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Tesla layoffs loom and its stock price plunges as Musk shifts focus from growth to survival

January 19, 2019 |

In an email to employees Friday, Tesla Chief Executive Elon Musk painted a dim picture of the company’s near future. He said Tesla’s cars are “still too expensive for most people,” and that to cut costs, the company would have to cut 7% of its full-time workforce.

Tesla’s stock plunged 13% on the…


L.A. Times – Business

Tesla to Slash More Jobs in Effort to Lower Model 3 Price

January 19, 2019 |

Tesla is cutting its full-time workforce by 7% to help lower costs so it can sell the Model 3 sedan at a lower price. Shares fell 13%.
WSJ.com: US Business

UTXO Analysis Points to a BTC Price Bottom in Q1 2019

January 11, 2019 |

UTXO Analysis Points to a BTC Price Bottom in Q1 2019

“When will the bear market end?” is the refrain of bored and frustrated traders across crypto Twitter. “Soon” is the answer suggested by Delphi Digital’s latest report. “Bitcoin Holder Analysis Through Cycles” seeks to determine when selling pressure that has deflated BTC prices over the past 12 months will alleviate, signaling that market recovery could be imminent.

Also read: BTC Gets a Health Check in ‘The State of Bitcoin’

Searching for Signs in Bitcoin’s UTXOs

UTXO Analysis Points to a BTC Price Bottom in Q1 2019There’s a myriad of narratives buried in Bitcoin’s UTXOs, the unspent transaction outputs that are combined every time BTC is sent. The inferences that analysts are able to draw from this information are growing ever more sophisticated, with Delphi Digital’s new supplementary report the perfect case in point. The 14-page document, which complements the research boutique’s original report, outlines the evidence to support the notion that the current bear market may be reaching its nadir.

Because each UTXO corresponds to the date when those coins were last moved, it’s possible to determine the age of bitcoins held in wallets by examining the blockchain. The frequency of UTXO movements can be used to identify cycles that turn hodlers into sellers. While selling sounds like it should be synonymous with downward price pressure, that’s not necessarily the case. Dormant BTC wallets being used for the first time in a long time may indicate that prices have climbed high enough to incentivize long-term hodlers to send their coins to an exchange. Delphi Digital’s report draws three largely bullish conclusions:

  • Selling pressure from long term holders, primarily those holding between 3-5 years, is almost exhausted.
  • We’re seeing another accumulation process by longer term holders begin, similar to the one at the end of 2014.
  • Using the timing of previous price bottoms relative to different bitcoin accumulation points, we are able to use current UTXO dynamics to strengthen our forecast of a rough date for a price bottom (sometime in Q1 2019).

Who’s Selling Bitcoin?

UTXO Analysis Points to a BTC Price Bottom in Q1 2019This might seem like a bad time to be selling bitcoin, with BTC currently languishing in the $ 3,600 territory. But while that represents a 74 percent drop from one year ago, that doesn’t mean that current sellers are offloading their coins at a loss. Adopters who acquired their coins up until early 2017 could sell them now for a minimum 3x profit – and potentially multiples more. The report notes “we can assume … older [BTC] owners have exhausted much of their selling efforts, evident in the flattening of … older UTXO bands, coupled with the 1 year UTXO band reaching a floor and staying flat through the first half of 2018.” It continues:

In the second half of 2018, the 1 year UTXO band began to exhibit a positive growth trajectory directly in tandem with the 1-2 year band as older UTXO bands remained flat. We’re seeing an accumulation process now similar to the one at the end of 2014. This would imply a bottom is in sight.

Using some clever calculations, based on historical analysis of the Bitcoin blockchain and the activity of UTXO bands, grouped by age, Delphi Digital has endeavored to predict when BTC is likely to next peak. The date it’s arrived at is April 2020. The authors believe this conclusion is bolstered by positive exogenous events such as “the scheduled launch of Bakkt (Early 2019) and Fidelity’s custody solution (being made generally available in early 2019).” Should Delphi Digital’s prediction come to pass, UTXO analysis will gain newfound respect among traders trying to time market cycles.

What are your thoughts on Delphi Digital’s UTXO report and 2020 price prediction for BTC? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post UTXO Analysis Points to a BTC Price Bottom in Q1 2019 appeared first on Bitcoin News.

Bitcoin News

Leading Crypto Markets Post Worst Year of Monthly Price Action on Record

January 8, 2019 |

When looking at monthly market performance, 2018 was the bloodiest year in the history of the cryptocurrency markets. Of the seven largest cryptocurrencies by market cap, only three were able to produce more than two green monthly candles during 2018.

