Dash Price Analysis (February 16)

• The overall outlook of the coin market is bullish in trend.
• The bears may have a temporal control.

DASH/USD Medium-term Trend: Bullish

• Resistance levels : $140.00, $150.00, $160.00
• Support levels: $30.00, $25.00, $15.00

Dash is in a bullish trend market in its medium-term outlook. The bulls lost momentum at $134.45 in the resistance area; the large bearish candle at $115.57 returns the price to the support area before the end of the session yesterday.

Today’s daily candle at $120.80 in the support area opens on a bearish note, as the bears dictate the market.

The momentum in price continues down south as the bears drop the price to $99.79 in the support area as the bears are returning in a grand style to the market.

Price is above the two EMAs with its wick touching the EMA 9, an indication of an uptrend in price of the crypto, thus, the stochastic signal pointing down at 50% suggests the Dash may likely encounter a change in trend in the future in the medium-term perspective.

DASH/USD Short-term Trend: BearishThe cryptocurrency is in a downtrend in its short-term outlook. The bullish candle at $120.80 in the resistance area opens the 4-hourly candle today. Bulls further push the price up to $124.39 in the resistance area.

Formation of a doji candle $120.40 signals the return of the bears. Price drops to $111.02 in the support area.

Bears’ exercised pressure further drops price of the coin to $99.79 with its wick breaking the support line.

Price is below the two EMAs, this implies downward momentum in price of Dash.

However, the stochastic oscillator signal pointing downward at 21% in the oversold region suggests the price of the coin may likely experience a change in trend in the days ahead in the short-term.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Bitcoin is Gold on Steroids that would Make an All-time High by Halving: Galaxy Digital CEO

Earlier this week, Bitcoin breached $10,000 and since then we have been keeping above this level.

The digital asset is up 40% in 2020 so far and according to Michael Novogratz, the founder, CEO and chairman of Galaxy Digital that invests in cryptocurrency, it could further continue its upward trend and “by the end of the year we certainly take out the old highs.”

Bitcoin started climbing up last year after losing 84% of its value in 2018 from the high of $20,000 hit during the 2017 bull run.

“Right now bitcoin feels a little frenzied,” Novogratz said on CNBC but feels a new high of $20,000 could come as soon as the havening in May 2020.

Bitcoin is a Social Construct

During his interview, he emphasized that Bitcoin is becoming a store-of-value, as compared to other crypto assets. “Coming out of the ashes, bitcoin has really developed its own lane as a store of value.”

He further explained that gold has got three thousand years and ten trillion dollars behind it. Bitcoin he said is probably the best new brand in the last eleven years,

“Two hundred billion dollar market cap for the line of code that came out 11 years ago. It’s a social construct, it’s nothing technical.”

Barrel of Liquidity Driving Stocks, Gold, & Bitcoin

As for what’s driving Bitcoin, the former Goldman Sachs macro trader said it’s the monetary stimulus around the world, particularly in China in response to the deadly coronavirus. Novogratz said,

“The Chinese are about to pull two giant bazookas out and stimulate the heck out of the second-largest economy in the world.”

“That’s going to be good for Chinese stocks at one point, but that stimulus always finds its way around the world.”

And the same “liquidity” is driving Bitcoin, with global rates low and people pumping in money with the Chinese government preparing for round two. This barrel of liquidity is not only driving stocks but crypto and gold as well.

As we reported, analyst Mati Greenspan and analyst PlanB share the same opinion that the government printing money is what’s driving the bitcoin rally.

But bitcoin didn’t react to this liquidity every time central banks pumped money in the market during the last eleven years because the market is maturing. Additionally, the likes of Bakkt from Nasdaq’s parent company ICE and Fidelity are adding plumbing through crypto custody solutions to allow people to feel more comfortable holding Bitcoin.

Belief in Store of Value

Some may believe in the monetary theory but Novogratz says gold’s movement shows, not everyone does. As we have seen “with stocks at an all-time high gold shouldn’t be trading as well as it does,” but the precious metal has been trending up as well.

Gold climbed to its peak in late 2011 at just above $1,800 per ounce to drop to $1,064 in Dec. 2015 has been on the rise ever since, currently at seven-year highs at $1,583 per ounce.

And Bitcoin is a version of gold, “it’s just on steroids because it’s an early adoption.” That’s why Novogratz feels Bitcoin’s new high could come as soon as in the next few months.

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Author: AnTy

Cardano (ADA) Price Analysis (February 15)

• The overall outlook of the coin market is bullish in trend.
• The bears may have a temporal control.

