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Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard

November 13, 2018 |

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard

There are less than two days left until the Bitcoin Cash (BCH) network faces a contentious hard fork and BCH markets are showing some unusual activity. They are being driven by heavy trading volumes that have doubled in the last two days, while BCH/USD short positions on Bitfinex have touched an all-time high. At the moment, bitcoin cash is trading for $ 529 per coin with more than $ 900 million worth of global swaps in the last 24 hours.

Also read: Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide   

Cryptocurrency Rally Stalls

As news.Bitcoin.com stated during our last markets update, all eyes are on bitcoin cash prices before the pending fork and this is still the case. On Tuesday, Nov. 13, the overall cryptocurrency economy is valued around $ 214 billion with over $ 13.3 billion in global trade volume over the last day. Currently, bitcoin core (BTC) prices are hovering around $ 6,359 with a market valuation of about $ 110.4 billion. BTC prices are down 0.64% over the last 24 hours and down 0.95% for the last seven days. The second highest valued market held by ethereum (ETH) is valued at $ 21.5 billion today and one ETH is swapping for $ 209. Ripple (XRP) has dipped in value as well and the token is down 0.12% over the last 24 hours. Spot markets show one XRP is trading for $ 0.52 and ripple trade volume is around $ 579 million. Lastly, stellar (XLM) markets are down quite a bit as markets have lost over 3% today and one XLM is trading for $ 0.26.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
Top 10 digital asset markets on Nov. 13, 2018, 12:00 p.m. EST.

Bitcoin Cash (BCH) Market Action

Even though it looks as though some of last week’s BCH spurred digital asset rally has stalled, a lot is going on behind the scenes. One BCH is trading for $ 527 per coin and the total market valuation is around $ 9.9 billion this Tuesday. According to statistics, bitcoin cash has the fourth largest trade volume just below tether (USDT) and ETH. This is because BCH trade volume has spiked considerably over the last day as the 24-hour volume is steadily approaching $ 1 billion. The trading platforms swapping the most BCH today include Lbank, Okex, Binance, Hitbtc, and Bitfinex. BTC is the largest pair trading with BCH and captures 39.5% of the market. This is followed by USDT (30.9%), USD (12.4%), ETH (7.1%), and QC (3.8%).

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
Bitcoin cash daily chart on Nov. 13, 2018, at 12:00 p.m. EST.

BCH/USD Technical Indicators

Looking at the BCH/USD 4-hour chart and the daily on Bitfinex and Bitstamp shows BCH bears have managed to push the bitcoin cash price down and suppress the value over the last few hours. Similar to our last markets update, the short term 100 Simple Moving Average (SMA) is still well above the long-term 200 SMA trendline. This confirms the path toward the least resistance is still the upside at the time of writing. On the 4-hour chart, the Relative Strength Index oscillator is meandering in the middle (44-56) and not giving much indication toward the next move.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD Bitfinex 4-hour. Nov. 13, 2018.

Order books show bulls need to surpass the current suppression and prices above the $ 560 range to gain some more leeway. On the backside, order books show some solid foundations between the current vantage point and $ 485. Again, there is a massive buy wall at $ 445 which could hold for a decent period of time. However, the moving averages and current MACd show things may not be so dismal in the short term and the massive trade volume injected in the BCH ecosystem in the last 24 hours suggests a quick and unexpected trend change could definitely be in the cards.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD 30-min. on Bitstamp. Nov. 13, 2018.

Chain Split Token Markets and Short Positions

As mentioned above, the clock is ticking towards the pending Bitcoin Cash network fork slated for Thursday, Nov. 15. Additionally, BCH/USD short positions on Bitfinex are still riding extremely high at the moment with people betting the currency’s value will plummet. Yet some traders believe the massive BCH daily trade volume coupled with short positions at an all-time high is a recipe for danger for margin traders without equity and many short positions could get “rekt.”

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD short positions on Bitfinex. Nov. 13, 2018.

