Crypto Markets See Green as Bitcoin Nears $3,900 and Ethereum Touches $160

Saturday, Jan. 5 — the crypto markets are mainly in the green today, as Bitcoin (BTC) moves closer to the $3,900 mark, data from Coin360 shows.

Market visualization by Coin360

Bitcoin has shown slight growth today, up by around 3 percent and trading at about $3,899 at press time. Over the month, Bitcoin is up almost 1 percent and almost 7 percent over the week.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

Ethereum (ETH) is currently trading at around $159, up more than 6 percent on the day at press time. The second-largest cryptocurrency is seeing around 35 percent gains over the week, and 47 percent gains over the month.

This week, developers from Ethereum discussed the possibility of implementing a new proof-of-work (PoW) algorithm that would raise the efficiency of GPU-based — rather than ASIC-based — mining on the network. The debate over whether to go forward with the implementation comes ahead of the upcoming Ethereum Constantinople hard fork.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Third-largest cryptocurrency Ripple (XRP) is up over 2 percent at press time, trading at around $0.36. Over the week, the coin has seen more than 7 percent growth, and almost 5 percent gains over the month.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

The total market cap of all cryptocurrencies is currently around $133 billion at press time, up from its weekly low of about $125 billion.

7-day chart of total market capitalization of all cryptocurrencies

7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap

Of the top ten cryptocurrencies, Litecoin (LTC) and TRON are showing the biggest growth, up over 12 and 15 percent respectively.

Earlier this week, the Gemini crypto exchange — founded by the Winklevoss twins in 2014 — released a series of ads calling for better regulation of the crypto space. The ads, which read “Crypto needs rules,” were received with mixed reactions from the crypto community, as some believe the space suffers from the intervention of regulators.

Also this week, five more crypto exchanges — including Coincheck — joined Japan’s self-regulatory association of cryptocurrency exchanges.

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Crypto Markets Are Mostly in Green, Ethereum Regains Top Altcoin Position

Wednesday, Jan. 2 — The main cryptocurrencies have mostly been in the green for two days now, according to data from Coin360. Bitcoin (BTC) is still over $3,800 mark, while Ethereum (ETH) has regained the top altcoin position.

Market visualization from Coin360

Proof of Keys — a celebration when BTC holders temporarily withdraw their funds from all exchanges and mediators  — is coming in just a few hours, and BTC has gained about 3 percent in price since the beginning of Jan. 2. The coin is traded at approximately $3,900 as of press time.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index

ETH has yet again beaten Ripple (XRP) as the world’s major altcoin by market capitalization after spending several weeks on the third place. The altcoin’s market cap reached almost $15.8 billion at press time, surpassing XRP’s market cap by almost $1 billion. ETH is now traded around $150, gaining more than 13 percent in price in comparison to yesterday’s charts.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index

Meanwhile, XRP, the third-top altcoin, is trading at $0.36, seeing a slight growth in price during the day. The coin’s market cap is around $14.9 billion.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

The total market capitalization of all cryptocurrencies has climbed up to $132 billion, $2 billion away from its weekly high of $134.3 billion reached on Sunday, Dec. 30.

7-day total market capitalization chart

7-day total market capitalization chart. Source: CoinMarketCap

All of the other altcoins from the top 20 are in the green today, with EOS (EOS), Cardano (ADA) and IOTA (MIOTA) having the most visible price increases with 5.1, 5.5 and 7.2 percent on the day respectively.

In the meantime, the crypto community is discussing the accusations against crypto exchange HitBTC, which allegedly froze the accounts of several of its users in the wake of the Proof of Keys campaign.

The firm itself has not yet responded to the accusations of Twitter and Reddit users, some of whom claim that BTC withdrawal was not available for them for the last few days. The connection between the blocked withdrawals and the Proof of Keys is not confirmed.

Meanwhile, major Japanese e-commerce conglomerate DMM.com Ltd. has announced the closure of its crypto mining services due to their deteriorating profitability. The news comes shortly after similar announcements made by Japanese internet giant GMO Internet Group, which has ceased the development and selling of BTC miners.

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SBI Holdings’ Crypto Exchange Vctrade Accepts Bitcoin, Ethereum, Ripple Deposits

Vctrade, a crypto exchange recently launched by Japanese financial giant SBI Holdings, has implemented Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) deposits. The company has revealed this in a press release published Dec. 21.

The announcement further notes that the exchange — which was launched in July — is considering adding Bitcoin Cash (BCH) deposits after further evaluation of the cryptocurrency. SBI has also explained that cryptocurrency withdrawals will not be available until late January 2019, and will be limited to a hardware wallet that the company refers to as “designated wallet.”

The ability to only use one specific wallet, according to the announcement, is supposed to “link the address pertaining to the customer,” thus ensuring adequate implementation of Anti-Money Laundering and Counter-Terrorist Financing measures on the exchange.

SBI Holdings, according to its website, has paid-in capital of over 92 million yen ($828 million), and over six thousand consolidated employees. According to an interim results announcement, in the six months ended Sep. 30 of this year the company registered over 176 million yen in revenue ($1.584 million).

