BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, ADA – BTC Ethereum Crypto Currency Blog

A rally could be on the cards as Bitcoin continues to lead the market and a few altcoins attempt to form a higher low.

In its “Imagine 2030” report, Deutsche Bank strategist Jim Reid forecast that by 2030, digital currencies could replace cash. Reid said that in order for mainstream integration to occur, digital currencies will have to convince regulators that they are safe for investors and find solutions for issues such as cyber attacks, electricity consumption and digital war.

Cryptocurrency adoption by a large traditional financial institution could also signal that digital assets could one day replace fiat currencies in the future.

To counter the possibility of fiat currencies being undermined by cryptocurrencies, several governments are planning to issue their own central bank digital currency (CBDC). The latest to confirm working on a CBDC is France. Bank of France governor François Villeroy de Galhau recently announced that the bank will test a digital euro pilot project for private financial sector players.

However, the United States Secretary of the Treasury Steven Mnuchin has a different opinion. In his comments to the House Financial Services Committee, Mnuchin said that he and Federal Reserve Chairman Jerome Powell do not see any need of a national digital currency in the next five years.

Daily cryptocurrency market performance. Source: Coin360

The European Union (EU) authorities also said that they won’t allow any stablecoin project to begin operation in the EU until risks to monetary sovereignty are addressed. This shows that the path to acceptance by the governments and regulators is not going to be easy.

While a few major cryptocurrencies are showing signs of bottoming out, others are on the verge of resuming their downtrend. Let’s analyze the charts to find the ones that could reverse direction and start a new uptrend.

BTC/USD

The bulls are attempting to keep Bitcoin (BTC) above $7,000. This is a positive sign as it shows that buyers are not waiting for a deeper correction to step in. If the bulls can carry the price above $7,856.76, it will signal strength.

Above $7,856.76, a rally to the downtrend line is likely. This is an important resistance to watch out for because the price has repeatedly turned down from it.

BTC USD daily chart. Source: Tradingview

A breakout of the downtrend line could start a new uptrend. Therefore, we retain the buy recommendation given in the previous analysis.

Contrary to our assumption, if the BTC/USD pair reverses direction from the current levels or from the downtrend line and plummets below $6,512.01, the downtrend will resume. A breakdown to new yearly lows will be a huge negative and will hurt sentiment. Therefore, we do not suggest buying until the markets signal a possible change in trend.

ETH/USD

The bulls have been attempting to push Ether (ETH) back into the large range of $151.829 to $235.70. If the price can sustain above $157.50, it will signal that the markets have rejected the lower levels.

ETH USD daily chart. Source: Tradingview

If the bulls propel the price above $157.50, the next level to watch out for is $173.841 and above it $197.750. The short-term traders can look for buying opportunities after the price sustains above $157.50.

Conversely, if the bulls fail to propel the price above $157.50, the ETH/USD pair will consolidate between $131.484 and $157.50 for a few more days. A break down of this range will be a huge negative as it will resume the downtrend.

XRP/USD

The bears have not been able to sustain the price below $0.22 in the past few days. This shows buying at lower levels. However, buying dries up at higher levels as the bulls have not been able to propel XRP above the critical overhead resistance of $0.24508.

XRP USD daily chart. Source: Tradingview

As a result, the price is stuck close to $0.22 for the past few days. A break above $0.23260 to $0.24508 resistance zone will be the first indication that the downtrend is over. Hence, we might suggest long positions after the price sustains above $0.24508.

Conversely, if the bears sink the XRP/USD pair below $0.20041, the downtrend will resume. We do not find any reliable buy setups at the current levels.

BCH/USD

The bulls are attempting to defend the support at $203.36. This is a positive sign. However, they have not been able to achieve a strong bounce off it, which shows a lack of demand at higher levels. Therefore, Bitcoin Cash (BCH) might spend some more time consolidating between $192.50 and $227.01.

BCH USD daily chart. Source: Tradingview

If the BCH/USD pair breaks out of this range, it will indicate accumulation by the stronger hands. Above $227.01, the first target objective is $261.50 and above it $306.78. As the risk to reward ratio looks attractive, the traders can initiate long positions on a close (UTC time) above $227.01 and keep a stop loss of $192.

Contrary to our assumption, if the bears sink the price below $192.50, it will indicate distribution in the range. The next level to watch on the downside is $166.98.

LTC/USD

Litecoin (LTC) has been trading close to the recent low of $42.0599. This shows a lack of aggressive buying by the bulls even at these levels. In the absence of buying, the bears will attempt to sink the price below $42.0599 and resume the downtrend. With the 20-day EMA sloping down and the RSI in negative territory, the advantage is with the bears.

LTC USD daily chart. Source: Tradingview

However, if the bulls defend the support at $42.0599 aggressively, the LTC/USD pair might consolidate between $42.0599 and $50 for a few days.

The pair will indicate strength and offer a buying opportunity after it breaks above the overhead resistance at $50. Until then, we suggest traders remain on the sidelines.

EOS/USD

EOS has been trading just below the 20-day EMA for the past few days. Though the bulls have not been able to scale above it, they have not given up ground either. Both moving averages are flattening out and the RSI is gradually rising towards the center. This points to a range-bound action in the short-term.

EOS USD daily chart. Source: Tradingview

A breakout of $2.8695 will be a positive sign that is likely to attract buyers. Above this level, a rally to the downtrend is likely. The short-term traders could ride this up move.

Our bullish view will be invalidated if the bears defend the overhead resistance at $2.8695 and sink the EOS/USD pair below $2.4001. Such a move will resume the downtrend.

