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CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike

March 19, 2019 |

CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike

Back in January 2017, China’s financial authorities initiated their first crackdowns against domestic bitcoin exchanges, with a ban on mainland exchanges cryptocurrencies against the yuan coming shortly thereafter. Now, close to two years and three months later, a surge of CNY has been flowing back into the digital currency economy after the Shanghai Composite posting a 24 percent gain this week.

Also read: BTCC Founder Positive the PBOC Will Remove China’s Exchange Ban

The Steady Rise of CNY Trade Volumes on Paxful and Localbitcoins

Since the increase in cryptocurrency volumes and some solid gains across the board, digital currency supporters have noticed a resurgence of Chinese yuan (CNY) pour into the cryptocurrency ecosystem. On March 17, the avid BTC trader Anton Pagi tweeted to his followers that the latest rally has been fueled by CNY. “Something to watch during this bull run, Chinese profits from their roaring stock market in recent weeks flowing into bitcoin,” Pagi detailed while explaining that exchanges dealing with CNY have “more than doubled in volume in the past week.” Moreover, the Shanghai Composite has spiked more than 24 percent and speculators believe investors are moving into alternative markets.

CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike
Paxful volumes 3/16/2019.

In addition to the statements from Pagi, data from a few different cryptocurrency data collection sites draw the same conclusions. For instance, Localbitcoins volumes have been steadily climbing since the second week of February’s low of 12.9 million yuan ($ 1.9 million). This week CNY volumes touched a high of 25.4 million yuan ($ 3.7 million) in trades during the 2-week period on March 16. Similarly, the peer-to-peer trading platform Paxful show a significant increase in CNY/BTC trade volumes as well after the lows last month. In addition to the Shanghai Composite stock pump in China, the country’s Premier Li Keqiang has also pledged to cut taxes and deregulate the tech industry in order to boost China’s slowing economy. This has given speculators reason to believe Chinese investors are being less frugal with regard to digital currency and blockchain investments.

CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike
Localbitcoins volumes 3/16/2019.

Over $ 250 Million in CNY-Crypto Pairs in the Last 24 Hours

In parallel with the peer-to-peer exchange volumes, the data and price website Coingecko also displays a jump in CNY/BTC volumes over the last 24 hours. Further, the statistical website Coinlib.io shows some considerable CNY inflows into a few different cryptocurrencies. At the moment Coinlib’s data shows $ 161.3 million worth of CNY flowing into BTC markets. This is followed by $ 74.1 million into CNY/ETH and $ 19.7 million worth of CNY/XLM trades as well. With tether (USDT) fueling the current rally, as far as the top pair traded with all the dominant cryptocurrency markets, CNY has still managed to find its way just below the U.S. dollar for a short period.

CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike
At the time of writing according to Coinlib.io, there’s roughly $ 255 million worth of CNY-crypto pairs in the last 24 hours.

There are between roughly 12 and 15 prominent exchanges that Chinese investors can still flock to for cryptocurrencies but they are all located offshore. Current exchanges fueling the renminbi and crypto flames right now include popular platforms like Hitbtc, Zb.com, Binance, and Fatbtc. Moreover, these specific exchanges started seeing more CNY volume since March 11 when the exchange Coinex revealed it would no longer serve customers from mainland China. The day before the Coinex announcement, Chinese legislative delegates called for a strict and clear approach to cryptocurrency regulations in the country, according to Securities Daily.

What do you think about the CNY inflows into crypto markets after the stock market rise and Premier Li Keqiang’s comments? Let us know what you think about this subject in the comments section below.


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The post CNY Inflows Into Crypto Markets Surge After Shanghai Composite Spike appeared first on Bitcoin News.

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These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens

March 17, 2019 |

These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens

Officially, Cosmos atoms have yet to reach a cryptocurrency exchange, and until the Cosmos network votes to approve their listing, atoms aren’t tradable anywhere. Unofficially, you can buy and sell Cosmos tokens on half a dozen exchanges already, where the spot prices differ wildly. Welcome to the world of cryptocurrency derivatives, where futures markets can be found for scores of unreleased tokens.

Also read: New Tasking Platform Lazyfox.io Rewards Users With Bitcoin Cash

Monfex Launches Telegram Crypto Derivatives

Monfex is the latest platform to offer leveraged futures on Telegram’s tokens, known as grams. The trading platform, founded in 2018 by Alexander Nekritin, follows on the heels of Xena in offering leveraged Telegram futures. Up to 50x leverage is available on Monfex (2x in the case of grams), which has latched onto the significant interest in the Telegram Open Network (TON). With 200 million users to tap into, expectations are high for widespread adoption of gram tokens from day one.

These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens

Regardless of how Telegram’s token fares, both in terms of price and in user adoption, Monfex and its ilk offer exposure to the asset for those who weren’t able to get into the private token sale, and enable price discovery before the tokens become officially tradable. There are a number of benefits to traders interested in speculating on futures markets for tokens like gram and Cosmos’ atom:

  • Futures contracts can provide high liquidity, resulting in low spreads and fast execution.
  • Leveraged futures require a smaller margin to enter a trade.
  • Futures provide the option to sell short, giving traders the ability to go each way.
  • There is no obligation to own the token to enter a trade.

