‘Strange’ Litecoin Network Activity Could Be Related To August Dust Attack – BTC Ethereum Crypto Currency Blog

A product developer witnesses Litecoin network activity that reminds him of the Aug. 10 dust attack on the network.

Product developer Franklyn Richards has witnessed Litecoin (LTC) network activity that reminds him of the Aug. 10 dust attack on Litecoin.

In a Dec. 14 blog post, Franklyn Richards, a product developer who has worked on Bitcoin (BTC) and Litecoin since 2013, describes a pattern emerging among active Litecoin network addresses.

According to the product developer an unknown entity is taking “large periodic automated actions” on the Litecoin network, resulting in “an almost sawtooth like pattern.” He explains:

“On average the network typically sees around 40,000 active addresses per day, however, according to data from bitinfocharts, every 7 days this value is spiking to over 70,000 before abruptly dropping back down. This has resulted in an almost sawtooth like pattern that’s pretty evident given a cursory glance.”

Related to dust attack on Litecoin in August?

Richards speculates that the current “strange” network behavior, which reportedly started on Aug. 20, appears to be related to the Aug. 10 dust attack that was announced through the official Binance Twitter account at the time.

On Aug. 10, the Litecoin community was up in arms as Binance announced news of a potential dusting attack. The firm explained that around 50 Binance Litecoin addresses received a fractional amount (0.00000546) of Litecoin, which the exchange’s security team identified as a part of large-scale dusting attack.

A dusting attack occurs when hackers send a tiny fraction of a cryptocurrency to a large group of addresses. These small fractions are referred to as dust, as they can be as small as 1 Satoshi, which most users don’t even notice or may think of as harmless. Since the balances are so small, they cannot be spent without being included in a transaction along with the victim’s other funds, which allows the hacker to trace and de-anonymize the victim behind the wallet.

However, Richards concludes his blog by pointing out that without proper “access to more data tools for the Litecoin network, it’s hard to properly analyse the actions behind the behaviour.”

Litecoin celebrated its eighth birthday

Litecoin celebrated its eight birthday on Oct. 13, an event highlighted by its founder Charlie Lee, who famously sold and donated all his LTC holdings back in Dec. 2017. He said at the time:

“Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that span of time, over $500,000,000,000 worth of LTC have been transacted. Looking forward to the next 8 years and more!”

Original Article
Author: btcethereumadmin

Maduro Plans to Airdrop Petro to Municipal Leaders and Eligible Citizens – BTC Ethereum Crypto Currency Blog

The president of Venezuela, Nicolás Maduro wants the nation state-issued cryptocurrency, petro (PTR) to have the same usability properties as a physical currency. On December 13, Maduro explained on national television that the Superintendence of Crypto-Assets and Related Activities (Sunacrip) will be airdropping 0.5 PTR ($30) next week to eligible citizens who register with the Petro App.

Also read: North Korea Plans to Launch Cryptocurrency to Bypass Economic Sanctions

Venezuelan President Aggressively Pushes for Petro Adoption

The United Socialist Party leader and Venezuelan president Nicolás Maduro has been marketing the country’s cryptocurrency, the petro (PTR), aggressively recently. In November, Maduro told the public that PTR needs to be just as usable as physical currencies. “The usability is very important, so we can distribute the petro,” Maduro explained at the time. The Venezuelan head of state noted that there are citizens who don’t have a phone, but emphasized that “usability can be done with a card.” Maduro continued by saying that just like the 18 million Venezuelans with the Carnet de la Patria (Homeland card), a card for PTR can be created. The Homeland card is a Venezuelan identity card that leverages a QR code and a digital wallet. Maduro’s announcement further stressed:

We can give debit cards with petro, that is, build a solid monetary system and boost the usability of the Venezuelan cryptocurrency.

Sunacrip Notice 19 and 20 discuss Maduro’s push for petro (PTR) usability and adoption, while the notices also notify the public of the approval of 30 million barrels of crude oil to back the cryptocurrency.

The Venezuelan leader went on to say that the state’s electronic payment system will help the country “seek a definitive exit to the economic war.” Maduro remarked that thousands of Venezuelan merchants will be onboarded by next year and the state’s digital currency system is “taking the right steps to consolidate the economy.” The usability news from the president followed his decision to approve a total of 30 million barrels of crude oil and petroleum products to Sunacrip. The 30 million barrels of oil backing the PTR is much smaller than the promised five billion barrels of oil the Venezuelan government initially pledged to leverage.