BNB/USD

Both bulls and bears are battling it out for supremacy between $16.50 and $14.2555. After one party emerges as the victor, Binance Coin (BNB) will start a trending move. Longer the time spent in the range, stronger will be the eventual breakout or breakdown from it.

BNB USD daily chart. Source: Tradingview

A breakout of $16.50 will indicate that the bulls have gained the upper hand and a rally to $21.2378 is possible. Though there is a minor resistance at the 50-day SMA, we expect it to be crossed.

Conversely, if the BNB/USD pair plummets below $14.2555, it will signal a victory for the bears. The next support on the downside is $11.30. We will wait for the price to sustain above $16.50 before recommending a long position in it.

BSV/USD

Bitcoin SV (BSV) is looking weak as the bulls have not been able to sustain the rebound off the support at $92.693. A break below $92.693 can drag the price to the next support at $78.506. Below this level, the next support is $66.666.

BSV USD daily chart. Source: Tradingview

Contrary to our assumption, if the BSV/USD pair bounces off the current levels and breaks out of the downtrend line, it can move up to $113.960. This is an important resistance to watch out for because if it is scaled, a rally to $155.380 will be on the cards.

We will wait for the price to close (UTC time) above $117 before turning positive.

XLM/USD

Stellar (XLM) has been trading below $0.056 for the past two days, which is a negative sign. It shows a lack of demand even at these levels. If the bulls do not push the price back above $0.056 within the next few days, the possibility of a drop to $0.051014 increases. If this support also cracks, the downtrend can reach $0.041748.

XLM USD daily chart. Source: Tradingview

Nonetheless, if the bulls quickly push the price above $0.056, it will indicate that buyers are making a comeback. The XLM/USD pair will gain strength on a break out of $0.06.

We might suggest a long position after watching the price action at $0.06. Until then, we remain neutral on the pair.

ADA/USD

Cardano (ADA) has risen to the tenth spot replacing Tron (TRX). Hence, it finds a place in our analysis. Though the bulls have defended the $0.035778 support since late September, they have not been able to achieve a strong and sustained bounce, which is a negative sign.

ADA USD daily chart. Source: Tradingview

If the bears sink the price below the $0.035778 to $0.0329526 support zone, the downtrend will resume. The next support on the downside is $0.0282710.

Conversely, if the ADA/USD pair rebounds off the current levels, the bulls will try to push it to $0.0461161. Above this level, a rally to $0.0560221 is possible. The short-term traders could attempt to trade the range on the long side.

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

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Crypto-Focused Lender Blockfi Launches Trading Platform – BTC Ethereum Crypto Currency Blog

Crypto financial services company Blockfi has launched a trading platform supporting three cryptocurrencies. The new offering adds to the company’s existing services: interest-bearing accounts and crypto-backed loans. Blockfi has completed registration with the U.S. Financial Crimes Enforcement Network and expanded its state licenses to cover both lending and money transmission.

Also read: Bitcoin ATMs Installed at 5 Major Malls in the US

Trading Platform Launch

Blockfi announced Thursday the launch of its crypto trading platform for individual and institutional investors. “Blockfi Trading will initially allow holders of cryptocurrencies to seamlessly trade between bitcoin, ether and the Gemini dollar (GUSD) within the Blockfi platform, subject to geographic availability,” the New Jersey-based company explained. According to the announcement, trades are fee-free and executed immediately based on current market prices. CEO Zac Prince commented, “To date, we have focused on providing products to existing crypto investors that are readily available to investors in other asset classes,” elaborating:

With the launch of trading, we are taking a big step in the direction of enabling net new investors to come into the ecosystem.

A sample screenshot of the Blockfi trading platform.

“Growth of the crypto market overall benefits the entire industry and we’re excited to shift our focus in that direction,” the CEO opined. Fiat support will be added at a later date. In addition, USDC and litecoin are expected to be supported in early January.

In preparing to launch the trading platform, Blockfi completed registration as a money services business (MSB) with the Financial Crimes Enforcement Network (Fincen), a bureau of the U.S. Department of Treasury. The company also expanded its “state licensing strategy to include money transmission licenses in addition to its existing state lending licenses,” Thursday’s announcement reveals. Blockfi services customers worldwide, including 47 U.S. states. In April, the company began offering its flagship product, the Blockfi Interest Account (BIA), to retail and institutional investors in India.

Interest-Bearing Accounts and Crypto-Backed Loans

Prior to launching the trading platform, the company has two key products: the Blockfi Interest Account and U.S. dollar loans secured with crypto. Clients’ cryptocurrencies are deposited into a custodial account at Gemini, a trust company regulated by the New York State Department of Financial Services. “Blockfi pays interest rates up to 8.6% for balances held in BIA and an ability to borrow via loans at rates as low as 4.5%,” the company’s website describes.

The Blockfi Interest Account’s annual percentage yield chart.

The Blockfi Interest Account lets customers earn compound interest on their BTC, ETH, and GUSD with no minimum balance required. Interest is compounded monthly and paid at the beginning of every month. The annual percentage yield (APY) for 0-10 BTC is 6.2%, which reduces to 2.2% for amounts greater than 10 BTC. For ETH, the APY is 4.1% for 0-1,000 ETH and 0.5% for amounts over 1,000 ETH. For GUSD, the APY is 8.6%. Blockfi allows customers to choose the currency of their interest payments through its product called Interest Payment Flex. For those wanting to earn interest on their BCH, Bitcoin.com has partnered with financial services platform Cred to offer up to 10% interest on BCH and BTC holdings.

