EToro CEO: We’ll See ‘Greatest Transfer of Wealth Ever Onto the Blockchain’ [Interview]

Yoni Assia etoro

Bitcoinist spoke with Yoni Assia, CEO of the largest social trading platform in the world eToro on their latest push to take cryptocurrency mainstream.  Interview with eToro CEO, Yoni Assia With over 10 million users globally, eToro has become a somewhat of a household name. It is also no secret that the company has been a big supporter of Bitcoin and other cryptocurrencies for a few years now. Its logo is often seen alongside numerous

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Crypto Markets See Calm as Most Coins Consolidate Recent Gains

Crypto markets are seeing some stability today, with most major coins seeing only minor ups and downs.

Tuesday, Oct. 16: Crypto markets are seeing some stability today following yesterday’s market upsing, with virtually all of the major cryptocurrencies seeing only minor price changes, both red and green, as of press time.

Tether (USDT) has meanwhile seen a recovery, having yesterday slipped from its U.S. dollar peg to trade well below its historical price range, briefly dipping as low as $0.925.

Market visualization by Coin360

Bitcoin (BTC) is trading at $6,580 at press time, down close to 1 percent on the day, according to CoinMarketCap. During a short-lived spike yesterday, which correlated with Tether’s price drop, Bitcoin traded as high as $6,673, but has since corrected to the price range it saw at the beginning of its weekly chart, despite several days of heavy losses on the crypto markets mid-week.

Overall on the week, the top coin has virtually not budged, and is 0.06 percent down as compared with Oct. 9. On the month, Bitcoin is up around 1.72 percent, again remaining relatively stable.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is down just fractionally, by 0.3 percent, to trade just under $210, according to CoinMarketCap. Having seen an intra-week low of around $189 on Oct. 12, followed by a couple of days of sustained losses, the leading altcoin also saw a major spike yesterday, Oct. 15, to trade as high as $220.

On the week, Ethereum is around 7.5 percent in the red; monthly losses are around a milder 3.2 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is the strongest performer among the top ten coins by market cap, up 3 percent to trade at $0.454 at press time. The asset saw a spike parallel to BTC and ETH yesterday, but has seen solid performance today and is trading only slightly below yesterday’s peak at $0.567.

Having shed value during the market-wide losses Oct.11-14, Ripple is around 4.4 percent in the red on its weekly chart. Nonetheless, due to its soaring successes in September, Ripple’s monthly growth is at close to 64 percent.

Ripple 7-day price chart. Source: CoinMarketCap

The remaining top ten coins on CoinMarketCap are seeing an almost even mix of gains and losses, capped within a 2 percent range in both directions.

Tether (USDT) has reclaimed most, if not all, the ground it lost during yesterday’s tumble, and is up 1.6 percent to trade at $0.98 at press time. Although reasons for Tether’s losses yesterday are not confirmed, unconfirmed reports have recently circulated that banking complications appear to have beset both Tether and associated crypto exchange Bitfinex.

Others have proposed the market sentiment was tied to investors “losing faith” because of the ongoing lack of transparency surrounding Tether’s claims to be backed one-to-one by the US dollar.

Tether 7-day price chart. Source: CoinMarketCap

The market’s seventh largest coin Litecoin (LTC) is down 1.66 percent to trade at $54.25 by press time. Still among the top ten, Cardano (ADA) and Monero (XMR) are both up about 1 percent on the day to press time.

In the context of the top twenty coins, the picture is also mixed, with most coins seeing minor price change capped within a 2 percent range, though with a couple of notable exceptions.

Tezos (XTZ) has soared 13 percent on the day and is trading at $1.44 at press time.

Tezos’ 7-day price chart. Source: CoinMarketCap

Dogecoin (DOGE) and Binance Coin (BNB) have both seen above-average price changes on the day, both down about 3 percent at press time.

Total market capitalization of all cryptocurrencies is down to around $211.1 billion as of press time — having reached as high as $220.2 billion briefly yesterday, Oct. 15.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today investor and crypto bull Mike Novogratz tweaked his price forecast for Bitcoin, predicting the top crypto would in fact not break $10,000 in 2018. He suggested instead that during “Q1 [or] Q2 [2019] if the institutions start coming in, we’ll put in new highs.”

In other crypto news, stablecoins continue to make headlines this week, with blockchain trust company Paxos announcing it has already issued around $50 million worth of its recently-launched U.S.dollar-backed stablecoin, PAX.

Notably, with regards to better-known thought controversial stablecoin Tether, stablecoin issuance at this scale has drawn both speculation and criticism in regards to its possible impact on Bitcoin (BTC)’s price performance.

