Red Alert: Bitcoin Back to $3,830, Crypto Market Loses $12 Billion in a Few Hours

Just a few hours back, the crypto market has been enjoying the greens with Bitcoin looking to break the December high with the total market cap rising above $140 billion. Now, in a matter of hours, the crypto market has gone deep red.
The leading cryptocurrency is down about 3 percent in the past 24-hours at $3,834, as per the data provided by Coinmarketcap. Meanwhile, the trading volume keeps on surging. It has not only broke the $9.9 billion high from February 19th which was last registered in May 2018, rather surpassed it by a good margin as it registers $10.79 billion.

              Bitcoin price chart, Source: Coinmarketcap
As usually happens in the crypto market, a drop in Bitcoin means, even a deeper hit to the altcoins. Among the top altcoins, Litecoin is the biggest loser with more than 7 percent losses followed by Stellar that is down by over 6 percent. Other top cryptocurrencies like Ethereum, XRP, Bitcoin Cash and Tron are down about 5 percent.

                   Source: Coin360.com
This has the total market cap to drop down to $130 billion from $143 billion from a few hours back, losing about $13 billion in the process.

                     Total market cap, Source: Coinmarketcap
While the market has been seeing the greens, Crypto trader, Benjamin Blunts had said that this is just like the end of 2017 when Bitcoin started surging only for the altcoins to trying to catch up. Once altcoins register the gains, a market-wide dump follows. This is all rinse and repeat and nothing else.

Recently, in an interview, crypto trader DonAlt had also shared the reason behind the spike,
“I’d argue the main reason why this happened was due to the entire crypto sphere getting overly excited into technical (Weekly & daily) resistance combined with the fact that there’ll probably be a lot of ‘sell the news’ coming the closer we get to the ETH fork.”
Many crypto analysts have been already calling out for a dump after Bitcoin goes to $4,100 and $4,200 level. It has been expected that Bitcoin bottom would come in the first quarter of 2019 that would be around $1,800 or even lower at around $1,650. Given the fact that trading volume is rising and the price is declining, more losses might be coming.
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Source: CoinGape

Bitcoin Surges as Warren Buffett, The “Charlatan” gets Exposed: Max Keiser

Bitcoin has finally crossed the threshold of $4,000 as it currently trades at $4,169 with 24-hours gains of 4.65 percent. Since February 17th, Bitcoin has surged more than 21 percent as it moves from $3,400 to nearing the December high at $4,272. The leading cryptocurrency is managing the daily trading volume of $9.8 billion, really close to outdoing the February 19th’s $9.9 billion which was the last hit in May 2018.
This hike in Bitcoin price according to Max Keiser, a  Bitcoin proponent and co-founder of crypto-focused VC, Heisenberg Capital could be the result of “short the bankers, long bitcoin” narrative as he took to Twitter to share that Warren Buffett, the chairman, and CEO of Berkshire Hathaway is a “fraud.”

Bitcoin Will Swallow up the World’s Over-Supply of Worthless Fiat Money
Yesterday, Warren Buffett issued an annual letter to shareholders accounting the loss of $25.4 billion in the fourth quarter of Berkshire Hathaway. This letter, Keiser says is proof that Buffett is a “fraud and a charlatan.” However, he says, Buffett’s loss could be Bitcoin’s gain.
RT reported Keier saying, “Buffett’s frauds are innumerable and date back decades,” when it comes to the corporate malpractice at Wells Fargo, which is partly owned by Berkshire.
In the annual report, under the “repurchases and reporting section,” it has been shared, “Earlier I mentioned that Berkshire will from time to time be repurchasing its own stock. Assuming that we buy at a discount to Berkshire’s intrinsic value – which certainly will be our intention – repurchases will benefit both those shareholders leaving the company and those who stay.”
Before the SEC gave green light to buyback in 1980, this practice was considered market manipulation.
“It’s pure fraud. Its sole purpose is to commit accounting fraud for the benefit of insiders,” added Keiser.
The report further slams gold calling it a poor investment choice, “The magical metal was no match for the American mettle.” To this Keiser had this to say,
“The real story is to put gold in context and understand that Buffett’s so-called success is entirely driven by a cozy relationship with Wall Street and the Fed that gives him virtually unlimited access to credit carrying zero percent interest.”
Keiser further commented on Buffett calling Bitcoin a rat poison last year, “The world is waking up. The Ponzi schemes of Buffett are being revealed and the masses are moving to hard money like bitcoin and gold.”
He doubles down on his Bitcoin price prediction at $100,000 and that the flagship cryptocurrency will swallow worthless the fiat money.
“I maintain my price prediction I first made on Keiser Report in 2011 when Bitcoin was $1. We will see $100,000 for Bitcoin, as it swallows up the world’s over-supply of worthless fiat money; marking the end of charlatans like Warren Buffett.”
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Source: CoinGape

