Altcoins get much-needed respite after Bitcoin surges by 12% in an hour

Bitcoin broke out of a rising wedge yesterday at 11:00 UTC, contributing to the price falling from $9,800 to $9,300. The bears had the matter under control until the king coin’s price started pumping again. Subsequently, Bitcoin’s price pumped by a whopping 12% in an hour i.e ~$1,400 pump in an hour. The 12% price […]
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Source: AMB Crypto

Ethereum Price (ETH) Breaks $220 While Bitcoin Rallied 10%

ETH price started an upside correction and traded above the $210 resistance against the US Dollar.
The price gained traction above the $220 level and even traded close to the $230 level.
This week’s followed key bearish trend line is acting as resistance near $230 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is currently consolidating below the $230 resistance, with support near $212.

Ethereum price is trading with a positive bias above $210 versus the US Dollar, whereas bitcoin jumped 10%. ETH price could dip towards $212 before it could break the $230 resistance.
Ethereum Price Analysis
After a significant decline, Ethereum price found support near the $190 level against the US Dollar. The ETH/USD pair started an upside correction and recently traded above the $200 resistance. Moreover, bitcoin price recovered sharply above $10,000, sparking bullish moves in the crypto market. ETH price gained traction and broke the $210 and $220 resistance levels.
Moreover, there was a close above the $220 level and the 100 hourly simple moving average. The price even broke the 23.6% Fib retracement level of the last major decline from the $229 high to $190 low. Additionally, there was a break above a connecting bearish trend line with resistance at $214 on the hourly chart of ETH/USD. However, the pair ran into this week’s followed key bearish trend linen at $230.
The pair is currently consolidating below the $230 resistance and near the 100 hourly SMA. An initial support is near the $220 level, below which the price may perhaps dip towards the $212 support level. If there are more losses, the price might move back in a bearish zone towards $200 and $195.
On the other hand, if the price gains momentum above the $230 resistance, it could continue to rise. The next key resistance is near the $235 level (the previous swing high) plus the 50% Fib retracement level of the last major decline from the $229 high to $190 low. If there are more gains, the price may even test the $245 level, representing the 61.8% Fib retracement level of the last major decline from the $229 high to $190 low.

Looking at the chart, Ethereum price is showing a few positive signs above the $212 support level. However, the bulls need to gain strength above $230 and $235 to push the price back into a positive zone.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is struggling to gain momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently well above the 50 level, with a bullish angle.
Major Support Level – $212
Major Resistance Level – $230
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Ethereum whale linked to flash crash on Bitstamp resurfaces with a massive buy order

An Ethereum whale is speculated to have caused a market crash on July 14, with a sell order of approximately 15,000 ETH pulling the price of Ethereum down from $290 to $190. This crash is understood to have bled over to Bitcoin, contributing to the king coin’s price slumping from $10,800 to $9,100, a massive […]
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Source: AMB Crypto

Decentralization Taking Shape On a New Platform For Dapps and Services

Coinspeaker
Decentralization Taking Shape On a New Platform For Dapps and Services
If any technology seeks to be adopted and widely used, it must have firm foundations to stand on. Credits may well be the solid ground the industry’s many participants have been seeking for turning their developments into reality.
Decentralization Taking Shape On a New Platform For Dapps and Services

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Source: CoinSpeaker

Crypto-Market Update: BTC Closing 10k; Alts ETH, XRP, LTC Bounce above Critical Support

