however, this sort of manipulation can’t carry on forever. When news drives the price of Bitcoin up, correction usually leads to a crash at the otherside. What Gerard and many others believes is that in the grand scheme of things, current optimism will be watered down when eventually, manipulation finally stops and Bitcoin eventually grinds to a halt.
Remember, nobody is ever right about these things. In truth, there’s no way of knowing what will happen to Bitcoin or any other cryptocurrencies for that matter – it’s a case of waiting to see and investing carefully in the meantime. We don’t think manipulation has played a huge part in the rise of Bitcoin over the years, though some of the stats do suggest that many Bitcoin whales may be causing more damage than they think.
Source: Crypto Daily

Crypto Startup Working Towards Adoption for Major US Brands

Flexa is a startup that has some of America’s biggest retail brands to use its payment-processing network that will let consumers buy goods and services with cryptocurrency.
Some of those brands include:

“Barnes & Noble, Baskin Robbins, Bed Bath & Beyond, Caribou Coffee, Crate and Barrel, Jamba Juice, Lowe’s, Nordstrom, Office Depot, Petco, Regal Cinemas and Amazon’s Whole Foods Market.”

As it says on the website:

“Flexa is a new payments network, built using cryptocurrencies, that brings buyers and sellers closer together in order to cut processing cost, eliminate fraud, and preserve your privacy.”

When it comes to cryptocurrencies, a lot of people initially thought they would change the world of finance forever and separate us from central banks control. Instead, it seems that cryptocurrencies are an investment that people pray will surge in value.

Flexa is a platform that is hoping to encourage people to open their digital wallets.
Chief Executive of the project, Tyler Spalding has said, “We allow any cryptocurrency to be spendable.” The firm launched its payment-processing network on Monday.
From a retailers point of view, the big things are transaction fees being between 1%-2% (cheaper than credit cards), and a system that gets retailers their payments in ordinary money without ever actually having to touch cryptocurrency.
Spalding said that the underlying technology in Bitcoin, Blockchain will ‘squelch’ the transaction fraud that retailers also hate too.
What is important is to keep retailers away from the complications that come with cryptocurrency. Some of the big barriers to cryptocurrency payment systems today include the difficulties of being label who exactly is paying and the long wait for a transaction to be completed. At least, that’s according to the blockchain lead for Deloitte Consulting, Linda Pawczuk.
According to Cnet:

“To use Flexa’s system, you need a digital wallet with Flexa, though later the company plans to integrate with wallets at popular cryptocurrency exchanges like Coinbase. You select the appropriate retailer from a list in Flexa’s app, which then shows a QR code the retailer scans with its existing sales terminal hardware.”

Spalding said that Flexa debits your wallet then transfers US dollars to the retailers by regular old bank transfer.
Source: Crypto Daily

Sally Ho's Technical Analysis 18 May 2019

Bitcoin
Bitcoin (BTC/USD) gained marginal ground early in today’s Asian session and traded as high as the 7441.66 level, having orbited its 50-bar MA (4-hourly) since early yesterday. Traders are still discussing yesterday’s so-called flash crash that saw the price dive to the 6600.00 figure after many Stops were elected on the way down. BTC/USD came off approximately US$ 1,340.75 in less than three hours and at one point fell US$ 1,000.00 in about eleven minutes.
During the acute downturn, Stops were elected below the 6730.01 and 6677.81 areas, both of which represented retracement levels that easily gave way and did not provide too much in the way of technical Support. Momentum traders were seen hitting the market during the rapid decline, with short covering seen around 7558.53, 7194.73, and 6696.03. In another bearish signal, the 50-bar MA (hourly) is now trading below the 100-bar MA (hourly) and appears to be converging with the 200-bar MA (hourly).
Below current price activity, traders are again eyeing the 100-bar MA (4-hourly), now indicating around 6548.04. Important areas of technical Support include 6370.02, representing the 38.2% retracement of the 3128.89 – 8388.00 range, and the 5758.45 area, representing the 50% retracement of the same range.
Price activity is nearest the 50-bar MA (4-hourly) at 7381.70 and the 200-bar MA (Hourly) at 7367.99.
Technical Support is expected around 6440.82/ 5805.45/ 5176.07 with Stops expected below.
Technical Resistance is expected around 7587.90/ 8488.00/ 9734.52 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishy above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

