YoBit Exchange Review: Is YoBit Legit, Safe, and Worth Your Time?


A steady presence in the cryptocurrency space since 2014, YoBit is one of a small set of exchanges that don’t require you to enter personal information to trade. 

YoBit has a very user-friendly interface; virtually anyone can set up an account and start trading in under five minutes all while keeping their anonymity. 

Anonymity, it seems, is a core tenet of the YoBit organization, as there are no formal owners or operators listed. This anonymity, however, seems more of an ideological preference of the exchange’s founders, rather than a more dubious alternative. It seems the exchange is based in Russia. With an average trade volume hovering around $60m, 800 coins available for trading, and 3353 trading pairs, YoBit is considered a moderately active platform. 

YoBit offers a very wide variety of altcoins, and it allows altcoin creators to list their coins seemingly with very little obstacles or verification. 

But how does the rest of YoBit stack up? Let’s find out. In this YoBit exchange review, we dig into everything you want to know, including:

  • Key Information
  • How It Works
  • Trading Fees
  • Available Cryptocurrencies
  • Transfer Limits
  • Company Trust
  • Fund Security
  • Customer Support
  • Final Thoughts

How YoBit Works

YoBit seems to be better suited to an intermediate to advanced cryptocurrency trader. While beginner investors and traders could still use YoBit, they may be intimidated by the number of options on the trading screen.

If you’re well-versed in cryptocurrency trading, though, you’ll likely enjoy YoBit’s interface. The platform places all trading functionality on a single screen, so you don’t have to switch between tabs or open multiple windows to research and perform trades.

YoBit Exchange Interface

YoBit Exchange Interface

YoBit contains all of the functionality you would expect from an advanced trading platform. For analysis purposes, you have candlestick charts over multiple timeframes as well as an order book depth chart. 

Additionally, you can view the current orders, daily volume, 24-hour highs and lows, and the trade history for each available market. 

Placing buy and sell orders on YoBit is straightforward. 

YoBit Exchange Interface

Launching a trade on YoBit

From your dashboard, simply input the amount of the cryptocurrency you’d like to buy/sell (or the total amount you’d like to receive for it) and the price. From there, YoBit automatically updates the other relevant fields.

YoBit Exchange Interface

Trading on YoBit

InvestBox and YoPony

A feature unique to YoBit is InvestBox. InvestBox is advertised by YoBit as a tool for developers to promote their coins as well as a means of passive income for investors. According to the YoBit team, you can earn anywhere between a 0.1% and 7.0% daily return on your investment through InvestBox. 

It’s not entirely clear how InvestBox works. We advise our users to be wary of any feature or service offering a guaranteed percentage payout with advertised zero risks. 

A representative from YoBit claims InvestBox is essentially a tool that provides visibility to low cap coins for short-term investments. 

YoPony, another unique feature of YoBit, is a “cryptocurrency racing game” where users guess which horse will win the race. Each horse represents a coin, and the winning coin receives a 5BTC pump. 

YoPony, along with dice games, are essentially based on a randomized probability. The legality of the feature is between YoBit and their local jurisdiction, but we advise our users to be wary in participating. 

The representative from YoBit claims that YoPony is a means to keep users incentivized and engaged to use the platform. An example: 

YoBit Trading Fees

YoBit’s trading fees are straightforward – just 0.2 percent per trade. It doesn’t matter whether you’re the trade maker or taker. Your monthly trading volume has no effect on the fee either.

Available Cryptocurrencies on YoBit

YoBit has quite a few cryptocurrency markets at your disposal. Most of the supported cryptocurrency are available as trading pairs with BTC, ETH, DOGE, USD, RUR, or USDT. In these markets, you can trade:

  • Bitcoin
  • Doge
  • Dash
  • Ethereum
  • ZCash
  • Waves
  • Litecoin
  • Ethereum Classic
  • EOS
  • Tron
  • And many more.

Listing a coin on YoBit is a relatively straightforward process, so the platform also contains numerous low-cap cryptocurrencies that you wouldn’t be able to find on other exchanges. 

YoBit Transfer Limits

There do not appear to be any transfer limits on the YoBit exchange. You should note, though, that certain deposit and withdrawal methods come with varying levels of fees.

Deposit fees range between 0.00% and 1.00% while withdrawal fees can reach up to 7.00%.

Company Trust: Is YoBit Legitimate?

YoBit’s origins are somewhat shrouded in mystery. The exchange was started in Russia in 2014 and is currently registered in Panama as YoBiCrypto Corp. However, not much else is known about the founding team. 

While the company’s duration since 2014 lends some credibility, a Google search yields a wide array of positive and negative reviews– which is natural for most any product or service. 

YoBit, however, seems to be hit particularly hard by negative reviews, many of which appear to be fraudulent bot comments. For example, one of the negative reviewers on TrustPilot has left the same exact negative review for 13 different cryptocurrency exchanges and services. 

A representative comments, “The Russian cryptocurrency exchange market is very bloody. Competitors create fake accounts to blanket their competition with negative reviews, they create scam accounts to trick users of other exchanges, and so on.”

The representative implores users to not follow headlines such as “yobit scam” and “Yobit steals money” as they are most likely posted by competitors using bots. 

Rumors have circulated alleging that Pavel Krymov, a previously arrested financial fraudster, is the man behind YoBit. However, it has emerged that the rumors are unfounded. The team has stated that, “Rumors about the relationship between the Yobit exchange and Krymov are spread by our competitors for money, so do not be fooled by this misinformation.”

In an interview with a Russian media site, Mr. Krymov’s lawyer claimed: “Krymov has nothing to do with Yobit, these are baseless statements.”

One can still find remnants of the Krymov scandal, such as an account named Pavel Krymov is listed as the Founder and CEO on a page that claims to be the official YoBit page, which is also fraudulent. 

This is a good point to remind our readers to not fall for scams online, whether that be fraudulent social media accounts or pages asking for your cryptocurrency. 

Members of the cryptocurrency community seem to have mixed opinions. On TrustPilot, the exchange has a 4 out 5 star rating. However, those ratings are primarily split between 5-star reviews (62%) and 1-star reviews (24%). However, as we’ve seen with numerous fake TrustPilot reviews, it’s difficult to pinpoint a genuine sentiment. 

Fund Security: Are Your Funds Safe on YoBit?

Regarding the security of your funds, YoBit offers little information. It’s unclear what percentage of funds the company holds in hot vs. cold storage. And the team keeps security mechanism information for internal eyes only.

YoBit hasn’t experienced a significant hack from which it couldn’t recover from. The exchange did experience a 51% attack in January 2019, but the exchange tweeted out that the funds would be covered by its insurance fund.

However, numerous users have reported difficulty accessing their cryptocurrency and withdrawing their funds from the exchange. However, virtually every exchange, even top-tier platforms such as Binance and Coinbase, has had difficulties with withdrawals. 

YoBit offers two-factor authentication (2FA) to bring an additional layer of security to your individual account.

We implore our readers: if you do decide to use an exchange, only deposit what you can afford to lose.

YoBit Customer Support

YoBit’s customer support team typically responds to inquiries within the hour but may take up to 24 hours to answer your question.

For further help, the YoBit platform also includes a 24/7 chatbox from which you can talk with other YoBit users and members of the YoBit team.

YoBit runs two Telegram communities (one in English, one in Russian) which contains over 60,000 members each. 

A representative from YoBit advises users to use Telegram support, claiming admins are usually online 24/7 and capable of solving all problems. The ticket option should serve as an additional option for those who don’t use Telegram. 

Insurance fund: In the Support page, there is an option to request compensation from an insurance fund.

YoBit's Insurance fund

YoBit’s insurance fund interface

Not many details are known about the insurance fund. But from our research, the Exchange did deal with the repercussions of a 51% attack on the Ethereum Classic network. 

Some users lost funds, but YoBit’s insurance covered the losses. 

Final Thoughts: International Anonymity, Developing Public Presence

If you’re looking to trade cryptocurrency without supplying any KYC information, YoBit may be the exchange for you. It transacts around $60 million in daily volume and supports a wide variety of trading pairs.

YoBit is a relatively simple and intuitive platform, but it does take some getting used to trading if you are not already handy with trading fundamentals. 

The exchange also seems to be very popular in international circles (language options include in English, Russian, and Chinese and is available all over the world. It also has a live chat within the trading interface, with languages available in English, German, Arabic, Chinese and Russian. It currently has the most trading pairs of any exchange, and accepts both USD and Russian Ruble.

However, the platform’s anonymity seems to be working against it on the public relations front, which seems to be a challenge for any organization without a central publicly available party. However, since it has been around since 2014 and does boast several authentic positive reviews, we’re inclined to give them the benefit of the doubt. 

YoBit advocates can point to its presence and reputation on forums like BitcoinTalk and all user-reviews online should be taken with a grain of salt: whether positive or fake. A positive perspective will applaud YoBit’s support for anonymity, which is a core tenet of the self-sovereignty ethos of many cryptocurrency traders. 

A few other risks worth mentioning is that the company hasn’t outlined any of their security practices, but it has seemed responsible and active in protecting its users from hacks (as evidenced with the prior ETC 51% attack). 

YoBit also lists altcoins for minor listing payments. While the platform itself may be legitimate, many of the unchecked altcoins can be exceptionally risky. 

YoBit has been operating for over five years, which does grant it some legitimate tenure in a relatively nascent industry. 

Regardless, as with all exchanges, we advise users to tread very carefully: only trade what you can afford to lose and don’t risk large sums of cryptocurrency on the platform– words of warning particularly pertinent for smaller exchanges with large numbers of altcoins like YoBit. 


Disclaimer: The content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner. The creation of the above article is a sponsored post that meets our editorial guidelines for objective review. 

This article is Originally posted on CoinCentral.com
Author: Alex Moskov

STR Capital Review –– For Those Who Want to Trade With No Worries

Trading in the financial market could be likened to surfing in the wild sea. Do it right, it would be a fun ride, but do it wrong, it could be disastrous! No matter how professional a surfer could be, there are some essential tools and skills required for successful and safe surfing. These skills and tools are necessary for both amateur and professional surfers.

A vital tool in surfing is the surfboard. It is so essential that if there is no surfboard, then there is no surfing. Similarly, a vital tool for online traders is a broker. Just like a surfboard needs to be in good condition and reliable to achieve a smooth ride, a broker needs to be reliable to avoid disaster.

This disaster can include loss of hard-earned money. Traders often find it challenging to see a reliable broker, but some online brokers have put in extra effort to make trading smooth for their customers.

One of these noteworthy brokers is STR Capital. This review is going to highlight the distinctive features of this broker and then you can decide if you want to trade on the platform. First,  let us see what the broker is all about.

STR Capital

STR Capital is an online trading platform; it is a strong advocate of transparency, and so clients can rest assured that their funds are in the safest hands. The broker was created with the goal of creating a comfortable atmosphere for traders trading on their platform.

 And because they rely on their customers’ success as a fundamental measure of their success, they strive to provide features like an expanding asset selection, 5-star support, and personal assistance.

What CFDs Can I Trade On This Broker?

On STR Capital, the following CFDs can be traded:

  • Commodity CFDs: Commodity trading is an age-long practice. It was so important that success in this form of trade was used to measure the strength of an empire. Commodities that were traded in the past ranged from seashells to spices.

But today commodities like precious metals (gold, silver, platinum, and copper ), energy (crude oil, gasoline, heating oil, and natural gas), Livestock and meat (feeder cattle, pork bellies, live cattle, and lean hogs), agricultural (cotton, coffee, soybeans, corn, wheat, sugar, cocoa, and rice) are traded.