The cryptocurrency market has a positive day in terms of price reaction. Bitcoin [BTC] which was looking to break bearish levels $9000. However, it has bounced back above as the confidence in Bitcoin continues to grow.
The rise can be attributed to Libra once again. Ever since its release, it has been a win for Bitcoin. The US Senate Hearing yesterday heard from experts on Bitcoin and Libra. All the panelist including innovators in the cryptocurrency space, lawyers, economics, and Professors were against Libra and for Bitcoin.
Even other US Senators expressed positive views on cryptocurrency and blockchain innovation, especially Bitcoin [BTC]. Congressman, Patrick McHenry concluded in his remarks,
“Due to the nature of the technology of Bitcoin, Governments cannot kill it, nor should they and you can’t kill digital currencies broadly.”
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
The revival of Bitcoin from bearish pressures has also fueled the rise in altcoins. The altcoins were falling at an alarming rate since the past couple of weeks.
Ethereum [ETH], Litecoin [LTC] and Bitcoin [BCH] Cash
Recently, Ethereum which tested the $200 support level and was looking to break lower. However, as Bitcoin reversed its trend, Ether too gained around 10% to trade around $220.
ETH/USD 1-Day Chart on Bitstamp (TradingView)
Litecoin was one of the highest gainers of the day as it gained more than 16% on the daily scale. It rose back above $90 after testing lows near $78. Bitcoin Cash [BCH] also tested resistance at $300.
XRP Drops Back to $0.3 Range
XRP laid the hopes down of numerous investors all over the world last week. It price touched a low near $0.284. This is essentially the low during the bear market which XRP held for more than two months at the beginning of the year.
Nevertheless, the bounce in Bitcoin has revived also positively affected the altcoins sentiments. The price of XRP at 7: 20 hours UTC on 18th July 2019 is $0.314.
XRP/USD 4-Hour Chart on Bitstamp (TradingView)
Bitcoin’s dominance has increased by more than 15% since the beginning of the year. The total dominance of Bitcoin over the cryptocurrency market also saw a slight revival below 65.5%.
Some of the other altcoins like Binance [BNB] Coin, Chainlink, Tron [TRX] and NEO also gained in double digits. Hence, while trend reversal in one the cards for altcoins, traders must be wary of a dead cat bounce. 
Do you think the bull season in cryptocurrency is back? Please share your views with us. 
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Source: CoinGape

Ethereum Price (ETH) Correcting Losses: $225 Presents Key Resistance

ETH price traded to a new monthly low near $190 and later corrected lower against the US Dollar.
The price corrected above the $200 resistance level, but upsides could face hurdles near $220 and $225.
There is a crucial bearish trend line forming with resistance near $218 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could struggle to gain momentum above the $218, $220 and $225 resistance levels.

Ethereum price is currently correcting losses above $200 versus the US Dollar, similar to bitcoin. ETH price might start a fresh decrease if it fails to continue higher above $225.
Ethereum Price Analysis
Yesterday, we saw a sharp decline in bitcoin and Ethereum price against the US Dollar. ETH/USD even broke the key $200 support level and traded to a new monthly low. A swing low was formed near $190 and recently the price started an upside correction. It broke the $200 resistance to start a decent recovery. Moreover, there was a break above the $210 resistance plus the 50% Fib retracement level of the last decline from the $235 high to $190 low.
However, the price faced a strong resistance near the $218 and $220 levels. Moreover, there is a crucial bearish trend line forming with resistance near $218 on the hourly chart of ETH/USD. It seems like the pair struggled near the 61.8% Fib retracement level of the last decline from the $235 high to $190 low. Above the trend line, the next important resistance is near the $225 level.
The 100 hourly simple moving average is positioned near the $225 level to act as a strong resistance. The final hurdle for the bulls is near the $235 resistance and another bearish trend line. Therefore, the bulls are likely to face a lot of hurdles, starting with $218 and up to $235. Only a successful close above $235 might decrease bearish pressure and push the price towards $250.
On the other hand, if the price fails to climb above $220 or $225, it is likely to restart its decline. An immediate support is near the $210 level, below which the price may perhaps revisit the $200 handle.

Looking at the chart, Ethereum price is showing a few positive signs above the $210 level. Having said that, it must clear the $220 and $225 resistance levels to continue higher. If not, it could decline back towards $200 or the $190 low.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD might move back into the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a bullish angle.
Major Support Level – $210
Major Resistance Level – $220
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Litecoin Leads The Way: As Bitcoin Plummets, Altcoins Rise Across the Board

The crypto market is at a critical junction. Altcoins such as Litecoin, Ethereum, and Ripple have been capitulating, then bouncing as Bitcoin begins to struggle with its return to a bull market. Since this began, the crypto market has also been impacted by pending regulation and Facebook’s entry into the space.
But before the bearish trend continues, altcoins have been rising across the board, with Litecoin leading the way as it has in the past. With its halving just ahead, will we see a resurgence in altcoins, or will Bitcoin drag down any momentum they’ve recovered thus far?
Litecoin Halving Approaches: Where is the Pump?
The crypto community has long been talking of the effect halving such as what occurs in Bitcoin and Litecoin would have on each asset’s valuation, and the sentiment around the market as people seek to front run what they expect to be a pump-causing event.
Discussion of Litecoin’s halving permeated the industry throughout the first half of 2019, when Litecoin and other altcoins outperformed Bitcoin by a wide margin. From Litecoin’s bottom at $20, it rose to a high of $140 representing over 600% gains for investors. Bitcoin by comparison rose from $3200 to $13800, an over 300% gain.
Related Reading | The United States’ Distrust in Facebook Libra Is Spilling Into Crypto 
Litecoin often leads rallies, and in a sense, lights the path for the rest of the altcoin market to shine. The same has happened this week as the spotlight has been put on the crypto market thanks to Facebook’s Libra cryptocurrency, and has turned the entire industry upside down with fears over looming regulation from the United States and other superpowers.