Initially, the United Socialist Party leader promised to back the petro (PTR) by 5 billion barrels of crude oil, but Maduro has since dropped the backing to only 30 million barrels.

Venezuelan Pensioners, Government Personnel, and Retirees to Get a Petro Airdrop Next Week

On Friday, regional reports detailed that Maduro told the public on a state television broadcast that Sunacrip would be using the state’s new digital currency payment system the Petro App to airdrop 0.5 PTR ($30) to eligible citizens. Pensioners, government personnel, and retirees can obtain the PTR bonus next week and other citizens can apply for the Petro App to find out if they are a beneficiary. Maduro explained during the television broadcast that the airdrop will be a “test mechanism” in order to drive petro adoption. Additionally, Maduro approved the disbursement of 500 thousand petros and 10 billion bolivars to Venezuelan mayors and governors. The Venezuelan highlighted that the disbursement would be pertinent to cover expenses needed to operate the 335 municipalities in the country.

The Petro App home page where eligible citizens can register for the PTR airdrop. Registering for the Petro App requires Carnet de la Patria (Homeland card) identification alongside other personal information.

The airdrop of PTR given to pensioners, retirees, and municipal leaders will be the first of its kind when it comes to a nation state doling out its own cryptocurrency to citizens. The latest announcements show the United Socialist Party, Sunacrip, and other Venezuelan state agencies are pushing the petro hard throughout the country. Moreover, skeptics believe the petro network is only used by bureaucrats and their friends to skip international sanctions initiated by the U.S. Similar to North Korea, Maduro’s quest to exit to the economic war may be fueled by crypto.

What do you think of the details provided on the petro (PTR) airdrop so far? What do you think about Maduro’s quest? 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 a recommendation, endorsement, or sponsorship of any products, services, or companies. 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.


Image credits: Shutterstock, Petro Logo, Wiki Commons, Fair Use, Sunacrip Notices, and the Petro App home page.


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The post Maduro Plans to Airdrop Petro to Municipal Leaders and Eligible Citizens appeared first on Bitcoin News.

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Original Article
Author: btcethereumadmin

BTC, Cryptos Prepare for Possible ‘Santa Rally’ – BTC Ethereum Crypto Currency Blog

Data shows that whales and institutional investors accumulated Bitcoin throughout its 2-year long bearish phase, should retail investors follow?

Data from CoinMetrics shows that crypto whales now hold 42.1% of Bitcoin’s current supply. This is a slight increase compared to 37.9% two years back and analysts have interpreted the increase as a positive sign, as it shows large investors have been accumulating Bitcoin during its bear phase. There is, however, no major change in the top 1,000 addresses, as their holdings only inched up from 34.4% at the end of 2017 to 34.8%, according to Flipside.

While retail traders have been worried about picking a bottom, large investors are looking at the possible upside to be attained over the next few years. Mark Yusko, the chief executive and chief investment officer at Morgan Creek Capital Management, anticipates Bitcoin to rally to $100,000 by 2021 and to $250,000 by 2025. By 2030, Yusko expects Bitcoin to reach “gold equivalence” and rise to $400,000 or $500,000.

Daily cryptocurrency market performance. Source: Coin360

Major financial firms have recognized the increasing demand from institutional investors and have been working towards offering custody and other services for cryptocurrencies. The latest to join the bandwagon is Amsterdam-based bank ING, which is reportedly in the early stages of developing cryptocurrency custody technology.

With increasing institutional involvement, should retail investors also jump in and buy at the current levels or could the prices fall further and provide a better entry point later? Let’s analyze the charts to find out.

BTC/USD

The bulls have been defending the immediate support at $7,085.80 for the past two days but have failed to secure a sharp bounce off it. This shows hesitation among the bulls to buy aggressively at these levels. However, if the bears fail to sink Bitcoin (BTC) below $7,085.80 within the next few days, we anticipate buying to pick up.

BTC USD daily chart. Source: Tradingview

The first sign of strength would be a close (UTC time) above the 20-day EMA. Above this level, a move to $7,856.76 is likely. If the bulls can scale above this resistance, a rally to the downtrend line is possible.

