Binance Coin Controversy: Love it or Hate it BNB Keeps Climbing

As expected when a two day rally occurs on crypto markets there is the inevitable correction. Total market capitalization and daily volume has fallen back as day traders take profits and top performing crypto assets start to cool off and fall back. There are a couple however that are defying this much repeated market movement and continuing to climb at the moment.

Binance Coin Crushing the Competition

The crypto asset holding above the rest and continuing to surge at the time of writing is Binance Coin. In less than a week BNB has made and held an epic 30% climbing from less than $8.50 last week to $11 before dropping a little to today’s price just below it. On the day BNB is up 13.5% as it outshines every other altcoin in the top fifty.

Daily volume has surged from $80 million to over $134 million, most of that over the past 12 hours. With Binance being the top exchange it stands to reason that BNB would possibly act like a stablecoin when traders are taking profits. If their trades are taken in BNB pairs, its volume and price will increase when they’re pulling out of other coins, which is what has been happening over the past few hours. Some have tried to decipher the controversy surrounding BNB with lengthy tweets;

Not all are convinced about Binance Coin though with some observers calling it a ‘manipulated Ponzi scheme controlled by one man’ on twitter. Others are equally critical of BNB labeling it as a centralized security token;

Either way Binance Coin is one of today’s top performers and since the beginning of the year has made a staggering 83% gain.

Stellar Flips Tron Showing Small Gains

Stellar has been losing momentum for quite a while now as it slipped down the market cap charts. Today however it has regained a place, flipping Tron for eighth spot at the time of writing.

With a further 5% gained on the day XLM has reached $0.088 with a market cap of around $1.68 billion, enough to pass TRX which is currently on $1.65 billion as it loses 1.5% in the correction. Tron has enjoyed a lot of momentum recently and has been one of the top performing altcoins this year with a gain of over 30% since January first. Stellar on the other had has been in decline, losing 22% in the same period. Stellar has a strong dev team with a lot of project updates so the lack of momentum recently is a little perplexing.

Maker is the other crypto asset that has shown impressive gains in recent weeks, climbing a further 10% on the day and 23% since the same time last week.

Image from Shutterstock

The post Binance Coin Controversy: Love it or Hate it BNB Keeps Climbing appeared first on NewsBTC.

Crypto Market Wrap: A Few Survivors As Markets Correct

Market Wrap

Crypto markets starting to pullback; BNB, Maker and Stellar are keeping in the green, BCH, and Ethereum starting to slide.

Crypto markets have started to correct as expected after a two day buying bonanza. Volume and market capitalization has pulled back a little as traders start taking profits. The next few days will be crucial in determining if recent gains can hold.

Bitcoin hit resistance in an intraday high at $4,010 a few hours ago and, as predicted, pulled back to $3,940 where it currently trades. This is pretty much where BTC was yesterday after testing the same resistance level indicating further losses could be coming soon.

Ethereum, after a very strong rally, has dropped 3% on the day as it corrects. ETH is currently trading at $142 and the gap to third has decreased back to $1.6 billion. XRP has remained stable on the day and is still at $0.323.

In the top ten, Binance Coin is running away with it as a further 12% is added on the day. BNB touched $11 before falling back to $10.80 where it currently trades. The only other altcoin defying the pullback is Stellar which has made 4% enabling XLM to flip Tron for eighth place. The rest are in decline with Bitcoin Cash dropping the most at 4%, back to just above $140.

Most altcoins are also correcting in the top twenty during today’s Asian trading session. One making an opposite move is Maker which has had a lot of positive momentum lately. MKR has added a further 8% on the day moving ahead of NEO in sixteenth to trade at $620. Everything else is dropping a percent or two.

Storj has entered the top one hundred with a fomo driven pump of 15% at the time of writing. WAX is up and down like a yoyo, today pumping again with 13%. Binance Coin is the other top performer at the moment. There is only one double digit dump with REPO dropping 11% at the messy end of the table. ODEM is also having a bad day with a 9% dump.

Total crypto market capitalization is holding above $130 billion but falling back slowly. After hitting a peak of $136 billion markets are now in decline as volume shrinks back to $30 billion during the selloff. Since last Wednesday markets have made 9% but the big question now is will these gains hold or is a big dump about to start again.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Market Wrap: A Few Survivors As Markets Correct appeared first on NewsBTC.

Crypto Fundamentals: What is Driving The Massive $20 Billion Rally and How Long Will it Last?

In the past 3 weeks, the valuation of the crypto market has increased by more than $22 billion from $111 billion to $123 billion.

Source: Coinmarketcap.com

There is no shortage of technical charts, indicators, analysts and observers trying to predict where crypto markets and Bitcoin will go next. They are far more volatile than traditional stock or forex markets so many of these indicators may not be applicable in the same way. A lot is just guesswork so a combination of fundamentals and technicals may give us a better idea of what is going on.

A Fundamentally Strong Environment for Crypto

While most analysts agree that from a technical standpoint the bear market is not over yet, fundamentally things could not be better for Bitcoin and crypto. Late 2018 and so far this year the news has all been pretty good for Bitcoin and its brethren despite the opposite happening to prices.

Now that the US government has been switched back on, progress can be made at the SEC and CFTC on regulatory approval for a number of highly anticipated crypto investment products. Huge names including the Intercontinental Exchange (ICE) and Fidelity are in the holding pattern alongside others such as ErisX waiting to launch Ethereum futures. It is expected that one of these will be approved within the next month or two which could be a big driving factor for market momentum.

Digital asset regulation is progressing in many nations in the Middle East and across Asia as doors slowly open to crypto. Two years ago the space was a daunting quagmire for many governments and only China seems to have slammed the door on it completely. Today more countries have welcomed the nascent industry than ever before.

Big banks getting involved are unlikely to drive momentum for individual cryptos but things like the JPMCoin serve to increase overall awareness and acceptance of them. Digital currencies are here to stay and the fintech and internet giants need to be a part of it. Samsung’s next flagship smartphone, the Galaxy S10, will have crypto wallet functionality built in. Google and Facebook are actively recruiting blockchain teams and Rakuten, Japan’s equivalent of Amazon, is reportedly considering crypto payments.

Lightning Network Growth

On the technical side Bitcoin’s Lightning Network continues to grow in terms of unique channels which are now numbered at over 25,000. Ethereum is due for a network upgrade at the end of the month when Constantinople finally gets deployed and progress is being made with a lot of the major blockchain dApp platforms such as EOS, TRON, and NEO.

Some crypto assets have already turned around and have started up trending since their lowest points of last year. Cryptos that have made over 100% since mid-December include Litecoin, EOS (on today’s rally), TRX, Binance Coin, and Ethereum is close with a recovery of 80%.

Fundamentally things are looking good for the industry so if this current rally doesn’t last, don’t worry, the next one probably will.

Image from Shutterstock

The post Crypto Fundamentals: What is Driving The Massive $20 Billion Rally and How Long Will it Last? appeared first on NewsBTC.

What Caused EOS to Surge 30%, Flip Litecoin and Lead Today’s Crypto Rally?

Following yesterday’s positive start to the week crypto markets have continued to rally adding another $8 billion to total market capitalization. Ethereum started the run but EOS is today’s moon shot as it surges 30%.

EOS Top Performer in Top 100

EOS has been a train over the past 24 hours pumping from $2.90 to an intraday high of $3.80 resulting in a 30% gain in a single day. It has since pulled back a little but is still the best performing altcoin in the top one hundred at the time of writing.

Daily volume has also surged from $950 million to over $2.2 billion as fomo fervor grips day traders. It is the highest volume since June 2017 when the token traded at over $10. According to Coinmarketcap.com the Bit-Z exchange has had the most EOS trade with almost 20% of the total in BTC and USDT pairs.

Today’s big pump pushes EOS to a 2019 high and the highest price it has traded at since late November when things started to dump hard across all crypto markets. Market cap for EOS is now around $3.3 billion which has allowed it to barrel past Litecoin and retake its place as the fourth largest cryptocurrency in the world. LTC has only managed to gain 7% which takes its market cap to $2.8 billion.

FOMO Rulez

The two day crypto rally was initiated yesterday by Ethereum which surged 12% outperforming all of the coins around it. Looking into the EOS Reddit there does not appear to be any major factor driving momentum at the moment aside from fomo. A whole bunch of comments there shines very little light on why EOS is outperforming the rest at the moment;

“Seriously. Literally every coin in the top 50 from CMC is up except for the stablecoins. EOS going up has nothing to do with EOS,” added one poster.

