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

Profit booking seen at higher levels. However, if the major cryptocurrencies can bounce off their strong support levels, it will indicate strength.

The crypto markets continue to respond to the events happening in the United States-Iran conflict. Any sign of escalating tensions is boosting the crypto markets higher. Google Trends shows that the searches for terms “Bitcoin” and “Bitcoin Iran” have surged in the past few days. This shows that investors are considering Bitcoin as a safe haven asset, similar to gold.

A report released by analytics firm SFOX showed that Bitcoin had a very low correlation with traditional assets such as gold and stocks in the second half of 2019. This made it an attractive hedge in a portfolio. The report also observed that Bitcoin’s volatility in 2019 was lower than the previous year but still, it remained high compared to other asset classes. 

  Daily cryptocurrency market performance. Source: Coin360

The recent rally in most major cryptocurrencies has picked up momentum after the U.S. and Iran conflict escalated. This shows that the move is news-based. If the tensions show signs of cooling down, the crypto markets might give back some of the recent gains. The extent of the pullback from the recent highs will give us an insight into whether the markets have bottomed out or not. 

Nonetheless, for the short-term trader, the current volatility provides an opportunity to pocket some quick gains. The long-term traders can also participate but would have to ride the volatility until a sustained uptrend begins. Let’s analyze the charts and determine the critical levels to watch out for.

BTC/USD

Bitcoin (BTC) broke above the overhead resistance at $7,856.76 on Jan. 7, which triggered our buy suggested in an earlier analysis. The breakout also completed a double bottom pattern, which has a minimum target objective of $9,278.52. Above this level, the rally can extend to $10,360.89.

BTC USD daily chart. Source: Tradingview

However, the bears are unlikely to throw in the towel without a fight. Usually, every breakout from a long consolidation returns to the breakout level. If the retest of the breakout level — which in this case is $7,856.76 — holds, it will confirm that a bottom is in place and a new uptrend is likely. 

On the other hand, if the bulls fail to defend the support at $7,856.76, it will indicate weakness. Below $7,856.76, a drop to $7,000 is possible. For now, the traders can hold their long positions with stops at $6,800.

ETH/USD

Ether (ETH) broke above the 50-day SMA on Jan. 6 but is facing selling close to the $151.829 to $157.50 resistance zone. This shows that the bears are aggressively defending this zone. 

ETH USD daily chart. Source: Tradingview

If the ETH/USD pair bounces off the 20-day EMA, we anticipate the bulls to make another attempt to break out through the overhead resistance zone. If successful, a move to $173.841 is possible.

Conversely, if the bears sink the price below the 20-day EMA, a drop to $131.484 is possible. The traders can hold their long positions with stops at $122. 

XRP/USD

XRP surged above the 50-day SMA on Jan. 6. The 20-day EMA has started to turn up and the RSI has jumped into the positive territory, which suggests that the bulls have the upper hand.

XRP USD daily chart. Source: Tradingview

However, we anticipate the bulls to face stiff resistance at $0.2326. If the price turns down from this level, it is likely to find support at the 20-day EMA. A bounce off the 20-day EMA might offer a low-risk buying opportunity

Alternatively, if the bulls propel the price above $0.2326, a rally to $0.31503 is possible. The traders can wait for a bounce off the 20-day EMA or a breakout above $0.2326 before initiating long positions.

BCH/USD

Bitcoin Cash (BCH) has not been able to sustain the price above $241.85, which shows a lack of buyers at higher levels. The altcoin can now dip to $227.01. If the price bounces off this support, we expect the bulls to make another attempt to sustain above $241.85.

BCH USD daily chart. Source: Tradingview

The moving averages have completed a bullish crossover and the RSI is in the positive zone, which indicates that the bulls are at an advantage.

However, if the bears sink the price below $227.01, the BCH/USD pair can dip to the 20-day EMA. If this support also cracks, a fall to $192.52 is possible. The traders can hold their remaining long positions with a stop at $215.

LTC/USD

Litecoin (LTC) had risen close to $50 but could not scale above it. Profit booking by short-term traders has dragged the price towards the moving averages. If the altcoin bounces off the 20-day EMA, we expect the bulls to make another attempt to push the price above $50.