We expect that the bears will mount a stiff resistance at the downtrend line but if the bulls can propel the price above it, the BTC/USD pair could move up to $10,360.89. Therefore, we retain the buy recommended in our earlier analysis.

On the other hand, if the recovery attempt from the current level fizzles out at the 20-day EMA, the bears will make another attempt to break below $7,085. If successful, a drop to $6,512.01 will be on the cards.

ETH/USD

Ether (ETH) dipped below the support at $143.259 on Dec. 12 but managed to recover and close (UTC time) above it. This shows buying at lower levels. The bulls will now try to push the price to the overhead resistance zone of $151.829 to $157.50.

ETH USD daily chart. Source: Tradingview

A breakout of the resistance zone can propel the altcoin to $173.841 and above it to $197.75. Traders can attempt to ride this move by initiating long positions as suggested in our earlier analysis.

However, if the bounce from the current levels fails to find buyers above the resistance zone, the bears will make another attempt to sink the price below $143.259. If successful, the ETH/USD pair might drop to $131.484.

XRP/USD

Although XRP slipped below the first support at $0.22 on Dec. 12, the bulls defended the next support at $0.20946. Currently, the bulls are trying to push the price back above the uptrend line of the ascending triangle and $0.22. If successful, a move to the 20-day EMA and above it to $0.23260 is possible.

XRP USD daily chart. Source: Tradingview

A breakout of $0.23260 will be the first indication that the buyers are making a comeback. We would wait for the price to sustain above $0.23260 before suggesting a trade in it.

Nonetheless, if the bulls fail to propel the price above the 20-day EMA, the bears will again attempt to sink the price below $0.20946. If successful, a drop to $0.20041 is possible.

BCH/USD

Bitcoin Cash (BCH) has been trading close to the $203.36 support for the past three days. The failure of the bears to sink the price below it shows that the selling pressure is waning. We now expect the bulls to push the price to the 20-day EMA.

BCH USD daily chart. Source: Tradingview

A breakout of the 20-day EMA could carry the price to $227.01. If the bulls succeed in pushing the price above this resistance, the BCH/USD pair might start a rally to $306.78. Therefore, traders can attempt a long position above $227.01 as suggested in our earlier analysis.

On the other hand, if the bulls fail to carry the price above the 20-day EMA, a break below $203.36 is likely. The next support on the downside is $192.52, below which the downtrend will resume.

LTC/USD

Litecoin (LTC) made a doji candlestick pattern near the support of $42.0599 on Dec. 12, which shows indecision among bulls and bears. If the bears sink the price below the support, a drop to $36 is possible.

LTC USD daily chart. Source: Tradingview

Conversely, if the bulls manage to push the price above the small downtrend line and the 20-day EMA, a range-bound action between $50 and $42.0599 will ensue.

We spot a possible bullish divergence on the RSI, which is a positive sign. The LTC/USD pair could pick up momentum above $50. Therefore, traders can buy on a close (UTC time) above $50 with a stop loss below $42. The target objective is a rally to $66.

EOS/USD

Although EOS dipped below the support at $2.5804 for the past two days, the bears have not managed to close (UTC time) below it. This shows buying at lower levels. The bulls will now try to push the price above the 20-day EMA. If successful, the range-bound action between $2.5804 to $2.5695 is likely to continue for a few more days.

EOS USD daily chart. Source: Tradingview

A breakout of $2.8695 will be the first sign of strength. Above this level, a rally to the downtrend line and above it to $3.69 is possible. The short-term traders can ride this up move as suggested in our earlier analysis.

Contrary to our assumption, if the EOS/USD pair turns down from the current levels or the 20-day EMA and plummets below $2.5804, a drop to $2.4001 is possible.

BNB/USD

Binance Coin (BNB) bounced off the support at $14.2555 on Dec.12 but the bounce has been shallow, which suggests a lack of aggressive buying at these levels. We anticipate the bears to again attempt a breakdown of the support. If successful, a drop to $11.30 is possible.

BNB USD daily chart. Source: Tradingview

Conversely, if the bulls can carry the price above the 20-day EMA, the BNB/USD pair might remain range-bound for a few more days. A break above $16.50 will be the first indication that the buyers are back in the game. Above this level, a rally to $21.80 is likely.

