When it comes to the current Bitcoin price momentum, it is rather evident things may not necessarily evolve in a positive direction moving forward. In fact, the opinions on cryptocurrency prices throughout 2019 are all over the place, although CoinFi co-founder Timothy Tan isn’t too impressed at this stage. In fact, he has identified some potential signs which indicate this most recent drop off was a matter of time.
A Premeditated Cryptocurrency Dump
For as long as cryptocurrency has been around, it appears there have been concerns regarding potential insider trading. Although none of these claims have been proven to be correct – so far – it would appear the number of allegations isn’t necessarily diminishing either. That in itself always makes for some interesting discussions, albeit it also highlights one of the main problems this industry faces right now. Distrust leads to more volatility, which is not necessarily what this industry needs right now.
According to CoinFi co-founder and CEO Timothy Tam, the most recent market dump was somewhat premeditated. While that may be a stretch too far first and foremost, it would appear there is some evidence which can back up these suspicions. Tam identified a massive Ether transfer of 40,000 ETH – worth roughly $5m at the time of the transaction – was moved to an undisclosed exchange prior to the drop off materializing.
While that in itself might not necessarily be a sign of misconduct, it is evident someone was well aware of the Ethereum price declining in the near future and decided to take appropriate action ahead it is materializing. Considering how the latest wave of bearish pressure triggered a near 15% decline for Ethereum, it is evident this one large transaction had its role to play in those proceedings. To date, Tam ha snot confirmed which exchange was involved in the process, but he did state:
“Usually transfer of Ethereum onto an exchange indicates an intent to sell, and if there is a sell-off on one exchange it compounds like dominoes to another because arbitragers will sell immediately on the other exchanges as well.”
Although the overall drop affected Bitcoin and other markets as well, it is evident this Ethereum transaction raises a lot of questions which are not all that easy to answer. One would have expected the Ethereum Classic price to drop significantly following its recent 51% attack, but that only happened once all other major markets started to lose value. A very peculiar trend, but it also shows the markets are not evolving in a rational matter at this time.
Based on the findings by Tam, one has to wonder if this most recent market drop was orchestrated, or just a sheer coincidence. Considering how these drops seem to occur on a very regular basis over the past 12 months, it does appear as if there is some coordination involved to make these market drops succeed in spectacular fashion. Proving anything nefarious is going on will always be the main problem, though.
Crypto Market Update: Stellar (XLM), Bitcoin Cash, Tron (TRX), ADA Price Analysis
- The total crypto market cap failed to hold gains above $120.00B and declined to $115.00B.
- Stellar (XLM) price is holding the $0.1000 support very well and it could gain traction.
- Bitcoin cash price may correct lower towards the $125 support level.
- Tron (TRX) declined below $0.0250 and it could find support near the $0.0240 level.
- Cardano (ADA) price is trading nicely above the $0.0420 and $0.0440 support levels.
The crypto market failed to hold gains and declined followingEthereum’s slide. Bitcoin, BCH, ETH, XRP, Stellar (XLM), Tron (TRX) and Cardano (ADA) also corrected lower.
Bitcoin Cash Price Analysis
After a decent upward move, there was a bearish reaction from the $135 resistance in bitcoin cash against the US Dollar. BCH/USD declined below $130 and it is currently consolidating losses. An initial support is at $125, below which it could revisit the $120 support.
On the upside, a close above the $132 and $135 resistance levels is must for an upside acceleration towards $140 and $145 in the near term.
Stellar (XLM), Tron (TRX) and ADA Price Analysis
Stellar price retreated from well above $0.1150 and declined below the $0.1100 support. However, XLM is still well supported above the $0.1050 and $0.1000 support levels, and it may soon bounce back.
Tron price started a downside correction below the $0.0280 support and tested the $0.0230 support. TRX is currently consolidating near $0.0240 and it may slowly climb above $0.0250 and $0.0262 in the near term.
Cardano price tested the $0.0400 support recently and bounced back. ADA is currently trading near $0.0440 and it may continue to rise towards the $0.0450 and $0.0472 in the coming sessions. On the downside, the main supports are $0.0432 and $0.0420.
Looking at the total cryptocurrency market cap hourly chart, there was a bearish reaction from the $120.00B-121.00B resistance zone. The market cap declined and tested the $115.00B support. It is currently correcting higher, but there are many hurdles on the upside near the $118.00B, $119.00B and $120.00B levels. Therefore, it seems like upsides might be capped in the short term, and bitcoin (BTC), Ethereum, EOS, stellar, LTC, ripple, TRX and other altcoins may continue to consolidate.
How do Bitcoin transactions work – A Brief Explanation!
Bitcoin is a cryptocurrency – meaning digital form of cash. Since its inception, Bitcoin has intrigued users for its peer-to-peer technology without any involvement of the bank. The formation of the blockchain here makes the process authentic, and genuine.
To put across simply the buying and selling of the bitcoin happens online with the help of a p2p portal. Here is how it happens!
The initial listing!
