Markets See Wave of Green, BTC Pushing $6,750, ETH At $280

Crypto markets are showing bullish sign of a persuasive recovery, as virtually all of the top 100 cryptocurrencies are in the green today.

Saturday, August 25: crypto markets are showing bullish sign of a persuasive recovery. Virtually all of the top 100 cryptocurrencies are in the green today, with solid growth of between 1 and 4 percent among the top 10 largest coins by market cap, as Coin360 data shows.

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,696 at press time, up around 2.5 percent on the day, according to Cointelegraph’s Bitcoin price index. The top coin has now seen several days of strong recovery since its steep plunge August 22 in the wake of toughened anti-crypto measures in China and a fresh series of disapproval orders for several Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

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

On the week, Bitcoin is up a strong 3.5 percent, with its monthly losses remaining around 17 percent.

Ethereum (ETH) is trading around $279 at press time, up a solid 2.5 percent on the day.

Nonetheless, the alt has yet to reclaim the $300 price point — which it last held August 20 — and has seen a more tempered upwards momentum as compared with Bitcoin over the past several days. Ethereum is currently down 2.8 percent on the week; on the month, losses are a severe 40.6 percent.

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

Among the top ten coins by market cap, Stellar (XLM), Bitcoin Cash (BCH), Cardano (ADA) and Ripple (XRP) are all seeing gains of around 1.5 – 2.5 percent on the day.

Litecoin (LTC) and anonymity-oriented altcoin Monero (XMR) are also seeing strong growth, both up over 2 percent to trade at around $58 and $93 at press time respectively. Litecoin has now virtually closed its losses on the mid-week, and secured a gain on its weekly chart:

Litecoin’s 7-day price chart. Source: CoinMarketCap

Among the top twenty coins on CoinMarketCap, IOTA (MIOTA), VeChain (VET), and Zcash (ZEC) are seeing the strongest upswing on the day, up around 6.6, 8.7 and 4.9 percent respectively.

Total market capitalization of all cryptocurrencies is at around $217 billion at press time, vying to reclaim its mid-week high of $221.7 billion, and up almost $13 billion from its plummet to $204.3 billion August 23.

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

Mid-week, the markets saw a similar tumble to the one that came in response to July’s news that the Winklevoss twins’ high-profile BTC ETF proposal had also been rejected by the SEC, which then saw a comparable $12 billion wiped from total market capitalization.

The tumble has nonetheless proved to temporary in the immediate-short term. As crypto analyst Brian Kelly argued on CNBC this week, the fact that the “market didn’t sell off” on news of the most recent ETF denials is a bullish sign of “sentiment change” that suggests many nonetheless expect we are coming “incrementally closer” to eventual ETF approval.

This has been reinforced by news that the SEC plans to review its fresh spate of ETF rejections, as well as voices within the agency — notably SEC Commissioner Hester M. Peirce — who have officially dissented from the regulator’s prior BTC-related ETF rejections.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 24

Amid a wave of negative news, the crypto markets remain relatively stable, indicating that the bears are losing their grip.

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

The market data is provided by the HitBTC exchange.

On August 22, the U.S. Securities and Exchange Commission (SEC) rejected 9 proposals for new Bitcoin exchange-traded funds (ETFs), but – perhaps surprisingly – the news did not result in a crypto market crash, like it did in similar instances before. This shows that very few purely speculative positions had been built expecting an ETF application to be approved.

Another negative piece of news about China further tightening its restrictions on cryptocurrency trading was also taken in stride by the traders. When an asset class holds on to its support levels even after several negative news, it shows that the bears are losing their grip. Some are even expecting a trend reversal on Bitcoin.

On August 23, the SEC said that it will review its previous decision on the ETF rejections. However, the probability of any different ruling is low. Brian Kelly, a crypto analyst with CNBC expects Bitcoin ETFs to see the light of the day only by February 2019.

Barring a dip on August 14, the total market capitalization of the cryptocurrencies has held above the $200 billion mark. This shows that the selling has subsided and the bulls have gradually started accumulating around the current levels.

So, is this the right time to start cherry picking? Let’s find out.  

BTC/USD

Bitcoin has been making lower highs in 2018, but it is yet to make a lower low. It has largely held the February 6 low of $6,075.04. A couple of breakdowns below this level were not sustained and prices bounced back quickly.

The bulls broke out of the descending triangle pattern in the end of July, but they could not sustain the higher levels and the price again slumped back into the triangle. Currently, the bulls are again trying to break out of the triangle but are facing a stiff resistance close to the $6,580 mark. The 20-day EMA is also located at this level.

If the bulls scale the $6,600 levels, the rally is likely to extend to $6,955.79. The 50-day SMA is located just above this level and has flattened out, hence it will act as a major resistance. The BTC/USD pair will turn positive and pick up momentum only above this resistance. Until then, a range bound trading between $5,900–$7,000 can be expected.

The cryptocurrency will turn negative if it plunges below $5,900. That will increase the probability of a fall to $5,450 and beyond that to $5,000.

As the $5,900 level haven’t been broken down this year, we suggest traders hold their long positions. If the bulls fail to break out of $7,000 next time, we recommend closing the position because we might get an opportunity to buy again at lower levels. We should get a better picture in the next couple of days.

ETH/USD

Ethereum has been struggling to bounce from the recent lows. It has not even pulled back to the 20-day EMA, which shows a lack of buying at the current levels.

Both moving averages are sloping down and the RSI is also in the negative territory, which shows that the trend is headed downward. If the bears break below $249.93, the downtrend can extend to $200.