Many traders have also been watching the BCH futures markets on Poloniex with BCH-ABC and BCH-SV being swapped against USDC and BTC pairs. At the moment, BCH-ABC is trading for $ 385, USDC and BCH-SV is around $ 139 per token. Moreover, Bitfinex has announced introducing new “chain split tokens” (CSTs) on Nov. 13 allowing traders to swap futures with the CSTs that have the dedicated ABC and SV symbols “BAB” (ABC implementation) and “BSV” (SV implementation). It’s safe to say that lots of eyes will continue to remain focused on the BCH market activity and possible reaction before the fork.

Where do you see the price of bitcoin cash and other coins headed from here? Let us know 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, Trading View, and Satoshi Pulse.


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The post Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard appeared first on Bitcoin News.

Bitcoin News

CNN

Trade war? China has bigger problems

November 10, 2018 |

China is riding out the trade war so far but its economic troubles run deep and could escalate rapidly if US tariffs really start to bite.
CNN.com – RSS Channel – World

The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade Volume

November 8, 2018 |

The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade Volume

In today’s edition of The Daily, we cover several different reports about the cryptocurrency ecosystem. The first was written by a cybersecurity firm that’s trying to identify the safest exchanges through which to trade. The second report offers a detailed breakdown of the market based on a host of different parameters, while another shows that corporations have abused the term “blockchain” so much that it has become poisonous.

Also Read: Israeli Central Bank to Hold off on Issuing Digital ‘E-Shekel’ Coin

And the Safest Exchange Is…

The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade VolumeGroup-IB, a Moscow-based cybersecurity firm, has developed a ranking system to grade cryptocurrency exchanges by the level of safety they offer clients. This is meant to provide insurers a way to decide what rates to offer clients that wish to insure their holdings on different exchanges.

“In the first place, we assess how crypto exchanges deal with crypto and fiat assets: what are the exchanges assets keys’ storage and management procedures,” a Group-IB spokesperson explained to TNW Hard Fork. “In some cases, with founders’ consent, the assessment includes penetration testing using social engineering methods aimed at the network compromise through the most vulnerable link at any organization — humans.”

According to the rankings, Okex, Huobi Pro, and Coincheck are among the least safe exchanges. Binance, Bitfinex, Bithumb, Bitmex, Localbitcoins, Myetherwallet and Poloniex rank above those exchanges, but Group-IB views Bittrex and Coinbase Pro as even safer. It ranks Kraken as the safest exchange.

The Current Industry Landscape

The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade VolumeBitmex Research has presented a report produced by Cryptocompare which offers a very detailed look at the exchange ecosystem. It reveals that Malta has been able to position itself as a global trading hub, as exchanges that are now legally based there produce the highest total daily trade volume, at just under $ 1.4 billion. The island nation is followed by South Korea, with about $ 840 million, and Hong Kong at approximately $ 560 million.

In terms of fiat pairs, the U.S. dollar represented 50 percent of BTC trading on average. The greenback was followed by the Japanese yen at 21 percent and the Korean won at 16 percent.

The report also shows that centralized exchanges continue to dominate trading. The combined average daily volume on the top five decentralized exchanges stands at just under $ 2.4 million, which is a mere 0.4 percent of total exchange volume.

Another interesting statistic from the report is that 11 percent of the top exchanges have been hacked in the past. And only one-third of the leading exchanges keep a majority of users’ funds in cold storage.

Blockchain Winter Is Coming

The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade VolumeBlockchain hype has been a constant feature of mainstream financial media coverage of the cryptocurrency space for about two years now. Many big companies that have wanted free exposure but lacked any connection to cryptocurrency have simply repackaged old database products as private blockchains. Others have simply claimed to launch pilot programs to put everything from vegetables to shipping containers on blockchains.

But now a new report by advisory firm Forrester (Nasdaq: FORR) concludes that “continued hype and unrealistic promises drive risk of a looming Blockchain Winter.” In fact, the research shows that companies are already switching out the term in exchange for “distributed ledger technology.” Now it remains to be seen how long companies will be able to milk “DLT” as a buzzword before moving on to the next one.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post The Daily: Security Experts Rank Exchanges by Safety, Malta Dominates Trade Volume appeared first on Bitcoin News.

