The total crypto market cap corrected lower sharply from the $250.0B resistance area.Bitcoin price is down more than 10% and it recently broke the $7,500 support.EOS price declined heavily below the $6.40 and $6.20 support levels.Binance Coin (BNB) is down around 10% and it is currently trading near the $24.20 support.Bitcoin cash price fell more than 12% and it broke the $400 and $385 support levels.Tron (TRX) price nosedived more than 18% and broke the $0.0300 and $0.0280 supports.The crypto market cap corrected lower sharply, with bearish moves in bitcoin (BTC) and Ethereum (ETH). Binance coin (BNB), BCH, ripple, tron (TRX), litecoin and EOS corrected lower sharply.Bitcoin Cash Price AnalysisThis week, we saw a strong rise in bitcoin cash price above the $400 and $420 resistance levels against the US Dollar. The BCH/USD pair even spiked above the $440 resistance and tested the main $450 resistance level. Recently, it started a strong downside correction and broke many supports near the $420 and $400 levels.The pair is currently down more than 12% and is trading near the $375 support. If there are more losses, the price may even test the $365 support level in the near term.Binance Coin (BNB), EOS, Tron (TRX) Price AnalysisEOS price traded towards the $6.90 level before starting a strong decline. The price broke the $6.50 and $6.40 support levels to move into a short term bearish zone. The decline was such that the price even broke $6.20 and it is currently testing the main $6.00 support.Tron price trimmed most its gains from well above the $0.0300 support level. TRX price is down more than 18% and it is now trading well below $0.0280. An immediate support is $0.0260, below which it could test $0.0250.Binance coin (BNB) is also down more than 10% and it recently broke the $26.00 and $25.00 support levels. BNB price is trading near the $24.20 support and it seems like it could test the $23.80 or $23.50 support levels in the coming sessions.Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp rally above the $225.0B resistance level. The market cap even spiked above the $250.0B level and recently started a major downside correction. It is down more than $30.0B and tested the $210.0B support level. During the decline, it broke a connecting bullish trend line at $235.0B and it is currently holding another bullish trend line with current support at $216.0B. As long as the market cap is above the $210.0B and $200.0B support levels, there could be a fresh increase in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX.
Ripple price failed to stay above the $0.4450 pivot level and declined below $0.4200 against the US dollar.The price is currently under pressure and it could test the $0.3740 or $0.3400 support.This week’s followed ascending channel was breached with support near $0.4365 on the hourly chart of the XRP/USD pair (data source from Kraken).There are several supports on the downside near $0.3800, $0.3740 and $0.3720.Ripple price trimmed most its recent gains against the US Dollar and bitcoin. XRP is currently below the $0.4200 support, but it is likely to find a strong support near $0.3740.Ripple Price AnalysisThis week, we saw a strong rise in ripple price above the $0.4000 and $0.4200 resistances against the US Dollar. The XRP/USD pair even broke the $0.4450 pivot level and traded to a new 2019 high at $0.4802. Later, there was a sharp downside correction from the $0.3802 high. The price traded below the $0.4450 pivot level to start a major downward move. It traded below the $0.4400 and $0.4200 support levels to move into a bearish zone.More importantly, this week’s followed ascending channel was breached with support near $0.4365 on the hourly chart of the XRP/USD pair. The pair even broke the $0.4000 support and tested the $0.3740 support area. A swing low was formed at $0.3745 and the price recently bounced back. It rebounded above $0.4200 and the 50% Fib retracement level of the recent decline from the $0.4802 high to $0.3745 low. However, the previous support near the $0.4450 level acted as a strong resistance.Besides, the price failed near the 61.8% Fib retracement level of the recent decline from the $0.4802 high to $0.3745 low. The price is currently moving lower and trading below $0.4000. An immediate support is near the $0.3950 level and the 100 hourly simple moving average. The main support is near the $0.3740 level, where the bulls are likely to protect additional losses. Below $0.3740, the price might decline towards the $0.3400 pivot level.Looking at the chart, ripple price is clearly under pressure below the $0.4200 support level. There are chances that the price could revisit $0.3740 before starting a fresh increase. On the upside, an initial resistance is at $0.4200. The main hurdle is near the $0.4450, above which the price is likely to surge above the $0.4802 swing high.Technical IndicatorsHourly MACD – The MACD for XRP/USD is slowly gaining pace in the bearish zone, with a few negative signs.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level, with a bearish angle.Major Support Levels – $0.3950, $0.3740 and $0.3400.Major Resistance Levels – $0.4200, $0.4450 and $0.4800.