The ETH/USD pair will turn positive if the bulls breakout and sustain above the 50-day SMA. We might propose a long position earlier if we find a reliable buy setup. Until then, it is best to remain on the sidelines.

XRP/USD

Ripple is an underperformer, having lost about 90 percent of its value from its all-time-high. Though it bounced back from $0.24508, it is struggling to find buyers at higher levels.

The XRP/USD pair will show some signs of strength if the bulls scale above the 20-day EMA, the downtrend line 2 and the 50-day SMA. The trend will change after the price breaks out of the downtrend line 1.

On the downside, $0.24001 is the critical support to watch out for. We believe the virtual currency will spend some time in a basing pattern, before moving up. The traders should wait for a reliable buy setup to form before initiating any long positions.

BCH/USD

Bitcoin Cash has been trying to cling on to the $500 level for the past ten days, but the buying keeps drying up above the $600 mark.

Any pullback will face a stiff resistance at the 20-day EMA and the 50-day SMA. The BCH/USD pair will show first signs of a recovery if it sustains above the downtrend line.

On the downside, if the bears break below $500, a retest of the August 14 lows will be on the cards. If this level breaks, the next stop is $400. We suggest traders wait for buying to resume before initiating any long positions.

EOS/USD

The bulls are trying to hang on to the critical support at $3.8723. However, they are not able to push EOS above the moving averages, which shows that the sellers are still in command.

From March to April of this year, the EOS/USD pair had spent a lot of time consolidating, after bouncing off the lows. It commenced its upward move only after breaking out of the 50-day SMA convincingly.

We shall turn positive on the digital currency only after it breaks out and sustains above the 50-day SMA. Until then, we suggest traders stay on the sidelines.

XLM/USD

Stellar has not broken down convincingly of the $0.184 level since mid-December of last year. It has revisited this level thrice in 2018 and the previous two occasions resulted in a bounce. So, until the bears break down and sustain below the support, we expect it to hold. Therefore, we retain our buy recommendation given on August 15.

The XLM/USD pair has been consolidating between $0.184 and $0.25 since August 5. A break out of the range has a pattern target of $0.3157505, which is also close to the downtrend line. Above this resistance, the next target is $0.36.

If the bears break below the range, the virtual currency can fall to the pattern target of $0.11812475.

LTC/USD

The bulls are trying to arrest the decline on Litecoin. For the past 13 days, the price has been stuck inside the range of $49.318–$62.319.

A breakdown of the range will resume the downtrend and has a pattern target of $36.317, with a minor support at $40.

If the bulls succeed in breaking out of the range, the LTC/USD pair can move up to its pattern target of $75.32. As the 50-day SMA has not been scaled since May 16 of this year, we shall wait for the price to sustain above it and the downtrend line before turning bullish.

Currently, the virtual currency is in a no-trade zone.

ADA/USD

Even after a 93 percent fall from its intraday high of $1.396281, Cardano is struggling to find buyers. The downward sloping moving averages and the weak RSI reading show that the sellers still have an upper hand.

The ADA/USD pair has been trading in the range of $0.083192–$0.112598 for the past ten days. A breakdown of the range can result in a fall to $0.078, though the pattern target is way lower.

On the upside, there are numerous resistances between $0.111843 and $0.14. We shall turn positive after the price sustains above the 50-day SMA.

XMR/USD

Though Monero is in a downtrend, it has reached the critical support around $81, which had held from August 23 to November 6 of last year, before the uptrend started. Therefore, we expect the bulls to strongly defend this level.

For the past week, the 20-day EMA has been acting as a strong resistance and the bulls are struggling to break out and stay above it. Below $87, the XMR/USD pair can retest the low of $76.074.

On the upside, the first sign of a change in trend will be when the bulls succeed in scaling above the long-term downtrend line. Until then traders should stick to the other cryptocurrencies that are showing strength.

IOTA/USD

IOTA is in a downtrend. Both moving averages are sloping down and the RSI is in the negative territory, which shows that the sellers still have the upper hand.

For the past seven days, the IOTA/USD pair has been trading in a range of $0.4628–$0.5750. The break down from the range gives it a pattern target of $0.3506, with a minor support at the August 14 low of $0.4037.

If the bulls succeed in breaking out of the range and the 20-day EMA, a rally to $0.6872 is probable. If this level is crossed, the upward move can extend to the 50-day SMA at $0.82. Therefore, we retain the buy recommendation given in the previous analysis. Only traders with a high risk appetite should attempt this trade.

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

Markets See Red Following BTC ETF Rejections, News of Anti-Crypto Measures in China

Virtually all of the top 100 cryptocurrencies are in the red today, with average losses of between 1 and 4 percent among the top 10 largest coins by market cap.

Thursday, August 23: virtually all of the top 100 cryptocurrencies are in the red today, with average losses of between 1 and 4 percent among the top 10 largest coins by market cap, as Coin360 data shows.

Yesterday evening’s news of the U.S. Securities and Exchange Commission’s (SEC) disapproval orders for 9 different Bitcoin exchange-traded fund (ETF) proposals from 3 applicants — which intersected with emerging reports of toughened anti-crypto measures in China — has apparently reversed yesterday’s short-lived market upswing.

Pointedly, multiple crypto commentators had attributed the markets’ evanescent green to bulls exploiting a maintenance window on leveraged crypto trading platform BitMEX to force a spike. Many had also argued that the negative announcements from the SEC had been widely expected, and were contributing to the alleged market action.

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,452 at press time, down around 1 percent on the day, according to Cointelegraph’s Bitcoin price index.