Ethereum’s Lead Developer Joins CasperLabs, Is CasperLabs Preparing To Compete With Ethereum?

After months of speculation, it has been now confirmed that Ethereum lead developer, Vlad Zamfir will be joining the CasperLabs in a paid role to start working on a separate blockchain protocol.
New York-based CasperLabs, is an R&D startup that is building a new decentralized Proof of Stake blockchain. This week, Zamfir said in a statement,
“I believe that decentralized, scalable, and secure public ‘proof-of-stake’ consensus protocols that are much more usable and secure than existing blockchains are possible, and will eventually make mining and Nakamoto consensus obsolete. However, I am not sure if the Bitcoin and Ethereum blockchain communities are going to be able to upgrade their protocols.”
This led him to accept the role of Lead Consensus Protocol Architect at CasperLabs but he will continue his governance and Proof-of-stake work with Ethereum as well.
Conflict of Interest? Then So Be it!
CasperLabs is named after the protocol called Casper itself that was proposed for Ethereum by Zamfir in August 2015. The startup promotes itself as the competitor to Ethereum by offering a more powerful PoS technology and mass scalability.
Late Friday in Manhattan, Zamfir cleared the air around his conflicting role in CasperLabs and Ethereum Foundation. Whether this would show a conflict of interest, Zamfir replied to Decrypt Media, “I think so. I have many conflicts of interest.” He further shared that it was his research, not the loyalty that CasperLabs was buying.
In a press release that was released early Friday, Zamfir also praised the startup’s work and further hopes that this would put pressure on Ethereum to adopt the technology.
“I’m excited that CasperLabs has taken an interest in implementing a scalable blockchain protocol from the CBC Casper family of protocols, and hope that their efforts are both successful and put pressure on other projects (like Ethereum) to adopt the technology. I am very grateful for CasperLabs’ support of my research and look forward to working with them to see it become a reality.”
The development team of CasperLabs is being led by CEO Medha Parlikar and Michael Birch, the Lead Casper developer that, “[Casper CBC] promises to scale the blockchain without sacrificing decentralization … By removing the mining required by traditional proof-of-work protocols, it will be more ecologically and economically efficient and secure than pre-existing [blockchain] systems.”
The startup that also reckons that it has an edge on the Ethereum Foundation on the PoS model that CasperLabs has sought from Zamfir has received $20 million Mike Novogratz’s Galaxy Digital and is funded by ADAPtive Holdings Ltd.
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Source: CoinGape

Ethereum [ETH] Long-Short Ratio Reaches November 2018 Level, Does it Mean Another 60% Crash Incoming?

Unlike any other previous times, the short term rally that occurred on the last weekend was led by Ethereum as it surged 10 percent. The 3rd largest cryptocurrency made its way from $120 to $149 in this last week.
Looks like the upcoming Constantinople hard fork on February 28th is fueling the Ethereum price as it is currently changing hands at $147.71 with 24-hours gains of 0.89 percent, ETH is also in the green by 0.71 percent, at press time. According to the data provided by Coinmarketcap, it is currently managing the trading volume of $3.67 billion.
As Alex Kruger, the economist and trader shares,
“Constantinople this time around should *not* be a short term bullish event. But narratives matter and the narrative says bullish, and some big fish loaded up on ETH recently.”
He had previously shared this as well, that the upcoming Ethereum fork is “not fundamentally bullish,” rather is bearish as “by postponing the time bomb, the fork will result in a smaller supply reduction.”
“Need to differentiate between, ETH issuance dropping, which has been happening noticeably since December, and the fork, which will result in *higher* issuance than without it. The fork will stabilize ETH issuance at levels about 1/3 lower than November’s.”
However, this fork has the Ethereum traders bullish as the ETH/USD longs are nearing all-time high (ATH) while the shorts are continuously dropping lower. The current long-short ratio is nearing the high that was before the November crash happened.
“Last time ETH longs/shorts ratio was this high was before the November 60% crash. Constantinople comes Feb/25. Cryptos often raise in anticipation of a fork -long the narrative- reach a local top days before, and crash into the fork. Mind the current crypto pump was ETH driven.”

