Bitcoin price gained bids and recovered above USD 3,800.
Ethereum and ripple are slowly moving higher towards USD 155 and USD 0.365 respectively.
HOT and NPXS gained more than 15% today.
Yesterday, there was a short term downside correction in bitcoin below the USD 3,950 support. Later, BTC/USD recovered and traded above the USD 3,950, USD 3,975 and USD 4,000 levels. However, buyers failed to gain traction and later the price started trading in a range above USD 3,800. Ethereum also recovered a few points and tested the USD 150 resistance, with a bullish angle. Ripple price is slowly grinding higher and it seems like the price may rise towards the USD 0.365 resistance. The current bias is slightly bullish and there are chances of more upsides in bitcoin price above USD 4,000.
Total market capitalization
After recovering above the USD 4,000 level bitcoin price corrected a few points. However, BTC/USD stayed above the USD 3,950 support and it is currently trading in a range. On the upside, an initial resistance is near USD 4,000, above which the price may climb towards the USD 4,050 and USD 4,100 resistance levels. On the downside, an initial support is at USD 3,950, which will most likely act as a pivot area. A close below USD 3,950 could spark bearish moves towards USD 3,925 and USD 3,880 in the near term.
Ethereum price recovered from the USD 145 support and traded above USD 148. ETH/USD is currently up close to 2% and it seems like it could break the USD 150 and USD 153 resistance levels. The main resistance is at USD 155, above which the price may climb to USD 160. On the downside, an initial support is at USD 145, followed by USD 142 and USD 140.
Bitcoin cash, eos and ripple price
Bitcoin cash price is trading flat near the USD 155 level. A proper break above USD 160 is needed for a decent upward move. If BCH/USD fails to gain traction, it could correct lower towards the USD 150 and USD 148 supports. EOS seems to facing a solid resistance near the USD 2.80 and USD 2.82 levels, above which the price may perhaps test the USD 3.00 resistance. The main supports are USD 2.72 and USD 2.68. Ripple price is slowly moving higher and it recently broke the USD 0.360 resistance. If XRP/USD breaks the USD 0.365 and USD 0.370 resistances, there could be more gains.
Other altcoins market today
During the past few hours, many small cap altcoins gained more than 10%, including HOT, NPXS, LINK, NEO, VET, IOST, ZIL, CRO and AOA. Out of these, HOT rallied more than 24% and NPXS is up around 16%.
Clearly, the price action is positive for bitcoin above the USD 3,925 and USD 3,950 support levels. Still, a successful close and follow through above USD 4,000 is must for BTC/USD buyers to gain momentum. Similarly, if ethereum gains strength above USD 155, ETH/USD may rally towards the USD 165 and USD 170 levels. _____
Bitcoin price corrected lower and settled below USD 4,000.
Ethereum and ripple started a short term downside correction.
DEX and ELA declined more than 12% today.
After a decent upward move above USD 4,000, bitcoin price started a downside correction. BTC/USD declined below USD 4,000 and USD 3,980 supports levels. The price is currently (UTC 08:30 AM) consolidating above USD 3,900 and USD 3,920 support and it could soon resume uptrend. Similarly, ethereum declined below the USD 150 support and it may correct further towards the USD 140 support. Ripple price struggled to hold gains above the USD 0.370 support and later corrected below the USD 0.362 and USD 0.360 supports. The current price action is slightly bearish, but dips in bitcoin and altcoins remain supported.
Total market capitalization
There is no successful close above the USD 4,000 level in bitcoin price . BTC/USD started a downside correction below USD 4,000 and declined below the USD 3,980 support. The price tested the USD 3,925 support and it is currently consolidating losses. To bounce back, the price must break the USD 3,980 and USD 4,000 resistance levels. On the downside, an initial support is at USD 3,925, below which the price may decline further towards the USD 3,900 or USD 3,875 support level.
Ethereum price started a downside correction below the USD 155 support. ETH/USD is down more than 4% and it is currently trading near the USD 146 support. If the price declines further, it could test the USD 142 and USD 140 support levels. On the upside, an initial resistance is at USD 150 (the previous support), above which the price may move back in a positive zone towards USD 160.