LTC USD daily chart. Source: Tradingview

If successful, a rally to $60 and above it to $66 is possible. Therefore, the traders can hold their long position with stops placed at $38. 

Contrary to our assumption, if the bears sink the price below the 20-day EMA, the LTC/USD pair will turn negative. 

EOS/USD

EOS broke above the overhead resistance at $2.8695 and came close to the downtrend line today. However, it could not break above the downtrend line and reversed direction from just below it. 

We anticipated the bears to mount stiff resistance at the downtrend line. Hence, we had suggested traders take partial profits on the long positions in our previous analysis.

EOS USD daily chart. Source: Tradingview

If the EOS/USD pair finds support at the 20-day EMA, we expect the bulls to attempt a break out of the downtrend line once again. If successful, a rally to $3.50 and above it to $4.24 will be on the cards. 

On the other hand, if the bulls fail to keep the price above $2.5804, a drop to $2.4001 is likely. The traders can trail the stop loss on the remaining long position at breakeven.

BNB/USD

Binance Coin (BNB) had broken out of the 50-day SMA on Jan. 6 but it could not pick up momentum. This shows a lack of demand at higher levels.  The price might now dip to the immediate support at the 20-day EMA.

BNB USD daily chart. Source: Tradingview

If the support holds, we anticipate the bulls to make another attempt to carry the BNB/USD pair to $16.50. The 20-day EMA has flattened out and the RSI is close to the center, which points to a balance between buyers and sellers.

A break below the 20-day EMA will tilt the advantage in favor of the bears. Hence, the traders can hold their long positions with a stop at $12.95.

BSV/USD

The bulls are attempting to keep Bitcoin SV (BSV) above $113.96, which is a positive sign. If successful, a rally to $140 and above it to $155 is possible. The 20-day EMA is sloping up and the RSI is in the positive territory, which suggests that bulls have the upper hand. 

BSV USD daily chart. Source: Tradingview

If the price breaks out and closes (UTC time) above $120, the traders can trail the stops on the long position to $108. On the other hand, if the price slips below $110, we anticipate the bulls to defend the 20-day EMA.

Our bullish view will be invalidated if the bears sink the BNB/USD pair below the 20-day EMA. 

XMR/USD

The sharp rally in Monero (XMR) had carried it above the overhead resistance at $57.1199. However, the bulls could sustain the level, which shows that the bears are selling aggressively at higher levels.

XMR USD daily chart. Source: Tradingview

The price can now drop to the 20-day EMA. If the level holds, we expect the bulls to make another attempt to scale and sustain above $57.1199. We will watch the price action close to the 20-day EMA before suggesting a trade in it.

Our bullish view will be invalidated if the bears sink the XMR/USD pair below the 20-day EMA. Such a move can drag the price back to $44.50.

ADA/USD

Cardano (ADA) has again made it to the top ten cryptocurrencies by market capitalization. The altcoin broke above the overhead resistance at $0.035778 on Jan. 06 but could not scale above the overhead resistance at $0.039.

ADA USD daily chart. Source: Tradingview

This shows that the bears are aggressively defending the higher levels. The ADA/USD pair is likely to find some support close to $0.035778 and below it at the 20-day EMA.

If the pair bounces off $0.035778 or the 20-day EMA, it might give a low-risk buying opportunity with a target objective of $0.042 and $0.046. However, if the pair breaks and sustains below the 20-day EMA, it might again dip to $0.0329526. 

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

BlockFi Adds Litecoin, USDC to Its Lending Product Suite – BTC Ethereum Crypto Currency Blog

BlockFi CEO Zac Prince image via CoinDesk archives

Crypto lending startup BlockFi now supports litecoin and dollar-backed stablecoin USD Coin (USDC) on its platform, enabling users to earn interest on, trade and receive loans backed by the assets.

The initial annual percentage yield on the assets will be 8.6 percent for USDC and 3.78 percent for litecoin. 