The current position of ETH is not painting a good picture and given the fact that the last time this extreme level predated the November sell-off, we might see another crash incoming. Well, Ethereum just might fuel the dump that is expected by the market to hit the new lows and bottom out.
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Source: CoinGape

Trader Makes a Wild XRP Price Prediction, $1,000 Per XRP

The third-largest cryptocurrency might be currently trading at $0.32. But according to one trader, in the coming years, XRP is going to hit $1,000.
On January 7th, XRP hit its all-time high at around $3 and now according to trader AinisSpainis, XRP can see a growth of more than 33,000 percent from its peak.
However, the trader clearly explained that the number is not pulled out of thin air rather based on Fibonacci extensions drawn from previous lows to new all-time highs. He further cautions that there is no set date for this, as this could happen in about 3 years, take a decade or even more than that.
“This is not fanatic mumble-jumble price prediction. Price target regions are based on Fibonacci extensions from previous lows to new ATH’s. This worked 100% from the beginning of XRP’s life. To achieve these targets, a lot of things have to happen. But it’s possible. Candle pattern is for entertainment purpose only. No dates are attached to targets.It could take 3 years to achieve all target zones and it could take 10 years and more.”
Chart Source: TradingView
Back in April, Dan Morehead, the CEO of Pantera Capital had said that the entire crypto industry could easily go to $40 trillion. But if as trader AinisSpainis says happens and XRP surges to $1000, it will achieve a market cap of over $41 trillion at the current circulating supply.
On being realistic with his prediction, and how did he reach on this, the trader replied, “The same thing when it was half a cent, 3$ were unrealistic. There is nothing unrealistic in this world. Target regions are based on Fibonacci extensions from previous lows to new ATH’s and this worked 100% till now. Nobody can tell how the future will look for sure, but it’s not a reason to be ignorant. Look at the past and draw the future.”
Well, another XRP enthusiast agrees to this and if not $1,000, he is sure about half of it is achievable by 2021.
However, people are a skeptic as they say XRP cryptocurrency alone having a market cap of $41 trillion market cap is implausible as one commented, “In order for XRP to reach $1000 it needs a market cap of $100 trillion dollars. Total global markets trading right now is around the 5 trillion dollars. You do the math.”
While another one added, “Let’s first break those 33 cents … which looks like hard resistance. I see pull down to sub 20c in near future,” and another one, “I will be thrilled when it gets to 1 USD. No need much more than that.”
 
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Source: CoinGape

Ethereum [ETH] Supply Drops Below 13k For The First Time in History, What Does It Mean?

On February 17th, the market turned green with Ethereum surging more than 10 percent. Since that day, the crypto market has been registering the greens. Starting from $120 on February 17th, the price reached $149, the highest in the last six days which is a hike of 24 percent.

                    Eth price 5-days chart, Source: TradingView
The same day i.e. February 17th, the Ethereum supply has been the lowest ever figure in history. With just about 12,989 Ether released, the numbers never saw below the 13k mark in the Ethereum history before, as per the data provided by Ether scan.
“Lowest Daily Block Rewards of 12,989.34375 ETH was recorded on Sunday, February 17, 2019,” as stated on Etherscan.