As the risk to reward ratio is attractive, we retain the buy recommendation given in the previous analysis. The bullish divergence on the RSI is the only positive setup on the chart.

BSV/USD

Bitcoin SV (BSV) is struggling to stay above the support at $92.693. This shows a lack of buyers even at these levels because they are not confident that a bottom is in place yet. If the price does not rise above the 20-day EMA within the next few days, the possibility of a breakdown to $78.506 increases.

BSV USD daily chart. Source: Tradingview

However, if the BSV/USD pair bounces off the current levels and rises above the 20-day EMA, a move to $113.960 is possible. The pair might consolidate in this range for a few days and pick up momentum on a breakout and close (UTC time) above $113.960. We would wait for a new buy setup to form or the price to sustain above the 50-day SMA before proposing a trade in it.

XTZ/USD

Tezos (XTZ) rebounded sharply from the 20-day EMA on Dec. 12, which shows that the sentiment is to buy the dips. We anticipate the bulls to face a minor resistance at $1.6555 but as the momentum is strong, a move to $1.85 is likely.

XTZ USD daily chart. Source: Tradingview

Previously, the rallies have turned down from close to $1.85, hence, we anticipate the bears to mount a stiff resistance at this level. If the price turns down from $1.85 once again, we expect the buyers to step in at $1.65 and below it at the 20-day EMA.

Contrary to our assumption, if the bulls propel the price above $1.85, it will signal a major bottom and the next target could be $2.95. We remain bullish and would suggest a trade if we find a buy setup with an attractive risk to reward ratio.

XLM/USD

The bulls are attempting to defend the support at $0.051014 but the failure to achieve a strong bounce is likely to attract further selling. If the bears break below the support at $0.051014, Stellar (XLM) could drop to the next support at $0.041748.

XLM USD daily chart. Source: Tradingview

The downsloping moving averages and the RSI close to the oversold zone shows that bears are in command.

Our negative view will be invalidated if the XLM/USD pair rises sharply from the current levels and breaks out of the 20-day EMA. Such a move will keep the price range-bound for a few days. The pair could pick up momentum above $0.060, hence, traders can initiate long positions as suggested in our earlier analysis.

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

NY Regulator Proposes Relaxing New Coin Listing Requirements – BTC Ethereum Crypto Currency Blog

The New York State Department of Financial Services, the Bitlicense regulator, has published a proposed framework for licensed companies seeking to list new coins. This is the first time the regulator has proposed changes to its crypto regulation in five years. Among the changes, licensees will be able to self-certify the compliance of their new coins without having to obtain prior approval from the regulator.

Also read: SEC Approves Bitcoin Futures Fund

First Regulatory Changes in 5 Years

The New York State Department of Financial Services (DFS) published “proposed guidance regarding the adoption or listing of virtual currencies” on Wednesday. “To provide regulatory clarity and efficiency, and to ensure that our approach to regulating virtual currency businesses reflects the realities of an evolving market,” the DFS announced:

We are reviewing our virtual currency regulations and the manner in which they are implemented.

The department started regulating the crypto industry in July 2014. So far, two dozen Bitlicenses or trust charters have been granted to crypto companies to operate in the state of New York. The regulator explained that some of its licensees have asked to list new coins in addition to those listed in their initial applications with the DFS. The department is now seeking comments from all interested parties and the general public regarding two proposed coin adoption or listing options it wants to make available to licensees. Comments should be submitted by Jan. 27, 2020.

The Proposed Framework

Firstly, the DFS proposes creating a webpage listing all of the coins it has pre-approved for all licensees to list without having to obtain prior approval. The list “may be updated from time to time, as long as such listed coins have not been subject to any modification, division, or change after their listing on the DFS web-page,” the regulator detailed, adding:

Coins currently contemplated for the list include bitcoin, bitcoin cash, ether, ether classic, litecoin, ripple, paxos standard, and Gemini dollar.

Secondly, the regulator is proposing a framework that allows the listing policy to be tailored to a licensee’s specific business model and risk profile to create a firm-specific listing policy. The DFS clarified:

Upon approval, the company may self-certify the listing of new coins on an ongoing basis, consistent with the company’s approved policy, with prior notice to the department and without the need for prior approval.