  • Currency CFDs

Being one of the most liquid markets in the world, currency trading appears to be the most popular financial market with trillions of dollars exchanged daily. On STR Capital, you can invest in CFDs for the most traded currency pairs.

  • Stocks or equities: This refers to shares owned by a publicly-traded company. These shares can be sold on stock exchanges like NYSE or NASDAQ and benefits are received in the form of a rise in share price or in the form of dividends. The asset class of equities includes small-cap stocks, mid-cap stocks, and large-cap stocks.
  • Index CFDs: Index refers to the collection of stocks from companies in different economies and used to determine the market situation. It can also be used for welfare or poverty analysis.

What Type of Accounts Are Offered On STR Capital?

Similar to most brokers, STR Capital offers a variety of trading accounts to suit each trader’s needs in terms of potential benefits and risks. These accounts depend on an individual trader’s trading experience. The trading account includes:

  • The Basic Account: This can also be termed as a beginner’s account since it is meant for traders who are new into trading. On this account, you can trade with a minimum of 500 Euros and a maximum of 9,999 Euros, and the account can be managed for just two weeks. It has a  loyalty bonus and insurance level of up to 10%.  

On this account, traders are notified with alerts, they get a signal once every day and the market is reviewed every day. There are also a couple of features present in other accounts that the basic account doesn’t have. For instance, the basic account does not have an advanced chart and doesn’t receive exclusive updates.  

The basic account also doesn’t have a savings account, proper money management, and no group of analysts like other higher accounts.

  • The Silver Account: This account allows funds from 10,000 Euros to 99,999 Euros. Unlike the basic account, the silver account has an advanced chart; receives trading alerts, has a loyalty bonus, and insurance level of up to 20%.

Traders with the silver account receive a signal every day and the market is reviewed every day. Just like the basic account, the silver account does not receive exclusive updates, does not have a group of analysts and money cannot be managed on the account.

  • The Gold Account: This is a higher account that allows funds of 100,000 Euros to 249,000 Euros. Traders on this account are offered a loyalty bonus and insurance level of up to 30%. This account can be managed for as long as the trader wants, there is no specific time to close the account. 

You will receive trading alerts and discounts on this account twice each day. This account also has a group of analysts, advanced charts, savings account, receives the daily market review, and exclusive update.

  • The Platinum Account: The platinum account accepts funds of a minimum of 250,000 Euros to a maximum of 499,999 Euros. This account has more to offer in comparison with the basic, silver, and gold account. For instance, traders on this account gain up to 60% of loyalty bonuses and insurance levels.

The account doesn’t have a limited time of ownership, the durability of the account depends on the owner. There are a number of things that this account also offers, like, advanced charts, exclusive updates, daily market review, trading alerts, savings account, money management, and a group of analysts. This account also receives a signal of up to 3 times daily.

  • The Diamond Account: This account allows not less than  500,000 Euros and not more than 1,000,000 Euros. Advanced charts, trading alerts, and exclusive updates are provided. Traders using this account receive loyalty bonuses and insurance levels of up to 80%.

The durability of the account is unlimited (i.e no specific time to close the account) the same as the number of signals received. The account feature also includes a savings account, daily market review, money management, and a group of analysts.

  • The Millionaire Club: This is the biggest account of this broker. This account is meant for experienced traders since a very huge amount of money is involved to trade with this account. The least amount allowed on this account is 1,000,000 Euros.

The millionaire club has better features than other accounts; for example,100%  loyalty bonus and insurance level are offered.  Advanced charts, exclusive updates, trading alerts, and savings accounts are also provided. 

Like the platinum account and the diamond account, the millionaire account does not have an expiry date. There is no limit to the signals sent on this account. The account also receives a daily market review and a group of analysts.  

Account Opening Requirements

A number of information and documents are required before one can open a trading account on STR Capital.

  • Bank Statement: This is to ensure that the account information, name and address a client provided is in sync with the account information with the bank, especially for cases of wire transfer.
  • Clear pictures or scanned copies of the client’s credit or debit card: it is a familiar knowledge that criminals can steal a person’s credit card information ( like the card number, its expiry date, and even its CVV number). They can use such information to sign in to online services.

To avoid this kind of problem, clients are required to upload a clear picture or scanned copies of their credit or debit cards with all the information visible. This process is done to ensure that the person providing the information is the original owner of the card.

  • Clear pictures or scanned copies of the client’s utility bill: It is normal for friends, relatives, or our social media friend to have our address. Someone else can use that address to sign up online.

Clients are required to provide a picture of their utility bill. This process is done to verify that the physical address provided is correct.

  • Any ID Information: Clients are required to submit the information contained in either their driver’s license, passport, or any locally acceptable form of identification when filling the web forms to sign up to STR Capital. Pictures of any of the documents should be included too. 

These precautions are taken to avoid any fraudulent activity taking place while ensuring that the client is protected.

KYC Policy And AML Policy

KYC Policy stands for Know Your Customer policy while AML Policy stands for Anti-Money Laundering policy. These two policies are put in place to allow the company or any of its affiliates not to permit any activity that facilitates the use of money for criminal or illegal purposes in their knowledge.  Under STR Capital any funding that assists terrorist organizations, terrorist activities or criminal actions, etc is considered illegal.

Money laundering is when a person, company, or entity’s source of money is illegal but still tries to present it as lawful money to avoid legal actions. The stages involved in money laundering are; the production stage, the placement stage, the layering stage, and the integration stage.

STR Capital puts their customer’s safety as a priority and so obligates every STR Capital employees, partners and affiliates to adhere to the Anti-Money Laundering and Know Your Customer policies, This measure is taken to ensure that customers trade in a safe environment. 

In addition, STR Capital has provided educational training programs to train its employees, partners, and affiliates on Anti-Money Laundering and Know Your Customers policies. These policies are provided under FATF’s Money Laundering Recommendations, Basel Committee of Banking Supervision’s account opening guidelines from the year 2003, and Customer Due Diligence for Banks.

Privacy Policy

To ensure a trading system free of money laundering and identity fraud, clients are obligated to comply with the privacy policy laid out by STR Capital while providing information on the website.

They can do so by providing all requested information at the time of signup, ensuring that all information provided is error-free, and providing up to date information. If there are changes in information like address or banking information, STR Capital must be notified immediately through a phone call.

Sometimes STR Capital might use a client’s information for advertisement on the website.  Clients have the right to opt-out of the advertisement placement at the signing-up stage or notify the company, the later part would take ten business days to make the needed changes. 

Deposit Procedure:

To make a deposit on STR Capital client must follow these steps:

  • Locate the “Deposit” option on the account dashboard.
  • Sign in to the account.
  • Choose the “deposit” option from the banking section.
  • Choose the method of deposit ( This could either be bank wire transfers, credit cards, or debit cards).
  • Fill in the details for the particular method of deposit(Ensure that the information provided is correct).

The speed of a successful deposit operation depends on the method of deposit. The Credit card or debit card method can be done within seconds or minutes making it the fastest method. The bank wire transfer method can take up to 45 working days but it is the safest method. 

Withdrawal Policy

Before a client can withdraw funds, he or she must have traded with the deposited funds for at least 7 working days and made profits equal to the deposited funds. Failure to have done so will attract a withdrawal fine of $250.

After that, the client would choose the right method of withdrawal ( this method must be the same as the method of deposit) and provide the required information.

Frequently Asked Questions About STR Capital

  • Will I be charged extra money for either deposit or withdrawal?

You will be charged a withdrawal fee of $250 if you haven’t traded with the account for at least 7 working days or haven’t made profits equal to the deposited funds.

  • How can I contact STR Capital?

If you have any questions about your account or the platform or you encountered an unexplained error? Contact the Customer Service department via phone on +44 2039661919 or email at support@str-capital.com.

Conclusion

In summary, STR Capital is a reliable broker that will help you surf the turbulent sea of the financial market safely. It offers different CFDs like commodities, stocks & equities, currencies, and indices.

On this broker, you can open either a basic account, a silver account, a gold account, a platinum account, a diamond account, or a millionaire account. A trader can open any of the accounts depending on his level of experience and amount of funds to be deposited.

The AML and KYC policy of this platform ensures that customers trade in an environment free of money laundering and identity crime. Traders trading on this platform can rest assured that their funds are in reliable hands.

Price Analysis 7/3: BTC, ETH, XRP, BCH, BSV, LTC, ADA, BNB, EOS. CRO – BTC Ethereum Crypto Currency Blog

Bitcoin and many altcoins are struggling to rise above the 20-day EMA, suggesting bears have the advantage in the short-term.

Tesla’s market capitalization has surged from about $76 billion at the start of 2020 to $224.18 billion at market close on July 2. This unending rally has also made it the largest car company in terms of market capitalization, even though it produces only a fraction of cars compared to the second-ranked Toyota motors. One of the reasons for the sharp rise in Tesla’s stock is investors’ expectation that the company will disrupt the cars running on fossil fuel. 

Similarly, Bitcoin (BTC) and altcoins are likely to disrupt fiat currencies and gold over the next few years. However, the current price of the top-ranked asset on CoinMarketCap does not capture this change. This shows that the crypto space is still in its early days of development and as the space matures cryptocurrency prices are likely to rise higher.

 Daily cryptocurrency market performance. Source: Coin360

Bitcoin’s fundamentals continue to improve and it is only a matter of time before the price plays catch up. However, until this happens, investors should be patient and use the dips to accumulate for the long-term. Instead of the vertical move seen in 2017, a gradual up move should be preferred as it is likely to last longer. 

BTC/USD

The bulls could not propel Bitcoin (BTC) above the 20-day exponential moving average ($9,270), which shows that the bears are aggressively defending this resistance. However, a minor positive is that the buyers again stepped in and purchased the dip below $9,000 on July 2, suggesting accumulation at lower levels.

BTC/USD daily chart. Source: Tradingview

The 20-day EMA is gradually sloping down and the relative strength index is sustaining below the 50 level, which suggests that bears have a minor advantage. A break below $8,825 will open the doors for a fall to the next minor support at $8,638.79 and below it to the critical level at $8,130.58.

Conversely, if the bulls can push the BTC/USD pair above the 50-day simple moving average ($9,410), a rally to $10,000 is possible. It will be an uphill task for the bulls to clear the stiff resistance zone of $10,000–$10,500 but if the momentum can carry the price above this zone, a new sustained uptrend is likely.

ETH/USD

Ether (ETH) again turned down from the 20-day EMA ($230) on July 2, which suggests that the bears are selling on minor rallies to critical overhead resistance levels. However, the bears are not able to maintain the selling pressure at lower levels.

ETH/USD daily chart. Source: Tradingview

Currently, the bulls are attempting to keep the second-ranked cryptocurrency on CoinMarketCap above the 50-day SMA ($227). If they succeed, the possibility of a break above the 20-day EMA increases. 

There is a minor resistance at $233 but if the bulls can propel the price above it, the up move can reach $253.56. A breakout of this resistance is likely to resume the uptrend.

This bullish view will be invalidated if the ETH/USD pair breaks below the $216.006 support. If that happens, a drop to $200 and then to $176.112 is possible.

XRP/USD

XRP continues to trade inside the descending channel with both moving averages sloping down and the RSI in the negative territory. This suggests that the bears have the upper hand. 

XRP/USD daily chart. Source: Tradingview

However, the price action has been stuck inside a tight range for the past few days, which suggests that the bulls and the bears are undecided about the next trending move.

If the bulls can propel the fourth-ranked cryptocurrency on CoinMarketCap above the descending channel, it will be the first sign that the downtrend might be over. The bears might defend the 50-day SMA ($0.193) aggressively but if the bulls can push the price above it, a trend change is likely.