The top coin had been range bound around $6,400-6,500 for most of the week before sharply spiking August 22 and continuing to circle the $6,700 mark for most of that day. Breaking news from the U.S. and China then saw Bitcoin take a steep price hit, although the coin has since recovered back to hold its week-long levels.

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

On the week, Bitcoin is up 0.8 percent, with its monthly losses at around 16.5 percent.

Ethereum (ETH) is trading around $274 at press time, dropping around 2 percent on the day.

While its losses have correlated with Bitcoin’s sharp descent, the leading altcoin has not since recovered to reclaim the earlier trading levels from its weekly chart, although it had notably been losing its hold on the $300 price point as of August 20. Ethereum is currently down 5.6 percent on the week; on the month, losses are at almost 40 percent.

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

Among the top ten coins by market cap, Stellar (XLM), Bitcoin Cash (BCH), Cardano (ADA) and Ripple (XRP) are all seeing losses of around 2-4 percent on the day.

Among the top twenty, NEO’s losses are somewhat heftier, pushing 4 percent to trade around $17.12, after taking a tumble earlier today to as low as around $16.18.

IOTA’s 24-hour price chart. Source: CoinMarketCap

Ethereum Classic (ETC) is down 2.7 percent to trade at $12.40 at press time.

As ETC’s chart agains shows, the market-wide tumble aligns closely by time frame across all of the major crypto assets:

Ethereum Classic’s 24-hour price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is around $208.5 billion at press time, down almost $13 billion from yesterday’s high of $221.4 billion.

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

Today’s $13 billion market cap squeeze is similar the sharp market tumble that came in response to July’s news that another Bitcoin ETF proposal — this time submitted by the Winklevoss twins’ — had also been rejected by the SEC, which then saw a dizzying $12 billion wiped from total market capitalization.

The parallels extend beyond market response, as the regulator had in all of its disapproval orders reiterated its qualms over inadequate “resistance to price manipulation” and vulnerability to fraudulent practices in the insufficiently sized Bitcoin derivatives markets.

China, meanwhile, has this week moved to prohibit all commercial venues from hosting any crypto-related events in Beijing’s Chaoyang district, as well as targeting communication channels or “loopholes” through which Chinese investors can gain exposure to Initial Coin Offerings (ICO) and crypto trading.

As reported August 21, China’s leading social media platform WeChat has permanently blocked a number of crypto and blockchain related accounts that were suspected of publishing crypto “hype” in violation of regulations introduced earlier this month. New measures are also reportedly underway to toughen the “clean-up” of third party crypto payment channels, including those used by over the counter (OTC) platforms.

Away from the negative onslaught from the U.S. and China, crypto analysts have today suggested that Segwit adoption is on the rise for Bitcoin transactions, as the top crypto continues to trade within a relatively stable price range. EToro Senior Market Analyst Mati Greenspan today tweeted:

“Price stability is great for network development!! Here we can see the adoption rate of the Segwit solution skyrocketing shortly after the number of transactions fell. Not sure when the next #bitcoin bull run will be but I’m quite confident we’ll be ready for it.”

Bitcoin Segwit Adoption, January 2016-July 2018. Source: Woobull charts

US: Hawaii Representative Reveals Crypto Holdings of ETH, LTC After Rule Change

After the US required federal workers to disclose crypto holdings, Hawaii Rep Tulsi Gabbard revealed she purchased Ethereum and Litecoin.

Hawaii’s Democratic Representative Tulsi Gabbard has joined the list of U.S. politicians who have invested in cryptocurrency, having disclosed purchases of Litecoin (LTC) and Ethereum (ETH), Bloomberg reports Thursday, August 23.

Citing an income filing from August 14, the publication notes Gabbard purchased between $1,001 and $15,000 worth of the two assets at some point in December 2017.

At the time, both were highly volatile, rising steeply towards the end of the month after Bitcoin (BTC) hit all-time highs around $20,000.

Depending on the exact date of the purchases, Gabbard could have secured ETH and LTC for as little as $444 and $87 or as much as $814 and $344 respectively, according to data from CoinMarketCap.

The value of both has since sunk below the December minimums as part of an overall cryptocurrency market slump which has continued throughout 2018.

In June of this year, the United States Office of Government Ethics (OGE) had announced in a notice that politicians must disclose cryptocurrency holdings in filings as part of “property held… for investment or the production of income.”

According to the new guidance, those that file are “required to identify the name of the virtual currency and, if held through an exchange or platform, the exchange or platform on which it is held,” Cointelegraph quoted.

At the beginning of August, chair of the Judiciary Committee of the U.S. House of Representatives and Congressman Bob Goodlatte had also reported that he owns between $17,000 and $80,000 in digital currency in his annual Financial Disclosure Statement.

Cryptocurrency acceptance meanwhile remains a perennial issue among both current and prospective US politicians, with some candidates announcing their intention to take crypto campaign donations despite the unclear legal framework.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 22

Bitcoin left behind major altcoins to see a brief uptick Wednesday after scheduled maintenance at BitMEX caused a short squeeze.

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

The market data is provided by the HitBTC exchange.

On August 21, at 01:00 AM UTC time, Bitcoin prices surged, breaking out of the overhead resistance at $6,617.5. Within 20 minutes, Bitcoin spiked from $6,459.5 to $6,827.5, topping out at $6,888.32, an hour later.

The upward move coincided with the scheduled maintenance on BitMEX and looks to have been a short-term trade. However, a breakout above $6,617.5 is likely to have triggered stops on the short positions that had reached a four-month high on August 21. However, it is still too early to confirm if the trend has changed or not.

