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| April 26, 2018

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Markets Update: Bitcoin Cash Prices Up Over 60% This Week

April 23, 2018 |

Markets Update: Bitcoin Cash Prices Up Over 60% This Week

The price of Bitcoin (BCH) has spiked considerably over the past two weeks as the decentralized cryptocurrency’s market has just captured a $ 20Bn capitalization. The market value of BCH is currently hovering around $ 1,250 per coin and the digital asset commands close to $ 1Bn in trades over the past 24-hours.

Also read: ‘Coindaddy’ Another Crypto-Rapper Rhymes About Bitcoin Life

Bitcoin Cash Markets Surge

Bitcoin (BCH) is on a rampage, surpassing most of the 1,500 cryptocurrency performances this week recorded on Coinmarketcap. Today the market value of one BCH is 13.80 percent of the price of one Bitcoin Core (BTC) token. The reason for this is due to the significant demand for BCH this past week as the currency’s trade volume has doubled in less than three days. Over the past 48-hours, the top trade on the peer-to-peer exchange Shapeshift is BTC for BCH. Over the past seven days, data shows bitcoin cash markets have seen a 60 percent gain.  

Markets Update: Bitcoin Cash Prices Up Over 60% This Week
Over the past few days, the top trade on the peer-to-peer trading platform Shapeshift has been Bitcoin (BTC) Core for Bitcoin (BCH).

Although, Bitcoin Core swaps against BCH have dropped significantly over the past few days, as bitcoin cash is capturing a lot more direct fiat trades during today’s trading sessions. BTC trades represent 40 percent of the BCH trades today, when last week they were well over 50 percent. This is followed by tether (USDT 24%), the U.S. dollar (22%), the South Korean won (7.8%), and the euro (1.8%). The influx of USD, EUR, and KRW into BCH has increased significantly this week.

Markets Update: Bitcoin Cash Prices Up Over 60% This Week
Today Bitcoin’s (BCH) price and market cap are close to 14% of the legacy BTC’s market valuations. 

  BCH/USD Technical Indicators

Technical indicators show on the daily, weekly, and 4-hour charts that BCH is positioned to continue its rally. The two Simple Moving Averages (100 SMA & 200 SMA) on the 4-hour chart are about to cross hairs with the short term 100 rising above the longer term trendline. This indicates the path to resistance will be on the upside which could lead to higher price ranges in the short term. At the moment prices are overbought according to the Relative Strength Index (RSI) which is meandering around 70.

Markets Update: Bitcoin Cash Prices Up Over 60% This Week
At the time of writing on Sunday, April 22, 2018, at 2:30 pm EDT one BCH is averaging around $ 1,253 per coin.

Meanwhile, the MACd is relentlessly headed northbound so a drop in price after bulls hit resistance may soon follow this run-up. Bulls have to muster up some more strength from the current vantage point all the way to $ 1,290 range to get some smoother seas and less sell walls. On the backside, there are solid foundations all the way back to $ 1,145 and more pit stops before the sub-$ 1,100 territories.

Markets Update: Bitcoin Cash Prices Up Over 60% This Week

BCH Infrastructure and Support Grows This Week

Bitcoin cash infrastructure and support have increased again this week as the firm Bitpay has added more BCH features to its merchant services solution. The exchange Coinmama recently added BCH and LTC to the trading platform. Meanwhile, the firm Cheapair.com’s CEO detailed how it would likely be using Bitpay over Coinbase for merchant services and will be accepting BCH. Additionally, the bitcoin cash community has been very excited about a new BCH micro-transaction powered social media system called Memo. The platform allows users to follow other profiles feeds and makes content sharing immutable by utilizing the BCH chain. Lastly, the mining operation Antpool revealed this week it would be burning 12 percent of BCH fees in order to bolster digital scarcity.

Where do you see the price of BCH headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Shapeshift, Coin Salad, Trading View, and Coinmarketcap.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Bitcoin Cash Prices Up Over 60% This Week appeared first on Bitcoin News.

Bitcoin News

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

April 21, 2018 |

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

The cryptocurrency markets have enjoyed a strong week, with BTC, BCH, and many altcoins generating significant gains in recent days. There is considerable uniformity shared among major altcoin markets, with many cryptocurrencies recovering to test the 0.236% retracement areas after breaking above descending trendlines.