                    Ether Supply Growth Chart, Source: Ether scan
Recently, Mati Greenspan, the senior analyst at eToro went on Boxlive.TV where he talked about Ethereum being the one that started this rally. With the Constantinople upgrade being delayed, the supply of new Ethereum has been declining in the last week or so.
“This is the chart that kind of started this whole rally. New Ether coming online is less than 13,000 for the first time in history. Usually, it’s between 20k to 30k a day but has been declining lately due to the delay of Constantinople Hard Fork,” said Greenspan.
The factor in play here is the demand and supply economics. If demand is more than supply, the prices rise and if the supply is more than the demand for a particular product, the prices fall. In the case of Ethereum, it could be said that while the supply dropped, the demand remained stable and as a result price rose upwards.
However, with the new Ethereum supply tapering off, it has its downsides in the way that the hash rate has also taken a hit at140 TH/s which was last registered in mid-December 2017. Though on February 6, it has been even lower at 139 TH/s.

Ethereum Hash Rate, Source: Etherscan
At the time of writing, Ethereum has been trading at $148.24 with 24-hours gains of 2.03 percent, as per the data provided by Coinmarketcap. In the BTC market as well, it is up by 1.35 percent while managing the daily trading volume of $3.6 billion. With Ethereum Constantinople hard fork coming on February 28, traders are feeling bullish as ETH/USD longs are moving upwards while ETH/USD shorts continue to drop to new lows.
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Source: CoinGape

CME Bitcoin Futures Reports Record Volume, Is Institution’s Interest Rising?

On February 8th, Bitcoin has been changing hands at $3,400 only to take a surge to $3,662 level. For the next ten days, the Bitcoin price oscillated around $3,600 level. However, this week, Bitcoin took a hike of 10 percent and nearly reached $4k mark.
In tandem with the surge in Bitcoin price, the volume of Bitcoin Future on CME also took a significant hike as CME Group reported on Twitter,
“Surge in bitcoin price leads to record BTC futures volume on February 19 with over 18K contracts traded.”

The contract unit of CME Bitcoin futures is 5 Bitcoin and at $4,000 per Bitcoin rate, this amount to $360 million. CME Bitcoin futures are off to a good start as it beats the last record set on November 20, 2018.
Since the launch of futures contracts on December 17th, 2018, CME Group has had more than 21,000 accounts trading the Bitcoin futures contracts. This investment vehicle provides the investors with an opportunity to bet on the future price of Bitcoin and go long or short on it.
However, the volume has yet again taken a dip as Bitcoin price didn’t surge further rather went red as it has been trading at $3,957 with 24-hours loss of 0.72 percent, at press time, according to the data provided by Coinmarketcap. Meanwhile, the daily trading volume managed by the leading cryptocurrency is at $7.4 billion which has been at its highest on February 19th at $9.9 billion.
CME Bitcoin futures expire on the last Friday of the contract month at 4:00 p.m. London time. This means today it.e. February 22nd is the last trade date for the CME Bitcoin Future contracts.
 
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Source: CoinGape

XRP Ecosystem Growing: CinnamonVideo Building a Video Streaming Platform on Coil

Cinnamon Video has announced a video streaming platform that built on Coil. The idea is to monetize the video content through Coil that uses an open API i.e. Web Monetization to pay the sites in real-time.
“We are proud to announce https://www.cinnamon.video/  which will become a video-streaming platform with exclusive content for Coil members. Huge thanks to Coil, Interledger, and Ripple for making it possible. Stay tuned for more!”

Founded in late September in 2018, Coil is headed by a former Ripple Chief Technology Officer, Stefan Thomas that basically allows companies to accept XRP as a form of payment, that expands the digital asset as more than just a settlement currency to an effective currency to be used on the internet. The goal here is to use micro-payments to support the content creators in order to fix the “broken ad-supported web.”
“Huge news today! CinnamonVideo just announced they are building a new platform for video streaming. This will be the first major content platform built entirely on,” announced Coil on Twitter.
Currently, Coil has an extension that works in Google Chrome and Firefox that allows donating to the creators’ websites, their Twitch streams, and YouTube channels.
As Coil mentioned, this will be “first major content” that will be built completely on Coil that has the community excited as one enthusiast, Dr.T said, “Incredible achievement. None of us expected things to take off SO quickly. It was only last May that Coil was formed. In less than a year, it’s gone from strength to strength in terms of features and usage. Micropayments and Web Monetization is no longer a “theory”.”
This certainly affects XRP positively as it stats on Coil website, “Cryptocurrencies such as XRP are used as a part of this network, because of their speed and low cost.”
XRP TipBot is already a popular and a current widespread method for tipping content creators on Twitter and Reddit. And now as more platforms are built on Coil, the concept of micropayments by using XRP will gain more traction and prove that XRP is not just for banks and financial institutions to move big amounts of money but also to makes small amount with as much efficiency as well.
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Source: CoinGape