As reported yesterday, the now second largest crypto exchange by market cap OKEx announced it would be listing four stablecoins at once – PAX, TrueUSD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD) – the same day as U.S.-based crypto payment processor BitPay announced it had started to accept two stablecoins for merchant settlement, GUSD and USDC.

Following OKEx’s move, another major crypto exchange, Huobi, announced their listing of the same four USD-backed stablecoins today.

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Crypto Market Keeps Its Balance After Recent Sell-Off, Bitcoin Above $6,300

Crypto markets hold steady after the recent sell-off, most of the top 20 coins by market cap see slight growth, Bitcoin trading above $6,300.

Sunday, October 14: crypto markets keep their balance after the recent sell-off this week, with most of the 20 top coins by market cap slightly in the green. Fluctuations on the markets in both directions have for the most part been no more than 1 percent, as data from Coin360 shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) has seen slight growth over the past 24 hours, having strengthened to above the $6,300 threshold. At press time, the major cryptocurrency is trading at $6,331, slightly down from its intraday high around $6,360, while recovering from its intraday low around $6,277. On the week, Bitcoin is down almost 4 percent from around $6,580.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has also seen a slight rebound, up around half a percent over the past 24 hours to press time. The second cryptocurrency by market cap has been hovering just above the $200 price point in the second half of the day, and is trading at $202 at press time. In terms of weekly dynamics, Ethereum is down about 11 percent to press time.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

Total market capitalization of all cryptocurrencies is hovering around the $200 billion threshold, appearing to stabilize after the crypto markets’ recent decline. At press time, total market cap amounts to $202.8 billion, slightly down from $204 billion earlier today.

Total market capitalization 24-hour chart. Source: CoinMarketCap

Bitcoin dominance — or the percentage of the total crypto market cap that is Bitcoin’s — has been steadily near 54 percent today. At press time, Bitcoin dominance is at 54.1 percent.

Among the top 20 cryptocurrencies by market cap, TRON (TRX), the eleventh largest, has seen the most notable change over the past 24 hours to press time, up a solid 3.66 percent.

TRON continues to see gains today following a recent cryptic announcement from its CEO of a partnership with an unnamed “industry giant” that is valued at “tens of billions of dollars.” Following the tweet an unconfirmed report was released claiming that TRON has partnered with China’s Internet giant Baidu.

Crypto analyst Joseph Young commented on Twitter today expressing concern about Bitcoin’s trading volumes, claiming they are “approaching yearly low once again” and adding “Decent short-term recovery earlier today (October 14) but low volume is really concerning.”

Young has also participated in an ongoing Twitter battle recently between the crypto community and American economist Nouriel Roubini, who has been posting particularly audacious anti-crypto Tweets — most recently calling the whole idea of crypto “fascist at core.”

The crypto commentator today retorted a recent Tweet from Roubini about Bitcoin transaction fees that claimed “the cost per transaction of bitcoin is literally $60.” Young clarified for Roubini that “cost per transaction” is in fact different from “transaction fee.”

Roubini — a New York University professor also known as “Dr. Doom” for reportedly predicting the 2008 financial crisis — recently testified in a U.S. Senate hearing on cryptocurrency.

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Amidst Mixed Price Action, Half of Top Ten Cryptos See Green

Crypto markets are seeing a mix of red and green, with 10 out of top 20 coins by market cap growing by less than 2 percent each.

Saturday, Oct. 13: crypto markets are seeing mixed price movements, as half of the top 20 coins by market cap have grown on the day.

The overall market is relatively stable, with two major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) seeing changes in value of under 1 percent.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin has been fluctuating between $6,200 and $6,300 over the day. It’s intraday high was $6,323, while the intraday low was $6,259. At press time, Bitcoin is trading at $6,279, down around 0.3 percent over the past 24 hours. The dominance of Bitcoin’s market capitalization currently amounts to 53.9 percent.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum has fared better over the day, seeing growth of almost 1 percent, to trade at $199. The cryptocurrency has recovered slightly, following a drop to as low as $191 on Oct. 11, according to Cointelegraph Ethereum Price Index.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

In contrast, Ripple (XRP) has taken a downturn over the past 24 hours. After experiencing significant growth yesterday, Ripple has dropped by around 2 percent on the day, and is now trading at $0.42. The third largest cryptocurrency by market cap is still up 50 percent over the past 30 days, due to a price surge on Sept. 20.

Ripple 30-days price chart

Ripple 30-days price chart. Source: Cointelegraph Ripple Price Index

The total market capitalization has been hovering around $201 billion in 24 hours to press time. Specifically, it now amounts to $201.5 billion, with an intraday high of $202.8 and a low of $200.7 billion.