Conversely, if the bears can sink the price below the $0.172205–$0.169012 support zone, the decline can extend to the support line of the channel. A break below the channel is likely to intensify selling resulting in a long liquidation. The next support on the downside is the $0.14–$0.13 zone.

BCH/USD

The bulls seem to be in no hurry to buy Bitcoin Cash (BCH) even at the current levels because they are not confident that the altcoin will start its journey northward. However, they have not allowed the price to dip below $217.55 either, which suggests accumulation at lower levels.

BCH/USD daily chart. Source: Tradingview

If the bulls can push the fifth-ranked cryptocurrency on CoinMarketCap above the moving averages, it will signal strength and could result in a rally to $260. 

Nevertheless, if the BCH/USD pair again turns down from the 20-day EMA ($230), it will indicate that the bears are aggressively selling on minor rallies. A break below $217.55 can drag the price to $200 and if this support also cracks, a new downtrend is likely.

The first support on the downside is $180 and if that gets broken, the decline can extend to $165.

BSV/USD

Although the bulls purchased the dip to $149.57 on July 1, they have not been able to push the price above $162.53, which suggests a lack of demand at higher levels. The bears will now try to sink Bitcoin SV (BSV) below the $146.20–$135 zone.

BSV/USD daily chart. Source: Tradingview

If successful, the sixth-ranked cryptocurrency on CoinMarketCap can decline to $120 and then to $100. The downsloping moving averages and the RSI close to the oversold territory indicates that the path of least resistance is to the downside.

Contrary to this assumption, if the BSV/USD pair rebounds sharply from $146.20 and climbs above $170, it will signal that the bulls have overpowered the bears. That will increase the likelihood of the pair gradually rising to $200 and then to $227. 

LTC/USD

The bulls have not been able to push Litecoin (LTC) even to the 20-day EMA ($42.64) in the past five days, which suggests a lack of urgency to buy even at these levels as the bulls are not confident that a bottom is in place yet.

LTC/USD daily chart. Source: Tradingview

The bears are now likely to attempt a breakdown below the critical support at $39. If that happens, a new downtrend is likely to begin, which has a target objective of $31. 

However, it is unlikely to be a waterfall decline as the bulls will try to stall the decline at $35 and then again at $32.50.

If the seventh-ranked cryptocurrency on CoinMarketCap rises from the current levels and breaks above the moving averages, it will signal strength and increase the possibility of a rally to $51.

ADA/USD

After a strong breakout from the symmetrical triangle on July 1, Cardano (ADA) completed a quick retest of the breakout level on July 2. This showed that the sentiment remains positive with the bulls looking to buy the dips.

ADA/USD daily chart. Source: Tradingview

The eighth-ranked cryptocurrency on CoinMarketCap has broken above $0.0970103 and touched the first target objective of $0.10. 

Above this level, the rally can extend to $0.10686. However, the zone between $0.10–$0.10686 is likely to act as a stiff resistance and a few days of consolidation or a minor correction cannot be ruled out.

This bullish view will be invalidated if the ADA/USD pair turns down sharply from the current levels and slips below the 20-day EMA ($0.0845).

BNB/USD

Binance Coin (BNB) turned down from the 20-day EMA ($15.89) on July 2, which suggests that the bears are aggressively defending this resistance. The 20-day EMA continues to slope down and the RSI is close to 40 levels, which shows that bears have the upper hand.

BNB/USD daily chart. Source: Tradingview

The bears will now try to sink the ninth-ranked crypto-asset on CoinMarketCap below $14.80 and if they succeed, a drop to $13.65 is possible. This is a critical level and if this also cracks, a new downtrend could start.

Conversely, if the BNB/USD pair bounces off $13.65, it could signal an extension of the range-bound action for a few more days.

Instead, if the pair rises from the current levels and climbs above the 50-day SMA ($16.50), a move to $18.1377 is likely. A break above this resistance could start a new uptrend.

EOS/USD

There is a tough tussle in progress between the bulls and the bears at the critical support at $2.3314. The bears want to break below this support and resume the downtrend while the bulls are attempting to defend the support and keep EOS inside the $2.3323–$2.8319 range.

EOS/USD daily chart. Source: Tradingview

The bulls will have to push the 10th-ranked cryptocurrency on CoinMarketCap above both moving averages to signal strength. Above this level, a rally to $2.8319 is possible.

Conversely, if the EOS/USD pair does not climb above the moving averages, the bears are likely to sink the price below $2.3314, resulting in a retest of the June 27 low of $2.1926. If this support also cracks, a deeper correction to $1.80 is possible.

The 20-day EMA ($2.47) is sloping down and the RSI is in the negative zone, suggesting that bears have the upper hand

CRO/USD

Crypto.com Coin (CRO) is going through a minor correction but the overall trend remains bullish. Both moving averages are sloping up and the RSI remains in the positive territory, suggesting that bulls have the upper hand.

CRO/USD daily chart. Source: Tradingview

The failure of the bears to even drag the price to the 20-day EMA ($0.117) suggests that the bulls are not in a hurry to book profits as they expect the uptrend to resume. If the 11th-ranked cryptocurrency on CoinMarketCap rallies above $0.133539, a move to $0.15306 is possible.

However, the bearish divergence on the RSI is still intact, which will come into play after the bears sink the CRO/USD pair below the 20-day EMA. If that happens, a drop to $0.11 and then to $0.101266 is likely.

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

Price Analysis 7/1: BTC, ETH, XRP, BCH, BSV, LTC, BNB, ADA, CRO, EOS – BTC Ethereum Crypto Currency Blog

Bitcoin and a few altcoins have bounced off their recent lows, suggesting that the sentiment remains to buy the dips.

Bitcoin (BTC), gold, crude oil, and the US equity markets all rose sharply throughout the second quarter of this year. This shows that investors’ appetites remain strong as they are confident that central banks will continue to keep the money supply flowing. 

While monetary easing can be a short-term solution, if it is not rolled back at the right time it can destroy the economy in the long-term, as seen in Zimbabwe.

Although the top-ranked asset on CoinMarketCap has been stuck in a range for the past few days, the participation from both institutional investors and retail investors has been increasing. This shows that informed investors have been buying Bitcoin for the long-term.

Daily cryptocurrency market performance. Source: Coin360

The third quarter has historically been the weakest quarter for the US stock markets, according to CFRA Research chief strategist Sam Stovall. If history were to repeat itself and the correlation between Bitcoin and the S&P 500 remains high, Bitcoin’s price action might remain subdued for a few more weeks.

BTC/USD

The bears were unable to take advantage of the breakdown from the trendline of the ascending triangle on June 27 as there was no follow up selling in Bitcoin (BTC) below $8,825. This indicates that selling dries up at lower levels.

BTC/USD daily chart. Source: Tradingview

Currently, the bulls are attempting to push the price back above the trendline. Even if they are successful, they will face stiff resistance at the 20-day exponential moving average ($9,314) and also at the 50-day simple moving average ($9,428).

A breakout of the 50-day SMA will signal strength and is likely to attract further buying, resulting in a move to $10,000.

This view will be invalidated if the BTC/USD pair turns down from the overhead resistance. In such a case, the bears will try to sink the price below $8,825 and if they succeed, a drop to $8,638.79 and $8,130.58 is possible.

ETH/USD

The rebound off $216.06 has reached the 20-day EMA ($230), which is likely to act as a stiff resistance, but if the bulls can push Ether (ETH) above this resistance a rally to $253.556 is possible.

ETH/USD daily chart. Source: Tradingview

Conversely, if the second-ranked cryptocurrency on CoinMarketCap turns down from the 20-day EMA, a retest of $216.006 is possible. A break below this support can result in a deeper correction to $200 and below that $176.112.

The 20-day EMA is flattening out and the relative strength index has risen to the midpoint, which suggests a balance between supply and demand. This could keep the ETH/USD pair range-bound for a few more days until the bulls drive the price above $253.56 and resume the uptrend.

XRP/USD

The relief rally in XRP could not scale above the $0.18 level, which shows a lack of buying support at higher levels. If the bears sink the price below $0.173278, a retest of the recent lows at $0.169012 is likely.

XRP/USD daily chart. Source: Tradingview

Both moving averages are sloping down and the RSI has been trading near the oversold zone, which suggests that bears are at an advantage.

A break below $0.169012 is likely to attract further selling that can drag the price to the support line of the descending channel. A break below the channel could intensify selling resulting in a drop to $0.14.

This bearish view will be invalidated if the bulls can push the fourth-ranked cryptocurrency on CoinMarketCap above the descending channel.

BCH/USD

After rising above $217.55, the buying in Bitcoin Cash (BCH) has dried up, which has resulted in a tight range trading for the past two days. A bounce off the current levels is likely to face stiff resistance at the moving averages.

BCH/USD daily chart. Source: Tradingview

The 20-day EMA ($232) is sloping down and the RSI is in the negative territory, suggesting that bears have the upper hand.

If the fifth-ranked cryptocurrency on CoinMarketCap slips below $217.55 a drop to the critical support at $200 is possible.

For this bearish sentiment to change the bulls will have to drive the BCH/USD pair above the 50-day SMA ($239).

BSV/USD

The relief rally in Bitcoin SV (BSV) fizzled out at $162.53 on June 28, which suggests that the bulls are hesitant to buy at higher levels. However, the bounce off the lows today indicates that lower levels are attracting some buying by the bulls.

BSV/USD daily chart. Source: Tradingview

Both moving averages are sloping down and the RSI is close to the oversold zone, which suggests that the path of least resistance is to the downside.

If the bears can sink the sixth-ranked cryptocurrency on CoinMarketCap below the $146.20–$135 support zone, the downtrend is likely to resume. The next target objective on the downside is $110.

Conversely, the first sign of strength would be a breakout and close (UTC time) above the breakdown level of $170.

LTC/USD

For the past three days, Litecoin (LTC) has been trading in a tight range of $40.5–$42, which shows that the bulls are struggling to carry the price higher. The 20-day EMA ($43) is sloping down and the RSI is in the negative zone, suggesting that the bears have the upper hand.

LTC/USD daily chart. Source: Tradingview

If the bears again sink the seventh-ranked cryptocurrency on CoinMarketCap below $41, a retest of $39 will be on the cards. A break below this critical support could signal the start of a new downtrend, with a short-term target objective of $35 and below it $32.50.

However, if buying picks up and the bulls are able to push the price above both moving averages, a rally to the resistance of the $39–$51 range is possible. The next trending move is likely to start after the LTC/USD pair breaks out of the range.

BNB/USD

The bulls are trying to propel Binance Coin (BNB) back above the overhead resistance at $15.72. Above this level, the recovery is likely to hit a wall at the 20-day EMA ($16).

BNB/USD daily chart. Source: Tradingview

If the eighth-ranked crypto-asset on CoinMarketCap turns down from the current levels or the 20-day EMA, the bears will attempt to sink the price below the immediate support at $14.80. Below this level, a drop to $13.65 is possible.

However, if the buyers can push the price above the 20-day EMA, a move to the 50-day SMA ($16.54) and then to $18.1377 is possible. The next trending move is likely to start after the BNB/USD pair breaks out of the large $13.65–$18.1377 range.

ADA/USD

Cardano (ADA) has broken out of the symmetrical triangle and the overhead resistance at $0.0901373, which indicates a resumption of the up move.

ADA/USD daily chart. Source: Tradingview

The pattern target of the breakout of the triangle is $0.10686 but it is unlikely to be a straight dash to the target as the bears might attempt to stall the uptrend at $0.10.