For crypto-backed loans, Blockfi’s customers can use BTC, ETH, or LTC as collateral and borrow up to 50% of the asset value in USD for 12 months. The starting interest rate is 4.5%. For example, 7.05 BTC is needed as collateral for a loan amount of $25,000. Loans are funded in USD, GUSD, or USDC directly into clients’ bank accounts or wallets. Customers can make monthly interest-only payments in dollars or cryptocurrency.

Blockfi has backing from investors such as Galaxy Digital, Susquehanna, Akuna Capital, Fidelity, Recruit Strategic Partners, Consensys Ventures, Sofi, Coinbase Ventures, CMT Digital, and Morgan Creek Digital.

What do you think of Blockfi launching a trading platform? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock and Blockfi.


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The post Crypto-Focused Lender Blockfi Launches Trading Platform appeared first on Bitcoin News.

https://news.bitcoin.com/crypto-focused-lender-blockfi-launches-trading-platform/

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Author: btcethereumadmin

Crypto Loans See Solid Growth, Platforms Attract Community Interest – BTC Ethereum Crypto Currency Blog

The crypto loans industry is a relatively new sector, and yet many platforms have already established themselves.

It may seem surprising, but platforms designed for loans and lending through the use of cryptocurrencies are a relatively new development for the crypto industry. Each platform adheres to its own strategy, but the idea shared by all is that users put their cryptocurrency into an automated smart contract as collateral for a loan. 

The contract tracks accrued interest and credit payments and also prevents anyone from interfering in this process. Unlike traditional lending, there is no need for credit checks and scoring, as well as for the lender to seriously consider the option of physical pressure on the borrower.

A young industry

Cryptocurrency loans platforms began to develop during the bear market of 2018, as crypto prices became critically low at the peak of the downturn. At the time, owners of digital currencies who didn’t want to sell their crypto at low prices lent out their holdings and made money on interest.

The popularity of lending in digital currencies has grown for several reasons:

  • Low interest rates
  • Increase in the number of traders and investors for whom receiving funds immediately in cryptocurrencies is convenient
  • A simplified system of requirements for borrowers; those who hadn’t been approved for bank loans could easily receive digital money

Today, the entire crypto loaning industry is estimated at $4.7 billion and the number of crypto loan platforms is growing rapidly, according to a report made by blockchain company Graychain Ltd. While lenders have only earned a combined $86 million in interest since 2018, the demand for cryptocurrency loans is growing. In the first quarter of 2019, over 5,400 new loans were issued, and in the second, at least 18,500. The volume of lending also increased, with lenders issuing $64.8 million in loans in the first quarter and $159.3 million in the second.

Thus, it is clear that, despite its newness, high risks, and very low profitability, this new crypto industry is gaining momentum. There are also critics of crypto loans who claim that crypto credit is expanding too quickly and will explode, as the signs of a bubble in this area are too similar to the traditional problems of financial markets: low lending standards and an excessive supply of funds with little demand and increased risk.

Which loan to choose and where

Crypto lending can be divided into two main areas: depository and undetectable.

Depositary lending is more centralized. It involves securing a loan through a trusted third party, who is given a significant level of authority through complete control over user assets, setting interest rates, and acting as a counterparty in each transaction.

Depositary lending is the most popular form of crypto loan and is used by several large credit companies, such as Genesis Capital, Celcius Network, Salt Lending and others.

The second crypto lending path is non-custodial in nature and more decentralized, which better serves traders and retail investors. This type of lending is mainly supported by the developing class of decentralized applications created on Ethereum. 

Using smart contracts, these platforms can create a system in which users don’t need to trust centralized authorities, as smart contracts show all the processes throughout the entire life cycle of the loan and are automatically repaid. Paul Murphy, co-founder and CEO of Graychain, a crypto credit rating platform, believes that finding a convenient service is not a problem:

“In places with thriving, well-developed financial systems crypto is being absorbed as new asset class. This will continue to happen under the watchful eyes of regulators. Despite the constraints we can expect to see innovation because of crypto’s unique properties. We can expect to see crypto lending continue to develop in places like the US, EU, Japan, HK, and Singapore.”

Murphy believes that in less developed countries, where traditional finance has a weak foothold, regulatory structures are weak, and many citizens are unbanked, cryptocurrencies allow a new financial system to emerge: 

“We are currently seeing the most activity in South East Asia but also lots of interest throughout Africa. There is some interesting work being done in Latin America, but most interesting projects are moving out of the region. This isn’t surprising as many people in Latin America have relatively close ancestral ties to Europe.”

Crypto loans platform comparison

Spread out all over the world, below are the most distinctive crypto lending platforms.

BlockFi

Founded in June 2017, BlockFi is a New Jersey-based crypto asset management company that allows users to earn interest and borrow money through offering crypto as collateral. BlockFi works with Gemini Trust Company, which is fully licensed by the New York State Department of Financial Services.

The company specializes in two types of services: interest-bearing accounts that earn money, and quick loans with Bitcoin, Ethereum and Litecoin.

Each loan is issued on the basis of a loan-to-value ratio. Since the loans offered by BlockFi are secured by assets, the company does not require credit score checks of its users. BlockFi customers receive money against their Bitcoin, Ethereum or Litecoin collateral with a loan-to-cost ratio of up to 50%. 

The loan-to-value ratio determines how much collateral is required to get a certain amount in dollars. Collateral guarantees that the borrower will be interested in repaying the loan, and is used to repay the lender in the case of nonpayment.

Each loan issued by BlockFi is for a duration of 12 months, with the ability to make early payments at any time without commissions and penalties. BlockFi interest rates begin at 4.5%, depending on the loan-to-value ratio. BlockFi also enables its users to earn interest on deposits through the BlockFi Interest Account, which provides up to 8.6% per annum.