Bitcoin News

Fading Hopes for U.S.-China Trade Truce Hit Markets

November 5, 2018 |

Asia’s beaten-up stock markets enjoyed a powerful rally in the previous trading session, buoyed by the prospect of warmer relations between the world’s two largest economies. But that optimism didn’t last long.
WSJ.com: What’s News Asia

U.S. trade deficit hits 7-month high; gap with China sets a record

November 5, 2018 |

The U.S. trade deficit widened more than forecast in September to a seven-month high as imports expanded and the merchandise gap with China hit a record amid an escalating tariff war.

The gap for goods and services increased 1.3% from the prior month to $ 54 billion, Commerce Department data showed…


L.A. Times – Business

CNN

Investors are wrong about the trade war with China

November 4, 2018 |

China’s stock market is suffering because of a trade spat with the United States.
CNN.com – RSS Channel – World

Pan-African Organization Launches Framework to Encourage Cryptocurrency Trade

November 4, 2018 |

Pan-African African Organisation Launches Framework to Maximize Trade Using Cryptocurrency

On Nov. 2, the African Digital Asset Framework (ADAF) launched with a mandate to promote cryptocurrency commerce within the continent. Co-founder Felix Macharia said ADAF is an open-source software platform to create cross-border standards for cryptocurrency and blockchain technology. It will also complement the African Union’s Single African Digital Market initiative, which leverages technology to stimulate digitized economic integration.

Also Read: Brazli’s Tax Authority Goes After Cryptocurrency Profits

‘Digital Assets Know No Borders’

Pan-African Organization Launches Framework to Encourage Cryptocurrency Trade

“ADAF was formed by organizations in the digital asset space who looked to harmonize standards and regulation in the space,” Macharia, who heads strategy at the Nairobi-based project, told news.Bitcoin.com. “Digital assets know no borders. If Africa is to benefit from the full potential of distributed ledger technologies and even from agreements around free trade, we must start drafting standards, legislation and regulations that are in line with this new reality,” he added.

The framework, which is backed by ambassadors of the African Union, its member states and the African Development Bank (AfDB), marked its inception with a research and development paper on digitally-driven borderless commerce within the African continent and between its diaspora. The paper points to virtual currencies like bitcoin as key to enhancing economic integration within and beyond the continent, while actively developing strong legal and technological standards on the project’s open-source platform.

Pan-African Organization Launches Framework to Encourage Cryptocurrency Trade

Africa has an economic footprint across the globe through its diaspora, but trade between African countries accounts for only 11 percent of the continent’s collective gross domestic product. Africa’s inchoate intra-continental trade infrastructure is partially responsible for the great conundrum whereby some African countries earn a measly 5 percent royalty for their natural resources, according to pan-Africanist journalist Baffour Ankomah.

ADAF to Spur Cross-Border Trade

“Digital assets create a secure way for people to trade, peer-to-peer, across borders, enabling people to securely access and transfer items like currency, identities, land titles and votes over the internet,” ADAF said, in a separate online statement. Standards will be tabled, discussed, edited, and implemented on the ADAF platform, with a view to “encouraging digital asset ownership and value exchange in digital economies between Africans and its diaspora.”

Pan-African Organization Launches Framework to Encourage Cryptocurrency Trade
Felix Macharia

Macharia stated that the platform, built around the idea of collective creation, will display technological codes and policy proposals for different commercial sectors, data on sustainable development objectives, and thought leadership from community members. It includes a multi-lingual interface for individuals, civil society, entrepreneurs and policymakers to propose solutions, actions and standards of self-regulation that reflect changes in the cryptocurrency space, as well as offering translation services for such proposals.

Diplomatic heavyweights signed to the pan-African initiative include former president of Mauritius Dr. Ameenah Gurib-Fakim; AfDB chief of corporate governance and shareholder relations Adewale Iyanda; and Queen Diambi Kabatusuila Tshiyoyo Muata of DRC’s Kasai Kingdom. There is also a high-profile tech buy-in, with ambassadors such as the AU’s Head of Internet Society and ICT Infrastructure Moctar Yedaly and chair of Kenya Blockchain and AI Taskforce Dr. Bitange Ndemo.