The DFS reiterated that licensees that do not have DFS-approved company coin-listing policies are required to seek its prior approval in order to offer coins that are not on its approved list. Furthermore, all licensees “are required to keep DFS informed, no later than at the time of their next quarterly filing, of all coins to be used or offered in connection with their Virtual Currency Business Activities.”

A licensee’s coin-listing policy “should consist of robust procedures that comprehensively address all steps involved in the review and approval of virtual currencies in connection with the Virtual Currency Business Activities of the licensee,” the DFS described. The policy must be tailored to the licensee’s “specific business model, operations, customers and counterparties, geographies of operations, service providers, and the use, purpose and specific features of the coins being considered. It should also include procedures for notifying DFS of new coin listings.”

What do you think of the New York regulator’s proposed coin listing policy? 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.


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The post NY Regulator Proposes Relaxing New Coin Listing Requirements appeared first on Bitcoin News.

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BTC and These 9 Cryptos Set to Resume Downtrend – BTC Ethereum Crypto Currency Blog

Several altcoins are on the verge of resuming their downtrend. What are the critical levels to watch out for going into mid-December?

Paris-based asset management firm Napoleon AM has announced the launch of a specialized professional fund under French law, the Napoleon Bitcoin Fund. The fund would replicate the price of the cash-settled Bitcoin futures listed on the Chicago Mercantile Exchange. 

According to the company, this is one of the first regulated products giving exposure to Bitcoin, with which institutional investors can diversify their portfolio.

While the firms are launching crypto products for professional investors, not every investor is confident about the future of Bitcoin. Billionaire investor Mark Cuban believes that BTC could never become a reliable currency because “it’s too difficult to use, too easy to hack, way too easy to lose, too hard to understand” as well as too hard to assess and value.

However, he does believe that Bitcoin could become a financial asset as a collectible similar to gold and art.

Daily cryptocurrency market performance. Source: Coin360

While most firms are targeting the institutional investors, Swiss cryptocurrency financial firm Amun AG has received permission to offer various exchange-traded products to retail clients throughout the EU. 

With a slew of products being launched for both institutional players and retail investors, the interest in the crypto space is likely to pick up. So, should investors view the current dip as a buying opportunity? Let’s analyze the charts.

BTC/USD

Bitcoin (BTC) has dropped to the immediate support at $7,085.80. Both the moving averages are sloping down and the RSI is in negative territory, which suggests that bears are in command. 

If the bears succeed in breaking below $7,085.80, the next stop is likely to be the recent lows of $6,512.01. We anticipate the bulls to launch a strong defense of this level. Nonetheless, if this support also cracks, the sentiment will turn sour and a deeper correction to $5,533.90 is possible. 

BTC USD daily chart. Source: Tradingview

Conversely, if the bulls defend the support at $7,085.80, the BTC/USD pair might remain range-bound for a few more days. A break above $7,085.80 can carry the price to the downtrend line where we anticipate the bears to mount stiff resistance.

However, if the bulls can push the price above the downtrend line and sustain it, we anticipate a rally to $10,360.89. Therefore, the traders can initiate long positions as suggested in our earlier analysis. 

ETH/USD

The range in Ether (ETH) has tightened further. The bulls are attempting to defend the immediate support at $143.259 while the bears are defending the overhead resistance at $151.829. 

ETH USD daily chart. Source: Tradingview

Though it is difficult to predict the direction of the breakout from a range, the down-trending moving averages and the RSI in the negative zone show that bears have the advantage. If they succeed in breaking below the $143.259 to $140 support zone, a drop to $131.484 is possible.

Conversely, if the bulls push the price above the overhead resistance zone of $151.829 to $157.50, the ETH/USD pair could pick up momentum. The short-term traders can initiate long positions as suggested in our previous analysis.

XRP/USD

XRP has been holding above $0.22 for the past two days. However, the bulls have not been able to achieve a strong bounce off it, which is a negative sign. This shows a lack of urgency among the bulls to buy at these levels.

XRP USD daily chart. Source: Tradingview

Without ample buying support, the XRP/USD pair might dip below $0.22 and the uptrend line of the ascending triangle. A breakdown of a bullish setup is a bearish sign. Therefore, a break below the uptrend line can drag the price to $0.20946 and below it to $0.20041.

