Category: Markethive

Bitcoin (BTC) Price Watch — Kashkari Comments Bring Sellers In

Bitcoin (BTC) Price Watch - Kashkari Comments Bring Sellers In

Bitcoin (BTC) Price Watch — Kashkari Comments Bring Sellers In

Bitcoin Price Key Highlights

  1. Bitcoin price resumed its drop as price is now breaking past the mid-range area of interest.
  2. This could put it on track towards testing the range floor at the $6,550 level.
  3. Technical indicators are confirming that selling pressure is still in play.

Bitcoin price seems poised for more losses as it reeled from Kashkari’s remarks and is setting its sights on the range bottom.

 

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff is more likely to continue than to reverse.

The 100 SMA also seems to have held as dynamic resistance and would likely keep further gains in check in another pullback. The gap between the two moving averages is also widening to reflect strengthening bearish pressure.

RSI is pointing down to confirm that sellers are in control and could further weigh on bitcoin price. Similarly stochastic is on the move down to show that bearish momentum is present. In that case, bitcoin price could make it all the way down to the bottom of the range.

However, both oscillators are also nearing oversold conditions to reflect bearish exhaustion. If buyers return as the oscillators pull up, the middle of the range could attract some buyers and lead to a bounce back to the top.

 

 

Market Factors

 

FOMC member Neel Kashkari had some negative remarks on the cryptocurrency industry this week, and the lack of positive catalysts left these altcoins vulnerable to selling pressure. He noted:

It’s a clever idea that some people came up with, but now it’s being taken to ridiculous extremes. The barrier to entry to creating a new cryptocurrency is zero.

Furthermore Kashkari mentioned:

If you can dupe enough people to buy it, you can pretend that you’ve launched something. And you can say, ‘Look, I’m a billionaire because I sold you one. And I own the other 999 million of them, so that means I’m a billionaire! So it has become a farce…I’m seeing more noise and more fraud than I’m seeing anything useful.

 

Author: SARAH JENN | MAY 23, 2018 | 4:18 AM

 

Posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

Brian Kelly — Bitcoin Cash Could Go Up Following More Use Cases

Brian Kelly - Bitcoin Cash Could Go Up Following More Use Cases

Brian Kelly — Bitcoin Cash Could Go Up Following More Use Cases

 

Brian Kelly, the founder and CEO of BKCM LLC, an investment company focused on cryptocurrencies, came out bullish on Bitcoin Cash (BCH) on CNBC May 21.

On Saturday, BCH miners reportedly had a meeting dedicated to funding for a BCH development fund. Miners are looking to allocate some part of the reward they receive from mining and invest it to expand the BCH ecosystem, Kelly explained. The fund development could aid the rise of the cryptocurrency’s value. He continued:

"That's how blockchains gain value. You're going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for bitcoin cash."

After the price surge to $1600 on May 5, BCH subsequently declined to the 50-day SMA and formed a head and shoulders pattern, which has a target objective of $650. Over the last 24 hours, BCH has lost almost 5.8 percent in price, from $1290 to $1205. Still it is valued significantly higher than its April level of $760.

BCH is a peer-to-peer digital currency established in mid-2017 as a result of the hard fork of Bitcoin that took place to solve the scalability problem. With upgraded consensus rules, BCH is able to grow and increase the size of blocks, allowing more transactions to be processed.

Earlier this month the pro-Bitcoin community dropped its plans to level a lawsuit at the site Bitcoin.com. Members were outraged that the crypto and wallet service, which is run by BCH evangelist Roger Ver appeared to be misleading buyers by muddling the distinction between BTC and BCH.

 

Author Ana Alexandre

Posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

Bitcoin Price Analysis — Consolidation continues

Bitcoin Price Analysis - Consolidation continues

Bitcoin Price Analysis — Consolidation continues

 

Bitcoin (BTC) has continued to seesaw, sliding 20% since May 6th and then recovering slightly over the past few days. The market cap now stands at US$144.86 billion, with US$1.64 billion traded in the past 24 hours.

On the network side, hash rate and difficulty continue to push record highs, with ongoing shipments of ASICs from multiple mining companies, including Bitmain and Halong. Although the original Bitcoin Whitepaperdescribed Proof of Work (PoW) as “one-CPU-one-vote,” the lead SIA coin developer David Vorick argues that “for any algorithm, there will always be a path that custom hardware engineers can take to beat out general purpose hardware.”