Also Read: Bitblock Publishes Alternative Valuation Model That Suggests BTC Is Underpriced

BTC and ETH Produce Most Red Monthly Candles in Calendar Year Ever

In 2018, bitcoin core (BTC) saw the most red monthly candles in its history, posting three green and nine red monthly candles throughout the year. BTC gained 2% during the month of February, 33% April, and 21% July. The price of BTC fell by roughly 73% during 2018, opening the year trading for $ 13,900 and closing 2018 at roughly $ 3,700.

Leading Crypto Markets Post Worst Year of Monthly Price Action on Record
BTC/USD – Bitstamp – 1M, 2018

Based on monthly performance, the second most-bloody year in BTC’s history was 2014, during which BTC posted four green and eight red monthly candles. In 2014, BTC fell by 56% from $ 730 to $ 320.

Leading Crypto Markets Post Worst Year of Monthly Price Action on Record
BTC/USD – Bitstamp – 1M, 2014

ETH also posted its poorest annual performance during 2018 with three green and nine red monthly candles. The price of ETH gained 53% in January, nearly 75% in April, and 19% in December of last year. Overall, ETH shed nearly 82% of its value during 2018, falling from roughly $ 735 to start 2019 trading for $ 135.

Leading Crypto Markets Post Worst Year of Monthly Price Action on Record
ETH/USD – Poloniex (Estimated by Tradingview) – 1M, 2018

XLM Posts Strongest Monthly Performance of Top Markets

Stellar (XLM) was the strongest performing cryptocurrency of 2018 when counting green candles, posting four green and eight red candles during last year. XLM started 2018 with a gain of 53% in January, before gaining 103% in April, 44% during July, and 17% in September.

Leading Crypto Markets Post Worst Year of Monthly Price Action on Record
XLM/USD – Bittrex (Estimated by Tradingview) – 1M, 2018

Despite performing better than many other crypto assets during 2018, XLM posted its worst performing year on record. XLM lost 67% during last year, opening 2018 at $ 0.35 and closing the year below $ 0.12.

BCH, XRP, EOS, and LTC Post Just Two Green Monthly Candles During 2018

BCH posted green months during April and July of 2018, during which it gained 97% and less than 4% respectively. Overall, BCH shed roughly 94% of its value last year, trading for nearly $ 2,400 at the start of January and closing the year at roughly $ 150.

Leading Crypto Markets Post Worst Year of Monthly Price Action on Record
BCH/USD – Kraken – 1M, 2018

XRP’s sole green months for the year were April and September, which saw monthly gains of 66% and 74%. XRP posted an annual loss of 82%, falling from nearly $ 1.97 to end 2018 trading for $ 0.36.

Leading Crypto Markets Post Worst Year of Monthly Price Action on Record
XRP/USD – Bitfinex – 1M, 2018

EOS saw bullish action during January and April of last year, during which the market posted gains of 59% and 195% respectively. EOS dropped by 78% during 2018, sliding from $ 12.17 to close the year at $ 2.62.

Leading Crypto Markets Post Worst Year of Monthly Price Action on Record
EOS/USD – Bitfinex – 1M, 2018

LTC Produces Second-Most Bearish Year on Record

During 2018, LTC posted modest monthly price gains in February and April, with LTC increasing by 23% and 28%. Overall, LTC fell by 86% last year.

Leading Crypto Markets Post Worst Year of Monthly Price Action on Record
LTC/USD – Coinbase – 1M, 2018

Despite the heavy losses, 2018 comprised LTC’s second most-bearish year on record. During 2014, LTC fell 88% from roughly $ 23.80 to $ 2.75, and only posted a single green monthly candle.

Leading Crypto Markets Post Worst Year of Monthly Price Action on Record
LTC/USD – Bitfinex – 1M, 2014

Do you think the worst of the bear trend has already passed? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tradingview.


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 Leading Crypto Markets Post Worst Year of Monthly Price Action on Record appeared first on Bitcoin News.

Bitcoin News

Report: Most Major Crypto Assets Show Close Price Correlation

January 6, 2019 |

Research: 10 of Top 15 Crypto Assets Show Price Correlation of Over 64%

The 2018 bear trend brought an increase in correlation across the leading cryptocurrency markets, with recent research indicating that 10 of the top 15 crypto assets by market cap show a price correlation of more than 64%. Additionally, five cryptocurrency pairs show a correlation larger than 80% for 2018 – ADA and XLM, BTC and LTC, XMR and BTC, ETH and LTC, and XMR and LTC.