These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens

Trade Any Token You Like on These Exchanges

There are strong incentives to dabble in futures markets, including an early shot at speculating on assets that are widely predicted to moon. There are, however, risks and downsides that must also be considered. For one thing, many of the exchanges that offer futures markets are relative unknowns that fall outside the top 20 platforms by trading volume. In addition, the spot prices for futures can differ wildly. At the time of publication, for example, Bitforex is quoting $ 20 per atom, while Gdac and Coinone are quoting a more reasonable $ 5.50. Other platforms offering futures for a variety of as-yet unlocked tokens include Bitbox, Crypto.com, Bitmesh, Hotbit, Xena, and Monfex.

These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens

Due to the largely unregulated nature of the crypto industry, exchanges in many jurisdictions are free to create their own derivatives and futures markets on a whim. Provided platforms have structured these markets so as to cover their liabilities whatever the outcome, there should be no problems. However, it is sometimes unclear to traders precisely what they are speculating on, and whether futures markets will be converted into regular markets once tokens are unlocked and deposits and withdrawals enabled. In January, for example, a handful of exchanges were caught offering Grin markets before the first coins had even been mined.

With just 80 investors believed to have gotten into the Telegram token sale, interest in acquiring grams has been high. Tokens are expected to be unlocked later this month, but in the interim, there is no shortage of exchanges willing to allow traders to speculate on the value these assets will reach. On Lbank, gram tokens are already changing hands for $ 0.89 apiece.

What are your thoughts on platforms that offer futures markets for ICO tokens? Let us know in the comments section below.


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The post These Cryptocurrency Exchanges Offer Futures Markets on Unreleased Tokens appeared first on Bitcoin News.

Bitcoin News

Markets Update: Crypto Prices Show Improvement and BCH Rallies

March 16, 2019 |

Cryptocurrency markets have seen fresh gains over the last 48 hours and digital asset trade volume has spiked considerably. On Saturday, March 16, the entire cryptoconomy has a valuation of roughly $ 139 billion and global trade volumes are hovering around $ 33.7 billion.

Also read: Jeff Garzik Subpoenaed in Kleiman Bitcoin Lawsuit Against Craig Wright

After a Long Cold Winter, Crypto Enthusiasts Are Hoping to See the Start of Crypto Spring

Is crypto spring or altcoin season starting to bloom? That’s the question everyone’s been asking as over the last week most digital assets have looked bullish. A few months ago the cryptoconomy’s global trade volumes slid downwards showing a lack of market interest. However, over the last few weeks, crypto trade volumes have been steadily climbing and during the last 24 hours, digital currency markets captured $ 33.7 billion. At the time of publication, the largest market capitalization, held by bitcoin core (BTC), is up today 2.3%. BTC is hovering just above the $ 4K region at $ 4,045 per coin and is also up 2.2% for the week. Currently, BTC has a market valuation of around $ 71 billion and the highest daily trade volume capturing $ 10.1 billion this Saturday.

Markets Update: Crypto Prices Show Improvement and BCH Rallies

The second highest valuation is held by ethereum (ETH) and each coin is swapping for $ 142 per unit. ETH markets are up 3.9% for today and roughly 2.7% for the last seven days. Ripple (XRP) markets sit below ETH and each XRP is trading for $ 0.31 a token. XRP is up a hair at 1.6% for the last 24 hours and 1.5% for the week. Still holding strong in fourth position is litecoin (LTC), which is up today 4.7% and up over 5.4% for the entire week. Each LTC is swapping for $ 61 per coin and LTC also holds the fourth largest trade volume today. Lastly, eos (EOS) is up around 3.1% for the day and 1.3% for the week as eos trades for $ 3.82 per coin on global exchanges.

Markets Update: Crypto Prices Show Improvement and BCH Rallies

Bitcoin Cash (BCH) Market Action

So far, for the entire week bitcoin cash (BCH) prices have been leading the pack as far as the top 10 coins are concerned. BCH is up 15.2% over the last seven days and 10.4% in the last 24 hours as BCH currently trades for $ 155 per coin. At the moment BCH holds the seventh highest global trade volume above dash and below XRP. Bitcoin cash is the sixth largest market cap today and trade volumes have touched $ 667 million in the last 24 hours. The top five exchanges swapping the most bitcoin cash are Lbank, Bitmart, Binance, Bitz, and Idax. During the last few market updates, ETH was the dominating pair against BCH but today that position belongs to BTC. At the moment BTC has around 44.2% of all BCH trades and this is followed by USDT (34%), ETH (10.5%), USD (4.7%), and KRW (4.3%).

Markets Update: Crypto Prices Show Improvement and BCH Rallies
BCH/USD 15-minute Poloniex chart on March 16, 2019.

BCH/USD Technical Indicators

Looking at the 4-hour BCH/USD chart on Bitstamp shows the Relative Strength Index (RSI) is a bit heavy indicating an overbought position. The two Simple Moving Averages (SMA) trendlines show the 100 SMA is still well above the long term 200 SMA. This shows that the path toward the least resistance is still toward the upside but bulls are meeting resistance at the moment.

Markets Update: Crypto Prices Show Improvement and BCH Rallies
BCH/USD 4-hour Kraken chart on March 16, 2019.