Also Read: Kraken CEO Condemns “Hostile” Questionnaire Issued by New York AG

BCH Gains Over BTC

Whilst bitcoin (BTC) has made gains of 10%, this past week has seen Bitcoin Cash (BCH) perform with considerable strength, ramping up to gain nearly 50% against the dollar in just 7 days. Yesterday, the markets surged past resistance at $ 1,000 USD, breaking into the four-figure threshold for the first time since March. As of this writing, BCH appears to be consolidating above $ 1,000, with current prices sitting at roughly $ 1,080.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

When measuring against BTC, BCH has gained 40% in a week – bouncing from a low of approximately 0.092 BTC to the current levels of roughly 0.13 BTC. When measuring from 2018’s high of 0.25BTC, BCH is currently consolidating at the 23.6% retracement area. Bitcoin Cash is currently the fourth largest cryptocurrency by market capitalization, with a total capitalization of approximately $ 18.5 billion according to Coinmarketcap.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Altcoin Markets Begin to Reverse During April

After months of sustained downward price action that saw many markets lose upwards of 80% – 85%, many altcoins have produced substantial gains over the course of recent weeks after breaking above major descending trend lines against both BTC and the dollar. Many markets are now testing their respective 0.236% retracement areas when measuring from 2018’s highs.

The second largest crypto by market cap, Ethereum, has made gains of approximately 60% over the last fortnight, rallying from the local low of approximately $ 370 USD during early April to test the $ 600 area in recent days. After a strong initial bounce, ETH has made consistent gains over the past week, gaining approximately 20% in the last 7 days.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

When analyzing the ETH/BTC charts, we can see that ETH has gained roughly 28% from April’s lows of approximately 0.054. As of this writing, ETH is testing the 0.236% retracement area of approximately 0.069 BTC and boasts a market capitalization of $ 59 billion.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Ripple Among Top Gaining Markets

Ripple is currently the third largest cryptocurrency with a market capitalization of $ 33.25 billion. In the last two weeks, XRP has made significant gains of over 80%, rallying from a low of $ 0.45 to test resistance at the approximately $ 0.90 area. As of this writing, the price of XRP is roughly $ 0.86.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

When measuring against BTC, XRP has bounced by approximately 40% since it’s April low of approximately 0.00007 BTC. As of this writing, XRP is consolidating just below the 0.236% retracement area of 0.0001, when measuring from Ripple’s early 2018 record highs.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Top Ten Crypto Markets Produce Significant Gains

Coinmarketcap’s list of the top ten cryptocurrency markets by capitalization has remained fairly steady during April, with all leading altcoins markets posting substantial gains.

EOS and Litecoin have been vying for the position of the fifth largest crypto market, with EOS leading with a nearly $ 9 billion market capitalization as of this writing. EOS has gained almost 90% in just two weeks, quickly surging from below $ 6 to the current price levels of $ 11.15. When priced against BTC, EOS has gained over 45% in the last fortnight, with current prices at around 0.0012676 BTC, and is currently testing a key resistance area.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Litecoin is currently the sixth largest crypto market with a total capitalization roughly $ 8.4 billion. In the preceding fortnight, LTC has gained over 30%, bouncing from $ 115 to $ 150. Measuring against bitcoin, LTC has made modest gains of roughly 10% from it’s April low. As of this writing, the price of LTC is approximately 0.017 BTC. LTC is the least correlated of the major altcoin markets, having spent the majority of 2018 channeling within a 30% when paired against BTC.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Cardano, Stellar, and IOTA Double During April

The price of Cardano has nearly doubled during April, with the ADA markets rallying from a low of $ 0.145 two weeks ago to now be testing resistance at $ 0.285. ADA has gained roughly 47.5% over BTC in the last fortnight, bouncing from roughly 0.00002200 BTC to the current prices of 0.00003250 BTC. Cardano is currently the seventh largest crypto market, boasting a market capitalization of $ 7.4 billion.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Stellar has also nearly doubled during April, surging from a low of $ 0.19 to test current levels at $ 0.37. When paired against bitcoin, Stellar has gained roughly 46.25% in two weeks, bouncing from 0.00002900 BTC to 0.00004250 BTC. Stellar is the eighth largest crypto market with a capitalization of $ 6.91 billion. Stellar rallied as high as the 0.618% retracement when measuring against BTC, and is now consolidating at the 0.5% retracement area.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

IOTA is currently the ninth largest crypto market with a capitalization of $ 5.25 billion. IOTA has doubled in two weeks, bouncing from $ 0.095 to the current levels price are of $ 1.89. IOTA has gained 49% over BTC in the last fortnight.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

NEO has gained 60% in two weeks, bouncing from roughly $ 46 to $ 74. Against BTC, NEO has gained 25%, rallying from 0.000675 to 0.000847. NEO is the tenth largest crypto market with a capitalization of $ 4.8 billion.

