Tag: Daily

General overview

• Market Cap: $278,463,268,852
• 24h Vol: $15,188,740,539
• BTC Dominance: 48.0%

From yesterday’s high at $299B the evaluation of the cryptocurrency market cap has fallen by 23 billion, as today’s low was around $276B. This was expected as a triangle pattern formed on the global chart.

Consequently, the market is currently in red with an average percentage of change among top 100 coins ranging from 3-7%.  The biggest loser is Pundi X with a decrease of 19%.

News

As the market experienced a decline in the evaluation, many headlines are analytical in nature. However, some significant headlines have come out in the last 24 hours.

Australian Government Awards Grant to Blockchain Project for Sustainable Sugar

The Australian government has granted A$2.25 million ($1.7 million) to the Sustainable Sugar Project, Foodnavigator-Asia reports July 30. The Sustainable Sugar Project, led by the Queensland Cane Growers Organization, will use blockchain technology to track the provenance of sugar supplies to Australia. The initiative known as the Smart Cane Best Management Practice (BMP) is part of a sugar industry push for better sustainability and traceability.

It isn’t the first time the Australian government has given a grant to a blockchain start-up. Power Ledger a blockchain based solar electricity solution received about 8 million dollar grant last year for further research and development.

Chamber of Digital Commerce Proposes Guidelines for ‘Responsible’ Crypto Market Growth

The Chamber of Digital Commerce Token Alliance has released a collaborative report of proposed guidelines for “responsible growth” of the cryptocurrency market, according to their July 30 press release. The document, entitled “Understanding Digital Tokens: Market Overviews & Guidelines for Policymakers & Practitioners,” is broken up into three sections: a regulatory overview of digital token markets in five countries, principles for those distributing digital tokens that are not intended to be securities, and economic coverage of the “global token landscape.”

It is an obvious attempt to provide the regulators more material on the cryptocurrency market as the SEC is more and more active in the regulation clamp down on the cryptocurrency space with little to no understanding of the underlying technology.

China: World’s Fourth Largest Bank by Assets Trials Blockchain Loans Backed by Land

The Agricultural Bank of China (ABC), the world’s fourth-largest bank by assets, has issued its first loan on blockchain, local news outlet Financial News reported July 31. State-owned ABC, which counts itself among China’s “Big Four” lenders, revealed it had issued a loan worth around $300,000 backed by a piece of agricultural land in the Guizhou province.

This headline is significant as China’s stance toward cryptocurrency was negative in the past, but it looks like they are switching the tone as they are getting more and more informed of the benefits that adopting blockchain and cryptos are carrying.

Major Swiss Online Bank Posts Soaring Profits After Offering Clients Crypto Investing

Online banking service provider Swissquote has seen a 44 percent surge in profits in the first half of 2018, an uplift attributed to the “crypto boom” earlier this year, local news outlet Finews reports July 31. In July 2017, the Swiss-based online bank was credited by many with becoming “the first” European online bank to launch Bitcoin (BTC) trading accounts for its clients.

Nobel Prize Winning Economist Paul Krugman Expresses Skepticism About Crypto, Predicts Collapse

Nobel Prize winning economist Paul Krugman has expressed his skepticism about the value of cryptocurrencies in a New York Times Opinion piece published July 31.

Source: cointelegraph

Analysis

BTC/USD

From yesterday’s open at 8265$ the price of Bitcoin has decreased by 6,21% and is currently trading at 7732$.

Looking at the two-hour chart, we can see that the price of Bitcoin has broken down the descending triangle and is currently sitting right on the 0,236 Fibonacci retracement level. This breakout to the downside of the triangle was expected and explained in yesterday’s report and because these current levels aren’t going to serve as strong support, so more downside is expected, maybe after some consolidation. If that happens and the price goes below the 0,236 Fibo level the next target would be the baseline support 2 (black dotted line) at around 7400$.

Market sentiment 

Bitcoins hourly chart technical indicators are signalling a strong sell.

Pivot points

S3 7233.1
S2 7673.6 
S1 7926.6 
P 8114.1 
R1 8367.1
R2 8554.7 
R3 8995.2

ETH/USD

From yesterday’s high at 456,9$ the price of Ethereum has dropped by 5,2% and is currently trading at 433$.

On the 2 hour chart, we can see that the breakout was real and that the price has recovered a bit to the channels support line retesting it for resistance. It looks like the price is getting rejected by those levels which is why I would expect more downfall for Ethereum in the upcoming period.

Market sentiment

Ethreum’s hourly chart technical indicator signal a sell.

Pivot points

S3 411.23 
S2 434.49 
S1 445.57 
P 457.75 
R1 468.83 
R2 481.01 
R3 504.27

XRP/USD

From yesterday’s at 0,45548$ the price of Ripple has decreased by 5,31% and is currently trading at 0,431$

Looking at the 2 hour chart we can see that the price has broken out off of the ascending channel in which it was consolidating which is why more downside is expected from here.

Market sentiment

Ripple’s hourly chart technical indicator signal a sell.

Pivot points

S3 0.40185 
S2 0.42371 
S1 0.43485 
P 0.44557 
R1 0.45671 
R2 0.46743 
R3 0.48929

Conclusion

In yesterday’s report I have discussed the possibility of a breakout from the downside for the major cryptos as well as the global chart market cap evaluation. As that happened yesterday, in the upcoming days more downside is expected for the crypto market.

General overview

Market Cap: $298,408,763,099

24h Vol: $20,100,077,895

BTC Dominance: 47.0%

From yesterday’s open at around $280B the evaluation of the cryptocurrency market has increased by 20 billion dollars as it is currently sitting just slightly below 300B.

As you can see from the chart above it has entered the seller’s territory and that resistance is pushing the evaluation down, but buyers are aggressive which is why there’s a cluster forming around those levels.

The market is mostly in green with an average percentage of change among top 100 coins ranging from 3-6%.

News

In the last 24 hours, the most significant headlines are essentially positive in sentiment, but there aren’t any major headlines that are causing this bullish sentiment fundamentally. These are some of the headlines:

Gibraltar Stock Exchange’s Blockchain Platform Opens to Public Trading

The UK Overseas Territory of Gibraltar launched its Gibraltar Blockchain Exchange (GBX) July 23, a press release confirmed, opening up cryptocurrency trading.