The Winklevoss twins have founded a self-regulatory organization, the Virtual Commodity Association, that aims to improve transparency among its members. Currently, it has four members, which will meet in September to set the rules and guidelines for the association.

This is another positive step that might allay some of the apprehensions of the U.S. Securities and Exchange Commission (SEC) regarding a Bitcoin exchange-traded fund (ETF). Two Bitcoin ETF proposals will come up for consideration this week and a few others in September. The SEC’s ruling will decide the next short-term trend for the cryptocurrencies.

Should the traders initiate long positions or should they remain on the sidelines? Let’s find out.

BTC/USD

On August 21, the bears attempted to sink Bitcoin but the bulls bought the dip to $6,000, which is a positive sign. Today, the breakout of the overhead resistance of $6,617.5 resulted in a spike to $6,888.32, which triggered our buy proposed in the previous analysis at $6,750. However, the bulls could not hold on to the higher levels.

The bears have pushed prices back below the critical support at $6,617.5. This shows that the short sellers are pouncing on any short-term rise. The BTC/USD pair is likely to witness a few more days of range bound trading. The bears will make another attempt to break down of the critical support zone of $5,900-$6,000 within the next few days. If this support breaks, our assumption of a large range on the pair will be invalidated.

On the upside, $6,617.5 is the critical level to watch out for because the downtrend line of the descending triangle, the horizontal resistance and the 20-day EMA all converge at this point. If prices sustain above this level, the bulls are likely to make another attempt to break out of the 50-day SMA.

We suggest traders hold the long positions with the stop loss at $5,900. They can add the remaining 50 percent of the position after the cryptocurrency sustains above $7,000.   

ETH/USD

Ethereum is in a downtrend with both moving averages sloping down. It is struggling to even pull back to the 20-day EMA, which is a bearish sign.

If the bears succeed in breaking below the support zone of $249.93-$269.78, the ETH/USD pair can slump to $200.

On the upside, a breakout of the 20-day EMA can result in a rally to $358, which will act as a stiff resistance. The pair has not broken out of the 50-day SMA since May 24 of this year, hence, a break out of the 50-day SMA will indicate a change in trend.

The traders should wait for a buy setup to form before initiating any long positions.

XRP/USD

The pullback on Ripple is facing resistance at the 20-day EMA and the bulls are struggling to sustain above the moving average. If this level is crossed, the bulls will again face selling pressure at the downtrend line 2 and above that at the 50-day SMA.

Once the bulls scale above the 50-day SMA, the XRP/USD pair can move up to $0.5, where it will again face resistance from the downtrend line 1.

The bulls are defending the $0.31 level on the downside. If this level breaks, a fall to $0.27255 and thereafter a retest of the lows at $0.24508 is probable.

We shall wait for some buying to return before turning bullish.

BCH/USD

Bitcoin Cash has been trading between $500 and the 20-day EMA since August 15. If the bears sink the prices below $500, a retest of the $473.9060 line is probable.

On the other hand, if the bulls break out of the 20-day EMA, a rally to the downtrend line is likely. We shall turn positive if the BCH/USD pair sustains above the downtrend line for a couple of days.

Until then, it is best to remain on the sidelines.

EOS/USD

EOS broke out of the downtrend line but could not cross the 20-day EMA. The bears have again pushed the prices back below the downtrend line. On the downside, the support is in the zone of $3.8723-$4.1778.

The EOS/USD pair has not broken out of the 50-day SMA since June 10. Hence, it is likely to act as a strong resistance. Once the bulls scale the 50-day SMA, a rally to $9 and thereafter to $11.6 is possible.

Our buy recommendation made in the previous analysis stands cancelled. We shall wait for the price to sustain above the 50-day SMA before proposing any trades.

XLM/USD

Though the bulls have managed to defend the long-term support line of $0.184, they have not been able to push Stellar above $0.25 since August 5.

The XLM/USD pair has a history of consolidating near the bottom of the range before embarking on an upward move. We see a similar setup developing this time.

The probability of a rally will increase if the bulls push the prices above $0.25. Therefore, we maintain the buy recommendation made on August 15. Our assumption will be negated if the bears break below the critical support at $0.184.

LTC/USD

Litecoin has been consolidating in a tight range of $49.318-$62.319 since August 10. Both moving averages are still sloping down, which shows the advantage the bears have.

A breakout of the range will result in a rally to the downtrend line, which is just above the 50-day SMA. We expect a strong resistance at that level. The first sign of a change in trend will be when the LTC/USD pair sustains above the downtrend line.

If the bears break down of the range, the decline can extend to $40. As the virtual currency has been in a strong downtrend in 2018 so far, we shall wait for it to form a bottoming pattern before suggesting a long position in it.

ADA/USD

Cardano has been struggling to climb above the overhead resistance of $0.111843. It has been stuck in the range of $0.083192-$0.112598 for the past eight days.

If the bulls break out of the 20-day EMA and the $0.111843 line, a rally to the downtrend line is probable where it might face a stiff resistance. If the bulls sustain above the $0.15 mark, it will indicate a likely change in trend.

On the downside, if the bears sink the ADA/USD pair below $0.083192, a fall to $0.078 is probable.

We shall wait for the trend to change before suggesting any long positions on it.

XMR/USD

For the past five days Monero has been trading close to the 20-day EMA, which is a positive sign. If the bulls force a break out of the overhead resistance, a rally to the 50-day SMA, which is close to the long-term trendline resistance, is likely.

If the XMR/USD pair breaks below $91, a retest of the lows at $76.074 is likely. Though the trend remains negative, the flattening 50-day SMA points to a probable range bound action for a few days.