 

Furthermore, ASIC chips are typically manufactured by a small number of technology companies, meaning the bulk of the network is running on the same hardware. If that hardware is found to be faulty or exploitable, the entire network is at risk.

Concerns over PoW have not been limited to ASIC proliferation. A recent presentation by Alex de Vries of Price Waterhouse Cooper in the Netherlands, “Bitcoin's Growing Energy Problem,” concludes that Bitcoin currently consumes at least 2.55 GW of electricity, and is on pace to consume 7.67 GW in the near future. This leaves the networks energy consumption comparable to countries such as Ireland now (3.1 GW) and Austria in the future (8.2 GW).

Others see this as an energy revolution opportunity. Peter Van Valkenburg of CoinCenter, a non-profit research and advocacy center focused on the public policy issues facing cryptocurrency in Washington D.C., has argued that instead of destroying the planet, Bitcoin will push the energy market towards more sustainable alternatives, driving an energy revolution. Mining in Canada and Iceland uses hydro and geothermal power, while wind and solar are among the cheapest energy sources available. Bitcoin advocate Andreas Antonopoulos shares this view and has questioned the hidden resource needs required by other payment platforms.

However, the number of network nodes has fallen slightly over the past few months after reaching more than 12,500 in November. These statistics include mining and non-mining nodes. Although archival nodes are not incentivized directly with a block reward, they ensure network consensus. Based on global distribution, the United States and Germany have the highest percentage of nodes.

 

Transactions per day remain down sharply from the record high in December, above 400k, and are currently below 200k per day. Transactions have not only declined due to a lack of usage but also transaction batching, where one transaction is sent to many addresses at once instead of each transaction being sent individually.

Using an adjusted network value to transactions (NVT) ratio, BTC remains in the upper-third of historical NVT value. While NVT has not been this high since January 2015 it has begun to turn downward recently, which suggests increasing on-chain network utility based on the dollar amount being transacted.

Although NVT is difficult to compare between coins, which use different transactions types, the ratio can be used to assess the network’s relative utility over time. DOGE is the only coin that has had an NVT consistently lower than BTC (not shown). Additionally, inflexion points in NVT ratio can be correlated to extreme highs or lows in price.

Transaction fees, which increased dramatically throughout 2017, have also declined significantly. This fee reduction is also multifactorial. Although a decrease in transactions per day means fewer transactions needing to be cleared, SegWit, which currently accounts for 39% of transactions, has also been a significant contributing factor to the average fee decline.

The SegWit soft fork also enabled second layer network upgrades like the Lightning Network. Since going live on March 15, the Lightning Network (LN) has continued to gain traction as new channels come online and apps are created.

The software solution enables trusted, bidirectional, off-chain, hub and spoke payment channels and also promises the possibility of instant payments, microtransactions, and increased scalability. The channels work much like a tab at a restaurant, which remains open until the client settles the bill. This format allows for numerous transactions to occur without a network fee until the channel is closed.

At Consensus NYC, Square co-founder and CEO Jack Dorsey and Lightning Labs co-founder and CEO Elizabeth Stark discussed their vision for the future of payments. Dorsey, who had an early interest in hacker and cypherpunk movements, was also an investor in a Lightning Labs seed round.

Dorsey focused on the need to keep Bitcoin an open source project and the need for a native currency of the internet. He also hinted at a Square and Lightning partnership down the road saying, "We want to go back to that original idea of being able to purchase a coffee with it. And that's why we're working with Lightning Labs. Whatever it takes to get there, we're going to make sure it happens."

During his keynote speech at Consensus, eToro CEO Yoni Assia announced a new American crypto platform which will be trading Bitcoin, Ethereum, Litecoin, XRP, Dash, Bitcoin Cash, Stellar, Ethereum Classic, NEO, and EOS. Cryptocurrency trading on eToro increased by 4,500% in 2017, according to MarketWatch.

Bitcoin exchange traded volume this week has been led by the Tether (USDT) and USD markets for the fourth consecutive week, mostly on Binance, OKEX, and Bitfinex. In Asia, the JPY volume strongly leads the pack, thanks to friendly regulations and oversight, including declaring Bitcoin legal tender. The KRW premium is currently at 1.78%. CNY volume continues to fade.