Markets Update: Altcoins Rally During Week of Bullish Action for Crypto

Altcoins Are Back?

Markets Update: Altcoins Rally During Week of Bullish Action for CryptoAlthough the cryptocurrency markets have produced impressive performance during April, whether or not the markets can sustain the bullish momentum in the medium term remains to be seen.

With so many altcoin markets breaking above descending triangles and rallying to test the 0.236% fibonacci retracement areas, many analysts are waiting for the markets to pull back and produce a higher low on larger time frame charts before proclaiming that the first altcoin season of 2018 is indeed kicking off.

Do you that the altcoin markets will continue to rally in the coming weeks, or are altcoins just experiencing a dead cat bounce? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Trading View


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The post Markets Update: Altcoins Rally During Week of Bullish Action for Crypto appeared first on Bitcoin News.

Bitcoin News

Huawei, Called a Security Threat by the U.S., to Focus on Other Markets

April 19, 2018 |

Huawei said it plans to refocus on existing markets, following a series of setbacks in the U.S. and as the technology industry gets caught up in the spiraling trade spat between Washington and Beijing.
WSJ.com: What’s News Asia

Markets Update: Broken Trendlines and Bullish Bounces

April 18, 2018 |

Markets Update: Broken Trendlines and Bullish Bounces

The cryptocurrency markets have shown early signs of a bullish momentum shift following several months of heavy selling pressure. After losing upwards of 75% to 85% and forming ‘adam-and-eve’ style double bottoms, many leading cryptocurrency markets have produced significant bounces over the course of the last fortnight. The markets now appear poised in ‘open air’ – with either a retest of recently broken descending trendlines or further bullish momentum toward 23.6% retracement areas comprising the likely next moves for price of leading cryptocurrencies.

Also Read: Tanzanian, Venezuelan, and Peru’s P2P Bitcoin Markets Witness Record Volume

BTC Markets Recover by 25% From Support

The bitcoin (BTC) markets led the charge for the recent crypto bounce, forming an adam-and-eve styled double bottom after testing $ 6,000 USD area for the second time in 2018. The bounce saw BTC make a fourth point of contact with a long-term ascending trendline from July 2017. The recent low of roughly $ 6,400 comprised a 62.5% loss in value from this year’s highs of approximately $ 17,000.

 

Markets Update: Broken Trendlines and Bullish Bounces

On the 12th of April, BTC produced a dramatic upward spike and broke out of the descending triangle pattern in which it has consolidated during preceding months. With prices testing resistance at the $ 8,100 area as of this writing, the BTC markets have produced a gain of approximately 26.5% from the local low of roughly $ 6,400. Presently, as with many other cryptocurrency markets, it looks as though the next move for BTC will likely be either more bullish momentum towards the 23.6% retracement area, or a drop back down to retest the descending trendline that BTC recently broke above.

BCH Makes Bullish Gains of Almost 37%

Bitcoin Cash (BCH) found a local floor of approximately $ 610 towards the end of the first week of April, establishing support at the break-out area from November 2017 that also formed a third point of contact with a major long-term ascending trendline dating back to the BCH’s all-time low during the earliest weeks of Bitcoin Cash’s existence.

The recent sustained bearish action comprised a loss of approximately 79% from 2018’s highs of approximately $ 2,900. When measuring from BCH’s all-time high of roughly $ 4,000 from late December, Bitcoin Cash has experienced a retracement of over 85%.

Markets Update: Broken Trendlines and Bullish Bounces

Since then, Bitcoin Cash has rallied by approximately 37%, with the prices hovering at the $ 835 area as of this writing. BCH appears to be showing early signs of a bullish momentum change after breaking out of multiple significant descending trendlines and producing many days worth of sideways consolidatory price-action. As of this writing, BCH has the fourth largest market capitalization of all cryptocurrencies with a total capitalization of $ 14.2 billion.

Altcoin Markets Break Out of Descending Trendlines After Retesting Breakout Zones of Late 2017

The Ethereum (ETH) markets have also produced an adam-and-eve styled double bottom after fully retracing to retest the November 2017 breakout area of approximately $ 380. The local bottom also formed an additional point of contact with a long-term ascending trendline that has so far held for over 12 months.

Markets Update: Broken Trendlines and Bullish Bounces

ETH has since broken out of a major descending trendline, and produced gains of 35.5%. The price of ETH is approximately $ 515 as of this writing. Ethereum has continued to retain its position as the second largest cryptocurrency market by total capitalization, currently boasting a market cap of approximately $ 51 billion according to Coinmarketcap.