There is equally little on the Block.one twitter feed in terms of latest news or updates from the project that could be the cause of such a surge in price. The same can be said for the EOS.io Medium site. Looking at Dappradar shows both EOS and Tron dominating the top ten dApps by user volume which is a good sign of growth for both networks.

The bigger question should be; can this rally be sustained and will it grow into a longer term uptrend for EOS and all crypto assets. Some analysts seem to think so but for now all we can do is enjoy it while it lasts.

Image from Shutterstock

The post What Caused EOS to Surge 30%, Flip Litecoin and Lead Today’s Crypto Rally? appeared first on NewsBTC.

Crypto Trading Volume Hits 9 Month High at $34 Billion

Market Wrap

Crypto markets still rallying; EOS and BCH running away with it, Cardano, Dash and ETC performing well.

The big crypto rally which began with Ethereum yesterday has continued today where a different top performer has emerged. Total market capitalization reached a high of $134 billion as a further $9 billion was added to yesterday’s pump.

Daily volume has not been over $34 billion since late April 2018 according to Coinmarketcap. This marks a huge 9 month milestone in crypto trading volumes and some analysts have predicted the beginning of what they term as ‘altcoin season’ where market cap for them alone reaches a pivotal resistance point on the long down trend line.

Bitcoin has approached key resistance at $4,000 before pulling back to current levels around $3,920. This represents a 5% gain on yesterday’s levels where BTC reached $3,750. Bitcoin has run out of steam in previous recent two-day rallies so it is not expected to break resistance.

Ethereum has extended its lead over XRP by adding another 7% on the day to reach $147. The gap between the two is now just over $2 billion as Ripple’s token faces possible competition from JP Morgan’s new stablecoin. XRP added 5% on the day to reach $0.324.

Today’s top ten champion is EOS which surged 30% before pulling back to current levels around $3.60. It has raced past Litecoin and retaken fourth place with a clear margin of nearly $400 million. EOS volume pumped to over $2.3 billion pushing the token to a three month high. Bitcoin Cash is also performing well during the day’s Asian trading session as it adds double digits and approaches $150.

The top twenty is showing a more balanced round of gains with Cardano, Dash and Ethereum Classic leading the group here making over 8% since the same time yesterday. The rest are showing solid improvements from low levels over the past 30 days.

Aside from EOS and BCH, big fomo is also going to Mixin at the moment pumping 17%. Holo is also getting a big hit with a 15% jump on the day. EOS is the top one hundred’s top performer though. Predictably yesterday’s pump is dumping today as WAX sheds 16% and Quant is not far behind dropping 9%.

Total crypto market capitalization has increased by 6.4% on the day and is currently just below $133 billion. The $8 billion injection is significant but the increase in daily volume to a nine month high of $34 billion could be signs of a continuation of this rally and possible trend reversal.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Trading Volume Hits 9 Month High at $34 Billion appeared first on NewsBTC.

XRP Loses Momentum: Could JP Morgan’s Crypto Spell Trouble For Ripple?

Ripple’s XRP token has lost momentum of late. A couple of weeks ago it was the second largest crypto asset by market capitalization by a good margin. At the moment it can’t seem to get out of second gear as Ethereum streaks ahead increasing its lead.

In today’s market wide crypto rally XRP has only managed to eke out a 2% gain taking it to $0.307 at the time of writing. It is down over 5% on the month while others around it have been making better gains. There have been questions about XRP market cap and possible manipulation; it is currently being reported as $12.7 billion by Coinmarketcap.com. This is almost $2 billion behind Ethereum which is making good gains recently in the lead up to Constantinople at the end of the month.

Is JPMCoin a Real Ripple Rival?

The news last week that Wall Street giant JP Morgan intends to launch its own digital coin has drawn a big reaction in the crypto sphere. Many have said that this could be Ripple’s largest rival and may even spell the end for it;

“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple,” Bloomberg business editor Joe Weisenthal tweeted.

The arguments that the JPMCoin, which will be pegged to the dollar, could replace Ripple are strong. Tom Shaughnessy, principal at Delphi Digital, a crypto research boutique in New York, said; “This is a huge slap in the face for Ripple. Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat,”

The relevance of these comments really depends on the usage and purpose of the new stablecoin. The bank’s blockchain and digital treasury services head, Umar Farooq, explained;

“When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of U.S. dollars, reducing the typical settlement time.”

This sounds remarkably similar to Ripple’s xRapid platform which uses XRP instead of a stablecoin. The difference being that JPMCoin being pegged to the dollar is stable whereas XRP prices are still highly volatile. There are a number of other major differences; Ripple’s system can handle multiple currencies and countries whereas JP Morgan’s will only be in USD for its institutional clients according to Forbes.

Both solutions are centralized but JPMCoin will run on a Quorum based private permissioned blockchain that is owned by the bank making it even more centralized than XRP. Naturally Ripple boss, Brad Garlinghouse, picked up on this tweeting last week;

Banks will be reluctant to use public crypto assets for their own purpose preferring to keep a tight leash on any coin projects that that launch. The JPMCoin is just another service by the Wall Street bank whereas XRP remains a speculative asset that will continue to see those price fluctuations as the crypto industry evolves. It appears unlikely that another centralized stablecoin will do much damage to Ripple in the short term but the banks are likely to continue developing their own in house solutions rather than working with third parties which is a bit of a slap for Ripple.

Image from Shutterstock

The post XRP Loses Momentum: Could JP Morgan’s Crypto Spell Trouble For Ripple? appeared first on NewsBTC.

What Has Caused Ethereum to Surge and How Far Will it Go?

Crypto markets have started the week on a positive note with a $5 billion rally that has resulted in most tokens posting solid gains. The top performer at the moment however is Ethereum has it surges 12% and increases its lead over XRP in third.

Ethereum Beating Bitcoin on Recovery

Currently outperforming every crypto asset in the top 25, Ethereum has pumped 12% over the past few hours to take it to $138. Conversely XRP has not enjoyed much attention in this current rally so the market cap gap between the two of them has now widened to almost $2 billion.

Daily trade volume for Ethereum has also jumped from $2.8 billion to $4.7 billion after spending the past week hovering just above $120. Since its low for 2019 on February 6 of $103 Ethereum has made 34%. Bitcoin in the same period has only managed to gain 10% to its current levels.

Ethereum momentum is likely to be driven by the approaching Constantinople hard fork which introduces a number of network improvements. The estimated date now is March 1 according to this countdown timer to block 7280000. There will be two events taking place, Constantinople introducing several Ethereum Improvement Proposals, and Petersberg to remove one buggy EIP.

Some have speculated that the hard fork is actually bearish for Ether as postponing the difficulty bomb will result in a diminished supply reduction. The block reward adjustment buys a little more time until Proof of Stake is implemented with the Casper upgrade. At the moment though ETH is getting a solid boost as it heads towards $150.

Ethereum Futures Revisited

ErisX boss, Thomas Chippas, has recently revived interest in long awaited Ethereum futures by filing a letter to the US Commodity Futures Trading Commission (CFTC) outlining their importance for market health. The company, a designated contract market and pending derivatives clearing organization, has close ties to fintech industry giants such as Nasdaq, ConsenSys and TD Ameritrade and has largely been seen as a rival to Bakkt.

“ErisX believes that the introduction of a regulated futures contract on Ether would have a positive impact on the growth and maturation of the market for Ether, as well as the Ethereum Network more broadly,” the letter stated.

Chippas added that the CFTC has previously approved of Bitcoin related products and Ethereum is built upon some of the architectural principles of Bitcoin to extend its functionality. The letter continues to laud the benefits of Ethereum and how a regulated investment vehicle based upon it would ‘promote responsible innovation and development in the derivatives market.’

Ethereum is showing the love today at least as it outperforms the top twenty five crypto assets by a clear margin.

Image from Shutterstock

The post What Has Caused Ethereum to Surge and How Far Will it Go? appeared first on NewsBTC.

Crypto Markets Hit Monthly High With $5 Billion Pump

Market Wrap

Crypto markets moving on Monday; Ethereum is surging, BCH and Maker going strong, Tron and NEO are weak.