Total market cap 24-hours chart

Total market cap 24-hours chart. Source: CoinMarketCap

Daily trade volume of the entire crypto market has recently dropped below $10 billion for the first time since Aug. 26, when Bitcoin was trading above $6,700, and Ethereum was above $270.

TRON (TRX), the eleventh largest cryptocurrency by market cap, is seeing some of the largest gains on the day, according to CoinMarketCap. Following a recent announcement of a partnership with a unnamed “industry giant” that is valued at “tens of billions of dollars,” TRX is up around 1.4 percent over the day, to trade at $0.023 at press time.

Earlier today, Cointelegraph wrote about an unconfirmed report that TRON has actually partnered with a Chinese Internet giant Baidu.

American economist Nouriel Roubini testified before the U.S. Congress with a speech “debunking” crypto on Oct. 11. Also known as Dr. Doom for predicting the 2008 economic crisis, Roubini has followed up with yet another anti-crypto tweet, claiming that the idea of crypto is “fascist at core” due to “paranoia & conspiracy” about centralization.

Responding to Roubini’s statement, crypto commenter WhalePanda has called the economist’s tweet “the dumbest thing you will read on the internet today.”

Crypto analyst and host of CNBC’s Crypto Trader show Ran Neu-Ner has tweeted a poll, asking his audience who should debate Roubini. As of press time, the winning candidate is Ethereum’s co-founder Vitalik Buterin, with 33 percent of the audience casting their vote for him.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 12

While many predicted Bitcoin to be an alternative to gold, during the recent drop in stock markets, cryptocurrencies also sold aggressively.

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.

In 2017, Bitcoin (BTC) was being projected as an alternative to gold. Many believed that with its unique properties, the leading digital currency would replace the precious metal as a preferred choice of investment when the markets enter a risky environment.

However, during the recent drop in the stock markets, cryptocurrencies were also sold aggressively. Does this mean that digital currencies will not be considered as a safe haven investment in the future?

Not likely. There have been many instances in the past when gold has faced aggressive selling along with the more risky assets. In 2008, even though gold was in an uptrend, it was initially sold off along with the other asset classes, only managing to find its footing in the last quarter of the year.

It’s too early to say that virtual currencies are not a safe haven investment and are doomed. Those who don’t understand the significance of the new technology are mostly the ones who continue to criticize it.

Others, including governments and a number of large corporations, are exploring options to use blockchain technology in various fields. Several prominent Universities’ endowments are investing millions of dollars into cryptocurrency funds.

After the recent steep fall on crypto markets, do the chart patterns predict an even deeper fall, or a sharp rebound? Let’s find out.

BTC/USD

Bitcoin nosedived Oct. 11, breaking below the support at $6,341. Though we would have expected a retest of the critical support zone at $5,900–$6,075.04, the bulls are currently attempting a pullback.

BTC/USD

If the bulls close (UTC time frame) above $6,341, the BTC/USD pair will again try to break out of the downtrend line of the descending triangle. The bulls will have to scale a slew of overhead resistances before the trend changes. A rally above $6,831.99 will indicate the start of a new uptrend.

A break of the $5,900 mark will trigger a number of stops, resulting in a sharp fall. Currently, the moving averages are flat, with the 20-day EMA showing signs of turning down and the RSI in the negative territory. This shows that the bears have an upper hand.

Therefore, we suggest traders keep their stops at $5,900. The next few days are critical and can shed some light on the future direction.

ETH/USD

The tight range bound trading in Ethereum has resolved on the downside and broke below the support at $200. The bulls are currently trying to bounce from $188.

ETH/USD

Both moving averages are turning down and the RSI is in the negative zone, which shows that the bears have an advantage. A break of the Oct. 11 intraday low of $188.35 can result in a drop to the Sept. 12 low of $167.32.

The ETH/USD pair will gain strength and show signs of a trend change if it sustains above $249.93. Until then, we suggest traders stay on the sidelines.

XRP/USD

Ripple broke below the support at $0.4255 on Oct. 11, triggering our stop loss. The price nosedived below the 50-day SMA and found support close to the 78.6 percent retracement level.

XRP/USD

On the upside, the zone between $0.4255 and the 20-day EMA will act as a strong resistance. The 20-day EMA has started to turn down and the RSI is in the negative zone, which shows strong selling pressure in the short-term.

If the bears break below Oct. 11 intraday lows, the XRP/USD pair might plunge to $0.26913, completing a 100 percent retracement of the recent rally. The first sign of strength will be a move above the downtrend line.

BCH/USD

The bulls are trying to keep Bitcoin Cash inside the symmetrical triangle. A break down of the triangle and the Sept. 11 intraday low of $408.0182 will resume the downtrend. The next support on the downside is $300.