Also Read: Texas Updates Regulatory Guidance Regarding Cryptocurrency Activities

Research Finds Significant Correlation Between Leading Crypto Assets

Research: Most Major Crypto Assets Show Close Price CorrelationNew analysis has found the prices of bitcoin cash (BCH), bitcoin core (BTC), ethereum (ETH), ripple (XRP), eos (EOS), stellar (XLM), litecoin (LTC), cardano (ADA), iota (MIOTA), and monero (XMR) to be positively correlated, with all of said crypto assets found to have an average price correlation of between 64.7% and 74.1% when compared with one another.

Five pairings were found to have a correlation higher than 80% – ADA and XLM with 83.6%, BTC and LTC with 83.5%, XMR and BTC with 82.9%, ETH and LTC with 82.7%, and XMR and LTC with 80.6%.

Tron (TRX) comprised the sole cryptocurrency examined to produce an average correlation of less than 50%, with an average correlation of 49.6% when compared with other leading markets.

The research also noted that Proof of Work cryptocurrencies are generally less correlated with crypto assets utilizing alternative consensus mechanisms.

Price Correlation Doubles Year-Over-Year

Research: Most Major Crypto Assets Show Close Price CorrelationCompared with the previous year, 2018 saw the correlation between many leading cryptocurrencies more than double.

BTC’s average price correlation increased by 150% from 29.3% in 2017 to 73% in 2018, while ETH’s correlation increased 154% from 29.2% to 74.1%. XRP saw the greatest spike in price correlation, which increased by 220% year-over-year, while XMR saw the lowest percentage increase in correlation among examined cryptocurrencies – rising 105% from 34.6% to 71%. XLM correlation increased 114% from 30.4% to 64.9%, and LTC correlation increased 132% from 30.9% to 71.8%.

2018 also saw in increase in the volume correlation between leading cryptocurrencies year-over-year, with BTC up from 34.1% in 2017 to 53.2% in 2018, ETH up from 31% to 48.9%, XRP up from 31.1% to 45.2%, and XMR up from 20.3% to 22.8%. XLM volume correlation increased more doubled from 12.5% in 2017 to 28.4% in 2018, as did LTC volume correlation, which increased from 15.8% to 37.3%.

Do you expect 2019 to bring a further increase in correlation between the top cryptocurrency markets? 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 Report: Most Major Crypto Assets Show Close Price Correlation appeared first on Bitcoin News.

Bitcoin News

Southern California home sales drop 12% in November as price gains slow

December 28, 2018 |

Southern California home sales fell sharply in November, deepening a retreat from a sustained housing boom that placed home ownership out of reach for many.

The 12% drop in November sales from a year earlier was the fourth consecutive monthly decline for the six-county region. However, housing…


L.A. Times – Business

Only Sharks Will Feed on the Crypto Market’s Elusive Price Bottom

December 19, 2018 |

Only Sharks Will Feed on the Crypto-Market's Evasive Price 'Bottom'

2018 was a year of market bull traps and sliding prices. Now, as the year comes to an end, many cryptocurrency traders have been discussing the elusive “price bottom” for their favorite digital asset. However, pro traders understand that catching a falling knife is difficult and that elusive market bottoms can disappear within the blink of an eye.

Also read: A Look at Some of 2018’s Most Popular Cryptocurrency Traders

Catching the Falling Knife

Only Sharks Will Feed on the Crypto Market's Elusive Price BottomWhen the market is up and extremely bullish it’s easy to predict swings in either direction and make some quick bucks. But when the price of a certain asset has been in a downward spiral for close to 12 months, guessing where the coin will bottom out is a lot harder. Guessing the exact moment of capitulation is almost impossible and usually only the lucky catch extreme price bottoms.

In reality, a digital asset like BTC drops a few legs down in price and the value ‘flash crashes’ momentarily. Only a handful of brave souls will catch the candle’s deepest wick. Traders are walking on a razor’s edge shorting the price of BTC with 100x leverage on Bitmex in the hope they will catch that elusive bottom. Some sharks with deep pockets have extremely low orders placed on exchanges waiting to feed on capitulation.

Wagers Placed on Lower Crypto Prices

A great indicator of the ‘bottom feeding’ trend is the short positions placed on various markets that offer margin trading. BTC/USD short positions are extremely high this week on Bitfinex with 38,488 shorts resting on the exchange on Tuesday, Dec. 18. Short positions for BTC/USD touched an all-time high on Dec. 7, surpassing 42,000 shorts on Bitfinex. Other top cryptocurrency markets like ETH and BCH have also seen a great number of short calls over the last few weeks. The same day on Dec. 7, ETH/USD shorts on Bitfinex reached the highest level ever with over 426,000 positions. Although since then ETH/USD shorts have dropped considerably, there are still more shorts today (302,000) than there have been all year long. This indicates that a large portion of traders believe that the price bottom of the top cryptocurrencies has not yet been found.