Altcoins Heat Up Following Bitcoin’s Drop
Altcoins have spent the second and third quarter of 2019 thus far falling in value relative to Bitcoin. Whether this was driven by Binance shutting off US customers to much of the altcoin market, or if investors were dumping alts into the rising Bitcoin, altcoins have done nothing but suffer and cause suffrage for those that hold the alternative digital assets.
But ever since Bitcoin fell below $10,000, the altcoin market is once again heating up.
Related Reading | US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses 
Over the last 24 hours, Ethereum, Ripple, Tron, and Bitcoin Cash have all risen roughly 5%, while Litecoin has led the rally with a staggering 14% gains on the day. The next biggest gainer of the top ten was Bitcoin SV, which saw a 7% spike.
On the CoinMarketCap biggest gainers and losers, the altcoin market is showing gains as high as 359% over the last 24 hours. Does this mean that the bull run is back, but maybe just not for Bitcoin and alts will have their “season” everyone has been talking about? Or is this just a big bounce from oversold conditions that will resume once Bitcoin drops?
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Ethereum (ETH) in Free Fall, Down 34% Following Bitcoin Cash Idea

Ethereum (ETH) slides 34 percent as bears step up
Bitcoin Cash may be used to temporarily solve Ethereum’s scalability problems

Vitalik has an audacious plan of integrating Ethereum with Bitcoin Cash before ETH 2.0 full activation. However, there is resistance from some quarters with a majority against his idea. In the meantime, bears are in full throttle as ETH slumps 34 percent from last week’s close.
Ethereum Price Analysis
Fundamentals
Regardless of how Ethereum supporters try to scrutinize the platform’s performance, everything will boil down to scalability. Striking a perfect balance and ticking all the boxes satisfying the requirements of the blockchain trilemma is hard.
Therefore, while the developer community agitates for scalable networks, it all about making good choices. Presently, Vitalik and team chose decentralization and security over scalability. Limiting as it is, that is not stopping project managers from flocking and launching dApp from the platform. And Joseph Lubin, in an interview, said the network, despite challenges, has to some extent scaled:
“So, I think we’re at many tens of thousands of decentralized transactions per second on the Ethereum network right now. And another point that I believe is that we’ve got all this scalability for specific use cases.”
Therefore, the idea that Vitalik is putting forth is off-putting for Ethereum developers. While it could work considering Bitcoin Cash recent hard forks and their working towards inherently scaling the network without layer two options like in Bitcoin, his choice didn’t bode well with developers. Francis Pouliot said Vitalik’s proposal is an admission of failure:
“The shitcoin has hit a three-year low versus Bitcoin. The founder has all but declared the project a failure today by proposing a humiliating BCash integration to delay the (yet unsolved) scalability crisis.”
Candlestick Arrangements

Presently, the cryptocurrency scene is all red. Leading the plunge are periphery altcoins. Compared, ETH performance, considering its liquidity, is worse. Printing double-digit losses in the last week, bears are firmly in charge.
Note that despite the optimism, the fact that prices are now trading below the $230 support and sell trigger is a mark of bears. As such, and in line with previous ETH/USD trade plans, every pullback towards $230, which is previous support now resistance, is an opportunity to unload the coin at higher prices.
Ideally, and in a typical move, better reloading opportunities will be at $190 and $150 if sellers’ momentum is high.
Technical Indicators
Anchoring this trade plan is May 16 bull candlestick. With high trading volumes of 822k, the bar is visible and leading. Therefore, signaling the end of a retest will be a wide-ranging bull candlestick reacting either at $170-$190 support zone or $150 which is April low, distinct with high participation preferably exceeding 822k of May 16.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Ethereum Classic presents roadmap to improve DApp development and overall infrastructure

Experts of the cryptospace are making use of DApp services to simplify the entire blockchain process. Along these lines, Ethereum Classic’s [ETC] core development team has put forth an initiative to revamp its existing ecosystem. Moving forward with an aspiration for refinement, ETC’s team is developing fresh features over blockchain technology, a development that will […]
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Source: AMB Crypto

Vitalik Buterin proposes Ethereum Classic blockchain as criticism over considering BCH grows