If a seller to sell bitcoin the seller needs to publish the intention for the nodes to scan the bitcoin network. Here the authenticity of the seller is established as nodes check –
Validity of the bitcoin that the seller wants to sell, and
If the bitcoin is genuine or has been sold already!
After the scanning has been done, a block is created which attaches to the previous block of transactions done. Thus there is created a network called blockchain. These blocks are unique and cannot be tampered with so the players can play slots without depositing!
The public key and private key!
Every seller or buyer on the bitcoin network has a public key and a private key. Public key is a string of 34 characters made of numbers and letters. This is the official address of the person on the network. This public key holds information like transaction done, balance in the account etc.
The public key has a corresponding private key which is much like a password of 64 characters. Here too the characters include numbers and letters. While these two keys are connected, the private key needs to be kept secured as it provides for a login and authentication for the person to make transactions.
To authenticate a transaction, a public key should be signed with a private key with the help of a computer software or mobile phone. At all times the private key stays a secret to the users. So when someone signs digitally to authenticate the transaction, it’s only the public key that is available to the world. Much clever technology!
The blockchain hash and virtual tampering!
Hash is complex mathematical function related to a blockchain. The hash function is unique and is created when a user publishes intention to sell or buy bitcoin. As and when a change is made in the transaction, a new and unique hash function is created. This set of 64 characters long string of numbers and letters tells the users of the changes and tampering made on any transaction.
Blockchain, therefore, keeps in authenticity of the transactions with the users by each time creating a new hash function for the block – related to the transaction. Virtually it’s a boon as every sort of tampering is easy to catch!
Bitcoin and blockchain world
The trading of bitcoin happens through blockchain procedure which is a full-proof play of technology. You can sit at your desk and check the transactions working live on the network.
Access the primary websites and lay your hands on the most fascinating currency trading system that has ever been developed!
Crypto Arbitrage Today: BTC, ETH, TRX, XRP, XLM, DOGE
Another day dawns upon the cryptocurrency industry. While most markets are moving up slowly, the number of arbitrage opportunities continues to increase accordingly. A lot of good money can be made today by flipping the following altcoinsbetween the associated exchanges. Depending on how all markets evolve, there will be further gains waiting on the horizon.
Ethereum (Gate / KuCoin / EXMO)
A fair few price differences can be noted where Ethereum is concerned. It would appear the value per ETH on EXMO is slightly higher compared to exchanges such as OKEx, HitBTC, KuCoin, Poloniex, Gate, Bittrex, and Binance. An acceptable 1% profit can be achieved by moving ETH between these platforms. There is also an opportunity involving Bitfinex, as its ETH price is higher compared to Koinim, BtcTurk, Koineks, Bittrex, Bitstamp, and Paribu. These profits are near the 1% mark on average, yet can rise to 1.79%.
Bitcoin (OKEX / Poloniex / Livecoin)
Finding two relatively big exchanges with an identical Bitcoin price may prove to be somewhat challenging today. In terms of arbitrage trading, that is rather good news. Buying Bitcoin on Poloniex, Gate, HitBTC, OKEx, Binance, KuCoin, Bittrex, or Binance and selling it on EXMO, Livecoin, Bitexen, Sistemkoin, or Bitfinex will yield a profit. The Bitcoin-related price gaps can be as big as nearly 3%, although the average profit will be closer to 1.3%.
XRP (Bitstamp / Vebitcoin / Bitfinex)
There are numerous arbitrage opportunities involving XRP today. The more straightforward option is to sell XRP on Bitfinex after buying on Bitstamp, Vebitcoin, or Bittrex for a profit of up to 2.8%. Users can also buy on Binance, KuCoin, HitBTC, OKEx, Poloniex, or Gate to sell on EXMO for an average profit of 1.4%. Buying on Bittrex, or Binance and selling XRP on Sistemkoin can also yield a 1% profit today.
Stellar Lumens (KuCoin / Gate / EXMO)
As has been the case for several days now, EXMO has become the go-to arbitrage exchange once more. Its XLM value is higher compared to KuCoin, HitBTC, Gate, and Binance. As such, traders can achieve a profit of up to 1.8%. There is also an option to buy on KuCoin, Binance or Kraken to sell XLM on Bitexen for a profit of nearly 3% per trade. All of these options heavily depend on the trading volume between these exchanges.
Dogecoin (HitBTC / Gate / LiveCoin)
It is always good to see a Dogecoin price gap emerge between different trading platforms. After all, Dogecoin remains one of the more popular currencies in the industry as a whole. Its price on both HitBTC and Gate is lower compared to LiveCoin, resulting in a potential profit of 2.15%. Given how popular Dogecoin is, such a price gap should never be overlooked whatsoever.
Tron (Paribu / Koineks / Bitfinex)
A rare TRX-oriented arbitrage opportunity presents itself today. That is always interesting, as Tron usually maintains a fairly stable price between all major exchanges. For today, the TRX value on Paribu and Koineks is lower compared to Bitfinex. Depending on which option one prefers to explore, the potential profit sits between 1.8% and 2.4%. Another good money-making opportunity in the cryptocurrency world.Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.