ADA/USD Medium-term Trend: Bullish

• Resistance levels : $0.07000, $0.07200, $0.07300
• Support levels: $0.03060, $0.03050, $0.03040

ADAUSD continues in a bullish trend market in its medium-term outlook. The bull’s increased momentum pushes price up to $0.07131 in the resistance area, breaking the upper resistance range during yesterday’s session. The momentum lost as exhaustion set in with the bears’ brief return.

Today’s daily candle opens at $0.07139 in the support area is as a result of bears’ brief return.

The bear’s reaction drops the coin down to $0.06887 in the support area.

Price stays above the two EMAs in the upper resistance area, is an indication of upward momentum in price of the crypto.

The signal of the stochastic oscillator points down at 87% in the overbought region implies the coin may likely encounter a change in trend in the days ahead in the medium-term.

ADA/USD Short-term Trend: Bullish

Today’s 4-hourly opening candle at $0.07139 in the support area is bearish as the bears are gradually returning to the market.

ADAUSD drops further to $0.06893 in the support area due to increasing pressure from the bears. Exhaustion set in as the bull’s brief return and price rises to $0.07006 in the resistance area.

Price of Cardano is initially down at $0.06590 in the support area as the bears are setting in again.

With the price below the EMA 9 suggests the momentum in price of the crypto is gradually coming down.

The stochastic oscillator signal pointing down at level 36% in the oversold region indicates the momentum in price of the coin may likely reverse in the days ahead in the short-term.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Binance Coin (BNB) Price Analysis (February 15)

Key Highlights

  • BNB/USD trade operations have somewhat been on an increase.
  • The US dollar, at this point, has to place the crypto’s price under slow-moving forces around $24 market point.
  • The BNB/USD market bulls may not be having it further smoother against the bears in the movement pathway to the north.

Major supply zones: $32, $36, $40
Major demand zones: $16, $12, $8

Binance Coin (BNB) Price Analysis

BNB/USD trade operations have somewhat been on an increase in valuation for quite a while. Around January 14, until the present, the market worth of BNB has continued to trade through the buy signal trend-line of its smaller SMA indicator.

On February 6, the crypto successfully broke through a supply zone at $20 mark to set a sustainable stance in the market, to now trade closer to a high value at $28 point. The US dollar, at this point, has to place the crypto’s price under slow-moving forces around $24 market point.

Binance Coin (BNB) Technical Indicators Reading

The 14-day SMA trading indicator has over time being on top of the 50-day SMA to supply the crypto with the bullish signal needed in the north direction. The 50-day SMA trend-line maintains a point over $16 mark to solidify its sitting of the major demand zone at that line.

The SMA trading indicators yet point northward to signify the possibility of not seeing a quick downturn in the BNB/USD market. The Stochastic Oscillators are now moving in a consolidation mode within the overbought region. That suggests that the BNB/USD market is now facing an indecision trading situation.

Conclusion

After a long and relative up rises in the BNB/USD market operations, the bulls have to stably push past $28 mark to the north to gain a stance for more ups against a falling price movement from that line. It is equally envisaged that the bulls may not be having smoother against the bears in the movement pathway to the north.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

OKEx, CoinDCX Exchange Form Partnership to Offer Leveraged Futures in India

The Mumbai-based crypto exchange CoinDCX and the trading platform OKEx have closed a partnership in order to offer Indian customers leveraged futures.

The announcement was made on Friday and says that OKEx is going to help CoinDCX to develop DCXfutures, a new derivative facility in return for introducing the trading platform to the Indian market. By using DCXfutures, investors from India will be given the option to trade the 15x leveraged futures provided by OKEx. The platform will be available for both retail and institutional investors, offering futures contracts in Bitcoin (BTC) and Ether (ETH). Here’s what the head of OKEx India, Zaz Zou had to say about the new partnership:

“India is primed to be the driving force behind the mass adoption of cryptocurrencies, which is why we are keen on adding more equitable currencies to the ecosystem. We believe having a variety of options to transact digital currencies will bolster the growth of economy in India as it positively impacts both crowdfunding and institutional funding.”

Crypto Ban in India Still to Be Ruled On

In the following weeks, the Supreme Court of India is expected to rule over the banking ban issued by the Reserve Bank of India (RBI). Anticipating that the ruling will be in their favor, many crypto companies in the country are starting to set their stalls out. In November 2019, Binance acquired the Indian exchange WazirX and entered the Indian market.

A Growing Demand for Futures

The audit and credit rating firm Crebaco Global has looked at the crypto scene in India, and calculated that if regulated properly, it can reach the $12.9 billion market size, not to mention that it can create somewhere in between 25,000 to 30,000 jobs. This is what Sumit Gupta, the CEO of CoinDCX said about the Indian market and what’s expected of it:

“We have witnessed rapidly growing demand for futures trading among Indian cryptocurrency market participants. […] huge potential of cryptocurrency markets to accelerate economic growth and wealth generation.”