Our bearish view will be invalidated if the bulls carry the price above the overhead resistance at $0.23260. Such a move will indicate buying at lower levels. We might suggest long positions for the aggressive trader if the price sustains above $0.2326 for a few days.

BCH/USD

Bitcoin Cash (BCH) has dipped to its critical support at $203.36. The failure to rebound off this support indicates a lack of aggressive buying. The 20-day EMA is sloping down and the RSI is in the negative zone, which shows that bears have the upper hand.

BCH USD daily chart. Source: Tradingview

If the bears sink the price below $203.36, a drop to $192.52 is likely. This is an important level to watch out for because if it cracks, the downtrend will resume.

Contrary to our assumption, if the BCH/USD pair bounces off the current levels or from $192.52 and rises above $227.01, it will indicate strength. Hence, we retain the buy recommendation given in our earlier analysis.

LTC/USD

Litecoin (LTC) has gradually dipped closer to the support at $42.0599. Both moving averages are sloping down and the RSI is close to the oversold zone, which shows that bears are in command.

LTC USD daily chart. Source: Tradingview

If the bears sink the price below the support at $42.0599, the LTC/USD pair will resume the downtrend, with the next support at $36.

Alternatively, if the bulls defend the support at $42.0599, the pair might remain range-bound between $42.0599 and $50 for a few days. A breakout of $50 could carry the price to $66.1486. 

EOS/USD

EOS has declined to the immediate support at $2.5804. Failure to achieve a strong bounce off this level is likely to attract further selling that could sink the price below it. The next support on the downside is $2.4001. We expect a strong defense of this level by the bulls. 

EOS USD daily chart. Source: Tradingview

Nevertheless, if the EOS/USD pair bounces off the current levels or from $2.4001 and breaks above the overhead resistance at $2.8695, it will indicate strength. Above $2.8695, the pair can move up to the downtrend line. The short-term traders could try to benefit from this rise by initiating long positions as suggested in our previous analysis.

BNB/USD

After failing to rise above the overhead resistance at $16.50, Binance Coin (BNB) has dropped close to the critical support at $14.2555 in the past two days. While this is a negative sign, we are closely watching the developing bullish divergence on the RSI, which could signal a possible reversal. 

BNB USD daily chart. Source: Tradingview

A bounce off the current levels will keep the BNB/USD pair range-bound for a few more days. The first sign of strength will be a break above $16.50. Though the 50-day SMA might offer some resistance, we expect the price to climb above it and reach $21.80.

Therefore, the traders can initiate long positions on a break and close (UTC time) above $16.50 with the stop at $13.50. Our bullish view will be invalidated if the bears sink the price below $14.2555.

BSV/USD

Bitcoin SV (BSV) continues to trade near the support at $92.693. A consolidation near an important support level, without any meaningful bounce, usually increases the possibility of a breakdown.

BSV USD daily chart. Source: Tradingview

If the bears sink the price below $92.693, the decline can extend to the next support at $78.506. This is important support because if it cracks, the BSV/USD pair could drop to $38.528.

Contrary to our assumption, if the pair rebounds off the current levels and rises above the downtrend line, it could move up to $113.960. We will wait for the price to sustain above the 50-day SMA before turning positive.

XLM/USD

After failing to rise above the overhead resistance at $0.056, Stellar (XLM) has dipped towards the support at $0.051014 in the past two days. This is a negative sign as it indicates that the buyers are not confident that a bottom is in place yet.

XLM USD daily chart. Source: Tradingview

If the bears succeed in breaking below the support at $0.051014, the XLM/USD pair will resume its downtrend. The next support to watch on the downside is $0.041748.

Conversely, if the price turns around from the current levels and rises above $0.056, a move to $0.060 is possible. Above $0.060, the traders can initiate long positions as proposed in our previous analysis.

XTZ/USD

In an uptrend, the bulls provide support at the 20-day EMA. That is what happened with Tezos (XTZ) as the drop on Dec. 10 found buying support just below the 20-day EMA. However, today’s price action shows profit-taking at higher levels.

XTZ USD daily chart. Source: Tradingview

The bulls will now try to push the XTZ/USD pair above $1.528758 while the bears will attempt a break below the 20-day EMA. 