Ripple (XRP) is the third largest market by capitalization with $ 26.75 billion. In recent week, XRP established a local floor of approximately $ 0.46, after losing over 85% from the record highs of roughly $ 3.25 seen during early January. Since then, Ripple has bounced by over 68%, and is currently testing resistance at the $ 0.686 area.

Markets Update: Broken Trendlines and Bullish Bounces

Litecoin (LTC) is currently the position of the fifth largest cryptocurrency market with a total capitalization of $ 7.7 billion. After establishing resistance at $ 100 and making a third point of contact with an ascending trendline from September 2017, LTC has made gains of 27.5%, with prices currently sitting at almost $ 137.

Markets Update: Broken Trendlines and Bullish Bounces

Do you think that the immediate bear trend is over? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Trading View


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Broken Trendlines and Bullish Bounces appeared first on Bitcoin News.

Bitcoin News

Tanzanian, Venezuelan, and Peru’s P2P Bitcoin Markets Witness Record Volume

April 18, 2018 |

Tanzanian, Venezuelan, and Peru's P2P Markets Witness Record Volume

The trading volume for Tanzanian bitcoin pairings on Localbitcoins has spiked to establish a new record high this week. The sudden spike in volume has occurred after several months of increasing warnings regarding virtual currencies from Tanzania’s central bank. Certain South American markets have also seen spikes in trading activity, with Peru and Vietnam also seeing record trading volume this past week.

Also Read: Bitcoin in Brief Tuesday: The Tax Man Effect 

Record Trading Volume in Tanzania

The Tanzanian peer-to-peer (P2P) markets on Localbitcoins have exploded this past week, with the markets producing record trading volume approximately three times that of its preceding fiat-valued volume record.

Tanzanian, Venezuelan, and Peru's P2P Markets Witness Record Volume

During the week of the 14th of April 2018, Tanzania’s P2P markets witnessed roughly 295,000,000 Tanzanian shillings (TZS), approximately $ 130,000 USD, worth of bitcoin change hands. The Tanzanian markets also set a record for the number of bitcoins traded in a single week (17) – with more bitcoin being exchanged in seven days than during the preceding four weeks.

Tanzanian, Venezuelan, and Peru's P2P Markets Witness Record Volume

Thirsty Whale or Response to Regulatory Concerns?

The spike appears to have occurred without a specific news catalyst, as no major events appear to have occurred with regards to Tanzania’s cryptocurrency sector in the last week. Tanzania’s central bank has, however, issued a number of statements regarding cryptocurrencies in recent months.

Last month, the Bank of Tanzania (BOT)’s director of national payment systems, Bernard Dadi, indicated that the central bank is currently researching different potential legislative models for the regulation of cryptocurrencies. “Bot is currently studying internet currencies with a view to finding a permanent regulatory solution […] The bank of Tanzania is, in the meantime, taking a cautious approach by warning members of the public on the risks associated with internet currencies,” Mr. Dadi said. “There is no mechanism to prevent the public from accessing cryptocurrencies outside Tanzania’s jurisdiction without blocking public access to the Internet,” he added.

In January, the Bank of Tanzania also described bitcoin as comprising a potential threat to the East African Community (EAC)’s plans to develop a regional currency.

P2P Markets of Peru and Venezuela Witness Record Volume

Trading between the Peruvian Sol (PEN) and bitcoin on Localbitcoins spiked to set a record of 1,704,657 PEN (approximately $ 530,000 USD) this past week.

Tanzanian, Venezuelan, and Peru's P2P Markets Witness Record Volume

The spike saw roughly 71 bitcoins exchange hands – which is the second highest number of bitcoin traded for PEN in a single week on Localbitcoins. The record was set during December 2015, when 80 bitcoins were traded for PEN – then equating to just $ 36,800 worth of trade.

Tanzanian, Venezuelan, and Peru's P2P Markets Witness Record Volume

Venezuela’s P2P bitcoin markets have continued to produce accelerated momentum, establishing a new record for weekly trading volume for the sixth time in seven weeks when measured in Venezuelan Bolivars (VEF). 2,789,991,957,138 VEF was traded this past week, dwarfing the preceding week’s record of 1,744,669,576,098 VEF.

Tanzanian, Venezuelan, and Peru's P2P Markets Witness Record Volume

Venezuelan Volume Records Representative of Bolivar Hyperinflation

In many instances, Venezuela’s recent P2P trading volume highs (when measured against VEF) have been more indicative of the extremity of the hyperinflation besieging the nation than it has surging demand for bitcoin.