Volatility is back, that’s for sure. In the past 20 minutes, Bitcoin (BTC) has slipped at $7,800, wicking to $6,600 on Bitstamp as a result. It is rumored that this sell-off was a result of a massive sell order placed on Bitstamp, as made evident by the fact that during this dump, there has been an over $500 gap between its price, and that seen on BitMEX, Coinbase, and other major exchanges.As of the time of writing, the crypto asset is trading at $7,100, and continues to move minute-to-minute, implying immense volatility.This has only been corroborated that there have been colossal sell walls seen on Bitstamp, hinting that there is one entity or group of traders, likely based in Asia, that are looking to suppress the price. In fact, one commentator on Twitter quipped that such a move was catalyzed to try and liquidate BitMEX longs, which have been stacking up as Bitcoin has held around $8,000 for days on end.Data would confirm that this move worked. According to Bitfinex’ed, a popular crypto “cynic”, $250 million worth of longs were liquidated on the exchange over the past hour. In other words, those optimistic have just been pummeled.Two hundred and fifty million dollars in liquidated longs on Bitmex. pic.twitter.com/Nncar5KC6Y— Bitfinex’ed (@Bitfinexed) May 17, 2019Analysts Have Warned Bitcoin InvestorsInterestingly, analysts have been warning about such a move for days on end, looking to simple technicals to make a clear point. On Thursday, popular analyst Filb Filb noted that the cryptocurrency market had topped… for now anyway.He notes that the long-short ratio on Bitfinex has been “nuked”, dramatically reducing the chances of a short squeeze, which would pressure Bitcoin higher. What’s more, bid support (buy support) is decreasing hour-over-hour, the parabola that BTC has traced for the past few months is “shaky”, and there is decreasing volume in this embryonic market, all signs which aren’t too reassuring.Filb expects for Bitcoin to retrace to the 0.618 (61.8%) Fibonacci retracement at around $5,200 which he believes could be the last place to accumulate BTC, potentially ever. He isn’t the first to have suggested that a drawdown was inbound.Josh Olszewicz of Brave New Coin pointed out that Bitcoin’s chart is screaming for a pullback to “below $7,000”. He looks to the fact that the Ichimoku Cloud, a collection of indicators used to discern trends, momentum, and key levels, is currently showing that BTC is overextended. And guess what, we reached sub-$7,000 levels, before quickly bouncing higher.Featured Image from Shutterstock. Charts Courtesy of TradingView.
ETH price climbed further higher and tested $280 before correcting lower against the US Dollar.The price started a downside correction and traded below the $270 and $260 supports.There is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD (data feed via Kraken).The pair must stay above the $230 support area to avoid an extended downside correction.Ethereum price climbed towards the $280 level before correcting lower versus the US Dollar and bitcoin. ETH is likely to find support near the $250, $244 and $240 levels in the near term.Ethereum Price AnalysisAfter testing the $240 support, Ethereum price started a fresh increase above $260 against the US Dollar. The ETH/USD pair broke the $270 and $275 resistance levels. It traded to a new 2019 high close to the $280 level and recently started a downside correction. There was a break below the $265 and $260 support levels. It seems like the price is struggling to stay above the $270 and $275 levels. Sellers pushed the price below the 50% Fib retracement level of the recent wave from the $240 low to $280 swing high.The price even broke the $260 support area and spiked below the 61.8% Fib retracement level of the recent wave from the $240 low to $280 swing high. However, the $250-252 support area is currently acting as a strong barrier for sellers. Moreover, there is a major bullish trend line forming with support near $252 on the hourly chart of ETH/USD. Therefore, the pair is likely to find strong bids near the $250 support area. If there is a downside break, the next key support is near the $240 level, where bulls are likely to protect losses.The next key support below the $240 level is near $231. It coincides with the 1.236 Fib extension level of the recent wave from the $240 low to $280 swing high. More importantly, the 100 hourly simple moving average is also positioned near the $230 zone. Therefore, a break below the $230 level could trigger a nasty downside correction towards $210 or $200.Looking at the chart, Ethereum price seems to be correcting gains from the $200 swing low. It might continue to struggle, but it is likely to bounce back from $240 or $230. On the upside, a proper close above the $270 barrier is needed for a fresh increase in the near term.ETH Technical IndicatorsHourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.Hourly RSI – The RSI for ETH/USD slowly moved down and it is currently just below the 50 level.Major Support Level – $240Major Resistance Level – $270
The 2019 Bitcoin disbelief rally has recaptured some of the public frenzy and media attention experienced at the height of the last bull run, despite the next bull run barely beginning. The powerfully bullish momentum has crypto investors and analysts reviewing price charts hoping to figure out where the rally might end.