As Cointelegraph reported in September, a subsidiary of SBI Holdings, the SBI Savings bank, has signed a memorandum of understanding with Dayli Intelligence, a company specialized in artificial intelligence and blockchain technologies. The bank has reportedly made this move to bolster its fintech business.

In August, SBI Holdings also announced that it had made a second investment in cryptocurrency exchange LastRoots.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 19

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Germany’s Minister of Finance Olaf Scholz believes that cryptocurrencies are not yet ready ro replace traditional fiat money, but he is not so confident about “20 to 30 years” into the future. This is a bullish sign, which confirms that the world is gradually coming to terms with the fact that cryptocurrencies are here to stay.

Yet, China continues to “remind” investors about the risks associated with Initial Coin Offerings (ICOs) and crypto trading. A committee of lawmakers in the UK has urged the regulators to act by introducing measures for consumer protection.

In the U.S., a study by the New York Attorney General’s office has found that many cryptocurrency exchanges lack sufficient customer protections, and have “serious conflicts of interests.” The report observed that only a few crypto trading platforms have market surveillance capabilities to deter trading manipulation.

A robust system is needed to attract large players, who are accustomed to the traditional exchanges that have many protective measures built in against market manipulation and fraud. Price volatility, however, might remain for even longer time as the market matures.

Over the past several months, we have shown how the traders can keep their risks low when trading cryptocurrencies. Let’s see if we can spot any buy setups today.

BTC/USD

Bitcoin has held $6,200 for the past two days, but is struggling to move up. Both moving averages are sloping down and the RSI is also in the negative territory. This shows that the sellers are in command.

A break of the $5,900–$6,075.04 support zone will complete two negative formations, a head and shoulders pattern and a descending triangle pattern. Though head and shoulders is primarily a reversal pattern, it can also work as a continuation pattern, as is the case currently.

The lower levels that can offer some support are $5,450 and $5,000. However, after a break from such a major support, a number of stops will be hit, resulting in a quick drop. Therefore, we suggest traders avoid catching the falling knife if $5,900 breaks down.

If the bulls defend the support zone and push price above the moving averages, the BTC/USD pair can rally to $6,900 and $7,400. We suggest an aggressive buy on 50 percent of the desired position size on a close (UTC time frame) above $6,600.

The remaining positions can be added after the digital currency closes above the downtrend line of the descending triangle.

ETH/USD

The trend in Ethereum is still a downward one, but we find some buying interest around the $183–$192 area. However, on the upside, the 20-day EMA is proving to be a major resistance as the bulls have failed to scale this level for the past four days.

ETH/USD

If the bulls break out of the 20-day EMA, a move to the 50-day SMA is likely, with minor resistance at the downtrend line of the descending channel. We shall turn bullish if the price sustains above the channel for three days in a row.

If the ETH/USD pair turns down from the current levels, it can slide to $192 and further to $183. The pair is at a critical level and we should get a clearer picture within the next couple of days.

XRP/USD

Ripple bounced sharply from $0.27 on September 18 and broke out of the 20-day EMA. Currently, it is facing resistance at the 50-day SMA.

XRP/USD

If the bulls break out of the 50-day SMA, the next resistance is at $0.37390. The downtrend line is also located just above this level. If the XRP/USD pair sustains above the downtrend line, we can expect the trend to change from down to up.

If buying dries up at higher levels, the virtual currency might spend some more time inside the range of $0.27–$0.37390. Though the bounce from the lows is a positive development, we shall wait for additional evidence before suggesting any trades on it.  

BCH/USD

When the sentiment is negative, any uncertainty drives away the investors and that is what seems to be happening with Bitcoin Cash. With a looming split, the buyers are not taking any fresh positions, which has kept the cryptocurrency near its year-to-date lows.

BCH/USD

The trend is down, as both moving averages are sloping downward and the RSI is in the negative territory. A break of the September 11 low of $408.0182 will resume the downtrend and the BCH/USD pair can slump to the next support zone of $280–$300.

The bulls have to overcome the resistance from the 20-day EMA, the 50-day SMA and the downtrend line of the descending channel to signal a change in trend.

EOS/USD

EOS has been holding above $4.4930 since August 17. If this support breaks, the slide can extend to the next support at $3.7823. Therefore, traders can keep their stops on the remaining long positions at $4.4.

EOS/USD

On the upside, the bulls have been facing a stiff resistance at the 20-day EMA and $5.65. The EOS/USD pair will gain strength if it breaks out of $5.65.

Though the 50-day SMA is sloping down, the 20-day EMA is trying to flatten out. The RSI continues to be in the negative area. This shows that the virtual currency is in a range but with a negative bias.

XLM/USD

Stellar has formed a range inside a range. Since September 11, it has been trading inside the range between $0.184 and $0.21489857. If the bulls break out of this range, a rally to the top of the large range of $0.184–$0.24987525 is probable.

XLM/USD

The critical level to watch on the downside is $0.184. If the XLM/USD pair breaks and sustains below the range it will complete a descending triangle pattern, which is a negative sign.

