The start of this year has been nothing short of epic for cryptocurrencies with the majority of them surging for the first couple of days of January. One favorite from last year however remained asleep and even fell a little while the rest were on fire. Litecoin has finally awoken during the Asian trading session this morning and is once again heading upwards.
Like many of its siblings LTC had a great year in 2017 starting off around $4 and climbing steadily over tenfold to reach some stability around $50 where it remained for several months. In November it moved up again towards the $100 level where again it halted for a while. Between December 8 and 13 Litecoin went parabolic and jumped to $340, it reached a record high of $375 a few days later.
Since those heady days the altcoin has fallen from grace somewhat on a downward trend for three weeks to lows of just over $220. News that founder Charlie Lee had sold his entire holdings of LTC left the community with a sour taste. Hodlers were starting to get concerned as all of the other altcoins were making upward motions and Litecoin was getting left behind.
Things started to change this morning during the Asian trading session when LTC broke through its weekly resistance level of $255 and shot skywards in a couple of hours to just over $300. Litecoin has finally awoken from its slumber to break $300 again for the first time since December 22. The majority of trading has been on Hong Kong exchange OKEx in Bitcoin Cash, followed by GDAX and South Korean Bithumb.
Charlie Lee is still extolling his baby and Tweeted this today in reference to transfer volume;
“Over $12B worth of LTC has been sent in the last 24hr. That’s almost 95% of its marketcap. See how this stacks up against the other coins. Litecoin IS the payments coin!”
News that Japanese entertainment giant DMM unveiled details of a crypto exchange that will be launched next month could have boosted investment in Litecoin as it will be carrying 7 currencies of which LTC is one.
Litecoin is currently up 21% on the day, its market capacity is $16 billion and it has lost a couple of spots in the cap charts to Cardano and the recently surging Ripple. It the momentum continues Litecoin could reach its previous high and even continue on to $400 where it is likely to climb back up those charts.
Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019
Cryptocurrency Bitcoin (BTC/USD) is trading at 3587. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend for Bitcoin. At the moment, cryptocurrency quotes are moving near the upper border of the Bollinger Bands indicator.
Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019
As part of the Bitcoin exchange rate forecast, the test level of 3820 is expected. Where should we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 2700. The conservative area for selling Bitcoin is located near the upper border of the Bollinger Bands indicator at the level of 3850.
Cancellation of the option to continue the decline in Bitcoin will be the breakdown of the area of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing of quotations of the pair above the area of 4250. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall of the cryptocurrency.
Bitcoin (BTCUSD) weekly forecast on February 18 — 24, 2019 implies a test level of 3820. Further, it is expected to continue falling to the area below the level of 2700. The conservative area for selling Bitcoin is located area of 3850. Canceling the option of falling cryptocurrency will break the level of 4250. In this case, we should expect continued growth.
BTCUSD Analysis: Bitcoin still trading in a bearish consolidation [Video]
Any upside moves are classified as corrective ahead of what could be the next downside extension and bearish continuation. It would take a break back above 4,380 at a minimum to take the immediate pressure off the downside. Next critical support comes in the form of the July and September 2017 lows, around 2,000 and 2,975 respectively.
In this analysis, we take a look at Bitcoin each day, highlighting all of the need to knows for anyone looking to extract up to date information about major levels and relevant trends, both short term and longer-term. The analysis is designed for the trader, investor and even those simply holding the crypto asset, looking for an idea of where they may want to consider making that next conversion.
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Are Central Bank Digital Currencies (CBDCs) Net Positive Or Negative For Bitcoin And Crypto Assets?
Central Bank Digital Currencies (CBDCs) have been analyzed by several banking institutions around the world, specifically by several central banks in different countries. However, they are different than virtual currencies such as Bitcoin (BTC). How would the issuance of CBDCs affect Bitcoin and the whole crypto market?
There are some important differences between Bitcoin and CBDCs. For example, Bitcoin is permissionless, decentralized and censorship-resistant while CBDCs are permission, centralized and censorable. Thus, they are almost contrary to Bitcoin. While the most popular cryptocurrency provides freedom to users, CBDCs allow governments to have larger control over their populations.
A few days ago, the popular investment bank JP Morgan unveiled a stablecoin called JPM Coin that would be used to make transfers between customers in just a few seconds. Although JP Morgan’s CEO Jamie Dimon has been against virtual currencies, it seems that the bank will be using blockchain technology to power their virtual currency.
There were several individuals in the market claiming that the new JP Morgan digital coin killed Bitcoin, or at least, it is going to kill the most popular cryptocurrency in the market. However, it is important to understand that these coins will never be similar and work in a completely different way. CBDCs and stablecoins issued by financial institutions such as JP Morgan work in a centralized and controlled way.
Indeed, these new digital assets do not seem to present a threat to cryptocurrencies such as Bitcoin. SWIFT could be affected by these new coins. SWIFT is the mainstream and most popular system to perform cross-border payments. This system has proven to be slow and costly for many financial institutions and banks all over the world. Indeed, Ripple’s services could also be affected by the growth of new CBDCs.
CBDCs legitimize that virtual currencies are the future of money. Because of this, it might be possible for Bitcoin to distance itself from drugs and criminals. At the same time, with CBDCs individuals will discover that there are several advantages of using digital assets.
Individuals will clearly have their funds frozen at any moment using CBDCs if the financial institution regulating the asset decides so. Moreover, their accounts can be suspended and users would not be able to use these funds anymore.
There are some crypto experts that believe that CBDCs could be very harmful to societies. For example, China is currently trying to control its population with new surveillance systems related to how individuals use their funds.
Crypto fiat (i.e. government controlled permissioned cryptocurrencies) will be the biggest battleground globally for human rights over the next decade. China is leading the way, many other countries, including some big western democracies, will follow. https://t.co/8BqfmBJ2mP
— Ari Paul (@AriDavidPaul) February 13, 2019
With CBDCs, people will realize that there is no more freedom and that the government is ultimately controlling everything. This is why Bitcoin could grow as a safe haven where users can feel free to use their funds as they want without being controlled by governments.
That does not mean that Bitcoin will be used to perform illegal things. It means that users will protect their privacy and what they do with their funds.