Bitcoin appears to be very much the mainstream media’s flavor of the week once again. The crypto asset will be prominently featured on US national television for two separate reasons in the coming days.Firstly, there are the first broadcasts of the Grayscale Investments television advertising campaign to #DropGold in favor of crypto. The second is a “60 Minutes” report, broadcast on CBS News, about the digital asset.You Can Count of Mainstream Media to Pour Gasoline on the Current Bitcoin BlazeIn case you missed it, Bitcoin is a hot topic once again. The price has been soaring of late and naturally, many people have renewed interest in the digital currency. There is no better evidence of this than the fact that the crypto asset will appear prominently on mainstream television twice this week in two completely unrelated instances.As reported by NewsBTC last week, Grayscale Investments will broadcast an advertisement for its services that attempts to persuade viewers to #DropGold in favor of Bitcoin and crypto. The ad will air for the first time today and the firm Tweeted out which networks will be showing it earlier:Excited to share that the #DropGold TV spot begins airing nationally TODAY during commercial breaks on:
– Comedy Central
– Fox Business
– Fox News
– Nat Geo
– SundanceCan’t wait? #WatchNow via https://t.co/mo009CyYFL— Grayscale (@GrayscaleInvest) May 16, 2019The advertisement focuses on the argument that Bitcoin is a better version of gold. It depicts decrepit bankers lugging around heavy, cumbersome bullion, whilst youngsters race through the streets with agility impossible to those burdened with gold. The argument it alludes to is that Bitcoin serves as a digital gold in that it is strictly limited in total supply and its issuance occurs at a known rate. Meanwhile, the crypto asset is easier and cheaper to transport, store, and divide than gold making it a clear choice in the 21st Century.With names like NFL, National Geographic, Paramount, and Comedy Central making the list, there will be no shortage of eyes falling on the Grayscale advertisement in the coming days.Perhaps more exciting, however, is the broadcasting of a “60 Minutes” special on CBS News on Sunday at 19:00 ET/PT. According to a post about the show, it will be presented by Anderson Cooper, a choice that resonated with some:It’s gonna be a great show, I’m really excited and enjoyed filming this. Impressed that @andersoncooper really understands Bitcoin https://t.co/s9rJepmCHL— Charlie Shrem (@CharlieShrem) May 16, 2019The special also reportedly features the first-ever television interview with Laszlo Hanyecz, better known as the Bitcoin Pizza Guy. Hanyecz famously made the first commercial Bitcoin transaction – 10,000 Bitcoin in exchange for some pizzas. Typically, during an excerpt from the interview, Cooper is keen to remind his Hanyecz of the value of his pizzas using today’s Bitcoin price – $800 million.Also featured in the report is a visit to a crypto asset mine in Iceland and the Federal Reserve in Washington D.C. Since it is being broadcast at 19:00 on a Sunday, Bitcoin should be showcased in a light that isn’t just focusing on money laundering and the dark web in an extended form. Hopefully, Cooper does the crypto space proud as Charlie Shrem and others suspect he might.Related Reading: Nations Continue to De-Dollarise by Hoarding Gold: Is Stockpiling Bitcoin Next?Featured Image from Shutterstock.