Ripple Present the Case for Why Europe Needs Just-in-Time Payments

In its latest blog from the insight section, Ripple talks about the need of just-in-time payments for EU. The small and medium enterprises (SMEs) in this region lacks the trust and creditworthiness that requires them to pay even before the goods can be delivered for their business.
“You can only enjoy trust if you have a long-term relationship with someone. If you are a new company, it’s very difficult to have this trust from the start. This is a barrier to innovation for anyone trying to build a startup that can compete on a global scale,” explained Jiri Kobelka, the CEO of Tatum Blockchain API.
This means payments need to be made quickly before the good are even dispatched and the fact that Europe’s cheapest suppliers that can provide these SMEs a competitive edge are outside the EU such as Russia, Serbia, and Ukraine makes it all the more difficult. In its blog, Ripple notes that “paying these suppliers is an expensive process that takes anywhere between three and five days.”
Just-in-Time Payments to Boost Innovation
Despite having the benefits of free movement of capital, goods, and people, Europe has an innovation problem and stands well behind the US and China. Here, financial service providers can play a crucial role by “reducing the friction” that are basically slowing down the payments across the EU.
“Cross-border payments within the EU sometimes happen quickly but can also take up to 24 hours if the payment was initiated outside regular bank opening hours or if it’s going through a country with slower processes like Spain.”
As Kobelka further shares, faster and cheaper remittances could “shift Europe’s economy to the next level and open the market for opportunities in the international trade.”
Ripple has proven in its pilot testings that it can settle real-time payments while cutting down costs significantly through its XRP-powered xRapid.
As it concludes, this is the time for Europe’s banks and payment services to adopt a just-in-time payments process to become the preferred providers of the growing number of SMEs that want to have an impact at a global scale.
 
 
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Source: CoinGape

Tron (TRX) Becomes Accessible to US Institutional Investors via BitGo

BitGo, an institutional-grade investment services firm will be offering wallet and custody support for the 9th largest cryptocurrency Tron, according to the latest reports. The support for TRX will be added later this year that will make it available to institutional investors of the US.
Tron CEO Justin Sun took to Twitter to share his excitement with the Tron supporters,
“TRON is making some serious advances on increasing TRX accessibility for institutional investors. Thanks to BitGo, institutions can now trade TRX in the U.S.!”
With this addition, Tron will be joining 1000 other digital currencies like Bitcoin, Ethereum, ERC20 tokens, Stellar, Zcash among others that are already supported by BitGo, that provides security, compliance, and custodial solutions for blockchain-based currencies.
BitGo that is world’s largest Bitcoin processor reportedly transacts $12 billion every month. The company that has over 300 clients across more than 50 countries also offers insurance protection for digital assets. The wallet service of the company has over $2 billion in assets under management.
“Thank you BitGo for supporting TRX and making TRX available for institutional investors! BitGo recently announced that it now offers a $100 million insurance coverage plan for all crypto assets under its custody,” shared Tron Foundation. 
Just recently, BitGo revealed its plan to offer crypto insurance for cryptocurrency and digital assets that are being held in their Business Wallet through Lloyd’s of London. Custodial assets held by BitGo will be insured up to $100 million USD while allowing its Business wallet clients to purchase theft insurance and Lost Key Cover.
Mike Belshe, the CEO of BitGo, said:
“This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered. We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy is essential for building trust in the market.”
Just last month, BitGo partnered with Genesis Global Trading, a Bitcoin over-the-counter trading platform in order to allow the company’s custody clients to execute internal settlements on the same day.
At the time of writing, TRX has been trading at $0.025 with 24-hours gains of 1.02 percent while managing the daily trading volume of $140 million.
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Source: CoinGape

Litecoin Up over 120% Since December Low, What’s Fueling Litecoin to Outperform Bitcoin

The 5th largest cryptocurrency Litecoin has been having a green February for the most part as it surges 59 percent in this month alone. At the time of writing, Litecoin has been trading at $51.50 with 24-hours gains of 6.03 percent. In the BTC market as well, it has been in the green by over 6 percent.
While the top cryptocurrencies like Bitcoin, XRP, Stellar, Tron, Cardano, Bitcoin SV, IOTA, and Monero have turned red by around 1 to 2 percent, it’s amazing that Litecoin is still holding gains.
Since hitting the bottom in mid-December at below $23, Litecoin has climbed more than 120 percent, outperforming the top cryptocurrencies, especially Bitcoin.