BlockFi generates interest by accepting deposited assets and providing them on credit to trusted third-party institutional and corporate borrowers. Such loans also have collateral and have the same structure as BlockFi crypto loans.

SALT Lending

One of the first platforms in the market was SALT, short for Secure Automated Lending Technology. The project was founded in the United States in 2016. It is a blockchain-based lending platform that allows users to receive funds directly to their bank accounts. Currently, SALT Lending has expanded to 33 U.S. states and also operates in the United Kingdom, New Zealand, Hong Kong and Vietnam.

The most important participants of the platform are lenders, as SALT provides them with the infrastructure, flexibility and security necessary to accept coins without adding additional costs to the process. In exchange for these services, lenders pay for membership on the platform. The service never asks for a credit rating — instead, it uses only the value of collateral to determine the terms of the loan.

Lenders begin the process by publishing the terms on which they are ready to provide a loan. Borrowers can browse through various options and choose the one that best suits them. As soon as borrowers choose a loan, lenders hold the corresponding funds until the borrower provides a security using a smart contract. Funds are then sent directly to the bank account.

The borrowers then pay monthly installments toward their loan according to its terms, and when the loan is repaid, SALT releases the security deposit from the smart contract and returns it.

SALT Oracle creates a smart contract for each loan and credit event. To reduce the risk of nonpayment, the Oracle records all payments made on loans and monitors changes in the value of provided cryptocurrency collateral. Each loan starts with a credit-to-value ratio that is calculated based on current market prices. 

SALT tokens, also known as membership tokens, are based on the ERC20 standard and are required to purchase membership on the platform. Bitcoin (BTC) and Ethereum (ETH) are both accepted on the platform, and as of April 2019, the company announced that it will also work with Dash as collateral for loans.

Nexo

Established in 2017, Nexo is an instant lending platform that claims to have a military level of security (256-bit encryption). To start the loan process, users transfer assets to their secure Nexo wallets, where these assets come under the protection of the BitGo repository. Then, users may obtain instant credit. The platform accepts submissions of BTC, ETH, XPR, LTC, XLM, BCH, stablecoins, NEXO tokens and BNB as collateral.

After confirming the collateral, the Nexo Oracle evaluates the collateral and then calculates a suitable loan-to-value ratio. After the LTV is calculated, users receive money directly in the form of fiat or a stablecoin. 

Repaying a loan to Nexo is quite flexible, as users are not required to repay monthly until their balance is less than the loan limit. Like SALT, Nexo tokens can be used to lower interest rates and repayments. 

Borrowers can take advantage of a 50% discount on the loan’s interest rate if the security deposit or loan repayment is paid in Nexo tokens. Users of the platform can repay all or part of their loans at any time via bank transfer, cryptocurrencies or assets deposited in their Nexo wallet.

Once borrowers have repaid the entire loan amount along with interest, they can easily withdraw their crypto assets from their wallet. George Manolov, business development executive at Nexo, pointed out that users pay interest only on what they actually spend:

“Our customers only pay interest on the amount they borrow. In contrast, other lenders require you to withdraw the entire amount of a loan at the time of origination, meaning customers pay interest on their full loan.”

Celsius Network

The Celsius Network was created in 2017 and is a crypto credit platform providing a new model of financial services that act in the best interest of the community. It has a mobile app that allows users to earn interest on stablecoins and a number of cryptocurrencies.

The Celsius platform allows borrowing money against crypto collateral at interest rates as low as 4.95% per annum. This interest rate works mainly for dollars as well as stablecoins such as USDT and USDC, and the minimum loan limit is $1,500, which needs to be backed by an equivalent amount in crypto. 

Celsius has a full-fledged transaction instrument called CelPay, which works as a wallet that allows free cryptocurrency transfers from one wallet to another. Furthermore, Celsius Network charges no fees for withdrawals, deposits, transactions or early terminations. The platform has its own token, CEL, which is purely a service token that is used to provide users with discounts on borrowing and deposit services. 

Additionally, any user can become a lender by putting their crypto into cold storage and earning interest from it. Regardless of the amount that users are ready to put in, they earn weekly interest in either the same token deposited or the native CEL token.

At the moment, Celsius Network is one of the biggest crypto loan platforms in the world, reaching $4.25 billion in total crypto loans in November.

YouHodler

YouHodler is a Swiss company that specializes in providing a cryptocurrency line of credit and a cryptocurrency exchange platform. Founded in 2018, the company’s mission is to minimize passive ownership, allowing investors to earn interest on their assets or borrow money.

One of the most core products offered by YouHodler are cryptocurrency loans, available in tokens such as BTC, ETH, XRP, Dash, LTC and so on. Depending on the token, users can choose one of the available plans, which differ by loan period. For example, users can choose plans that range from 55% to 95% in cost ratio, from 5% to 40% in price reduction, and a loan period from 30 days to 180 days.

The company does not perform any credit checks, as user credit scores are meaningless to the loan application process. Borrowed money is fully secured by cryptocurrency and is based on the loan-to-value ratio. Because of this, even if users cannot repay their loan, their credit score will not be affected.

Additionally, YouHodler has a Turbocharge service, which allows users to get a chain of loans. The platform uses borrowed fiat to purchase additional cryptocurrency without commission and then uses it as collateral for other loans in the chain. Ilya Volkov, CEO of YouHodler, says the option is popular among traders:

“Clients were using loans to buy more crypto to use as collateral for yet another loan and then using that again to buy more crypto for collateral. They would do this process manually multiple times. So, we invented an automated tool that completed this chain for them in one click.”

Original Article
Author: btcethereumadmin

BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX – BTC Ethereum Crypto Currency Blog

Bitcoin price is leading from the front and is showing signs that a bottom has been reached.

