XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

  • XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish”
  • Ripple granted an exemption from Payment Services Act by MAS until July 28, 2020

XRP is the winner of today’s market gainers as the digital asset jumped 12.5%. The fourth-largest cryptocurrency by market cap is currently trading at $0.176 on Bitstamp, down from today’s high of $0.180.

Despite these gains, the crypto asset is still down over 50% from the February high at above $0.34. During the crypto carnage in the past few weeks, XRP went down as low as $0.11 which was last seen in May 2017.

Su Zhu, CEO at Three Arrows Capital says, the cryptocurrency is looking to retrace its underperformance that has been going on for months in a few days, which “is what peak crypto trading performance looks like.”

However, as Gabor Gurbacs, a digital asset strategist at VanEck notes, the volume isn’t really working in the cryptocurrency’s favor for a long time now. XRP is recording losses of 11.21% in 2020 so far and is down 96% from its all-time high of $3.92 from January 2018.

Trader Credible Crypto who is also an XRP enthusiast and investor is expecting a surge of more than 23% that would take it to $0.21 level. But despite this, the channel remains a corrective one. However, if XRP clean breaks above this level, that move would be “very bullish.” The trader said,

“My thoughts on XRP. We can move up to .20-.21 and still be in a corrective channel. A break out from this channel on increasing volume could indicate that this is something more than just a typical corrective structure. Exciting times ahead.”

In the BTC terms, analyst The Cryptomist is looking for another over 8% move up in the price of XRP as she said,

“Entered here on OKEx with a bullish flag forming. Expect a breakout with no later than few hours from now. Looking at a target of 2800 sats. Whilst Btc has been going sideways, alts have been going vertical.”

The Good & the Bad

While the price of XRP continues to struggle, Ripple along with Binance and Coinbase has been granted an exemption from the Payment Services Act (PSA) by Singapore that was adopted in January 2020 by the country.

The statement was released on March 24, where the Monetary Authority of Singapore (MAS) said the local subsidiary of some of the major crypto companies are officially authorized to offer digital payment token service in the country without a PSA license until July 28, 2020.

Amidst this exemption for a limited time period came the news of a new movement in a class action lawsuit that was filed in May 2018. The amended complaint accused company’s CEO Brad Garlinghouse of liquidating 67 million XRP while promoting the token to potential investors.

It further claims that all the XRP tokens are “created out thin air” and accuses Ripple and the CEO of falsely claiming XRP’s “utilitarian purpose” as a “bridge currency.”

Read Original/a>
Author: AnTy

Galaxy Digital’s Novogratz Remains Bullish as Ever on BTC: “This is the Time for Bitcoin”

The price of Bitcoin has surged 74% from the low the digital currency put on March 12. However, we are still down 36% from 2020 high of about $10,500. But according to billionaire investor Mike Novogratz instead of panicking, this should be taken as a buy the dip opportunity.

In a recent interview with CNBC, the Galaxy Digital Holdings’ CEO said, “If there was ever a time — debasement of fiat currencies, monetization of trillions of dollars of debt, this is the time for Bitcoin.”

The bitcoin bull predicted on Tuesday that the world’s leading cryptocurrency would rally this year as it was designed after the 2008 financial crisis to be an alternative when central banks “run amok.”

In recent weeks, we saw central banks around the world announcing trillions of dollars in stimulus to pump in the financial markets and promising every step necessary to combat the impact of coronavirus on their economies.

“It needs to rally this year,” said Novogratz. “If at the end of the year Bitcoin’s not a lot higher, I’m going to scratch my head and say, ‘Look, what the heck is going on?’”

Bitcoin Looking Promising

Currently, BTC/USD is trading under $6,700 after surging to $6,990 after the $2 trillion stimulus coronavirus bill was passed. The move yet again followed the stock market. Yesterday, the Dow Industrial Average had its historic rise only today to swing between gains and losses.