On the other hand, if the bulls break out of the range and the downtrend line of the descending triangle, it will invalidate the bearish pattern, which is a bullish sign. We shall wait for the virtual currency to show some strength before recommending any trades on it.

LTC/USD

The bulls defended the critical support on September 18, but the pullback is facing resistance at the downtrend line and the 20-day EMA. Currently, Litecoin is consolidating in a large range of $49.466–$69.279 – a process, which began August 8.

LTC/USD

The LTC/USD pair will resume its downtrend if it sustains below $47.246. The next support on the downside is between $40 and $44.

On the upside, the virtual currency can rally to $69.279 if it breaks out of the moving averages. We might suggest a long position on a break out of the range because it will indicate a probable double bottom.

ADA/USD

Cardano broke out of the tight range of $0.060105–$0.071355 but is finding it difficult to sustain the higher levels. Currently, the price has dipped back into the range.

ADA/USD

Both moving averages are trending down and the RSI is in the negative zone. The trend remains headed downward. The ADA/USD pair will have to enter a bottoming formation before a change in trend can be confirmed.

Until then, any pullback attempts will face resistance at the moving averages. The downtrend will resume if the bears force a break down from the range.

XMR/USD

The bulls are trying to defend the support at the moving averages but are finding it difficult to break out of $120. Monero has turned volatile and trendless in the past few days, as both moving averages have flattened out and the RSI is close to the neutral territory.

XMR/USD

A symmetrical triangle is developing close to the bottom. A break of the trendline of the triangle will be a bearish development. It will increase the probability of a retest of $76.074, though the pattern targets are way lower. We suggest holding the long positions with the stops at $95.  

On the upside, the XMR/USD pair will face resistance at the downtrend line and at $122.6. It will attract buyers only after these two resistances are crossed.  

IOTA/USD

IOTA has been range bound between $0.5 and $0.6170 since September 6. The 50-day SMA and the downtrend line are also close to the upper end of the range. Hence, $0.6170 will act as a stiff resistance. The cryptocurrency will show strength if it can break out of this resistance.

IOTA/USD

The 50-day SMA is sloping down and the 20-day EMA is also starting to turn down, after trying to flatten in the past few days. This shows that the path of least resistance is to the downside.

A break of the $0.5 support can sink the IOTA/USD pair to $0.45 and further to $0.4. Traders can keep the SL of $0.46 on the long positions.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, September 4

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Along with the traditional safe havens like gold, the U.S. dollar, and the Japanese Yen, cryptocurrencies have also made their presence felt in Turkey and Venezuela, which are reeling from economic crises.

The increased volume of trading during moments of crisis in these nations shows that when the next major economic crisis hits the world, demand for cryptocurrencies will skyrocket, pushing prices higher.

China and the U.S. are on the verge of a trade war, which is detrimental to the global economy. If not controlled, it can balloon into a full-blown crisis. Therefore, we believe this will put a floor beneath digital currencies.

With most governments and regulators keeping an eye on cryptocurrency markets, we do not expect a vertical rally. Prices are likely to rise gradually, which is good for the long-term growth of virtual currencies.

BTC/USD

Bitcoin has continued its journey northwards, closing in on the 61.8 percent Fibonacci retracement level which might act as resistance.

Both moving averages are trending up, which shows that the bulls are in command. A bullish crossover will provide further strength to the current rally. The virtual currency will lose momentum if it breaks below the trendline.

The 20-day EMA will act as a strong support for any declines. The BTC/USD pair can rally to $8,000 and above it to the top of the range at $8,566.40.

Traders can hold their long positions but raise the stops to breakeven. The virtual currency will turn negative if it sinks below the $6,955.79 level.

ETH/USD

Ethereum has been trading inside the symmetrical triangle since August 11. It will start the next move after breaking out or breaking down from the triangle.

ETH

On the upside, the ETH/USD pair will face selling at the downtrend line and then at the $358 level. Though the 20-day EMA has turned flat, the 50-day SMA is still trending down.

The virtual currency has not convincingly broken out of the 50-day SMA since May 24, and as such, it will act as stiff resistance. We will turn positive when the price scales the 50-day SMA.   

If the price breaks down of the symmetrical triangle, a retest of August 14 lows could be possible.

XRP/USD

Ripple has been consolidating between $0.31–$0.37390 since August 18. The 20-day EMA has turned flat while the 50-day SMA is trending down, which shows that selling has subsided.

XRP

The XRP/USD pair will show signs of a change in trend if the bulls break out and sustain above the 50-day SMA, which is just above the upper end of the range. The first target on the upside is a rally at the $0.50 downtrend line.

Traders can buy the breakout and close (at UTC time) above the 50-day SMA and keep the SL at $0.309. As the trend has still not turned up, we are only attempting to catch the pullback. Therefore, we recommend to keep the position size at 50 percent of normal. If the bears break below the range, a retest of the lows is probable.

BCH/USD

After being stuck in a tight range from August 15 to August 31, Bitcoin Cash rallied sharply on September 1 and 2 and broke out of the downtrend.