Only Sharks Will Feed on the Crypto Market's Elusive Price Bottom
BTC/USD short positions on Bitfinex on Dec. 18, 2018.

Sharks With Deep Pockets Looking to Bottom Feed

Another place to view the hungry sharks waiting to feed on capitulation is the order books of the most popular exchanges. Most depth charts only show a fraction of what people are willing to pay or sell their bitcoins for on order books. However, you can look at order books even further on certain exchanges to see all the hungry bottom feeders waiting for a quick flash crash.

Only Sharks Will Feed on the Crypto Market's Elusive Price Bottom

For example, on Bitstamp’s BTC/USD order book there are some huge 100 BTC or more orders for anything below the $ 2,800 price range. These traders have their fingers crossed that their orders will be filled during those precious seconds or minutes of pure fear-driven capitulation. Choosing a position is a guessing game as the price may stop at $ 3,000 or $ 2,800 but it could flash to $ 2,500 in the blink of an eye.

Erroneous BTC Bottom Predictions

The funny thing is that traders and analysts have been calling the bottom all year long and not one of those $ 10,000, $ 7,000, or $ 5,000 bottoms stayed for very long. There’s been a ton of bitcoin market bull traps and ‘dead kittens’ throughout 2018 and each time people thought the price had touched bottom. “May 2018 will be the last time we ever see bitcoin under $ 10,000,” Charlie Shrem told his 156,000 Twitter followers on May 3. In a similar instance, the notorious Max Keiser stated to his Twitter fans:

Bitcoin tested bottom at $ 6,000 and it’s now on track to post new ATH — $ 28,000 is *still* in play on this rally.

Only Sharks Will Feed on the Crypto Market's Elusive Price Bottom
In contrast to McAfee’s opinion, BTC has suffered from an 82% correction since Dec. 17, 2017.

The Bottom Could Be a Quick Memory or Even Years Away

The “bottom” predictions last spring by industry luminaries were proven wrong and their erroneous forecasts, based on zero fundamentals, should be considered pure speculation. The fact is that predicting the bottoms and tops in the cryptocurrency market is extremely difficult and even when they do occur, price bottoms could be quick and painless or last for years. A great example of an evasive price bottom was the spike in gold spot prices back in 1980. Historians will remember that a troy ounce of .999 fine gold touched a high of $ 600 per ounce that year and on some exchanges as high as $ 850. It took 21 years for gold prices to touch a “bottom” when it touched a low of $ 256 per ounce in 2001, losing 57.33 percent of its value.

Only Sharks Will Feed on the Crypto Market's Elusive Price Bottom
After the price of one ounce of gold touched a high in 1980 it took 21 years for gold to bottom.

It also took an awfully long time for BTC to find its bottom back in February 2015, going below $ 200 per coin. People will remember that BTC touched a high of close to $ 1,300 per BTC before falling throughout the entirety of 2014 and into 2015. Yesterday, cryptocurrency prices bounced pretty well on global markets, which coincidentally took place on the same day BTC reached $ 20k on exchanges one year ago. In some people’s subjective valuations, BTC’s nadir has already been reached, even though it is possible the market downturn continues. The truth is that cryptocurrency bottoms will be recorded in history, but predicting or seeing one as it occurs is largely a matter of luck.

What do you think about cryptocurrency luminaries calling the bottom for certain coins? Let us know what you think about the subject in the comments section 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, Pixabay, therealasset.co, Tradingview, and Bitcoin.com.  


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The post Only Sharks Will Feed on the Crypto Market’s Elusive Price Bottom appeared first on Bitcoin News.

Bitcoin News

Plunging Oil Price Sinks Energy Stocks

December 18, 2018 |

An early rally on the stock market was largely gone by the closing bell as another plunge in the price of oil sank energy stocks, the AP reports. US crude fell to its lowest price since August 2017 Tuesday and is now down nearly 40% since early October. Exxon Mobil…
Newser

Amazon price guide, the best smart speakers and more: Tech Q&A

December 10, 2018 |

I buy almost everything I need on Amazon! How do I know if the price I see on Amazon is the lowest price?
FOX News

CNN

France to suspend fuel price hike after ‘yellow vest’ protests

December 5, 2018 |

France will suspend fuel price hikes after ongoing protests turned violent over the weekend, in a major concession by President Emmanuel Macron’s government and its economic reform agenda.
CNN.com – RSS Channel – World