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Price Analysis 5/29: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, ADA

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Institutional demand for Bitcoin remains high, even as the price turned down after the block reward halving. Some in the space believe that if institutional and retail demand picks up, there will be a severe shortage of (BTC), which can quickly push its price higher.

A small example can be seen in the way crypto fund manager Grayscale Investments has been lapping up Bitcoin, the top-ranked cryptocurrency on CoinMarketCap. Since the halving, Grayscale alone has bought about 150% of the newly mined Bitcoin. If this pace of purchasing continues for a few more weeks, traders’ sentiment could turn decidedly bullish.

Stocks usually react strongly to upgrades or downgrades by large brokerage houses or investment banks. However, the crypto community decided to go contra to Goldman’s recent warning to its clientele against investing in Bitcoin. This suggests that crypto traders do not give much weight to the reports by traditional brokerages.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

The huge rise in Bitcoin’s price over the past decade has not happened due to support from the government or from the brokerage houses. It happened as people saw an opportunity in the possibility of a decentralized world. Digital Assets Data CEO Mike Alfred recently told Cointelegraph that as the world becomes more digital and virtual, the younger generation would be more interested in digital gold, rather than physical gold.

Today also marks the expiry of CME BTC Options contracts. Typically the expiry has led to a 2.3% drop in Bitcoin’s price. Usually, fluctuations caused due to derivatives expiry are short-term blips and they don’t change the ongoing trend. Therefore, swing traders should initiate trades based on the trend and not so much on the CME expiry.

BTC/USD

Bitcoin (BTC) broke above the 20-day exponential moving average ($9,151) on May 27 and followed it up with another strong up move on May 28. This suggests that the path of least resistance is to the upside.

BTC–USD daily chart. Source: Tradingview

BTC–USD daily chart. Source: Tradingview

However, the bears are unlikely to give up without a fight. They are mounting a strong resistance at the $9,600 level. If this level is scaled, a move to the resistance line of the symmetrical triangle is likely.

A breakout of the triangle will signal the possible start of the next leg of the uptrend. The pattern target following a breakout of the triangle is $11,828.

Conversely, if the BTC/USD pair turns down from the current levels, the bears will try to sink it back below the 20-day EMA. If successful, the next stop would be the support line of the symmetrical triangle. A break below this level will be a huge negative as the pattern target of the breakdown from the triangle is $6,752.

ETH/USD

Ether (ETH) jumped above the neckline of the inverse head and shoulders pattern on May 28, which is a positive sign. There is a minor resistance at $227.097 above which the rally can extend to $257.

ETH–USD daily chart. Source: Tradingview​​​​​​​

ETH–USD daily chart. Source: Tradingview

Currently, the bears are attempting to sink the 2nd-ranked cryptocurrency on CoinMarketCap back below the neckline. If the price sustains below the neckline, it will suggest that the current breakout was a bull trap.

A break below the 20-day EMA and the support at $191.692 could signal the start of a possible downtrend. Therefore, traders who have purchased on the recommendation given in the previous analysis can keep their stops at $200.

However, if the ETH/USD pair bounces off the neckline, the bulls will make one more attempt to clear the $220.097 hurdle. If successful, the uptrend is likely to resume. The upsloping moving averages and the relative strength index above 60 levels suggest that bulls have the upper hand.

XRP/USD

The bears are defending the downtrend line. If XRP turns down from the current levels, the bears will try to drag the price towards the critical support at $0.17372. A breakdown of this support will be a huge negative as it is likely to start a new downtrend.

XRP–USD daily chart. Source: Tradingview​​​​​​​

XRP–USD daily chart. Source: Tradingview

Conversely, if the bulls can propel the 3rd-ranked cryptocurrency on CoinMarketCap above the downtrend line and the horizontal resistance of $0.20570, a move to $0.22504 and then to $0.23612 is possible.

Traders who don’t own long positions can buy if the XRP/USD pair sustains above $0.20570 for a few hours. The stop-loss for this trade can be kept at $0.19.