When measuring Localbitcoins trade volume in BTC, one can see that the 652 bitcoins traded comprised a slight decline from 663 bitcoins traded during the prior week of the 7th of April. Whilst the price of bitcoin has increased by approximately 22.3% since April 7th, such does not account for the approximately 60% increase in trade volume when measured against VEF.

Tanzanian, Venezuelan, and Peru's P2P Markets Witness Record Volume

Do you trade on the P2P markets? Tell us why in the comments section below!


Images courtesy of Shutterstock, Coin.dance


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Tanzanian, Venezuelan, and Peru’s P2P Bitcoin Markets Witness Record Volume appeared first on Bitcoin News.

Bitcoin News

Markets Update: BTC Price Jumps Over $1000 in Less Than an Hour

April 12, 2018 |

Markets Update: BTC Price Jumps Over $  1000 in Less Than an Hour

The price of bitcoin and a wide range of other digital assets have seen some significant gains today. Earlier during the morning trading sessions (EDT) BTC/USD markets spiked over $ 1,000 in less than 60 minutes gaining 10 percent and reaching a high of $ 8,060 per coin. Following the phenomenal jump in value, buyers met some resistance and BTC’s value has dipped back some and is currently averaging a touch above $ 7,600.

Also read: Huobi’s Sentiment Index Shows Cryptocurrency Investors Still Bullish

BTC Markets See Gains of 10 Percent

Cryptocurrency markets are on a tear today as most digital assets jumped in value from 10-20 percent during the morning trading sessions on April 12. BTC trade volumes have spiked considerably worldwide as our last Markets Update six days ago reports a daily volume of $ 4Bn USD. That metric has doubled today as BTC trade volumes worldwide now rests at $ 8.1Bn over the past 24 hours. The top five exchanges swapping the most BTC today are Bitfinex, Okex, Binance, Upbit, and Huobi. Bitfinex has over $ 664Mn in 24-hour volume and USD trades have spiked significantly today. Last week the Japanese yen accounted for well over 60 percent of the BTC global trade volume but that metric has dropped to 45.4 percent. The USD is now up to 28.7 percent as the fiat currency has gained some steam this week. This is followed by tether (USDT 13.7%), the euro (4.3%), and the South Korean won (4.1%).

Markets Update: BTC Prices Jump Over $  1000 in Less Than an Hour

Technical Indicators

Looking at the 30-minute and 4-hour price charts on the exchange Bitstamp shows bulls are currently trying to push past resistance right now at the $ 7,600 range. After a few weeks of the long-term Simple Moving Average (200 SMA) being well above the short-term 100 SMA, the two have crossed hairs again. At the time of writing, the 100 SMA is above the 200 SMA indicating the path to resistance should be on the upside.  

Markets Update: BTC Price Jumps Over $  1000 in Less Than an Hour
At 12:30 PM EDT on Bitstamp the price of BTC is hovering just above $ 7,600.

After dipping southbound over the last two hours the MACd is showing an upward trend as buyers eat through current sell orders. However, the Relative Strength Index (RSI) and Stochastic oscillators are well above the 80 range showing BTC/USD markets are overbought. Order books on the upside show some resistance at the current vantage point ($ 7,600) and another pitstop at $ 8,150. On the backside, if this run-up turns out to be another fake out bull trap then there are strong foundations between $ 7,500 through $ 7,100.  

Markets Update: BTC Price Jumps Over $  1000 in Less Than an Hour
BTC trade volumes have doubled since last week.

The Top Digital Assets

Overall cryptocurrency markets, in general, are up well over 10-20 percent and the top 100 digital currencies are all in the green. The second highest market valuation commanded by ethereum (ETH) is up 10.1 percent as one ETH is averaging $ 463 per coin. Ripple (XRP) has seen gains today around 12.1 percent and each XRP is $ 0.55 cents. The fourth highest market capitalization is held by bitcoin cash and its markets are up 8 percent. One BCH today is trading just above $ 700 per coin during the afternoon trading sessions. A newcomer has joined the top five cryptocurrency market valuations as EOS has pushed litecoin (LTC) out of the fifth position. EOS was up over 40 percent yesterday and is still up 22 percent at the time of publication.