However, as both moving averages are sloping up and the RSI is close to the overbought territory, the advantage remains with the bulls.

This view will be invalidated if the ninth-ranked cryptocurrency on CoinMarketCap turns down from the current levels and plunges below $0.0901373.

CRO/USD

Crypto.com Coin (CRO) hit a swing high of $0.133539 on June 30, which was just below the target objective of $0.135202 as suggested in the previous analysis. A series of higher highs, supported by the upsloping moving averages, confirms an uptrend.

CRO/USD daily chart. Source: Tradingview

However, the bearish divergence on the RSI is warning that the uptrend might be weakening and a minor correction or consolidation is likely.

Sometimes, in strong uptrends, such divergences are invalidated as the asset continues the uptrend but traders should remain cautious when a divergence develops because several times they forecast a correction.

If the bears sink the 10th-ranked cryptocurrency on CoinMarketCap below the 20-day EMA ($0.116), it will be the first warning that the uptrend is weakening. A break below $0.11 will signal the likelihood of a deeper correction.

This view will be invalidated if the CRO/USD pair breaks above $0.133539 and resumes its journey towards the target objective of $0.135202 and then $0.15306.

EOS/USD

Although the bulls purchased the sharp dip on June 27, they are struggling to carry EOS higher, which suggests that buying dries up at higher levels. The price has been consolidating close to the $2.3314 support for the past three days.

EOS/USD daily chart. Source: Tradingview

If the price does not move up, the bulls might lose interest and that could result in another fall towards $2.1926.

The downsloping 20-day EMA ($2.49) and the RSI below 40 level suggests that bears have the advantage in the short-term. If the bears can sink the 11th-ranked cryptocurrency on CoinMarketCap below $2.1926, the decline can extend to $1.80.

This bearish view will be invalidated if the EOS/USD pair bounces off the current levels and breaks above the moving averages.

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

Price Analysis 6/29: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, CRO, ADA – BTC Ethereum Crypto Currency Blog

Bitcoin’s price dropped below the ascending triangle trendline, suggesting further bearish price action for BTC and altcoins.

The total crypto market capitalization has been stuck roughly between $240 billion and $280 billion for about two months. This range-bound action suggests that cryptocurrencies are waiting for a trigger to propel the market cap higher. As the saying goes, the longer the consolidation, the stronger  the eventual breakout from it will be. 

Daily cryptocurrency market performance. Source: Coin360

Researchers responsible for the recently published Crypto Research Report have projected a long-term target of $397,727 for Bitcoin (BTC) by 2030. For 2020, the report forecasts a target of $19,044. 

The researchers believe that the top-ranked asset on CoinMarketCap has penetrated only a fraction of its total addressable market, and over the next few years as the penetration increases, Bitcoin’s price is likely to surge. The report also projected bullish targets for several altcoins based on the same metric.

BTC/USD

Bitcoin (BTC) broke below the trendline of the ascending triangle on June 27. This has invalidated the bullish setup, which is a bearish sign. The bears are currently defending the trendline that has flipped from being a support to a resistance. 

BTC/USD daily chart. Source: Tradingview

If the BTC/USD pair turns down from the trendline, the bears will try to sink the price below $8,825. If the bears succeed, there is a minor support at $8,638.79 and if this level breaks down, a decline to $8,130.58 is possible.

The moving averages have completed a bearish crossover for the first time since mid-April, and the relative strength index is in the negative zone, which suggests that bears are at an advantage.

This bearish view will be invalidated if the pair breaks above the moving averages. Such a move will suggest strong buying at lower levels.

ETH/USD

Ether (ETH) broke below the $225.783 support on June 27. In doing so, the biggest altcoin also broke and closed (UTC time) below the 50-day simple moving average ($224) for the first time since April 16.

ETH/USD daily chart. Source: Tradingview

The bulls are currently attempting to push the second-ranked cryptocurrency on CoinMarketCap back above $225.783. The 20-day exponential moving average ($230) is just above this resistance.

If the bulls can propel the price above the 20-day EMA, the pair might attempt to rally to $253.556.

Conversely, if the price turns down from either resistance, the bears will try to sink the ETH/USD pair below $216.006. If successful, a drop to $200 and then to $176.112 is possible.

XRP/USD

XRP is currently trading inside a descending channel, and both moving averages are sloping down, and the RSI is close to the oversold zone. This suggests that bears have the upper hand.

XRP/USD daily chart. Source: Tradingview

Although the bulls purchased the dip to the support line of the channel on June 27, they are struggling to carry the price to the resistance line of the channel, which is a bearish sign.

If the fourth-ranked cryptocurrency on CoinMarketCap turns down from the current levels or from the resistance line of the channel, the bears will try to resume the down move.

A break below the support line of the channel will intensify selling, and the first strong support on the downside is at $0.14. If this support breaks down, the decline can extend to $0.124412, which is the pattern target of the breakdown from the triangle.

Contrary to the assumption, if the bulls can push the price above the channel, then this could signal the start of a trend change.

BCH/USD

Bitcoin Cash (BCH) broke below the immediate support at $217.55 on June 27 and fell to a low of $204.93. The bulls purchased this dip and pushed the price back above $217.55 on June 28, which suggests demand at lower levels.

BCH/USD daily chart. Source: Tradingview

However, the bears are not allowing the bulls to have it easy. The downsloping 20-day EMA ($233) and the RSI below 40 level suggests that bears have the upper hand. They will again attempt to sink the fifth-ranked cryptocurrency on CoinMarketCap below $200. 

If successful, a new downtrend is likely. The first support on the downside is at $180, and if that cracks, the next level to watch out for is $140.

If the BCH/USD pair rebounds off $200 again, it will increase the possibility of a move to $240.

BSV/USD

Bitcoin SV (BSV) plummeted to $135 on June 27 and currently, both moving averages are sloping down as the RSI is close to oversold levels. This suggests that the trend favors the bears.

BSV/USD daily chart. Source: Tradingview

The bulls are currently attempting a pullback, which is likely to face stiff resistance at the breakdown level of $170. If the sixth-ranked cryptocurrency on CoinMarketCap turns down from this level, the bears will try to resume the downtrend and sink the price to $110.

Another possibility is that the BSV/USD pair turns down from $170 but stays above $135. In such a case, a few days of range-bound action is likely. The bearish view will be negated if the pair rises and sustains above $170.

LTC/USD

Litecoin (LTC) plunged below $41 and hit a low of $39.1843 on June 27. Currently, both moving averages are sloping down, and the RSI is close to the 40 level, which suggests that bears have the upper hand.

LTC/USD daily chart. Source: Tradingview

Although the seventh-ranked cryptocurrency on CoinMarketCap bounced sharply from $39.1843, the bulls are struggling to sustain the price above $41. This suggests a lack of buyers at higher levels.

If the LTC/USD pair does not break out of the 20-day EMA ($43.26) within the next few days, the bears are likely to make another attempt to break below the $39 support. If they succeed, the price could drop to $34.

This bearish view will be invalidated if the pair bounces off the current levels and rises above the moving averages. This will open up the possibility of a rally back to $51.

BNB/USD

Binance Coin (BNB) broke below the immediate support of $15.72 on June 27 and fell to a low of $14.80. The bulls purchased this dip, but they are struggling to push the price back above the breakdown level of $15.72.

BNB/USD daily chart. Source: Tradingview

This suggests a lack of buyers at higher levels. If the eighth-ranked crypto-asset on CoinMarketCap turns down from $15.72, the bears will try to extend the decline to $13.65.

The downsloping 20-day EMA ($16) and RSI below 40 level suggests that bears have the upper hand. This bearish view will be invalidated if the bulls push the price above the moving averages. 

EOS/USD

EOS broke below the critical support at $2.3314 on June 27, but the bulls purchased this dip and pushed the price back into the $2.3314–$2.8319 range. However, the rebound lacks strength, suggesting that demand dries up at higher levels.

EOS/USD daily chart. Source: Tradingview

The 20-day EMA continues to slope down, and the RSI is close to the oversold levels, which shows that bears have the upper hand.

If the bulls fail to push the price above the 20-day EMA ($2.51), the bears will make another attempt to sink the ninth-ranked cryptocurrency on CoinMarketCap below the $2.3314–$2.1926 support. If this zone cracks, a decline to $1.80 is likely.

This bearish view will be invalidated if the EOS/USD pair rebounds off the current levels and rises above the moving averages.

CRO/USD

Crypto.com Coin (CRO) bounced off the 20-day EMA ($0.114) on June 28, suggesting that the bulls continue to view dips as buying opportunities. The upsloping moving averages also show that the trend favors the bulls.

CRO/USD daily chart. Source: Tradingview

The 10th-ranked cryptocurrency on CoinMarketCap has risen above the immediate resistance of $0.118234 and is now likely to retest the highs at $0.126245. A breakout of the highs can result in a rally to $0.135202 and then to $0.15306.

The only negative development on the chart is the bearish divergence on the RSI. This suggests that the uptrend is weakening. If the bulls fail to sustain new highs, it could result in a pullback below $0.11. Therefore, traders should exercise caution. 

ADA/USD

Cardano (ADA) has formed a symmetrical triangle. The 20-day EMA ($0.0797) is gradually moving higher, and the RSI has bounced off the 50 level, which suggests that bulls are at a slight advantage.

ADA/USD daily chart. Source: Tradingview

The first sign of strength will be a breakout and close (UTC time) above the resistance line of the triangle. If the momentum can carry the 11th-ranked cryptocurrency on CoinMarketCap above $0.0901373, the uptrend is likely to resume. 

The next target on the upside is $0.10 and above it $0.10686, which is the pattern target of the breakout from the triangle.

Conversely, if the bears sink the ADA/USD pair below the support line of the symmetrical triangle, a drop to $0.069488 is possible. Below this level, the decline can extend to $0.0549, which is the pattern target of the breakdown from the triangle.

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

Price Analysis 6/26: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, CRO – BTC Ethereum Crypto Currency Blog

Bitcoin price continues to lose momentum, signaling the possible start of a deeper correction below $8,200.

Grayscale Investments has been taking in Bitcoin (BTC) at a frantic pace. In the last week alone, the fund gobbled up 19,879 Bitcoin, which is way over the 7,081 Bitcoin mined during the period, according to crypto researcher Kevin Rooke. This shows that demand far exceeds supply at the moment, which is a positive sign.

However, Tone Vays believes that if the S&P 500 breaks below 3,000, it could fall another 12%. Due to the strong correlation between the S&P 500 and Bitcoin a crash in the equity markets could drag the top-ranked asset on CoinMarketCap to the $7,000 levels. Vays expects Bitcoin to consolidate “between $6,000 and $10,000 for the majority of this year.”

Daily cryptocurrency market performance. Source: Coin360

Social Capital CEO and Virgin Galactic Chairman Chamath Palihapitiya has once again suggested that investors should put about 1% of their money in Bitcoin as an insurance against bad government financial decisions.

However, Palihapitiya does not want Bitcoin to skyrocket to the moon because he believes that such a move will happen only if the financial system collapses and that would wreck the lives of friends and family who are not hedged in Bitcoin.

BTC/USD

Currently, the bulls are attempting to defend the trendline of the ascending triangle. If Bitcoin (BTC) bounces off this level and rises above the moving averages it will signal that investors remain keen to buy each dip.

BTC/USD daily chart. Source: Tradingview

The critical level to watch on the upside is the $10,000–$10,500 zone because if the bulls can propel the price above this area a new sustained uptrend is likely.

Conversely, if the rebound off the trendline of the triangle turns down from the moving averages, it will increase the possibility of a break below the triangle. If that happens a deeper correction is likely.