Ethereum ran into scalability difficulties, processing only 15 transactions per second [TPS]. Despite the much-hyped 2.0 version, which was all set to roll out next year, Vitalik Buterin had planned on abandoning its native blockchain for a short period and instead, deploy other blockchains. The Co-founder’s latest proposition of leveraging Bitcoin Cash [BCH] blockchain as […]
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Source: AMB Crypto

Bitcoin, altcoins continue to struggle as correction wave hits vital cryptocurrency market metrics

While the cryptocurrency market’s rollercoaster ride comes as no surprise to its users, the ongoing correction streak, in tandem with U.S. government’s resistance, has fueled the depletion of the cumulative market capitalization. It is in light of all these developments that Altcoin Magazine released its latest edition of the Altcoin Review, tracking the growth and […]
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Source: AMB Crypto

Ethereum Price (ETH) Remains Sell Despite Recent Bitcoin Recovery

ETH price traded as low as $212 and recently corrected higher against the US Dollar.
The price traded above the $220 and $225 resistance levels, but it is still trading in a bearish zone.
There is an ascending channel forming with resistance near $240 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could resume its slide if it struggles to clear the $240 resistance area in the near term.

Ethereum price is slowly recovering versus the US Dollar, along with bitcoin. ETH price is likely to face a lot of hurdles near the $240 and $242 resistance levels.
Ethereum Price Analysis
Recently, we saw a sharp decline in bitcoin, Ethereum, ripple and other major altcoins against the US Dollar. ETH/USD even broke the $240 and $230 support levels. The pair traded close to the $210 level and settled well below the 100 hourly simple moving average. A swing low was formed near the $212 level and the price recently started an upside correction.
More importantly, bitcoin price gained nearly 8%, sparking a recovery in ETH above the $220 resistance. Moreover, the price broke the 23.6% Fib retracement level of the last key drop from the $270 high to $212 low. It even traded above the $230 level, but struggled to clear the $235 resistance. At the outset, there is an ascending channel forming with resistance near $240 on the hourly chart of ETH/USD.
The channel resistance is also near the 50% Fib retracement level of the last key drop from the $270 high to $212 low. Therefore, the price is likely to face a strong resistance near the $240 area. A successful close above the $240 resistance may push the price towards the $250 and $255 levels. The 100 hourly SMA is also positioned near the $255 level and a bearish trend line on the same chart to act as a resistance.
Conversely, if there is no upside break above the $240 resistance, the price may resume its slide. An immediate support is near the $225 level, below which it could test the $220 level. If there are more losses, the price could revisit the $212 swing low in the near term.

Looking at the chart, Ethereum price is slowly recovering, but there are many hurdles on the upside near $235, $240 and $255. Therefore, sellers remain in action in the short term unless the bulls gain strength above $240 and $255.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD failed to stay above the 50 level and is currently moving lower.
Major Support Level – $220
Major Resistance Level – $240
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Vitalik Buterin weighs Bitcoin Cash Vs. Ethereum for network scalability

With the rise in crypto adoption, heavyweights of the crypto ecosystem are moving forward with the aim to improve the existing security standards and speed, in order to gain an edge over others. One of the major influencers in the crypto ecosystem, Vitalik Buterin shared his view to infuse a scalable data layer for detecting […]
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Source: AMB Crypto

New York Gives Bitlicense to Crypto Derivatives Provider Seed CX

Coinspeaker
New York Gives Bitlicense to Crypto Derivatives Provider Seed CX
NYDFS Superintendent Linda Lacewell said that Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC, who operate under Seed CX, had received BitLicenses.
New York Gives Bitlicense to Crypto Derivatives Provider Seed CX

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Source: CoinSpeaker

Ethereum Falls by 20% as Bitcoin Taps $10,000, Is There Hope for ETH?

Ouch, Ethereum (ETH) isn’t looking too hot. In the past 24 hours, the cryptocurrency has lost 20%, while Bitcoin (BTC) has shed a relatively mere 10% in the same time frame.
According to Three Arrows Capital’s Su Zhu, Monday’s performance was the “top single-day downward move” for Ethereum since January 1st of 2017 — youch.
As of the time of writing this, ETH is changing hands for $220 — a level not seen since June. Against Bitcoin, ETH has fallen to 0.022 — the lowest this pair has traded at in over two years, back when Ethereum was but a fledgling smart contract platform with not as many applications as it has now.
Related Reading: After Flash-Crashing to $191, Analysts Expect Ethereum to Continue Dropping
This dramatic underperformance may be for good reason. Zhu points out that over 15,000 ETH was market sold on Bitstamp earlier today due to the liquidation of a decentralized loan liquidation.