4-hour trade volumes have been decent this month but there’s still a lot of resistance ahead and a chance of a bearish correction. Looking at the order books ahead shows thick resistance up until the $ 180 per BCH zone and after that things look a touch easier for bulls. On the backside, consolidation has added some decent support and if bears grab the reins then they will see pitstops around $ 140 and even more around $ 125.

Markets Update: Crypto Prices Show Improvement and BCH Rallies
BCH/USD 30-minute Poloniex chart on March 16, 2019.

Tom Lee Predicts Again

Traders are still very curious about whether or not the recent spikes really are indications of a blossoming crypto spring. Fundstrat founder Tom Lee is at it again with his predictions and assumes bitcoin will see a genuine rally around August.

“If Bitcoin holds above $ 4,000, it’ll cross its 200-day [moving average] by August, so I think the outside window is five to six months before Bitcoin starts to look technically like it’s back in a bull market,” Lee told CNBC on March 14. “I think it really undermined investor confidence and the dynamics around the market.” Of course, many cryptocurrency traders take Lee’s forecasts with a grain of salt due to his numerous and completely outlandish predictions last year.

Moreover, cryptocurrency fans have noticed a bunch of money has been pumping into alternative currencies besides BTC. For instance, markets like stellar, litecoin, cardano, ethereum, and monero have seen considerably larger spikes than BTC markets. Some believe there will be another altcoin season before BTC sees any significant gains and some think that altcoin growth will depend on genuine utility. For instance, bitcoin cash markets have garnered attention for being the forerunner out of the top 10 cryptocurrency market valuations. One cryptocurrency enthusiast remarked on Twitter that perhaps the market is beginning to notice the issues surrounding the Lightning Network scaling approach.

“I think Mr. Market has been following the LN controversy and just had an aha moment about bitcoin cash,” tweeted entrepreneur Nate Henderson on March 15.

Where do you see the price of BCH, BTC, and other coins heading 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, Trading View, Bitstamp, Coinlib.io, and Satoshi Pulse.


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

 

The post Markets Update: Crypto Prices Show Improvement and BCH Rallies appeared first on Bitcoin News.

Bitcoin News

Markets Update: BNB, LTC, and XLM Pop, Top Cryptos Consolidate

March 11, 2019 |

Markets Update: BNB, LTC, and XLM Pop, Top Cryptos Consolidate

This past week’s action has seen most leading markets produce little volatility, with the cryptocurrency meta-trend appearing to comprise consolidation while traders wait to see whether BTC can break above $ 4,000 for the third time in 2019. However, among the top 10 crypto assets by market cap, LTC, XLM, and BNB have been able to defy the meta-trend to produce seven-day gains of approximately 20% or higher.

Also Read: Niall Ferguson Retracts Critical Appraisal of Crypto and DLT

Leading Markets Post Slight Weekly Gains as BTC Tests Resistance at $ 4,000

Most top crypto assets have produced sideways consolidation this past week, with most of the top 15 cryptocurrencies by market cap posting a gain of between 3% and 5% for the past seven days.

As of this writing, bitcoin core (BTC) is trading for $ 4,000 on Bitfinex and $ 3,900 on Bitstamp, with traders anxiously awaiting to see whether BTC can break resistance to trade above $ 4,000 for the third time this year. BTC is up 3.76% in seven days. Approximately $ 9.6 billion worth of BTC has changed hands in the last 24 hours. BTC currently has a market cap of $ 69.45 billion.

Markets Update: BNB, LTC, and XLM Pop, Top Cryptos Consolidate
BTC – 7D Performance

Bitcoin cash (BCH) is trading for $ 131.66 after gaining 3.08% this week. When measured against BTC, BCH has made virtually no movement in price, currently priced at 0.033 BTC. BCH is the sixth-largest crypto asset with a market cap of $ 2.31 billion. Roughly $ 272 million worth of BCH changed hands over the last 24 hours.

Markets Update: BNB, LTC, and XLM Pop, Top Cryptos Consolidate
BCH – 7D Performance

Ethereum (ETH) is currently trading for $ 136 after gaining 5.46% over the last seven days. When measured against BTC, ETH has gained 1.61% this week to trade for 0.0346 BTC. ETH is the second largest crypto asset with a capitalization of $ 14.37 billion. Roughly $ 4.45 billion worth ETH has been traded over the past 24 hours.

Markets Update: BNB, LTC, and XLM Pop, Top Cryptos Consolidate
ETH – 7D Performance

XRP is up 1.48% this week, currently trading for $ 0.31. When measured against BTC, XRP has lost 2.1% during the last seven days to trade for 7,932 satoshis as of this writing. XRP is the third largest cryptocurrency with a market cap of roughly $ 12.9 billion. $ 619.55 million worth of XRP trade took place during the last 24 hours.

Markets Update: BNB, LTC, and XLM Pop, Top Cryptos Consolidate
XRP – 7D Performance

LTC, BNB, and XLM Among Top Markets After Posting Gains Upwards of 20%

Over the past seven days, litecoin (LTC) has gained 20.37% to trade for $ 57. The rally saw LTC overtake EOS as the fourth largest crypto asset and is currently posting a market cap of $ 3.47 billion. When measured against BTC, LTC is trading for 0.0143 BTC after gaining 14.61% over the past week. Approximately $ 1.77 billion LTC has changed hands over the last 24 hours.