We shall turn positive on the cryptocurrency after it breaks out of the downtrend line at $120. We don’t find any reliable buy setups at the current levels, hence, we suggest remaining on the  sidelines.

IOTA/USD

IOTA has been consolidating in a tight range of $0.4628-$0.5750 for the past five days. The 20-day EMA is also placed just above the range.

A break out of the 20-day EMA can result in a rally to the 50-day SMA, which is close to $0.85. This offers an opportunity for a quick short-term trade.

Traders can buy the IOTA/USD pair on a close (UTC time frame) above $0.58 with the stop loss at $0.46. Profits can be booked closer to the $0.82-$0.85 range. We anticipate a strong resistance at the $0.9150 mark.

If the virtual currency breaks down of $0.4628, it can slide to the August 14 lows of $0.4037.

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

Crypto Markets See Green Amid Talk of ‘Forced Short Squeeze’ on BitMEX

The crypto markets are seeing a second flush of green, with virtually all of the major cryptocurrencies seeing solid growth on the day, Bitcoin circling $6,700.

August 22: The crypto markets are seeing a second flush of green, with virtually all of the major cryptocurrencies seeing solid growth on the day, as Coin360 data shows.

Positive price momentum is a welcome respite from protracted bearish sentiment, although multiple crypto commentators are attributing the upswing to yesterday’s announcement by leveraged crypto trading platform BitMEX that it would be halting trading for scheduled maintenance.

The window has allegedly been exploited by bulls to force a spike, especially within the context of a forthcoming August 23 SEC decision on another Bitcoin exchange-traded-fund (ETF) application, that many expect will be negative.

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,644 at press time, up almost 4 percent on the day, according to Cointelegraph’s Bitcoin price index.

The top coin had been range bound around $6,400-6,500 for most of the week before sharply spiking by 5 percent within the space of just 45 minutes earlier today to peak around $6,790. While it has since corrected slightly, Bitcoin has been closely circling the $6,700 mark for most of the day.

On the week, Bitcoin is now up 3.2 percent, and has closed its monthly losses down to around 11 percent.

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

Ethereum (ETH) is trading around $285 at press time, up around 3.5 percent on the day.

Following Bitcoin’s sharp ascent, the leading altcoin briefly peaked as high as $295, but failed to break through the $300 resistance. On its weekly chart, Ethereum is 3.7 percent in the negative; on the month, losses remain at a stark 39 percent.

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

Virtually all of the other top twenty coins on CoinMarketCap’s listings are in the green, seeing gains within a range of 2-8 percent.

EOS,  IOTA (MIOTA) and Litecoin (LTC) are all seeing solid growth, trading at $5.06, $0.54 and $57.89 – up 5.2, 5.8 and 4.3 percent on the day respectively. As IOTA’s 24-hour chart indicates, the pattern of today’s gains among these altcoins correlates closely with the timing of Bitcoin’s sudden upswing.

IOTA’s 24-hour price chart. Source: CoinMarketCap

Stellar (XLM) and Cardano (ADA) are seeing just slightly more modest growth, up 1.6 and 1.9 percent to trade around $0.22 and $0.095 respectively.

Tezos (XTZ), ranked 19th, is the only alt to post a slight loss on the day, down almost 2 percent to trade at $1.33 at press time. While Tezos saw a similar upwards spike in close keeping with the wider market, its valuation has since corrected back towards its week-long price range, which has been unusually consistent amid a distinctly volatile post-crash market picture.

Tezos’ 7-day price chart. Source: CoinMarketCap

Bitcoin (BTC) dominance – or Bitcoin’s share of total crypto market capitalization – is pushing back upwards to 53 percent, having slightly dropped down to 50.8 percent this weekend. BTC dominance has been on the rise as of mid-May, soaring as high as 54.6 percent August 14 as smaller assets tumbled.

1-month chart of cryptocurrencies by dominance. Source CoinMarketcap

Total market capitalization of all cryptocurrencies is around $216.8 billion at press time, seeing a 24-hour peak at around $222.8 billion.

24-hour chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

The alleged ripple effect of BitMEX trading on the wider market is sparking widespread discussions on crypto social media as being likely to adversely impact forthcoming decisions from US regulators on the approval of new crypto investment instruments. Technical analyst and crypto commentator Alex Kruger has tweeted that:

“The $BTC lightning +7% breakout during Bitmex’s downtime shows why odds of SEC approving the CBOE bitcoin ETF proposal should be close to zero. Even if no manipulation (that’s debatable) this stresses the importance of Bitmex, a fully unregulated market with 40% market share.”

Kruger is referring to the Bitcoin ETF application that was recently filed by VanEck & SolidX for trading on the Chicago Board Options Exchange (CBOE), the decision over which the SEC has deferred for further review until this fall.

Notably, in its second-time rejection of another BTC ETF application from the Winklevoss Twins this July, the SEC had stated the reason as being the largely unregulated nature of Bitcoin markets. Regarding the Winklevoss’ claim that crypto markets are “uniquely resistant to manipulation,” the agency said that “the record before the Commission does not support such a conclusion.” This reinforced the stance the regulator had first articulated in its 2017 rejection:

”When the spot market is unregulated–there must be significant, regulated derivatives markets related to the underlying asset with which the Exchange can enter into a surveillance-sharing agreement.”

As TetrasCapital founder Alex Sunnarborg has claimed, the SEC will reportedly not have the option to postpone its decision on the other Bitcoin ETF application from ProShares tomorrow: it will have to either approve or deny it outright.