 
Ethereum
Ethereum (ETH/USD) weakened a little during today’s Asian session, trading as low as the 238.10 area after running out of steam around the 249.24 area. Today’s intraday high was below the 252.39 area, representing the 23.6% retracement of the move from 157.28 to 281.77. Yesterday’s move lower was quite abrupt with the pair depreciating about US$ 44.70 in less than three hours. Chunky Stops were elected below the 234.24 area during the move lower, representing the 38.2% retracement of the 80.60 – 281.77 range.
Additional Stops were elected yesterday below the 213.89 level, representing the 50% retracement of the move from 146.00 to 281.77.  Above current price activity, traders are eyeing the 252.33 area, representing the 50% retracement of the 281.77 – 222.88 range, with the 259.27 and 267.87 areas also representing upside technical Resistance related to the same range. Price activity is nearest the 50-bar MA (4-hourly) at 212.75 and the 100-bar MA (Hourly) at 236.75.
Technical Support is expected around 219.53/ 204.84/ 185.46 with Stops expected below.
Technical Resistance is expected around 258.92/ 272.56/ 281.77 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Source: Crypto Daily

This Time It’s German Politicians Mulling a Bitcoin and Crypto Ban…

Recently, there has been an uptick in the numbers of notable people publicly discussing some form of ban on crypto assets such as Bitcoin. The latest comes from Germany, where one of the nation’s left wing parties is in favour of attempting to outlaw digital currency across Europe.
The news follows similar calls by US Congressman Brad Sherman and respected economist Joseph Stiglitz. Lacking technical backgrounds, however, it is unclear just how much any of these crypto critics have considered the logistics of enforcing such a ban.
German Leftists Die Linke Call for a Ban on Bitcoin and Crypto
According to domestic tech and business news source, Gründerszene, a left wing German political party has just released its European Parliamentary election campaign manifesto. The elections will be held on May 26 and, as part of the “Die Linke” (The Left) party’s policies that are “against an EU of millionaires”, there is a plan to outlaw Bitcoin and other crypto assets.
The main gripe against digital currencies appears to be on environmental grounds. The fact that some use a large amount of electricity is an issue for the German leftists. This may mean that proof-of-stake digital coins and those using other consensus finding systems than proof-of-work are deemed permissible by the party.
Like the others that have called for a ban on crypto assets like Bitcoin in recent weeks, Die Linke gives little explanation as to how it plans on achieving such a ban. Bitcoin is a decentralised network. There is no central weakness for authorities to come after.
Even if all of Europe outright banned it tomorrow, digital assets would survive. They might have to evolve to survive, becoming more stealthy and private, but that would only make them even more difficult to police.
Interestingly, one of those calling for a ban recently, US Congressman Brad Sherman, himself inadvertently stated exactly why Bitcoin would not die – the fact that it weakens US hegemony. Sherman stated, remarkably candidly, that a large part of his nation’s privileged position in the world comes from the fact that the US dollar is used a world reserve currency.

the video of @BradSherman's call to ban bitcoin is the best advertisement for the digital asset i've seen in quite some time (HT Oskar_Koch on Reddit) https://t.co/KeGCO0uXSh pic.twitter.com/VDF6XxBFre
— Kyle Torpey (@kyletorpey) May 9, 2019

Bitcoin offers an alternative that many nations that are currently trying to reduce their dependence on the dollar might find attractive. That was the precise reason Sherman gave for wanting “to nip [Bitcoin] in the bud”. Given that nations such as Iran, North Korea, Russia, and China would all like US dominance to wane significantly, it is incredibly difficult to believe that these states would join Europe or the US in some clampdown against the currency.
Those who understand how Bitcoin works also understand that only such a universal ban, enforced equally around the world, would stand any chance of success. That said, even with global cooperation, wiping crypto assets from the face of the earth is still highly unlikely to succeed.
Rather more likely would be a scenario where a partial ban is attempted and Bitcoin goes underground by integrating privacy-focused upgrades rapidly. This would effectively stifle any legitimate use of the currency and transform it very quickly into a drug-dealing, money-laundering, human-trafficking mega-tool for international criminals and anyone else who refuses to endorse such draconian, monopolistic policies.
 