Globally reported over the counter (OTC) volume from LocalBitcoins.com remains sharply down from December and January but has begun to increase again. Venezuela continues to post record highs in Bolivar volume, fueled by hyperinflation. Thus far, the hyperinflation rate has followed an almost identical trajectory as the Weimar Republic. The Venezuelan president, Nicolás Maduro Moros, won the national election earlier today.

 

Technical Analysis

Bitcoin continues to drift sideways on low volume, with an inability to establish a clean trend on high timeframes. The status of any emerging or nascent trend can be determined using Moving Averages, Chart Patterns, Ichimoku Cloud, and Pitchforks. Further background information on the technical analysis discussed below can be found here.

On the daily chart, open long/short interest on Bitfinex leans long, with shorts flat and longs rising (top panel, chart below). Exponential Moving Averages (EMAs) have gone flat, suggesting price consolidation. Price has fallen below the 200EMA with a bearish 50/200EMA cross.

Price structure shows a multi-month symmetrical triangle, or coil. In Technical Analysis of Stock Trends (1948), Edwards and Magee suggest that roughly 75% of these triangles lead to a continuation of the trend, while the rest mark reversals. In any case, this pattern will be a ‘trade the breakout’ situation because it will likely lead to weeks of trend follow through. Breakouts post consolidation typically occur after at least 66% of the triangle has completed (yellow highlight).

Turning to the Ichimoku Cloud on the weekly chart, there are four metrics; the current price in relation to the Cloud, the color of the Cloud (red for bearish, green for bullish), the Tenkan (T) and Kijun (K) cross, and the Lagging Span. The best entry always occurs when most of the signals flip from bearish to bullish, or vice versa.

The Cloud metrics on the weekly time frame are; price above Cloud, bullish Cloud, bullish TK cross, and Lagging Span above price and Cloud. Together, these signals suggest the trend is bullish, and will remain bullish until a bearish TK cross or price dips below the Cloud.

Price itself is below the Kijun and, seemingly, in no-man’s land. Price and volume structures suggest the possibility of an unconventional inverted head and shoulders, a bullish reversal pattern. A long entry would not be warranted until price is above the Kijun, essentially also above the neckline of the head and shoulders chart pattern.

The Cloud metrics on the daily time frame are; price inside Cloud, bearish Cloud, bullish TK cross, and Lagging Span above price but below Cloud. A long entry based on traditional Cloud rules does not occur until the Cloud is breached by price, currently at ~US$11,586. However, a long reversal trade opportunity known as the Edge to Edge (E2E) trade can be taken advantage of with the current Cloud structure.

A long entry based on the E2E trade occurred several days ago, with a stop loss below the Kijun. Price dropped out of Cloud and below the Kijun, suggesting any active longs should be closed at that time. Although price has breached Cloud resistance for the second time, traders may avoid entering a second E2E trade this quickly as the previous E2E trade failed.

An E2E failing to reach its target is often an indication of additional consolidation being needed before price momentum returns. Price typically follows through with the direction of the E2E trade, but not until the Kumo twist, which in this case will occur after June 19th.

The Cloud metrics on the four hour time frame are; price below Cloud, bearish Cloud, bearish TK cross, and Lagging Span above price and below Cloud. A traditional long entry will not occur until price is above Cloud at ~US$8,942. An E2E long entry would trigger after a breach of Cloud at US$8,300. The previous four hour Kumo breakout led to a 27% price increase and both of the previous four hour E2E moves occurred in very few candles.

Penultimately, price has returned to the original upward trending Pitchfork beginning in 2015, with anchor points in January, May, and August of that year. Price broke North of this trend in October 2017 and again currently sits in the upper limits. A downside target of US~$5,700 is possible should price return to the mean (red line) of the prior trend.

astly, another Pitchfork on the daily chart starting in 2017, with anchor points in January, May, and July, shows price reaching a similar distance below the mean (red line) as was reached above the mean in December. Price has closed this pitchfork for several days suggesting bearish invalidation. If price returns to inside the Pitchfork, a return to the mean is possible.

 

Conclusion

ASICs continue to drive conversations about the network, both in terms of centralization and increasing power consumption. Network usage and fees remain relatively low with SegWit and Lightning metrics steadily increasing. Exchanges and go-to-market apps continue to be developed.

