ICOs ‘In a Lot of Trouble’ if Bitcoin Stays Under $10K, Says BitPay Exec

Controversial cryptocurrency payment provider BitPay appeared to back Bitcoin over altcoins this week as its CCO told mainstream media the ICO token market was “in a lot of trouble.” Singh: Market Bottom ‘Hard’ To Call Speaking to Bloomberg in an interview that also featured regular commentator Joe Weisenthal, Sonny Singh focused heavily on Bitcoin as the cryptoasset, which had a chance of upside while remaining silent on major altcoins such as Ether (ETH) . “It’s hard

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Is Bitcoin Still Profitable? Here Are the Numbers

Is Bitcoin Still Profitable? Here Are the Numbers

There are two types of Bitcoin investors out there. The optimistic ones who hold because they know that Bitcoin is not going to fail them in the end, and those against it. There’s no need for uncertainty anymore: the numbers are in. Bitcoin Annual Returns, 2011-2018: Bitcoin Annual Returns, 2011-2018… pic.twitter.com/eJcXU9MzSm — Charlie Bilello (@charliebilello) September 10, 2018 — Charlie Bilello (@charliebilello) September 10th, 2018. These numbers speak for themselves. Three conclusions may be drawn:

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Nailed It? Cryptocurrency Chart Exactly Follows ‘Bottom’ Call By Mike Novogratz

Serial investor and Bitcoin bull Mike Novogratz perfectly called the “bottom” in cryptocurrency, data reveals as markets trend upwards September 14. Novogratz: September 12 Was ‘Low’ As Bitcoinist reported Thursday, cryptocurrency market indices hit 80 percent versus all-time highs this week, outperforming the dotcom boom implosion of the early 2000s for the first time. At the time, Novogratz eyed the Bloomberg Galaxy Crypto Index chart, noting current levels mirrored those at which the ascent to

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TrustNodes: ICOs Sold 160,000 Ethereum Over the Past 10 Days

A TrustNodes study says that ICO projects sold 160,000 ETH in the past 10 days – three times the amount sold by ICOs in the month of August.

In the past 10 days, Initial Coin Offering (ICO) projects have sold three times more Ethereum (ETH) than they did in August, according to research by TrustNodes published September 13.

The 160,000 Ethereum tokens sold over the past few days amount to $33 million, according to the price index at press time. Per TrustNodes, ICO projects sold 82,000 ETH on September 4, which was followed by a sharp decline in crypto markets.

Average daily ETH sales from ICOs varied from 1,000 to 5,000 coins in August, with occasional sales around 10,000 ETH. In contrast, the same amount of 10,000 ETH became a far more common daily sales volume in September.

According to TrustNodes, the total amount of Ethereum sold by ICOs over the past 30 days now amounts to 283,000 ETH, which is almost $60 million at press time.

Citing crypto data provider Santiment, TrustNodes states that the highest share of ETH sales from ICOs is attributable to the Digix ICO project. Digix’s paper value Ethereum holdings amounted to $150,000 million, which is significantly higher than the current total market capitalization of DigixDAO coin, which is $69 million at press time, according to CoinMarketCap.

Earlier this week, Cointelegraph reported that funding for ICOs have seen its hardest decline in 16 months. In August, ICO startups raised $326 million, the smallest amount since May 2017.

Ethereum-based ICOs have been outlined as the main factor for the recent ETH price decline, as some projects withdraw their funds in order to cover costs amid concerns over a bearish market. Today, Ethereum skyrocketed almost 20 percent with an intraday high of $214.18, after plunging below $170 earlier this week, its lowest point in 2018.

Also today, Sonny Singh, the CCO of global crypto payment processor Bitpay, argued that altcoins “will never come back” to their previous levels. Singh said that institutions adding financial products like crypto ETFs will be the main drivers of a bullish trend in the market and they are “not going to launch altcoin products, they’re going to launch Bitcoin products.”

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BitPay CCO Predicts Altcoins to ‘Never Come Back,’ Bitcoin to ‘Rebound’ in 2019

The CCO of BitPay says altcoins will “never come back,” calling Bitcoin “the leader in the space” to rebound in 2019.

The Chief Commercial Officer of global crypto payment processor BitPay said that altcoins “will never come back,” while Bitcoin (BTC) will “rebound” in 2019, in an interview with Bloomberg September 12.

The CCO of BitPay Sonny Singh said that cryptocurrency markets are now on the threshold of a new stage of progress, which requires a certain “defining moment,” or a “catalyst.” According to Singh, that “defining moment” will come when big institutional investors, such as Goldman Sachs and BlackRock, “become real” in 2019.

“But next year you’ll see the talk of the big entrants become real, where you’ll see Goldman does launch a trading desk, Fidelity does launch a Bitcoin product, Square offers Bitcoin processing for merchants, BlackRock launches an ETF… So all that will become real, and you’ll see some adoption actually. And then […] the price [will bounce] back up again.”