Meanwhile, one technical indicator, GTI VERA Convergence Divergence is flashing a buy signal. Moreover, according to Christel Quek, co-founder of Bolt Global,

“It could be very likely that traditional investors are seeking to regain liquidity through profit hunting from crypto assets as equities are negative worldwide.”

However, in the short-term, in the next 1 to 2 months, economist and trader Alex Kruger sees everything from equities, their volatility, bitcoin if it remains risk-on, and crude oil to be lower.

It’s worth noting, in less than two months, Bitcoin will experience its third reward halving that would cut down miners block rewards while the cost of mining bitcoin will surge between $12000 to $15,000.

In the next six months, the economist sees equities and gold higher while his 12 months’ view is everything from equities, its volatility, gold to bitcoin going higher. But the main risk he said is if the equities’ bottom is in because of the rising coronavirus cases and the period of lockdown in the US.

Read Original/a>
Author: AnTy

Bitcoin in the Re-accumulation Phase But Market Not Confident about Price Escalation

  • Long term sentiments bullish but in the short term, the market is still fearful of another decline

Since yesterday’s lowest point, Bitcoin has risen over 20%, going to nearly $6,900 on Bitstamp. At the time of writing, BTC/USD has been trading around $6,700 while managing $2.5 billion on top ten exchanges with real volume.

Bitcoin has made a good jump that according to some traders could go to $7,500 level with the “crucial area to break is still the $6,800-6,950 zone.”

Last week, before the weekend, the world’s leading cryptocurrency jumped to about $7,000 level but the same day we went down to below $5,700. So, there’s yet to be known if we would be holding this level this time.

According to Trader XO, this rally might not be a real one as bitcoin tends to revisit the previous levels after making a pullback. He said,

“Don’t be surprised if we see one more raid around $6,500s before a bigger drop – wiping out a large number of late shorts / tight stops.”

Another trader Jonny Moe, who is “bullish as hell” where Bitcoin is heading fundamentally in the next few months, sees a “large bear flag right into horizontal resistance” that could see us revisiting the $3,000 to $4,000 range.

Tuur Demeester of Adamant Capital is also “not sure” that bitcoin will hold the current levels and believes it to be in the re-accumulation phase.

Has Bitcoin Bottomed?

Over the past few weeks, the price of bitcoin has been in a downturn that saw the digital asset crashing to $3,850. Could it be the bottom of this cycle? According to many, it might not be and we could very well visit new lows.

If equities fall another 30%, BlockTower Capital CIO Ari Paul says, both bitcoin and gold could go lower. Although they are still risk assets, with Wall Street focusing on inflation and depreciation 10x as much as 2009 and Fed announcing “infinite” money supply, both the assets can “catch a sustainable bid even before equities start recovering.”

In the long term, the market is confident and bullish on cryptos while seeing the pullbacks as buying the dip opportunities. But in the short term, the market is having a mixed reaction, with some expecting the world’s leading digital asset to continue to see high volatility and fall back to $4,200 level while others believe it’s time for BTC to soar 50 days before the halving. Analyst with pseudonym Ceteris Paribus said,

“Bitcoin is going to pump so fucking hard at some point, but there can be some nasty swings before it happens. Cut down on your margin positions heavily, hold the majority spot. Don’t get wiped out.”

“You think the worst case scenario is being in cash during the BTC pump? It’s not. It’s being early, getting liquidated before the pump, and then missing out on all the gains you could have had if you played it conservatively.”

Read Original/a>
Author: AnTy

The WHO Labeled Pandemic, Coronavirus (Covid-19), Gets First Case in the Crypto Space

  • Crypto industry sees its first case of deadly coronavirus
  • The coronavirus still has its claws in the people, markets, and economy.

The Black Swan event has affected the crypto markets just as the global markets are affected. Since mid-February when the price of bitcoin was trading above $10,500, the digital asset has lost 25% of its value.

Altcoins are following the leading cryptocurrency, resulting in the crypto market losing $83 billion since then.