Markets Update: BNB, LTC, and XLM Pop, Top Cryptos Consolidate
LTC – 7D Performance

Of the top 25 crypto assets by capitalization, binance coin (BNB) was the top gaining market of the last seven days, currently priced at $ 14.55 after gaining 28.28% this past week. When measured against BTC, BNB is trading for 0.0037 BTC after rallying 23.33%. BNB is the seventh-largest crypto asset with a capitalization of $ 2.05 billion. Roughly $ 160 million worth of BNB has been traded during the last 24 hours.

Markets Update: BNB, LTC, and XLM Pop, Top Cryptos Consolidate
BNB – 7D Performance

Stellar (XLM) has posted a weekly gain of 19.89%, currently trading for $ 0.1. When measured against BTC, XLM is priced at 2,587 satoshis after gaining 16.85% over the last seven days. XLM is the ninth largest cryptocurrency with a market cap of $ 1.94 billion. Nearly $ 209 million in XLM has changed hands during the last 24 hours.

Markets Update: BNB, LTC, and XLM Pop, Top Cryptos Consolidate
XLM – 7D Performance

What do you think BTC will be trading for this time next month? Share your thoughts in the comments section below!


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At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Markets Update: BNB, LTC, and XLM Pop, Top Cryptos Consolidate appeared first on Bitcoin News.

Bitcoin News

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

March 8, 2019 |

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

During the week of March 2, roughly 14,365 BTC changed hands via peer-to-peer (P2P) exchange Localbitcoins, equating to approximately $ 51.51 million worth of trade. Of that, 3,593 was BTC traded via the Russian markets, 83 percent more volume than was produced by Localbitcoins’ second-largest market, Venezuela.

Also Read: Turkish Real Estate Agency Sells 9 Houses for BTC

Russia, Venezuela and United States Comprise Largest Markets on Localbitcoins

Approximately 3,593 BTC were traded for Russian rubles (RUB) on Localbitcoins this past week, making it the largest P2P market by trade volume. Russian Localbitcoins trade activity during the week of March 2 equated to 918 million RUB (approximately $ 13.81 million).

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

Venezuela comprised the second largest national market on Localbitcoins during the week of March 2, producing 1,953 BTC worth of trade – the fifth strongest week on record when measured in cryptocurrency. When measured against fiat currency, Venezuelan trade produced 25.43 billion Venezuelan bolivars (approximately $ 7.72 million), comprising the strongest week on record.

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

In America, 1,807 BTC were exchanged for USD this past week, equating to $ 9.67 million worth of trade. As such, the U.S. comprised the third strongest P2P market of the past week, posting the strongest seven days of trade when measured in fiat currency in over one year.

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

Nigerian Localbitcoins Trade Exceeds 900 BTC

Roughly 903 BTC were traded for Nigerian naira (NGN) this past week, ranking Nigeria as the fourth largest market on Localbitcoins. When measured against fiat currency, 1.21 billion NGN worth of trade took place (nearly $ 3.32 million).

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

China comprised the fifth largest P2P market this past week, with 839 BTC trading for Chinese yuan (CNY), equating to 21.8 million CNY (more than $ 3.24 million). Chinese P2P trade just beat European Localbitcoins, with 830 BTC having been traded for euros (EUR) during the week of March 2.

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

When measured against fiat currency, 2.83 million EUR (roughly $ 3.17 million) was swapped.

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

Trade between the British pound (GBP) and BTC comprised the seventh largest market on Localbitcoins this past week, with 806 BTC or 2.37 million GBP ($ 3.1 billion) worth of trade.

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

Croatia and Hungary Post 1 BTC Worth of P2P Trade Each

Colombia comprised the eighth largest Localbitcoins market with 725 BTC worth of trade this past week, the third strongest week on record. When converted to fiat currency, the Colombian P2P market saw 7.9 billion Colombian pesos ($ 2.52 million) worth of BTC traded during the week of March 2.

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

Approximately 317 BTC were traded for Indian rupees (INR) this past week, ranking it as the ninth largest market on Localbitcoins. When measured against fiat currency, the week of March 2 saw 88.62 million INR (roughly $ 1.26 million) traded for BTC.

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

South Africa comprised the 10th largest P2P market, with 288 BTC or 15.76 million ZAR (approximately $ 1.08 million) worth of trade.

P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela

Croatia and Hungary tied to comprise the weakest performing Localbitcoins markets this past week, both producing roughly 1 BTC in trade activity apiece.

Do you expect Russia to continue to host the largest Localbitcoins market in the coming months? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Coin.dance


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post P2P Markets: Russian Localbitcoins Trade Outpaces Venezuela appeared first on Bitcoin News.

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Markets Update: Cryptocurrencies Struggle to Surpass Upper Resistance

March 8, 2019 |

Markets Update: Cryptocurrencies Struggle to Surpass Upper Resistance

Cryptocurrency markets have been looking more optimistic but many digital assets are still struggling to surpass upper resistance in order to move forward. On Friday, March 8, trade volumes have increased, showing a quick spurt of renewed energy but market indicators suggest there a few more hurdles ahead.