Markets Update: BTC Price Jumps Over $  1000 in Less Than an Hour

The Verdict: Uncertainty Remains After the Last Few Bull Traps Faked Everyone Out

Its safe to say a lot of cryptocurrency holders are pleased with the spikes in value this morning. Some traders not so much, as short contracts on Bitfinex and Bitmex had stacked up like a mountain over the past week and this morning most of them were liquidated. The jump in value still doesn’t show concrete evidence we will see a bullish reversal, but the increase does give some people a little hope. There have been bull traps and ‘dead cat bounces’ over the past few weeks so a quick and sudden rally is not surprising, but the question remains — How long will it last?

Where do you see the price of BTC and other digital assets heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Bitstamp, Trading View, and Coinmarketcap.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: BTC Price Jumps Over $ 1000 in Less Than an Hour appeared first on Bitcoin News.

Bitcoin News

Mick Mulvaney says CFPB’s new priority is ‘to recognize free markets and consumer choice’

April 11, 2018 |

Consumer Financial Protection Bureau chief Mick Mulvaney told lawmakers Wednesday that the agency’s new priority is “to recognize free markets and consumer choice” and take “a humble approach to enforcing the law,” according to prepared remarks released in advance.

In his first testimony to Congress…


L.A. Times – Business

Markets Update: BTC and BCH Prices Continue to Slide

April 6, 2018 |

Markets Update: BTC and BCH Prices Continue to Slide

Cryptocurrency values are still slumping downwards as they have been for the past three consecutive months. Currently, the overall cryptocurrency market valuation of all 1,500+ digital assets is $ 248Bn after losing billions over the past few days. BTC/USD markets are below the $ 7K territory and recently touched a low of $ 6,510 per coin.

Also read: Huobi’s Sentiment Index Shows Cryptocurrency Investors Still Bullish

The Dumping Continues to Plague Cryptocurrency Markets

Markets Update: BTC and BCH Prices Continue to SlideThe dumping continues to ensue as markets are still feeling the effects of a bearish phase the past few months. So far BTC/USD values have not yet double bottomed to the $ 5,900 low point but have been meandering awfully close to that price region. Today BTC volumes are weaker than usual as the past 24-hour trade volume has shaved a billion and rests at $ 4B right now. The top five exchanges swapping the most BTC includes Bitfinex, Okex, Binance, Bitflyer, and Huobi. All of the trading platforms are seeing much lighter trade volumes than our recently published Markets Update.

The Japanese Yen Comes Close to Capturing 60% of Global BTC Trades

One striking metric during today’s trading sessions is the amount of trade volume with BTC against the Japanese yen. The yen currently captures 57 percent of the global trade volume today with the USD falling behind (21%). Below the USD is tether (USDT 12.6%), the euro (3.1%), and the South Korean won (2.8%). BTC prices have a market cap dominance level of 45 percent out of the $ 248Bn and all 1500+ assets are swapping a measly $ 10.5 billion today.   

BTC/USD Technical Indicators

Technical indicators show buyers are trying to breach past the $ 6,600 zone but have been unsuccessful so far. Most of yesterday’s trading sessions remained sideways at $ 6,800. Today there’s a touch of bullish action happening at the moment looking at the 4-hour BTC/USD chart but it’s not much. Both Simple Moving Averages (SMA) are again spread with the 100 SMA well below the long-term 200 SMA trendline. Both Macd and RSI Stochastic oscillators have been sliding southbound following the bearish divergence. Order books show that walls above the $ 7,600-8,200 zones are not too bad but bulls need to accumulate momentum to take the price to those levels. On the back side, BTC/USD order books show some really strong support around the $ 5,900 range once again. That specific foundational support flows all the way to the $ 5,400 range and traders can expect pit stops in those areas.

Markets Update: BTC and BCH Prices Continue to Slide

Bitcoin Cash Markets Nurse Deep Price Wounds and Flat Volumes

Markets Update: BTC and BCH Prices Continue to SlideBitcoin cash (BCH/USD) markets are down 4 percent and the price is hovering just above the $ 600 territory at the time of publication. Volume is flat for global trade volumes as the BCH market has traded only $ 228Mn over the past 24-hours. The top five exchanges trading the most bitcoin cash during today’s trading sessions includes Hitbtc, Lbank, Okex, Huobi, and Bit-Z. Bitcoin core (BTC) trades against BCH is the most prominent currency pair today as the currency captures 54 percent of exchanges. This is followed by the USD (18%), tether (USDT 17.2%), the South Korean won (3.7) and Binance Coin (BNB 2.2%). Bitcoin cash is the eighth most traded cryptocurrency today by volume and the market holds a $ 10.3Bn market capitalization.