Crypto markets are rallying this Monday morning as $5 billion gets pumped back in over the past 24 hours. The upward momentum began around nine hours ago and market capitalization has now surpassed $125 billion for the first time in a month.

Bitcoin climbed to an intraday high of $3,740 a few hours ago before pulling back a little. It has broken through previous resistance levels at $3,650 to hit a new monthly high. At the moment BTC is showing a daily gain of 2.2% as it trades at $3,720.

Ethereum is the clear winner in crypto land at the moment as it pumps 11% on the day to a high of $138. Hard fork fervor seems to be driving ETH prices as there is only ten days to go for the second attempt at Constantinople. XRP conversely is still weak, adding only 2% and falling back to widen the gap to $1.6 billion behind ETH.

The top ten is all green during Asian trading today with Bitcoin Cash making the most after Ether at 6%. EOS gaining 3% has not been enough to retake fourth from Litecoin which hasn’t done much. Binance Coin continues to climb with another 3% on the day, while TRX is weak with no gains.

Looking at the top twenty Maker continues its march with another 8% on the day taking MKR to $555. Cardano has made a rare pump of almost 4% and the rest are 2-3 percent higher on the day aside from NEO which has not moved.

The big fomo in the top one hundred is going to WAX at the moment which has surged 40%. Close behind it is Ark pumping 30% as it gets integrated into Exodus wallets. There are no big dumps going on right now but Aurora is at the bottom of the list dropping 3%. All altcoins are generally performing well today.

Total crypto market capitalization has expanded by $5 billion over the past few hours reaching a monthly high of $125 billion. Daily volume is also strong at $26 billion, its highest level in 2019. Ethereum is leading the rally right now as Bitcoin dominance drops to 52%.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Markets Hit Monthly High With $5 Billion Pump appeared first on NewsBTC.

Crypto Market Wrap: Consolidation Continues, Is a Breakout Imminent?

Market Wrap

Crypto consolidation continues; Litecoin still inching up, NEO making progress, everything else is flat.

Crypto markets are looking a little erratic as we enter the weekend but in the grand scheme of things nothing has changed over the past seven days. Total market cap has crept up marginally but most tokens are still consolidating within their slim boundaries.

Bitcoin has bounced of intraday resistance levels of $3,640 twice but is still holding above major support at $3,600. Lower highs have been made all week indicating that BTC is likely to turn bearish soon, especially if it falls below the key $3,600 level.

Ethereum is stable at $123 still, it has not moved a bit over the past 24 hours and remains where it has been since mid-week. XRP is slowly weakening and the gap between the two has now widened to $450 million.

There has been so little action for the majority of the top ten that they are showing tenths of a percent change over the past day. Litecoin is the biggest mover with 2% as it pulls away from EOS and increases the market cap gap between them. Very little else is going on in this section.

NEO is today’s top coin in the big twenty as it adds 3% on the day. Tezos is creeping back towards a top twenty place adding 2% but it is still a way off Zcash. Maker and NEM are dumping 4-5 percent following a couple of days of reasonable gains.

There are only two altcoins in double digits at the time of writing. Ontology and Aelf have added 16% a piece during the Asian trading session. The Parity Games partnership appears to be driving momentum for ONT. There are no big dumps going on at the messy end of the top one hundred but the day’s worst performers are Aurora and Revain.

Total market capitalization has not moved over the past 24 hours and remains a fraction higher at just over $121 billion. Markets are still range bound in a very tight channel where they have been all week. There are no signs of momentum in either direction and the tedium continues in crypto land.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Market Wrap: Consolidation Continues, Is a Breakout Imminent? appeared first on NewsBTC.

Will Bitcoin Block Size Reduction Argument Cause Another Crypto Conflict?

Things have been busy in crypto land this week and the big debate over Bitcoin’s block size has only just been usurped by JP Morgan’s attempt to launch its own completely centralized crypto coin. The block size issue is an important one so we’ll delve a little deeper into that.

Another Crypto Conflict Imminent?

Bitcoin Core, the enigmatic code that runs the world’s largest decentralized currency, has a highly calibrated and specific set of instructions and protocols. Any attempt to deviate from them is usually met with brimstone and fire from the developers and community. When they disagree a hard fork usually occurs and there have been a lot of them over Bitcoin’s short ten year lifespan.

The highly controversial proposal discussed this week came from Core developer Luke Dashj who suggested decreasing the size of the blocks from their current 1Mb to 300Kb. In theory this may increase adoption by reducing costs associated with network participation.

Since the Bitcoin network has grown so large now (over 200Gb) running a full node, which stores and updates a copy of the entire blockchain, is extremely resource intensive and costly. The reduction in block size would alleviate these expenditures but would require the majority to move to a soft forked version of the existing BTC chain.

The decentralization case is a strong one; if data centers are required to run full nodes then the network effectively becomes centralized. Blockstream’s strategy chief Samson Mow told Hard Fork;

“This is also why most Bitcoin users do not want huge blocks, because then full nodes could only be run in data centers, which perfectly defeats the purpose of having a decentralized network,”

Some of the community have backed this notion and still advocate for a smaller block size to reduce the potential centralization of running full nodes. The counter argument is that this ‘minor tweak’, as some have described it, will result in a huge disruption to a well-functioning system.  The demise of Bitmain has already reduced centralization concerns and smaller blocks would be of greater benefit to miners who can earn more from transaction fees. The crypto community on twitter has also had their say as the debate rages on;

Bitcoin guru John Carvalho added; “Right now, there isn’t a lot of support for [block size] adjustment ideas because many see it as a controversial and sore topic. We all still feel the bruises from the Segwit2x/No2x/BCash debates,”

There has also been a big push to the Lightning Network which could be affected as proponents of the recently forked Bitcoin SV noted;

The most pertinent comment though highlights that infighting such as this can only cause longer term damage to Bitcoin and the entire ethos of decentralized currencies;

Changes to the established code and network are always a hot potato in the crypto world, and block size is top of that tree. Bitcoin has a long way to go before it can truly be considered autonomous and decentralized and these debates are part of that evolution process for the nascent technology. However, with markets battered and bruised, another public crypto conflict between rival factions will cause more damage than good in the short term for Bitcoin and its brethren.

Image from Shutterstock

The post Will Bitcoin Block Size Reduction Argument Cause Another Crypto Conflict? appeared first on NewsBTC.

XEM Rises From Crypto Ashes as NEM Foundation Soldiers On

News that a crypto project has to downsize and restructure is never good. The bear market has battered all but the extremely resilient and most organizations have had to tighten their belts somewhat.

NEM Foundation Restructures, Reveals Debts

The NEM Foundation has managed to rescue its project from crypto oblivion through a series of funding proposals and restructuring. At the end of last month the Foundation revealed that it had less than one month of funding remaining and that downsizing was inevitable. Following that news the token dumped 34% over the next ten days to a 2019 low of $0.034 (1010 satoshis).

This week a further announcement was released with proposals for funding and joint collaboration between the two divisions of the organization, the Foundation and NEM Labs. A massive restructuring has started and the Foundation has called for a ‘proof of importance’ (POI) vote in support of a funding request from the community. The core of the project is now known as Catapult and it will become the new NEM engine for dApps and smart contract deployment.

The team has painfully admitted and made public the level of debt and what remains for future funding of staff and development;

“Yes, our team will be in debt once February expenses are paid … Total potential expected debt if everything is fully paid for: ~$15,000- $50,000 USD … We had 150 employees in 2018 and are projected to have ~54 employees (both fulltime and consultant) in 2019.”

With a clear path forward though, the project has a chance of survival and those that remain with it are confident in the future for NEM. These results can already be seen in token performance today.

XEM Market Reaction

XEM is the top performing altcoin in the top twenty at the time of writing. It had made 8% on the day when it reached an intraday high of $0.044 (1230 satoshis) a couple of hours ago. Daily volume has doubled from $12 to $24 million with Binance being the top exchange for NEM trade.

Over the past seven days XEM has made an impressive 22% climbing from $0.036 (1085 satoshis) this time last Friday to where it trades today. The longer term picture is not so pretty for NEM which has largely fallen out of favor along with most of the other crypto tokens that have dropped out of the top ten.

Nobody could have envisaged a dump of over 97% from all-time high but the NEM Foundation has taken the right approach under the circumstances. Restructure, keep building, and soldier on though hard times.

Image from Shutterstock

The post XEM Rises From Crypto Ashes as NEM Foundation Soldiers On appeared first on NewsBTC.