                     LTC price chart, Source: Coinmarketcap
It is not only the Litecoin price that is surging, but the LTC/USD longs are also approaching its all-time high in November 2018. With the way the longs are spiking, there is a low possibility that a severe drop would be happening.

                     LTC/USD Longs, Source: TradingView
Litecoin Outperforming Bitcoin
Meanwhile, the February month saw Litecoin trading volume going well above $1 billion. Currently, LTC is managing the daily trading volume of $1.54 billion which is seeing a slight increase from yesterday’s $1.4 billion, unlike Bitcoin’s daily trading volume that yesterday hit its highest at $9.9 billion in about 9 months only to now drop down to $8.8 billion. According to the data provided by Coin Metrics, on February 9th, the exchange volume went to $1.7 billion for LTC and the last time Litecoin’s daily trading volume has been above $1 billion has been a year back in February 2018.

                           Litecoin Exchange Volume (USD), Source: Coin Metrics
This is not the first time that Bitcoin has been outperforming Bitcoin by price and trading volume increment as the 5th largest cryptocurrency has historically led the Bitcoin rallies as well, as Joe McCann said,
“Looking at how LTC has outperformed BTC since the epic selloff on November 14th 2018, we can see that LTC has outperformed BTC by better than 4:1 from current cycle low to current session high. As mentioned before, LTC has historically led BTC rallies…”

In the first week of February, Litecoin price started seeing a surge on the grounds of Litecoin creator, Charlie Lee announcing new features in the form of fungibility and Confidential Transactions to be added on Litecoin. However, unlike the previous time, Litecoin Foundation took active steps this time by exploring Mimblewimble implementation and collaborating with Beam for this.

Apart from the trading volume keeping the prices up, the on-chain transactions on Litecoin have been keeping stable around 20k. Even during the bear market, the transactions have held their ground that means speculators have fled from the Litecoin market, as noted by eToro senior analyst, Mati Greenspan, who further added,
“Unlike Bitcoin, $LTC has already snapped its long term bearish trend line (yellow) at the beginning of the year. At the moment, there’s a strong psychological resistance at $50, but after that it’s smooth sailing #ToTheMoon.”
Well, Litecoin has already crossed $51 and now with only about 168 days are left in Litecoin reward halving, it would be interesting to see where will this short-term rally lead to or if Litecoin is leading another rally to the peak!
The post Litecoin Up over 120% Since December Low, What’s Fueling Litecoin to Outperform Bitcoin appeared first on Coingape.
Source: CoinGape

Bitcoin Price Crosses $4,000, Could we have Another Spike While Chart “Screams Bottom”

Volatility entered the market on the weekend when greens exploded across the cryptocurrency space with top ones registering a rise of as high as 12 percent in a day. Bitcoin took a spike as well and briefly hit $4,000 on Bitfinex. At the time of writing, Bitcoin has been trading at $3,952 with 24-hours gains of 0.42 percent, as per data provided by Coinmarketcap.
Bitcoin price 5-days chart, Source: TradingView
 
The price wasn’t the only one that took a spike, one of the strong factors that contributed to this hike has been its trading volume. The leading cryptocurrency that is currently managing the daily trading volume of $8.95 billion yesterday hit $9.9 billion. This high was previously registered on May 3rd, 2018.
Trading volume has an integral part to play in the Bitcoin price as the crypto trader and analyst Josh Rager shared,
“Bitcoin currently at resistance level with a break and close above $4100 is bullish. But…Volume continues to decrease on high time frames: the decreasing volume w/ rising price = bearish. If the volume doesn’t pick up, I foresee BTC price dropping back to support.”