BCH

The BCH/USD pair is currently facing resistance at the 50-day SMA. If the bulls break out of the 50-day SMA, a rally to $880 is probable. The 50-day SMA has turned flat while the 20-day EMA is gradually turning up. The RSI has also entered into positive territory, which increases the probability of an upward move.

Therefore, traders can initiate a long position above $670 with a stop loss of $470. On the downside, the 20-day EMA is likely to act as a strong support.

EOS/USD

EOS triggered our buy recommendation when it closed (UTC time frame) above the 50-day SMA on September 1. However, it has not picked up momentum as we had expected.

EOS

EOS has been consolidating close to the 50-day SMA for the past three days. The 20-day EMA has turned up while the 50-day SMA has gone flat, showing an advantage for bulls in the short-term.

On a breakout above $7.25, the EOS/USD pair could quickly rally to $9. On the downside, the zone between the 20-day EMA and $5.65 should act as strong support. As the chart patterns point to a probable change in trend, we suggest traders hold their positions with the stipulated stops.

XLM/USD

Trading in Stellar has been lacklustre as it remains range bound between $0.184 and $0.24987525. Both moving averages have flattened out and the RSI is also close to the 50 level, which confirms a state of equilibrium.

XLM

A breakout of the range has a pattern target of $0.3157505, but we anticipate a rally to $0.35. The longer the XLM/USD pair remains in the range, the stronger the eventual breakout will be.

The downtrend line might offer minor resistance, but we expect it to be crossed easily. Therefore, we maintain our buy call initiated on August 27.   

LTC/USD

Litecoin is showing signs of a turnaround, and is currently trying to break out of the downtrend line and the 50-day SMA. If successful, it can quickly move up to $74. The 20-day EMA has turned up while the 50-day SMA is flattening out. This shows that the bulls have the upper hand in the near-term.

LTC

If the LTC/USD pair sustains above $74 for three days, the probability of a rally to $94 increases. Short-term traders can continue to establish long positions with suitable stops.

Our bullish view will be invalidated if the bears defend the overhead resistances and sink prices back below the $58 level.

ADA/USD

Cardano has been consolidating near the upper end of the range for the past six days. Though it has failed to break out of the range, it has not given up much ground, showing that traders are not dumping their positions.

ADA

The 20-day EMA has turned flat but the 50-day SMA continues to trend down. If the ADA/USD pair scales above $0.111843, it has a pattern target of $0.140494, but may face resistance at $0.13. We do not see a reliable buy setup at current levels and hence, we do not recommend a trade.

IOTA/USD

IOTA has been stuck between the 20-day EMA and the 50-day SMA for the past seven days. The flattening moving averages and the RSI in the positive zone show that selling has subsided. A break out of the downtrend line and the $0.9150 resistance will signal a change in the trend. Therefore, we suggest that traders hold their long positions with the appropriate stop loss.

IOTA

If the bulls sustain above $0.9150, the IOTA/USD pair can rally to $1.24, where it is likely to face resistance.

Our bullish view will be invalidated if the bears breakdown of the support zone between the 20-day EMA and $0.5750.

XMR/USD

Monero fulfilled our buy recommendation on September 1 when it closed above the long-term downtrend line. The positive close was followed up by a further move towards the overhead resistance of $150. Moving averages are on the verge of a bullish crossover, which confirms that the trend is changing.  

XMR

As the RSI has entered into overbought territory, the virtual currency might consolidate close to the $150 level for a few days before breaking out.

The XMR/USD pair will turn negative if bulls fail to hold the next dip above the $109.22 level. Therefore, we suggest holding the current long position with a stop loss of $90. Traders can trail their stops higher in a couple of days.   

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 31

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

A new study from the Initial Coin Offering (ICO) advisory firm Satis Group has claimed that the price of Bitcoin (BTC) could soar to $98,000 within the next five years. However, the company forecasts a lower target for both Bitcoin Cash (BCH) and Ripple (XRP) in that period. According to the research team, Ethereum (ETH) will also lose about half of its share in the next ten years.

The job market in the blockchain and the cryptocurrency industries in Asia is growing and many are shifting from their traditional jobs to be a part of this budding technology.

Japanese messaging app LINE is planning to launch its own cryptocurrency in September. Rakuten, the Japanese e-commerce giant has purchased a domestic crypto exchange, Everybody’s Bitcoin. The government of a South Korean province Gyeongsangbuk-do plans to issue its own digital currency.

This shows that the fundamentals of the sector are improving. So, is this the right time to buy or can the cryptocurrencies fall further before bottoming out? Let’s find out.

BTC/USD

Bitcoin has been struggling to stay above the 50-day SMA for the past two days. This shows a lack of follow up buying at higher levels. The only positive is that the bulls have been able to defend the 20-day EMA and the digital currency has managed to close (UTC time frame) above the 50-day SMA on all the three days.

The 20-day EMA has turned up, which shows that the bulls have a short-term advantage. If prices break out of $7,127, the BTC/USD pair can pick up momentum and scale above the 50 percent Fibonacci retracement level of $7,198.3.