ADAF was initially introduced to the global community as an idea on Nelson Mandela international day at the United Nations in July. It is led by its three founding member organizations: Raise, Kotani, and andalba.one, and supported, as a platform, by the ADAF Foundation, which is registered as a trust in Kenya.

What do you think about the ADAF initiative? Let us know in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Pan-African Organization Launches Framework to Encourage Cryptocurrency Trade appeared first on Bitcoin News.

Bitcoin News

U.S. Accuses Chinese Firm, Partner of Stealing Trade Secrets From Micron

November 2, 2018 |

The Justice Department unsealed charges Thursday against a Chinese state-owned firm and its Taiwan partner for allegedly stealing trade secrets from the U.S.’s largest memory-chip maker, Micron Technology.
WSJ.com: What’s News Asia

Africa Dominates Trade Volume on P2P Bitcoin Exchange Paxful

November 2, 2018 |

Africa Dominates P2P Bitcoin Exchange Paxful With $  64 Million Trades Each Month

Paxful Inc., a peer-to-peer bitcoin exchange, is seeing significant growth in Africa. The U.S.-based company said Africans now accounted for the largest number of people buying and selling cryptocurrency on its platform, with average monthly transactions totaling $ 64.5 million.

Also Read: Brazilian Banks Ordered to Reopen Cryptocurrency Exchange’s Frozen Accounts

Millennials Drive Cryptocurrency Adoption in Africa

Over the past year, users from the African continent of 1.2 billion people soared by 225 percent, Ray Youssef, chief executive officer of Paxful, told South African media. Transactions on the exchange climbed 60 percent in Nigeria, Africa’s biggest economy, 25 percent in South Africa, the continent’s most sophisticated economy, and by up to 100 percent in other parts of Africa.

Africa Dominates Trade Volume on P2P Bitcoin Exchange Paxful

“The adoption of bitcoin across the globe re-affirms our belief that crypto will take its place as a mainstream financial system,” Youssef was quoted as saying. “As has been the case with other disruptive financial tech innovations like mobile money, Africa is leading the peer-to-peer financial revolution.”

Each month, more people from Africa are opening new accounts with Paxful than from any other region of the world, he explained. The surge illustrates how Africa’s swelling population of millennials is quickly taking to cryptocurrencies, not only to circumvent the system (dominated by monopolistic institutions such as legacy banks and the state), but also to hedge against inflation and fiat currency volatility while enjoying lower transaction costs. On average, Africa’s young people spend $ 59 each on BTC via Paxful, Youssef said.

Governments Less Enthusiastic

However, the increase in adoption is in sharp contrast to the often heavy-handedness with which some African governments have responded to digital assets. This is despite the continent being a region where virtual currency is viewed by many as key to mainstreaming the 350 million unbanked adults. Zimbabwe, Zambia, Namibia and Mozambique have all banned cryptocurrency, while Kenya, Nigeria, Senegal, Uganda and South Africa have adopted a somewhat pragmatic approach.

Africa Dominates Trade Volume on P2P Bitcoin Exchange Paxful

Other data from peer-to-peer exchange Localbitcoins reveals that Russia dominates bitcoin trading with over a quarter of all the platform’s volume, followed by Venezuela at 12.2 percent and the U.S. at 11.8 percent. African countries trail, with transactions originating from Nigeria accounting for 7.6 percent of total volume, South Africa 1.3 percent and Kenya at 0.7 percent.

Artur Schaback, chief operating officer of Paxful, said African consumers tend to use cryptocurrency to buy goods, mostly from overseas, as well as investments in promising blockchain startups.

“As a company, we’ve learned a lot from African consumers. For instance, we’ve improved our mobile capabilities to cater to the widespread use of smartphones on the continent. Our experience in Africa has strengthened our capability to serve consumers regardless of geographical location or origin,” he explained.

What do you think about cryptocurrency adoption in Africa? Let us know in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Africa Dominates Trade Volume on P2P Bitcoin Exchange Paxful appeared first on Bitcoin News.

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