If the bulls are successful, a rally to $1.6555 and above it to $1.85 is likely. We anticipate the bears to offer a minor resistance at $1.6555 and a stiff resistance at $1.85. If the bears succeed in breaking below the 20-day EMA, a drop to the 50-day SMA is possible.

We do not see a buy setup with an attractive risk to reward ratio here. Hence, we are not recommending a trade at the current levels.

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

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

After a lengthy period of consolidation, many cryptocurrencies appear to be setting up for a large move within the next few days.

China could start its pilot for the central bank digital currency (CBDC) before the end of this year, according to local news outlet Caijing. The article states that the anticipated pilot project “will go out of the central bank system and enter real service scenarios such as transportation, education, and medical treatment,” which will reach the end users.

The project will be overseen by the Chinese central bank and will include four major banks and large corporations such as China Telecom. This is a significant step as it will give China a major head start over other developed economies.

Daily cryptocurrency market performance. Source: Coin360

Today, Bakkt launched cash settled Bitcoin futures on ICE Futures Singapore and the first CFTC regulated options on futures contract for Bitcoin. With these product launches, Bakkt aims to cater to growing demand in Asia and institutional investors in the US.

Other major crypto exchanges are also expanding their offerings to cater to the increasing demand. OKEx also announced the launch of crypto options that will begin trading on Dec. 27. With these products, the stage has been set for institutional players to invest in the crypto space.

Currently, most major cryptocurrencies are range-bound and once this phase passes a sharp directional seems likely. Let’s look at the critical levels on the charts that will signal the start of a new uptrend or downtrend.

BTC/USD

Bitcoin (BTC) is facing stiff resistance close to $7,856.76. This shows that the bears are unlikely to throw in the towel without a fight. They will try to sink the price to the immediate support at $7,000.

If this support cracks, a retest of the recent low of $6,512.01 will be on the cards. A break down of this level will be a huge negative that can drag the price to $5,533.90. However, we give this a low probability of occurring.

BTC USD daily chart. Source: Tradingview

Though the bulls have failed to scale and sustain above the 20-day EMA for the past four days, the positive sign is that they have not given up much ground. We expect another attempt by the buyers to push the price above the 20-day EMA and the overhead resistance of $7,856.76.

If successful, a rally to the downtrend line is likely. This is a major resistance but if crossed, it will signal the start of a new uptrend. Therefore, we retain the buy suggested in an earlier analysis.

ETH/USD

The bulls are facing stiff resistance at the overhead resistance of $151.829. If Ether (ETH) turns down from this level, it can dip to $140 and below it to $131.484. With both moving averages sloping down and RSI in the negative territory, advantage is with the bears. A break below $131.484 will be a huge negative as the downtrend will resume.

ETH USD daily chart. Source: Tradingview

On the upside, if the bulls can push the price above $151.829, the next level to watch is $157.50. We anticipate the ETH/USD pair to pick up momentum after it breaks out and sustains above $157.50.

The short-term traders can initiate long positions on a close (UTC time) above $157.50. The first target is a rally to $173.841 and above it $197.750.

XRP/USD

The bears are aggressively defending the resistance at $0.2326, which shows a lack of buyers at higher levels. However, if XRP takes support at the small uptrend line, we anticipate the bulls to again attempt a breakout of $0.2326.

XRP USD daily chart. Source: Tradingview

We spot the first signs of an ascending triangle pattern in the making, which will complete on a breakout and close (UTC time) above $0.2326. The target objective of this bullish set up is $0.26479, which is close to the 50-day SMA. Though there is a resistance at $0.24508, we expect it to be crossed.

Contrary to our assumption, if the price break below the uptrend line, the next support is $0.20946 and if that also fails to provide support, a drop to $0.20041 is possible. The XRP/USD pair will resume the downtrend if it slips below $0.20041.

BCH/USD

Bitcoin Cash (BCH) remains stuck inside the $203.36 to $227.01 range. This shows a balance between both buyers and sellers. It is difficult to predict the direction of the breakout from the range, hence, we are not suggesting a trade at the current levels.

BCH USD daily chart. Source: Tradingview

A breakout of $227.01 will be a positive sign as it will indicate that the bulls have overpowered the bears. Above $227.01, a rally to $261.50 and above it to $306.78 is possible. Therefore, we retain the buy recommendation given in the previous analysis.