BCH/USD

If the bulls succeed in defending the support line of the triangle, the BCH/USD pair will again attempt to rise to $530.

The 20-day EMA is starting to slope down and the RSI is below 50 levels, suggesting bears have the upper hand. We recommend traders keep a stop of $400 on their long positions.

EOS/USD

After clinging to the resistance line of the symmetrical triangle for three days, EOS tumbled on Oct. 11, breaking below both moving averages and the trendline of the triangle.

EOS/USD

The bulls are currently attempting to hold the $5 line, below which, a drop to $4.49 is possible. The traders can protect their long positions with a stop of $4.9. The EOS/USD pair will attract buyers if it breaks out of the overhead resistance zone at $6.044–$6.3117.

XLM/USD

The fall in Stellar hit our stop loss suggested at $0.21. The current pullback attempt might face resistance at the 50-day SMA and the 20-day EMA.

XLM/USD

The XLM/USD pair will invalidate the descending triangle pattern if it can sustain above the downtrend line. The failure of a bearish pattern is a bullish sign; hence, we might suggest long positions on a successive close above $0.26.

On the downside, any break below the Oct. 10 intraday lows can push the price towards the critical support of $0.184.

LTC/USD

From the midpoint of the range, Litecoin has declined to the bottom of the range of $49.466–$69.279. A break of the support can resume the downtrend and push the price towards the next support at $40.

LTC/USD

The bulls are currently trying to bounce from close to the $50 mark. $60 will continue to act as a resistance on the upside.

The LTC/USD pair will show strength if it can sustain above $69.279. Until then, volatile trading inside the range is likely.

The aggressive investors can wait for today’s close and buy a small quantity with the stops below $47. A conservative investor should wait for the break out of the range before attempting a buy.

ADA/USD

On Oct. 11, Cardano broke below the first support at $0.073531, but the bears have not been able to capitalize on the fall.

ADA/USD

Currently, the bulls are attempting to push the price back above $0.073531. If successful, the  ADA/USD pair will continue to trade inside the range of $0.073531–$0.094256.

If the bears thwart the attempt, the cryptocurrency can decline to the recent low of $0.060105. We can’t find any buy setups and are not recommending a trade on the pair.

XMR/USD

After days of tight range bound trading action, Monero broke down of the range on Oct. 11, triggering our suggested stop loss at $106. It is currently trying to bounce off the psychological support at $100.

XMR/USD

The previous support of $107.8–$112 will now act as a strong resistance. The XMR/USD pair will show signs of strength if the bulls scale above the moving averages.

If the bears defend the overhead resistance, a drop to the lower level of $90 is likely. Traders should wait for a new buy setup to form before attempting to get in again.

TRX/USD

TRON has broken down of both moving averages, which extends its stay inside the range of $0.0183–$0.02815521.

TRX/USD

Both moving averages are flat and the RSI has dipped into the negative territory, which shows that the sellers have an advantage in the near-term. If the bulls fail to scale the 20-day EMA, the probability of a fall to the bottom of the range will increase.

The TRX/USD pair will resume its downtrend if the bears succeed in sustaining below $0.0183. Traders should wait for a breakout and close (UTC time frame) above the range to establish new positions.

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

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Markets See Piecemeal Price Action, Some Stability After Yesterday’s Plummet

After yesterday’s carnage, crypto markets are seeing some relative price stability, with the top cryptocurrencies by market cap seeing mild movement, both up and down.

Friday, Oct. 12: after yesterday’s carnage, crypto markets are seeing some relative price stability. The top cryptocurrencies by market cap are seeing mild movement, both red and green.

Market visualization

Market visualization by Coin360

Bitcoin (BTC) has has seen little price action on the day, and is up 0.5 percent to trade at $6,318 as of press time. Ater a strong week of sustained trading around $6,600 – briefly trading as high as almost $6,670 Oct. 8 – the top coin took a plummet yesterday, hitting as low as $6,201.

On its weekly chart, its cliff-like performance yesterday has brought Bitcoin down to around 4.7 percent in the red, although it continues to practically break even on the month, at around 0.3 percent in the negative.
Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is down around 1 percent on the day to trade at $197 at press time. Its weekly chart shows a similarly stark sudden drop yesterday, after the altcoin had circled $230 levels throughout much of the week. Yesterday’s losses brought Ethereum as low as around $194.

On the week, Ethereum is now almost 13 percent in the red; monthly growth remains around 8 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) is faring better, and is up close to a solid 7 percent to trade at $0.43. Nonetheless, the asset was not spared yesterday’s market-wide losses, and is showing a 17 percent loss on its weekly chart.