PR: More Stamps Global Launches – Cryptocurrency Travel Agency Opens Doors to World

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

More Stamps Global accepts forty different popular cryptocurrencies, allowing its customers to book flights, hotels, rental cars, and more at a variety of locations around the world. The agency’s launch marks a significant step forward in the adoption of cryptocurrencies.

“More Stamps Global was born from the zeal and hunger to offer freedom of movement and hassle-free travel to the world at large. This enthusiasm led to proper study and research of the travel and tourism industry to enable us to invent better and cheaper methods of embarking on journeys to any part of the world,” said Patrick Amoah, the Founder and CEO of More Stamps Global.

“Our search for a better travel means led us to the blockchain technology and cryptocurrencies, equipping us with a potent weapon to revolutionize the travel and tourism sector. On behalf of the More Stamps Global team, I welcome you to be a part of this revolution. Think More Stamps Global! Think freedom! Freedom of movement with More Stamps Global!”

While there are already some online travel agencies which accept cryptocurrency, many accept just a handful of the most popular, with services limited to just flights. More Stamps Global’s new model allows travelers to book full itineraries and pay for the whole trip using their cryptocurrency funds, a unique model that industry experts are hailing as an important development in the adoption of cryptocurrency as a transactional tool rather than a speculative vehicle only.

The sleek, modern website now means that crypto enthusiasts can book flights and accommodation at some of the world’s most famous destinations. Whether looking to explore the majestic nature of Australia’s Great Barrier Reef, take in the romantic sights of Paris in France, or jump into futuristic Shinjuku in Tokyo, Japan, More Stamps makes the whole trip possible using forty of the world’s most popular cryptocurrencies. Currencies accepted include DigiByte, Ethereum, Litecoin, OmiseGo, Augur, iExec, Salt, 0x, Basic Attention Token, Bitcoin Cash, Bancor, Dash, Decred, among many others.

In the 19th century, French novelist Jules Verne wrote of the adventures of Phileas Fogg in Around the World in Eighty Days – now, in the 21st century, the updated tale may well be Around the World in Forty Cryptocurrencies. The site’s ease of use and global reach, combined with its flexible cryptocurrency prices, has meant that many cryptocurrency investors are already flocking to the site to enjoy a well-deserved break using their speculative gains.

For more information about More Stamps Global, the forty cryptocurrencies it accepts, and how the business is revolutionizing the travel and tourism industry with its groundbreaking new cryptocurrency payment model, please visit https://www.morestamps.global/.

For all general and media inquiries, please contact Patrick Amoah, email him at [email protected]

About More Stamps Global
More Stamps Global is an online travel agency and crypto-enthusiast industry leader. The company helps intrepid globetrotters from around the world to fill their passports with “More Stamps.” More Stamps Global is the first worldwide online travel agency to accept 40+ individual cryptocurrencies as payment for travel services. Based in Hungary and operating internationally, the company specializes in unique vacation packages and customized itineraries, international and domestic flights, hotel accommodation, and transportation services. A pioneer in the consumer digital asset field, More Stamps Global welcomes and encourages its clients to use safe and secure cryptocurrencies for all online bookings and payments. Please visit www.morestamps.global for more information.

Website: https://www.morestamps.global/
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Altcoins See Red, While Bitcoin Shows Dogged Resilience

Crypto markets continue to show signs of strain, with widespread losses of 3-6 percent today, BTC is holding around $6,400.

The crypto markets are somewhat bearish today, August 21, with virtually all of the top twenty coins by market cap seeing losses of 3-6 percent on average, as Coin360 data shows.

Bitcoin (BTC) continues to show relative resilience – the top coin nonetheless continues to trade below the $6,500 price point. Despite a short-lived market recovery August 17, most of this week has seen distinctly lacklustre price performance across the board. The hangover from mid-August’s market crash continues.

Market visualization from Coin360

Bitcoin (BTC) is seeing virtually no change over the past 24 hours at press time, trading at around $6,400, according to Cointelegraph’s Bitcoin price index. Despite a brief plummet down to $6,260 yesterday at midnight, the coin has pushed back to trade within the $6,400-5000 range for most of today.

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

On its weekly chart, Bitcoin has secured a 6.3 percent gain – the asset’s monthly losses remain at a stark 13.4 percent. Nonetheless, as eToro analyst Mati Greenspan suggested in a Tweet this week:

“Bitcoin has been in a steady range for the past 6 months. In this graph, we can see buyers stepping in above $5000 a coin. The 200-day moving average (blue) is providing resistance on the top. A stable price is necessary to maintain a store of value & we’re on the right track.”

Mati Greenspan’s technical analysis of Bitcoin’s 6-month price chart. Source: eToro

Ethereum (ETH) is trading around $277.5 at press time, down around 4 percent on the day. This is the second consecutive day the altcoin has traded well below the $300 mark.

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

Ethereum is seeing an 8 percent gain on its weekly chart – this being relative to the altcoin’s price point below $260 August 14. On the month, however, Ethereum remains down by a staggering 40 percent.

Since plummeting below $300 August 13, Ethereum continues to trade at levels not seen since early November 2017.

Almost all of the other top twenty coins on CoinMarketCap’s listings are in the red, with the exception of VeChain (VET), ranked 19th, which is up 4 percent on the day.

EOS and IOTA (MIOTA), are down 5.5 and 4.3 percent to trade at $4.80 and $0.51 respectively at press time. Cardano (ADA) has seen a comparable dip, down 5.2 percent at $0.09.