TRON Acquires Major P2P Platform Operator BitTorrent

TRON’s long-rumoured acquisition of BitTorrent Inc., the operator of popular torrent client uTorrent, has been confirmed by TRON founder Justin Sun in a community letter published July 24

Google to Offer Distributed Ledger Solutions in Cloud Platform Marketplace

Google is joining the list of tech giants to deploy blockchain technology to offer customers fintech and cloud service solutions, according to an official statement Monday, July 23.

Crypto Exchange Giant Binance to Launch Operations in South Korea: Report

Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly planning to enter South Korea, one of the world’s major crypto trading markets.

Many headlines are analytical in nature and in favor of the bullish sentiment. Some of the headlines that fit into that category are the following:

$300 Billion: Cryptocurrency Market Cap Hits Major Milestone as Bitcoin Soars

Prominent Investors Bullish on Bitcoin Reaching $8,100 With Strong Volume

Bitcoin Price Blitzes to $8,200 but Wider Crypto Markets and Tokens Suffer

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has increased by 11,2% coming from 7380$ to 8182$ where it is currently trading.

Looking at the hourly chart, we can see that the price has broken the triangle resistance line and is blazing upwards exponentially. The price has found resistance and has retraced since the spike up to 8362$. Since the price has increased exponentially, a retracement is expected.

Market sentiment 

Bitcoin is in the buy zone.

Pivot points

S3 6745.9 
S2 7191.9 
S1 7455.9 
P 7637.9 
R1 7901.9
R2 8083.9 
R3 8529.9

ETH/USD

From yesterday’s low at 448$ the price of Ethereum has increased by 6,36% and is now trading at 476$.

As you can see on the hourly chart the price has gone to channels resistance line and found support there. Currently, it is at the midpoint of the channel and judging by the cluster a retracement should be expected.

Market sentiment 

Hourly chart technicals signal a buy.

Pivot points

S3 406.20 
S2 430.80 
S1 440.20 
P 455.40 
R1 464.80 
R2 480.00 
R3 504.60

XRP/USD

From yesterday’s open at 0.448$ the price of Ripple has risen by 2,16% and is now sitting at 0,458$.

As you can see from the hourly chart, the price went even further to 0,468$ but since it went above the 0 Fibo level, it had to pull back to retest it for support.

Market sentiment 

Ripple is in the buy zone.

Pivot points

S3 0.40488
S2 0.42765 
S1 0.43633 
P 0.45042 
R1 0.45910 
R2 0.47319 
R3 0.49596

Conclusion

As the prices increased over the last couple of days, new participants are coming into the market which is why we have seen this small increase over the last 24 hours. Recovery continues but for how long we are yet to see.

General overview

Market Cap: $284,394,661,536

24h Vol: $16,128,684,818

BTC Dominance: 45.0%

From yesterday’s level, the evaluation of the cryptocurrency market capitalization has decreased by 4 million dollars which is not that significant. As you can see on the chart below the evaluation has formed a plateau. 

The market is mixed in colors, with an average percentage of change among top ranging from 2-4%.

News

Looking at the headlines that came out in the last 24 hours I see that many are analytical in nature as everyone is now speculating on whether the cryptocurrency market has reached its bottom, because of the rebound that the market has experienced.

Some of the headlines that fit that category are the following:

Bitcoin Rally Converts Staunch Bear, Sees Price Breaking Above US$8,000

Billionaire Investor Says No One Wants to Buy Bitcoin, Market Shows Otherwise

‘I’d Like to See Us Test $5,000’: BitMEX CEO Pragmatic on Bitcoin Price Rise

Bitcoin Price and Seasonality: The Coming Rally?

Analysis

BTC/USD

From yesterday’s open at 7290$ the price of Bitcoin has increased by 2% and is currently sitting around 7467$.

As you can see from the hourly chart the price action is testing the resistance line of the prior triangle support (bold blue line) and has formed a symmetrical triangle around it. The breakout looks near and judging by the steepness of the support line it looks like buyers are more aggressive at the moment which is why a breakout on the upside is more likely, but not by more than 15% likely.

Market sentiment

Hourly chart technicals signal a buy.

Moving averages are signaling a strong buy.

Pivot points

S3 6881.1 
S2 7159.7 
S1 7316.6 
P 7438.3 
R1 7595.2 
R2 7716.9 
R3 7995.5

ETH/USD

From yesterday’s high at 483$ the price of Ethereum has fallen by 4% as its currently sitting at 464$ level.

As it can be seen on the hourly chart, the price action is in the channel and currently in the lower midpoints of the channel. As the market is correlated, if the price of Bitcoin goes up so will the price of the Ethereum to the channels resistance line at least.

Market sentiment 

Hourly chart signals a sell.

Pivot points

S3 428.44 
S2 450.16 
S1 459.40 
P 471.88 
R1 481.12 
R2 493.60 
R3 515.32

XRP/USD

From yesterday’s open at 0.493$ the price of Ripple fell to 0.448$ level but has recovered since and is currently sitting at 0.462$ which is an overall 6,35% decrease

Looking at the hourly chart we can see that the price fell steeply and quickly which indicates that the demand was not that strong, but currently, we are seeing a higher low which is an indicator of a starting uptrend.

Market sentiment 

Hourly chart technicals signal a sell.

Pivot points

S3 0.43408 
S2 0.45760 
S1 0.46732
P 0.48112 
R1 0.49084
R2 0.50464 
R3 0.52816

Conclusion

Today is a very important day because we will see either a confirmation that the uptrend started or an invalidation, and a shift toward a short-term recovery in a downtrend scenario.

General Overview

Crypto Trend Analysis:

Market Cap: $271,154,252,040

24h Vol: $15,384,760,656

BTC Dominance: 42.5%

In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has increased from 254,441,000,000$ which was yesterday’s low, to 273,729,000,000$ which is today’s high. Since this high, the evaluation has retraced slightly.

The market is in green with an average percentage of change by around 5%. The biggest gainer is Tenx with an increase of 31% while there are others like Powerledger, Enigma, Loom Network, WAX around 15%.