The 61.8 percent Fibonacci retracement level of $7,504.68 might act as a minor resistance, above which the rally can extend to $7,940.89. Once the prices sustain above $7,200, the traders can raise their stops to break even. For now, the long positions can be maintained with the recommended stops.

Our bullish view will be invalidated if the bears sink prices below the 20-day EMA. In such a case, the digital currency will become range bound between $5,900.06 and $6,955.79. Bitcoin will turn negative only if the prices sustain below $5,900.

ETH/USD

Ethereum has recently been one of the weakest cryptocurrencies that we cover. It has not even touched the 20-day EMA in the past few days. This shows a lack of buying support at the current levels.

ETH/USD

It has formed a symmetrical triangle at the lower levels. If the bears sink the prices below the triangle, the ETH/USD pair can slide to $249.93 and further to $205.  

If the bulls break out of the triangle, a move to $358 is probable. However, the 20-day EMA and the downtrend line are formidable resistances on the upside, hence, we shall wait for a buy setup to form before proposing any trades on it.

XRP/USD

Ripple has failed to break out of the downtrend line 2 for the past three days. It has also slid below the 20-day EMA, which shows a lack of buyers at higher levels.

XRP/USD

A move above the 50-day SMA will indicate strength and can result in a rally to $0.5. The trend will change if the XRP/USD pair sustains above the downtrend line 1.

If the bears sink the virtual currency below $0.31, a retest of the August 14 lows is possible. We don’t find any reliable bullish patterns at the current levels, hence, we are not suggesting any trades on it.

BCH/USD

Bitcoin Cash hasn’t done much in the past few days as it remains stuck between $500 and the 20-day EMA.

BCH/USD

Both moving averages are sloping down, which shows that the bears are still in command. The BCH/USD pair is likely to gain strength above the 50-day SMA.

On the downside, the virtual currency will become negative if the $500–$473.906 support zone breaks down. We shall wait for the trend to change before suggesting any long positions on the pair.

EOS/USD

EOS has stayed above the 20-day EMA and $5.65 for the past three days, which is a positive sign.

EOS/USD

For the past two days, the EOS/USD pair has been facing resistance at the 50-day SMA. The bulls have not managed a close (UTC time frame) above this moving average since June 8. A close will indicate a probable change in trend. Therefore, we maintain the buy recommendation made in the previous analysis.

The rising 20-day EMA and the flattening 50-day SMA increase the possibility of a bullish crossover if the price sustains above $6.5. Our bullish view will be invalidated if the price turns down from the overhead resistance.

XLM/USD

Stellar continues to trade inside the range of $0.184–$0.24987525. The longer it stays in the range, the stronger will be the eventual breakout or breakdown from it.

XLM/USD

The XLM/USD pair will complete a bearish descending triangle pattern if it breaks below the $0.184 support level.

On the other hand, the bearish pattern will fail if the bulls break out of the downtrend line. As the bottom of the range at $0.184 has managed to hold on two previous occasions in 2018, we anticipate a strong up move once the bulls break out of the range. Therefore, we retain our buy recommendation made on August 27.

LTC/USD

After failing to break out of the range on August 28 and 29, Litecoin is currently trying to hold  the support at the 20-day EMA. Both moving averages are flattening out. This shows that the selling pressure has reduced and a change in trend is probable.

LTC/USD

The first sign of strength will be when the bulls break out and sustain above the overhead resistance at $62.319. The short-term traders can stay on the long side once the virtual currency scales above $64. Such a move might face resistance at the 50-day SMA, the downtrend line and at $74.

We shall turn bullish on the LTC/USD pair after it breaks out and sustains above $74 for three days. Positional traders should wait for additional confirmation before initiating any long positions.

ADA/USD

Cardano failed to break out of the overhead resistance on August 29 and has extended its stay inside the range of $0.083192–$0.111843.

ADA/USD

Currently, the prices have slipped below the 20-day EMA. The flattening moving averages point to a probable consolidation in the near-term.

A break out of the 20-day EMA will carry the ADA/USD pair to the 50-day SMA. We shall turn positive if the bulls succeed in sustaining above $0.13.

Our neutral stance will be invalidated if the bears break down of $0.083192. We shall wait for a new buy setup to form before proposing any trades.

IOTA/USD

IOTA has turned down from the resistance zone between the 50-day SMA and the downtrend line but found support close to the 20-day EMA. It could not reach $0.82 where we had suggested booking partial profits.

IOTA/USD

The IOTA/USD pair will continue to face selling between $0.815 and $0.9150. After this zone is crossed, the rally can extend to $1.24.

On the downside, the 20-day EMA and $0.5750 will act as strong supports. Both moving averages have flattened out, which shows that the selling has subsided and a change in trend is likely. Therefore, the traders can continue holding the existing long positions with the recommended stops.

XMR/USD

Monero has held above the 20-day EMA for the past four days. It is currently trying to break out of the horizontal resistance at $109.22.

XMR/USD

The zone between the current price and the downtrend line is likely to act as a stiff resistance.

The XMR/USD pair has not broken out of the downtrend line convincingly since topping out in December of last year. If the bulls succeed in closing (UTC time frame) above this resistance, it indicates a probable change in trend. The flattening moving averages indicate that the bears are losing their grip.