Also read: An In-Depth Look at Ethereum’s Maker and Dai Stablecoin

Top Cryptocurrencies Wrestle With Sell Walls

Crypto markets are showing some rigor during this morning’s trading sessions, leading up to the weekend, with many short-term outlooks still bullish. Overall trade volume for the crypto economy has increased today, spiking to $ 31.1 billion at the start of the day. At the time of publication, all 2,000+ digital assets have a market valuation of around $ 132.7 billion. Bitcoin core (BTC) markets show prices are hovering around $ 3,928 and a market capitalization of around $ 69 billion. BTC is up 1.4% for the week and up about 0.39% over the last 24 hours. The second highest market cap still belongs to ethereum (ETH) where each coin is swapping for $ 137.

Markets Update: Cryptocurrencies Struggle to Surpass Upper Resistance
Top 10 cryptocurrencies on March 8, 2019.

Prices are down over the last 24 hours around 0.63% but ETH is up 0.07% over the last seven days. Ripple (XRP) markets are down 1.15% for the day and 2.55% for the week as each XRP is trading for $ 0.31 per coin. Litecoin (LTC) is still the week’s top contender as markets are still up over 18% for the week and 0.13% today. Each LTC is trading for $ 56 per coin and the market cap is roughly $ 3.4 billion, allowing LTC to command the fourth largest market cap. Lastly, eos (EOS) is up about 4.7% over the last seven days but today the currency is down 1%. At the moment, each EOS is trading for $ 3.76 per coin.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) prices are hovering around $ 130 today and buyers are still struggling to break upper resistance above the $ 145 zone. Currently, BCH markets are down 1.5% over the last 24 hours and 2.2% for the week. BCH commands the sixth largest market cap with an overall valuation of about $ 2.3 billion this Friday. The top five BCH exchanges today swapping the most volume are Lbank, Bitmart, Binance, Hitbtc, and Upbit.

Markets Update: Cryptocurrencies Struggle to Surpass Upper Resistance
BCH/USD 7-day. March 8, 2019.

The trading platform Lbank is capturing the lion’s share of BCH trades with 33% today. ETH is still the dominant BCH pair on March 8 with 36.7% of all trades. This is followed by USDT (31.4%), BTC (24%), KRW (3.21%) and USD (2.98%). Overall, the South Korean won has seen a decent spike in BCH trade volume this week. Bitcoin cash has the eighth highest trade volume today just below neo and above zcash with $ 298.51 million traded in the last 24 hours.

BCH/USD Technical Indicators

Looking at the short term four-hour chart on Bitstamp and Kraken shows BCH bulls are trying relentlessly to wrestle past resistance but so far they’ve been unsuccessful. Still, the BCH short-term outlook remains bullish and a few indicators confirm some more attempts from persistent buyers on the way. Currently, the two Simple Moving Averages have a nice wide gap with the 100 SMA well above the long-term 200 SMA trendline. This gives traders a positive outlook as the path toward the least resistance is still the upside.

Markets Update: Cryptocurrencies Struggle to Surpass Upper Resistance
BCH/USD 4-hour. March 8, 2019.

However, the four-hour Relative Strength Index (RSI -44.3) is meandering in the middle indicating uncertainty among traders. During the middle of last week, the moving average convergence divergence (MACd) indicated that a reversal was in the cards and the signal still stands. Looking at the order books show deep resistance up until the $ 145-155 range and from there BCH bulls could do well up until the $ 175 range before the next pitstop. We can see on the back side that if bears grabbed the reins they will be stopped at the current vantage point up until $ 110 per coin and will meet bigger buy walls again.

Markets Update: Cryptocurrencies Struggle to Surpass Upper Resistance
BCH/USD 1-day. March 8, 2019.

The Verdict: Optimism in the Midst of Negative Outlooks

Most traders are optimistic things will head northbound for a short period of time but some believe the market will drop again after reaching a certain point. Perennial perma-bear Dr. Doom (Nouriel Roubini) explained in a recent interview with the CFA Institute that BTC will continue to plunge in value and claimed that crypto supporters are fanatical.

“I met some of these individuals, and I must say I’ve never seen in my life people who on one side are so arrogant in their views, who are total zealots and fanatics about this new asset class,” Roubini stated.

Markets Update: Cryptocurrencies Struggle to Surpass Upper Resistance

Despite some of the bullish indicators, market analyst Jani Ziedins told Marketwatch this week that if BTC continues to struggle below the $ 4K range, the case for a bull run may evaporate. “Bitcoin continues to hover underneath $ 4k resistance,” Ziedins wrote. “It wasn’t all that long ago we were talking about $ 9k support, then $ 8k and $ 7k. $ 6k and $ 5k followed not long after. Now $ 4k turned from a floor into a ceiling.”

Ziedins added:

Adoption of cryptocurrency for handling financial transactions is slowing, not accelerating, which puts a devastating dent in the bull case. If BTC turns out to be nothing more than a fad, then the $ 4k price tag is still incredibly expensive and there is still lots of room to fall.

Still, despite a few negative outlooks, cryptocurrency fans continue to believe another bull run is on the horizon. Just recently, Sharepost published a survey which indicated consumers and investors remain bullish on the future of cryptos.

Where do you see the price of BCH, BTC, and other coins heading 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, Trading View, Bitstamp, Coinlib.io, and Satoshi Pulse.


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

The post Markets Update: Cryptocurrencies Struggle to Surpass Upper Resistance appeared first on Bitcoin News.

