Bitcoin (BTC) Stuck Around 4,000, But Analysts Expect a Drop as Upwards Momentum Fizzles

The crypto markets are experiencing a relatively quiet Friday as Bitcoin continues to trade sideways in a tight trading range between $4,000 and $4,100. This stability should not fool traders, however, as analysts expect BTC to drop in the near future as its upwards momentum begins to fade.
If Bitcoin is unable to garner more buying pressure as the markets head into the weekend, it is likely that Bitcoin will drop back into the upper-$3,000 region.
Bitcoin (BTC) Stuck Below $3,900 
At the time of writing, Bitcoin is trading up less than 1% at its current price of $4,040. Throughout this week, BTC has firmly established $4,100 as a level of resistance, as it has unsuccessfully attempted on multiple occasions to break above this price level.
Importantly, however, Bitcoin has established $4,000 as a level of support, as it has bounced after touching this price. Despite this, the true test of Bitcoin’s current strength remains in its ability to advance above $4,200, which was established as a key resistance level last month.
Although the lack of upwards momentum does seem negative, Luke Martin, a popular cryptocurrency analyst on Twitter, recently noted that he is only bearish on BTC in the short-term if the crypto begins tepidly moving towards stronger resistance levels above $4,100.
“If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I’ll consider being bearish short term. Unless you are a short term day trader flipping your outlook between 4400 and 2k after a red 30 minute candle isn’t too helpful,” he noted.

If $BTC starts getting higher timeframe 4hr/1D closes below 3930, THEN I'll consider being bearish short term.
Unless you are a short term daytrader flipping your outlook between 4400 and 2k after a red 30 minute candle isn't too helpful. pic.twitter.com/gAIhviwYXy
— Luke Martin (@VentureCoinist) March 21, 2019

Historically, the crypto markets have been more prone to making large price swings during weekend trading sessions, which means that traders may gain more insight into where BTC is heading next over the next couple of days.
Analyst: Bitcoin Likely to Drop Back into Upper-$3,000 Region in Near-Future
Because Bitcoin is not expressing any signs of significant technical strength at the moment, unless it is able to make a large upwards push in the near future, it may soon drop back into the upper-$3,900 region.
The Cryptomist, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, setting a target for BTC at $3,900.
“$BTC Mentioned couple days ago we will see movement for yesterday price action. We dropped and bounced of candle support as RSI support failed. We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range,” she explained.

$BTC
Mentioned couple days ago we will see movement for yesterday price actionWe dropped and bounced of candle support as RSI support failed We have 2-3 days to break this 4010 region resistance before we break this candle support and test target #1 at 3900 range pic.twitter.com/bclvVRlZqy
— The Cryptomist (@TheCryptomist) March 22, 2019

If the crypto does drop back below $4,000, this level will likely be further solidified as a strong psychological level of resistance, which may prove to be increasingly difficult to break above.
Traders and analysts alike will be closely watching to see how the markets respond to their current price levels during the weekend.
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Crypto Ratings: China Prefers Smart Contract Platforms, Bitcoin Downgraded

The Centre for Information and Industry Development in China (CCID) has updated its monthly crypto project rankings. Following the update the top three spots on the list of most promising public blockchain-based assets are compromised of the Ethereum network (ETH), Tron (TRX), and EOS, whilst Bitcoin (BTC) fell on the list.
CCID looked at a total of 35 different projects in the digital asset space. The evaluation comprised of three components – basic tech, applicability, and creativity.
China More Excited by Smart Contracts Than BTC
The latest Chinese CCID crypto ratings are in and it is clear that the Chinese government body is optimistic about platforms supporting the creation of decentralisation applications. The newly published ratings have smart contract platforms Tron and EOS topping the list of 35 crypto projects.
Interestingly, Tron only made its debut on the list of projects deemed worthy of rating by the CCID last month. It has quickly managed to replace Ethereum as the project the agency is second most optimistic about. It failed to displace EOS, however, which has been rated the most promising project month-in, month-out since last June.
The CCID ratings are awarded based on three criteria: basic tech, applicability, and creativity.
Scoring highly in the basic tech department was EOS, Tron, Bitshares, Stem, and Gxchain. According to a translation taken from Bitcoin.com, the CCID did give mention Ethereum and its recent Constantinople upgrade. However, the performance-enhancements made to the Ethereum network were not enough to take ETH into contention for best crypto by basic tech:
“Since the Constantinople upgrade, the efficiency of the Ethereum network has improved, and the Ethereum basic technology index has also risen from the 9th [place] to the 6th.”
This basic tech assessment accounts for 64 percent of the total score of a project.
In terms of “applicability”, the CCID stated that this score was based on “the comprehensive level of public chain support for practical applications”. It comprises of 20 percent of the total score for crypto projects.
Here, the CCID’s five hottest crypto projects are: Ethereum, NEO, Tron, Nebulas, and Ontology.
Finally, the digital assets evaluated by the CCID were assessed by their creativity. This score accounts for 16 percent of the total awarded. The CCID explained this part of the ratings system as referring to the amount of “continuous innovation in the public chain”. The five projects deemed to be the most important in this regard are Bitcoin, Ethereum, EOS, Litecoin, and Lisk.
Evidently, the CCID researchers behind the latest crypto ratings update are less enamoured with straight-up digital currency offerings than they are with smart contract platforms. Bitcoin dropped from thirteenth position two months previous, down to fifteenth. Meanwhile, Bitcoin Cash also fell from to outside of the top 30 projects.
 