Related Reading: Bitcoin Flavour of the Week Again: Crypto Back in Mainstream Media
Featured Image from Shutterstock.
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Source: New feedNewsBTC.com

Ripple (XRP) Could Crash Below $0.15 During The Next Downtrend

Ripple (XRP) is hanging by a thread as the price is ready to decline all the way to the bottom of the descending triangle it has been trading in since 2018. This triangle is now extremely likely to be broken to the downside as Ripple (XRP) has failed miserably every time it has attempted to break out of it. The price has now faced a strong rejection at the top of this descending triangle and is headed towards the 200 day moving average. It is likely that the price will find short term support at that level but uncertainties loom over in the grand scheme of things. First of all, the technical alone point to the strong possibility of a major decline in the weeks and months ahead. Second of all, Ripple (XRP)’s fundamentals have hardly improved and it risks regulatory action over its status as a potential security.
The cryptocurrency saw a lot of hype during the last bull market but that bullish momentum is now nowhere to be seen. The cryptocurrency has been particularly sluggish since the beginning of the year in terms of price growth. Ripple (XRP) used to be the cryptocurrency that would rise aggressively every time Bitcoin (BTC) would rally but lately we have not seen much of that. Even the recent rally in XRP/USD is likely to end in Ripple (XRP) giving away most of its gains. RSI on the daily chart now remains highly overbought and a fall below the 200 day moving average would increase the possibility of a death cross as the 200 day moving average crosses below the 50 day moving average. This fits in the big picture as to how Ripple (XRP) might end up falling below $0.15 and stay there for a long time once it breaks below the descending triangle.

Ripple (XRP) is trading in a descending triangle against Bitcoin (BTC) as well. The price has found some relief short term and might still rally towards the top of the triangle but the most likely scenario is that it will trade sideways within this triangle till it eventually breaks below it. It is pertinent to note that XRP/BTC broke the triangle once before the beginning of 2018 but it shot straight through it during the last bull run. Since then it has failed to beak past the trend line resistance after repeated attempts.

Just a quick glance at the weekly chart between November, 2018 and April, 2019 is enough to show us how weak Ripple (XRP) has been against Bitcoin (BTC). XRP/BTC formed at least ten weekly candles in this range along the trend line resistance but failed to break past it. In other words, it kept testing the resistance continuously for ten weeks but it could not break it. Eventually the price had to fall and it is now testing the support. So far, it has held its ground against Bitcoin (BTC) but if it keeps testing the support, it is very likely that it will eventually break it to decline towards new lows.
Source: Crypto Daily

The Gold vs Bitcoin Debate: Winklevoss Get On-Board

Making the comparison of bitcoin and gold is one that is thrown about a lot fo nowadays. It’s one that was inspired by grayscale Investments with an advert that made waves across crypto twitter and the rest of the social media outlets. Grayscale offers a Bitcoin Trust among multiple other digital asset trusts.
The advert definitely garnered some attention and now, hearing the gold/Bitcoin comparison is ten a penny. Following the debut of the ad, a lot of prominent crypto figures kept saying in the phrase “drop gold for Bitcoin”.
One half of the Winklevoss twins and co-founder/CEO of Gemini, Tyler Winklevoss has shared his thoughts on gold and Bitcoin on Twitter.
Tyler said:

Bitcoin is gold 2.0. It matches or beats gold across the board. It’s market cap is ~140bil, gold’s market cap is ~7tril. Do the math!
— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019
If Tyler Winklevoss’ scenario becomes a reality and Bitcoin matches or gets close the market cap of gold, then Bitcoin would be worth somewhere close $500,000.

This is a phenomenal number that is quite hard to believe, to be honest, but imagine what it would mean if BTC reached such highs.
Some crypto enthusiasts and influencers have had their say on the gold and Bitcoin discussion, with some saying that it is as dumb as it is a pipe dream.
Peter L. Brandt is a famous trader and is one of these bears that don’t see the comparison between the two assets.
“The Gold v. $BTC dialogue is asinine. Both assets have reasons for being an independent driver of valuation”
Still, he respected the video from a marketing perspective and has only used the world parabolic with Bitcoin.
Source: Crypto Daily