Largest $ETH liquidations ever on #DeFi in thin markets –led by 15k ETH market sell on Bitstamp sending spot to $195.
Auto-liquidation w/ no-KYC vs margin call w/ KYC — some may start to re-evaluate Peer-to-Contract vs Peer-to-Broker. pic.twitter.com/Ek2j6fy0on
— Su Zhu (@zhusu) July 15, 2019

This led to a dramatic selloff from $260 to $190 per Ethereum on certain platforms. The crypto market is presumably still reeling from that sharp collapse.
Also, some on Twitter have suggested that Vitalik Buterin’s suggestion to move some of Ethereum’s processes onto the Bitcoin Cash chain resulted in a selloff.
You see, by making such a proposal, the Russian-Canadian wunderkind is de-facto admitting that his blockchain is not scalable in the short term
So is there hope for ETH bulls? Yes, there might just be.
Corporate Adoption of Ethereum
Firstly, you’ve seen monumental levels of corporate adoption of the cryptocurrency.
Just recently, Samsung released a beta version of an Ethereum blockchain-focused software development kit (SDK) for developers. This will allow developers that are partnered with the South Korean technology giant to build decentralized applications built for Samsung devices. The Galaxy S10 lineup currently supports the storage of ETH.
Also, JP Morgan has continued to make use of its JPM Coin, which is reported to be based on the Ethereum-esque Quorum chain.
CME Futures Market
As corporations have adopted Ethereum seemingly en-masse, reports have begun to reveal that the cryptocurrency may soon get its own U.S.-regulated, institutionally-faced futures market.
Per previous reports from NewsBTC, trade publication The Block wrote that the CME may soon be launching an Ethereum trading vehicle.
The Block’s Frank “Fintech Frank” Chaparro suggests that the CME altering its reference rate and index for Ethereum could mean that futures are coming. An industry source told the outlet that this change is being done to “prep for an Ether” vehicle.
Related Reading: Crypto Markets Crash $35 Billion as Bitcoin Revisits Double Digits
You see, according to the individual in question, cash-settled futures like the CME’s cryptocurrency contracts can be manipulated, requiring a robust index to mitigate such risk. This recent alteration may be taking place to convince regulators to approve of Ethereum-related products.
Plus, an unnamed CFTC official that spoke to CoinDesk earlier this year claimed that those at the governmental organization are amicable towards Ethereum.
Ethereum 2.0, Serenity, On the Horizon
This all comes as the Serenity (Ethereum 2.0) upgrade is on the horizon. Just weeks ago, Justin Drake revealed that the first specification freeze for Phase Zero of Serenity occurred, which could indicate that the tentative January 3rd, 2020 date for the start of the shift to Serenity is on track.
A brief aside, Ethereum creator and Canadian wunderkind Vitalik Buterin describes Serenity as  “a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.”
Per Buterin, all this is being done in a bid to create a “next-generation blockchain” that will be hundreds of times faster and scalable than Ethereum’s current iteration.
What’s more, Drake, a researcher at the Ethereum Foundation, explained that the inflation rate of ETH may be reduced by upwards of 90% by March 2021:
“Here’s a possible timeline (dates likely totally wrong!) highlighting the key milestones: January 2020: beacon chain launch… March 2021: eth1 fork #2 to reduce issuance by 10x.”
According to a Twitter user going by “Token State”, this reduction will reduce Ethereum’s inflation to 0.5%, which is, by many standards, extremely low and even negligible.
This is so low that from a standpoint of pure percentages, less Ethereum will be issued than Bitcoin, even after 2020’s auspicious halving event. In other words, as long as demand for ETH is maintained or even grows, the planned upgrade should be crazy bullish for the asset’s price.
Do or Die for ETH
While the news cycle is bullish for Ethereum, the charts don’t look all too pretty. In fact, many have quipped that if the cryptocurrency drops a tad further, it’s curtains closed for the asset.
As Hornhairs points out, if ETH manages to close under the green zone, it may be doomed to “die”. But, seeing that there are some potentially positive news events, ETH bulls need not feel hopeless.

$ETH 2M chart – bounce or die zone
I think we close this candle above 0.024, let's come back to this in September pic.twitter.com/AU6rmZJ6ya
— HornHairs (@CryptoHornHairs) July 15, 2019

 
Featured Image from Shutterstock
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