Technicals suggest ongoing consolidation with several failed bullish reversal attempts, based on Ichimoku Clouds and a longstanding Pitchfork. The structure of price consolidation suggests bullish continuation, which may occur as early as May 31st. If the consolidation results in further downside a bearish target of ~US$5,700 is likely, based on a multi-year Pitchfork.

 

Author Josh Olszewicz, 21 May 2018

Posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

Bitcoin Cash Price Weekly Analysis: BCH/USD Recoveries Remain Limited

Bitcoin Cash Price Weekly Analysis: BCH/USD Recoveries Remain Limited

Bitcoin Cash Price Weekly Analysis: BCH/USD Recoveries Remain Limited

 

Key Points

  • Bitcoin cash price got bid near the $1.130 level and started a recovery against the US Dollar.

  • There is a crucial bearish trend line forming with resistance near $1,320 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).

The pair may continue to rise in the short term, but it is likely to face sellers near $1,320-40.

Bitcoin cash price is showing positive signs above $1,150 against the US Dollar. However, upsides in BCH/USD are likely to be limited by the $1,320 resistance zone.
 

Bitcoin Cash Price Upside Hurdle

This past week, there was a sharp increase in selling pressure on bitcoin cash price above $1,400 against the US Dollar. The price started a downside move and traded below the $1,350 and $1,280 support levels. There was even a break below the $1,200 pivot level, which opened the doors for more losses. It traded close to the $1,120 support level and a low was formed at $1,131.
 

Later, the price started an upside correction and moved above the $1,120 resistance. It also moved above the 23.6% Fib retracement level of the last drop from the $1,506 high to $1,131 low. However, there are many barriers on the upside near $1,300. An initial hurdle is near $1,128, which was a support earlier and it may now prevent gains. There is also a crucial bearish trend line forming with resistance near $1,320 on the 4-hours chart of the BCH/USD pair. Moreover, the 50% Fib retracement level of the last drop from the $1,506 high to $1,131 low is positioned near $1,318 to act as a hurdle.

Looking at the chart, the price may continue to rise in the near term towards $1,300. However, a break above $1,300 and $1,320 won’t be easy.
 

Looking at the technical indicators:

4-hours MACD — The MACD for BCH/USD is moving back in the bullish zone.

4-hours RSI (Relative Strength Index) — The RSI for BTC/USD is heading towards the 50 level.

Major Support Level — $1,150

Major Resistance Level — $1,320

 

Author: AAYUSH JINDAL | MAY 20, 2018 | 4:08 AM

Posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

Plagiarist Those Dam Plagiarist

Plagiarism, Identity Theft, And False Promises All Too Common In Cryptocurrency Market

A Wall Street Journal analysis of 1,450 cryptocurrency offerings has unveiled unchecked plagiarism, rampant identity theft, and false promises of impossible financial gains.

‘LIES, DAMN LIES, AND STATISTICS’

Though it might not come as much of a surprise to those more intimately familiar with the cryptocurrency space, a Wall Street Journal review of 1,450 documents for digital coin offerings as unveiled 271 indicators of fraudulent tactics — including “plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams.”

Investors have reportedly dumped more than $1 billion into the flagged projects, with $273 million already claimed as losses.

RED FLAGS

Plagiarism is one of the most rampant signs of fraudulent activity in the cryptocurrency space. The Wall Street Journal explains:

Of the 1,450 white papers downloaded from three popular websites that track coin offerings, the Journal found 111 that repeated entire sections word-for-word from other white papers. The copied language included descriptions of marketing plans, security issues and even distinct technical features such as how other programmers can interact with their database.

Swiss-based UTrust has had its whitepaper plagiarized numerous times –  something CEO Nuno Correia already knows. “We get a lot copies of our white paper,” Mr. Correia told The Wall Street Journal, “My picture, my description, my team, even our website was copied.”

Even high-profile projects like TRON (TRX), the 10th most valuable cryptocurrency by market capitalization, has been accused of plagiarism by many in the blockchain space, including Ethereum founder Vitalik Buterin.

The Wall Street Journal also found that “at least 121 of the projects didn’t disclose the name of a single employee and several of them listed team members who either didn’t appear to exist […] or were real people who said their identities were being used without their knowledge.”

Companies promising unrealistic returns — such as weekly payouts or doubled returns — without any risk are also running rampant in the cryptocurrency space, despite such practices being prohibited by the US Securities and Exchange Commission.