It’s a possibility that as traders and investors start getting bullish, the flagship cryptocurrency might do a U-turn and take a hit to another bottom as many analysts have already predicted for in the first quarter of 2019 as Rager further comments, “I expect bullishness and overconfidence by majority before a drop to the bottom.”
“Notice the long wick, a nice sign of a slight retrace likely. Would like $BTC push up slightly higher to at least $4100 to mid $4ks would be a nice a target. For traders, this is good volatility. For Holders, you could see new lows in the coming weeks,” noted Rager.
Now, similar thoughts are echoed by economist and crypto trader Alex Kruger who says, the current market has covered all the factors, viz. “Capitulation” that occurred from November to December in 2018, then bounced off long term trend measure, twice, on Dec & Feb (200 WMA), and the current movement that broke out from High Low” in high volume, to hit the bottom.
In the short term, analysts are predicting Bitcoin to move between the $3,700 and $4,200 range while as Rager noted and now Kruger, once this $4,200 level gets broken, price can move really “fast,” but it in no way means Bitcoin price won’t crash rather the chart is giving bearish signals.
“Prices may crash again. After all, bitcoin’s demand is almost entirely speculative, and natural sellers (miners, exchanges) will always sell.”

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Source: CoinGape

Binance DEX Testnet Launched, BNB Breaks into a New ATH in BTC Market

“Fast and secure decentralized digital asset exchange. The new cryptocurrency trading standard is here,” states the website of the brand new launched Binance DEX.
The much anticipated Decentralized exchange (DEX) of the world’s largest cryptocurrency exchange Binance has finally launched its testnet for public testing. Binance DEX aims to bring the best of its centralized exchange’s features in a decentralized setting.

As Binance CEO, Changpeng Zhao better known as CZ has pointed out previously, the focus of the DEX would be on security, user-friendliness, and speed. Recently, in an interview, he had shared,
“The user interface on Binance DEX is similar to the interface of Binance.com. Fast, secure and user-friendly. We envision the Binance Chain to help grow the community and further crypto adoption and accessibility.”
Recently, in a blog post, Binance had shared that the common problem that exiting DEXs face is in the form of difficulty in attracting the users which is due to less intuitive user experience, speed, and liquidity issues.
But Binance is all set to tackle this issue of reaching a wider user base head-on as they are in a “unique position” to run a secure exchange platform that processes billions of attractions with speed as it’s all about “replicating” the success of its market-leading centralized exchange into the decentralized realm.
No doubt, Binance is best suited for this challenge. Even despite the demand from the users, existing DEXs haven’t been able to live up to their expectations, however, Binance DEX is hitting just the ‘pain point’ of the users by offering this community initiative with low trading fees, user-friendly, and a safe and secure platform. Apart from near-instant transactions finality with an order matching engine, it allows its users to hold their own keys.
Binance DEX Hit the Right Chords for BNB Price
“BNB, currently an Ethereum ERC20 token, will be migrated to Binance Chain to become the native asset of the new blockchain,” mentions the official BInance DEX website.
In the past 24-hours, BNB has taken a hike of more than 15 percent at $$11.16. In the BTC and ETH market as well, it is up by 14 and 17 percent respectively, according to the data provided by Coinmarketcap.

        BNB Price Chart, Source: Coinmarketcap
Since mid-December, Binance’s native currency BNB has been on an upward movement and now the launch of Binance DEX has given the 10th largest cryptocurrency another boost. As a result, BNB has made a new all-time high (ATH) in the BTC market.
The post Binance DEX Testnet Launched, BNB Breaks into a New ATH in BTC Market appeared first on Coingape.
Source: CoinGape

Bitmain’s Game Plan: Rushes in Bitcoin Mining Chip Just a Day Before Reporting $500 Million Loss in IPO

Just yesterday, Bitmain announced the release of a new 7-nanometer Bitcoin mining processor that the company says offers new levels of energy efficiency. BM1397, the new ASIC (application-specific integrated circuit) will reportedly offer improvements in chip size, energy efficiency, and performance in the mining of the proof-of-work (POW) cryptocurrencies that are based on the SHA256 algorithm including Bitcoin (BTC) and Bitcoin Cash (BCH).
Bitmain Technologies said in its official announcement:
“This is a 28.6 percent improvement in power efficiency in comparison with Bitmain’s previous 7nm chip, the BM1391. To achieve this, Bitmain’s engineering team has thoroughly customized the chip design to optimize its architecture, circuit and economics.”