Buoyed by its outstanding price performance in September, Ripple’s monthly gains remain at 60 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

The remaining top ten coins on CoinMarketCap are all seeing a mix of red and green. After Ripple, Litecoin (LTC) has made the strongest recovery, although it has seen a relatively mild 2 percent gain to trade $53.32. Stellar (XLM) is up around 1.6 percent and is trading at $0.216.

Meanwhile, anonymity-oriented altcoin Monero (XMR) is down a further 1.8 percent on the day and is trading at $102.79; EOS (EOS) has also shed around 1.46 percent in value at $5.21.

In the context of the top twenty coins, the picture is mostly red: Tezos (XTZ) is down the most, losing 3.5 percent to trade at $1.21, and Ethereum Classic (ETC) is down a round 3 percent at $9.51. Dash (DASH) and IOTA (MIOTA) are seeing smaller losses, at around 2.2 percent ($158.59) and 1 percent ($0.502) respectively.

Tron (TRX) has grown 2.2 percent to trade at $0.227 and is the only other top twenty crypto to see green.

Total market capitalization of all cryptocurrencies is down to around $202.2 billion as of press time – slightly recovering from a 24-hour low of $196.3 billion, yet remaining almost $20 billion down from an intra-week high at around $222 billion Oct. 8.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Earlier today, Cointelegraph reported that the U.S. Financial Crimes Enforcement Network (FinCEN) has issued an advisory that calls on cryptocurrency exchanges to monitor Iranian use of crypto to evade sanctions.

According to the agency, as of 2013 Iranian use of cryptocurrency includes “at least $3.8 million worth of bitcoin-denominated transactions per year”; FinCEN goes on to warn that cryptocurrencies represent an emerging “payment system that may provide potential avenues for individuals and entities to evade sanctions.”

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Crypto Markets Shed Almost $20 Billion as Major Coins See Double-Digit Losses

Markets have taken a steep downturn, with several top-market altcoins seeing double-digit losses.

Thursday, Oct. 11: markets have taken a steep downturn, even as onlookers had lately been pointing to a period of stable price action in the crypto sphere. Virtually all of the top 100 cryptocurrencies are in the red, with several top-market altcoins losing double-digits in percentage value.

Market visualization by Coin360

Bitcoin (BTC) has shed 4 percent in value on the day, and is trading at $6,309 as of press time. Ater a strong week trading sideways to consolidate a higher price point – trading as high as almost $6,670 Oct. 8 – the top coin took a plummet earlier today, dropping over $300 in a few hours.

On its weekly chart, Bitcoin is now just over three and a half percent in the red, although it is practically breaking even on the month, remaining 0.3 percent in the green.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has fared even worse, and is down around 10 percent on the day to trade at $202 at press time. Its weekly chart shows a similarly strong consistent performance, with the altcoin circling $230 levels in recent days, ahead of today’s sudden plunge.

On the week, Ethereum is now a stark 8.3 percent in the red; monthly growth remains close to 9.5 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) is down over 12 percent on the day and is trading at $0.41. The asset had seen outstanding growth in September, growing so rapidly it briefly knocked Ethereum off its long-standing second spot ranking on CoinMarketCap’s listings.

However, compounding a shaky start to October, Ripple’s plummet today has brought the asset to an almost 22 percent loss on its weekly chart: on the month, it nonetheless remains up by over 57 percent.

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

The remaining top ten coins on CoinMarketCap are all seeing hefty losses, with Bitcoin Cash (BCH) losing close to 12 percent to trade at $451.58, EOS (EOS) down almost 9 percent at $5.35, and Stellar (XLM) down 10.6 percent at $0.216.

Cardano (ADA) is also pushing a 10 percent loss, and Litecoin (LTC) is down around 8.5 percent.

In the context of the top twenty coins, the picture is just as bleak: IOTA (MIOTA) down 10.5 percent at $0.517, NEO (NEO) down 10.7 percent at $16.13 and NEM (XEM) down 10.6 percent at $0.094. Tezos (XTZ) and VeChain (VEC), ranked 18th and 19th by market cap, are down around 7 and 11 percent respectively.

Total market capitalization of all cryptocurrencies is down to around $202.35 billion as of press time – down almost $20 billion from an intra-week high at around $222 billion Oct. 8.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Even as the markets decline, this week has seen reports that multiple Ivy League and other prestigious U.S. universities – including Harvard, Stanford, and MIT – have all invested in crypto funds, in what sources consider to be “a sign of the asset class’ growing acceptance among institutional investors.” Just last week, it was reported that fellow Ivy League titan Yale had also invested in a major new crypto-focused fund.