All of these red flags should be serious “warning signs for investors,” Bradley Bennett, a former enforcement chief at the Financial Industry Regulatory Authority, told The Wall Street Journal. Bennett explained:

There are going to be some legitimate players that emerge from this but it’s going to be a handful — a lot of it looks like penny-stock fraud with lower barriers to entry.

What do you think about the rampant fraud currently present in the cryptocurrency marketplace? Do you think this trend will continue, or die out as the cream rises to the top? Be sure to let us know in the comments below!

Author:
ADAM JAMES · MAY 19, 2018 · 8:00 AM
PLAGIARISM, IDENTITY THEFT, AND FALSE PROMISES ​

 

Alan Zibluk Markethive Founding Member

JPMorgan Looks Into Crypto Months After Their CEO Called Bitcoin ‘Stupid’ and ‘Dangerous’

JPMorgan Looks Into Crypto Months After Their CEO Called Bitcoin ‘Stupid' and ‘Dangerous'

JPMorgan Looks Into Crypto Months After Their CEO Called Bitcoin ‘Stupid’ and ‘Dangerous’

Back in September of 2017, JPMorgan’s CEO Jamie Dimon called Bitcoin “stupid” and “dangerous.” Dimon also said if he caught anyone buying or selling Bitcoin he would “fire them in a second.” His words carry heavy weight as one of the most prominent voices in the global finance world.

However, it appears his opinion changed. JPMorgan is looking into the use of cryptocurrencies despite their purported threat to the bank’s current business model.

Oliver Harris was the bank’s former head of developing new financial technologies — now, he is looking into the risks and rewards associated with digital assets and blockchain technology as Bitcoin moves towards mainstream adoption.

The move may be related to JPMorgan’s competitor Goldman Sachs’ decision to hire Justin Schmidt, a trader specializing in exchanging cryptocurrencies. However, JPMorgan’s decision to look into blockchain assets is surprising, especially considering Dimon’s harsh remarks towards Bitcoin only nine months ago.

In January of 2018, Dimon recanted his prior statements when he told Fox he is open-minded with regards to blockchain assets:

“The Bitcoin to me was always what the governments are gonna feel about Bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all. The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO’s you have to look at individually.”

in addition to researching cryptocurrency assets for the banking giant, Harris will also be leading Quorum, the bank’s in-house blockchain project. According to a report from Reuters’ Anna Irrera, JPMorgan is considering turning Quorum into an independent company.

Bitcoin has been growing at a rate of 165% per year for the past six years, according to Pantera Capital’s CEO Dan Morehead. Cryptocurrencies are becoming a hot commodity, and institutions such as JPMorgan and Goldman Sachs’ are finally looking for ways to get in on the action.

The CME and CBOE recently launched Bitcoin futures trading platforms– now, Goldman Sachs and JPMorgan are investigating cryptocurrencies as well. The acknowledgment of large banks and corporations toward the vast potential of blockchain technology is significant because it will increase awareness of the crypto scene.

 

Author Jacob Tuwiner

 

Posted by David Ogden entrepreneur

Alan Zibluk Markethive Founding Member

Bitcoin (BTC) Price Analysis: Heading For $7,000?

Bitcoin (BTC) Price Analysis - Heading For $7,000?

Bitcoin (BTC) Price Analysis: Heading For $7,000?

Bitcoin continues to slide and may be setting its sights on new last month's lows.

Bitcoin has formed higher lows and lower highs on its 4-hour time frame to create a symmetrical triangle. Price is on its way to the bottom around the $7,000 level.

The 100 SMA has crossed below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the selloff could continue from here and support might even break. Note that the chart pattern spans $6,000 to $12,000 so the resulting downtrend could be of the same height.

RSI is on the move down so bitcoin could follow suit while sellers have the upper hand. Stochastic is also moving down to signal that bearish pressure is in play. If support holds, though, bitcoin could make another move to the top at $9,000 or even attempt to break higher.

Investor sentiment appears to have turned sour as bitcoin has been unable to break out of its slump, drawing even more selling pressure. Traders could keep holding out for positive industry updates before reviving their long positions.

Meanwhile, the dollar has been on a tear for the most part of the week, drawing strength from both fundamentals and risk sentiment. Geopolitical risk has supported the flight to safety while a few upside data points have supported tightening expectations and US bond yields, making the dollar the preferred safe-haven currency.