DCXfutures is currently open for testers and expected to become available for the public in Q2 of 2020.

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Author: Oana Ularu

Crypto Related Losses Skyrocket Despite Hacking Crimes Dropping Significantly

  • According to a Q4, 2019 survey by CipherTrace users have lost 4.5 billion in Ponzi scheme and fraud scams while hacking-related scams have significantly dropped
  • Banks have also fallen prey as US banks unsuspectingly facilitate illegal transactions

Losses in 2019 shot up by 160% despite hacking crimes dropping by 66%, this was according to a 2019 Q4 report by CipherTrace, a cryptocurrency intelligence firm. Amounting to $4.5 million just in the previous year.

Dave Jevans, CipherTrace CEO, stated they had seen a major bump in crimes where the unsuspecting users were duped by Ponzi schemes, mainly set up by people inside the system. This would make investors pull the plug on the cryptocurrency investments that are hurting the systems built around digital assets.

“We noticed a significant uptick in malicious insiders scamming unsuspecting victims or leaching on their users through Ponzi schemes.”

A common use case is the crypto wallet and exchange PlusToken Ponzi scheme where unsuspecting clients lost $3 billion in a single scam. There has also been the Canadian Exchange, QuadrigaCX, clients lost close to $135 million after the founder of the company passed away suddenly.

Banks are Unsuspecting perpetrators

Banks have also been victims as they have unknowingly facilitated illegal cryptocurrency transactions of up to $2 billion in US banks alone. This could be mainly attributed to the fact that it has become harder for traditional financial systems to embrace emerging technology while steering clear of crypto relations. This is as banks globally continue to face fines levied by Anti-money laundering (AML) authorities of about $6.2 billion.

Jevans further explained that banks need to come up with alternative solutions of ridding their systems of illegal dealings that would finance terrorism as they had previously underestimated the percentage of digital assets that are to be found in their accounts and systems.

“Like them or not, banks have a lot more virtual assets lurking in their accounts and payment networks than most in the industry had previously thought.

Banks need new capabilities to ferret out illicit MSBs [Money Service Businesses], terrorist financing, and other major sources of risk.”

Illegal crypto merchants have also been key in funneling funds to terrorist fronts. They are usually connected to high-risk exchanges and hide the transactions by intentionally using the wrong merchant category codes (MCC) the report further read.

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Author: Lujan Odera

Ripple (XRP) Price Analysis (February 12)

Key Highlights

  • There have been notable sequential increases in the valuation of the XRP/USD trade.
  • Most indications support that the XRP/USD bulls are still relatively in the control of this crypto market.
  • The XRP/USD market’s upswing is facing a critical line around $0.30 mark.

  • Major supply zones: $0.32, $0.34, $0.36
  • Major demand zones: $0.26, $0.24, $0.22

Ripple (XRP) Price Analysis

XRP price has been significantly witnessing sequential increases in valuation against the US dollar trade stance in the crypto-market. The rises occurred while the fiat money lost its value after a light push downwards the bigger SMA trend-line a bit over the current immediate demand zone at $0.26 mark.

From a careful looking point of the current XRP/USD market situation, the cryptocurrency has been mustering up energy at the weakening line of the fiat currency.

Ripple Technical Indicators Reading

The two trading SMA trend-lines were almost conjoined, but they have slightly separated and bent a little towards the north. They are both underneath the present market trading point.

The SMA indicators now still show that the bulls; are to a degree capacity have control of the XRP/USD market. The Stochastic Oscillators have also begun to consolidate around range 80. That indicates a kind of small ups and downs to be experienced in no time.

Conclusion

XRP price has to now move further upwards above its present long-standing critical zone of $0.30 mark to affirm a sound bullish market continuation movement of this crypto-trade. Notably, safe bullish entries of this crypto-trade, are most of the time, lie in the reversal of low downward price movements.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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Author: Ben Jordan

Tether (USDt) Adds Chainalysis KYT Tool to Improve Its AML Compliance

The famous stablecoin issuer Tether and the blockchain forensics company Chainalysis have closed a partnership for Tether to improve the tools that it uses against money laundering.

The announcement that Tether will apply the token issuers’ Know Your Transaction tool from Chainalysis was made on Wednesday. By using this tool, the stablecoin issuer will be allowed to monitor transactions and to understand what risk every token holder presents.