Bitcoin cash, eos and ripple price
Bitcoin cash price declined recently below the USD 160 support. BCH/USD is down more than 4% and it may continue to move down towards the USD 152 and USD 150 support levels. On the upside, the main resistance is at USD 160, above which it could test USD 165. EOS declined below the USD 2.75 support recently. It must stay above the USD 2.60 support to start a decent recovery. Resistances are seen at USD 2.75 and USD 2.82. Ripple price failed to stay above the USD 0.370 support and declined below USD 0.365. The next major support is at USD 0.350, which could produce a short term bounce in XRP.
Other altcoins market today
During the past few hours, a few small cap altcoins declined more than 10%, including DEX, ELA, WAVES, WTC and LINK. Out of these, DEX dived more than 16% and ELA is down close to 12%. Meanwhile, Ethereum Classic is down by 7% after it has suffered a serious attack on its network.
Overall, bitcoin price is currently consolidating above the USD 3,900 support. As long as BTC/USD is above USD 3,900 and USD 3,850, it could bounce back and move past USD 4,000. If not, there is a risk of a downside move in bitcoin and altcoins in the coming days.
The #1 cryptocurrency could soon overtake Mastercard’s daily transfer volume, judging by the official numbers released by Mastercard. This means Bitcoin is becoming a serious rival of the leading traditional money transfer system.
According to company’s public records, Mastercard has a daily volume of $11 billion, while Bitcoin on the other hand, transfers around $8 billion per day, meaning that it moves 73% of Mastercard’s volume. While Bitcoin daily transfer is especially noteable given the current situation in the crypto markets, it may seem that the cryptocurrency is already moving amount comparable to those handled by Mastercard.
Mastercardreports that it has processed transactions worth a incredible $4.4trillion since the beginning of the year. Although there’s no such statistic accessible for Bitcoin, it’s possible to accumulate it’s daily transfers. Supposably $8 billion daily transfer volume would mean Bitcoin could have an annual volume of $3 trillion, which is a incredible number for any transfer system, especially a cryptocurrency.
Ethereum, which transfers the second-highest daily volume, processed around $600 million in the 24-hour span. That would mean it equals approximately $0.25 trillion annualy. Moreover, Litecoin and Bitcoin Cash are also having a noteable amount of daily transfers, approximately $170 million and $120 million, respectively.
Despite having a far lower capacity in transactions per second, it could be speculated that all cryptocurrencies put together could rival Mastercard’s daily transfers. While Mastercards volume mostly stems from small purchases, cryptocurrency transaction could be worth millions. Although Mastercard’s main rival is Visa, which is handling 65.000 transactions per second, processes around $30 billion daily volume, that equals roughly $11 trillion a year. Given that Bitcoin supports 7 tx/s on-chain, it would equal only 0.01% of Visa’s transaction capacity, the premier cryptocurrency still transfers around 25% of the value processed by Visa.
The BTC/USD pair yesterday established a new intraday low at 6131-fiat, a level that attracted buyers waiting to buy the dip, and has gained as much as 7% value ever since. The early Asian trading hours today witnessed a weak upside momentum, due to which price dropped towards 6181-fiat. However, in the mid-European session, the BTC/USD formed a bull flag following a sudden influx of buying orders. The pair gained 6 percent during the upside rally.
But, if one notices, the correction is as volatile as the fall was. We are still forming a baby ascending line at this moment that could fail to extend its stay – we are still in a downward trajectory. Let’s have a look at it in our technical analysis section.
BTCUSD Technical Analysis
As long holders, we decided to look into bear trajectory formation, indicating that the downside momentum is not decreasing, but intensifying. We are once again close to testing it and realizing a pattern of bulls leaving their long position near the trajectory resistance. If it breaks, the BTC/USD can push itself towards the 61.8% Fibonacci retracement level at 6780-fiat. This could be also where bulls exit their long positions and cause a pullback.
As far as moving averages are concerned, the BTC/USD pair is still below its 50H, 100H, and 200H ones. The RSI and Stochastic, in the meantime, are in the selling area, awaiting further upside correction.
Overall, we are still in a strong bearish bias.
BTCUSD Intraday Analysis
We switched to a 15-minute timeframe for today’s analysis following the previous drop. Anyway, we were able to squeeze out a decent profit from our short position towards 6280-fiat. However, we also had to bear a small loss when our stop loss executed on a failed short position towards 6086-fiat. The bias reversed way before testing it as our primary downside.
