Bitcoin Price Declines To Nearly $8k Amidst Bing Crypto Ad Ban

Crypto markets see a sharp decline over 24 hours, almost all of top 100 altcoins on Coinmarketcap are in the red.

May 16: Crypto markets have seen a sharp decline over the past 24 hours with almost all of top 100 coins listed on Coinmarketcap (CMC) in the red.

COIN360

Market visualization from Coin360

After losing the $9,000 support on May 11, Bitcoin (BTC) continued its fall, now approaching the $8,000 level. Having lost almost 3 percent of its value in 24 hours to press time, the original cryptocurrency is currently trading at $8,288. Despite this most recent fall, Bitcoin has seen over 3 percent gains over the last 30 days, according to Cointelegraph Price Index.

Bitcoin price chart

Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has dipped below $700, now hovering around the mark with a 2.31 percent loss over 24 hours to press time.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market cap has lost nearly $100 bln over the last 10 days, dropping to as low as $381 bln at press time.

Total market capitalization chart

Total market capitalization chart. Source: CoinMarketCap

EOS and Stellar (XLM) have seen some of the biggest declines over 24 hours at over 5 and six percent, respectively. The coins are currently trading at $12.31 and $0.329 respectively.

Bitcoin Cash (BCH) is down almost 7 percent over a one-day period, trading at $1,269 at press time. Yesterday, May 15, BCH implemented a hard fork that increased its block size from 8MB to 32MB and reactivated Bitcoin script operation codes (Op codes) – an upgrade, which has so far apparently failed to produce a positive effect on the price.

The decline in crypto markets coincided with the recent decision by Microsoft-owned search engine Bing to join the ranks of other internet giants in banning crypto-related ads from its network by July 2018.

Cryptocurrencies also came under criticism by European financial authorities. Monday, May 14, European Central Bank (ECB) board member Yves Mersch claimed that banks should “segregate” their dealings in cryptocurrencies from other activities, citing high volatility of crypto markets and stressing that digital tokens “do not qualify as money.”

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Bitcoin Cash Hard Fork Increases Block Size, Reactivates Op Nodes

A Bitcoin Cash hard fork was activated earlier today, increasing the block size up to 32MB and reactivating several previously deactivated Op nodes

A Bitcoin Cash (BCH) upgrade that will both increase block size from 8MB to 32MB and add or reactivate Bitcoin script operation codes (Op codes) has been activated today, May 15.

The hard fork used the Median Time Past (MTP) for initiation, going live on next block after the MTP timestamp of 1526400000 at 16:14 UTC.

Bitcoin ABC, a Bitcoin Cash full node implementation, posted on April 1 that the Bitcoin ABC 0.17.1 full node upgrade testnet was available, noting that all BCH full nodes needed to upgrade and that major exchanges and wallets were being notified. BitcoinCash.org also wrote that this is the first of several planned upgrades for the currency.

An explanation of the new upgrade on Reddit says that the upgrade is “paving the way for future adoption as well as new functionality being added such as op codes.” User Steve Shadders-a co-author for reenabling disabled Op codes – posted on his blog that the reactivation of formerly disabled Op codes is compelling to developers and could bring value to the BCH economy.

The arguments against an increase in block size include making operation of full nodes more expensive, leading to less decentralization of the network, as well as lower propagation speeds, according to BitcoinWiki.

Although outspoken BCH advocate Roger Ver did not directly mention the upgrade today, he did post on Twitter about his belief that BCH–above all Bitcoin forks–follows Satoshi’s vision:

BCH, which is a hard fork of the Bitcoin blockchain from August 2017, touts itself as the original Bitcoin (BTC) and superior to BTC due to its lower transaction fees. However, at the end of February this year, BTC’s transaction fees were cheaper than those of BCH.