Related Reading: Weiss Publish Their First Cryptocurrency Ratings
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Ethereum Classic (ETC) Breaks Critical Resistance, Price Continues To Rally

Ethereum Classic (ETC) has broken past a critical trend line resistance and is now rising on bad news. That’s right, bad news! The cryptocurrency seems to be completely unaffected by the departure of a high profile developer, Anthony Lusardi of ETC Cooperative. We at Crypto Daily have interviewed Anthony Lusardi in the past. He has been very keen to see the project succeed. However, he recently announced his departure due to “burnout and social media FUD”. The price has reacted in a completely strange way as if the departure had a positive impact on the future of the Ethereum Classic blockchain. One explanation for this is that the community is trying to show its support by holding on to its coins as a key Ethereum Classic figure quits. However, we cannot say for sure what the cause of the recent spike in ETC/USD might be despite the negative news.
Looking at the daily chart for ETC/USD, we can see that the price has clearly broken past a critical resistance and now does not face any real obstacle in its rally towards the 200 day moving average. The daily trading conditions are close to the overbought territory but that does not mean the price cannot surge further. In fact, we expect ETC/USD to continue to rally next week until the price runs into the 200 day moving average. After that, we expect the price to decline swiftly towards its ultimate bottom. This year has been a terrible year for Ethereum Classic (ETC) as we have seen a lot of key figures leave the blockchain. It does raise concerns regarding the future of the blockchain if a few more key developers were to quit.

Chart for ETC/BTC (1W)
We have seen the Digital Finance Group (DFG) cozy up to Ethereum Classic (ETC) in the recent months but it is yet to be seen whether they have what it takes to keep this project alive, let alone take it to the next level. If such high profile figures keep on leaving the blockchain on reasons like “social media FUD” and “burnout”, investors might have every reason to second guess whether the people working on this project are actually serious about the future of this blockchain. A good team stays with the project through thick and thin, through good times and bad times. This is why we have seen projects like Golem (GNT) achieve so much even during the bear market.
Ethereum Classic (ETC) is in every way a larger project than Golem (GNT) and to see some of the people working on it leave for such reasons is alarming. The reason it is alarming is because as investors one might have to dig deeper to see what exactly behind “social media FUD” and “burnout” is there that has brought on this onslaught of departures in such a short time. While we do expect Ethereum Classic (ETC) to continue to rally for now, we do believe that investors might have some serious doubts regarding the future of this project during the next bull run. If things remain unchanged, we might once again see Ethereum Classic (ETC) miss out on most of the gains that its fellow altcoins make during the next bullish cycle.
Source: Crypto Daily