In other global crypto news, the South Korean government is said to be “likely” to announce its official position on Initial Coin Offerings (ICOs) in November, according to local reports. Korea’s government first considered re-legalizing ICOs in August 2018: the South Korean National Assembly and several government ministries have discussed introducing a potential legal framework for ICOs alongside investor protection measures.

Meanwhile, notoriously anti-crypto American economist Nouriel Roubini – a.k.a. Dr. Doom – is set to deliver a 30-page “debunking” of the industry today at a U.S. congress hearing. He will testify in counterpart to Coin Center director of research Peter Van Valkenburgh.

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Crypto Markets See Sharp Drop-Off on the Day, Bitcoin Dips Below $6,300

Crypto markets see a sharp decline, Bitcoin dipped below $6,300 with Ethereum nearing the $200 mark

Wednesday, Oct. 10: Crypto markets have suffered a sharp decline within an hour, with Bitcoin (BTC) plunging below the $6,300 threshold, and the top altcoin Ethereum (ETH) nearly touching $200.

According to CoinMarketCap, virtually all the top 100 cryptocurrencies by market cap have suffered major declines at press time, with 19 out of the 20 top coins by market cap seeing significant losses over the past 24 hours.

Market visualization from Coin360

Market visualization from Coin360

After surging above $6,600 on Oct. 8, Bitcoin dipped below $6,300 today. The major cryptocurrency has dropped to as low as $6,284 before slightly recovering to $6,315 at press time. Bitcoin is down 4.65 percent over the 24 hour period, with 3.36 percent losses over the past 7 days. Bitcoin is barely holding its monthly gains, according to Cointelegraph Bitcoin Price Index.

Bitcoin 24-hours price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin 24-hours price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum has suffered worse losses, down 9.67 percent over the past 24 hours. The  second cryptocurrency by market cap has suffered a significant decline, almost touching the  $200 price point after trading around $225 for most the day. Still, the recent sharp losses have not overpowered Ethereum’s monthly gains, the major altcoin is still up around 12 percent over the past 30 days.

Ethereum 24-hours price chart. Source: Cointelegraph Ethereum Price Index

Ethereum 24-hours price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP), the third top cryptocurrency by market cap, is seeing even worse losses over the 24 hour period, down over 11.41 percent at press time. Ripple is now trading at $0.42, seeing a dramatic drop-off within the same time span as Ethereum. XRP is down almost 20 percent on the week.

Ripple 24-hours price chart. Source: Cointelegraph Ripple Price Index

Ripple 24-hours price chart. Source: Cointelegraph Ripple Price Index

Total market capitalization declined from $214 billion to $205 billion in just half an hour. At press time, total market cap amounts to $204.8 billion.

Total market capitalization 24-hours chart. Source: CoinMarketCap

Total market capitalization 24-hours chart. Source: CoinMarketCap

With a major slump in crypto markets, Bitcoin’s dominance on the market has grown, up from the average 51-52 percent over the week to above 53 percent at press time.

Percentage of Bitcoin 24-hours Dominance. Source: CoinMarketCap

Percentage of Bitcoin 24-hours Dominance. Source: CoinMarketCap

All top 20 coins by market cap, except stablecoin Tether (USDT), have seen significant losses recently, down between 4 and 12 percent over 24 hours period.

The 17th top cryptocurrency NEM (XEM), which was rising earlier this month, has suffered the largest losses among top 20 cryptocurrencies by market cap, down almost 11 percent and trading at $0.095 at press time. XEM is down almost 9 percent on the week.

Bitcoin Cash (BCH) and TRON (TRX) are down more than 10 percent over the past 24 hours, trading at $457 and $0.023, respectively. TRON is still up 5.45 percent over the past 7 days, following significant growth on Oct. 7.

Earlier today, Ethereum co-founder Vitalik Buterin “officially” predicted that a financial crisis will take place “sometime between now and 2021” on Twitter. The industry disruptor clarified that his prediction was coming “not because” he had some “special knowledge,” but just to have a small chance to be later recognized as a “a guru who predicted the last financial crisis”.

The tweet by Buterin was subsequently criticized by economist Nouriel Roubini aka “Dr. Doom,” who predicted the 2008 financial crisis. The anti-crypto economist said that Buterin has been “promising Proof-of-Stake (PoS) since 2013,” while the world is “still waiting for a system that is scalable, decentralized and secure.”

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 10

After a period of calm, the crypto markets have been hit with a number of adverse headlines – what effect should we expect on the prices?