It’s no secret that mainstream financial experts are seldomly big fans of cryptocurrency, and they are often one of the primary groups that vocalizes that largest amount of qualms with the nascent technologies. One example of this is Kevin O’Leary, co-founder of O’Leary funds and SoftKey, who is perhaps best known for his role as a shark on the popular television Shark Tank, who recently called Bitcoin (BTC) “garbage.”Despite this, one legendary investor who was previously ardently against Bitcoin is now flipping bullish on the cryptocurrency, saying that it is “alike and well,” a statement that is a far cry from his previous designation of Bitcoin as simply a massive bubble.Mark Mobius Says Bitcoin is “Alive and Well” in a Recent InterviewMobius, who is an emerging markets fund manager and the founder of Mobius Capital Partners LLP, was recently asked to share his thoughts on Bitcoin in a recent interview with Bloomberg, where he referenced the desire people have to seamlessly transfer money around the world as one reason the crypto is going to survive in the long-term.“There’s definitely a desire among people around the world to be able to transfer money easily and confidentially. That is really the backing to Bitcoin and other currencies of that type. So I believe it’s going to be alive and well,” Mobius explained.Despite sharing a seemingly bullish sentiment, he further noted that one must be “very careful” when investing in cryptocurrencies, citing their massive volatility as one reason why he still has not added any to his portfolio.“Whether I would invest in it is another question, because it has incredible volatility and at the end of the day, you can’t trace one individual or group or organization that would keep track of what is going on,” Mobius noted, referencing several massive exchange hacks that had the potential of significantly harming investors.Could Financial Big Shots Begin Foraying into BTC and the Crypto Markets?Mati Greenspan, the senior market analyst at eToro, spoke about Mobius’ comments in a recent email, explaining that the crypto market’s volatility should actually be seen as an attractive aspect of crypto for fund managers.“Mobius has not yet himself invested in bitcoin due to the extreme volatility. Mark!!… The volatility is one of the most attractive qualities of crypto from an asset managers perspective. The idea of asymmetric risk allows us to use this unique and uncorrelated asset class to greatly increase our return on risk in any otherwise well-diversified portfolio… I believe that one day soon asset managers around the world will diversify with crypto,” Greenspan explained.As the persistant Bitcoin bear market comes to an end and the crypto’s bulls begin to awake from their year-long slumber, it is highly likely that the world will once again shine a spotlight on BTC that may lead more prominent investors to foray into the markets.Featured image from Shutterstock.
The Bitcoin price has started 2019 off in fine form. Since reaching the $3,200 price point last December, which some have been calling this cycle’s ultimate bottom, the value of BTC has surged around 150% in just six months. With the price of most other crypto assets also increasing in recent weeks relative to the U.S. dollar, many analysts have declared that the current price action looks like the early stages of a new bull market.There are increasing signals that they might be correct too. Terms such as “Bitcoin”, “Coinbase”, and “Blockchain” have been trending across various online search platforms and technical analysis is pointing towards the theory that there is upside to come.Have the Bitcoin Bears Finally Been Vanquished?There is a growing body of evidence to suggest that the Bitcoin price could finally be ready to make a prolonged move to the upside once again. The price has been generally on an upward trend since it sank as low as $3,200 in December 2018.Just recently, however, there has been a much more dramatic price increase than we have seen since the days of 2017. During April and the start of May, Bitcoin’s price more than doubled to a yearly high of $8,320 (according to CoinMarketCap). It has since dropped back to just below $8,000 as of the time of writing.The rising prices have been accompanied by other signs that new money might be ready to get back into the Bitcoin and crypto asset markets. One indicator of such investor confidence is the fact that wallet software is trending hard in the Apple wallet store.Both Coinbase and Blockchain’s software are now listed as trending in the popular application store. This was highlighted by Twitter user Cryptorae recently:Trending now: “Coinbase” and “Blockchain”. Not sure I’m ready for this. pic.twitter.com/mRGgcr8RWO— rae (@cryptorae) May 14, 2019A related signifier that there is renewed interest in crypto relates to trending searches on the well-known search engine Google. According to data from the technology giant, the term “Bitcoin” is currently being searched for three times as often as it was just three weeks ago. It is still nowhere near as high as it was during the peak of the 2017 bull market but it is a clear sign that those less familiar with the technology are becoming interested either again or for the first time.Crypto pundits have posited some theories as to why interest might be on the rise once again. RT’s Max Keiser believes recent financial policies initiated by the US have made the sound monetary policy offered by Bitcoin highly attractive once again. He also states that during this bull market, institutions are likely to fear missing out just as much as retail did in 2017. This could lead to the $100,000+ Bitcoin he has been calling for as clients of Fidelity, Bakkt, and TD Ameritrade all scramble against retail investors to buy up the increasingly scarce crypto asset.Technical analysis also appears to be pointing towards more upside too. One trader and CEO of coding firm NodeSource, Joe McCann, highlighted that Bitcoin’s 200-day moving average recently moved into an upward-facing position. Previous times this has happened — in 2012 and 2015 — huge run-ups in the value of cryptocurrencies have been observed. The trader says we could be looking at a “prolonged bull market”.Judging from the technicals, along with clues into current levels interest in Bitcoin and crypto provided by trending searches at Google and Apple, the likes of Keiser, McCann, and others might be right in their bullishness. There might finally have been enough healing time for investors’ appetites for risk to have returned.Related Reading: Moving Averages Will Be Key In Bitcoin’s Next Move, What Are The BTC Pullback Prices?Featured Image from Shutterstock.