Report: Bitcoin and Crypto Markets More Regulated Than Widely Thought

There is a common motif within the crypto markets that the advent of “do-no-harm” regulation would allow for an influx of institutional, corporate, and public funds that will help propel Bitcoin and other cryptocurrencies higher.
Despite this, a recent report conducted by Bitwise Asset Management explains that the nascent markets are actually significantly more regulated and surveilled than widely known, while also importantly noting that the actual trading volume on many major exchanges is significantly lower than reported.
Are the Crypto Markets Actually Regulated Presently?
The report, which was published and conducted by Bitwise – a crypto asset management firm – came about after the firm submitted a Bitcoin-based ETF application to the Securities and Exchange Commission (SEC) and offers an in-depth look at many of the major topics currently surrounding the new and quickly evolving crypto industry.
In a section of the report titled “The Bitcoin Market Is More Regulated and Surveilled Than Is Commonly Understood,” Bitwise explains that the crypto markets are in fact regulated – in a certain regard.
“We are not implying that bitcoin spot exchanges are ‘regulated markets’ or that they are on an equal legal status with national securities exchanges or futures exchanges, but rather that the…exchanges highlighted earlier interface with other forms of regulation,” the report stated.
One such form of regulation that Bitwise notes exchanges are currently interfacing with is the FinCEN requirement that crypto exchanges register as Money Services Business (MSB), a requirement that has been in place since 2013. As a MSB, exchanges are subjected to a plethora of strict regulatory requirements.
Furthermore, the exchange also notes that exchanges who offer their services to users in the state of New York are required to acquire a BitLicense, which mandates that exchanges comply with a significant number of regulatory requirements that ensure safety for customers.
Report Claims that 95% of Bitcoin Trading Volume is Artificially Created
Another key portion of the report offers an interesting set of data regarding the veracity of the trading volume on major crypto exchanges.
“We will demonstrate…that approximately 95% of this…volume is fake and/or non-economic in nature, and that the real market for bitcoin is significantly smaller, more orderly, and more regulated than commonly understood,” the report explains.
Bitwise then elucidated the results of a test they applied to the top 81 exchanges by trading volume – which entailed using trade size histograms, volume spike analysis, and spread patterns – to determine the veracity of the exchange’s trading volume.
Shockingly, the conclusion is that of the top 81 exchanges, only ten of them – including Binance, Coinbase, Kraken, Bittrex, Poloniex, Bitfinex, Bitstamp, bitFlyer, Gemini, and itBit – had predominantly genuine trading volume.
When considering this data and Bitwise’s conclusion that 95% of the total Bitcoin trading volume is artificially created, it shines a light on just how much room Bitcoin, and the crypto markets as a whole, have to grow.
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Canadian Authorities Exploring New Laws For Bitcoin

According to new reports, Canadian authorities are now working with crypto fanatics and prolific members of the cryptocurrency community in order to start creating more clear regulations for the likes of Bitcoin and other cryptocurrencies in Canada.
The Canadian Securities Administrators (CSA) are now alleged to be working with the Investment Industry Regulatory Organization of Canada (IIROC) in order to best research how cryptocurrency regulations could be rolled out to allow for a more fair crypto environment in Canada. Last week, the pair published a discussion paper that proposes a new regulatory framework that will help shape existing regulations in order to prepare the regulations for future risks and challenges that could arise as the cryptocurrency industry grows.
It does seem that the Canadian authorities have been inspired by seeing some of the tragic events surrounding some of the worlds cryptocurrency exchanges over the past few years, so, like Japan, Canada want to foster a pro cryptocurrency environment that puts responsibility into the hands of the exchanges, it’s the exchanges who will have to ensure cryptocurrency remains a safe and secure investment choice for Canadian people, or so it seems.
The very interesting part of this publication is that is actually invites people within the community to comment on a number of questions proposed by the CSA and IIROC in order to gain a greater insight into what people and local crypto companies believe is really important when considering cryptocurrency regulations.
According to Finance Magnates:

“Most of the questions seem to focus on how to define what constitutes a cryptocurrency exchange, and how far the government should go in its attempts to enforce pre-existing regulatory models onto this new industry. However, it’s clear that Canadian regulators are starting from the ground up in terms of their understanding of how the crypto industry should be regulated. There are still many regulatory holes that will need to be filled; several experts have pointed out the unclear relationship between cryptocurrency and existing securities laws in particular.”

By involving local experts, Canadian businesses and Canadian people, it’s very clear that the authorities want to know more about how they think cryptocurrency regulation should exist, in order to apply regulations in a democratic manner that still allow people to trade cryptocurrency, in the knowledge that their investments are safe and secure.
Source: Crypto Daily

