Market Cap: $280,634,597,761
24h Vol: $16,964,367,687
BTC Dominance: 39.8%
Currently, the market is mostly in green but with an average percentage change ranging from 2 to 5% amongst the top 100 coins. Biggest gainers are Icon +13%, Siacoin 23.9%, Nano 17%, All Sport +25%. Out of those who are in red biggest losers are Emercoin -7%, Maker -5.5% and Dogecoin -5.16%.
There isn’t any significant news that can impact the market sentiment. News stories that came out are mostly negative or neutral, but there are positive once. Most significant headlines that came out in the last 24 hours are the following:
Finance professor at the University of Texas, John Griffin, an academic with a history of spotting fraud in financial markets conducted a research in which he concluded that Bitcoin’s price was artificially inflated last year, through Tether and Bitfinex, as reported by NY Times.
Mr. Griffin looked at the flow of digital tokens going in and out of Bitfinex and identified several distinct patterns that suggest that someone or some people at the exchange successfully worked to push up prices when they sagged at other exchanges. To do that, the person or people used a secondary virtual currency, known as Tether, which was created and sold by the owners of Bitfinex, to buy up those other cryptocurrencies.
Thomson Reuters adds sentiment data tracking of 100 Top Cryptocurrencies
Canadian mass media and information company Thomson Reuters will now be tracking the top 100 currencies in its sentiment data tool. The necessary data will be provided via a partnership with MarketPsych Data LLC, according to a WebWire press release published Wednesday, June 13.
Google Trends: Bitcoin in Its Dark Hours Still More Popular Than Beyonce
Google searches for Bitcoin have reportedly declined 75 percent through 2018, yet the leading cryptocurrency is still outstripping the famous music star Beyonce on Google Trends, CNBC reported Tuesday, June 12th.
Ripple CEO Claims Bitcoin Is Under Control of Small Group of Miners From China
Ripple’s CEO Brad Garlinghouse said that “Bitcoin is really controlled by China,” speaking at the 2018 Stifel Cross Sector Insight Conference in Boston, financial news outlet TheStreet.com reported June 12.
Ripple: Banks Unlikely to Apply Blockchain for Cross-Border Payments in Near Future
Ripple chief cryptographer David Schwartz claims that banks are unlikely to deploy blockchain to process international payments, citing low scalability and privacy problems, Reuters reports June 13.
Western Union Will Not Add Crypto Transfer Support in Near Future, Says CEO
Western Union Co. CEO Hikmet Ersek said the global money transfer service will not add a cryptocurrency transfer solution to its services anytime soon, MarketWatch reported June 13.
In the last 24 hours, the price of Bitcoin has spiked down from 6541$ to 6112$ and quickly bounced off of that level leaving a wick. The price is currently sitting at 6483$ which is just slightly below yesterday’s opening.
Looking at the hourly chart we can see that the spike down was below the 0 Fibonacci level, and the price is currently struggling to go above it, as indicated from the wicks on the upper side of the candles. I have labelled with a rectangle the prior low pattern and it looks similar to the current one. My target for this low was at 6000$ which was the lowest low of this correction so far, and I think we were going to retest it. This still may be happening so the question imposes – is the bottom in? Judging by the spike and a quick bounce we could say that, but we will have to wait for a confirmation.
Hourly chart technicals are not useful, as they are all on neutral.
S3 5330.6 S2 5834.4 S1 6064.8 P 6338.2 R1 6568.6 R2 6842.0 R3 7345.9
The price of Litecoin has decreased from just slightly below 100$ to 89.2$ at the lowest point yesterday and has recovered since to 96.16$ where it is currently sitting, which is an overall decrease of 3.49%.
Similar to Bitcoin we can see the spike down as a wick on the hourly chart, which means that the spike happened in less than an hour. From that, we can conclude that buying was triggered and buyers were eager to buy at those levels quickly, as they figured it was a great price to get in. I am expecting it to maybe retest those levels again, much like it did previously.
Litecoin hourly technicals signal a buy.
Oscillators are on buy, and moving averages are on a buy.
S3 71.966 S2 83.149 S1 88.335 P 94.332 R1 99.518 R2 105.515 R3 116.698
From yesterday’s opening at 41.4$, the price of Neo has dropped to 35.85$ and has recovered since to just slightly below 40$ where it is sitting currently.
As you can see from this hourly chart, this was my short-term projection and the target had a slightly offset but I was close. The price of Neo is currently interacting with the support area so we will see if it serves as resistance or not. If it does serve as resistance I would expect the price to go slightly below my target but the candle to close on it.
Hourly chart technical signal a buy.
Oscillators are on buy, and moving averages are on neutral.
The prices of three major cryptos that were covered in this report missed the lowest lows in this correction just slightly. In the case of Bitcoin, that’s at 6000$ which was my short-term target. The question that everyone is asking is “is the bottom in” cannot be answered conclusively still. Judging by the quick spike and a quicker recovery we can definitely say that buying was triggered, but are those buyers going to propel the price upward and cause a trend reversal we will see. I was really hoping to see a retest of the lowest lows, and I still think there’s a possibility that we see another low and another spike and a quick recovery. What I can say at this moment regarding this matter is that the bottom is in this area, and we are likely going to see some sideways action today before a confirmation.