Bitcoin News

Markets Update: Top Cryptos Reclaim Support as RVN Rallies

March 6, 2019 |

The leading cryptocurrency markets are attempting to reclaim the losses incurred during Tuesday’s dip, with many crypto assets having rebounded to currently trade above last week’s support zone. In other market action, RVN has been among the top performing markets of the last fortnight, up 145% since Feb. 24.

Also Read: Blockfi Launches Interest Bearing Savings Accounts for Cryptocurrencies

BTC Bounces to Test Previous Support Zone

Bitcoin core produced a 2% bounce today, reclaiming much of Tuesday’s losses. Presently, BTC is testing resistance at last week’s support range of approximately $ 3,900 on Bitfinex and $ 3,800 on Bitstamp. When measuring from the Feb. 8 bounce, BTC appears to be testing resistance at the 0.382 Fibonacci retracement area after bouncing off support at the 0.5 Fibonacci area.

Markets Update: Top Cryptos Reclaim Support as RVN Rallies
BTC/USD – BItstamp – 4H

The stochastic RSI shows disparity across the larger timeframes, with the markets potentially appearing overbought on the weekly and three-day charts, with the stochastic RSI sitting above the 80 threshold, and appearing oversold below the 20 threshold on the daily chart.

Markets Update: Top Cryptos Reclaim Support as RVN Rallies
BTC/USD – Bitstamp – StochRSI

BTC currently has a market capitalization of $ 68.29 billion and dominance of 51.8%.

Bitcoin Cash Retests $ 130

BCH is currently trading for $ 132 after bouncing 7% to erase yesterday’s losses. The $ 130 zone has acted as a magnet area for BCH price action, with $ 130 consistently oscillating between comprising support and resistance since early January.

Markets Update: Top Cryptos Reclaim Support as RVN Rallies
BCH/USD – Kraken – 4H

When measuring the recent rally from the start of February, BCH appears to be testing resistance at the 0.5 Fibonacci retracement zone after bouncing off support at the 0.618 area.

When measured against BTC, BCH is testing resistance at 0.034 BTC, a price level that has comprised a magnet area for price action since the start of January.

Markets Update: Top Cryptos Reclaim Support as RVN Rallies
BCH/BTC – Bittrex – 4H

Bitcoin cash is currently the sixth largest cryptocurrency with a capitalization of almost $ 2.34 billion and a dominance of 1.77%.

ETH Support Turns to Resistance at $ 140

Ethereum has also rallied to test last week’s resistance area, with current prices sitting just below $ 137 after gaining 9% yesterday.

Markets Update: Top Cryptos Reclaim Support as RVN Rallies
ETH/USD – BItfinex – 4H

Looking from ETH’s most recent bounce off the $ 100 level during early February, ethereum appears to be testing resistance at the 0.316 Fibonacci retracement area after bouncing off support at the 0.618 Fibonacci zone.

Markets Update: Top Cryptos Reclaim Support as RVN Rallies
ETH/USD – Poloniex – 4H

When measured against BTC, ETH is currently trading for 0.035 BTC. Ethereum is the second largest crypto asset with a market capitalization of nearly $ 14.35 billion and a dominance of 10.88%

RVN Rises Up Market Cap Rankings

Despite posting a 10% retracement over the last 24 hours, RVN has ranked among the top gaining markets of the past week, gaining more than 130% against the dollar since Feb. 25 to currently trade for $ 0.024.

Markets Update: Top Cryptos Reclaim Support as RVN Rallies
RVN/USD – Bittrex – 4H (Calculated by Tradingview)

When measured against BTC, RVN has gained nearly 125% in approximately 10 days, with RVN currently trading for approximately 600 satoshis. Ravencoin is now the 62nd largest crypto asset with a capitalization of $ 69.07 million.

Markets Update: Top Cryptos Reclaim Support as RVN Rallies
RVN/BTC – Bittrex – 4H

Do you think that last week’s support zones will hold as resistance, or will the leading markets again break higher still in the coming days? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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.”

The post Markets Update: Top Cryptos Reclaim Support as RVN Rallies appeared first on Bitcoin News.

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Feb Volume Report: Leading Markets Post Strongest Month Since Q1 2018

March 3, 2019 |

For many leading markets, February produced the largest monthly volume since the first quarter of last year, with 30-day BTC trade activity surpassing $ 200 billion, and ETH exceeding $ 100 billion.

Also Read: Report: Quadriga’s 6 Cold Wallets Have Been Without Funds Since April 2018

BTC Volume Surpasses $ 200 Billion for February

February saw the highest volume for BTC trade in one year, with BTC pairings generating nearly $ 206.37 billion in trade during the last 30 days.

The increase in trade activity was driven by the run up to $ 4,000 during the middle weeks of February, with volume having since retraced amid sideways consolidation. The surge in activity comprised a 34% gain in trade activity month-over-month.

USDT trade also produced its heaviest month of trade since the first quarter of 2018, with $ 177.12 billion worth of tether changing hands. USDT trade activity increased by 56.50% when compared with January.

30-Day ETH Volume Surpasses $ 100 Billion

Monthly ETH trade activity reached a one year-high during 2018, with $ 104.46 billion worth of ethereum having been traded during the last 30 days. As such, ETH trade increased by 34.40% month-over-month.