Bitcoin Cash (BCH), also decisively in the red, is down 3.4 percent and is trading around $528 at press time. Fresh analysis from blockchain intelligence firm Chainanalysis has indicated that BCH use in commerce is on the decline – dropping from $10.5 million in March to $3.7 million in May, which Chainalysis has attributed to “concentrated ownership” styming wider adoption of the asset.

Stellar (XLM), currently trading at $0.22, is faring considerably better than other cryptos, down a scant 0.2 percent and trading sideways most of the week:

Stellar’s 7-day price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is around $209.8 billion at press time, slightly up from an intraday low at $205.7 billion and comfortably above its squeeze to $191 billion a week ago:

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

While the market continues to show strain, discussions are this week underway in South Korea to potentially reverse the country’s ban on initial coin offerings (ICOs). The parties involved are even reportedly keen to press ahead with the creation of South Korea’s own ‘Blockchain island’ that would vie with the blockchain-friendly trajectory adopted by Malta.

Meanwhile, fresh research has suggested that the volume of the global automotive blockchain market is set to reach $1.6 billion by 2026, based on a financial analysis of key market players including Ethereum (ETH), Ripple Labs Inc., IBM Corporation and R3.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, IOTA: Price Analysis, August 20

In a stark contrast to previous year, every fall of the crypto markets in 2018 is followed by a very weak recovery.

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

The market data is provided by the HitBTC exchange.

In 2018, every consecutive fall of the crypto markets was followed by a very weak recovery. This is in stark contrast to 2017, during which every fall was followed by a ‘V’ shaped recovery. The total market capitalization of all cryptocurrencies is hovering close to the $215 billion mark, after having dipped below $190 billion on August 14.

The next trigger is likely to be the U.S. Securities and Exchange Commission (SEC) decision regarding the Bitcoin exchange-traded funds (ETFs). If a new ETF proposal gets rejected again, we might witness another downward move.

On the other hand, if an ETF proposal is approved, the crypto markets might jump higher, signaling the formation of a bottom.

Let’s see which digital currencies are comparatively safe and can thus be bought into.

BTC/USD

Bitcoin (BTC) has been forming a higher low for the past five consecutive days, but on the upside $6,617.5 has been acting as a major roadblock. Currently, the 20-day EMA and the downtrend line have all converged close to $6,617.5, therefore we anticipate a strong resistance at this level.  

If the bulls succeed in sustaining above the overhead resistance, the probability of a move back to $8,566 increases because the failure of a negative pattern is a bullish sign.

Therefore, we suggest buying above $6,750 with the stop loss at $5,900. Please use 50 percent of the usual allocation for this trade. We shall add the remaining 50 percent if the BTC/USD pair sustains above $7,000.

If the bulls fail to break out of $6,617.5, a few more days of consolidation are likely. The virtual currency will become negative only below $5,900.  

ETH/USD

The pullback щn Ethereum (ETH) has hit a wall and turned down from $321.1. Currently, the bulls are trying to defend the $280 line.

If the ETH/USD pair sustains above the support zone of $277 – $280, the bulls will make another attempt to break out of $323.33. If successful, the upward move can reach $358, which might act as a stiff resistance.

If the bears break below $277, a retest of the August 14 lows will be on the cards. Both moving averages are sloping down and the RSI is close to the oversold territory, which shows that the sellers still hold the edge. Therefore, we shall wait for the trend to change before suggesting a trade on the pair.

XRP/USD

Ripple broke out of the 20-day EMA on August 17 but could not sustain the higher levels. It dropped back below the moving average on August 18 and has since then been trading below it. It has a slew of resistances until it breaks out of the 50-day SMA.

The pullback of the past few days has corrected the deeply oversold condition of the RSI. If the bulls break out of $0.37390, the XRP/USD pair can extend the pullback to $0.5.

If the bears sink the virtual currency below $0.31214, the decline can extend to $0.29088 and thereafter to the intraday lows of August 14. If we get a reliable buy setup, we might consider suggesting long positions close to the $0.38 mark.

BCH/USD

Bitcoin Cash pulled back into the range on August 17 but faced a strong resistance at the 20-day EMA. Currently, the price has again corrected close to the critical support of $537.8221.

If the bears sink the BCH/USD pair below $537, a retest of the August 14 lows is possible. On the other hand, if the bulls succeed in holding above $537.8221, another attempt to break out of the 20-day EMA is likely.

On the upside, a break out of the 50-day SMA and the downtrend line will indicate that the bearish momentum is waning. The first resistance is in the zone of $880 – $891. If this level is crossed, the next target is $1,200.

We shall wait for the prices to sustain above the downtrend line before recommending any trades.

EOS/USD

The 20-day EMA continues to act as a stiff resistance for EOS. However, it has not given up much ground in the past two days, which is a positive sign. We also like the way the bulls defended the critical support of $3.8723. This shows demand at lower levels.

If the bulls break out of the 20-day EMA, a rally to the 50-day SMA, followed by a move to $9 is probable. Therefore, we propose a long position at $6, with the initial stop loss at $4.8. The traders can raise the stops to break even if the EOS/USD pair struggles to break out of the 50-day SMA.

On the downside, if the bears break below $4.8121, a decline to $4.4036 is possible.

XLM/USD

Stellar is finding it difficult to break out of the $0.25 level. It turned down from $0.24684115 on August 18. It might now correct to $0.205.

A break out of the $0.25 level can carry the XLM/USD pair to the downtrend line where it might face resistance. We retain the existing buy recommendation made on August 15.

Our bullish view will be invalidated if the bears sink the digital currency below $0.184. We can’t find any buy setups for as long as the price remains inside the range of $0.25 – $0.184.