However, while predicting that Bitcoin “will rebound next year,” Singh was mostly bearish on altcoins. Singh said that altcoins “will never come back” to their previous levels, stating that firms like Fidelity and BlackRock are “not going to launch altcoin products, they’re going to launch Bitcoin products.”

Talking specifically about BitPay, the company’s CCO claimed that the they have “never been more bullish” on Bitcoin, saying the industry is going “full-speed ahead,” with a growing number of partnerships and new hires.

In this regard, BitPay was recently integrated by luxury auto retailer Post Oak Motor Cars to enable the U.S. dealership to accept BTC and Bitcoin Cash (BCH) as payment for Rolls-Royce, Bentley and Bugatti.

Concerning new “big entrants” to the industry, anonymous sources today revealed that U.S. banking giant Morgan Stanley is planning to offer clients Bitcoin trade swaps, which would enable them to trade crypto derivatives without holding any of the cryptocurrency.

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The Unflippening: Bitcoin’s Resurgent Dominance Showing Who’s King

cryptocurrency

The volatile nature of the cryptocurrency market needs no introduction after its staggering gains in 2017 and subsequent losses of 2018. Looking at the market as a whole, however, gives us a bigger picture of who were the biggest losers and which coins were the best at storing value. Total Market Cap Still 11 Times Bigger Than in 2017 The total cryptocurrency market capitalization hit highs of a staggering $830bn in the week commencing January 7,

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Bitcoin Price Analysis: How Long Will $6000 Support Hold?

bitcoin price

Bears remain fully in control of Bitcoin price, yet somehow, the $6,000 support is holding…for now. Bitcoin Price: 4-Hour Chart After posting a daily high at $6,460, bitcoin price fell below the wedge formation and constant rejections at the 20-MA have kept BTC in the pattern of lower highs. Eventually, a bear flag formed and BTC continues to lose the hourly uptrend after every bull break so traders should either hold their powder or place tight

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Bank of Korea Report: Crypto Price Gap Between Local, Foreign Exchanges Could Widen Again

The Bank of Korea claims it expects another “kimchi premium” — a widening of the gap in crypto prices between local and foreign exchanges.

South Korea’s central bank, the Bank of Korea (BoK), has cautioned of another possible widening of the gap in crypto prices between local and foreign exchanges, local news agency No Cut News reported September 11.

In the report, the bank warned the public about another possible emergence of the so-called “kimchi premium,” a phenomenon consisting of the difference between the prices of crypto at South Korea’s exchanges and crypto exchanges abroad. The kimchi premium is reportedly mainly seen in terms of Bitcoin (BTC) price.

Kim Dong-sup, the official behind the bank’s payment systems research team, has claimed that the “kimchi premium” is an “indicator of the overheated domestic market.”

South Korea is reportedly the world’s largest crypto user base, ranked third after the U.S. and Japan, having faced a whole crypto frenzy of altcoins that previously traded over 30 percent above the rest of the markets. Cryptocurrency price tracker CoinMarketCap removed South Korean exchanges from its index in January, citing an “extreme divergence in prices” from the rest of the world.

For example, during the period from July 2017 to May 2018, cryptocurrencies in South Korea cost 5 percent more than they did internationally. The “kimchi premium” rate peaked in January at 48.29 percent, while crypto prices at foreign exchanges denominated in major worldwide currencies such as the U.S. dollar and the euro had no real price differences.

Since then, Bloomberg reported in February that the “kimchi premium” has all but disappeared.

Speaking about the consequences of another “kimchi premium,” the official urged the country’s authorities to continue to monitor the market, as well as to raise public awareness of crypto in order to prevent investors from turning their life savings to crypto “on a false hope of a price increase.”

According to the BoK’s report, a high “kimchi premium” level can cause other side effects on the country’s market, such as an infusion of illegal foreign exchanges transaction.

In December 2017, the Korean authorities barred the public from anonymous crypto trading, while now a revocation of their Initial Coin Offering (ICO) ban is reportedly being considered.

Recently, South Korea’s Financial Supervisory Service (FSS) has suggested a need for greater international cooperation between regulators for crypto and ICO regulation, stressing that the country’s main challenge is to “improve transparency in transactions to prevent illegal activities.”

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Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, IOTA, EOS: Price Analysis, May 18

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.

Despite the expectations, Bitcoin prices failed to go higher after the NYC crypto conference Consensys. In fact, prices started to decline during the very conference.

Therefore, it is better if the digital currencies consolidate the huge gains of 2017 and allow the fundamentals to catch up. The longer time spent in the range, the stronger will be the breakout.

Apple’s co-founder Steve Wozniak believes that the blockchain technology and Bitcoin will reach its full potential in about a decade. However, with many crypto enthusiasts trying to bring the technology to mainstream use, acceptance might come much earlier.

As this is a new asset class, there might be a danger of potential scams. According to a study by The Wall Street Journal, about 18.6 percent initial coin offerings (ICOs) were using “deceptive or even fraudulent tactics.” This is why investors should not allow greed to blur their judgment while doing the due diligence.