BCH’s large block size is another characteristic that sets it apart from BTC. This is due to Satoshi Nakamoto’s attempt to avoid splitting the blockchain in the case of some miners produced big blocks that other miners couldn’t accept. In order to solve the scalability problem caused by BTC’s block size limit, the Segregated Witness (SegWit) upgrade was proposed, with many crypto exchanges like Coinbase, Bitfinex, and GDAX exchange having already accepted the upgrade.

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Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS: Price Analysis, May 15

Latest technical analysis on top 9 cryptocurrencies from an expert trader.

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

The market data is provided by the HitBTC exchange.

After listing Bitcoin futures in December of last year, CME launched two indexes tracking Ethereum on Monday. Though the company has denied plans of adding another new product, speculation is rife that Ethereum futures may be added in the future.

Ethereum futures will offer the institutional players an opportunity to diversify their trading into the top two cryptocurrencies by market capitalization.

Software developer Kx Systems has also launched cryptocurrency trading on its while label forex trading platform. The software supplier serves a few investment banks and hedge funds. Nasdaq is also not to be left behind. It is providing the technology to the new centralized crypto exchange, DX, which will offer trading in the market’s top six cryptocurrencies.

The stage is being set for the institutional players to take the plunge. So, should the retail investors buy and hodl? We believe that the large players might first push prices down, accumulate at lower levels and then boost prices. Hence, retail investors should stagger their purchases instead of buying all at once.

Let’s see if we find any buy setups on the charts.    

BTC/USD

For the past three days, Bitcoin has been taking support at the 50-day SMA. The bulls will strongly defend the support zone between $7,900 to $8,400 because if this cracks, a fall to $7,000 will be on the cards.

If the support zone holds, the cryptocurrency will stay range bound between $7,900-$10,000.

BTC/USD

The 50-day SMA has been flat for the past few days while the 20-day EMA has become flat in the past week. This shows that the BTC/USD pair will soon enter a period of consolidation.

The resistance of the range is well established at $10,000, but the supports are still unclear. It will either be $7,900 or $6,700.

Hence, we suggest waiting for a couple of days before clarity emerges.

ETH/USD

The dip in Ethereum below the 20-day EMA was aggressively purchased on May 14, resulting in a move back to the overhead resistance of $745.

ETH/USD

Currently, the ETH/USD pair is looking strong as it is holding above the $700 levels. This increases the possibility of a break out of $745 levels once again.

Aggressive traders can take a very short-term long position above $750 with a close stop loss. The target is $838, but this is a very risky trade, hence, should be attempted with only about 30 percent of the usual position size.

On the downside, the critical support levels are $637, $600 and the 50-day SMA at $570.

BCH/USD

Bitcoin Cash bounced back sharply from the lows on May 12, but it is struggling to sustain above the 20-day EMA and break out of the small downtrend line.

BCH/USD

The BCH/USD pair may form a very short-term head and shoulders pattern, which will complete on a breakdown and close below $1,270 levels. This bearish pattern has a target of $650, but it is unlikely to be a straight fall because the digital currency has strong support at $1,221, then at the 50-day SMA at $1,100 and finally at $800.

If the neckline of the H&S pattern doesn’t break down and prices break above $1,520 levels, Bitcoin Cash can rally back to $1,800 levels. Traders should wait for prices to break and close (UTC) above the downtrend line before buying.

XRP/USD

Ripple broke below the 50-day SMA on May 11 but found strong buying support at $0.632 levels on May 12. Currently, it has climbed back above the 50-day SMA.

XRP/USD

On the upside, it will face a strong resistance at $0.76, which was previously the support of the range. The 20-day EMA is just above this level, which will also act as a resistance.

If both these levels are crossed, the XRP/USD pair will become positive, and the probability of a rally to $0.9377 levels increase.

If the bulls fail to scale above the overhead resistance, the cryptocurrency can slide to $0.56-$0.58 levels.

XLM/USD

Stellar bounced off the 50-day SMA on May 12, but the pullback is facing resistance at the 20-day EMA. If the bulls break above the 20-day EMA, a rally to $0.45 levels is possible.