For now, it looks like bitcoin is still reeling from the selling of Mt. Gox units and the ongoing investigation into South Korea’s UPbit. This has revived regulatory concerns and once again put the trust of bitcoin exchanges to question.

Looking ahead, this slump could go on until there’s another set of developments in the industry. For now, the focus seems to be on institutional investors looking to trade products based on digital assets as firms and exchanges prepare to include these in their offerings.

 

By Rachel Lee On May 18, 2018

posted by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

Bitcoin price CRASH — Cryptocurrency price falls to almost $8,000 after turbulent 24 hours

Bitcoin price CRASH - Cryptocurrency price falls to almost $8,000 after turbulent 24 hours

Bitcoin price CRASH — Cryptocurrency price falls to almost $8,000 after turbulent 24 hours

BITCOIN has dramatically crashed to almost $8,000 in a major drop as it loses almost three per cent of its value in 24 hours, after a shocking 6 per cent decrease the day before.

After falling below $9,000 less than a week ago, Bitcoin is now trading at $8,288.

Despite the fall, Bitcoin has actually made three per cent gains over the last 30 days.

Price trends aren’t looking good for other online currencies either.

Crypto markets have struggled in the last 24 hours.

Almost all of the top 100 listed currencies are currently experiencing drops in value.

Etheream has dropped below $700, making a fall of more than two per cent in 24 hours.

The entire crypto market has lot almost $100 billion over the last ten days.

Despite the falling markets, BitMex CEO, Arthur Hayes, predicted that Bitcoin will be at “$50,000 by the end of the year”.

The former Citigroup trader told CNBC: “It’s my job to make predictions — whether or not they are right or wrong — it doesn’t really matter to me”.

He continued: “I’m a volatility trader at the end of the day.

“We make our money if its volatile.

“If it goes up, if it goes down, if you have Bill Gates calling it a fraud, great. Short it. I don’t care.

Or if you think it is going to be a million dollars in a few months, great, buy it.

“We just match trades.”

Cryptocurrencies such as Bitcoin are highly volatile and are subject to sudden extreme price changes.

 

Author CAITLIN DOHERTY UPDATED: 04:55, Thu, May 17, 2018

 

Published by David Ogden Entrepreneur

Alan Zibluk Markethive Founding Member

Crypto Watch -Price Drops for Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin

Crypto Watch -Price Drops for Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin

Crypto Watch -Price Drops for Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin
 

Following a rough and tumble week where most major cryptocurrencies and altcoins were trapped in the red, brief signs of recovery on Monday have reversed as Bitcoin, Ethereum, and Ripple continue to drop in price. Recent activity on the United States’ east coast also shows that hype surrounding digital currency and blockchain technology hasn’t died down, despite price dips and market volatility.

Bitcoin (BTC)

The father of cryptocurrencies is swiftly rising through the ranks and sits at $8,200 at press time. In just the last four days, the currency has spiked tremendously following a huge Thursday drop to $8,250 — the lowest it’s been since early April — from last weekend’s trading high of $9,800.

Bitcoin is down 5.77% over the past 24 hours.

One of the reasons for Monday’s spike may be the Coindesk Consensus Conference, which is a three-day event that began in New York on the morning of Monday, May 14. The event’s organizers expect to see over 8,500 visitors and are selling tickets for over $2,000 each. Overall, organizers are expecting revenue of roughly $17 million this year from ticket sales alone.
 

“It’s a bit chaotic here,” said Ronnie Moas, Conference attendee and head of the independent market research firm Standpoint Research. “I think they sold too many tickets.”

Reports have emerged that the line for entry saw attendees occupying both the lobby and second floor of the hotel where the Conference was taking place.

 

“I’ve never seen anything like this for registration,” says Jeff Denton, senior director of global secure supply chain at AmerisourceBergen in Philadelphia. Denton says he waited for over an hour to gain entry to the event. “It’s expensive, but it’s the largest conference in the U.S., so hopefully that brings the value for the cost.”

 

Ethereum (ETH)

Since our last price piece, ETH has experienced a price dip and is now trading for $686.90 — about the same from where it previously stood.

Ethereum is down 5.77% over the past 24 hours.