Secure Compliance with Regulators’ Demands

Tether has issued the US dollar-pegged stablecoin USDT that is at the moment live on the Ethereum, Algorand, Omni, Liquid, EOS and TRON blockchains. Other tokens it has issued are the gold-pegged (XAUT), the Euro-pegged (EURT), and the Chinese yuan-pegged (CNHT). Here’s what Paolo Ardoino, the chief technology officer at Tether had to say about his company applying the Chainalysis’ tool:

“This solution allows us to ensure a secure compliance program that fosters trust with regulators, law enforcement agencies and users. This is achieved without sharing our user’s identifying information, as such data is only kept on our servers.”

Preparations for Regulators

While Tether didn’t talk that much about the reasons why it has made the decision to improve their compliance measures, things are very clear seeing as regulators from all over the world have started to send signals that stablecoins need to be scrutinized more deeply.

In October last year, Kenneth Blanco, the Financial Crimes Enforcement Network’s (FinCEN) director, said stablecoins won’t be exempt from AML laws’ compliance. Regulators categorize issuers of stablecoins as money service businesses (MSB) that should adhere to their specific regulatory standards.

While the money flow in and out of a stablecoin network is happening without any problem, regulators from all over the world have identified some serious risks associated with stablecoin transactions, so tracking the networks is very important. Tether can’t confiscate high-risk tokens, yet it does have the option to freeze the wallets containing them.

Chainalysis Is Spread Across 40 Different Countries

Since being created 5 years ago, Chainalysis has expanded. Now they offer tools and services not only to exchanges but also to financial institutions and even government agencies from 40 different countries in the world. In 2019, it won $5 million worth of contracts only from the US government.

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Author: Oana Ularu

Vo1t Partners With IBM’s Hyper Protect Crypto Service To Offer Private Key Custody

Vo1t, the famous cold storage custody provider, and IBM have closed a partnership to offer Vo1t clients secure data centers for holding and encrypting their private keys.

This new option is included in the IBM’s Hyper Project. It makes sure clients’ keys are kept safe regardless of what’s happening with the Vo1t data centers. Customers can install the data center on-premise or access it remotely from a computer used by another client. The data is kept encrypted in the enclave, no matter if it’s transited or in memory. This is what Vo1t’s general manager Sebastian Higgs had to say about the new option:

“Having this means our clients get to sign with their key in a separate transaction with IBM.”

Vo1t Has Been Offering Cold Storage Services Ever Since 2017

Vo1t is a London-based company with a name that reminds people of a bank vault. It provides, lending, trading, staking and custody products for not less, nor more than 35 digital assets. Ever since 2017, firms that are listed on the Financial Times Stock Exchange have been offered cold storage with Vo1t. The firm has also been offering the same services to financial institutions and trust companies from all over the world. It seems that withdrawals for assets in cold storage with Vo1t last only 45 minutes.

Banks and Large Firms More Interested in Offering Crypto Custody Services

Custody has only been offered by crypto exchanges and wallet providers for a while. However, large firms and banks are becoming more and more interested in offering this type of service to institutional investors that want to invest in cryptocurrency. This is what IBM Z as-a-Service director Rohit Badlaney had to say about IBM’s involvement in the digital custody space:

“We’ve been looking at the digital custody space and how we could make our servers and our cloud platform be a killer value proposition for this specific market.”

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Author: Oana Ularu

Bitcoin Futures (XBT/USD) Total Volume in BitMEX Exchange Hit $2 Trillion Since 2016 Launch

BitMEX Co-founder and CEO, Arthur Hayes, recently announced in a tweet that BTC futures have surpassed the $2 Trillion mark since they were launched back in 2016. The exchange also hit an open interest of over $1 billion; this is part of the total $4 billion distributed amongst other leading players like OKEX.

Hayes’ tweet on Feb 3, further highlighted that the daily average Bitcoin Futures turnover in BitMEX is close to 288K with most of its clientele in Europe.

Bitcoin Futures; The Crypto Darling for Institutional Investors in 2020?

This year has seen the open interest on BTC futures go up by around 60%. Could this mean more institutional investors are speculating on this digital currency derivative? The most recent data analyzed by Skew Markets however show that only four major exchanges account for the existing $4 billion open interest in BTC futures.

BitMEX leads the pack followed closely by OKEX; both exchanges account for over $1 billion in open interest independently, roughly 50% of the total. Developments in regulatory frameworks for blockchain and crypto by some countries is one of the driving factors to adopt XBTUSD as a speculative asset in institutional portfolios. Last month, the markets recorded a high of $25 billion in BTC futures volume traded within a day.

Despite the success, BitMEX has faced a number of challenges; notably was the Coinbase Pro maintenance shutdown towards the end of January. Close to $28 million worth of XBTUSD contracts were liquidated during this period; some analysts have since said this was because over 50% of the BitMEX weighting index is supported by Coinbase Pro.

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Author: Lujan Odera