The first support is at $8,638.70 but if this level cracks, the decline can extend to $8,130.58. This is a critical support, hence, the bulls are likely to defend this level aggressively.

ETH/USD

Ether (ETH) has dropped to the support at $225.783. The 50-day simple moving average ($223) is just below this level, hence, the bulls are likely to aggressively defend the $225.783–$218.331 zone.

ETH/USD daily chart. Source: Tradingview

A strong bounce off the support zone is likely to keep the second-ranked cryptocurrency on CoinMarketCap between $225.783 and $253.556 for a few more days. The flat 20-day exponential moving average ($233) and the relative strength index just below the midpoint also supports this view.

However, if the bears sink the price below the $225.783–$218.331 support zone, the ETH/USD pair is likely to start a deeper correction that can reach $200 and below that $176.112.

XRP/USD

XRP closed (UTC time) below the support line of the symmetrical triangle on June 24, which completed the pattern. The target objective of this breakdown is $0.124412.

XRP/USD daily chart. Source: Tradingview

Both moving averages are sloping down and the RSI is below the 40 level, which suggests that bears are in command. The next support on the downside is $0.16 and if that breaks, a drop to $0.14 is possible. Any pullback is likely to face stiff resistance at the 20-day EMA ($0.19).

This bearish view will be invalidated if the fourth-ranked cryptocurrency on CoinMarketCap rises and breaks above the downtrend line of the triangle. Such a move will suggest that the current breakdown was a bear trap.

BCH/USD

The bulls have not been able to sustain Bitcoin Cash (BCH) above the moving averages and the bears have failed to sink the price below the immediate support at $217.55.

BCH/USD daily chart. Source: Tradingview

The 20-day EMA ($238) has been sloping down gradually and the RSI has been trading between 40 and 50 levels. This suggests that bears are trying to make a comeback.

A break below $217.55 will be the first indication that bears have gained the upper hand. Below this level, a drop to $200 is possible.

Alternatively, if the fifth-ranked cryptocurrency on CoinMarketCap breaks above the moving averages, a move to $255.46 is likely. A break above this resistance will indicate the advantage is with the bulls.

BSV/USD

The bulls are struggling to keep Bitcoin SV (BSV) inside the large $170–$227 range. Both moving averages are sloping down and the RSI has slipped below 40, which suggests that bears have the upper hand.

BSV/USD daily chart. Source: Tradingview

If the sixth-ranked cryptocurrency on CoinMarketCap drops below the $170– $165.380 support zone, the decline can extend to $146.10. If the strong downward momentum breaks below this level, the next target is $110.

The possibility is low, but if the BNB/USD pair bounces off the current levels and breaks out of the moving averages it can move up to $209. Above this level, a rally to $227 is possible.

LTC/USD

Litecoin (LTC) has been gradually moving lower for the past few days. On the upside, the bears are defending the moving averages while the bulls are attempting to hold the altcoin above the immediate support at $41.

LTC/USD daily chart. Source: Tradingview

Today, the seventh-ranked cryptocurrency on CoinMarketCap bounced sharply from $41.3866, which is a positive sign. If the bulls can push the price above the moving averages, a rally to $47.50 and above it to $51 is possible.

Conversely, if the LTC/USD pair again turns down from the moving averages, the bears will attempt to sink the price below $41. If successful, a drop to $39 is likely.

BNB/USD

Binance Coin (BNB) is struggling to stay above the $15.72–$15.40 zone. This suggests that the bulls are not confident that the support will hold, hence, they are not buying in a hurry even at these levels.

BNB/USD daily chart. Source: Tradingview

The 20-day EMA ($16.36) is sloping down and the RSI has dipped below the 40 which suggests that bears have the upper hand. A drop below the support zone can result in a fall to $15 and then to $13.65.

Contrary to this assumption, if the eighth-ranked crypto-asset on CoinMarketCap rebounds off the current levels and rises above the moving averages, a move to $18.1377 is likely. However, the possibility of such a move looks bleak.

EOS/USD

EOS rebounded off $2.3889, which suggests that the bulls have still not given up on the altcoin. However, until the price remains below the moving averages it will continue to face selling from the bears.

EOS/USD daily chart. Source: Tradingview

If the price again turns down from the moving averages, the bears will make one more attempt to break below $2.3314. If they succeed a new downtrend is likely. The first support on the downside is $2.00 followed by $1.80.

The gradually downsloping moving averages and the RSI oscillating between 40 and 50 level suggests that bears have the upper hand.

This bearish view will be invalidated if the bulls can propel the ninth-ranked cryptocurrency on CoinMarketCap above the moving averages.

ADA/USD

Cardano (ADA) has held the 20-day EMA ($0.079) for the past two days but the bulls are struggling to sustain the rebound. This suggests that higher levels are attracting selling by the bears.

ADA/USD daily chart. Source: Tradingview

The 20-day EMA is still gradually sloping up and the RSI has been consolidating between 54 and 62 levels, which suggests that bulls have a minor advantage.

A breakout and close (UTC time) above $0.085 will signal strength. Above this resistance, a retest of $0.0901373 will be on the cards. If this level is scaled, the 10th-ranked cryptocurrency on CoinMarketCap can rally to $0.10.

Conversely, if the bears sink the ADA/USD pair below the 20-day EMA, a deeper correction is likely. The next support zone on the downside where buyers might step in is $0.0722722–$0.0694880.

CRO/USD

Crypto.com Coin (CRO) slipped below the $0.118234 support on June 25. However, the uptrend is intact as both moving averages are sloping up and the price remains in the positive territory.

CRO/USD daily chart. Source: Tradingview

The gradual fall from the recent highs suggests that only a few bulls have closed their positions, which is a positive sign.

If the 11th-ranked cryptocurrency on CoinMarketCap rebounds off the 20-day EMA ($0.112), the buyers will attempt to resume the uptrend. Momentum is likely to pick up above $0.126245 and the target levels to watch out for are $0.135202 and then $0.15306.

This bullish view will be negated if the CRO/USD pair breaks and sustains below the 20-day EMA. Such a move can drag the price to $0.101266.

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

Ethereum 2.0: Is the Interest Real or Hype About Nothing?

No sooner had the crypto world started to settle down after the third Bitcoin halving event, when another wave of hype started to build around Ethereum 2.0, which was initially projected to be released this July. Ethereum 2.0 is the next level of the Ethereum platform which will be achieved by introducing sharding, proof-of-stake and a new virtual machine. Despite some doubts regarding the prospective date, in a February AMA ETH 2.0 researcher Justin Drake expressed his 95% confidence that phase 0 of the project will be finally launched in summer 2020. As it stands now, no one knows if Ethereum will hit the target date, as, according to testnet coordinator Afri Schoedon, the full spec hasn’t been implemented in any client so far. 

Ethereum’s shift from its current proof-of-work (PoW) consensus to a proof-of-stake (PoS) algorithm has been the talk of the town over the past few weeks. It’s obvious that many average users and big investors enamored by the team’s strong commitment to better security, further decentralization, and lower reliance on miners are highly anticipating the rollout of ETH 2.0. But with all the buzz going around, it’s getting harder to sort out the wheat from the chaff and understand whether the positive public sentiment towards the future of Ethereum is fact-driven or hollow. So, let’s figure it out.

Ethereum regaining lost ground

In early 2018, when Ether holders saw it hit its record price of around $1400, the number of ETH addresses was slightly over 10 million. Today, according to data from Glassnode, there are currently 40 million active ETH addresses, with more than 15 million joining the party after Ethereum 2.0 was announced in late May 2019, which represents a good 60% growth. The overall usage of the world’s second most popular cryptocurrency has also experienced a significant increase since the beginning of 2020 and, as of mid-May, the amount of ETH daily transactions has almost doubled from 450,000 to roughly 900,000.


Source: Etherscan.io

The same upward trend can also be seen within the Ethereum network powered by the Gas token, which enables transfers of payments or smart contract information. The total consumption of Gas has recently surpassed 61 million units, hitting its all-time high and moving up by around 60% compared to what it registered in January. This is a great sign for Ethereum 2.0 developers, as the more people utilizing Gas to make the whole network operate, the more smooth the update from PoW to PoS will be.

With that said, the release of ETH 2.0 is expected to create a real demand for the in-house cryptocurrencies, Ether and Gas. While the latter will serve as a fuel for decentralized computers, the higher speed of ETH transactions and much lower fees will become more appealing for both producers and consumers, as well as for both retail and institutional investors.

The influx of larger players feeling bullish about Ether has been dramatic, since it was revealed that currently over $276.5 million are under the management of the Grayscale Ethereum Trust, whereas that figure was only $11.7 million at the same period in 2019.

Authentic hype or marketing?

But are big investors really prepping for Ethereum 2.0? Some media outlets have also tied the surge in ETH volumes to growing institutional interest. At first sight, it seems to be a logical conclusion, however, figures are stubborn things.

Ethereum 2.0 Charts

Source: Coin360

As you can see ETH daily volume hit its maximum of over $10 billion after the March crypto market breakdown on April 30. This was a remarkable performance considering its previous level of $2.92 billion in early January and the subsequent global financial turbulence. Nevertheless, if we take this value and divide it by the number of transactions that were registered on the eve of Labour Day – approximately 840,000 – we discover that the average volume of one transaction is only around $12,000. Moving further, this figure decreases to below $10,000, where it remains today. Doesn’t actually look like intense institutional involvement, does it?   

There is another explanation and it’s probably much more authentic. With Ethereum 2.0, users will have the chance to become staking agents and earn rewards over time by transferring 32 ETH to a contract. At the time of writing, 32 ETH is worth $7,776, which is almost equal to the current average Ether transaction. With that in mind, this rising demand seems indicative of average users and retail investors feeling curious about how this is going to work out and flocking to ETH markets available on the most liquid exchanges with proven security, such as HitBTC and Huobi, in order to come out winning after the much-awaited release.

The aforementioned boom in user activity inevitably led to an ETH price surge. It’s noteworthy that since Ether was worth $1400, its price has declined by 85%. At present, ETH is trading at around $243, having recovered from the repercussions of “Black Thursday” when the price fell to just $111. Nonetheless, it is still not even close to its all-time high.

But this explanation for the uptick in Ethereum activity has been largely ignored in favor of the institutional investor’s narrative.

Why? Whether it is being consciously manufactured or not, the narrative that has institutional investors flocking to DeFi, and specifically Ethereum, is more beneficial to the Ethereum ecosystem. Big names getting involved with Ethereum is more likely to lead to another bull run than average users making investments in a project they believe in. 

Artificially inflated excitement?

In the crypto space, there are few better at making waves that cross over into traditional finance than the Winklevoss twins, long-known in the community for their crypto investing experience and for holding the biggest Bitcoin fortune in the world.

In a recent interview for The Defiant, Tyler and Cameron admitted to making concerted efforts to accumulate a huge stake of Ether, which is now rumored to be “in the same galaxy” as their BTC holdings: “We’re big fans of Ether. We have a material amount.”

It comes as no surprise that the brothers have been investing in ETH, but until this May they never really spoke about the quantity of their investment. Notwithstanding the fact that the real figure remains undisclosed, Cameron has hinted at its size, saying that a few years ago they received a large amount of Ether in profit, meaning that they have been investing heavily for a while now. 