The Ethereum Ethereal Summit took place on May 11 and 12 as part of the state’s ongoing “Blockchain Week.” The two-day event saw several speakers, business owners and blockchain experts joining together to offer attendees information regarding the powers behind the blockchain and how it can assist in the decentralization of modern society.
 

The high attendance marks for both the Consensus and Ethereum events suggest that investor interest in cryptocurrency remains high despite ongoing volatility.
 

Ripple (XRP)

At press time, XRP is trading for 67 cents. This is about two cents lower than where the currency sat during our last price discussion.

Ripple is down 8.46% over the past 24 hours.

For the most part, big things appear to be happening for Ripple. The company recently announced its new “Xpring” initiative, in which executives are targeting entrepreneurs and startup ventures to build partnerships and expand the XRP ecosystem.
 

According to TechCrunch, the project will be a mixture of “investments, grants and incubation to lure companies and expand the use of XRP whilst allowing Ripple to focus on its financial services business.”
 

Bitcoin Cash (BCH)

Bitcoin Cash has witnessed a solid drop in its price since our last article. Previously trading at just over $1,400, the currency is now trading for about $1,253.86.

700

Bitcoin Cash is down 11.78% over the past 24 hours.

On Monday, the Winklevoss Twins announced they were adding Bitcoin Cash to their New York-based cryptocurrency platform Gemini Exchange.

 

While trading details (i.e. when the currency will be officially added) have not yet been released, the company has also stated that it will enable Zcash deposits beginning on May 19, making Gemini the first official Zcash trading platform in the U.S.
 

Litecoin (LTC)

Litecoin is trading for about $136. This marks a four-dollar decrease since our previous price piece.

Litecoin is down 6.51% over the past 24 hours

Litecoin will be joining Bitcoin Cash on the Gemini Exchange, and while details are scarce for now, the news may have instigated the currency’s

 

temporary rise beyond the $145 mark. CryptoSlate will bring you more on this story as it develops.

Market Summary

The total cryptocurrency market cap sits at $374 billion, roughly $12 billion lower than where it stood during our previous article.
 

While the market is showing signs of recovery, investors are warned that the volatility of the industry remains serious and that cryptocurrency figures are never “set in stone.” Thus, they should always remain cautious during trades, and only invest what they can afford to part with.
 

Author Nick Marinoff

Posted by David Ogden Entrepreneur

 

Alan Zibluk Markethive Founding Member

Bitcoin Price Watch — How Low Can BTC Go?

Bitcoin Price Watch - How Low Can BTC Go

Bitcoin Price Watch — How Low Can BTC Go?

Bitcoin Price Key Highlights
 

  • Bitcoin price has bounced off the area of interest previously highlighted to signal that the selloff would resume.

  • Applying the Fibonacci extension tool shows how low bitcoin could go from here.

  • Technical indicators are showing mixed signals, with the oscillators reflecting more bearish pressure.

  • Bitcoin price is bouncing off the downtrend line and looks ready to resume the drop to new lows.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside or that the selloff is more likely to continue than to reverse. The 200 SMA also lines up with the downtrend line to add to its strength as a ceiling.

However, the gap between the moving averages is narrowing to signal a potential upward crossover or return in bullish momentum. The 100 SMA might also be able to hold as dynamic support. If so, a move past the trend line, swing high and $9000 mark could confirm that an uptrend is taking place.

RSI is turning lower to show that sellers have the upper hand. Stochastic has also made its way out of the overbought zone and is heading south, so bitcoin price might follow suit. The 38.2% extension is at the $8400 area and the 50% level is close to the swing low. Stronger selling momentum could take bitcoin price to the 78.6% extension at $7913 or the full extension at $7650.

BTC/USD 1-hour Chart from TradingView
 

Market Factors

Bitcoin price seems to be off to another shaky start for the week as another failed attempt at breaking past $9,000 has drawn more selling pressure and spooked some bulls. However, positive updates in the industry are still popping up and could ultimately allow the climb to resume.

At the moment, what’s keeping investors on edge is the possibility that Mt. Gox will short another set of bitcoin to pay off its creditors. An estimated 8,000 coins are still up for selling, so this could have a huge weight on price.

 

Source: https://www.newsbtc.com/2018/05/15/bitcoin-price-watch-low-can-btc-go/
 

Posted by Daving Ogden Entrepreneur

Alan Zibluk Markethive Founding Member