News

Top headlines that came out in the last 24 hours are mostly positive in sentiment. First among the significant headlines that already impacted the market in a positive way is that Robinhood listed Dogecoin (DOGE) on its Robinhood Crypto platform, which leads to an increase of 16% over the last 24 hours for this cryptocurrency.

Another significant headline in the similar category is that Coinbase got regulatory approval to list coins considered a security. 

Cryptocurrency exchange and wallet service provider Coinbase has received approval from the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to list digital coins considered to be securities, Bloomberg reported July 16.

Third in the line of the similar headlines is that BitPay received BitLicense from New York Department of Financial Services.

Global crypto payments processor BitPay has been granted a BitLicense by New York state’s financial regulator, according to a press release shared with Cointelegraph July 16. The recently acquired virtual currency license from New York’s Department of Financial Services (NYDFS) will allow BitPay to do business with customers and companies based in the state. Additionally, New York-based businesses will be able to use BitPay to accept Bitcoin (BTC) and Bitcoin Cash (BCH) for purchases from users worldwide.

Crypto Trend Analysis

BTC/USD

From yesterday’s open around 6,350$, the price of Bitcoin has increased by 5.68% as its currently sitting around the 6,702$ level.

Looking at the hourly chart we can see that the price interacted with the minor resistance line and has been rejected by it, which is why it has retraced slightly. Currently, we are seeing a lower high being formed just slightly lower than the prior ones which might be an indicator of the downtrend starting, but it can also be a retracement before a breakout on the upside.

Market sentiment

Hourly chart signals a buy.

Oscillators are on neutral and moving averages signal a strong buy.

Pivot points

S3 5756.3 
S2 6179.2 
S1 6454.2 
P 6602.1 
R1 6877.1 
R2 7025.0 
R3 7447.9

ETH/USD

From yesterday’s open at 446$, the price of Ethreum has increased by 6% and is currently sitting around 473$.

On the hourly chart, we can see a similar pattern like on Bitcoin’s chart. The price has entered sellers territory which is why it has retraced since the spike at the 481$ level. Currently, the price is on the minor range support where it is testing for the support. If the support is found I would expect a breakout from the upside, but if not, I am expecting the price to fall back to the 445$ level which served as support recently.

Market Sentiment

Hourly chart signals a buy.

Oscillators are on sell and moving averages are signalling a buy.

Pivot Points

S3 396.67 
S2 432.54 
S1 455.82 
P 468.41 
R1 491.69 
R2 504.28 
R3 540.15 

XRP/USD

In the last 24 hours, the price of Ripple has increased by 7%, from 0.443$ to 0.474$.

Looking at the hourly chart, again, we can see a similar price action pattern like on Bitcoin’s and Ethereum’s chart. The price found first resistance significant enough to be rejected by those levels and has currently retraced to minor support level testing for support.

Market Sentiment

Hourly chart technicals are signaling a buy.

Oscillators are on a sell and moving averages on a buy.

Pivot points

S3 0.38614 
S2 0.42809 
S1 0.45526 
P 0.47004 
R1 0.49721 
R2 0.51199 
R3 0.55394

 Conclusion

Judging by the position of the market cap evaluation as well as the charts analysed in today’s report, I conclude that the prices have found first resistance and the sellers are on the alert. Today we will see either a breakout on the upside if the sellers don’t get nervous and let the buyers push the price, or, a retracement of this uptrend to the first support levels. I think the second scenario is more likely because in order for the prices resistance to be broken, strong support is needed and there is none on the current levels.

General Overview

Crypto Market Capitalization Chart:

Market Cap: $246,600,162,313

24h Vol: $11,274,713,968

BTC Dominance: 42.5%

In the last 24 hours, the evaluation of the cryptocurrency market capitalisation has decreased from $256B to 242,426,000,000$ and has recovered slightly since.

The market is currently in red with an average percentage change among top 100 coins ranging from 3 to 6%. Monaco, Nebulas and Qtum are the only ones in green with an increase of 11, 8, 7%, respectively and everything else is in red with biggest losers being around 11%.

News

In the last 24 hours, the most significant headlines that came out, many of them regarding cryptocurrency exchanges, are as follows. The first that came out is Binance suspended trading and withdrawals due to a risk warning, according to a note from Binance.

“Due to a warning from a pre-trade check in our risk management system, we will postpone the start of trading and withdrawals.

Please stay tuned for more information regarding the reopening of trading and withdrawals.

We apologise for any inconvenience and thank you for your patience.”

 

Meanwhile Singapore-based CoinBene and Hong Kong-based Bit-Z have introduced a new “transaction fee mining” model which made them the largest volume holders in the last 24 hours, with the first one ranked as first with more than $2.1 billion in trading volume, and second one ranked as second with about $1.5 billion in trading volume over a 24 hour period.

This impacted the rank of Binance, which previously sat in the number one spot and is now ranked fourth, with 629$ million in daily trading volume.

The third largest cryptocurrency exchange in the world by 24-hour trading volume, Huobi has announced in an email sent to investors in Japan on Wednesday, that they are to remove the Japanese option from its homepage and suspends trading services from July 2, as reported by Coinpost.

As suggested in the Coinpost report, Huobi Pro made the decision to withdraw Japan-based services because is not registered with the Financial Services Agency (FSA), Japan’s financial watchdog, as mandated under a money transaction law introduced in 2016. It is not currently clear if the exchange has been contacted by the FSA over the issue.

While we are on watchdogs, another significant headline that fits into the exchange category is that Korean Watchdog is to tighten the rules on crypto exchange bank accounts.

South Korea’s financial regulator has amended the anti-money laundering rules that apply to cryptocurrency exchanges in the country, requiring domestic banks to tighten up monitoring of related bank accounts.

According to an announcement from the Financial Services Commission (FSC) on Wednesday, the amendment – which will initially be in effect for a year – means domestic banks who provide services to crypto exchanges must now monitor all the accounts held by an exchange.

Out of the news items that’s not in the exchange related category, the most significant one is that Facebook has updated its policy to allow cryptocurrencies to once again be advertised, while upholding its ban on the promotion of initial coin offerings (ICOs), in an announcement published Tuesday, June 26, as reported by cointelegraph.