Therefore, we retain the buy recommendation provided in the previous analysis.   

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

 

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Yahoo Finance Integrates Bitcoin, Ethereum and Litecoin Trading

Yahoo Finance has integrated trading with Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) on its platform.

While statistics are available on the platform for other digital currencies like Bitcoin Cash (BCH), Ethereum Classic (ETC) or EOS, they currently do not have buy and sell options.

The development has led some in the crypto community to say that it is an important step forward for crypto adoption. Crypto enthusiast and founder of Morgan Creek Digital, Anthony Pompliano tweeted:

BTC continues to trade near the $7,000 price point, according to Cointelegraph’s Bitcoin price index, after it broke through the $7,000 threshold on August 28. At press time, the leading cryptocurrency is trading around $7,043.

ETH is trading around $290 at press time, down 1.36 percent over the last 24 hours, seeing negligible price change on the day. Yesterday, August 28, ETH saw the first major upswing in price performance after a faltering week range bound between $270-280.

LTC is currently trading around $62, down 1.74 percent on the day, according to CoinMarketCap. The total market capitalization of the altcoin is nearly $3.6 billion, while its trading volume over the past 24 hours totalled around $222 million.

In March, the Japanese arm of internet giant Yahoo said it will open a cryptocurrency exchange “in April 2019 or later.”  Yahoo Japan was going to buy 40 percent of BitARG Exchange Tokyo in April, and immediately dispatch executives to lay the foundations for the exchange to launch a year later.

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Cryptocurrency Exchange Binance Buys Ethereum Wallet Service in First-Ever Acquisition


Binance, one of the world’s two largest cryptocurrency exchanges, has just completed its first-ever acquisition.

According to TechCrunch, the Malta-based exchange operator acquired Trust Wallet, creator of the eponymous mobile Ethereum wallet that includes support for ether, as well as ERC-20 and ERC-223 tokens. Terms of the deal have not been disclosed, but Binance confirmed that it included a mixture of cash, Binance stock, and Binance tokens (BNB).

Trust Wallet is not one of the better known Ethereum wallets. It has about 50,000 downloads on Android through the Google Play store, earning a 4.6 out of 5 star rating from 1,138 reviewers. Download statistics were not immediately available from Apple’s App Store, but the wallet had a comparable rating from a similar number of reviewers. For comparison, imToken, the most popular Ethereum wallet, has more than 5 million monthly active users, most of whom are based in Asia.

“The Trust Wallet team shares the same values as us and the products are very complementary,” Binance CEO Changpeng “CZ” Zhao told the publication. “For users who like to withdraw funds into a wallet now we have a product they can use.”

Zhao said that Trust Wallet will continue to operate independently, with Binance providing some administrative and marketing support and otherwise serving as a “godfather” to the wallet service.

By offloading those functions to Binance HQ, Trust Wallet’s development team will have more time to focus on its core product offering, perhaps hastening its planned support for other cryptocurrencies including bitcoin, EOS, and NEO.

The Trust Wallet acquisition comes as Binance is actively working on building a decentralized exchange (DEX), complete with its own public blockchain. Such platforms, which have also been announced by several other major exchanges, will allow users to trade cryptocurrencies without entrusting their funds to a centralized custodian and placing them at risk of hacks and exit scams.

Zhao said that Trust Wallet will serve as one of the Binance DEX’s default wallets, though it’s not clear when the platform will go live.

Binance’s centralized exchange currently ranks as the world’s second-largest cryptocurrency trading platform, with a daily volume of $1.3 billion. Only OKEx, which, like Binance, has created its own crypto token, opened an office in blockchain-friendly Malta, and unveiled plans to create a DEX, has processed more trading volume over the past 24 hours.

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Most Complex dApp on Ethereum Already Has Millions of Dollars at Stake


Augur, which its co-founder Joey Krug previously described as the most complex decentralized application (dApp) on the Ethereum blockchain, has surpassed a million dollars at stake and demonstrated a rapid growth rate over the past few weeks.

Future of Decentralized Betting

In essence, Augur is a decentralized betting platform that exists on the Ethereum network. Because it utilizes smart contracts to autonomously settle bets and payout users, users can practically bet on any subject, topic, or an event.

Since its launch in mid-July, the decentralized prediction platform has demonstrated a rapid rate of growth, portrayed by the increase in its user base, daily volume, and the amount at stake on the platform.

As of July 25, according to the data provided by Predictions.Global, a platform which allows Augur users to view various prediction markets on the Augur network, nearly $1.5 million are at stake on the Augur prediction market. The three largest bets on the Augur network accounted for nearly 80 percent of the ether at stake, which are:

  1. Will price of Ethereum exceed $500 at the end of 2018? ($685,000 at stake, biggest bet)
  2. Will REP token trade above $32 at the end of 2018? ($479,115.72 at stake)
  3. Will the Ethereum (ETH) marketcap be higher than the Bitcoin (BTC) marketcap on December 31, 2019 at 24:00 UTC ? ($27,097.03 at stake)

The complexity of the Augur platform, apart from its technical aspects, revolves around data verification. For instance, in the case of the largest bet on Augur mentioned above, by the end of 2018, Augur would have to verify that the price of Ethereum is in fact larger than $500. But, due to a wide range of variables including exchange premiums, it is difficult to verify that specific piece of information accurately.