Today, Zhen Yu Yong co-Founder of Torus Labs, took to Twitter to share that he has been diagnosed with Covid-19. Since his diagnosis, from the symptoms of fever, breathlessness, cough, and a running nose, he has been settled into an isolated ward.

The standard recommendations by the World Health Organization (WHO) to prevent the spread of the infection include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. It is also strongly advised to avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing.

Yong also asked “everybody who had close contact EthCC or ETHLondon with me should take extra precautions and/or get tested” however, he said there is “a lesser chance that it could have been from Stanford Blockchain Conference or Ethereum Denver in mid Feb.”

The tally of coronavirus cases has reached 124,968 globally and 4,585 has lost their lives to this virus while 67,050 of the patients with coronavirus have been recovered.

While the situation in China, its epicenter, has gotten better, the situation is actually worsening in Italy and Japan.

Countries around the world are taking measures to stop the spread of the virus. From airport screening, schools and colleges getting closed to concerts and sporting events canceled, and museums and tourist attractions have been closed. The governments are also putting affected areas under quarantine.

To mitigate the impact of the virus on the economy, central banks are announcing emergency interest rate cuts while promising all the “necessary” steps to tackle the situation.

Latest Updates:

Read Original/a>
Author: AnTy

BTC Price Still on Stock-to-Flow Track Despite ‘Extreme Fear’ & ‘Bearish Sentiment’

  • Market in “extreme fear” is an opportunity rather than “panic”
  • Bitcoin still spot on S2F track but network signals indicate “bearish sentiment”

2020 started on a positive note. We kicked off this year at around $7,200 and climbed to above $10,500, recording about 45% gains on a year-to-date basis.

However, the spread of coronavirus all over the world soon took over the global markets, which had bitcoin acting as a risk on market as well. As the deadly virus continues to spread notwithstanding the central banks announcing stimulus, the global markets recorded substantial losses.

For the past three weeks, bitcoin has been tumbling only to see positive momentum last week. But not for long.

The oil price war on the weekend hit the already weak markets. Bitcoin also dropped over 16%, all over again, going as low as $7,685.

An opportunity rather than “panic”

According to Crypto Fear & Greed Index, the market is in “extreme fear” with a reading of 17. However, commentators say this is an opportunity rather than “panic.”

Interestingly, despite the bloodbath in the crypto street, bitcoin is spot on the S2F track.

Bitcoin price is exactly in line with the value put by the stock-to-flow model. The daily RSI is also below 40, meaning it could be a good buy the dip opportunity.

The S2F model puts bitcoin’s price at $8,636 while the actual price is currently just above $7,900.

Meanwhile, Fundamentals Turns Bearish

When it comes to the fundamentals, with the continued increment in the hash rate and difficulty adjustment in the network while price drops, many miners will be in loss that would propel them to sell their BTC to stay afloat.

The global scenario is not presenting a good picture, with oil price war started on the weekend further adding to the pressure on the market.

As we saw in 2020, the external factors have been affecting the price of bitcoin. Besides price, the network is growing slower, and there are fewer addresses in the money, shared crypto data provider IntoTheBlock. Moreover, the number of large transactions dropped with smart price and bid-ask volume showing negative numbers as well.

For bitcoin price, the bearish scenario could see the digital asset crashing to $5ks.

Read Original/a>
Author: AnTy

MONERO (XMR) Price Analysis (February 29)

Key Highlights

  • Monero has, to some extent, overwhelmed by the US dollar price worth.
  • The USD could still exert more pressure to see lesser values between $60 and $50 points.
  • There may be an upside rally to an $80 value and, that may be rejected around that same spot to regenerate into a backward move.

Monero (XMR) Price Analysis

• Major supply zones: $90, $100, $110
• Major demand zones: $50, $40, $30

Monero price worth has been overwhelmed the US dollar while it failed to continue to build on a bullish candlestick formed in the market on February 23. The crypto has been slowly and steadily falling from a high value close below $90 to trade a bit below $70 point.