Crypto Market Wrap: Could Binance Coin Flip Stellar (XLM) Soon?

Market Wrap

Crypto markets continue consolidating; Litecoin back in fourth, BNB, XLM and NEM moving, Maker falls back.

Movements have been minimal on crypto markets as we round out another week. The good news is that gains made this time last week have held for now but signs of further upward motion have not materialized. Total market capitalization has remained over $120 billion as the consolidation continues.

Bitcoin is range bound in a very tight channel at the moment between $3,600 and $3,650. It has not changed in price since the same time yesterday but has consolidated above support levels so could move higher in the short term.

Ethereum is still flat at $123 with zero movement over the past few days. Momentum is expected as Constantinople draws closer next week. XRP is holding $0.30 and also range bound, the gap between the two remains at $300 million.

There is not much to report in the top ten during the day’s Asian trading session. Litecoin has re-flipped EOS and taken fourth place back with a 2.5% gain to $43, though the gap between them is negligible. Binance Coin is yet again the top mover here with 4% added and a rare blip by Stellar has sent XLM up 2.5% on the day – the gap between the two is now only $200 million.

NEM has made the biggest move in the top twenty with 5% as the organization restructures and moves forward with the project. Very little else is going on and a few such as Monero, Maker, and Zcash are falling back 3% or so.

Crypto.com’s MCO token its getting today’s fomo spike with a 26% jump as Singaporean crypto credit cards gather steam. Tezos is also having a good Friday with 8% added on the day. At the red end of the top one hundred is MOAC dumping 10% and yesterday’s pumped Komodo dropping 7%.

Total market capitalization dipped back to $119 billion but has recovered to the same level as yesterday, $120 billion. The sideways motion continues and there is very little going on with markets at the moment. Gains made in last Friday’s big pump have held for the week leaving markets at the same place they were this time last month.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Market Wrap: Could Binance Coin Flip Stellar (XLM) Soon? appeared first on NewsBTC.

How Will Ethereum Hark Fork Effect Prices This Time Around?

Just 48 hours before the planned Constantinople hard fork for Ethereum the brakes were anchored on as a network code vulnerability was discovered. The price of Ethereum took a dive and the upgrade was postponed until the end of this month.

As we approach the new date for Constantinople, Ethereum is holding steady while most other crypto assets are falling back again. The hard fork this time around will take place at block 7,280,000 which has been estimated around February 27. Hudson Jameson from the Ethereum Foundation confirmed when he spoke to Coindesk; “I suspect it will go as planned. The block number has been set and [the upgrade] is hard coded in the clients now so it’s going along fine,”

The previous problem was with Ethereum Improvement Proposal (EIP) 1283 which proposes net gas metering changes for SSTORE opcode, enabling new usages for contract storage, and making it cheaper to do certain things on chain.

Several test networks including Ropsten had already activated Constantinople and the buggy EIP so a new hard fork called Petersberg was needed to remove the EIP. Both will be activated on mainnet later this month. ChainSecurity COO Matthias Egli added;

“For all practical means for any developer out there on the mainnet, there will not have been Constantinople really, just Petersberg … Technically in the code, you have two conditions. One says Constantinople gets active at block number [7,280,000] and at the same block number Petersberg gets activated, which takes precedence over Constantinople and immediate supersedes it.”

Usually a major network upgrade and improvement is bullish for the asset however some analysts think that this one could be bearish. According to Alex Krüger postponing the difficulty bomb will actually result in a smaller supply reduction;

EIP 1234 deals with the difficulty bomb which has been delayed for around 12 months. This block reward adjustment is to effectively buy more time until PoS is implemented with Casper by extending the ‘ice age’ or difficulty to prevent the current blockchain freezing. He added that the fork will stabilize ETH issuance levels at about a third lower than November’s.

Ethereum Price Reaction

At the moment Ethereum has been outperforming its brethren, it is currently the only crypto asset in the green in the top ten but only just. Holding at $123 Ethereum has extended its market cap lead over XRP in third to $400 million.

Over the past seven days Ethereum has gained 17% and this momentum may well continue up to the fork. ETH prices dumped 7% on January 16 when the last hard fork was postponed, leading up to it however things were bearish and there was no respite for Ethereum following a market wide dump a few days prior. This time around things are looking a little brighter for the world’s second largest crypto currency, at least for the moment.

Image from Shutterstock

The post How Will Ethereum Hark Fork Effect Prices This Time Around? appeared first on NewsBTC.

Novogratz: Institutions Will Drive The Next Crypto and Bitcoin Boom

Founder and chief executive officer at Galaxy Digital, Mike Novogratz, recently appeared on Bloomberg TV to discuss crypto and Bitcoin. Acknowledging the crypto crash, he remains bullish and expects another rally to come soon.

Bitcoin Will Become Digital Gold

The main focus of the interview was the involvement of major institutions in the crypto space. Novogratz stated that all the architecture that institutions need to feel comfortable investing in digital assets has already been put in place. He added that they are already starting to enter the space through venture funds now that the retail frenzy has ended. Specifically mentioning Yale University and that where they go, people follow.

Fidelity custody solutions were mentioned in addition to Bakkt which will start to come online within the coming months. This would be considered as a ‘turnkey moment’ which will open the doors to a raft of new institutional investment. Over the next twelve months he expected to see institutions start putting a small amount of their assets, which in itself is a lot of money, into crypto.

When asked about where prices would go for the rest of the year Novogratz said that things will not surge as they did in 2017 but grind back up with $8,000 not being too high a target for Bitcoin.

“If there are 118 elements on the periodic table only one gold is valuable just because it is a store of value. Bitcoin is going to be digital gold, a place where you have sovereign money. It is not US money, it is not Chinese money, [Bitcoin] is sovereign which as a currency should cost a lot,”

He added that gold needs protecting citing Fort Knox as an example but this does not need to apply to all other cryptocurrencies as every blockchain doesn’t need the same level of security.

Pompliano in Agreement

Novogratz is not alone; the sentiment has been echoed by Anthony Pompliano, founder and partner at Morgan Creek Capital;

The firm has set a precedent by becoming the first to secure the first investment in cryptocurrencies from a US pension fund. According to Bloomberg two pension plans in Fairfax County, Virginia are anchor investors in a new $40 million venture-capital fund. Chief investment officer of one of the funds, Katherine Molnar, described Bitcoin as an “emerging opportunity” that offers an “attractive asymmetric return profile.”

“There’s a belief in the institutional world that if the industry will be around for a long time, it will be very valuable,” Pompliano added.

Image from Shutterstock

The post Novogratz: Institutions Will Drive The Next Crypto and Bitcoin Boom appeared first on NewsBTC.

EOS Flips Litecoin Again as Crypto Markets Beat a Slow Retreat

Market Wrap

Crypto markets falling back slowly; EOS retakes 4th losing less than Litecoin, Maker and NEM climbing.

Crypto markets have started to head south once again but the slide is a slow one at the moment and the majors are holding their positions. Total market capitalization has remained above $120 billion but only just as red starts to envelop the charts.

Bitcoin has been flat for the best part of the past 24 hours. It hit an intraday high of $3,670 this time yesterday but has fallen back since ending the period almost a percent down. BTC is currently trading at $3,630 and looking bearish.

Ethereum has held steady over the past day and is still trading at $123. There have been little signs of further momentum for ETH but this may change as the rescheduled Constantinople draws nearer. XRP has fallen back on the day by around 1.5% and the gap between the two is currently just $300 million.

The top ten is a sea of red with most altcoins dropping back during the day’s Asian trading session. Litecoin has lost the most at over 5% which has enabled EOS to retake fourth spot with a loss of 4%. The gap between them is marginal however so a reflippening could occur at any time. The rest in this section are sliding 1-3 percent at the time of writing.

There are only two altcoins in the top twenty making any positive moves at the moment. Maker continues to climb with another 5% added on the day allowing it to flip NEO for 16th place. NEM has also made a recovery with almost 7% added as the Foundation works towards clearing up its restructuring and downsizing mess. The rest are dumping between 2 and 4 percent at the moment.

Only two altcoins are in double digits in the top one hundred and they are Komodo and Theta making ten percent each. The KMD rise follows the successful testing of multiplayer gaming modes on its blockchain. At the messy end of the table is Aurora dumping 12% followed by MOAC dropping 6%.