In December 2017, the price of bitcoin reached $25,000 in the crypto exchange market of South Korea, even on major trading platforms like UPbit and Bithumb, while the price of bitcoin in other markets such as Japan and the US achieved a peak at $19,500.

Joey Krug, the creator of Augur and the co-Chief Information Officer at Pantera Capital, a billion dollar cryptocurrency hedge fund, said:

“Augur’s about 10x more complex than the second most complicated ethereum project, makerdao, which has about 10 contracts vs augur’s 100 [complexity isn’t a good thing, and the augur team has tried to make it as simple as possible, it’s just a really complicated endeavor].”

Experts Optimistic on Augur Launch on Ethereum

As CCN reported, Brian Kelly, the founder of BKCM and long-time contributor to CNBC’s Fast Money, expressed his enthusiasm towards the fast growth of Augur and its impact on the Ethereum network.

Kelly explained:

“Augur was one of the oldest ICOs [initial coin offerings] and the platform has been in development for about two to three years now. What’s interesting about this is probably going to be one of the biggest decentralized apps launched on top of Ethereum. If Augur doesn’t slow the system down [unlike CryptoKitties] that could generally be a positive for Ethereum.”

Emin Gun Sirer, a professor at the prestigious Cornell University, added that the launch of Augur is monumental for Ethereum, stating;

“Congrats to the Augur Project team, for getting rid of the crutches and delivering something that stands on its own.”

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China’s ‘Dream City’ Taps Ethereum Dev. Studio ConsenSys for Blockchain Push


Government officials in Xiongan New Area have announced a partnership with Ethereum development studio ConsenSys to develop blockchain initiatives for China’s “dream city.”

According to the South China Morning Post, the Xiongan government has signed a memorandum of understanding (MoU) with the U.S.-based ConsenSys to “establish Xiongan as a next-generation smart city and a leading blockchain innovation hub.”

Formally announced in 2017, Xiongan is a pet project of Chinese President Xi Jinping, and the central government has said that it will eventually move a number of “non-core” government agency and research facility headquarters to the region from Beijing.

The partnership with ConsenSys — whose founder, Joseph Lubin, also co-founded Ethereum — marks the first time that Xiongan has publicly enlisted the efforts of a foreign development studio to contribute to its blockchain efforts. However, this technological field is central to the city’s agenda.

In fact, the government has listed blockchain as one of several cutting-edge technologies that it believes can turn Xiongan into a leading tech center, and it has enlisted the efforts of a number of domestic firms including Tencent and Ant Financial to develop blockchain initiatives for both public and private services in the city.

“As one of our first major projects in the People’s Republic of China, we are excited to help define the many ‘use cases’ that could benefit from the trust infrastructure enabled by ethereum technology,” Lubin was cited as saying in a statement.

It’s not the first time ConsenSys has consulted on a government-backed blockchain project.

Last year, ConsenSys was named official blockchain city advisor to the city of Dubai, whose “Smart Dubai” project aims to see the emirate move all of its documents and transactions to a blockchain platform by 2020.

ConsenSys also recently partnered with Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) to host a three-day blockchain bootcamp in the Middle-Eastern country.

Finally, the firm partnered with South Africa’s central bank to assist the bank in developing a proof-of-concept (PoC) project for processing wholesale payments using Quorum, an Ethereum-based enterprise blockchain launched by multinational investment bank JPMorgan.

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These Digital Monsters Live on Ethereum, But They'll Fight on Zilliqa

Before my one and only “mon” reached level 4, I was out of ether.

Such was the end result of my first experience with Etheremon, a game inspired by Pokemon and built on the world’s second-largest blockchain, ethereum. I had around $15 worth of ether to spare, so I decided to try it out, eventually arming myself with a cute, fire-themed creature called Kyari.

But I quickly ran into an issue with the blockchain game. Namely, with $15, I never got a chance to move on to more interesting gameplay: battling other users’ mons, “evolving” my mon into more powerful forms, laying eggs or making trades.

Every action, from “catching” the mon (in reality a non-fungible ERC-721 token) to “training” it in gym sessions with other mons (i.e., altering the data associated with that token), had cost the equivalent of a dollar or two.

The reason is that every update to Etheremon’s smart contracts calls for “gas,” part of a complex fee mechanism that incentivizes the miners who maintain the ethereum blockchain. Making matters worse, these transactions often took several minutes to complete.

Such problems – transactions that cost too much and take too long – are known by the shorthand “scalability” in the blockchain world, and they’ve caused severe headaches for game designers who want to use a decentralized platform like ethereum.

Poor user experience – which also involves having to buy ether and install a browser extension that can connect to the blockchain – has stunted adoption. Etheremon is the second-most popular ethereum-based game, but that’s not saying much. At the time of writing, it’s had just 209 users over the previous 24 hours, according to DappRadar.