On Dec. 2, open interest on Bakkt’s Bitcoin futures reached a new all-time high. This came just a few days after the daily Bitcoin futures trading volume had hit a lifetime high. These back to back trading volume records show an increasing interest from institutional investors but the majority of the crypto community is still wondering why Bitcon’s spot price is not steadily increasing. 

Bakkt’s launch of Bitcoin options contracts on Dec. 9 is likely to attract more players to trade the digital asset. As the derivatives market size increases, it could have a greater effect on Bitcoin’s spot price. Hence, in the future, traders will have to keep a close eye on Bitcoin derivatives data.

In other news, WisdomTree launched a physically-backed Bitcoin exchange-traded product (ETP) designed to attract professional and institutional investors. The ETP will be listed on Switzerland’s principal stock exchange, SIX Swiss Exchange, under the WBTC ticker and will track the spot price of Bitcoin. Despite Bitcoin’s price action having a bearish bias, these products show that there is an underlying demand from the larger players. 

Daily cryptocurrency market performance. Source: Coin360

Saxo Bank, an Asian Infrastructure Investment Bank, recently published its “Outrageous Predictions” for 2020 and the bank also said that it will issue a new digital asset called the Asian Drawing Right (ADR) to reduce the impact of the US dollar in regional trade. The ADR will be backed by a basket of fiat currencies and gold but will be driven by blockchain technology. 

If the digital asset successfully launches, it will be a negative for the US dollar but a positive for cryptocurrencies. With the current upheavals taking place with some fiat currencies, people might gradually gravitate towards borderless and decentralized digital assets. 

Most cryptocurrencies are attempting to bounce off their recent lows, which is a positive sign. This shows that the bulls are attempting to defend the lows and put a bottom in place.  

As this occurs, it is a good time to determine the critical levels to watch out for as they could signal a change in trend. Let’s analyze the charts.

BTC/USD

The bulls attempted to reverse direction from $7,085.80 today but stumbled just above the 20-day EMA at $7749.98. This shows that the bears continue to aggressively defend the resistance at the 20-day EMA. With buying at lower levels and selling at higher levels, Bitcoin (BTC) might remain range-bound for the next few days.

BTC USD daily chart. Source: Tradingview

A breakout of $7,856.76 will be the first sign that the bulls are back in action. Above this level, a move to the downtrend line is likely. If the price sustains above the downtrend line, we anticipate the start of a new uptrend. 

Therefore, traders can buy on a breakout and close (UTC time) above the downtrend line with a stop below $6,500. The first target objective is $10,360.89 and above it $12,000.

Contrary to our assumption, if the bears sink the BTC/USD pair below $6,512.01, the downtrend will resume. The next support on the downside is $5,533.90. 

ETH/USD

Ether (ETH) is attempting to turn around from the support at $140. This is a positive sign as it shows that the bulls are using the dips to accumulate or book quick profits. The recovery will face stiff resistance close to the 20-day EMA. 

ETH USD daily chart. Source: Tradingview

However, if the bulls can push the price above the 20-day EMA and sustain it, a rally to $173.841 is possible. Above this level, the up move can extend to $197.70. Therefore, we would recommend a long position after the price sustains above the 20-day EMA.

Contrary to our assumption, if the ETH/USD pair fails to break out and sustain above the 20-day EMA, the bears will attempt to sink it to the recent low of $131.484. A break below this level will be a huge negative.

XRP/USD

XRP has been trading close to $0.22 for the past three days. Today, the dip below $0.22 was purchased by the bulls, which shows demand at lower levels. However, unless the price climbs and sustains above the 20-day EMA, the advantage will remain with the bears.

XRP USD daily chart. Source: Tradingview

If the bears sink and sustain the price below $0.22, a retest of the yearly low at $0.20041 is possible. A new 52-week low will be a huge negative and can drag the price to $0.18.

Conversely, if the XRP/USD pair rises above $0.23260 to $0.24508 resistance zone, a rally to $0.31503 is likely. We will wait for the price to sustain above the 20-day EMA before turning positive.

BCH/USD

Bitcoin Cash (BCH) has bounced off the first support at $203.36. This is a positive sign as it shows demand at lower levels. If the price can continue to climb higher and break out of $227.01, it will be the first sign that a new up move is likely.

BCH USD daily chart. Source: Tradingview

However, if the bears sink the price below $203.36, the BCH/USD pair can slide to the next support at $192.52. A break below this support will resume the downtrend. The target objective on the downside is $166.98. We will wait for the price to break out of $227.01 before turning positive.

LTC/USD

Litecoin (LTC) is attempting to bounce off the support at $42.0599. This is an important level, hence, we expect the bulls to aggressively defend it. The altcoin is likely to consolidate between $42.0599 and $50. 

LTC USD daily chart. Source: Tradingview

A break out of this range will indicate a likely bottom and can offer a buying opportunity. Above $50, the LTC/USD pair can rally to $66.1486. There is a minor resistance at 50-day SMA but we expect it to be crossed.

On the other hand, if the LTC/USD pair breaks below the critical support at $42.0599, it will resume the downtrend. The next support on the downside is $36.

EOS/USD

EOS continues to face selling at the 20-day EMA. This shows that the bears are active at higher levels. The altcoin has formed an outside day and a doji candlestick pattern, which indicates a balance between both buyers and sellers. While the buyers are defending the support close to $2.4001, the bears are defending the 20-day EMA.

EOS USD daily chart. Source: Tradingview

If the bears can sink the price below $2.4001, a drop to the next support at $1.55 will be on the cards.

Alternatively, if the EOS/USD pair breaks out of the 20-day EMA, it can move up to the 50-day SMA and above it to the downtrend line. Short-term traders might stay on the long side after a break above $2.8695. 