Analysis

BTC/USD

From yesterday’s open at 6251$, the price of Bitcoin has decreased by 2.66% as it’s now sitting at 6090$.

As you can see on the hourly chart, from the resistance found at 6277$, the price has been in a constant steady decline. The price interacted with the downtrends resistance line with a quick spike in order to test that resistance. We can expect that the price is going to continue its downward movement today and go to the support line at 6000$.

Market sentiment 

Bitcoin is in the sell zone.

Oscillators are on neutral and moving averages signal a strong sell.

Pivot points

S3 5673.6 
S2 5904.2 
S1 5988.8
P 6134.8 
R1 6219.4 
R2 6365.4 
R3 6596.0

ETH/USD

From yesterday’s open at 461.22$ the price of Ethereum has decreased by 6% coming to around 432$ where it is currently sitting.

Looking at the hourly chart we can see that the price is currently on the levels of the downtrend resistance line where the price is looking for support, but as the trend is down the support goes down as well. We will see if the support hold, but lower low is more likely at this point.

Market sentiment 

Hourly chart technicals signal a sell.

Oscillators are signalling neutral and moving average a strong sell.

Pivot points

S3 374.87
S2 407.37 
S1 418.35
P 439.87 
R1 450.85
R2 472.37 
R3 504.87

XRP/USD

In the last 24 hours, the price of Ripple has decreased by 3.91% from 0.4819$ to 0.4629$.

Looking at the hourly chart we can see that the price is on the same levels of the recent low as it retested the 0 Fibo level. It has recovered slightly but not nearly that fast in order to show some sign of strength, which is why I think we are in for more downside today.

Market sentiment 

Ripple is in the sell zone.

Oscillators are on neutral and moving averages signal a sell.

Pivot points

S3 0.39681 
S2 0.42945 
S1 0.44081 
P 0.46209 
R1 0.47345
R2 0.49473 
R3 0.52737

Conclusion

Looking at the charts of the three cryptos we covered in this report, I am under the impression that the prices are struggling and aren’t stable. They are at or close to the levels of the recent low as the recovery was short-lived. We are potently going to see another low today, but the continuation of the stagnation with some sideways movement is more likely.

General overview

Market Cap: $328,089,417,655

24h Vol: $18,528,052,314

BTC Dominance: 39.0%

From yesterday’s low at 303,340,000,000$, cryptocurrency market cap evaluation has increased to 334,675,000,000$ which is the today’s high for now and has since retraced back to around $327 billion dollars.

The market is currently in green, with an average increase of 7-10% among top 100 coins. Biggest gainers are Bytecoin +26%, 0x +17%,  Theta Token +31%.

Crypto Market Daily News

The top story that came out in the last 24 hours is about South Korea changing the direction with relation to cryptocurrency in a more acceptive way. These are some of the significant headlines:

S. Korea: Financial Regulator ‘Sympathizes’ With Demands to End Crypto-Blockchain Regulatory Split

A South Korean blockchain researcher has criticized the government’s approach to regulation of the technology at the 2018 Seoul Financial Forum, local media reported May 29. Addressing the head of South Korean regulator the Financial Supervisory Service (FSS) Lee Geun-woo, Park Sung-joon, head of the Blockchain Research Center at Dongguk University, said adopting different approaches to cryptocurrency and blockchain was futile. One, he argued, cannot exist meaningfully without the other:

“In the digital asset trading market, virtual currency and blockchains can not be separated because they need the appropriate means of payment.”

Lee Geun-woo responded by saying:

“I sympathize with the words of Park Chan-hee, and I will pass on his suggestions to the financial authorities.”

South Korea: Government Committee Plans to Make ICOs Legal Again

South Korea plans to pursue the road to re-legalizing initial coin offerings (ICOs), local news media reported May 29, citing government officials. According to Business Korea, a National Assembly committee dedicated to studying the so-called ‘Fourth Industrial Revolution’ said it would seek to enhance the legal “basis” of cryptocurrency in the country, part of which would be reversing the ICO ban which the government enacted in September 2017.

$14.5 Bln South African Investment Firm to Launch Crypto Exchange

Sygnia Asset Management, a major South African investment firm with 180 bln rand ($14.5 bln) under management, has revealed that it will launch a cryptocurrency exchange later this year, BusinessTech reported May 25.

Survey: Three out of Ten Germans Are Considering Crypto Investing

Twenty nine percent of Germans are interested in cryptocurrencies as a form of investment, Cointelegraph auf Deutsch reported Tuesday, May 29. German bank Postbank came to this conclusion after a survey of 3,100 Germans, which was conducted from the end of February to the end of March 2018.

Source: cointelegraph.com

Analysis

BTC/USD

In the last 24 hours, the price of Bitcoin has increased by 5,2% – from 7104$ to 7481$ where it is now.

Looking at the daily chart we can see that the price almost went to the triangle support (blue bold line), but hasn’t interacted with it. Currently, price action is forming a cluster below the baseline support (bold black line), which serves as resistance.

If we zoom into the hourly chart, we can see that the cluster has a form of a rising wedge, which is a bearish sign. If we consider that the baseline support serves as resistance, the most likely scenario would be that the price is heading down from here, probably to the triangle support for a proper test.

Market sentiment

Bitcoin is in the buy zone, as indicated by hourly chart technicals.

Oscillators are on buy, and moving averages are on a buy.

Pivot points

S3 6355.1 
S2 6851.1 
S1 7158.1 
P 7347.1 
R1 7654.1 
R2 7843.1 
R3 8339.1

ETH/USD

From yesterday’s opening till now, the price of Ethereum has increased by 10,89% – from 511$ to 567$ where it is now sitting.

As you can see from this daily chart yesterday’s candle showed a strong momentum that was needed to break above the resistance line at 539,5. Today’s candle body is bearly noticeable, and as you can see from the upper wick the price went higher buy was repealed by a fair amount of selling pressure.

If we zoom into the hourly chart we can see that today’s price action is in an upward channel which hight bearly exceeded the prior high levels.

Market sentiment 

Ethereum’s hourly chart technicals indicate a buy.

Oscillators are signaling a buy, and moving averages a strong one.