So it is more likely than not that the Winklevoss twins number among the ETH whales as well, and their public bullishness has played no small part in the public’s enthusiasm for Ethereum 2.0. But why did they decide to break their silence on the issue now? Coincidence or not, the interview was published on May 21, when the price of Ether dropped below $200 for the third time in two weeks, and, following its publication, the price did an about-face and began climbing again. The Winklevoss’ enthusiasm was disseminated by a number of leading crypto media outlets where retail traders, eager to make profits, found their next big market event. The effect on institutional investors was remarkable, too, and Ether derivatives are becoming more popular than ever before.

Killing two birds with one stone indeed. This is how it works and above all, nobody can blame Tyler and Cameron Winklevoss for their sincere belief in the Ethereum network’s significance for the development of decentralized finance.

“Sell the news” opportunity

The hype around the Ethereum 2.0 launch can also be seen as a consequence of the “buy the rumor, sell the news” maxim when traders act in anticipation of any big announcement that can potentially cause a shift in the market. “If we get the rally on Ethereum I am expecting,” tweeted popular crypto trader Ethereum Jack, who used to go by the “Bitcoin Jack” moniker, “then July seems like the perfect sell the news moment with the ETH 2.0 launch.” ETH whales, if they employ this trading strategy, will be able to take advantage of the situation, while the community is speculating on the release date and the media are adding fuel to the fire.

But in reality, the event itself is not as important as we imagine, because, at least initially, Ethereum 2.0 will mostly serve as a testnet for the updated PoS consensus system. So, it’s not completely clear whether institutions are investing in the future of the crypto-financial network or are just trying to grab as big a piece of the hype pie as they possibly can. We can only wait and watch how things unfold.

This article is Originally posted on CoinCentral.com
Author: Adam Stieb

Price Analysis 6/24: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, ADA, CRO – BTC Ethereum Crypto Currency Blog

A few major cryptocurrencies are close to breaking below their critical support levels, indicating further downside in the next few days.

Coronavirus cases are jumping across the world as nations reopen their economies and this raises the risk of a second wave which could slow down the current recovery in major markets. Global debt levels are already at astronomical levels but it seems safe to assume that a resurgence in cases will result in central banks pumping more liquidity into the markets.

OKEx CEO Jay Hao recently said that Bitcoin (BTC) rallied about 58% from $6,580 to $10,400 after the first stimulus bill was signed in late March. There are also expectations that the Trump Administration may announce a second $1 trillion stimulus package. 

If this happens, Hao believes that a portion of funds from investors will re-enter Bitcoin as institutional investors “spread their risk across risk and haven assets.”

Daily cryptocurrency market performance. Source: Coin360

Even if institutional investors park roughly 1% of their money in the top-ranked cryptocurrency on CoinMarketCap, this could result in an inflow of about $480 billion. According to Messari researcher Ryan Watkins, this fresh influx could boost “Bitcoin’s market cap above $1 trillion, or over $50,000 per BTC.”

This suggests that the long-term prospects for Bitcoin are strong, hence, any weakness can present an opportunity to buy at lower levels.

BTC/USD

Bitcoin (BTC) showed promise on June 22 but the rally fizzled out at $9,795.06. This suggests that a huge wall of sellers is defending the $10,000–$10,500 resistance zone. The price turned down sharply and plunged below the moving averages today.

BTC/USD daily chart. Source: Tradingview

The repeated failure of the bulls to break above the resistance zone could attract long liquidations from short-term traders. If the bears take advantage of this and sink the price below the trendline of the ascending triangle, a drop to $8,638.70 and below that to $8,130.58 is possible.

If the BTC/USD pair rebounds off $8,130.58, it could point to a few days of range-bound trading between $8130.58–$10,000. The view will turn bearish if the bears sink the pair below the critical support at $8,130.58. 

Alternatively, if the price rebounds off the trendline of the triangle, the bulls will make one more attempt to push the price to $10,000 levels. 

ETH/USD

Ether (ETH) turned down from just under the overhead resistance of $253.556 today, which suggests that bears are defending this level aggressively. This could keep the biggest altcoin range-bound between $225.783 and $253.556 for a few days.

ETH/USD daily chart. Source: Tradingview

The flat moving averages and the relative strength index just above the 50 level also suggests a balance between supply and demand.

This advantage will tilt in favor of the bears if they can sink the second-ranked cryptocurrency on CoinMarketCap below $225.783–$218.331 support zone. If this zone cracks, a drop to $200 and below it to $176.112 is likely.

Conversely, if the ETH/USD pair rebounds off the 20-day exponential moving average ($224), the bulls might make one more attempt to push the price above $253.556. If the price sustains above this level, the uptrend is likely to resume.

XRP/USD

XRP has broken down from the support line of the symmetrical triangle. If the bears can sustain the price below the triangle, a new downtrend is likely. 

XRP/USD daily chart. Source: Tradingview

The downsloping moving averages and the failure of the RSI to even reach 50 level suggests that bears have the upper hand. The pattern target of this breakdown is $0.124412.

However, it is unlikely to be a straight fall as the bulls will try to stall the decline at $0.16 and then at $0.14.

This bearish view will be invalidated if the fourth-ranked cryptocurrency on CoinMarketCap reverses direction and rises above both moving averages. However, the possibility of such a move looks bleak.

BCH/USD

Although Bitcoin Cash (BCH) rose above the moving averages today, the bulls could not sustain the higher levels. The altcoin quickly turned around and dipped below the moving averages.

BCH/USD daily chart. Source: Tradingview

The bears will now try to sink the fifth-ranked cryptocurrency on CoinMarketCap to $217.55. This level has been holding up well for the past several days, hence, the bulls are likely to defend it aggressively once again.

A bounce off $217.55 will keep the BCH/USD pair range-bound between $217.55–$255.46 for a few more days. Both moving averages are flattish and the RSI has been oscillating between 40 and 50, which also suggests a range-bound action but with a negative bias.

BSV/USD

The rebound in Bitcoin SV (BSV) hit a wall at the 20-day EMA ($180), which is a negative sign. The 20-day EMA is sloping down gradually and the RSI is in the negative territory, suggesting advantage to the bears.

BSV/USD daily chart. Source: Tradingview

If the bears can sink the price below the support at $170, the sixth-ranked cryptocurrency on CoinMarketCap is likely to start a new downtrend. This will be a huge negative as it can result in a decline to $146.20 and then to $110.

However, if the BSV/USD pair rebounds off $170, the bulls will make another attempt to push the price above the moving averages. If that happens, the pair is likely to remain range-bound between $170–$227.

LTC/USD

The bears are not allowing Litecoin (LTC) to rise above the moving averages. This is the third such occasion (marked as ellipses on the chart) when the price has turned down from the moving averages. 

LTC/USD daily chart. Source: Tradingview

If the seventh-ranked cryptocurrency on CoinMarketCap slips below $41.63, it can dip to the critical support at $39. This support has not been broken down convincingly since April 2, hence, the bulls are likely to mount a strong defense of this level.

A sharp rebound off $39 can keep the LTC/USD pair inside the large $39–$51 range for a few more days. 

The 20-day EMA ($44) has started to turn down gradually and the RSI has been struggling to climb above the 50 level, which suggests a minor advantage to the bears. This bearish view will be invalidated if the pair turns around and rises above the moving averages.

BNB/USD

Binance Coin (BNB) has turned down from the moving averages. The bears will now try to sink the price below the immediate support zone of $15.72–$15.40. If they succeed, the altcoin is likely to turn weak in the short-term. 

BNB/USD daily chart. Source: Tradingview

Below the $15.72–$15.40 support zone, the selling is likely to pick up that can drag the eighth-ranked crypto-asset on CoinMarketCap to the critical support at $13.65.

The gradually downsloping 20-day EMA ($16.50) and the failure of the RSI to cross above the 50 level suggests a slight advantage to the bears.

However, if the bears do not take advantage of this situation, the BNB/USD pair is likely to bounce off the support zone once again.

EOS/USD

EOS again turned down from the moving averages. This suggests that the bears are aggressively defending this resistance. Repeated failure to break out of a resistance results in long liquidation by short-term traders.

EOS/USD daily chart. Source: Tradingview

That could drag the ninth-ranked cryptocurrency on CoinMarketCap to the critical support at $2.3314. As this support has not been breached convincingly since April 6, the bulls are likely to defend it aggressively once again.

However, if the selling picks up momentum and sinks the EOS/USD pair below $2.3314, a new downtrend is likely. The next key support on the downside is $2 and then $1.80.

This negative view will be invalidated if the pair turns around from the current levels or  $2.3314 and rises above the moving averages.

ADA/USD

Although the bulls carried Cardano (ADA) above $0.085, they have not been able to sustain the breakout. This suggests that bears are aggressively defending the $0.085–$0.0901373 zone. 

ADA/USD daily chart. Source: Tradingview

The 10th-ranked cryptocurrency on CoinMarketCap has again dipped back below $0.085 and the bears will now try to sink the price below the 20-day EMA ($0.079).

If they are successful, the short-term traders are likely to close their positions that can drag the price of the ADA/USD pair to the $0.0722722–$0.0694880 support zone.

However, if the pair again bounces off the 20-day EMA, the bulls will make one more attempt to propel the price to $0.0901373.

CRO/USD

Crypto.com Coin (CRO) is facing selling above $0.125 levels. The sharp downturn in price today has pulled the RSI back below 70 and it has started forming a bearish divergence as suggested in the previous analysis.

CRO/USD daily chart. Source: Tradingview

If the 11th-ranked cryptocurrency on CoinMarketCap breaks down and sustains below $0.118234, it will signal weakness.

The uptrend will be in danger of being broken if the bears sink the price below the 20-day EMA ($0.111). Below this level, a drop to $0.101266 is likely.

This view will be invalidated if the CRO/USD pair bounces off the 20-day EMA. In such a case, the bulls will once again attempt to resume the up move.

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

Price Analysis 6/22: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, CRO, ADA – BTC Ethereum Crypto Currency Blog

Bitcoin is flashing some bullish signals as volatility is expected to pick up over the next few days.

The current economic environment has made it difficult for pension funds to sustain their expected rate of return. The U.S. Federal Reserve has continued along the path of cutting rates to zero and it seems likely to keep them there for at least a couple of years. This means pension funds may be forced to explore other strategies to increase their returns.

Morgan Creek Digital co-founder Anthony Pompliano has suggested that pension funds allocate a small amount of 1 to 5 percent of their portfolios to Bitcoin (BTC). Such a move “would increase the risk-adjusted returns for a public pension fund,” according to Pompliano.

Daily cryptocurrency market performance. Source: Coin360

However, several traditional investors remain skeptical of the top-ranked cryptocurrency on CoinMarketCap. Although investment guru Jim Rogers believes that people who use cryptocurrency are smarter than governments, he also predicted that governments will use their armed power to make cryptocurrencies worthless.

BTC/USD

The largest digital asset on CoinMarketCap has been consolidating near the overhead resistance zone of $10,000–$10,500 for the past few weeks. In doing so, it has formed an ascending triangle, which is a bullish setup.

BTC/USD daily chart. Source: Tradingview

For the uptrend to resume, the bulls will have to push the price above the $10,000–$10,376.38 resistance zone. This will complete the bullish pattern, which has a target objective of $11,869.42.

If the BTC/USD pair reverses direction from the current levels or from the overhead resistance, the bears will try to sink the price below the trendline of the triangle. Such a breakdown will weaken sentiment and attract selling by the short-term traders.

Selling could intensify on a break below $8,910.04 and this could sink the pair to a critical support at $8,130.58.

ETH/USD

Ether (ETH) has bounced sharply off the $225.783 support and has cleared the hurdle at $239.45. This suggests renewed buying interest in the biggest altcoin. The next level to watch out for is $253.556.