Total crypto market capitalization has fallen by 1.7% on the day but is still clinging on to $120 billion. A break below this could see things start to dump again fast. Compared to this time last Thursday things are still looking up as markets are 7% higher. Bitcoin dominance has fallen back to 52.7% as it too starts to weaken again.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post EOS Flips Litecoin Again as Crypto Markets Beat a Slow Retreat appeared first on NewsBTC.

Crypto Bear Market is Prime Entry Point For Tech Giants

The yearlong plunge in cryptocurrency markets has resulted in downsizing for many tech startups but for the big players it could provide the perfect entry point.

Big Players Looking Towards Blockchain

Many blockchain projects have faced the squeeze in recent months and been forced to let staff go and downsize operations. The NEM Foundation has been the latest in the growing list of those battered by the bears as it faces a complete restructuring. This could be good news for bigger players looking to scoop up tech talent for their own crypto ambitions.

Facebook has been the latest example as the social media giant recently acquired the team from a small London based blockchain outfit called Chainspace. According to RBC internet analyst Zachary Schwartzman crypto and blockchain could be seen as a huge threat to the likes of Facebook as computing moves to public blockchains in what he described as the “embryonic stages of a potential massive paradigm shift”.

“On the surface, it may appear that Facebook purposefully hired the technical team related to DECODE. But we don’t believe this was the case. Our view is that this was simply an acqui-hire to expand Facebook’s internal crypto team’s expertise,” Schwartzman told CNBC.

The report goes on to note that other tech and finance giants are also keenly eyeing the space which looks far more lucrative today than it did at the height of the hype a year ago. IBM, Amazon, Microsoft and JP Morgan are all venturing into blockchain for its increased security and transparency over existing systems.

Venture capital was on a roll in 2018 as over $2.6 billion was spent on deals for more than 300 companies, according to researchers. This was more than triple the figure for 2017 despite the plunge in prices. The investment environment has cooled off a little since then however as some companies still didn’t have products on the table at the time of their fund raising. EOS has been the prime example here with $4 billion raised, mostly in Ethereum, and no product at the time. EOS has dumped 88% since its all-time high in April last year along with the rest of the cryptocurrencies.

The plunge in Ethereum, which many used to raise funds, has added to the woes of these startups which have flooded the market with it further adding to the bearish overall sentiment. Analysts have predicted a big shakeout whereby those that failed to meet deadlines and keep up with product updates will fall away while those still focusing on building the technology will ultimately survive.

The tech and internet monopolies are definitely paying attention and are circling like sharks in a digital pool that is filling up with fresh talent as the crypto winter continues.

Image from Shutterstock

 

The post Crypto Bear Market is Prime Entry Point For Tech Giants appeared first on NewsBTC.

BitTorrent Token Airdrop Completes, BTT Jumps 10%, TRX Falls

There is no better way to garner attention for a new crypto token than to give it away. The Team at the Tron Foundation are experts at marketing and have widely promoted the BitTorrent token and a series of airdrops, the first of which has just been completed.

Over 10 Billion Tokens Distributed

Yesterday Justin Sun took to twitter to announce the long awaited airdrop for TRX holders;

“The largest and longest airdrop in the cryptocurrency history will begin shortly. We have taken the snapshot for all #TRON accounts and ideally we will send #BTT to #TRX holders in next 24 hours.”

The official announcement said that TRX held on supporting exchanges and cold wallets would be legible to receive BTT. The ratio of BTT airdropped is 1 TRX = 0.1097681177 BTT, with 1.1% of the total supply to be distributed. A further 990,000,000 BTT will be airdropped on March 11 and an incrementally increasing amount on the eleventh of every month until 2025.

The release also warned about a number of fake social media accounts falsely claiming to be BitTorrent. A few hours later another tweet added that the planned process of 48 hours only took 4 and 10.8 billion tokens had been distributed;

This was shortly followed up by another message confirming that the airdrop had been completed;

At the time of writing however the BTT tokens had yet to display for TRX account holders using Binance which had some technical issues yesterday. The ever alert Sun reassured his hodlers;

BTT and TRX Market Reaction

According to Coinmarketcap BTT has jumped 11% on the day in USD terms and 12% against Bitcoin. It is currently trading at 26 satoshis, 73% higher than what it was at inception. Binance has over 50% of the total trade but Upbit is currently the top fiat exchange with 35% of the daily volume as Koreans load up in KRW.

Tron however has taken the opposite path and fallen back dropping 4.7% on the day as crypto markets pull back from their weekend pump. TRX is currently trading at $0.024 (673 satoshis), which is down 8% on the week but 30% higher than it was at the beginning of the year. Tron has been one of 2019’s top performing crypto assets alongside Litecoin and Binance Coin. It has held on to eighth place with a market cap of $1.6 billion, $400 million behind Tether.

Image from Shutterstock

The post BitTorrent Token Airdrop Completes, BTT Jumps 10%, TRX Falls appeared first on NewsBTC.

Crypto Market Wrap: Maker Moving as Markets Consolidate

Market Wrap

Crypto markets consolidating again; Binance Coin, Dash and Maker are moving, the rest slipping slowly.

As widely predicted the crypto market pump was just that as things are starting to dump again today. The movements have been minor but the majority are in the red at the moment as market capitalization slips back to $120 billion.

Bitcoin did not get close to $3,700 today so new resistance levels are forming lower again. Around $3,650 seems to be its stability point for the time being but dips are not being supported and Bitcoin could drop lower, it is currently down half a percent on the day.

Ethereum has held on to second place by not moving over the past 24 hours. Still trading at $120 ETH could get some momentum from the Constantinople hard fork which has been delayed until the end of the month. XRP has lost a little more ground today and the gap between the two is currently just over $200 million.

Most of the top ten are falling back during the Asian trading session today. Tron has dropped the most despite the BTT airdrop today as TRX loses 3.5%. Bitcoin Cash is not far behind with a 3% slide. Only Binance Coin is making progress today adding another 2.5% as it closes the gap on Stellar in ninth which has dumped another 2%.

There are two big movers in the top twenty at the moment. Dash and Maker have added a further 7% on the day trading at $83 and $495 respectively. The Maker dev fund was moved to a new multisig wallet two days ago which caused the CMC market cap spike and the flipping of ETC and NEM. NEO and Zcash have also added 3.5% each to their prices over the past 24 hours but IOTA and NEM continue to slide.

There are no major pumps occurring in the top one hundred at the time of writing. Huobi Token is the best performer adding 15% followed by MOAC with a 12% rise. Getting bashed is yesterday’s pump; Quant followed by Revain both shedding 10% in predictable dumps.

Total market capitalization has not really moved overnight and is still at $120 billion. No further gains for the big cap coins look likely so further consolidation is expected in this channel for the time being. Volume is still at $20 billion and markets are still 6% higher than they were this time last week.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Market Wrap: Maker Moving as Markets Consolidate appeared first on NewsBTC.

Intercontinental Exchange (ICE) Chief Confident About Future for Bakkt and Crypto 

The ongoing regulatory delays and hurdles imposed by the US government have not dampened the enthusiasm for crypto related products such as the highly anticipated Bakkt launch.

Bakkt Will be a ‘Moonshot Bet’

The Intercontinental Exchange (ICE) has recently announced its fourth quarter earnings which have beat some Wall Street predictions. Chief executive Jeffrey Sprecher took the opportunity to speak on the sterling performance and shed some light on the Bakkt crypto project. Seeking Alpha ran a full transcript of the conference call in which Sprecher referred to Bakkt as a “moonshot bet”.

Over a billion dollars has been spent on strategic investments in 2018, including the Bakkt crypto futures project, according to CFO Scott Hill. Sprecher added that Bakkt had raised over $180 million from ICE and twelve other investors and partners including Fortress Investment Group and Susquehanna International Group. He said that “as we look to 2019 and beyond we’re excited about the opportunities that lie ahead, not only for our core business but also for newer initiatives,” which includes Bakkt.

The launch delays have been largely the fault of the US government shutdown imposed by president Trump. The highly anticipated product has been seen as a major on-ramp for crypto as it includes some major players. The firm aims to create a crypto ecosystem to bring huge companies such as Starbucks and Microsoft into the crypto industry. Sprecher stated;

“That infrastructure has attracted a lot of very, very interesting companies that have come — some that have invested in Bakkt, some are just working with Bakkt to try to tap into that infrastructure for some new use cases that will involve blockchain and digital assets and other things that we can provide these people. Obviously, we’ve announced the Starbucks — our work with Starbucks and Microsoft. We have very, very large retail franchises global connectivity to end users that we hope will be brought into that ecosystem and could create a very, very valuable company out of that initiative if our business plan plays out.”