XLM/USD

If the XLM/USD pair turns down from the moving average but takes support at the $0.334 levels, it will be a positive sign and we can expect a break out of the 20-day EMA within a couple of days.

However, a break below the 50-day SMA will increase the possibility of a head and shoulders pattern, which can sink the digital currency to the $0.20 levels. Therefore, traders should wait for buying to emerge before establishing long positions.

LTC/USD

Litecoin broke below the 50-day SMA and the horizontal support on May 11 but quickly rebounded from the lows on May 12. Currently, the bulls are trying to sustain above the $141 levels, which is a positive sign.  

LTC/USD

Any up move in the LTC/USD pair will face resistance between $167 and $173 levels. The 50-day SMA has still not turned up and the 20-day EMA is also turning down. Hence, we don’t anticipate a break out above the downtrend line.

On the downside, a break below the $132.163 level opens up a downside target of $115. As we don’t find any buy setups, we are not recommending any trade on it.

ADA/BTC

Cardano plunged below our second stop loss on May 12 but took support at the 50-day SMA and the trendline. The ensuing up move is facing resistance close to the 20-day EMA. Currently, prices are again sliding towards the trendline support.

ADA/BTC

If the ADA/BTC pair breaks the trendline support, it can decline to 0.000025 levels, which is a strong support. On the other hand, if the trendline holds, Cardano will again try to scale above the 0.00003445 levels.

There are no reliable buy setups, hence, we are not proposing any trade on it.  

IOTA/USD

IOTA is currently sandwiched between the 20-day EMA and the 50-day SMA. The bulls are defending the horizontal support at $1.63 while the bears are defending the 20-day EMA.   

IOTA/USD

If the IOTA/USD pair climbs above the 20-day EMA and the overhead resistance at $2.2117, it will become positive.

Though there is a minor resistance at $2.6977, we believe that it will be crossed if the digital currency closes (UTC) above $2.2117.

We should wait for the breakout before suggesting any long position.

EOS/USD

On May 12, EOS bounced off the 61.8 percent Fibonacci retracement and the bottom trendline of the descending channel. For the past three days, it has been facing resistance at the $15.1390 levels.

EOS/USD

On the upside, the EOS/USD pair will face resistance at the 20-day EMA and the top trendline of the descending channel. A breakout and close (UTC) of the channel will be a bullish sign and can be purchased by keeping a stop loss below the May 12 lows.

If the price fails to rally above the overhead resistance it can again decline to the 50-day SMA. A sustained move below $12.4810 will weaken the digital currency.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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Forex Platform Serving Goldman Sachs and Morgan Stanley Adds Crypto Trading

Kx Systems has recently launched crypto trading on its forex trading platform to “meet the ‎current and future needs of clients.”

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).

US-based Kx Systems is a high-performance software supplier with customers including global investment banking group Goldman Sachs, multinational investment bank Morgan Stanley, and GSA Capital Partners hedge fund. Kx Systems also commercialized the proprietary processing languages K and Q.

Kx for Flow, an HTML5 FX trading platform, allows customers to create liquidity pools and publish price information to markets and clients. The platform operates with such liquidity sources as banks, non-deliverable forwards, precious metals, contracts-for-difference, and now cryptocurrencies.

According to the Kx Head of FX Solutions Rich Kiel, the company’s move toward cryptocurrencies is mainly driven by customer acquisition purposes, since the company has been “inundated with ‎interest in crypto.”

“As with most ‎leading trading technology providers we have been inundated with ‎interest in crypto. When you sift through the noise the interest from ‎mainstream financial services firms to begin trading cryptocurrencies ‎has been growing and we are delivering this solution to meet the ‎current and future needs of our clients.”‎

Kiel’s comments echoed those of Goldman Sachs executive Rana Yared, who cited customer interest as a driving motive for the firm to introduce contracts with Bitcoin exposure earlier this month.  Yared said, “It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value.’”

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