Since the start of April, the price of the leading cryptocurrency by market cap has been parabolic, breaking key resistance level after another with relative ease, and inciting FOMO in the crypto market once again. Bitcoin has even stayed resilient in the face of some of the worst Tether FUD to hit the market and a hack of the most popular cryptocurrency exchange, Binance.
In an impeccable sign of the times, sources tell The Block that Coinbase may soon acquire Xapo, one of the first and most well-regarded Bitcoin custodians. This news has been divulged as data indicates that institutions are looking to siphon capital into the crypto asset space, thereby making custodians a necessity.Related Reading: Prominent Analyst: Trouble for Bitcoin if Price Corrects Below $7,500Coinbase & Fidelity Duke It Out Over XapoReported by The Block on Thursday morning, the San Francisco-based cryptocurrency giant Coinbase is “in advanced talks” to purchase Xapo, a Zurich-headquartered custodian that purportedly owns at least 5% of all BTC in circulation, worth billions of dollars. In fact, Xapo has been reported to store the Bitcoin in Grayscale’s Trust (over 1% in circulation) in military vaults in Switzerland, sequestered away in mountain ranges.Xapo, headed by “Patient Zero” Wences Casares, who adopted Bitcoin after he was slammed by multiple hyperinflations of the Argentinian Peso, is one of the earliest startups in the space, and has secured funding from Digital Currency Group, Winklevoss Capital, and Blockchain Capital.Sources, who are “people familiar with the matter”, tell the outlet that Coinbase has an offer of $50 million and added contingent “earn-outs” on the table, but that Xapo has yet to shake on the proposed deal. They add that Coinbase and Fidelity’s resident crypto division, Digital Assets, have been duking it out over this deal, which is massive in and of itself. So far, as hinted at, Coinbase has the lead and was quicker on the draw, as the budding startup looks to bolster its embryonic custody business in a renewed drive to appeal to institutional players.Related Reading: Here’s Why the Bitcoin Price May Not See a Big Correction At AllThis news comes after Coinbase has revealed that it really intends to delve into custody, citing growing interest from its institutional clients and contacts. Speaking at Consensus, Brian Armstrong, the technologist-turned-chief executive of Coinbase, revealed that his firm’s custodian crossed $1 billion worth of assets under management (AUM) this week, which was sourced from 70 institutions. Armstrong adds that this sum continues to grow by $150 million, signaling immense interest from the non-retail audience.And in a Q&A session held on Wednesday night, the entrepreneur noted that Coinbase Pro’s volume is now 60% institutional, furthering the narrative that his company should continue to focus on the needs of big names, which many believe will mature the cryptocurrency market.
Institutions Flood Into Bitcoin
This comes as data has revealed that institutional players are also jumping headfirst into cryptocurrency, downing a red pill if you will. On Monday, for instance, the CME’s Bitcoin futures vehicle saw 168,385 BTC worth of volume on Monday, up from February record of 91,690 BTC. In a similar fashion, the Digital Currency Group’s subsidiary Grayscale was revealed Monday to have seen its flagship product, its Bitcoin Trust, post $141 million in volume today on markets.
And Fidelity Investments revealed that institutions are widely amicable towards the digital asset class. Out of the “more than 400 U.S. institutional investors” polled, 47% agreed that cryptocurrencies should have a place in their portfolios.
But this begs the question, will improved custody solutions spark widespread “FOMO” from some of the bigger names in the institutional side of markets?
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