BCH/USD

Bitcoin Cash (BCH) had broken above the 50-day simple moving average ($238) today but the bulls are facing stiff resistance at higher levels. If the price turns down and slips back below the moving averages, a drop to $217.55 is likely.

BCH–USD daily chart. Source: Tradingview​​​​​​​

BCH–USD daily chart. Source: Tradingview

If the bears sink the 5th-ranked cryptocurrency on CoinMarketCap below $217.55, a drop to $200 and then to $166 is possible. Therefore, traders can avoid holding long positions below $217.

Conversely, if the BCH/USD pair rebounds off the moving averages, a move to $255.46 and then to $280.47 is possible. This level is likely to act as a stiff resistance but if crossed, a new uptrend is likely.

BSV/USD

The bulls are facing stiff resistance at the downtrend line. If Bitcoin SV (BSV) turns down from the current levels, a drop to $170 is possible. If the bulls defend this level aggressively, the consolidation is likely to extend for a few more days.

BSV–USD daily chart. Source: Tradingview​​​​​​​

BSV–USD daily chart. Source: Tradingview

However, if the bears sink the 6th-ranked cryptocurrency on CoinMarketCap below $170, a new downtrend is likely. The first support on the downside is $145 and then $120. Therefore, traders can protect their long positions with a stop below $170.

On the other hand, if the bulls can scale the price above the downtrend line, a rally to $227 is possible. A break above this level will signal the start of a new uptrend. However, if the price turns down from this resistance, the range-bound action is likely to continue for a few more days.

LTC/USD

Litecoin (LTC) has reached the downtrend line. If the bulls can propel the price above this resistance, a rally to $50.7864 is possible. A break above this resistance will invalidate the developing H&S pattern.

LTC–USD daily chart. Source: Tradingview​​​​​​​

LTC–USD daily chart. Source: Tradingview

Therefore, traders can look for buying opportunities on a breakout and close (UTC time) above $50.7864.

Conversely, if the 7th-ranked cryptocurrency on CoinMarketCap turns down from the downtrend line, it can drop to $41.7 and then to $39.

If the LTC/USD pair bounces off the supports, the range-bound is likely to continue. The trend will turn in favor of the bears on a break below $39.

BNB/USD

The bulls have carried Binance Coin (BNB) to the downtrend line but are struggling to scale the price above it. This suggests that bears are defending this level aggressively.

BNB–USD daily chart. Source: Tradingview​​​​​​​

BNB–USD daily chart. Source: Tradingview

However, if the bulls can keep the 8th-ranked crypto-asset on CoinMarketCap above the moving averages, it will increase the possibility of a break above the downtrend line. Above this level, a rally to $18.1377 is likely.

The BNB/USD pair is likely to pick up momentum above $18.1377, which can offer a buying opportunity to the traders.

Conversely, if the pair slips below the moving averages, a drop to $14.95 and then to $13.65 is possible.

EOS/USD

EOS continues to be in a range with both the bulls and bears playing it safe. Although the bulls have managed to push the price above the moving averages, the breakout lacks momentum.

EOS–USD daily chart. Source: Tradingview​​​​​​​

EOS–USD daily chart. Source: Tradingview

Both moving averages are flat and the RSI is just above the midpoint, which suggests a balance between supply and demand.

If the 9th-ranked cryptocurrency on CoinMarketCap sustains above the moving averages, a rally to $2.8319 is possible. On the other hand, if the price drops below the moving averages, a decline to $2.3314 is likely.

The next trending move is likely to start on a breakout above $2.8319 or on a breakdown below $2.3314. Therefore, until then, traders can remain on the sidelines. 

XTZ/USD

Although the bulls have managed to drive Tezos (XTZ) above the downtrend line on May 28, the breakout lacks momentum. This suggests hesitation by the bulls at higher levels. The failure to sustain the price above the downtrend line is likely to attract selling.

XTZ–USD daily chart. Source: Tradingview​​​​​​​

XTZ–USD daily chart. Source: Tradingview

If the bears sink the 10th-ranked cryptocurrency on CoinMarketCap back below the downtrend line, a drop to the 20-day EMA ($2.70) is likely. This is an important support to watch out for because if this breaks, a drop to $2.5795 is possible.