At one point, gas costs rose so much that Etheremon’s developers had to take drastic action.

“It became super, super expensive, and we saw our daily active user drop a lot,” co-founder and business development director Nedrick Ngo told CoinDesk.

As a result, the team moved “battles” – in which users pit their mons against others’ for experience points and bragging rights – off the ethereum chain and onto centralized servers.

Partially re-centralizing a decentralized game seems like it’s missing the point, however, so Etheremon announced earlier this month that it is planning to move much of the gameplay to a new, soon-to-be-launched blockchain protocol called Zilliqa (both Zilliqa’s and Etheremon’s teams are based in Singapore).

But in a decision that may reflect an emerging trend in the development of decentralized applications (dapps) such as Etheremon, the designers don’t plan to move the game’s assets. The tokenized “mons” that encode data such as level, experience points and evolutionary form – data that gamers have earned through many slow and costly actions – will stay on ethereum for the time being.

In other words, Etheremon will be one game on two blockchains: a zippier, more scalable chain on top, allowing users to play the game quickly and cheaply; and an (arguably) more secure chain below, providing users with the reassurance that their hard-won assets are safe from attack.

As Ngo put it:

“Zilliqa would work as a side-chain for us.”

Zilliqa: sharding from launch

Ethereum’s developers have a number of scalability projects in the works. But according to Ngo, Etheremon’s team and its users can’t wait around for those to be implemented.

“They have to commit Casper and then proof-of-stake and then sharding, so it will take a long time,” he told CoinDesk.

Zilliqa, by contrast, is rare if not unique in the world of blockchain protocols, in that it is integrating sharding, a technique that’s been used to manage more traditional databases for decades, from the get-go.

Amrit Kumar, Zilliqa’s  co-founder and head of research, said the technique has allowed the network to process 2,488 transactions per second in tests, whereas ethereum, right now, can manage perhaps a couple dozen.

Kumar explained how sharding works in a blockchain network using an example.

Given a network of 10,000 computers (known as “nodes”), he said, a sharding protocol would split those up into 10 smaller networks (or “shards”) of 1,000 nodes each. Each shard would then process a subset of the total transactions. Every time Alice sent some cryptocurrency tokens, for example, shard A would process the transaction. Every time Bob sent some, the transaction would go to shard B.

This technique is relatively new territory for blockchains, but Zilliqa’s team brings serious academic credentials to bear on the problem.

Two authors of an early paper laying out a blockchain sharding protocol are involved: Zilliqa chief scientific advisor Prateek Saxena, and Kyber Network CEO Loi Luu, who advises the project.

Kumar said Zilliqa, which is expected to launch before the end of the third quarter, aims to be “the go-to platform for applications which require high throughput and high scalability.”

Bedrock ethereum

Scalability and throughput are not the only considerations for Etheremon’s developers, however.

Users want gameplay to be fast, but they want to be sure there’s no risk of losing their lovingly bred, trained and evolved monsters. The mons represent a good deal of accumulated time and expense for some users, and therefore there are currently no plans to migrate these tokens over to a new chain.

Instead, the data from gameplay on Zilliqa will periodically be synced over to these tokens.

“We actually feel that keeping all the in-game assets on the ethereum network is very secure,” said Ngo.

Kumar said he understood why Etheremon would keep in-game assets where they were:

“Ethereum is certainly an established network and we do understand that there’s still some benefit of using ethereum.”

He argued, however, that in certain ways Zilliqa offers more security than ethereum, because Zilliqa’s non-Turing complete language, Scilla, means “you won’t be able to write a buggy contract like [the] DAO,” the ethereum-based victim of an infamous 2016 hack. According to Kumar, because Scilla is not as complex as ethereum’s language, Solidity, it is easier to test for vulnerabilities.

On the other hand, Zilliqa’s method of reaching network consensus, practical Byzantine fault tolerance (PBFT), is potentially more vulnerable to certain kinds of attacks than ethereum’s proof-of-work method. Unlike bitcoin or ethereum, which are theoretically secure so long as the majority of the nodes follows the rules, PBFT presents a potential limitation, in that it requires two-thirds of nodes to be “honest.”

In other words, PBFT runs the risk not just of 51 percent attacks, but 34 percent attacks. Although, Kumar argued that the situation is actually more complicated, since it’s possible to attack a proof-of-work blockchain without controlling a majority of nodes.

Whatever the actual security advantages of keeping Etheremon assets on ethereum versus moving them to Zilliqa, this sort of architecture – in which a slower, battle-tested chain is used to store assets while a top layer processes transactions – may be catching on.

Loom Network offers tools to build dedicated sidechains for decentralized games that are anchored to ethereum, and has begun exploring shared sidechains that host multiple games.

“It’s really important to have that decentralized base layer of ethereum,” Loom Network co-founder James Duffy told CoinDesk in May, “because then you can use it like the high court.”

At the moment, Etheremon and Zilliqa have yet to figure out how exactly to juggle two chains, but Ngo was optimistic, telling CoinDesk this is “just the first stage of the collaboration.”

Etheremon gameplay image courtesy of Etheremon

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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