Regarding the Bakkt launch date there were no specifics mentioned, only that it is expected ‘later this year’. Last month the company revealed more details about its Bitcoin futures products. The Bakkt BTC (USD) Daily Future will be a 1 BTC contract that will be physically delivered.

Bakkt also announced the acquisition of assets from Rosenthal Collins Group (RCG) last month. The ‘back office’ infrastructure will be needed to develop the crypto ecosystem and ensure full security and a trusted fintech solution for its clients.

Image from Shutterstock

The post Intercontinental Exchange (ICE) Chief Confident About Future for Bakkt and Crypto  appeared first on NewsBTC.

Crypto Market Wrap: Dash Moving Up as Markets Stabilize

Market Wrap

Crypto markets have stabilized and there is little action; Binance Coin and Dash are still heading up, Bytecoin is dumping.

The big crypto market pump on Friday and Saturday ran out of steam yesterday and things have been pretty static ever since. Total market capitalization has stabilized at this new level above $120 billion for now and a new direction has yet to be formed.

Bitcoin spiked a couple of hours ago to hit resistance at $3,700 before bouncing right back off of it. BTC has pulled back to where it has traded for much of the past 24 hours, $3,650. Daily volume is slightly higher at $6.4 billion but things are holding steady at this level for now.

Ethereum is still gaining slowly and has finally surpassed XRP to take second place. ETH hit an intraday high of $125 before falling back to $120 where it currently trades, still up a percent or so on the day. XRP conversely has fallen back 1.5% dropping to $0.305 and shedding market cap enabling the ETH flip. The two are still very close though with the current gap at just over $100 million.

There has been little movement in the top ten over the past 24 hours. Binance Coin continues to strengthen and has added a further 3% on the day taking BNB to $9.40. It is now less than $200 million away from Stellar in ninth which keeps sliding. Litecoin has remained strong and is currently just over $44 and clear of EOS in fifth.

Dash is the top performer in the top twenty at the time of writing with 6% to $78 on the release of Dash Core v0.13.1. Maker has flipped both Ethereum Classic and NEM as it takes 17th place and Waves is about to enter the top twenty with a 4.5% gain. Monero and IOTA are both falling back a couple of percent.

Ark is getting the fomo treatment at the moment as it pumps 26% as the team updated their mobile wallet adding dynamic fees. Ark is the only altcoin in double digit gains at the moment. There are no big dumps going on during the day’s Asian trading session but those at the red end of the top one hundred include Bytecoin and Chainlink.

Total crypto market capitalization has remained above $120 billion since late Friday’s $10 billion cash injection. Very little has occurred over the past 24 hours however volume has increased to over $20 billion indicating another move could be coming soon. Bitcoin dominance is just below 53% at the moment as markets stabilize once again.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Market Wrap: Dash Moving Up as Markets Stabilize appeared first on NewsBTC.

Ethereum Continues to Climb, Flips XRP For Second Place

There have been a number of clear victors over the weekend as crypto markets pumped by $10 billion. Litecoin has been the obvious one with a surge of almost 40% since Friday but Ethereum has also make a strong enough comeback to retake second spot from XRP.

Ethereum Back in Second Place

Ethereum has been battered and bruised in recent weeks hitting a new 2019 low Wednesday last week of $103. The $100 level is a key support zone both technically and psychologically and a fall below this would spell a tough recovery period for Ethereum.

During the recent crypto market pump late Friday Ethereum surged over 14% from $105 to $120 by Saturday. This alone has not been enough for it to usurp XRP which also climbed during the rally. However over the past 24 hours Ethereum has continued climbing to reach an intraday and weekly high of $125. ETH has since pulled back a little and is currently trading at $121, but still up 1.5% on the day at the time of writing.

Daily volume is up from $2.7 to $3.2 billion and this has been enough to push Ethereum’s market capitalization above XRP according to Coinmarketcap.com. At the time of writing ETH market cap was $12.7 billion and it was in second place. Ripple’s token conversely only managed to make 8% during the weekend rally taking it to a weekly high of $0.315.

Since the Saturday high XRP has slid back to $0.305 marking a 1.5% decline on the day. Market cap has shrunk to $12.5 billion as it drops back behind Ethereum and into third spot again. The two are very close and a re-flippening could easily occur if Ethereum weakens more than XRP over the coming week.

The lack of momentum for XRP is perplexing since new partners are continually being onboarded into RippleNet. At the end of last month Japan’s SBI financial group released a report recognizing Ripple’s importance for cross border transactions. The SWIFT and R3 partnership announced last month could also been good news for Ripple but none of this has been reflected in XRP price.

Ethereum has been further weakened by the Constantinople hard fork delay but a rescheduling to late February could spell more bullish momentum for ETH. The new fork which will address previously discovered security flaws will take place at block 7,280,000 or around February 27.

At the moment though Ethereum is back as the world’s second largest crypto asset.

Image from Shutterstock

The post Ethereum Continues to Climb, Flips XRP For Second Place appeared first on NewsBTC.

Bitcoin Bulls Break Resistance, Where Will BTC Go Next?

There has been no shortage of price predictions for Bitcoin over the past couple of months. As the bears tighten their grip on crypto markets and the winter deepens it all appears to be doom and gloom.

A Short Term Bounce For Bitcoin

A ray of light broke through the winter clouds yesterday when crypto markets surged by $10 billion. Bitcoin led the charge when it punched through resistance at $3,500 and then again at $3,600 just 15 minutes later.

For weeks BTC has been lulling around these levels unable to muster the strength to get past them. Only yesterday Bitcoin fell to its lowest level for 2019 when it briefly touched $3,390. The break below $3,400 must have triggered a raft of buy trades which sent BTC surging 9% to reach an intraday high of just below $3,700. Daily volume has surged from $5 billion to $7.8 billion, the highest it has been since the bounce off the bottom in mid-December. BTC is currently holding at around $3,650 at the time of writing.

Bitcoin price YTD

The volatility has returned again as Bitcoin hits a 15 day high the day after posting a seven week low. The big question now is where will it go next? Regardless of the big green candle for the day, the market is still trending down and making lower highs and lower lows. Previous robust resistance levels will test the strength of this bull run and determine whether it is to continue. At the moment $3,600 seems to be holding but the next major hurdle to overcome for BTC will be the wall of resistance at $4,000.

Analysts have been hinting at BTC being in oversold territory on the short term. Referring to the RSI indicator, technical analyst at Fundstrat Global Advisors, Rob Sluymer, echoed this sentiment when he said “BTC is again at historically oversold levels and is retesting important support that needs to hold to suggest a bottom is developing,”

Speaking to Bloomberg recently he added that the longer term outlook was not pretty; “A break below the fourth-quarter lows at $3,100 would imply a decline to $2,270, while a move above $4,200 is needed to signal Bitcoin is beginning to improve,” So it seems that the $4,000 level, or just above it, is still the key to further upwards momentum.

As it stands this mini recovery is just that and there have been no longer term signals to spell a major trend reversal. If the likes of Murad Mahmudov are correct, Bitcoin has a lot further to fall before it really starts to come back with a vengeance.

Image from Shutterstock

The post Bitcoin Bulls Break Resistance, Where Will BTC Go Next? appeared first on NewsBTC.

What Caused Litecoin to Surge Over 30% and Flip BCH and EOS?

Litecoin has long been a stalwart of the crypto sphere. It has been around since 2011 when it forked from the original Bitcoin chain. Alongside its big brother it has steadily grown as a faster and ‘lighter’ alternative. Over the past 24 hours however Litecoin has literally lifted off with a 30% surge propelling it up the crypto market cap charts.

New Partnership to Enhance Litecoin

The entire crypto market has enjoyed a rare pump overnight as $10 billion poured back into digital assets following a week of losses. That is not to say that the bear market is over, far from it as we have seen this action before and the bears may soon regain control. Technical indicators are still signaling further losses for Bitcoin and its brethren over the coming months.