The fiat currency could still forge further in its capacity to experience lesser value at $60 mark and in extension to $50 point. However, the downward trend may lack visible volatility while it embarks on such a move as presumed.

Monero (XMR) Technical Indicators Reading

The US dollar has put Monero value under a sizeable downward pressure until the time of writing. The 14-day SMA trading indicator closely curved southward above the 50-day SMA trend-line to signal the potential of witnessing more lows. A successful crossing of the bigger SMA from the top by the smaller SMA may bring about sharp falls in the XMR/USD trade operations afterward. The Stochastic Oscillators have dipped into the oversold region to seemingly start a consolidation move within it. That could a warning signal to exercise some amount of patience before placing an order.

Conclusion

The XMR/USD price now trades around a vital value of $70 mark. The bears are more of obviously gaining stance than the bulls. A clear-cut of the next bearish could while the bulls fail to push past a high line at $80 mark. If that sentiment comes to the past, the cryptocurrency pair will witness another round of selling pressures that may see through various demand zones.

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.

Read Original/a>
Author: Ben Jordan

Another Horrific Day: Bitcoin Crashes to $8,630, What’s the Next Stop?

  • Support at current levels and price could go even lower to $8,200 but it is still a “normal bull market retracement level”
  • After the S&P 500 lost nearly $1.737 trillion in the past two days, it rebounds while gold seeing flight into the safe haven
  • Bitcoin and gold correlation over the past 30 days is negative indicating BTC has characteristics of both risk-off and safe-haven assets

The bears are holding strongly to the market as the prices took a hit yet again. Today, in yet another crash, Bitcoin price fell to $8,630 level briefly on Bitstamp and is currently teetering on the edge of $8,800, having broken through $9k.

The market is in deep red. Yesterday’s daily candle was closed below the monthly opening and now we have gone back to late-January levels.

“Heavier bids at 8.8k. I can stay solvent longer than the market can remain bearish. If it 8.8k caves, even heavier bids at 8.4-8.5k,” said trader CryptoGainz.

Altcoins to crash harder but expect to be completely wrong about Bitcoin

As bitcoin takes a fall, altcoins tanked. According to trader Cantering Clark, the “hard cold truth” is the altcoins that have been enjoying the rally until recently will “go on to make new lows, and repeat this pattern again.”

“As for BTC, always be prepared to be completely wrong. A lot of trading in general is about preparation. When Bitcoin drops there is much more reflexivity in price because no one really agrees on a fair value. Price is what determines value, overthrow is then tremendous,” said Clark.

Meanwhile, trader Nik Patel sees BTC dipping into the 200MA at $8,900 and reverse or further drop to the 360MA and take out the stops at about $8,200.

Support is looking weak at current level and though price could go even lower, is still a “normal bull market retracement level,” says analyst Bob Loukas.

Amidst this bearish scenario, analyst Mati Greenspan gave a dash of hope to bitcoiners as he states, “the retracement off the February peak actually looks like a bullish flag from this angle.”

Risky assets struggling during a flight into safe havens

In the stock market, the S&P 500 has lost about $1.737 trillion in value in the past two days, according to S&P Dow Jones Indices’ Senior Index Analyst Howard Silverblatt.

After a four-day losing streak, stocks opened higher across the board Wednesday with 10-year Treasury yield also retreating from its record lows.

Risk assets are struggling as coronavirus cases continue to climb steadily outside the epicenter in China.

“The ultimate impact remains entirely unknown at this stage,” said Eleanor Creagh, a Sydney-based strategist at Saxo Capital Markets. “And uncertainty is the enemy of conviction.”

Gold also rebounded on Wednesday after it hosted its biggest one-day decline in about four months. However, it has been expected that the safe-haven hasn’t reached its peak yet, with the possibility for another Fed rate cut by 25 basis points becoming certain.