As for today, we now have a new range defined by 6551-fiat as interim resistance and 6181-fiat as interim support. We are now consolidating sideways after finding a temporary base near 6419-fiat. If one notices, this consolidation is also a formation of a bullish pennant after the previous pole. With that said, we are first waiting for the price to break above the bear trajectory (explained above), which also coincides with our interim resistance. This would allow us to put a long towards 6630-fiat, our primary upside target.
A stop-loss two-pips below the entry point, in the meantime, will help us minimize our losses in case the price falls back inside the bear trajectory.
Looking south, we will put a short position towards 6181-fiat upon breaking below 6419-fiat. In this position, a stop-loss 2-pips above the entry point will define our risk.
The bitcoin price careened back toward $8,000 on Thursday after the U.S. Securities and Exchange Commission (SEC) rejected the Winklevoss twins’ second attempt to create a bitcoin ETF and list it on a regulated stock exchange.
The bitcoin price had entered the evening trading at approximately $8,300, a mark it managed to hold until shortly after 20:30 UTC. At that point, the floor appeared to disappear from under the flagship cryptocurrency’s feet, and it quickly posted a several-hundred-dollar decline. The bitcoin price briefly sunk below $8,100, though it has since recovered to a present value of $8,117.
The decline correlated with the news, revealed public SEC documents, that the agency had denied an application filed by Cameron and Tyler Winklevoss, prolific bitcoin investors and founders of cryptocurrency exchange Gemini, to launch an exchange-traded fund (ETF) product that tracks the price of bitcoin.
The denial marked the second time that the SEC had thwarted a Winklevoss-led attempt to create a bitcoin ETF, and also cast doubt on whether the agency will be willing to approve any of the manifold other cryptocurrency ETF applications that are currently undergoing review by SEC officials.
Many analysts had said that the recent bitcoin price rally was an indication that traders had priced in a bitcoin ETF approval, an event that now appears more unlikely. This ultimately raises the question of whether we will see bitcoin once again test the $8,000 mark and perhaps drop back below it.
At the RISE conference held in Hong Kong, the largest technology conference in Asia attended by 15,000 attendees, Ethereum co-founder Joseph Lubin said that the Ethereum blockchain has entered phase two of its development, following the launch of the most complicated app on its protocol.
Hundreds of Thousands of Transactions Regularly
The open-source developer community of Ethereum led by prominent developers like Vitalik Buterin, has been focusing on the development of layer-two solutions Plasma and Sharding, which combined have the potential to increase the capacity of the Ethereum blockchain network to one million transactions per second.
During a panel discussion at the conference, Lubin emphasized that in the near future, the Ethereum blockchain protocol’s main chain will be utilized as a trust system and layer-two networks will mostly handle the heavy load of processing large amounts of data.
“[Ethereum is moving] into a space where it can serve as the layer one trust system, and built into Ethereum we’ll have hundreds of thousands of transactions in the layer two systems and we’re going to see that ramified this year.”
Essentially, solutions like Sharding and Plasma leverage the security of Ethereum’s layer one protocol to securely process information in a highly efficient manner. Because Plasma operates as a multichain protocol with a network of minor blockchains while processing small payments as a micropayments channel simultaneously, the integration of the two solutions are expected to create an ecosystem wherein any decentralized application (dApp) can be deployed and operate without facing scalability issues.
Some crypto and blockchain projects have already employed unique off-chain systems to batch payments and only send transactions that absolutely need to be processed on the main chain. 0x, for instance, which operates as a base layer for decentralized exchanges, has been processing most of the buy and sell orders on decentralized exchanges off-chain and broadcasting batched transactions to the main chain to reduce the burden on Ethereum.
Decentralized prediction market platform Augur, which its founder Joey Krug described as the most complicated decentralized application, has launched on the Ethereum blockchain protocol after years of development.
The launch of Augur on the smart contract protocol of the Ethereum blockchain took longer than any other project currently in existence due to the difficulty of deploying its prediction market on a decentralized network that relies on smart contracts to esttle information.
“Augur’s about 10x more complex than the second most complicated ethereum project, makerdao, which has about 10 contracts vs augur’s 100 [complexity isn’t a good thing, and the augur team has tried to make it as simple as possible, it’s just a really complicated endeavor].”