Feb Volume Report: Leading Markets Post Strongest Month Since Q1 2018

During February, EOS ranked as the fourth-most traded cryptocurrency for the fifth consecutive month. $ 33.24 billion worth of EOS were traded during the last 30 days, comprising a 54.75% gain in trade activity. February comprised the strongest month of EOS trade since May 2018.

LTC ranked as the fifth-most-traded crypto asset for February, with $ 32.85 billion worth of litecoin changing hands. LTC saw a 93.58% month-over-month gain in volume, comprising the strongest month of trade since the first quarter of 2018.

Bitcoin Cash and Dash Ascend Volume Rankings During February

XRP was the sixth-most traded cryptocurrency of February for the second consecutive month, with $ 17.66 billion worth of XRP changing hands during the last 30 days. XRP trade activity increased by 30% month-over-month, however, failed to exceed the trade volume generated throughout December.

BCH ascended two positions to rank as the seventh most traded crypto asset of the past 30 days with $ 8.91 billion worth of trade. Despite posting a 40.54% gain monthly trade, February comprised the second-weakest month of trade in more than 12 months.

Feb Volume Report: Leading Markets Post Strongest Month Since Q1 2018

Dash re-entered the top ten after falling to 12th last month, ranking eighth with $ 6.22 billion worth of trade. February saw dash produce a 48.45% volume increase month-over-month, comprising the strongest month of trade since September.

NEO Reclaims Top Ten Ranking

NEO produced its strongest month in over 12 months, with $ 6.21 billion worth of NEO changing hands in the last 30 days. NEO comprised the ninth-most traded crypto asset during February, breaking into the top ten for the first time since November. NEO trade activity increased by 72.5% month-over-month.

QTUM produced its strongest month of trade since the first quarter of 2018, generating $ 6 billion worth of trade in the last 30 days. Monthly QTUM trade increased 22% when compared with January ranking it as the 10th-most traded cryptocurrency during February.

CKUSD comprised the 11th-most traded crypto asset during February with $ 5.87 billion worth of trade. February saw monthly CKUSD trade activity gain 38%, comprising the strongest month of trade since Q1 2018.

ETC rose two positions to rank as the 12th-most traded cryptocurrency with $ 5.75 billion worth of trade in the last 30 days. February posted a 60% gain in monthly ETC volume, comprising the strongest month of trade since August.

TRX Posts Significant Reduction in Monthly Trade

Despite falling from the top ten, ZEC produced its strongest 30 days of trade since Q1 2018 for the second consecutive month, with $ 5.22 billion worth of ZEC changing hands. February saw ZEC volume increase by 4.4%, ranking as the 13th-most traded cryptocurrency.

TRX comprised the only crypto asset of the top 15 to post a reduction in trade volume during February. $ 5.08 billion worth of TRX was traded during the last 30 days, ranking as the 14th most trade crypto asset.

Feb Volume Report: Leading Markets Post Strongest Month Since Q1 2018

XLM posted its strongest month since the first quarter of last year, with $ 3.99 billion worth of XLM changing hands. XLM comprised the 15th-most traded cryptocurrency during February, with volume increasing 23%.

BTT Ranks Among Top 20

BTT comprised the 16th-most traded crypto asset during February, with $ 3.86 billion worth of BTT having been traded.

BNB made its second appearance among the top 20 in one year, ranking 17th with $ 2.84 billion in trade over the last 30 days

BSV ascended one rank to comprise the 18th-most traded cryptocurrency during February, with $ 2.70 billion worth of trade. BSV trade activity increased 34.33% month-over-month.

PAX saw a nearly 10% decline in monthly trade activity, slipping one position to rank as the 19th-most traded crypto asset with $ 2.01 billion in trade.

TUSD ranked as the 20th-most traded cryptocurrency for the second consecutive month with $ 1.87 worth trade, a nearly 17% increase in trade volume.

Feb Volume Report: Leading Markets Post Strongest Month Since Q1 2018

Do you expect volume to continue to increase heading into the second quarter of 2019? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Feb Volume Report: Leading Markets Post Strongest Month Since Q1 2018 appeared first on Bitcoin News.

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Markets Update: Diminished March Trade Volume Mirrors Previous Patterns

March 2, 2019 |

Markets Update: March Trade Volumes Diminish Following Prior Crypto Trends

Over the last few days, cryptocurrency markets have been holding steady and consolidating after the correction on Feb. 24. Currently, the entire market capitalization is hovering around $ 129 billion and trade volume has started to diminish slightly with $ 24.9 billion traded over the last 24 hours. The top contenders capturing most of today’s daily gains consist of litecoin (LTC), binance coin (BNB), and ethereum classic (ETC).

Also Read: Public Transportation Across Argentina Can Now Be Paid With BTC

Crypto Markets Consolidate While Traders Wait for the Next Big Move

On Saturday, March 2, the most popular crypto markets have been dull after the last big price dip that took place last week. Today the three coins swapping the most volume are bitcoin core (BTC), tether (USDT) and ethereum (ETH). At the moment BTC is swapping for $ 3,864 per coin and has an overall market valuation of $ 67.9 billion. This is followed by the second largest market valuation held by ethereum (ETH) which is trading for $ 134 per token.