BIS Manager: Bank-Issued “Crypto” Will Make for “Unpredictable” Consequences

The manager of the Bank of International Settlements (BIS) has voiced opposition to the initiatives proposed by JP Morgan and other banks to issue their own digital currencies, which borrow from the design of crypto, whilst omitting its truly liberating features. Augustin Carstens made his comments during a speech at the Central Bank of Ireland recently.
Carstens posits that central banks, not accustomed to dealing with customers, will have to take on such responsibilities going forward. This will impact on their ability to dictate monetary policy.
Is JPM Coin a Bigger Threat to Central Banks Than Real Crypto?
Mexcian economist and BIS General Manager, Augustin Carstens, has stated that the creation of central bank-issued digital assets could pose:
“… huge operational consequences for central banks in implementing monetary policy and implications for the stability of the financial system.”
According to UK news publication CityAM, Carstens stated that it was the responsibility of central banks to ensure that the economy functions smoothly and that the “system is sound”. This contrasts with the latter’s responsibilities to appeal to and serve customers.
Without divulging much in the way of reasoning, Carstens went on to say that bank-issued, not-so-crypto-currency would “change the demand for base money and its composition in unpredictable ways”.
Instead of rushing into such schemes, Carstens instead prefers a more cautious approach. Whilst the need to innovate clearly important, such innovation should not come at the cost of other considerations:
“Central banks do not put a brake on innovations just for the sake of it. But neither should they speed ahead disregarding all traffic conditions.”
The sentiment from the BIS General Manager comes in the wake of multiple announcements from both central and commercial banks about plans to launch their own digital representations of value in the future.
Despite its CEO repeatedly lambasting Bitcoin and all of crypto, JP Morgan recently announced that it was working on its own stable-coin project – JPM Coin. The scheme has little in common with true crypto, however, since the token will be pegged to the dollar and entirely permissioned. For now, the bank has stated that it will only allow its institutional clients to use the new service for transferring value and in doing so, just further reinforces the divide between different levels of banking freedom around the world.
Alongside such schemes from banks, there have been a few proposals made by national governments to issue their own currency in a digital version. However, none of these have been launched as of yet, with the exception of Venezuela’s unsuccessful and frankly bizarre oil-backed digital asset, the Petro. The world’s first state-issued digital asset has thus far failed to ensure any form of economic recovery and the plight of those living in Venezuela seems to get more desperate by the day with a recent wave of blackouts the latest signaller of the tragic fallout of a mismanaged economic policy.
 
Related Reading: JPMorgan Executives Flip Bullish on Crypto After JPM Coin Release
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Why Does Buterin Care About The Price Of Ethereum?

Vitalik Buterin, the co-founder of Ethereum has recently spoken to crypto-journalist Laura Shin during a live recording of Unchained Podcast, a popular podcast series that explores all areas of the blockchain world. During the talk, Buterin discusses a number of different ideas within Ethereum and answers one of the Ethereum communities burning questions, does Buterin care about the price of Ethereum?
He’s a very wealthy man so therefore probably doesn’t worry too much when Ethereum starts to drop, though we do think Buterin should be ‘worried’ about the price of Ethereum as frankly, the price does help with popularity, doesn’t it?
When asked if he believes the price of Ethereum is important, according to Crypto Globe, Buterin states:

“I’m going to be really candid because that’s the right thing… Some of the earlier rhetoric, especially veering on the more extreme side of the price not mattering at all, in part was counter signaling to distinguish ourselves from other crypto projects that just do pumping and lambo-ing way too much, but another thing is that it was about minimizing legal risk by basically trying to make the project seem more distant from something that will be covered by financial regulation… If people try to claim the price doesn’t matter at all, financial regulators are totally going to see through that… I can tell you… why the price being higher than lower… is good.”

A little bit cryptic, however Buterin has to remain on the fence otherwise he’s only going to be accused of manipulating Ethereum investors. So, why does Buterin believe a high price is better than a low price?

“Security. So if the price is zero, the network can’t be secure, and that’s true in Proof-of-Work or Proof-of-Stake. Another reason is, obviously, that there’s a lot of projects who in the ecosystem hold cryptocurrency… and if the price is higher, then they’ll have more money to do the things they want to do… Especially, the security concern is a totally legitimate technical argument.”

Buterin makes some very interesting points here. Of course, he likes it when the price is higher because it makes him richer, but it also make the rest of the crypto community richer which means that they are then more inclined to spend money on other projects and are more inclined to invest. More investment means more growth and a bigger industry, it’s simple really.
Another great point however is security. When Ethereum and cryptocurrency costs more, it also costs more to implement attacks. A higher price locks down the network and does make it a more solid investment, keeping the blockchain safe and thus, keeping investors safe too. So, why does Buterin care about the price of Ethereum? Frankly, he cares because a high price keeps his community safe and it keeps them content, helping the industry grow and helping to make ultimate crypto adoption a more realistic prospect.
Source: Crypto Daily

How Strong Partnerships Benefit Fantom, the New ‘Korean EOS’

Coinspeaker
How Strong Partnerships Benefit Fantom, the New ‘Korean EOS’
Fantom, the world’s first DAG-based smart contract platform, is about to become a next-generation alternative to blockchain.
How Strong Partnerships Benefit Fantom, the New ‘Korean EOS’

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Source: CoinSpeaker

Amazon Partners with Worldpay: Is e-Commerce Behemoth Getting Closer to Ripple?

Coinspeaker
Amazon Partners with Worldpay: Is e-Commerce Behemoth Getting Closer to Ripple?
Amazon and Worldpay have announced their partnership in the framework of which Worldpay will fully enable Amazon Pay for its merchants.
Amazon Partners with Worldpay: Is e-Commerce Behemoth Getting Closer to Ripple?

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Source: CoinSpeaker