BNB/USD

Binance Coin (BNB) continues to consolidate between $16.50 and $14.2555. This shows that buyers step in at $14.2555 and the bears sell close to $16.50. The next trending move is likely to begin after the price escapes this range. 

BNB USD daily chart. Source: Tradingview

It is difficult to predict the direction of the breakout from a range, hence, traders should wait for the price to start a trending move before entering a trade. If the range is large, dips to the support can be purchased and the positions can be closed near the resistance. However, this is not feasible if the range is small.

If the bears sink the BNB/USD pair below $14.2555, the downtrend will resume and the next stop is likely to be $11.30. On the other hand, if the bulls can propel the pair above $16.50, a move to $21.2378 is likely. We will wait for the price to make a decisive move above $16.50 before proposing a trade in it.

BSV/USD

The bulls are attempting to keep Bitcoin SV (BSV) above the support at $92.693. However, the rebound off the support is not sustaining, which shows that buying dries up at higher levels. This increases the possibility of a break below this support.

BSV USD daily chart. Source: Tradingview

If the bears sink the price below $92.693, the BSV/USD pair can drop to the next support at $78.506. This is an important level to watch out for because if it cracks, the decline can extend to $66.666.

The pair will turn bullish if the buyers can push the price above the downtrend line and the overhead resistance at $113.96. Above this level, a rally to $155.38 is possible. 

XLM/USD

Stellar (XLM) has repeatedly broken below $0.056 in the past few days but the bears have not been able to sustain the price below it. This is a positive sign as it shows that lower levels are attracting buying by the bulls.

XLM USD daily chart. Source: Tradingview

However, unless the price moves up sharply and sustains above $0.06, the bears will continue to hold the advantage. If the XLM/USD pair plunges to a new yearly low, it will be a huge negative. The next support to watch on the downside is $0.041748.

Conversely, if the bulls can carry the price above $0.06, it will attract buyers. Such a move will offer a trade with a good risk-reward ratio. Until then, we suggest traders remain on the sidelines.

TRX/USD

Tron (TRX) has declined to the critical support at $0.0136655. This is the fourth time the price has dropped to this support level since October. Generally, repeated retests of a support level weaken it. 

TRX USD daily chart. Source: Tradingview

If the bears sink the price below $0.0136655, it will result in a quick fall to the $0.0116262 to $0.011240 support zone. We anticipate a strong defense of this zone by the bulls. 

Conversely, if the TRX/USD pair rebounds off $0.0136655, it can move up to $0.0163957, which is likely to act as a strong resistance. Above this level, we anticipate the buyers to jump in. Though the 50-day SMA might offer a minor resistance, we expect it to be crossed. 

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

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Litecoin’s Mining Power Tanks to Lowest in Year Following Price Plunge – BTC Ethereum Crypto Currency Blog

Image from rawpixel.com / Carol M Highsmith

Litecoin’s Mining Power Tanks to Lowest in Year Following Price Plunge

Litecoin’s price plunge in recent months has whittled away the profitability of mining the cryptocurrency, leading to a shakeout among computer operators on the network seen as a faster and cheaper but less secure version of bitcoin. 

Prices for litecoin, created in 2011 just two years after bitcoin, have fallen to about $45, from a peak around $140 in June. And under the network’s original programming design, rewards for mining new blocks of data were slashed by 50 percent on Aug. 5, an every-four-years event known as a halving.

The combination of factors has cut the profits of mining litecoin using the popular Innosilicon A6+ computers to $1.68 per 24 hours, from $2.65 in mid-June, assuming a standard electricity cost, according to f2pool. That’s a slim margin for a machine that costs $3,000 new, according to the manufacturer’s website.

Operators using the older-model and less-powerful Antminer L3 computers are currently getting a negligible profit of just 6 or 7 cents a day, f2pool’s mining profitability calculator shows. 

So, many smaller litecoin miners are now simply choosing to drop off the network, evidenced by a decline of more than 70 percent since July in the network’s hash rate, which measures the combined computing processing power of all operators. On Nov. 30, litecoin’s hash rate touched 149.6 terahashes per second, the lowest in a year. 

“If miners are underwater, or running non-economical gear, most likely they will decommission that equipment,” said Greg Cipolaro, co-founder of the cryptocurrency analysis firm Digital Asset Research in New York. “Hash rate follows price, not the other way around.”

The new dynamic in the litecoin market offers a lesson in the emerging economics of the fast-growing cryptocurrency and blockchain industry, which relies on networks of computers to confirm and record transactions, using a combination of incentives. Key inputs include the speed and efficiency of the data-mining computers, local electricity costs and even the ambient temperature; cold climes are considered ideal because less power is needed to run cooling fans for the computers, which typically run 24 hours a day, seven days a week – that is, when it’s profitable to do so.  

Many operators on the litecoin network have been using the L3 machines, and the recent market move has “tested the shutdown price,” Steve Tsou, CEO of RRMine, a bitcoin-focused asset-management and trading platform, said in a LinkedIn message.

It’s likely that some miners in China dropped out of the market recently as the rainy season tapered off in regions where they’re relying on supplies of cheap hydropower, he said.  

Under the litecoin protocol, mining new units of the cryptocurrency automatically adjusts to become easier when the hash rate falls, a mechanism designed to lure operators back in following a sharp price drop or a cut in the rewards. 

And that’s what’s happening now: Litecoin’s mining difficulty – reassessed every 2,016 blocks, or roughly every 4 days, to keep block-production times around 2.5 minutes – is now at is lowest in a year. 