These new chips are made using TSMC, (Bitmain’s chip supplier, Taiwan Semiconductor Manufacturing Company) which the company says it is “a testament to Bitmain’s improvements in chip design methodology and deep understanding of the most advanced semiconductor fabrication technologies.”
The BM1397 chip that will feature new Antminer models the S17 and T17, to be announced at a later date by the company, is designed to provide a better mining experience while aiming to “set a new benchmark in ASIC chip technology.”
Bitmain Losses $500 Million in IPO Filing
Now, just a day after, the world’s largest maker of crypto mining equipment has reportedly made a loss of $0.5 billion in quarter 3 of 2018, reported CoinDesk. Citing a source, who saw the filing, during the first nine months of 2018, the company made a revenue of $3 billion while Quarter 3 saw only $200 million.

The Beijing-based company that filed for an Initial Public Offer (IPO) in September last year recently provided its financial results update to the Hong Kong Stock Exchange (HKEx). However, according to HKEx rules, “the latest financial period reported on by the reporting accountants for a new applicant must not have ended more than six months from the date of the listing document.”
Bitmain is currently going through a rough patch as there had been news of office closures and staff layoffs due to the slump in cryptocurrency prices as its main businesses are manufacturing the mining equipment and operating the mining pools.
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Source: CoinGape

XRP Up Over 16% But Here’s Why You Need to be More Bullish

The 3rd largest cryptocurrency is enjoying gains just like the broad crypto market. Currently, up more than 7 percent, it is trading at $0.334 while registering 3.04 percent gains in the BTC market. With a market cap of $13.7 billion, it is managing the daily trading volume of $1.16 billion. In less than 2 days, XRP price has surged over 16 percent.

XRP price 7-days chart Source: Coinmarketcap
Mati Greenspan, a senior analyst at eToro, shared some data depicting its price and transaction volume, “Transactions in XRP went quiet from December 11th but came back with a vengeance on January 26th.”

Yoshitaka Kitao CEO of SBI Group is Bullish on XRP
Now, according to the latest video that surfaced online, the President of Japanese financial giant SBI which is also a Ripple partner, Yoshitaka Kitao, shared that he is extremely bullish on XRP and that it will surpass the market cap of Bitcoin this year.
“Because XRP is already beginning to become international, xRapid will be used for fund transfers in 2019. By increasing the so-called XRP’s plastic use, we anticipate that the [Ripple] market capitalization will easily exceed the market capitalization of Bitcoin (BTC).”
Further talking about Corda, the blockchain platform of R3 which has a joint venture with SBI and are planning to establish SBI R3 Japan, he said,
“You can use R3’s ‘Corda’ for international remittance, but Corda Settler and XRP use this because they have high affinity. That’s why the SWIFT partnership with R3 (Corda) is good news that brings bright materials to the market… What I emphasize is to combine R3 and Ripple to make XRP thoroughly practical useable.”
In a separate event, Mexico’s Deputy Finance Minister Arturo Herrera recently said in an interview with Reuters that the government is planning to cut the cost of sending cash home for Mexican families living abroad. The govt. is further hoping that the high competition from fintechs will encourage banks and financial service providers like Western Union to reduce commission and improve the exchange rates.
“That is to say, the cost of transactions must come down by about 40 percent. That is something the fintechs are probably in a better position to do than traditional actors such as banks. Their great advantage is that they can operate in a more efficient and direct way and at lower costs, which should lead to lower commissions,” said Herrera.
According to the Mexican central bank data, 24 million Mexicans live in the US which is by far the largest source of money sent home. In 2018, Mexicans sent a record $33.5 billion in remittances.
The point worth noting here is that Western Union is already piloting with Ripple for the US and Mexico corridor and its closest rival MoneyGram is also in partnership with Ripple and testing XRP for payments.
Cross-border remittance is the focal point of Ripple enabling faster and cost-effective payments, which in the light of the measures to be revealed at the annual Banking Convention in March by the Finance Ministry, Ripple and XRP usage can be expected to get a swift kick.
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Source: CoinGape