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 a period of relatively calm trading activity, this week has seen a number of adverse news for the crypto markets. The International Monetary Fund (IMF) is wary of the growth in digital currencies’ prices and popularity. In its latest World Economic Outlook report, it has warned that rapid expansion of a new asset class can create “new vulnerabilities in the international financial system.”

A group of researchers from Princeton University and Florida International University have warned that China possesses sufficient Bitcoin hashpower to threaten the integrity of the cryptocurrency.

Separately, U.K.-based Juniper researcher Windsor Holden has claimed that crypto markets are about to “implode.” In his forecast, Windsor has cited various factors, such as low transaction volumes and a failure of crypto to rally during the Brexit troubles.

Robert Sluymer, technical strategist at Fundstrat Global Advisors, has asked investors to wait for the trend to change before committing any money to Bitcoin.

Let’s see what our charts forecast.

BTC/USD

Bitcoin is still in no man’s land. Both moving averages are flat and the RSI is also at the midpoint. The attempt to break out of the downtrend line on Oct. 8 was thwarted by the bears.

BTC/USD

Today, the BTC/USD pair has shown some weakness, but buying at lower levels has again propped the prices back to the moving averages.

The cryptocurrency will pick up momentum on a breakout and close (UTC time frame) above the overhead resistance of $6,831.99. After a period of low volatility, we expect the volatility to increase following a breakout or breakdown. Hence, if the bulls succeed in breaking out, the rally might go beyond the first target of $7,400 and reach as high as $8,450.

On the downside, Bitcoin will plunge if the bears succeed in breaking below the critical support zone of $5,900–$6,075.04. Therefore, traders should keep the stops on their long positions at $5,900.

ETH/USD

Ethereum continues to trade close to the midpoint of the $200–$250 range. There haven’t been any noticeable attempts either by the bulls or the bears to break out of the range.

ETH/USD

The longer the ETH/USD pair remains in the range, the stronger will be the eventual breakout. It is difficult to predict the direction of the next move. Therefore, traders should wait for the price to break out and close (UTC time frame) above $250 before attempting to enter any long positions. On the downside, the pair will retest the lows if the bears break down of $200.

XRP/USD

Ripple is unable to climb above the 20-day EMA, which is a negative sign. It has a minor support at 61.8 percent Fibonacci retracement levels of $0.45832, below which, it can fall to $0.4 and lower.

XRP/USD

The short-term moving average has turned flat and the RSI has dipped below 50 levels, showing that there is selling pressure in the near-term. Unless the bulls quickly push the price above the 20-day EMA, a fall to the 50-day SMA is imminent.

The XRP/USD pair will show signs of strength above $0.55 and the uptrend might resume if it sustains above $0.625. Traders should protect their positions with the stops at $0.42.

BCH/USD

Bitcoin Cash has again dropped back to the moving averages, after falling to sustain the bounce on Oct. 9.

BCH/USD

If the bears push the price below the moving averages, a retest of the lows at $408.0182 is likely. The BCH/USD pair will become negative if it breaks down of the Sept. 11 lows. Traders should keep a stop loss of $400 on their long positions. On the upside, the bulls will gain strength above $600.

EOS/USD

EOS attempted to break out of the symmetrical triangle on Oct. 8, but has not seen any follow-up buying in the past two days. If the bulls close (UTC time frame) the price above the triangle, the pattern target is $9 with minor resistances at $6.3 and $6.83. Traders can maintain their stops on the long positions at $4.9.

EOS/USD

If the EOS/USD pair turns down from the current levels and breaks below the moving averages, it will indicate selling at higher levels. A break below $5.5 can result in a drop to $4.493.

XLM/USD

The bulls haven’t been able to push Stellar above the overhead resistance of $0.24987525. We now expect the bears to try and break below the 20-day EMA, which has been acting as a support for the past seven days.

XLM/USD

Below $0.235, the XLM/USD pair can slide to the 50-day SMA and below that to $0.21489857. Any break of this support will sink the virtual currency to the critical lows of $0.184. Therefore, traders should protect their positions with the stops at $0.21.

On the upside, the pair will gain strength if the bulls scale and sustain above the downtrend line of the descending triangle.

LTC/USD

Litecoin has been trading close to $58 for the past six days. The moving averages are flat and the RSI is just below the midpoint.

LTC/USD

The LTC/USD pair has been consolidating in a large range of $49.466–$69.279 since Aug. 8. A break out of the overhead resistance is likely to start a new uptrend that can quickly carry prices to the $90–$94 resistance zone.

If the digital currency breaks below the range, it will resume its downtrend and can plunge to new year-to-date lows. Therefore, traders should wait for the break out of the range before initiating any long positions in it.