So despite the cut in the size of the reward for mining a new block, it should now be easier for operators who are still in the market to mine new blocks, helping to mitigate the damage to profits, according to Ryan Alfred, president of Digital Assets Data.

A price recovery could woo miners back into the market, as could a further easing in the difficulty of mining new blocks, Alfred said.

https://www.coindesk.com/litecoins-mining-power-tanks-to-lowest-in-year-following-price-plunge

Original Article
Author: btcethereumadmin

BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX – BTC Ethereum Crypto Currency Blog

Bitcoin appears to have bottomed at $6,500 and once confirmed many cryptocurrencies could provide lucrative trading opportunities at a good risk-reward ratio.

Bitcoin price continues to trade with an advantage to bears but this does not mean investors or miners have capitulated. About 64% of the total Bitcoin mined to date has been dormant in wallets since 2018. This shows that Bitcoin hodlers do not believe in trading for short-term gains, as they anticipate much higher prices in the future. While this might be a feasible strategy for the whales, retail traders can rake up profits if they buy during periods of deep distress and sell their positions during times of euphoria.

One of the events that many hopeful investors are anticipating is Bitcoin’s block reward halving in May 2020. However, Jason Williams, co-founder at digital asset fund Morgan Creek Digital, believes that the halving will be a non-event that will not affect the price of Bitcoin. While a few analysts share Williams’ view, others believe that history will repeat itself and the price of Bitcoin will surge as the halving occurs.

Daily cryptocurrency market performance. Source: Coin360

The crypto market is driven by more than just fundamentals and technical analysts currently have a variety of views and opinions about the market. DeMark Analytics CEO Tom DeMark, recently told Bloomberg that he expects Bitcoin to continue its fall with a minimum target objective of $6,308 and if panic sets in, the decline can extend to $5,294. On the other hand, popular Twitter analyst PlanB has said that Bitcoin might rally to $10,000 in before the end of December.

These differences show that every analyst has a unique style of analyzing the markets. Therefore, traders should do their own due diligence before initiating any positions. Let’s see if we spot any buy setups today?

BTC/USD

Bitcoin (BTC) has turned down from the 20-day EMA, which suggests that sellers are active at resistance levels. The bears will now try to sink and sustain the price below the support at $7,337.78. If successful, a drop to $6,840.75 and below it to $6,512.01 is likely. The downsloping 20-day EMA and the RSI in the negative zone suggest that bears have the upper hand.

BTC USD daily chart. Source: Tradingview

However, the pace of decline from the 20-day EMA has been gradual. This shows that the selling pressure is weakening.

If the BTC/USD pair bounces off current levels or from $6,840.75, it will signal buying on the dips. The next move above the $7,900 is likely to carry the price to the downtrend line, which will act as a stiff resistance.

However, once the bulls push the price above the downtrend line, a new uptrend is likely. We will recommend long positions if the price action signals a return of buyers.

ETH/USD

Although bulls pushed Ether (ETH) above $151.829, they could not sustain this level. This shows that buying dries up at higher levels. The altcoin can now dip to $140 and below it to $131.484. The downsloping moving averages and the RSI in negative territory indicate that the bears are in the driver’s seat.

ETH USD daily chart. Source: Tradingview

Our bearish view will be invalidated if the ETH/USD pair turns around from the current levels and scales above the 20-day EMA. Such a move will open the doors for a rally to $197.75. We might suggest long positions above 20-day EMA. Until then, we remain in a wait and watch mode.

XRP/USD

The relief rally in XRP could not reach the 20-day EMA, which indicates that demand dries up at higher levels as the buyers are not confident that a bottom is in place. The price has again dipped to the support at $0.22. The 20-day EMA is sloping down and the RSI is in the negative zone, which increases the possibility of a drop to $0.20041. If this support cracks, the downtrend can extend to $0.18.

XRP USD daily chart. Source: Tradingview

Our bearish view will be invalidated if the XRP/USD pair turns around from the current levels and breaks out of the overhead resistance at $0.24508. If that happens, the pair can move up to the 50-day SMA and above it to $0.31503. We will wait for the price to sustain above $0.24508 before turning bullish.

BCH/USD

Bitcoin Cash (BCH) has turned down from just under the 20-day EMA. It is likely to retest the support zone at $203.36 to $192.52. With the 20-day EMA sloping down and the RSI in the negative zone, the advantage is with the bears. A break below $192.52 will resume the downtrend.

BCH USD daily chart. Source: Tradingview

However, if the BCH/USD pair finds support closer to $203.36, it will signal buying on dips. If the subsequent rebound can cross above the recent high of $227.01, it will increase the possibility of a rally to $306.78. There is a minor resistance at the 50-day SMA but we expect it to be crossed.

LTC/USD

The bulls could not carry Litecoin (LTC) above the $50 to $47.1851 overhead resistance zone. Currently, the price has again dipped towards the recent lows of $42.0599. This is an important level to watch out for because if it cracks, the downtrend can extend to $36. The downsloping 20-day EMA and the RSI in the negative territory indicate that the bears are in command.

LTC USD daily chart. Source: Tradingview

However, if buying at the current levels again props up the LTC/USD pair, we anticipate another attempt by the bulls to breakout of $50. If successful, a move to the 50-day SMA and above it to $66.1486 is possible. We will wait for the price to sustain above $50 before suggesting a trade in it.

EOS/USD

EOS is facing resistance at the 20-day EMA. However, the positive thing is that the price has not turned down sharply. This suggests that the selling pressure has reduced but as long as the price remains below the 20-day EMA, the advantage will be with the bears.

EOS USD daily chart. Source: Tradingview

If the EOS/USD pair slips below $2.6333, a retest of the critical support at $2.4001 is possible. Below this support, the decline can extend to $1.55.