LTC/USD

Litecoin is in a downtrend as both moving averages are sloping down and the RSI is also in the negative territory. As expected, the bears are defending the 20-day EMA.

If the bears break below the support at $49.466, the LTC/USD pair will resume its downtrend and reach $40.

The cryptocurrency will show first signs of a change in trend when it breaks out and sustains above the downtrend line. We suggest traders wait for the trend to change before initiating any long positions on the pair.

ADA/USD

After a strong support is broken down, it becomes a strong resistance. We can see that on Cardano, where the previous strong support of $0.111843 is now acting as a strong resistance.

The 20-day EMA is sloping down, whereas the 50-day SMA is flattening. We shall turn positive on the ADA/USD pair only after it breaks out of the downtrend line and the 50-day SMA.

On the downside, any break of the August 14 lows can result in a retest of the long-term support of $0.078.

XMR/USD

Monero is in a downtrend as price is quoting below both moving averages and the long-term downtrend line. The bulls broke out of the 20-day EMA on August 18 but could not sustain the higher levels. For the past two days, the cryptocurrency has been consolidating close to the moving average, which is a positive sign.

If the XMR/USD pair sustains above the 20-day EMA, a rally to the 50-day SMA is probable. On the downside, if the bears break below $94.3, a fall to $84 is likely.

Both moving averages are flattening out, which points to a consolidation for the next few days. We shall try to establish positions when we have a well-defined range. Until then, it is best to remain on the sidelines.

IOTA/USD

IOTA is in a downtrend with both moving averages sloping down and the RSI in the negative territory. The pullback is facing resistance close to the $0.575 mark.

If the bulls break out of the 20-day EMA, they can carry the IOTA/USD pair to the 50-day SMA, which is likely to offer a strong resistance.

On the downside, any break of the August 14 lows will increase the probability of a fall to $0.33. We can’t find a confirmation of a bottom yet, so we are not suggesting a trade on the pair.

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

Despite Market Gains on the Day, Bitcoin Remains Below $6,500, Ethereum Loses $300 Support

The market shows signs of a tentative recovery, but momentum has not yet rallied sufficiently to suggest an outright reversal of the bear market.

August 19: The crypto market picture shows signs of recovery following last week’s major market crash, but momentum has not yet rallied sufficiently to indicate a categorical reversal of the bear market.

August 17 saw the first major attempt to reverse fortunes, but these gains have not been widely consolidated. At press time, Bitcoin (BTC) is trading below the $6,500 price point and Ethereum (ETH) has dipped below $300.

Most major of crypto assets are seeing modest to solid gains of 1 to 5 percent on the day, as Coin360 data shows, with some top 20 coins up as much as 16 percent.

Market visualization from Coin360

Bitcoin (BTC) is currently seeing almost no change over the past 24 hours at press time, trading at around $6,380, according to Cointelegraph’s Bitcoin price index. Yesterday’s bullish but short-lived spike upwards towards the $6,500 mark has failed to hold, and the coin has today seen a slide to as low as $6,330. While it has since stemmed its losses, Bitcoin has failed to break back above $6,500, seeing a jagged recovery to trade within the $6,400 range.

On the week, Bitcoin is now up just half a percent, but its monthly losses remain at a stark 14.56  percent.

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

Ethereum (ETH) is trading just under $300 at press time at $395, up around 1.85 percent on the day. The top altcoin has staked a tentative and gradual ascent back up towards $300 over the past 24-hours, trading at $285 at the start of the period. Nonetheless, yesterday’s strong momentum to break above $310 has not been re-attempted today.

Ethereum’s losses on its weekly chart are at around 8 percent; on the month, the asset has plummeted by 37 percent.

Since crashing below $300 August 13, Ethereum notably continues to trade at a price point not seen since early November 2017.

Ethereum’s 1-year price chart. Source: Cointelegraph Ethereum Price Index

Almost all of the other top ten coins on CoinMarketCap’s listings are in the green, with the exception of Stellar (XLM), and anonymity-oriented altcoin Monero (XMR), both down less than one percent.

In the context of the top twenty coins, IOTA (MIOTA), ranked 11th, has seen a bullish 11.6 percent growth on the day to trade at $0.53 at press time. Despite tumbling during the last week’s market-wide crash, the altcoin has now almost closed its losses on its weekly chart.

IOTA’s 7-day price chart. Source: CoinMarketCap

VeChain (VET), ranked 19th, has seen a sharp 16 percent spike to trade at $0.014 at press time, reversing its early evening tumble yesterday, August 16.

Tezos (XTZ), ranked 18th, has secured strong almost 4 percent growth on the day to trade at $1.37 at press time. Tezos’ weekly chart shows a strong week of gradual gains –– in contrast to the parabolic volatility that has characterized the attempted recoveries of other cryptos in the wake of last week’s market crash.

Bitcoin (BTC) dominance –– or Bitcoin’s share of total crypto market capitalization  –– is slightly down on the week, now at 51.6 percent. BTC dominance has been on the rise as of mid-May. On August 14, its soared as high as 54.6 percent –– reflecting Bitcoin’s relative resilience as compared with the staggering price plummet of Ethereum and other altcoins.

1-month chart of cryptocurrencies by dominance. Source CoinMarketcap

Total market capitalization of all cryptocurrencies is around $213.4 billion at press time, up from its tumble to under $189 billion August 13.

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

While the market remains shaky since crashing last week, new research from Bernstein analysts has this week suggested that revenue generated by cryptocurrency exchanges through transaction fees alone could more than double to hit $4 billion in 2018.