“Engineering dapps is more risky than engineering underlying blockchains imo. It’s also harder, having been involved with both,” he added. “An underlying chain has no UI, little UX concerns, can fork if it runs into trouble, and doesn’t have to be *easily accessible* in a decentralized way.”
As the layer one blockchain protocol of Ethereum improves in security and layer two solutions provide scalability, complex projects and sophisticated dApps that require significant amount of data processing capacity to perform — which include decentralized exchanges, prediction markets, and stock markets — will be able to perform and operate seamlessly.
Bitcoin price abruptly jumped over $6800 (Bitfinex) during trading on Saturday, representing yet another attempt to break above $7,000 during the ongoing bear cycle.
There are a number of factors that could have contributed to this sudden jump. Bitcoin, and cryptocurrencies more generally, have seen a plethora of positive news this week.
For instance, South Korea – a major crypto trading market – announced that they were loosening restrictions on all manners of cryptocurrency trading across the board, including examining allowing domestic initial coin offerings (ICOs).
This is according to the KoreaTimes, who stated, “Financial regulators plan to ease rules on crypto-based assets in line with policies initiated by G20 nations to establish unified regulations.” South Korean authorities are also looking at classifying cryptocurrency exchanges as regulated financial institutions.
Another major occurrence is the increasingly successful lightning network. Some reports making the rounds online have even stated that the lightning network capacity is increasing 50% every week. Additionally, 20 new stores per day are accepting Lightning payments.
Other potential factors that may have impacted the price spike include so-called crypto “whales” choosing this moment to place large buy orders For Bitcoin. Since the supply of Bitcoin is finite (21,000,000 total theoretical supply of Bitcoin, with only 17,137,187 currently circulating), it stands to reason that large buy or share orders can impact the price significantly.
Since the overall cryptocurrency market prices tend to mirror Bitcoin in terms, these large buy orders could have theoretically resulted in a temporary feedback loop, where altcoin prices rose due to the Bitcoin price spike, which in turn led to the Bitcoin price spiking even more because of the potential for a “bull run.”
Social media giant Facebook has recently promoted senior engineer Evan Cheng to director of engineering for its recently-launched blockchain division.
Earlier in May, Facebook put together a team led by David Marcus, Coinbase board member and former president at PayPal, to explore blockchain technology and its potential use cases for the platform. The team consisted of less than a few dozen people and included senior executives from Instagram. The team was said to directly report to Mike Schroepfer, CTO of Facebook.
In an executive reshuffle, Facebook appointed Evan Cheng as the director of engineering and Kevin Weil, formerly VP of product at Instagram, as the VP of product at their blockchain division. According to his LinkedIn page, Cheng has been employed at Facebook since November 2015 and has been working at their programming languages and runtimes division. He also worked at Apple for over 10 years and is credited as one of the inventors of LLVM, a compiler that generates the low-level machine code for Apple devices. Cheng is also listed as an advisor to blockchain projects Zilliqa and ChainLink.
In a Facebook post earlier this year, Mark Zuckerberg stated that he would take up a personal challenge to study cryptocurrencies this year. He remarked that centralization and centralized systems are a key problem today and that he would examine this technology to accelerate decentralization and “put more power in people’s hands.”
“There are important counter-trends to this –like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”
Facebook recently reversed its ban on cryptocurrency ads on their platform. The ban was initially placed to protect its users from fraud and theft. Facebook admitted that the ban was intentionally broad and they would revisit the policy while they “work to better detect deceptive and misleading advertising practices.” Once the ban was lifted, Facebook announced that they would allow pre-approved applicants to advertise on their platform.
Although Facebook hasn’t announced any plans about how they would use blockchain technology on their platform, It is clear that they are pursuing this technology with interest. In the light of the data crises faced by Facebook, it is going to be interesting to see how they utilize this technology to improve their services.
From bond issuances to educational certificates, blockchain technology is increasingly finding new use-cases every day. Stepping aside from its use in financial and industrial sectors, the ethereum blockchain will be utilized in June 2018 to facilitate the auction of Andy Warhol’s 1980 work 14 Small Electric Chairs for cryptocurrencies.
The auction will be carried out by Dadiani Fine Art in London’s Mayfair district, in partnership with blockchain platform Maecenas Fine Art. Overall, 49 percent of Warhol’s works will be up available for sale on June 20, and the auction house will accept bitcoin and ethereum as payment.