BCH/USD Technical Indicators

BCH/USD charts also show a significant bearish divergence as bitcoin cash has lost roughly $ 50 in USD value per coin since yesterday. Just like BTC, the SMA trendlines for BCH/USD markets are very similar as there’s a gap in between the 100 SMA and 200 SMA. The 100 SMA is well below the 200 SMA which indicates the path to resistance will be on the downside. Looking at the 4-hour window shows RSI Stochastic oscillators also indicate some bearish short-term sentiment. BCH/USD order books show much tougher buy and sell walls. There’s some solid resistance from the current vantage point of $ 650-675. On the backside, there are strong foundations between the $ 575 and $ 540 territories.

Markets Update: BTC and BCH Prices Continue to Slide

The Verdict: In the Real World Spring is Approaching but the Dreaded ‘Crypto Winter’ is Still Scaring Traders

Nearly every single cryptocurrency market besides tether USDT is down in value and some digital assets are struggling to recover. One notable altcoin market the past couple days is EOS/USD which actually has seen some gains. The cryptocurrency EOS has silently captured the number six position on Coinmarketcap just behind litecoin (LTC). The bearish markets have set a thick layer of uncertainty and skepticism towards crypto markets lately. Many traders are hoping for a reversal but there haven’t been any good signals indicating a frothy comeback is in the cards. For now, most traders are either weathering the storm by ‘hodling’ or riding the waves by shorting bitcoin all the way down on exchanges like Kraken and Bitmex.

Where do you see the price of BTC and BCH heading from here? Do you think cryptocurrencies will see more gains? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Bitstamp, Trading View, and Coinmarketcap.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: BTC and BCH Prices Continue to Slide appeared first on Bitcoin News.

Bitcoin News

Canadian and European Bitcoin P2P Markets Set Record Trading Volume

April 2, 2018 |

Canadian and European P2P Markets Set Record Trading Volume

Localbitcoins trading volume has witnessed volume spikes across miscellaneous markets in recent weeks, with global volume bouncing to $ 75 million USD this past week. The Canadian and European markets both produced record volume this past week – after both markets produced seemingly anomalous spikes in trading activity.

Also Read:Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018 

Europe and Canada’s Localbitcoins Markets Set Weekly Volume Records

The weekly global trading volume on localbitcoins has bounced to $ 75 million (8,586 BTC), following spikes in volume across several markets during the week of the 31st of March.

Canadian and European P2P Markets Set Record Trading Volume

EUR/BTC trading on Localbitcoins smashed it’s prior volume record of approximately $ 9 million EUR, with nearly $ 11.5 million EUR worth of BTC changing hands this week. The trade volume of 1,617 BTC is the largest number of bitcoin exchanged in a single week in the EUR/BTC markets since March 2016.

Canadian and European P2P Markets Set Record Trading Volume

 

The Canadian peer-to-peer (P2P) markets set a new record for trade volume the third time in three weeks – with almost $ 8 million CAD worth of bitcoin exchanging hands. During the week of the 10th of March, CAD/BTC trade was valued at nearly $ 2.5 million CAD – almost $ 1 million more than the previous record of $ 1.475 million. The week of the 17th of March saw volume fall back to $ 1.6 million CAD, before trade ramped up to again set a new record of over $ 5 million during the week of the 24th of March.

Canadian and European P2P Markets Set Record Trading Volume

When measuring trade in bitcoin, last week’s volume of 904 BTC set an all-time record, beating the previous high of 706 BTC from the week of the 30th of May, 2015.

Canadian and European P2P Markets Set Record Trading Volume

A Number of P2P Markets Produced Surged in Recent Weeks

Trade between the Indonesian Rupiah (IDR) and bitcoin produced record volume of $ 580 million IDR during the week of the 17th of March on Localbitcoins. The same week saw Vietnamese P2P trading experience its second highest volume ever, with a sudden rush in trading bring volume to $ 3.725 billion VND.

Localbitcoins trade between bitcoin and the Mexican Peso surged at the start of the month, with record volume $ 10.6 million MXN being recorded for the week of the 3rd of March.

Tanzania’s Localbitcoins market also saw its third highest weekly volume ever this week, with $ 90 million TZS worth of bitcoin changing hands.

Venezuelan Trading Volume Continues To Spike

Venezuela’s P2P bitcoin markets have continued to surge during 2018 thus far, with Bolivar to bitcoin trading setting new volume records for seven of the thirteen weeks that have passed this year. This past week saw Bolivar/BTC trade fail to set record volume for the first time in five weeks, following the preceding week’s record volume of over 1 trillion VEF worth of trade.

Canadian and European P2P Markets Set Record Trading Volume

Peruvian P2P trade has also performed well in recent, producing more than $ 1 million PEN worth of transactions for eight of the last nine weeks.