“It is a typical flight into safe havens after the coronavirus has spread not only to the Asian countries but also to Italy and Middle East,” said Peter Fertig, an analyst at Quantitative Commodity Research.

Bitcoin both risk-off and safe-haven asset

Bitcoin is doing badly in the current environment, meanwhile, it has the arguments that the digital currency is a safe haven during turmoil has been shattered.

Coin Metrics also found that the correlation between Bitcoin and gold over the past 30 days has been negative, “adding evidence to the thesis that BTC only reacts to certain types of events and not others.”

One explanation to this could be that it COVID-19 is more of a macroeconomic shock than an uncertain geopolitical situation, meaning, “perhaps BTC has characteristics of both risk-off and safe haven assets with a truly unique reaction function.”

“Bitcoin just picks the status as an alternative asset when other things look crowded,” said Mark McCormick, global head of currency strategy at TD Securities.

Meanwhile, crypto data provider Glassnode says, as per MVR Z-score, there’s still much room for bitcoin to rise to. The MVRV Z-Score is used to assess when Bitcoin is over or undervalued relative to its fair value and at current value, it says there’s much room to grow for BTC.

Read Original/a>
Author: Bitcoin Exchange Guide News Team

EOS Suffers “Major Outage” on Coinbase as Network Performance Issues Arise

This month alone Coinbase suffered issues with EOS thrice, the exchange is still investigating the problem. Meanwhile, No blockchain is cartel resistant, but EOS’s the best, commented Block.One CEO on Binance’s research “Decentralisation, governance and EOS – a lost case?”

EOS continues to experience “degraded performance levels” on Coinbase, reported cryptocurrency exchange on Feb. 22. As a result, the exchange has temporarily suspended sending EOS while receiving EOS on the platform will be delayed.

Buys and sells of EOS on Coinbase, meanwhile are “functioning normally.”

It has been the third time this month that EOS had an issue on the exchange. On Feb. 14, Coinbase first announced delayed EOS withdrawal requests but the incident was soon resolved and the exchange stated, “We are actively monitoring this issue.”

The two days after the incident, there was yet again delays encountered in EOS send/receives which has been resolved the same day again. Coinbase wrote at that time,

“We are currently working through a backlog of outgoing EOS transactions. Customers sending EOS from Coinbase to an external address may experience a delay before the transaction appears on the blockchain. Deposits, buys, and sells are unaffected by this incident.”

The most recent one has been on Feb. 19, when the San Francisco-based degraded performance with send and receives to be delayed. The exchange implemented a fix and is currently investigating the issue.

However, out of all the cryptocurrencies, EOS still got the sign of “Major Outage” beside it on the Coinbase website.

No blockchain is cartel resistant, but EOS’s is Best – Brendan Blumer

Amidst this, Binance released a research report on “Decentralisation, governance and EOS – a lost case?”

In its report, Binance shares how the eight largest cryptocurrency by market cap of $3.88 billion, which was also the largest ICO recorded with USD 4.1 billion raised in a year-long ICO that ended in July 2017, has been labeled as “a victim of its governance,” where largest holders have “all the power.”

Taking a look at its governance, the report assesses that it lacks mechanisms to avoid or structure the process of vote trading. The incentive structure actually promotes selfish acts and individual parties have the influence to drastically change votes, states the report. It also found that two-thirds of the block producers (BPs) have the worst performance among the 21 BPs.

Blender Blumer, the CEO of Block.One, the company behind EOS countered this with, “All blockchains are voting machines where votes can be bought, whether by hardware + electricity or token ownership, therefore none are cartel resistant and all have control groups that can change anything. EOS simply better aligns interests between holders and operators.”

Moreover, its problems are aggravated by a number of other issues like changed block rewards, low voter turnouts, little transparency, 1-token-30 votes system, and little resistance to Sybil attacks.

“No blockchain is cartel resistant, but EOS is aligned,” is what Blumer had to say about this.