Therefore, traders can keep a stop-loss of $2.57 on the long positions initiated as suggested in the previous analysis.

However, if the XTZ/USD pair bounces off the downtrend line, it will indicate strength. Such a move can result in a rally to $3.07 and then $3.27.

ADA/USD

Cardano (ADA) surged on May 28 and broke above the overhead resistance of $0.0619885. Traders who bought after the suggestion in the previous analysis are likely to be sitting on profits. They can either book complete profits at the current levels or book profits on a major portion and trail the rest with a tight stop-loss.

ADA–USD daily chart. Source: Tradingview​​​​​​​

ADA–USD daily chart. Source: Tradingview

After the sharp rally on May 28, a few days of consolidation or a minor correction is possible. If the bears sink the 11th-ranked cryptocurrency on CoinMarketCap below $0.0619885, the pullback is likely to deepen further to $0.05928.

Conversely, if the bulls defend the immediate support at $0.0619885, the ADA/USD pair is likely to attempt a rally to $0.0722722. The bullish view will be negated if the pair dips back to $0.055. However, the possibility of such a drop looks dim.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-5-29-btc-eth-xrp-bch-bsv-ltc-bnb-eos-xtz-ada

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Crypto Fund Gives Ethereum Tokens Instead of Shares to Investors, And It’s Approved by the U.S. SEC

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A 2018-founder crypto firm just got the green light from the U.S. SEC to function as an Ethereum-issuing investment fund on Monday, in a first such structure.

Own a Hedge Fund’s Tokens

Based in Los Angeles, Arca is an asset management firm that creates and manages institutional-grade products using crypto and blockchain technology, as its LinkedIn page shows.

With the SEC ruling, Arca becomes the first SEC-registered investment product to offer digital tokens instead of traditional shares under the Investment Company Act of 1940. On offer for investors is the apt-titled ArCoin, an Ethereum token. 

On the development, Arca CEO Rayne Steinberg said it was “truly exciting to be pioneering new digital investment products.”

ArCoins, which do not trade on any exchange (if you spot one, it’s likely a scam), are an ERC-1404 token, an Ethereum standard designed to be compliant with regulators. This is unlike the usual ERC-20 standard; ERC-1404s can have their transactions rejected, accounts frozen, and approved to be transacted only with pre-determined addresses.

With the SEC approval, Arca investors can hold the fund’s tokens equivalent to a share/paper contract. All other fund activities are similar to traditional counterparts, in terms of daily shareholder updates, protections against bankruptcy, and audited financial statements. 

Assets are held in a trust, guarded by an “independent board of trustees” and the minimum fund buy-in is $1,000, notes Decrypt.

Small Fees for Big Gains

Eighty percent of ArCoins will be invested into “interest-bearing, short-duration, U.S. Treasury securities.” Investors will be paid out returns each quarter. 

For its services, Arca takes in 3.22 percent in fees; unlike the industry standard of 2 percent fees and 20 percent of profits. Each token represents one share in the business, the prospectus reveals.

Jerald David, the president of Arca Capital Management, revealed:

“Interest in crypto funds has peaked amid the coronavirus pandemic, a boost to the shift in our world from physical to digital during the last several years.”

While Arca is the world’s first SEC-registered digital token doling fund, it’s not the first to be compliant.

Grayscale, which handles over $3 billion over Bitcoin, Ethereum, and XRP products, has been an SEC-registered entity since 2018. The firm’s institutional buyers show a great affinity for cryptocurrencies, with analysts suggesting they paid up to a  750 percent premium for ETH exposure.

Arca’s been contesting for a Bitcoin ETF since 2017, as BTCManager earlier reported. It’s ETF efforts remain unfruitful.

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Source: https://btcmanager.com/crypto-fund-ethereum-tokens-investors-us-sec/

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Dogecoin Gains 20% Amidst TikTok Pumping Challenge

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Crypto asset Dogecoin (DOGE) has leapt 18% in 24 hours and almost 20% over the past week. The price action is happening against the backdrop of a viral TikTok challenge that encourages users to pump the coin. 