Pivot points

S3 422.51 
S2 486.39 
S1 526.69 
P 550.27 
R1 590.57 
R2 614.15 
R3 678.03

XRP/USD

From yesterday’s open till now, the price of Ripple has increased by 12,3% – from 0,547$ to 0,614$.

Looking at the daily chart, we can see that the price rose strongly above the resistance line at  0,573$ but was stopped out by 0,236 Fibonacci level which serves as resistance.

Zooming into the hourly chart we can see that the price is currently breaking out from the bull flag, and is on an upward trajectory. The Fibonacci level is very close, so we will see what happens at these levels.

Market sentiment 

Ripple is in the buy zone.

Oscillators are on neutral, and moving averages signal a strong buy.

Pivot points

S3 0.45320 
S2 0.51892 
S1 0.55954 
P 0.58464 
R1 0.62526 
R2 0.65036 
R3 0.71608 

Conclusion

Crypto Market Daily News: As I have said yesterday the lows can trigger some buying, and that’s exactly what happened – we are seeing new buying pressure arising in the markets. The question is how powerful are the buyers? Can they push the prices up to prior levels, and then exceed prior highs? I think not. I think that as soon as the price is pushed a bit higher, which would mean a better price for sellers, they are going to start selling again. They did not want to continue selling on the month’s lows, as they were hesitant to make a mistake losing their bitcoin if the prices go higher, and people who were waiting to get into the bandwagon have entered the market. We will see what happens but for now, I am still bearish.

General Overview

Crypto News Daily Updates:  
   Market Cap: $323,628,725,976 
       4h Vol: $20,747,314,659 
BTC Dominance: 39.1%

In the last 24 hours, the cryptocurrency market cap evaluation has fallen from 363,2 billion dollars to 320,1 billion dollars, which is a 43,1 billion dollar decrease.

The market is in red with the biggest losers being around -10%. Only Steem +3,2% and 0x +9,1% are in green

Crypto Daily News

The top stories that came out in the last 24 hours are the following:

Coinbase Announces Launch of Coinbase Pro, Paradex Acquisition

Coinbase has announced Coinbase Pro, the new version of its trading platform GDAX, in a blog post Wednesday. The announcement comes on the same day as Coinbase’s acquisition of relay platform Paradex.

Bloomberg: US DOJ Opens Criminal Investigation Into BTC, ETH Price Manipulation

A criminal probe into Bitcoin (BTC) price manipulation by crypto traders has been opened by the U.S. Department of Justice (DoJ), Bloomberg reports today, May 24. Bloomberg cites four unnamed sources close to the matter as reporting that the criminal investigation – run by U.S. federal prosecutors and the Commodity Futures Trading Commission (CFTC) – will look into how traders could have engineered prices by illegal activities like spoofing and wash trading.

UN’s Project Services Arm Partners With IOTA to ‘Expedite’ its Mission With Blockchain

The United Nations signed a “memorandum of understanding” with blockchain platform IOTA to explore how the technology can increase efficiency, the two parties confirmed May 22. In a press release about the partnership, which features the United Nations Office for Project Services (UNOPS), the organization said the focus was on cutting intermediaries using blockchain.

Source: cointelegraph.com

Analysis

BTC/USD

From yesterday’s, open the price of Bitcoin has decreased by 7.67% from $7954 to $7355 where it is currently.

Looking at the daily chart the most important thing we see is that the price is currently interacting with the baseline support 1 which was the main support line from 14.07.2017, and held pretty strong in the past. Below that baseline is another unconfirmed which may serve as support if this one is broken.

Zooming into an hourly chart we can see the interaction with the support baseline, and that the price is currently below it. That doesn’t mean that the price is going further below, as this has happened twice before, the price interacted with that baseline support. We will see how today’s candle closes, but I am expecting a wick on the daily chart.

Market sentiment

• Bitcoin is in the sell zone.
• Oscillators are 9 on neutral, and moving averages signal a sell. 

Pivot points

S3 6404.6 
S2 7021.9
S1 7258.3 
 P 7639.2 
R1 7875.6 
R2 8256.5 
R3 8873.8

ETH/USD

In the last 24 hours, the price of Ethereum has dropped by 9.6% – from $649 to $586.5 where it is now.

Looking at the daily chart, we can see that the price is below 0.382 Fibonacci level and is looking for support at the levels of prior range resistance. As you can see from the wick, there was a good amount of buying pressure which propelled the price in an upward trajectory.  The price went above 0.382 Fibo level again for a while but has retraced since leaving a wick, which indicates the equal amount of selling pressure from above.

On the hourly chart, you can see that the price touched the prior resistance at $539.5 and bounced quickly, but it looks like now its entering seller’s territory. 

Market sentiment

• Ethereum hourly chart technical signal a sell.
• Oscillators are 9 on neutral, and moving averages signal a sell. 

Pivot points

S3 425.88
S2 511.34 
S1 544.12 
 P 596.80 
R1 629.58 
R2 682.26 
R3 767.72

XRP/USD

In the last 24 hours, the price of Ripple has dropped from $0.637 to $0.573 where it found temporary support and is now sitting at $0.615 which an overall decrease of 3.36%.

Looking at the daily chart, we can see that the price fell below 0.236 Fibonacci retracement level with strong momentum.

Zooming into an hourly chart we can see where the price found support, and it was on the levels of prior range resistance at $0.573. As you can see currently the price is up again, but on the same levels from which it has fallen before, which means that sellers are near, so we can expect another drop from these levels. 

Market sentiment

• Ripple is in the neutral zone.
• Oscillators and moving averages are signaling a neutral.

Pivot points

S3 0.46433
S2 0.53360
S1 0.56156
 P 0.60287
R1 0.63083
R2 0.67214
R3 0.74141

Conclusion

As prices of three major cryptocurrencies only made a quick dip toward their first support from which they bounced back to the prior high, I am expecting to see some short-term upside movement in the form of an upward channel after which the prices are likely to be heading down again for another low for a proper retest.

General overview

Crypto Market Cap Live Update:

Market Cap: $370,028,549,685

24h Vol: $19,283,416,338

BTC Dominance: 37.4%

In the last 24 hours, the crytocurrency market cap went from $381,331,000,000 to $391,463,000,000 which was yesterdays high. Since then, the evaluation has fallen to $361,113,000,000 this morning, and is slightly up from then.