ADA/USD

Cardano could not rise to the overhead resistance of $0.094256, after breaking out of the 50-day SMA on Oct. 8. Currently, the prices have again turned back to the moving averages. This shows a lack of buying at higher levels.

ADA/USD

The ADA/USD pair remains inside the range of $0.073531–$0.094256. A break out of the overhead resistance can result in a move to $0.11843, and a break down of the range can retest the lows. Traders should wait for a new buy setup to form before initiating any long positions.

XMR/USD

The bears are attempting to break down of the 50-day SMA and push Monero to the support at $107.8. Both moving averages are flat and the RSI is marginally in the negative zone, indicating a likely continuation of the range bound action for a few more days.

XMR/USD

A break down of $107.8 can result in a drop to $103, and further tp $96. Therefore, traders can raise the stops on the long positions to $106 – let’s reduce the risk. The XMR/USD pair can rally to $142 if the bulls sustain above the overhead resistance of $128.65.

TRX/USD

TRON failed to close (UTC time frame) above the overhead resistance at $0.02815521 on Oct. 8, attracting profit booking. Currently, the price has retreated from the top of the range and is likely to find support at the 20-day EMA.

TRX/USD

The TRX/USD pair will remain in a consolidation as long as it trades inside the $0.0183–$0.02815521 range. A break out of the range has a pattern target of $0.038 in the short-term. Support is at the moving averages and below that at the bottom of the range. The pair will resume its downtrend if the bears break and sustain below the range.

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

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Markets Trade Sideways, Bitcoin Touches $6,600 Earlier Today

Crypto markets continue trading sideways, with 16 out of top 20 coins by market cap slightly down after yesterday’s growth.

Tuesday, Oct. 9: Crypto markets keep trading sideways, with almost all top 20 coins by market cap in the red after seeing some growth yesterday.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is slightly down around 0.3 percent today, trading at $6,627 at press time. During the day, the major cryptocurrency dipped two dollars below the $6,600 threshold, and the intraday high amounted to $6,669. While markets continues to fluctuate in a mostly stagnant manner, Bitcoin is holding around 2 percent of weekly gains, as well as 5 percent gains over the past 30 days. Bitcoin’s dominance has been remaining almost flat within the day.

Bitcoin 24-hours price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin 24-hours price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has been trading around the same levels within the day, fluctuating between $226 and $231. The second cryptocurrency by market cap is down just over 1 percent over the past 24 hours, and is trading at $227 at press time, up around 3 percent over the past 7 days.

Ethereum 24-hours price chart. Source: Cointelegraph Ethereum Price Index

Ethereum 24-hours price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) has seen bigger fluctuations over the 24 hour period, down around 2 percent, and trading at $0.48 at press time. Also considerably down around 10 percent on the week, the third top cryptocurrency is still holding its monthly gains, up around 77 percent over the past 30 days.

Ripple 24-hours price chart. Source: Cointelegraph Ripple Price Index

Ripple 24-hours price chart. Source: Cointelegraph Ripple Price Index

Total market capitalization has been hovering between $218 billion and $221 billion over the day. At press time, total market cap is $219 billion, while daily trade volume has slightly dropped to $11 billion.

Total market capitalization 24-hours chart. Source: CoinMarketCap

Total market capitalization 24-hours chart. Source: CoinMarketCap

The only cryptocurrency among the top 20 coins seeing considerable gains at press time is Tezos (XTZ), which is up around 3.7 percent. The altcoin is trading at $1.41, up about 6 percent over the past 7 days.

Dogecoin (DOGE) is slightly up too, trading at $0.0056 at press time, up around 0.7 over the the past 24 hours.

TRON (TRX) and its lower neighbor IOTA (MIOTA) are both down over the past 24 hours, trading at $0.025 and $0.586, respectively. The rest of the top 20 coins are down between 0.3 and 2.5 percent on the day.

Founder of financial advisory organization DeVere Group Nigel Green has recently suggested that the currently stagnant condition of crypto markets could be a “signal that the cryptocurrency market is maturing.” Indeed, the markets have seen some sort of lack of volatility recently. Bitcoin reportedly hit “an inflection point with volatility at a 17-month low.”

Crypto analyst Joseph Young tweeted that the lack of volumes on markets last week was “concerning,” noting that it is “quite evident” that the industry is experiencing “seller fatigue.” Given the two-month stability of Bitcoin’s price, the “bottom could be in,” Young concluded.

Cointelegraph recently reported on a Juniper Research study which found that crypto markets are on the verge of “implosion,” while transaction volumes are dropping.

Yesterday, crypto research firm Diar released an analysis claiming that U.S. dollar trading volumes at crypto exchange and wallet service Coinbase have hit a one-year low in the third quarter of 2018.

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