The top performing altcoin during this crypto bounce has been Litecoin. The solid performance is fundamental as software company Beam recently announced a partnership with the Litecoin Foundation. The collaboration will explore the use of Litecoin’s Mimblewimble protocol which derives its name from the Harry Potter series. It is a spell that prevents people spilling secrets so was aptly named as its purpose for crypto is to improve privacy, scalability and fungibility. The Beam medium post added;

“We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality,”

A hard fork would be required if Litecoin was to adopt the protocol which allows users to encrypt transaction data. The fungibility aspect would allow equivalent tokens to be interchangeable with no losses. Charlie Lee posted this tweet last month on the need for such;

Market Reaction

Litecoin’s performance over the past 24 hours has been impressive. It jumped from an intraday low of just over $33 to a high a touch below $44 which results in a 33% surge on the day. Since then LTC has pulled back a little to trade at $42.30 where it is currently holding at the time of writing.

Daily volume surged from $635 million to $1.7 billion which pumped over $500 million into the LTC market cap. This enabled Litecoin to surge up the charts and flip both Bitcoin Cash and EOS to take fourth spot with a current market cap of $2.6 billion. So far this year Litecoin has been one of the top performing cryptocurrencies along with Tron and Binance Coin.

Litecoin is also due for a halving this year on August 8 which reduces the block reward from 25 to 12.5 LTC. Halving events are usually very bullish for crypto assets as they become less inflationary while value goes up.

Image from Shutterstock

The post What Caused Litecoin to Surge Over 30% and Flip BCH and EOS? appeared first on NewsBTC.

Crypto Market Wrap: $10 Billion Pumped Back in to Cryptocurrencies

Market Wrap

Crypto markets are on fire for the first time in 2019; Litecoin shooting for the moon, the rest not far behind.

Following over a week of total lethargy and downward momentum things are looking much brighter this morning. Dispelling any notion that volatility had dropped, an epic pump of $10 billion entered crypto markets over the past 24 hours pushing total market cap back over $120 billion.

Bitcoin led the charge as usual when it broke through the week-long resistance at $3,500. Less than an hour later one huge green candle propelled BTC through its second and longer term level of resistance at $3,600 to finally rest at just below $3,700 before pulling back a little. At the time of writing Bitcoin was trading at $3,650, up 7.5% on the day after dropping to a 2019 low yesterday.

Naturally the rest followed, including Ethereum which has surged 13% taking it back to $118. The move was enough to close the gap on XRP which only gained 6% during the rally. The difference between second and third place is now only $300 million.

Much of the top ten is reveling in rare double digit green gains during Asian trading today with Litecoin leading the pack. By far the best performing crypto asset, LTC has surged 30% adding $500 million to its market cap which enabled it to flip both Bitcoin Cash and EOS for fourth place. They both also made double figures but not enough to catch Litecoin.

In the top twenty Cardano and Dash have been the best performers with 11% gained each. Not far behind with a 10% pump was Monero, IOTA and NEO. All altcoins in this section have made solid gains over the past 24 hours.

There are too many coins in double digits to count the fomo at the moment but the top performers in the top one hundred are Bitcoiin (yes, you read it right) on 56%, Quant on 53%, and Litecoin with 31%. In an extremely rare occurrence there are no altcoins in the red at the time of writing. Only a couple of stablecoins have done their jobs and remained stable.

Total market capitalization has surged to $121 billion as $10 billion gets pumped into crypto over the past day. Markets expanded by 8.5% in 24 hours marking the best performance so far this year. Daily volume has jumped to $25 billion, its highest level since the rally after December’s lows.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Market Wrap: $10 Billion Pumped Back in to Cryptocurrencies appeared first on NewsBTC.

Bitcoin Halving Will Make it Less Inflationary and Far More Valuable

The countdown has been ticking for some time now and it is currently 471 days until the Bitcoin block reward halves. This milestone in the evolution of the world’s most popular digital currency will also make it far less inflationary than most of the current central bank’s targets.

Bitcoin Block Reward and Inflation to Fall

The halving or ‘halvening’ date for Bitcoin is currently May 24 next year (2020) according to this counter. It adds that there are currently 17.5 million Bitcoins in circulation and that over 83% have already been mined. By Satoshi’s design the block reward halves every 210,000 blocks, it is currently 12.5 BTC but will drop to 6.25 BTC in May next year.

So what exactly does this mean for the value of Bitcoin? Currently there are 1,800 Bitcoins produced every day and an annual inflation rate of 3.82%. Once the halving even occurs there will be 900 Bitcoins produced per day with an annual inflation rate of 1.8%. The Federal Reserve has set its inflationary target at 2% which means that when Bitcoin halves it will be below that target and less inflationary than the US economy, or its central bank’s targets.

With a diminishing and finite supply, Bitcoin may soon become a huge reserve store of wealth as a lower inflationary rate may reduce the incentive for people to spend it. There are many charts floating around regarding the epic inflation rate of the US dollar over the past hundred years or so to which BTC has been compared. A number of websites have even been setup to calculate USD spending power, or how much it has contracted, over the years. According to the Bureau of Labor Statistics consumer price index, prices in 2019 are over 2,900% higher than prices in 1860 as the value of the greenback has diminished.

Conversely, Bitcoin’s deflationary monetary policy has led it to be labeled as ‘hard money’ in a similar category to gold. Gold is also a very low inflationary commodity which is why it has become the global reserve asset with a market cap of $7 trillion.

A number of investors and analysts have already predicted a bull run leading up to the halving and have advised accumulating in anticipation of this event. Looking at the previous halving event in 2016 shows a bullish year when BTC broke $1,000 for the first time by the end of it after starting 2016 at $430. The same could be true for the next halving event in 2020, most price predictions agree on a trend reversal towards the end of 2019 so it will be a good time to accumulate.

Image from Shutterstock

The post Bitcoin Halving Will Make it Less Inflationary and Far More Valuable appeared first on NewsBTC.

Will Offline Transactions be The Next Evolution For Bitcoin?

Bitcoin and cryptocurrency, like any new technology, needs to evolve to garner mass adoption. In its current state Bitcoin is still not that easy to use for the layman with no technical knowledge. An additional issue is that it needs a permanent high speed internet connection to function … or does it?

Bitcoin Off The Grid

A company called Blockstream has been working on using satellites to broadcast the Bitcoin network around the globe 24/7. With this globally accessible and passively receivable data stream anyone can access Bitcoin anywhere which may herald a new era of adoption for the king of crypto.

Locations that don’t have access to high speed broadband can now verify transactions and access the Bitcoin network in addition to market data and other services via Satellite API. All of this is free from cost and free from the prying eyes of state controlled internet service providers.

According to a recent medium post this method of access and distribution is rapidly expanding to fuel BTC adoption across the globe. Using their own validating nodes anyone on the planet can now send and receive Bitcoin without the need for expensive data plans. Sending can be done using SMS, mesh network devices, or even printed QR codes.

A firm called GoTenna, a New York-based startup that designs and develops technologies for off-grid and decentralized communications, is one looking closer at this revolutionary method of accessing the Bitcoin network via satellite. It supplies a simple to use mesh networking device, which works with software called TxTenna, which can broadcast BTC transactions to a local mesh network of connected devices.

Using this hardware enables people to send and receive Bitcoin without an internet connection. BTC can be truly offline via this technology which is immune to internet outages or censorship. Being powered by battery also makes the device impervious to power outages. Using this setup along with a Blockstream Satellite Receiver enables anyone to send and receive Bitcoin and get real time data without being connected to the internet.

The post goes on to detail how to setup the system and link up crypto wallets, both software and hardware based, with the final product being a completely off the grid Bitcoin node and wallet capable of validating blocks.

The GoTenna device does currently require others to be networked to it to facilitate communications but that network is growing and, according to its website, there are several thousand nodes across the globe. What it has done, along with Blockstream, is open up a new realm of Bitcoin accessibility without the reliance on internet providers.

Image from Shutterstock

The post Will Offline Transactions be The Next Evolution For Bitcoin? appeared first on NewsBTC.

Crypto Market Wrap: Stagnation as Bitcoin Hits New 2019 Low

Market Wrap

Crypto markets are stagnant as we end the week; Litecoin, IOTA, ETC and NEM moving a little, BNB and BSV falling back.

As we end another week in crypto land markets are still very flat and have made very little movement over the past 24 hours. The promise of a minor recovery started an hour or so ago but it has fizzled out leaving market capitalization at the same place it was yesterday.