As you would have suspected, the market is mostly in red, with an average decrease of 4-6% per coin amongst the top 100. Some of the biggest losers are iExec RLC -17%, Dragonchain -13%,  biggest gainers are Syscoin +19.3% and Huobi token 11.95%.

News

Top stories that came out are either about blockchain tech adoption or familiar names adopting it, but we can also see some negativity and criticism. These are some of the significant headlines:

Chinese IT Ministry Cryptocurrency Ratings Released: Ethereum 1st, Bitcoin 13th of 28

China’s Ministry of Industry and Information Technology has released its official cryptocurrency ratings. The “domestic experts” awarded Ethereum 1st and Bitcoin 13th out of 28 places. May 17. First-rate domestic experts and scholars” contributed to the ratings, which they calculated on the basis of three indexes: “technology,” “application” and “innovation.”

 

Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App

Germany’s second largest stock exchange, the Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee cryptocurrency trading app, Thursday, May 17. The smartphone app, dubbed ‘Bison,’ will be free to use as of Autumn 2018, and has been developed together with fintech startup Sowa Labs.

 

JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure

J.P. Morgan Chase & Co presented a prototype of its blockchain platform for capital markets, which aims to cut costs and enable smoother securities transactions. The announcement took place at NY’s Consensus conference Wednesday, the Wall Street Journal reported May 16.

 

Wall Street Journal Research Finds ‘Red Flags’ In almost 19% Of ICOs

The Wall Street Journal released findings from its analysis of almost 1500 initial coin offerings (ICOs) May 17, concluding 18.6% of them raised “red flags.” The latest source to investigate the still-booming ICO market, the WSJ warned that of the 1450 offerings it found, 271 of them were using what it described as “deceptive or even fraudulent tactics.”

 

JPMorgan Creates and Fills New Position of Head of Crypto Assets Strategy

Leading US banking group and financial services firm JPMorgan Chase has recently created and filled the new position of head of crypto-assets strategy, Business Insider reported today, May 17. London-based Oliver Harris, 29, will take the new role, reporting to the head of blockchain development, Umar Farooq. Harris will also lead JPMorgan’s internal blockchain project Quorum, which began testing by JP Morgan Chase and the National Bank of Canada last month.

 

Bitfinex Requires Customer Tax Info which it ‘May Exchange’ with Gov’t, Tax Authorities

Cryptocurrency trading platform Bitfinex has recently distributed a letter to certain users, saying that they are required to disclose their tax information, which the exchange may share with the government, according to a statement from the exchange on Twitter May 17.

 

Tel Aviv Stock Exchange Develops ‘First Of A Kind’ Blockchain Lending Platform

The Tel Aviv Stock Exchange (TASE) has developed a “first of a kind” blockchain-based securities lending platform, according to a press release May 16. The new platform was completed in partnership with Israeli fintech firm The Floor, global professional services company Accenture, and Intel.

 

Swiss Government Requests Study on State-Backed Digital Currency

The Federal Council of the Government of Switzerland has requested a report on the risks and opportunities of introducing its own state-backed digital currency, or so called “e-franc”, Reuters reported May 17.

 

Analysis

BTC/USD

From yesterday’s open at $8382 the price of Bitcoin has decreased by 3.11% coming to $8116 where it is now sitting. The price has fallen even further to $7940 but bounced back quickly to the levels at which it is now.

Looking at the daily chart we can see that the price is below the 0.382 Fibo level in a downward trajectory heading toward the 0.236 level.

On the hourly chart, we can see that the price is back at prior support, which now serves as resistance.

Market sentiment

Bitcoin hourly technicals signal a sell.

Oscillators are in favor of sell even though 8 are signaling neutral, and moving averages are indicating a sell.

Pivot points:

S3 7173.6 
S2 7673.3 
S1 7863.8 

P 8173.0 

R1 8363.5 
R2 8672.7 
R3 9172.4

ETH/USD

From yesterday’s high at $712, the price of Ethereum fell to $660 this morning but has since bounced back a bit to $680 where is now sitting, leaving an overall decrease of 4.6%.

On the daily chart, we can see that the price found support at the 0.5 Fibonacci level and has increased since it hit it.

On the hourly chart, we can see the interaction with the 0.5 Fibo level. The price went below it and quickly bounced back, but it is currently at the prior support levels which now serve as resistance.

Market sentiment

Ethereum is still in the sell zone.

Oscillators and moving averages both signal a sell.

Pivot points

S3 565.61
S2 624.01
S1 645.93

P 682.41

R1 704.33
R2 740.81
R3 799.21

XRP/USD

From yesterday’s open at $0.7 the price of Ripple has decreased by 5.3% to $0.67 where it is now sitting.

Looking at the daily chart we can see that things haven’t changed that much. The price action is still stuck between 0.382 and 0.236 Fibonacci levels. Today’s candle is green but it hasn’t exceeded prior highs.

The hourly chart tells us that the price broke out of the upward channel from the downside, found tempory support and is currently hovering around the levels of prior support which now serves as resistance.

Market sentiment

Ripple hourly technicals signal a sell.

Oscillators and moving averages are both signaling a sell.

Pivot points

S3 0.54850
S2 0.61100
S1 0.63479

P 0.67350 

R1 0.69729
R2 0.73600 
R3 0.79850 

Conclusion

Crypto Market Cap Live Update: The prices of three major cryptos that we cover in this daily report have experienced the same thing in the last 24 hours – breakout to the downside and retesting of prior resistance for support. After this retest is done I am expecting another downside movement and creation of lower lows.

General overview

Daily Crypto Market Update:

Market Cap: $377,867,819,649

24h Vol: $22,547,487,155

BTC Dominance: 37.2%

From yesterdays highest point at $412,9B  cryptocurrency market capitalization evaluation fell approximately by 40B, coming to $372,9B this morning.

Amongst the top 100 coins, about 98% are in red, with an average decrease in percentage from 13%. Biggest losers are Augur -15%, Mixin -16%, Mithil -22%, Kin -22%, Salt – 15%. Out of those who are in green, Wax is the biggest gainer, increasing by 4%.