On the other hand, if the price reverses direction from the current levels and breaks out of the 20-day EMA, it can move up to the 50-day SMA. On a break above the 50-day SMA, the rally can reach $3.69. We will wait for a buy setup to form before proposing a trade in it.

BNB/USD

Binance Coin (BNB) is range-bound between $16.50 and $14.2555. The 20-day EMA is sloping down and the RSI is in the negative zone. This shows that bears have the upper hand. If the price slips below the support of the range, a drop to $11.30 is likely.

BNB USD daily chart. Source: Tradingview

However, if the bulls defend the next dip to $14.2555, the BNB/USD pair will extend its stay inside the range. It will signal strength on a breakout of the overhead resistance at $16.50. The longer price stays inside a range, the stronger the next move will be. Therefore, we will recommend a long position after the price sustains above $16.50. Until then, we suggest traders remain on the sidelines.

BSV/USD

Bitcoin SV (BSV) turned down from $113.96 and broke below the small ascending triangle formation. This invalidates the bullish setup and increases the possibility of a retest of the minor support at $92.693.

BSV USD daily chart. Source: Tradingview

If the bulls defend the support at $92.693, the BSV/USD pair will remain range-bound for a few more days. It will signal strength on a breakout of the 50-day SMA. Nonetheless, if the bears sink the price below $92.693, a drop to $78.506 is possible. We do not find any reliable buy setups at the current level, hence, we remain neutral on the pair.

XLM/USD

As explained in the previous analysis, a weak rebound from a strong support level is a negative sign. Stellar (XLM) has again dropped down to the critical support zone of $0.056 to $0.051014. The 20-day EMA is sloping down and the RSI is in negative territory, which suggests that bears are in command.

XLM USD daily chart. Source: Tradingview

If the bears succeed in sinking the price below the support zone, the downtrend will resume. The next support to watch on the downside is $0.041748.

However, if the XLM/USD pair rebounds from the support zone and breaks above $0.059956, it will signal a likely bottom. We will wait for a reversal pattern to form before recommending a trade in it.

TRX/USD

The bulls are struggling to propel Tron (TRX) above the 20-day EMA. This shows a lack of demand at higher levels. Repeated failure to break above a resistance attracts sellers. The bears will now attempt to drag the price to the critical support at $0.0136655.

TRX USD daily chart. Source: Tradingview

If the TRX/USD pair plummets below the support at $0.0136655, a drop to the $0.0116262 to $0.011240 support zone is possible. Conversely, if the price turns around from the current levels and breaks out of the 20-day EMA, the pair can move up to the 50-day SMA where it is again likely to face selling pressure. We will wait for the price to sustain above the 20-day EMA before turning positive.

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

Market data is provided by HitBTC exchange.

Original Article
Author: btcethereumadmin

Litecoin-Funded Grin Developer Challenges Mimblewimble’s Privacy Issue – BTC Ethereum Crypto Currency Blog

Following reports on Mimblewimble’s flawed privacy, a Grin developer suggested a new solution.

A Grin (GRIN) developer funded by the Litecoin Foundation has suggested a solution for fixing the “Achilles heel of Mimblewimble privacy.”

David Burkett, a developer at Mimblewimble’s (MW) privacy-centric coin Grin, started a thread on monthly updates detailing progress on both Grin’s development and the integration of MW’s privacy-focused technology into Litecoin (LTC). The developer announced the news on Twitter on Dec. 1:

“I’ll be posting monthly status updates detailing progress on the LTC MW EB (YAY acronyms). This is geared toward those interested in LTC development, but will also talk a lot about Grin++ changes, so it may be interesting to Grinners as well.”

Burkett challenges the “Achilles heel of Mimblewimble privacy”

In terms of Grin’s progress, the developer has purportedly performed the first-ever pre-broadcast MW CoinJoin that would allegedly make transactions more private by disabling broadcasting before transactions joined others in the CoinJoin block. Burkett noted that this issue is one of the most critical problems associated with MW’s privacy. He wrote:

“The Achilles heel of mimblewimble privacy though, has always been that transactions are broadcast before they’ve had a chance to be joined with other transactions. That means nodes monitoring the network can see the original input-to-output links of most transactions. Sending a transaction directly to a CoinJoin server before broadcasting is one of many different techniques we can use to combat that.”

Some researchers claim that there is no way to fix Mimblewimble’s privacy

The implementation follows a recent report claiming that MW’s privacy is “fundamentally flawed” as a developer managed to track 96% of Grin transactions before they came to CoinJoin, a block that collects all MW’s transactions to ensure their anonymity.

Published by Ivan Bogatyy at blockchain research firm Dragonfly Research, the report claims that there is no way to fix that issue for MW, and the protocol should no longer be considered as a “viable alternative to Zcash or Monero when it comes to privacy.”

Litecoin Foundation is funding Burkett’s efforts to integrate Grin’s privacy

Alongside Grin’s developments, the developer confirmed that the Litecoin Foundation will be funding his efforts to implement the MW extension block as well as to continue his work on Grin. Litecoin creator Charlie Lee announced the initiative on Oct. 30.

Burkett also noted that he has been working with Lee and Bitcoin researcher Andrew Yang (not the presidential candidate) for several months to design a Mimblewimble extension block to enable confidential transactions on Litecoin. As such, the authors published two draft Litecoin Improvement Proposals using the MW protocol on Oct. 22.

In mid-November, Grin received an anonymous 50 Bitcoin (BTC) donation to its General Fund, sparking a rumor that the donation was related to Bitcoin creator Satoshi Nakamoto.

Original Article
Author: btcethereumadmin