ETH/USD daily chart. Source: Tradingview

If momentum picks up, the second-ranked cryptocurrency on CoinMarketCap is likely to break out of $253.556 and move towards $288.599. This is an important resistance level, which is likely to be defended aggressively by the bears.

This bullish view will be invalidated if the ETH/USD pair reverses direction from the current levels or from $253.556 and breaks below the 50-day simple moving average ($220). Below this level, a drop to $200 and then to $176.112 is possible.

XRP/USD

XRP closed (UTC time) below the support line of the symmetrical triangle on June 21 but the price has quickly turned around and re-entered the triangle. This suggests a lack of follow up selling at lower levels.

XRP/USD daily chart. Source: Tradingview

If the fourth-ranked cryptocurrency on CoinMarketCap rises above the 20-day exponential moving average ($0.19) a move to the downtrend line of the triangle is possible. A breakout of this level will signal advantage to the bulls.

However, if the XRP/USD pair turns down from the 20-day EMA, it will indicate a lack of demand at higher levels. In such a case, the bears will once again try to sink the price below the triangle. If they are successful, a new downtrend is likely.

BCH/USD

Bitcoin Cash (BCH) has been trading between $255.46–$217.55 for the past few days. The flat moving averages and the RSI close to the midpoint suggests that the range-bound action is likely to continue for a few more days. Trading in a small range can be difficult because the price action is usually choppy.

BCH/USD daily chart. Source: Tradingview

If the bulls drive the fifth-ranked cryptocurrency on CoinMarketCap above the moving averages, a rally to $255.46 is possible.

This is an important level to watch out for because a few days back, it had acted as a stiff resistance (marked via ellipse on the chart). Therefore, a breakout of it will be the first indication that the bulls are back in the game.

This view will be invalidated if the BCH/USD pair turns down from the moving averages. In such a case a drop to $217.55 is possible.

BSV/USD

The bears have not been able to sink Bitcoin SV (BSV) below the critical support at $170. This suggests a lack of sellers at lower levels. This has kept the price inside the $170–$227 range.

BSV/USD daily chart. Source: Tradingview

The bulls are currently attempting to carry the sixth-ranked cryptocurrency on CoinMarketCap above the 20-day EMA ($180). If that happens, a move to the 50-day SMA ($190) and then to $200 is likely.

However, if the price turns down from the 20-day EMA, it will be a negative sign as it will indicate a lack of buyers at higher levels. That will increase the possibility of a break below the critical support at $170.

LTC/USD

Litecoin (LTC) is getting squeezed between the moving averages and $42. If the bulls can push the price above the moving averages, a move to $47 and then to $51 is possible. The bears are likely to defend this level aggressively.

LTC/USD daily chart. Source: Tradingview

If the seventh-ranked cryptocurrency on CoinMarketCap turns down from $51, the range-bound action is likely to extend for a few more days.

However, if the bulls fail to sustain the price above the moving averages, the bears will make another attempt to sink the LTC/USD pair to $39.

The next trending move is likely to start after the pair breaks out of the range. Until then, the volatile range-bound action is likely to continue.

BNB/USD

Binance Coin (BNB) has been trading in the top half of the $13.65–$18.1377 range for the past few days. On June 20, the bears attempted to sink the price below the $15.72 support but failed.

BNB/USD daily chart. Source: Tradingview

This suggests that the bulls are aggressively defending the $15.72 level. Currently, the eighth-ranked crypto-asset on CoinMarketCap has bounced off the support and the bulls are attempting to propel the price above the moving averages.

If successful, a move to $18.1377 will be on the cards. A breakout of this resistance will signal the possible start of a new uptrend.

However, if the bears again defend the moving averages, the price might dip back to $15.72. A breakdown of this support can drag the price down to $13.65.

EOS/USD

EOS remains stuck inside the $2.3314–$2.8319 range. The flat moving averages and the RSI just below the 50 level suggests that this range-bound action is likely to continue for a few more days.

EOS/USD daily chart. Source: Tradingview

Currently, the bulls are attempting to push the price above the moving averages. If successful, the ninth-ranked cryptocurrency on CoinMarketCap can move up to $2.8319, which is a critical resistance to watch out for.

Conversely, if the EOS/USD pair turns down from the moving averages, the bears will attempt to break the critical support of $2.3314. If they succeed, the pair can decline to $2 and below it to $1.80.

CRO/USD

Crypto.com Coin (CRO) broke above the overhead resistance of $0.118234 on June 20 and resumed the up move. The trend remains strong with both moving averages separating out and the price well above the 20-day EMA ($0.1090).

CRO/USD daily chart. Source: Tradingview

The bulls will now try to carry the 10th-ranked cryptocurrency on CoinMarketCap to $0.135202 and if that resistance is crossed, the next target is $0.15306.

The only warning sign on the chart is the possibility of the RSI forming a bearish divergence. However, until the price slips and sustains below $1.118234, there is no danger to the uptrend.

This bullish view will be invalidated if the CRO/USD pair turns down and slides below the 20-day EMA. Such a move will indicate selling at higher levels.

ADA/USD

The dip from $0.0844398 on June 18 was short lived as the bulls defended the 20-day EMA ($0.078) aggressively. This suggests that the bulls continue to buy the dips as they expect Cardano (ADA) to resume its rally.

ADA/USD daily chart. Source: Tradingview

The trend is bullish as both moving averages are sloping up and the RSI is in the positive territory. A breakout of the downtrend line and the $0.085 resistance will signal the possibility of a retest of $0.0901373.

Contrary to this assumption, if the 11th-ranked cryptocurrency on CoinMarketCap turns down from the downtrend line, the bears will try to sink it to the $0.0722722–$0.0694880 support zone.

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

Cryptocurrency in Eastern Europe: Innovations, Companies, and Progress


Cryptocurrency in Eastern Europe is history in motion.

You may be surprised by how active Eastern European countries are in the cryptocurrency space. According to Statista research, Poland, Latvia, Georgia, Estonia, and Lithuania, all ranked among the top 15 countries by the total value of alternative finance market transactions in Europe in 2018. In the same year, per capita funding for alternative online finance transactions was highest in the UK, but followed by Latvia and Estonia. 

This is not the only evidence that Eastern Europe is exploring financial paradigms outside of traditional channels like central banking. One might be surprised to learn that Georgia is the world’s second-largest mining country after China, Moldova has legalized cryptocurrency mining, and Belarus is predicted to become the European Hong Kong? 

This article is brought to you by Solomon Brown, Head of PR at Freewallet, to give you an idea of which countries favor Bitcoin and other cryptocurrencies, and which ones strictly forbid them. Get the full picture of the suddenly-hot crypto ecosystem of Eastern Europe.

Cryptocurrency Regulation in Eastern Europe

Most countries in Eastern Europe are split on cryptocurrency: either pro or con. Here’s a chart displaying where crypto and mining are legal (+), not legal (-) or unregulated (0). 

Country  Cryptocurrency Mining
The Republic of Belarus + +
Georgia 0 +
Czech Republic 0 0
Russia
Bulgaria 0 0
Hungary 0 0
Slovakia 0 0
Poland +
Moldova 0
Ukraine 0

+ The Republic of Belarus and Cryptocurrency

 Let’s start with the fact that Belarus has its own Silicon Valley that operates on the principle of extraterritoriality. Hi-Tech Park (HTP) is a Belarusian tax and legal zone, facilitating IT evolution, and home to 450 companies working in software development. 

In 2017, the cryptocurrency activities of the residents of the HTP received full comprehensive legislative support from the government. The administration of the HTP, together with the National Bank, the Department of Financial Monitoring of the State Control Committee, international experts, and other bodies, compiled and signed all the necessary documents. 

For instance, Decree No. 8 “on the development of the digital economy” legalized crypto exchanges and cryptocurrency exchange operators, mining, smart contracts, blockchain, tokens, etc. 

From the moment the Decree was adopted, any transactions with tokens (mining, storing crypto, purchase, exchange) became exempt from income tax and VAT until January 1, 2023. The rules regulating the operations of companies involved in the cryptosphere have been accepted by the HTP, and the full legal regulation of cryptocurrencies in Belarus has been established. It is worth noting that only entities that are registered as residents of the Hi-Tech Park are allowed to carry out activities related to cryptocurrencies.

– Georgia’s Powerful Mining Pools

In 2019 UN statistical publications, Georgia is assigned to Western Asia, not to Eastern Europe. But, geographically it belongs to Eastern Europe and is a member of the Council of Europe. We’ve decided to include it not because of favorable crypto legislation, but due to its triumphs in mining. 

A document from the Ministry of Finance notes that each unit of a crypto-asset has a market value, it can be issued, it can have an owner, its property rights can be transferred to another and divided into parts and it can be bought and sold. At the same time, the note states that, in accordance with the legislation of Georgia, a crypto asset is not a legal means of payment or electronic money.

Nevertheless, the country is experiencing a hydro-powered Bitcoin boom. According to BBC, the fact that cryptocurrency mining is “sucking its power grid dry,” doesn’t matter because of Georgia’s vast reserves of renewable hydroelectric power. Probably this reason and lack of regulations have encouraged home miners and attracted foreign businesses. According to NPR, most of the Georgian mining facilities belong to the American company Bitfury.

And although the legislation of Georgia does not regulate activities related to virtual currency, and cryptocurrency in the country does not constitute a legal means of payment, transactions of virtual money between individuals are nevertheless made. However, the government of Georgia has taken the first step towards regulating the crypto business. The multiple mining pools that will use the services of intermediary companies registered in Georgia will be subject to a value-added tax of 18%.

+ Czech Republic Pioneers Bitcoin Regulations

The Czech Republic was one of the first European countries open to operations with Bitcoin, even before the cryptocurrency market boom of 2017. In April 2015, the Czech National Bank issued a document that clarified the attitude of the state towards cryptocurrencies called, “Safety of online payments and virtual currency from the Czech National Bank point of view.” According to this document, operations with cryptocurrencies were not limited by the law of the country, only the norms of EU law applied to them.

Later on, in 2017, the Czech Republic decided to comply with the EU’s requirements for anti-money laundering and introduced the amendments to the Act on Selected Measures against Legitimization of Proceeds of Crime and Financing of Terrorism. According to the new law, all exchanges, including banks, have to verify client ID for crypto to fiat transactions amounting to €1000 and more.

– Russia and Cryptocurrency

On March 16, 2020, local news outlet Vesti.ru announced that cryptocurrency production and circulation would be banned in Russia. The issuance and circulation of cryptocurrency in Russia carries an unjustified risk, according to the bill on “Digital Financial Assets”. 

The bill levied a ban on the issuance and circulation of cryptocurrency in Russia, and established penalties for violations of the ban. Nevertheless, the authorities don’t intend to ban ownership of digital currencies. 

+ Bulgaria’s Prized Stash of Nearly $2B Bitcoin

A Bitcoin retailer spotted on the streets of Bulgaria (via Reddit)

The Bulgarian government sees cryptocurrencies as a financial asset (and owns 213,519  BTC confiscated from criminals, which is more than Bulgaria’s GDP). This state has neither recognized the legitimacy of Bitcoin nor declared it to be illegal. The main condition for the use of cryptocurrency in Bulgaria is the payment of a tax in the amount of 10% of the exchange or sale. 

– Hungary and Cryptocurrency Taxes

Cryptocurrencies are not considered a legal means of payment in the country. According to the local news outlet Portfolio (restricted access), the government has created a special group of Hungary’s central bank, the Finance Ministry, and the tax authority that is studying the industry to develop a legal framework. All cryptocurrency transactions are filed under “other income” and taxed under Hungarian capital gains tax code, which contains 15% capital gains tax and 19.5% health contribution which is called as (EHO).