News

Top stories that came out in the last 24 hours are mostly positive in sentiment. There are many established companies mentioned starting to adopt blockchain technology, or starting their own blockchain projects. Here are some of the significant headlines:

IBM Partners With Veridium Labs To Let Companies Track Carbon Footprint Via Blockchain

IBM announced a partnership with Veridium Labs to tokenize carbon credits that will allow companies to track their carbon footprint with blockchain today, May 15, in a press release shared with Cointelegraph.

 

FedEx CEO: Blockchain Is The ‘Next Frontier’ For Global Supply Chains

Delivery services multinational FedEx said it is “quite confident” blockchain has “big, big implications” for supply chains in a speech May 14, as it continues engagement with the technology.

 

Coinbase Targets ‘$10 Bln’ Institutional Investor Market With New Suite Of Products

The four products – Coinbase Custody, Coinbase Markets, The Coinbase Institutional Coverage Group and Coinbase Prime – all focus on alleviating major concerns that have allegedly caused institutional investors to hold back from entering the cryptocurrency space so far, such as security and regulatory compliance.

 

World’s Fifth Largest Bank To Trial Own Cryptocurrency In 2019

The banking unit of Japan’s Mitsubishi UFJ Financial Group (MUFG) plans to trial its own cryptocurrency as early as 2019, Cointelegraph Japan reports today, May 15.

 

Two Ex-JPMorgan Blockchain Leaders Reveal New Decentralized App Store Startup

The Two former leads of JPMorgan’s blockchain program unveiled a new startup, a decentralized app (DApp) store, Fortune reported yesterday, May 14.

 

Amazon And ConsenSys’ Startup To Offer Simplified Blockchain Platforms

Amazon Web Services (AWS), the tech giant’s cloud computing arm, is partnering with ConsenSys’ blockchain startup Kaleido to offer simplified blockchain cloud platforms for its clients, CNBC reports today, May 15.

 

HTC Reveals Plans To Launch Blockchain-Powered Smartphone

Consumer electronics corporation HTC has unveiled “the first native blockchain phone”, HTC Exodus, which will launch with support for multiple blockchains, including Bitcoin (BTC) and Ethereum (ETH) networks, PCMag reported May 15. HTC Vive creator Phil Chen announced the forthcoming project at the Consensus conference in New York City today.

 

Belarus Considers Digital Economy a Top Priority, Develops Resolution For OSCE Meeting

Belarus considers the digitization of the economy a top priority and is developing a resolution promoting digital economy for a session of the Parliamentary Assembly of the Organization for Security and Co-operation in Europe (OSCE PA), local news BelTA reports May 15.

 

Analysis

BTC/USD

From yesterday’s open at $8683, the price of Bitcoin has decreased by 5.73% coming to $8191 where it is now sitting.

On the daily chart, we can see that the price has fallen below 0.382 Fibonacci retracement level and is now sitting at the level of the opening candle on the 12th of May where it temporarily found support.

Looking at the hourly chart, we are seeing that the price broke out of the upward channel support line, and is heading towards the 0.236 Fibo level.

Market sentiment

Bitcoin is still in the sell zone.

Oscillators are signaling a sell, and moving averages a strong one.

Pivot points

S3 7698.0 
S2 8138.7 
S1 8303.1 

P 8579.4 

R1 8743.8 
R2 9020.1 
R3 9460.8

ETH/USD

From yesterday’s open at $726, the price of Ethereum has decreased by 5.26%, coming to $688 where it is now.

Looking at the daily chart, we can see that the price has fallen to the levels on the opening candle on the 13th of May. 50 day and 100 day EMA are getting closer, and if 50 EMA goes across the 100 day from above, we will get a buy signal. However, I doubt that is going to happen, as the down move is only getting larger.

As you can see from the hourly chart, hourly EMA’s are crossing in a bearish manner, meaning 50 hour EMA is crossing 100 EMA from above. The price has broken out of the upward channel and has bounced off of the prior downward channel resistance line.

Market sentiment

Ethereum’s hourly chart technicals signal a strong sell.

Oscillators are on sell, and moving averages are on strong one.

Pivot points

S3 623.96
S2 668.50 
S1 686.78 

P 713.04 

R1 731.32 
R2 757.58 
R3 802.12

XRP/USD

From yesterday’s high at $0.741 which is on the 0.382 Fibo level, the price of Ripple has decreased by 8.92%, coming to $0.674 where it is now sitting.

On the daily chart, things haven’t changed much. The price action is still between 0.236 and 0.382 Fibonacci retracement levels, below 50 day and 100 day EMA’s.

On the hourly chart, we are seeing a breakout from the upward channel from the downside, like in the case of Bitcoin and Ethereum, which shows a strong correlation in the market. The price found temporary support at the levels of the channels starting point.

Market sentiment

Ripple is in the sell zone with hourly technicals signalling a strong sell.

Oscillators are signalling a sell while moving averages a strong one.

Pivot points:

S3 0.56768 
S2 0.63718
S1 0.66337 

P 0.70668 

R1 0.73287 
R2 0.77618 
R3 0.84568

Conclusion

Daily Crypto Market Update: While we have seen a bullish move in a form of upward channels yesterday, today we are seeing a breach from the downside. From this, I conclude that the correction to the downside is continuing and we are in for new lows.

General Overview

Market Cap: $406,983,271,081

24h Vol: $22,745,382,371

BTC Dominance: 36.6%

Since yesterday’s low at $386,345,000,000, the Cryptocurrency Market Capitalisation has been increasing rapidly and has reached $413B, from which it has retraced a bit to $407B, where it is now sitting.

As you would presume, the market is in green, with small exceptions on those cryptos that experienced a rise in price while everything was decreasing. Biggest gainers among top 100 are Zcash (44%), Salt (17%), Enigma (16%), and average increase is from 5-12% among the top 100.

News

Top stories that came out in the last 24 hours are extremely positive. These are some of the significant headlines:

HSBC Completes ‘World’s First’ Blockchain Trade Finance Deal, Ships Soybeans

UK-based banking giant HSBC has reportedly completed the world’s first ever trade finance transaction powered by blockchain, the Financial Times (FT) reported today, May 14.