Markets Update: Diminished March Trade Volume Mirrors Previous Patterns
Top 10 cryptocurrencies on March 2, 2019.

Ethereum had been the rally leader about a week and a half ago but markets are down over 10% for the week. Ripple (XRP) currently holds the third position today and each XRP is swapping for $ 0.31 a coin. This is followed by eos (EOS) markets which are down 10% over the last seven days as well. One eos is trading for $ 3.53 this Saturday and the market has an overall valuation of around $ 3.2 billion. Lastly, litecoin (LTC) is leading the top five markets by gaining 2.4% over the last 24 hours. One LTC is trading for $ 49 and markets have only lost 1.56% last week.

Markets Update: Diminished March Trade Volume Mirrors Previous Patterns
Top 20 cryptos by market capitalization on March 2, 2019.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets are down this Saturday 0.73% and down over 9% in the last seven days. BCH is trading for $ 132 at press time and has a market capitalization of around $ 2.33 billion. This weekend BCH is the eighth most traded coin, below neo and just above dash.

Markets Update: Diminished March Trade Volume Mirrors Previous Patterns
BCH/USD 7-day on March 2.

Currently, there is $ 249.6 million worth of BCH swapped among the most popular exchanges and ETH is capturing 43% of that volume. Pairs following ETH’s dominance with BCH include USDT (31%), BTC (16.5%), USD (4.3%), KRW (3.3%), and JPY (0.4%). The top five exchanges trading the most BCH this weekend are Lbank, Bitmart, Binance, Fcoin, and Bibox. Last week, before the Feb. 24 dump, BCH failed to break upper resistance above $ 145 per coin and foundations have been meandering around $ 128-135 since then.

Markets Update: Diminished March Trade Volume Mirrors Previous Patterns
BTC/USD Poloniex 4-hour chart on March 2, 2019.

BCH/USD Technical Indicators

Looking at the four-hour chart on Kraken and Bitstamp shows that even though there was a slight correction last week, things still look optimistic. An indicator that’s been revealing this trend is the fact that while BCH has been consolidating, the short-term 100 Simple Moving Average has crossed the long-term 200 trendline. This shows that the path toward the least resistance at least for now is toward the upside. BCH did spike above the $ 128 zone after the quick drop and the consolidation has reinforced a bullish outlook.

Markets Update: Diminished March Trade Volume Mirrors Previous Patterns
BTC/USD Kraken 4-hour chart on March 2, 2019.

However, Relative Strength Index and Stochastic oscillators are meandering in the middle, showing indecisiveness among traders. Yet the MACd histogram shows room for improvement and it could start ascending after some resistance is broken this weekend. Order books still show that upper resistance is still around the $ 145 zone and from there, seas are much smoother. On the backside, if bears take the reins again they will be stopped between the current vantage point and $ 110.

The Verdict: Public Interest Is Waning But New Money May Not Be Needed to Ignite Next Bull Run

Overall traders are still uncertain, but a good portion think crypto markets may be near the elusive bottom. There are a few signals from both technical charts and overall positive news that could spark a price jump, although the month of March is well known for being a lackluster trading month for cryptocurrencies. Another obstacle is the fact that interest is waning as Google trends show that people searching for terms like “bitcoin price” “bitcoin” bitcoin cash” “ethereum” and “cryptocurrency” just isn’t happening as much as it was a year ago.

Markets Update: Diminished March Trade Volume Mirrors Previous Patterns
The top 20 cryptocurrency volumes on Saturday, March 2, 2019.

This gives investors the indication that “new money” just isn’t coming in, however, some analysts believe this doesn’t matter. For instance, the Singapore-based Three Arrows Capital CEO Su Zhu says there’s enough money sitting in crypto right now to initiate a price spike.

“There’s an estimated $ 2 billion in cash sitting in crypto funds. There’s another $ 2 billion+ sitting in stablecoins, and another $ 2 billion sitting at exchanges, silvergate, signature,” Su Zhu explained to his Twitter followers.

Zhu added:

This is $ 6 billion in fiat already onboarded to crypto to buy your bags — Imagine thinking we need new money to hit $ 10k.

Markets Update: Diminished March Trade Volume Mirrors Previous Patterns
Cryptocurrency money flows on March 2, 2019. USDT volumes confirm Su Zhu’s theory of $ 6 billion in fiat already onboarded to crypto.

Another indicator of positivity is the amount of bitcoin short positions dropping extremely low on exchanges like Bitfinex and Bitmex. The same can be said of ethereum short positions as a few weeks ago they reached all-time highs, but have since reversed considerably. These signs indicate that traders are uncertain the price will be heading lower and are waiting for the next big move for better insight.

Where do you see the price of BCH, BTC, and other coins heading 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, Trading View, Bitstamp, Coinlib.io, and Satoshi Pulse.


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

The post Markets Update: Diminished March Trade Volume Mirrors Previous Patterns appeared first on Bitcoin News.

Bitcoin News

Markets Rise on Hopes of US-China Deal

March 2, 2019 |

Stocks closed higher Friday as investors digested a report saying the US and China could hammer out a trade deal within the next month. The S&P 500 index rose 19 points to 2,803, the Dow Jones Industrial Average rose 110 points to 26,026, and the Nasdaq rose 62…
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