The most popular video under the hashtag #DogecoinTiktokChallange has amassed nearly half a million views so far. It was posted five days by a user jamezg97, and effectively described what seems to be a pump scheme:

“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users once it hits 1 dollar, you’ll have $10,000. Tell everyone you know.”

In another video, a user named kindashortidiot says, with a DOGE chart in the background: 

“Everybody, just please listen to me. This is Dogecoin. If you know nothing about investing, it doesn’t really matter. Go put $25 into this and that will be 10,000, okay? And if this reaches $1, you will have made ten grand. Please, just try it out. Go pump it!”

Another popular entry under the hashtag #Dogecoin is addressed to “some smart asses buying Dogecoin on Robinhood” and essentially warns them against investing in DOGE, “literally a monopoly money.” 

Cointelegraph reached out to TikTok to ask if this kind of content complies with its guidelines, but received no reply as of press time.

Currently, the asset trades at $0.002758, up almost 18% in 24 hours. It is ranked number 33 by market capitalization at Coinmarketcap.

Elon Musk’s seal of approval 

Dogecoin is a Litecoin (LTC)-based cryptocurrency that was created by a United States-based programmer Billy Markus and directly inspired by the “doge” meme. Despite being introduced as a “joke” cryptocurrency back in 2013, it has since managed to build a sustainable community on Reddit and Twitter.

Its most famous supporter is tech mogul Elon Musk. In April 2019, Musk tweeted that DOGE “might be” his favorite cryptocurrency, and that he finds it to be “pretty cool.” In a joke poll that took place on Twitter around the same time, the crypto community voted Musk as the best CEO candidate for the asset.

Source: https://cointelegraph.com/news/dogecoin-gains-20-amidst-tiktok-pumping-challenge

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Bitcoin Hash Rate Hits Record Average High Defying BTC Price Bears

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An essential Bitcoin (BTC) metric has hit a new all-time high as miners pledge ever more computing power to securing the network.

Data from various resources including Blockchain confirms that on July 6, Bitcoin’s seven-day average hash rate reached a new peak.

Bitcoin hash rate 7-day average beats March top

The achievement follows several weeks of hash rate growth, with the seven-day average at 123.4 EH/s as of Monday.

The previous record came in early March, just a week before the Coronavirus-induced crash severely disrupted both network and price activity.

Bitcoin 7-day average hash rate 1-year chart

Bitcoin 7-day average hash rate 1-year chart. Source: Blockchain

Hash rate is an estimate of how much computing power miners are devoting to processing Bitcoin transactions. A higher average suggests that miners have more faith in profitability, and their activity in turn strengthens the network.

Cointelegraph regularly reports on hash rate changes, along with Bitcoin mining difficulty, which is also on the rise after around a month of stagnation.

“I expect it to keep going up from here, maybe slightly less than the dark blue post 2016 line, at ~2-3X/yr,” quant analyst PlanB commented on Monday.

BTC price sits at weak 50DMA 

Rising fundamentals currently contrast with the relative lack of support for Bitcoin price bulls. As Cointelegraph reported, only a boost for stock markets saved BTC/USD from a third retest of $9,000 support in as many days.

Highs of $9,370 were short-lived, with the pair settling nearer $9,250 at press time on Tuesday.

Summarizing the situation, Cointelegraph Markets analyst filbfilb highlighted that those levels represent Bitcoin’s 50-day moving average (DMA).

“Bitcoin Failed to reclaim that 9300 level last night.  The 50 DMA is again the test for Bitcoin,  sat at ‘support’ on the 9250 level but the previous 2x times this failed in the exact same situation,” he told subscribers of his Telegram trading channel. 

“S&P 500 futures were down those times too as they are today, so given that I’ve hedged my longs for now.”

Bitcoin has shown strong correlation to the S&P 500, with PlanB this week forecasting BTC hitting $190,000 if the index passes 4,000 points.

Meanwhile, realized volatility is at lows not seen since November 2018 — just before a huge sell-off sent Bitcoin to lows of $3,100.

Source: https://cointelegraph.com/news/bitcoin-hash-rate-hits-record-average-high-defying-btc-price-bears

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