Read Original/a>
Author: AnTy

Upbit Blames South Korea’s Taxation and KYC Hurdles in Foreigners’ Frozen Funds Saga

Upbit crypto exchange woes are still on after it emerged that foreign clients to this South Korean firm are yet to withdraw their ‘frozen’ funds. The platform suffered a blow when close to $50 million worth of Ether was stolen upon a successful hack towards the end of 2019.

Most of the affected clients are from China with over 6,000 crypto traders’ assets being frozen; they cannot even withdraw using the Korean Won. This group has since concluded that Upbit may be on its way to insolvency and also understated the financial damage caused by November’s 2019 hack. So far, organized efforts to have Upbit act on its obligations have been futile.

Upbit’s Defense

The Korean crypto exchange came out to clear the air on why they are yet to release frozen funds. According to them, structural hurdles under the legalities of financial markets have mainly contributed to this situation.

Top of the list is an internal Korean tax obligation under review; this came up after the authorities took a look of Upbit’s reports in December. The firm however highlighted that,

“Upbit has been working closely with the tax authority to ensure accurate taxation standards, and also with tax experts to review taxation standards by country.”

The other hurdle is a KYC process that has been prolonged despite Upbit submitting updated clients’ records upon request last year. New regulatory pressures from Korea’s regulator may have actually caused this delay given the financial attention and scrutiny triggered by Upbit’s hack.

Users who submitted their ID’s afresh are now wondering whether they are safe or more exposed? This is quite frustrating for them and only time can reveal if indeed Upbit is being truthful in its excuses.

Read Original/a>
Author: Edwin Munyui

Institutional Investors Still Slow On The Uptake But Unregulated Crypto Exchanges Rule the Market

Institutional Investors are still slow on the uptake despite bitcoin being over a decade old. In 2019, institutional investors remained sidelined despite the improvement of the institutionally-focused products and services like derivatives and custody, states crypto exchange Kraken in its latest report.

Last year saw an impressive 84% year-over-year growth in regulated crypto derivative notional volume but much of the industry’s appetite gravitated towards unregulated venues that offer higher leverage and diverse product offerings.

Regulated Exchanges Grew in 2019

Notional volume from regulated derivatives fell to 5% in 4Q 2019, one year low and a significant decline from the 2019-high of 10% in 2Q 2019.

While CBOE announced it would cease bitcoin futures trading, just two months later, CME reported a record volume of $11 billion in May 2019. At the end of Q3, ICE launched Bakkt for industry-first physically-settled bitcoin futures contracts that later included bitcoin options and cash-settled futures.

Quarterly notional volumes of regulated exchanges

In January this year, CME also announced bitcoin options, while rumors are that NASDAQ is also planning to release bitcoin futures this year.

But Unregulated Exchanges Still Dominate the Market

However, the unregulated exchange are still dominating the market, much of which is attributable to platforms like Binance Futures and FTX.

Quarterly notional volumes of regulated vs. unregulated exchanges

Crypto derivatives exchange FTX is reportedly seeking to raise $15 million in an equity round that puts the company at a $1 billion valuation.

Hong Kong-based FTX’s CEO Sam Bankman-Fried confirmed the news to the news outlet The Block. The exchange is apparently planning “significant” growth that is not limited to just hiring more staff members but also expanding its product line.

Meanwhile, FTX token recently reached its all-time high at $2.92, up 4.36% in the past 24 hours and over 18% in the past month.

The exchange also offers presidential betting on crypto might be driving this uptrend. The new product was offered in early January that allows users to bet on the upcoming US presidential election. Currently, it lists six candidates, Donald Trump, Bernie Sanders, Michael Bloomberg, Joe Biden, Elizabeth Warren, and Pete Buttigieg.

Popular crypto options exchange Deribit has also reportedly completed its 10% sale of equity. The Panama-based exchange has been looking for buyers of its shares since January at a 9-figure valuation.

The exchange accounts for over 80% of open interest and is now looking to grow its product offering and draw more interest from both retail and institutional traders.

Read Original/a>
Author: AnTy