Bitcoin hit an intraday high of $3,430 yesterday before falling back again. It dropped below $3,400 to hit a new 2019 low of $3,390 a couple of hours ago as this level becomes support turned resistance. BTC still looks very weak and could soon be further down as it forms new resistance levels.

Ethereum has not moved on the day at remains at $105, poised to drop to double digits if no positive momentum can be found. XRP is also static on the day with no gains or losses leaving it at $0.29.

The top ten is mostly in the red during the day’s Asian trading session but losses are negligible. The only altcoin making a gain at the time of writing is Litecoin which is up 1.5% to just under $34. Binance Coin has dropped 3% back to $8 but it has held on to tenth spot.

There are a couple of coins performing a little better in the top twenty. Ethereum Classic and NEM have both clawed back 4% and IOTA is not far behind with a 3% rise today. The rest are 1-2 percent off yesterday’s levels.

There are no double digit pumps going on in the top one hundred cryptocurrencies at the moment. Those outperforming the rest include PIVX and WAX both adding over 8% right now. Similarly there are no big dumps but those dropping the most are Pundi X and Holo losing 6% on the day.

Crypto markets are stagnant at the moment with total capitalization exactly where it was yesterday at just below $112 billion. Volume is a flat $15 billion and the down trend is still intact. Markets peaked on Sunday but have since lost $4 billion to their current levels. Bitcoin dominance is 53.4% as it approaches new lows for the year.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Market Wrap: Stagnation as Bitcoin Hits New 2019 Low appeared first on NewsBTC.

Google Enters Crypto and Blockchain Search Business With New Tools

A new raft of crypto and blockchain analytics tools has just been launched by search giant Google. They will provide deep data sets for the top cryptocurrencies and aim to revolutionize blockchain search as the company did for information on the internet.

Six New Blockchain Datasets Added

Over the past year Google Cloud has released blockchain transaction history datasets for Bitcoin and Ethereum. Yesterday the company announced the release of six more datasets in addition to a deeper set of queries that enables multi-chain meta-analyses and integration with conventional financial record processing systems.

The six new blockchain datasets just released are Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin, and Zcash. Google Cloud developer Allen Day told Forbes;

“I’m very interested to quantify what’s happening so that we can see where the real legitimate use cases are for blockchain. So people can acknowledge that and then we can move to the next use case and develop out what these technologies are really appropriate for.”

The company blog went on to explain that five of these particular crypto assets (BCH, LTC, DASH, ZEC and DOGE) have been chosen ‘because they all have similar implementations, i.e., their source code is derived from Bitcoin’s.’ The sixth one, ETC, is based on Ethereum – or as many will correct – is the original Ethereum blockchain. All datasets will update every 24 hours via a common codebase, the Blockchain ETL  (extract, transform, load) ingestion framework, which will enable real time streaming transactions for all blockchains by implementing a low-latency loading solution.

Google’s BigQuery data analytics platform started off with Bitcoin and Ethereum last year. During the period developers have been monitoring usage of the software in order to create the next six datasets. The search giant also has a machine learning (ML) tool which searches for patterns in transaction flows so it can provide basic information on how a crypto address is used.

In what has been termed as a ‘unified schema’ the data has been structured in a easy to access method maintaining consistency across datasets. This will enable easier and smarter blockchain data comparisons for data scientists and researchers. The blog post highlights a number of example queries and applications for the data extracted.

The first terabyte for these datasets will be free each month according to the report with costs charged per byte following for heavy users. Rival tech and retail giants Microsoft and Amazon have also entered into the cloud and blockchain space last year as the competition heats up. Google has been the leader in big data for several years at it clearly aims to remain there for the nascent crypto industry.

“This is not some kind of dependency on government agency reporting,” Day added, “We have all the data, and we can pull metrics and and look at them and reason about them over time.”

Image from Shutterstock

The post Google Enters Crypto and Blockchain Search Business With New Tools appeared first on NewsBTC.

New Coinbase Venture Lets You Earn Free Crypto, BAT Surges 30%

Different crypto exchanges appear to be aligning themselves with different crypto projects. Binance is big on Tron and the new BitTorrent token it exclusively launched recently and Coinbase is now promoting Basic Attention Token through a new scheme called Earn which allows you to do exactly that.

Launched today, Coinbase Earn allows those invited via email to complete a number of online lessons and tutorials regarding the BAT powered Brave Browser in order to earn some of its tokens. In a tweet the company said that up to $10 of BAT would be initially available to those taking the online educational lessons and interactive tasks;

It is clear that Coinbase is actively promoting the browser and BAT which it listed in early November last year. The Basic Attention Token aims to improve the efficiency of online advertising with the use of an Ethereum based token that can be issued between advertisers and publishers.

The new venture is aimed at raising awareness for the Brave open source web browser which intends to de-clutter the web by removing intrusive advertising. The space is currently monopolized by Google whose ads are literally everywhere. Facebook, another internet monopoly increasingly seen as a scourge, has also morphed into an intrusive stream of scammy looking ads that have replaced what people originally signed up to see.

The lessons have been launched on the Earn BAT page and are designed to raise awareness and increase adoption of the browser and its token.

“We see these interactive, advanced lessons in cryptocurrencies and tokens as an important step toward building awareness and usage of utility use-cases in the crypto ecosystem–one where a beginner can quickly get up to speed on a token in a few minutes, actually engage with the product, and earn some of that token along the way,” the Coinbase blog added.

It is one way to get people into crypto without them needing to buy it. Just like Binance, Coinbase views itself as a trusted source for crypto education and awareness. This unique venture provides a good alternative to airdrops which are also commonly used to raise awareness for a specific project, BitTorrent token being the most recent example.

As expected, BAT pumped 30% on the announcement surging from $0.10 to over $0.13 in an hour or so. It has since pulled back but still posts a 13% gain on the day as volume jumped from $4 to $17 million. BAT is currently in 32nd place in the market cap charts with $140 million, a Coinbase endorsement such as this will no doubt help to improve on that.

Image from Shutterstock

The post New Coinbase Venture Lets You Earn Free Crypto, BAT Surges 30% appeared first on NewsBTC.

Crypto Market Wrap: Bitcoin SV Spike Not Enough to Re-enter Top Ten

Market Wrap

Crypto markets have remained flat on the day; Binance Coin, Bitcoin Cash, SV and BAT still moving.

There has been a very minor bounce for crypto markets following their $2 billion dump yesterday. It is still an insignificant move though since markets are weakened and total capitalization is still below $112 billion.

Bitcoin seems to have found a new daily resistance level which appears to be $3,430. This has been hit twice since yesterday’s dump but twice Bitcoin has retreated back and is currently trading at just over $3,400, down a fraction of a percent on the day.

Ethereum has recovered one percent on the day but it is trading at $105 and still dangerously close to dumping below that psychological $100 barrier. No movement in XRP has decreased the market cap gap back to $1 billion where it is likely to remain as long as Ethereum stays weakened.

The top ten altcoins are a mixed bunch during today’s Asian trading session. Binance Coin has cemented its tenth position with a further couple of percent added today and Bitcoin Cash is having a rare gain, but just 3% on the day. Stellar continues to slide and is in danger of dropping out of the top ten all together if it keeps heading south.

The top twenty is mostly green at the moment but gains are marginal and most altcoins are still very weak. Bitcoin SV has enjoyed an 8% spike but it has not been enough to get back into the top ten as BNB keeps gaining and is still $50,000 ahead in market cap. NEM has clawed back 5% following a week of losses and IOTA has pulled 2% back. The rest are plus or minus a percent at the time of writing.

BAT is taking the fomo at the moment following Coinbase’s Earn venture supporting the Brave browser. The advertising based token has jumped 15% on the day. Quant has made an entry to the top one hundred with a big pump and Veritaseum is climbing well right now. ICON is also up there with an 8% gain on the day. There are no major dumps going on but Holo is at the end of things losing 7% at the time of writing.

Total market cap is still at the same place it was yesterday, but with a tiny gain to just creep over $112 billion. Daily volume has dropped to $15 billion and momentum is lacking across all crypto assets right now. Since last Thursday crypto markets have shrunk by 3.5% and further losses are looking likely.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

The post Crypto Market Wrap: Bitcoin SV Spike Not Enough to Re-enter Top Ten appeared first on NewsBTC.