In 2020, the company aims to add five to 10 new assets including USDC and LTC and is looking most aggressively at the top 20 cryptocurrencies by market capitalization and U.S.-domiciled dollar-backed stablecoins, said Zac Prince, BlockFi’s CEO and founder. USDC is the largest of these stablecoins. The company already supported LTC as collateral for loans and approved of the currency’s liquidity, volatility and overall track record. 

BlockFi also plans to develop a mobile app and the ability to send fiat wire transfers in the first quarter of this year. In Q2 2020, it will offer Automated Clearing House (ACH) payment capabilities and in the second half of the year BlockFi plans to launch a credit card that offers rewards in bitcoin. 

“Most of the cards that exist now are debit cards or pre-paid cards … for prime consumers in the U.S., the vast majority of spending takes place on credit cards,” said Prince. “This will be a premium credit card that can pass back a bitcoin cashback rate that is attractive with traditional premium cards.” 

Prince wouldn’t name the issuing bank for BlockFi’s credit card or which banks would be providing the ACH services, but the startup already works with Silicon Valley Bank, investment bank and brokerage Oppenheimer & Co, Silvergate Bank and Signature Bank. 

BlockFi has been providing fiat loans with bitcoin and ether collateral since the beginning of last year. In March, it launched its service offering to pay clients interest on their crypto, which it loaned out to institutions. The company has had to cut rates more than once because borrower supply has not been able to meet depositor demand.  

At first, depositors received 6 percent monthly and 6.2 percent in compound interest yearly.  In April, the company changed these rules for accounts with more than 25 bitcoin or 500 ether, saying they would get 6 percent monthly only on the part of their holdings below that threshold. In May, the maximum balance for which it will offer 6.2 percent annual interest dropped further to 250 ETH and, later on, to 5 BTC and 200 ETH. 

In December, the company made the terms more favorable to users, applying the 6.2 percent rate only to holdings lower than 10 BTC, with everything above that earning 2.2 percent annually. For ether, deposits below 1,000 ETH earn 4.1 percent annually and everything above only 0.5 percent. 

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

https://www.coindesk.com/blockfi-adds-litecoin-usdc-to-its-product-suite

Original Article
Author: btcethereumadmin

Crypto Lending Firm BlockFi Adds Support for Litecoin and USD Coin – BTC Ethereum Crypto Currency Blog

BlockFi, a major cryptocurrency lending firm, has added two new assets to its offering, Litecoin and USD Coin.

Major cryptocurrency lending company BlockFi has added support for two new assets to its list of supported digital currencies.

According to a press release shared with Cointelegraph on Jan. 8, the firm has added major altcoin Litecoin (LTC) and USD Coin (USDC) — the dollar-backed stablecoin from major United States-based cryptocurrency exchange Coinbase. 

The new additions mean that BlockFi users can now trade and receive loans as well as interest with the aforementioned cryptocurrencies. Clients can earn monthly compounding interest through the BlockFi Interest Account (BIA). USDC carries an annual percentage yield (APY) of 8.6%, while Litecoin’s APY through the BIA is 3.8%.

Litecoin and USDC will also be available on BlockFi’s new trading platform, along with other major digital currencies like Bitcoin (BTC), Ether (ETH) and the Gemini Dollar (GUSD). 

Interest in crypto loans grows

As cryptocurrency markets continue to mature, new types of services and solutions involving digital assets continue to crop up. Cryptocurrency loans and lending began gaining traction during the 2018 bear market.

Crypto lending has grown more popular for several reasons, including low interest rates, an increase in the number of borrowers and investors for whom receiving crypto immediately is convenient, and a simplified system for borrowers i.e. individuals who did not qualify for a bank loan can still easily receive digital money. 

Additionally, crypto lending services allow long term holders of cryptocurrencies another avenue of capitalizing on their holdings, other than the “buy and hold” investment strategy. By offering their assets up for loans, they can receive interest rates that, in some instances, are far higher than those offered in the traditional banking sector. 

According to a recent analysis by Cointelegraph, the entire crypto loan industry is estimated to be worth nearly $4.7 billion, with demand for crypto loans rapidly increasing. 

In order to meet increasing demand in new jurisdictions, BlockFi recently received a money transmitter license in the U.S. state of Washington.

Original Article
Author: btcethereumadmin