Regarding price, the piece is valued at 732 BTC or $5.6 million at the time of writing, and would undoubtedly change as per market conditions on the day of the auction. Reportedly, the reserve price is 25 BTC or $4 million. The auction house strictly requires potential buyers to comply with local regulations.
While will not be the first time an art piece is bought using cryptocurrency, it is thought to be the most expensive and high most high profile. In January 2018, the Art Stage Singapore witnessed the sale of four paintings in exchange of cryptocurrencies.
The founder of Dadiani Syndicate, Eleesa Dadiani, explained the development:
“We aim to render the future of fine art investments to global reach. The cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury.”
Dadiani fancies herself as the “Queen of Crypto,” and earlier toldThe Times that the “world’s wealthy are looking for new ways to invest and the millionaire is changing.” Echoing her thoughts is Maecenas Chief Executive, Marcelo García Casil, who believes the sale “would help transform the art market.”
“We’re making history. This Warhol is the first artwork of many more to come,” Casil added.
The auction will be conducted on the Ethereum blockchain, and a smart contract will determine the final price for Warhol’s painting.
While whispers have previously been heard in the art world about blockchain making an impact in their sector, not much of a fruition has been witnessed yet. Undoubtedly, blockchain’s immutable properties can be of great help in the art domain – an industry mired with fakes and unregulated pricing.
At a recent convention in London, the co-founder of blockchain identify company Codex Protocol, Jess Houlgrave, stated that over 40 percent of all art pieces on the market are fraudulent. In this regard, blockchain’s benefits immediately come to mind – specifically the maintenance of traceable records on a public database that art collectors can view to verify their pieces.
The EOS price rallied 16 percent on Saturday following the release of the blockchain project’s open-source mainnet software, but there’s more to this pump than first meets the eye.
EOS Price Makes Market-Leading 16 Percent Rally
Today’s EOS price surge came as part of a wider market rally, but the token nevertheless managed to outpace every other cryptocurrency ranked in the top 100.
EOS spent most of the day trading just over the $12.00 mark but began to surge at approximately 6:15 UTC on Saturday morning. Within hours, the EOS price had peaked above $14.40 on Bitfinex, though it has since declined to a present value of $14.07.
EOS now has a market cap of about $12.5 billion, ranking it fifth on the market cap charts and $5.2 billion behind fourth-ranked bitcoin cash.
Somewhat remarkably, EOS is actually priced at a discount on South Korean exchanges, which as a general rule force local investors to pay a premium. Volume is very well distributed, with no single trading pair accounting for more than 13 percent of the token’s global volume or trading venue accounting for more than 20 percent.
Block.one Releases Mainnet Software, Tokens Locked on Exchanges
The clear impetus for the rally was the formal release of EOSIO 1.0, which development company Block.one shipped this morning at the conclusion of its yearlong $4 billion initial coin offering (ICO).
Until now, EOS tokens have been structured as ERC-20 tokens and have run on the Ethereum network, meaning that users must transfer their tokens to the coin’s independent blockchain. During this complicated process, token balances held in ERC-20 wallets have been locked, and exchanges have frozen deposits and withdrawals. However, exchanges continue to allow users to trade the limited supply of EOS tokens currently held on their platforms, creating an environment that is not entirely comparable to other trading pairs.
For example, an early EOS investor who would ordinarily consider selling tokens at $14.00 may not be able to do so since they cannot currently deposit EOS on an exchange. In essence, the reduced EOS supply will translate into increased price volatility until the nascent EOS mainnet achieves stability.
Notably, Block.one has said that it will not launch an EOS mainnet, nor will it commit to continuing to develop the software beyond the current release. Consequently, it is expected that there will be several networks claiming to be the “EOS mainnet,” and it could be some time before a clear winner emerges.
We are the new economy news hub. 2100NEWS is the professional index, data, and tools provider in the digital asset space, offering Crypto Market Intelligence, providing the perspective you can trust and equipping you with information edge you need to stay ahead. (Real-time data of token issuers and news, analysis and commentary from community.) We are very excited to contribute to the evolution of the industry and build an ecosystem around our offering (the institutional-grade data infrastructure required to enable institutional investments in digital assets). We want our contributions (Contents and Tools on 2100NEWS.com) to be useful for helping investors.