Do you think that we will continue to see volume records set by the Localbitcoins markets in recent weeks? Share your thoughts in the comments section below!


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Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018

April 2, 2018 |

Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018

The first quarter of 2018 dealt heavy losses to the cryptocurrency markets, with Coinmarketcap data indicating that the capitalization of the combined crypto markets has dropped by 59% since the start of January. Q1 2018 has also been among the bloodiest quarters in recent memory for the bitcoin markets – with BTC suffering an approximately 50% loss in value since the start of 2018. Despite bitcoin’s heavy drop, it has performed better than many leading altcoins – many which have slumped by over 70% since January.

Also Read: Eight Ways to Profit in a Crypto Bear Market

Q1 Produces Extreme Volatility for Bitcoin Markets

According to price action on Bitstamp, BTC opened the quarter trading between $ 13,000 and $ 14,000 on the first of January. Over the course of the following week, BTC made quick gains of more than 20% to establish 2018’s price high of roughly $ 17,500.

Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018

After the high of $ 17,500, the BTC markets slumped by approximately 66% in a single month, establishing 2018’s current low of roughly $ 5,900 on the 6th of February. The price then almost doubled in just two weeks, before failing to break above resistance at just below the $ 12,000 area twice. The failure to break resistance precipitated a drop of approximately 40% during March, with BTC prices currently hovering at approximately $ 6,500.

Crypto Market Capitalization Shrinks

According to Coinmarketcap, which excludes data from Korean exchanges, the total market capitalization of the combined cryptocurrency markets was approximately $ 610 billion at the start of January, before quickly ballooning to roughly $ 820 billion on January 8th. Since the high of $ 820 billion, the capitalization of the crypto markets has dropped by almost 70% and is currently establishing a low of $ 250 billion for 2018.

Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018

The market capitalization of bitcoin was approximately $ 236 billion at the start of January, and has since fluctuated within a range of between $ 300 billion, and $ 100 billion. The total capitalization of bitcoin is estimated to be $ 115 billion as of this writing.

BTC Market Dominance Strengthens

Despite the heavy losses, Q1 also saw bitcoin recapture a market dominance of over 40% – with bitcoin boasting a market dominance of approximately 45% as of this writing.

At the start of January, BTC accounted for approximately 38%, before dropping to establish a historic low of almost 32% during the following fortnight. Throughout February and March bitcoin made consistent gains in market share over altcoins, regaining approximately 10% in relative market share in just two months.

ETH Reclaims Position as Second Largest Crypto by Capitalization

2018 opened with Ripple ranked as the second largest cryptocurrency by total market capitalization, with XRP boasting a market dominance over 14%. On the 4th of January, Ripple reached an all-time high for market dominance of over 18% whilst establishing record price highs over $ 3.

Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018

On the 8th of January, Ethereum reclaimed its position as the second largest cryptocurrency by market capitalization, with ETH growing to hold a market dominance over 14% at the same time as XRP fell to comprise 13% of the markets. Since early January, XRP’s market dominance has oscillated between approximately 7.5% and 10%, steadily holding the position of the third largest crypto by market cap. As of this writing, Ripple’s market capitalization is $ 18.2 billion (down from over 75% from $ 80 billion at the start of the year), with XRP currently trading at $ 0.455.

Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018

By contrast, Ethereum’s market dominance grew from roughly 12% to over 20% during early January. On the 14th of January, ETH boasted a record price of over $ 1,400 and a market capitalization of $ 137 billion. Since then, Ethereum’s market dominance has gradually fallen to current levels of approximately 15%.

Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018

Ethereum’s current market capitalization is $ 37.3 billion (down by nearly 45% from over $ 73 billion at the start of the year, and 73% since the 2018 high), with ETH trading at $ 360.

Bitcoin Cash Holds Steady as Fourth-Largest Crypto Market

Bitcoin Cash has consistently been the fourth largest cryptocurrency during 2018, with BCH’s market dominance oscillating between 4.5% and 7% throughout the first quarter. BCH has experienced losses over 70% during Q1, dropping from $ 42 billion to $ 11 billion in market capitalization, and from a price of $ 2,500 to $ 680.

Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018

Since February, Litecoin has consistently comprised the fifth largest crypto market by capitalization. Since the start of January, LTC price and market cap have approximately halved, with Litecoin’s market cap current sitting at $ 6.2 billion and LTC/USD pairing currently trading at $ 110.

What is your response to the performance of the cryptocurrency markets during Q1 of 2018? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Coinmarketcap


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