+ Slovakia Monitors Cryptocurrency Transactions

Slovakia is on the list of countries that have officially recognized Bitcoin and other cryptocurrencies. However, in 2018, the authorities tightened their stance on digital business. Following the initiative of a national regulator — the Slovak National Bank — all banks began to close the accounts of firms associated with cryptocurrencies. A similar hostile reaction from the existing financial system to digital currencies was observed in the Czech Republic and Bulgaria.

In spite of the restrictive measures, non-fiat currencies are not regulated in Slovak law in any way, and their exchange, mining, and other operations are not outside the legal framework. Like the rest of the European Union, Slovakia recognizes that cryptocurrency transactions should be monitored and taxed.

+ Poland Forward Thinking Finance

The Republic of Poland ranks 36th in the world in terms of population. It stands to reason that such a large European country is forward-thinking when it comes to finance. The attitude of local financial regulators towards investing in cryptocurrencies is quite positive. The country’s Central Statistical Office (GUS) has recognized the trading and mining of virtual currencies as an official economic activity. In a statement from 2016, the ministry stated that despite virtual currencies not being subject to any separate regulations under Polish legislation, they are fully legal and subject to income tax. 

Along with that, the government supports blockchain startups. For example, in January 2019, the financial and budgetary supervision service of Poland (KNF) granted state licenses to blockchain startups Coinquista and Bitclude.

+ Ukraine’s Approach to Digital Money

The Verkhovna Rada has registered a bill proposing to legalize cryptocurrency. Plans for this were announced back in 2017, but then authorities did not dare to take such a step. And now “digital money” can be recognized as legal assets. The document titled “On Amending the Tax Code and other laws of Ukraine regarding the taxation of operations with crypto assets” was developed by representatives of the blockchain community, inter-faction elected representatives, the Office of Effective Regulation of BRDO and the Ministry of Digital Transformation.

Along with that, recent introductions to the legislative structure haven’t been that positive. The law “On Amending Certain Legislative Acts of Ukraine on Ensuring the Effectiveness of the Institutional Mechanism for the Prevention of Corruption” No. 140-IX, which entered into force on October 18, 2019, made amendments to the law “On Prevention of Corruption” and establishes the need to declare cryptocurrency as an intangible asset.

– Moldova’s Legal Mining

Cryptocurrency transactions are not legalized in the country, however, according to local media reports, digital money is popular in Moldova. In the center of Chisinau, there are several points that accept digital money as a means of payment. 

In May 2018, the Association of Digital and Distributed Technologies of the country introduced its own cryptocurrency exchange that accepts fiat like Moldovan Leu, the Russian ruble, the US dollar, and the Euro, as well as all top ten cryptocurrencies. Even though the National Bank of Moldova hasn’t officially permitted making transactions with crypto, it sent a letter to Drachmae Market, the first local crypto exchange in Moldova, which indirectly allows it to do banking. 

Moreover, in 2018, this small country hosted its first conference on blockchain and cryptocurrencies called the World Blockchain and Cryptocurrency Summit Chisinau – WBCSummit. Reporting on the conference, Crуptovest noted that “the central bank recognized the potential of blockchain for the financial system and revealed that it was assessing the implementation of technology via local banks.” Cryptocurrency legislation might be on the horizon in Moldova, as mining is already legal here.

Cryptocurrency Mining in Eastern Europe

The Transdniestrian Moldavian Republic (DMR) adopted a law on the development of information blockchain technologies, which technically makes cryptocurrency mining legal. According to the president of DMR, the law will contribute to the development of the information technology industry and attract investment from entities operating in the field of blockchain technologies. DMR may become a paradise for miners. 

The law provides for the creation of a targeted free-trade zone, where foreign companies and individuals can become legal entities without additional bureaucratic procedures. Thus, the country is becoming a relatively attractive region for investment. Local authorities have guaranteed the duty-free import and export of mining equipment for residents and special electricity tariffs for miners. The president promised that the energy supply to mining farms will be provided by the Dubossary hydroelectric station and three thermal power plants.

Who would have thought that such a small country like Georgia could become a world leader in the field of cryptocurrency mining? A study by the Cambridge Alternative Finance Center (CCAF), which was published in 2018, indicated that Georgia ranks second in the world in terms of mining volume after China. At least 60 MW of electricity was officially spent on the mining of virtual currency in the country.

The first, and perhaps most important, thing that attracts mining lovers to Georgia is cheap electricity. And there is plenty of it since, after the collapse of the USSR, small Georgia inherited 20 hydroelectric power stations from the defunct Soviet state. The country was meant to become a kind of energy hub in the Caucasus. Obviously, such a large amount of electricity for a country with a population of 3.7 million people is a lot. As a result, the cost of electricity in Georgia is among the lowest in the world. 

So, as of May 2019, the price of 1 kW in Tbilisi was approximately 6 cents. But, there are still mountainous areas where electricity is cheaper or even free of charge (due to state subsidies), and free industrial zones (where the cost of electricity is 18% lower due to the absence of VAT). 

Belarus is another strong Eastern-European player in the field of mining. As you already know, a crypto-friendly economic policy and the creation of its own Silicon Valley is a part of the country’s strategy of becoming a global IT center. Though mining has lost ground after Bitcoin halving, Belarus is ready to invest its fairly cheap energy to gain profit from BTC mining. 

In 2019, during a meeting with representatives of the IT sector in Hi-Tech Park, Alexander Lukashenko said that he was going to employ a new Belarusian nuclear power plant, to mine Bitcoins. The president explained he wanted to use the surpluses of electric power to ensure the operation of mining farms. “I even especially left a place there! Let’s build farms and mine this Bitcoin (…) If there is Bitcoin, you can always sell it” – Lukashenko commented.

Cryptocurrencies in Eastern Europe: Where to Buy and How to Spend

To buy cryptocurrencies, a lot of countries in the so-called “second world” use one of the largest crypto exchanges, Exmo. This trading platform supports 183 trading pairs with many leading cryptocurrencies and local fiat currencies like the euro, Russian ruble, Ukrainian hryvnia, Polish zloty. The website is available in Russian, Ukrainian, Romanian, and other languages. Users can buy crypto with a credit card, SEPA transfer, Yandex Money, Qiwi, and Payeer.

Non-EU former Soviet countries, like Russia and Ukraine, use Bestchange.ru. The service provides structured information about automatic and manual exchangers of crypto and electronic currencies, and also supports the ruble and hryvnia.

Eastern European countries are home to many of Freewallet’s regular customers with Czech Republic, Hungary, Slovakia, Romania, Poland, Russia, Ukraine, Bulgaria, Belarus, and Moldova making up about 10% of our user base. From our family of simple and secure wallets, these countries most often go for Freewallet: Crypto Wallet, which supports BTC, ETH and 100+ other cryptocurrencies, and our Bitcoin Wallet. Freewallet apps are highly rated for their built-in exchange and fee-free transactions within the ecosystem.

In Georgia, the first ATM that allows you to exchange fiat money for cryptocurrency appeared in March 2018 at the New York Burger diner. A few months later, a second one was installed in Tbilisi. As of November 2019, there are 14 cryptomats operating in the country.

Poland is one of the largest countries in Europe that welcomes the development of blockchain technology. In 2018, the first Bitcoin ATMs with BTC, LTC, and ETH appeared in Gdansk and Bialystok. 

The largest Polish food delivery service Pyszne.pl began to accept cryptocurrencies in 2017. This innovation took place after the purchase of the service by Dutch investors. Currently, Pyszne.pl serves more than 8 thousand catering establishments. The average number of customers is 955 thousand and 7% of users pay in crypto.

The Czech Republic might be small, nevertheless, it ranks sixth in the world in the number of crypto ATM machines. Globally, there are almost five thousand ATMs, and in the Czech Republic, there are about 70. Most of them are set in Prague. Bitcoin ATMs can be found not only in large shopping centers and electronics stores but also in kiosks at metro stations, along with printed materials, cigarettes, and tickets.

The number of Czech companies and organizations that accept Bitcoins as payment is increasing, and not all of them are related to the IT field. On the list, you can find the largest electronics store Alza.cz, a coffee shop in Paralelni Polis (in addition to BTC, they also accept Litecoin, Dash and Monero) and the Paper Hub coworking agency related to the same project. 

A real estate agency Home Hunters has been in the public eye since it closed on a 35-Bitcoin-deal, which at that time exceeded 5 million korunas. Also, there are places like Krypto, a local gas station, FairPlayAuto, a second-hand car marketplace, and a number of hotels and restaurants.

There is a large list of exciting blockchain and crypto projects out of Eastern Europe. We will start with the fintech startup with Russian roots Zerion. The company deals with investing and managing decentralized assets. It was founded in 2016 by graduates of the Higher School of Economics and has 15 thousand users. At the end of 2019, the startup raised $2 million during the seeding round with the American venture fund Placeholder, with Blockchain Ventures among the investors. Recently Zerion acquired the crypto platform MyDeFi that facilitates viewing crypto portfolios.

No wonder Belarus is on the list of the top 10 European countries for launching a blockchain startup. One of the local projects you might have heard of is Rocket DAO, a decentralized crowdfunding platform with independent expert evaluations of startups. These venture capitalist market analysts work with Hi-Tech Park, Angels Band, Volat Capital, Belagroprombank, friendly accelerators and foreign funds to allow startup founders to quickly and safely attract financing. The company provides startup audits, mentoring programs, and unique assessments. Their Startup Training Camp graduates get a free Startup Pack that usually costs over $7,000.

Czech Republic takes 27th place in the Global Innovation Index. The country is the cradle of innovative projects like Apiary whose parent organization is Oracle Corporation. Founded in 2014, it specializes in providing frameworks and tools for creating application programming interfaces (APIs), including the Blockchain APIs that allow you to send and receive Bitcoin, as well as convenient ways to design modern cloud applications. The startup attracted $6.8 million in investments in a Series A in San Francisco in 2015.

Have you ever thought of farm-to-table food traceability? TE-Food, a Hungarian food supply chain solution, offers this service on a blockchain. With food industry experts and Animal Welfare and Husbandry advisors in their management and FAO (The Food and Agriculture Organization) and Deloitte among their partners, the company takes care of the logistics and makes livestock and fresh food supply information transparent.

Sofia, Bulgaria hosts the headquarters of Open Source University that is trying to change the world of education through distributed technologies. The project connects educational institutions, students and businesses directly by eliminating the middlemen. It helps organizations get insights on candidates’ personalities. Learners can enroll in, and track the completion of tailored educational and professional development experiences. The company behind Rechained Ltd. decided to solve the problem of trust beyond institutional and national borders in the authenticity of formal diplomas and certificates after writing a book called Blockchain in Education.

The Prospects of Cryptocurrency in Eastern Europe

Cryptocurrency in Eastern Europe is set to become a facet of everyday life. As people that have experienced financial instability and changing political regimes (often swings from Communism to Democracy), the residents of Eastern Europe are mentally more prepared for cryptocurrencies than Westerners. 

The West is characterized by a higher standard of living and better banking services, as well as a higher average age of the population. Eastern Europe, on the other hand, is full of active young entrepreneurs who are engaged in small business and therefore are especially interested in lightning-fast financial transactions of better quality and without intermediaries. 

Many governments want to tap into the benefits of blockchain. Georgia and Belarus, for instance, are taking full advantage of the economic perks of mining. Hopefully, that new laws and amendments will not impede the development of the crypto industry in Eastern Europe, but rather will lead to this region becoming a world blockchain hub. 

This article is Originally posted on CoinCentral.com
Author: Solomon Brown