New York City Wants To ‘Lead The Way In Blockchain’, Unveils Industry Initiatives

The President and CEO of the New York City Economic Development Corporation (NYCEDC) announced blockchain-related initiatives for the city today, May 14. The initiatives include the launch of the NYC Blockchain Resource Center and a public competition for blockchain apps to improve the public sector.

Forex Platform Serving Goldman Sachs and Morgan Stanley Adds Crypto Trading

Software developer Kx Systems has launched cryptocurrency trading on its white label forex (FX) trading platform Kx for Flow, the company reported in a blog post May 14. Starting today, Kx for Flow customers are able to conduct spot trading of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).

CFO of Australia’s Commonwealth Bank Quits Role To Join EOS Token Developer Block.One

Rob Jesudason, the Chief Financial Officer (CFO) of Australia’s Commonwealth Bank (CBA), has left the bank to join a blockchain company, the Sydney Morning Herald reports May 14. Jesudason resigned with immediate effect in order to become the group president and chief operating officer of blockchain software firm Block.one.

CME Group Launches Ethereum Price Indexes In Partnership With Ethereum Futures Exchange

The Chicago Mercantile Exchange (CME Group) in partnership with Crypto Facilities, a UK-based digital asset exchange specializing in crypto futures, have launched the CME CF Ether-Dollar Reference Rate and Real Time Index, according to an announcement May 14. The indexes will provide users access to a real-time Ether (ETH) price in US dollars.

US: Seminole County Florida To Accept Crypto For Tax Payment

The Seminole County, Florida, tax collector Joel M. Greenberg announced May 14 that the county will begin accepting cryptocurrency for payment for various services this summer in order to eliminate heavy fees and improve payment accuracy and efficiency.

‘Global Blockchain Leader’ At Deloitte Resigns To Join Blockchain-Based Startup

Eric Piscini, former Global Blockchain Leader and Partner at one of the “Big Four” consulting firms, Deloitte, has left the company, Forbes reports May 14. Piscini, who helped build a $50 mln global blockchain practice, is joining the startup Citizens Reserve to move supply chain networks to a blockchain.

Taiwan: Taipei Bank Launches First Blockchain Payment System In The Country

Privately-held Taipei Fubon Commercial Bank has reportedly become the first bank in Taiwan to deploy a blockchain-based payment system, local media Taipei Times reports May 14. The bank announced that it deployed its blockchain-based payment system for restaurants and merchants near the National Chengchi University. Taipei Fubon Bank first revealed its plans to introduce a blockchain-based payment network in March 2017 when it signed a contract with the university to carry out “key technology and engineering R&D for [a] blockchain payment network.”

First Crypto Exchange Using Nasdaq’s Tech Announces Launch, Excluding US Customers

The first cryptocurrency exchange to use US stock market giant Nasdaq’s technology revealed it plans to launch next month in an exclusive with Finance Magnates Monday, May 14. Nasdaq, the second largest stock exchange in world by market capitalization after the New York Stock Exchange (NYSE), is providing the technology to power the new centralized crypto exchange, DX, according to the project’s CEO Daniel Skowronski. Skowronski called the upcoming exchange a “one-stop-shop” for “exchanging fiat and crypto, holding coins and as well as wallet services.”

Source: cointelegraph.com

Analysis

BTC/USD

Since yesterdays low at $8362, the price of Bitcoin has increased to $8726, which is a 4.28% increase.

Looking at the daily chart, we can see that the price is currently below the 50-day EMA with which it interacted with and bounced back, leaving a wick from the upside. Yesterday’s candle closed as a Doji with a higher wick from the downside which indicates buying pressure.

Zooming into the hourly chart, we can see that the price is currently in an upward channel that intersects the downward one. The price has broken the upper resistance line of the downward channel and retested it for support.

Market sentiment

Hourly chart technicals are on neutral.

Oscillators and moving averages are both on neutral.

Pivot points

S3 7381.8 
S2 7995.3 
S1 8333.0 

P  8608.8 

R1 8946.5 
R2 9222.3 
R3 9835.8

ETH/USD

From yesterday’s low at $695, the price of Ethereum increased by 4.71%, going to $728.

On the daily chart, we can see that the price interacted with its 0.618 Fibonacci retracement level yesterday, and has retraced since closing as a shooting star. Today’s candle is currently a doji which means indecision.

As in the case of Bitcoin, the price of Ethereum is in an upward channel on the hourly chart and is currently interacting with the support line.

Market sentiment

Hourly chart technical signal buy.

Oscillators are on neutral, and moving averages are signaling a buy in a 6:8 ratio.

Pivot points

S3 601.44 
S2 659.80 
S1 693.61 

P  718.16 

R1 751.97 
R2 776.52 
R3 834.88

XRP/USD

From yesterday’s low at $0.692, the price of Ripple has increased by 5.56% and is currently sitting at $0.73.

Looking at the daily chart, we can see that the price of Ripple interacted with its support at $0.7 and quickly bounced back, closing on a Doji yesterday. Since then the price is slightly up, as indicated by today’s green candle, but it hasn’t exceeded the 0.382 Fibonacci retracement level which serves as resistance.

Zooming into an hourly chart, we can see the interaction with the 0.382 Fibo level. The price is above 50 and 100 hourly EMA’s which look like they are about to cross in a bullish manner. The price action is currently forming an ascending triangle, which usually means that the price will drop the same hight as the triangle, which would be somewhere around $0.692 in this case.

Market sentiment

Hourly chart technicals signal a sell.

Oscillators are on sell, and moving averages on neutral in a 7:1:7 ratio.

Pivot points

S3 0.59291 
S2 0.65694 
S1 0.69195 

P  0.72097 

R1 0.75598 
R2 0.78500 
R3 0.84903

Conclusion

The corrective move is definitely over, but it may be only the first one, and we are seeing a retracement to the upside before more downfall. I am still bearish until I get a confirmation. And the confirmation would be if we see the evaluation of the cryptocurrency market cap above $470B levels, which would be a higher high than on the March 5. on which this downfall to $250B levels started. There is a lot of indecisiveness in the price action and a lot of uncertainty at the moment.