Let’s see if we find any low-risk buying opportunity today?

BTC/USD

Bitcoin has failed to attract buyers. It has continued to slide and is now at the critical support of $7,941.68. If this level breaks down, the digital currency will plunge to $7,000. The 50-day SMA is flat and the 20-day EMA is turning down, moving towards a bearish crossover. This is a negative development.

BTC

If the support at $7,941.68 holds, the bulls will attempt a pullback, which will face resistance at the moving averages.

We can confirm that the BTC/USD pair is range bound once the price breaks out of the 20-day EMA. As it is yet to bounce off the supports, we are avoiding any buy recommendations.

ETH/USD

Ethereum continues to outperform the other top cryptocurrencies. It is well above the 50-day SMA and just below the 20-day EMA. It is trying to hold the neckline of the bearish head and shoulders pattern. The pattern will complete on a breakdown and close (UTC) below the neckline, which has a lower target of $418.

ETH

As the 50-day SMA is still rising and the 20-day EMA is flat, we don’t expect the ETH/USD pair to sink to $418 in a hurry.

We anticipate a strong support at the 50-day SMA, which is close to the 50 percent retracement levels of the rally from $363 to $838.

The first bullish sign will be a breakout of $745 levels. Until then, every pullback attempt will be met with a strong selling pressure.

BCH/USD

Bitcoin Cash has completed the head and shoulders pattern, which gives it a lower target objective of $650. Currently, it is close to the 50-day SMA, which might act as a support and a pullback to the neckline of the bearish H&S pattern is probable. If the bulls fail to scale above the neckline, chances of a breakdown increase.

BCH

As the BCH/USD pair had risen vertically from $777.5304 on April 18 to $1,590.7825 on April 24, there are no supports in between $800-$1,130. Below the 50-day SMA, the cryptocurrency can plunge to $800 levels where some buying can be expected.

We suggest waiting for prices to stabilize before buying. Catching a falling knife can be dangerous.

XRP/USD

Ripple is trying to hold the May 12 lows of $0.632 but it seems weak as it is not finding buyers even at these levels. A break and fall to the critical support level of $0.56270 looks probable.

XRP

On the upside, the bulls will have to break out of the resistance zone between the 50-day SMA and $0.76 to exhibit strength.

We suggest waiting for the XRP/USD pair to show some strength before initiating any long positions.

XLM/USD

Stellar has broken below some key support levels and is currently at the neckline of the head and shoulders pattern. A break and close (UTC) below the neckline will complete the pattern which has a lower target of $0.2.  

XLM

Even if the neckline support holds, it will be a tough climb for the bulls because the XLM/USD pair will face resistance at the 50-day SMA and the 20-day EMA.

The first sign of strength will be on a break out above the May 13 highs of $0.38692920. The longer the price sustains below the moving averages, the weaker it will get. Hence, we are not suggesting any trade on it.

LTC/USD

Litecoin has been trading below the 50-day SMA for the past three days, which shows a lack of buying even at these low levels. The bulls are trying to defend the $127 levels. If this level breaks, a slide to the $115 levels is possible.

LTC

On the upside, any bounce to the 50-day SMA or the 20-day EMA will attract selling. We remain bearish on the LTC/USD pair until it shows consistent buying.

The trend will change only on a breakout and close above the $170 levels. However, if the digital currency falls to $115 levels and holds, we shall risk a buy.

ADA/BTC

Cardano has broken below the trendline and the 50-day SMA. It has minor support at the May 12 lows of 0.00002870. If this level breaks, the next support on the downside is at 0.000025.

ADA

On the upside, the bulls will face stiff resistance at the 50-day SMA and the 20-day EMA. Once these two levels are crossed, the final hurdle will be the horizontal resistance at 0.00003445.

We shall turn positive once the ADA/BTC pair sustains above this level. Until then, it remains in a no-trade zone.   

IOTA/USD

IOTA is trying to hold the horizontal support at $1.63, which is just below the 50-day SMA. If the support holds, a move back to $2.2117 is possible but the up move will face resistance at the 20-day EMA and at $2 levels.

IOTA

If the support breaks, the IOTA/USD pair can slide to $1.28 levels. The 50-day SMA is rising while the 20-day EMA is declining.

Chances of a range bound action are high. We need to wait for a buy setup to emerge before suggesting any long positions on it.

EOS/USD

EOS has been attempting to hold on to the 50-day SMA for the past two days. The 61.8 percent Fibonacci retracement level of the recent rally is also close to the current levels. An attempt to rebound off the supports on May 17 met with selling pressure close to the 20-day EMA.  

EOS

The EOS/USD pair might remain range bound between the 50-day SMA and the 20-day EMA for a few days before breaking out or breaking down from it.

The next support on the downside is at $10 levels, while the overhead resistance is at $14. We shall look for buying opportunities once the digital currency sustains above the descending channel.

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

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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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