However, if the BCH/USD pair breaks down of $203.36, it will signal advantage for the bears. Below this level, a retest of $192.52 is likely. If this support also cracks, the downtrend will resume.

LTC/USD

The intraday range in Litecoin (LTC) has shrunk since December 5, which shows that both the bulls and the bears are paying it safe and are not taking any large bets. This period of low volatility is unlikely to continue for long. We anticipate the volatility to pick up within the next few days.

LTC USD daily chart. Source: Tradingview

If the volatility expands to the downside and plummets the LTC/USD pair below $42.0599, the downtrend will resume. The next support on the downside is $36.

However, if the pair rebounds off the support or turns around from the current levels and breaks above the overhead resistance at $50, it will signal a likely bottom at $42.0599. We will wait for the price to sustain above $50 before proposing a trade in it.

EOS/USD

The failure of the bulls to propel EOS above the 20-day EMA has attracted selling by the bears. They will attempt to sink the price below the immediate support at $2.5804. If successful, a retest of the critical support at $2.4001 is likely.

EOS USD daily chart. Source: Tradingview

Conversely, if the bulls buy the dip and propel the EOS/USD pair above the overhead resistance at $2.8695, a rally to the downtrend line at $3.43 and above it to $3.69 is likely. The short-term traders can piggyback on this possible up move after the price sustains above $2.8695 for four hours.

BNB/USD

Binance Coin (BNB) had formed a doji candlestick pattern for the past three days. This shows indecision among the bulls and bears about the next directional move. A breakout of the overhead resistance at $16.50 will signal that the bulls are back in the game.

BNB USD daily chart. Source: Tradingview

Above $16.50, we anticipate a rally to $21.8. Though the 50-day SMA might offer some resistance, we expect it to be crossed. We will wait for the price to sustain above $16.50 before recommending a trade in it.

Contrary to our assumption, if the price plummets below the support at $14.2555, the downtrend will resume. This will be a huge negative as it can drag the price to the next support at $11.30.

BSV/USD

Bitcoin SV (BSV) has been trading close to the support at $92.693 for the past few days. This shows a lack of urgency among the bulls to buy at these levels as they are not confident that a bottom is in place yet.

BSV USD daily chart. Source: Tradingview

The downsloping 20-day EMA and the RSI in the negative zone indicate that bears have the upper hand. If the price slips below the support at $92.693, a drop to the critical support at $78.506 is possible. We expect a strong defense of this level by the bulls.

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 $113.96. We will turn positive after the price scales and sustains above the 50-day SMA at $117.3.

XLM/USD

Stellar (XLM) has been trading close to the overhead resistance at $0.056 for the past six days. This is a positive sign as it indicates that the sellers have not been able to sink the price back to the support at $0.051014.

XLM USD daily chart. Source: Tradingview

If the bulls succeed in propelling the price above $0.056, a move to $0.06 will be on the cards. We expect a break out of $0.06 to attract buyers. Therefore, we suggest traders buy on a close (UTC time) above $0.06 and keep the stop loss below $0.051. On the upside, the targets to keep in mind are $0.071 and above it $0.088708.

Our bullish view will be invalidated if the price fails to break to the upside and the bears sink the XLM/USD pair below the critical support at $0.051014. Below this level, a drop to $0.041748 is likely.

XTZ/USD

Tezos (XTZ) has quickly climbed the ladder in the past few days and has become the tenth largest cryptocurrency in terms of market capitalization. While most major cryptocurrencies are either stuck in a range or are moving up gradually, Tezos has been making decisive moves to the upside.

XTZ USD daily chart. Source: Tradingview

Both moving averages are sloping up and the price has been trading above the moving averages since early November. This shows that the bulls are in command. There is a minor resistance at $1.60 above which a move to $1.85 is possible. We anticipate a stiff resistance at $1.85 but if the bulls scale above this level, the XTZ/USD pair will become very bullish.

However, if the bulls fail to push the price above $1.85, the price might remain range-bound for a few more days. Though bullish, we do not find a trade with a good risk-reward ratio, hence, we are not proposing a trade at these levels.

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

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.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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/

Original Article
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