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Nvidia, Bitcoin chip-marker’s stock to be stayed away from because of cryptocurrency market

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The entire cryptocurrency market has plunged to the bear’s attack since January 2018. The beginning of the month seemed all bright and shiny for the coin, however, the market decided to jump to the darker side mid-way. This not only had an adverse effect on the investors but also on several firms working in the blockchain and cryptocurrency space. Notably, the firms that were hit by the bearish market are the mining firms and the chip-makers.

According to the latest reports, one of the recently fallen firms is noted to be Nvidia Corp, a Bitcoin chip-maker giant. The company has lost around half of its value in the past four months alone. Although the plunge of Bitcoin and other cryptocurrencies is not stated to be one of the key reasons for the fall of Nvidia’s shares, it is noted to be a major contributing reason for the wariness of investors over the firm’s future.

In an interview with CNBC, Gina Sanchez said:“”I think this [Nvidia] is up in line with the S&P but no more. I really don’t see this as an interesting buy at all here because you still have significant slowing in the cloud market [….]”

She further said:“You are seeing this not only in Nvidia but across the chip makers. And also Nvidia was the darling of the crypto-craze, which has now fallen off. And so to expect that that’s not going to have an impact on Nvidia’s earning over time, I think this is a stock to stay away from right now”

To add on, Nvidia witnessed a dramatic drop in the market after it released guidance for Q4 of 2019. The company is now expecting revenue of $2.2 billion for Q4 fiscal 2019, slashing over $500 million from its previous forecast.

The firm clearly stated that the reason for the reduction in numbers is the drop of Bitcoin and other cryptocurrencies in the market, which resulted in less demand for chips from the miners. The firm stated that this drop was anticipated. However, on the contrary, China’s weakening economy caught the company off-guard as it is noted to be the second main reason for the slash in the revenues.

Source. ambcrypto

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Bitcoin [BTC] and other cryptocurrencies can be exchanged for ETFs and stocks, says Abra CEO

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Bill Barhydt, CEO and Founder of Abra – a leading fintech firm in the cryptocurrency space, spoke about a range of services offered by the platform, in an interview with Nugget’s News.

The discussion started with Barhydt talking about why he started Abra. He stated that it was because he wanted to “build an effectively new type of banking system,” adding that it was to replace traditional banking services with cryptocurrency-based services. The CEO stated that this could include investing, transferring money, and accessing credit. He also added that he wanted to create a “Whatsapp” for money.

This was followed by Barhydt stating that every country across the globe had its own dedicated mobile money system, such as Paytm in India, Venmo in the U.S, and WePay in China. However, there was no app that enabled its users to make cross-border money transfers. He went on to state,“[…] because they only work in one country by definition […] so one app that could work in every country could start to solve things like cross-border money transfer, cross-border payments, investing in Western assets in the east, and eastern assets in the West. so this is basically what we’ve built with the Abra service […]”

During the interview, the CEO was asked whether Abra’s focus was more on STOs, equities, and ETFs. To this, he stated that the platform was not providing any services related to STOs yet, adding that the market for those types of tokens wasn’t established as of now. He said that Abra currently supports 50 different fiat currencies and 30 cryptocurrencies that include Bitcoin [BTC], Litecoin [LTC], Ether [ETH], and Bitcoin Cash [BCH]. He added,

“[…] investment exposure via our smart contract model, so that you can invest in all 80 assets both crypto and fiat and move between them. We just announced that we’re adding US stocks and ETFs to that mix so they’ll be about 50 stocks and about 50 ETFs and you can literally exchange between any of the cryptos […]”

The CEO further added,“[…] and any of the stocks any of the fiat currencies and any of the ETFs so for example you can hold Australian dollars and buy Microsoft you can sell your Microsoft and exchange it for Litecoin and any combination of those across the entire portfolio […] our mission is to democratize access to financial services globally and this is a big step towards making that that vision a reality […]”

Source. ambcrypto

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Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Bulls drag BTC from bear’s trap; fail to save LTC

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The cryptocurrency market was painted red on April 25 as most major coins fell. Bitcoin, the world’s largest cryptocurrency, also fell by 2.83% over the day, along with Litecoin [LTC], which reported a fall of 1.25% over the day.

At press time, BTC noted a fall of 0.39% over the hour and was valued at $5,433.19 with a market cap of $95.97 billion. The coin fell by 2.82% over the past day and noted a minimal growth of 2.90% over the past seven days. The 24-hour trading volume for BTC was observed to be $16.11 billion.

Source: Trading view

Source: TradingView

Resistance- $5,532.75

Support 2- $3,851.02

Bollinger Bands noted a bullish trend as the moving average line was under the candlesticks. The bands appeared to be converging, indicating reduced market volatility.

Awesome Oscillator indicated strong bearish momentum.

Chaikin Money Flow pointed towards a bullish market as the marker was above zero. However, it appeared to be approaching the mark, with a change in trend imminent.

Litecoin [LTC] one day chart

At press time, LTC fell by 1.25% over the past day and was valued at $72.54 with a market cap of $4.46 billion. The coin fell by 0.77% over the past hour and by 10.20% over the past seven days. The 24-hour trading volume was observed to be $3.13 billion.

Source: Trading view

Source: TradingView

Resistance- $93.131

Support- $59.488

Parabolic SAR indicated a bearish market as the dotted markers aligned above the candlesticks.

MACD line was under the signal line, pointing towards a bearish market.

Relative Strength Index indicated that the buying and selling pressure evened each other out.

According to BTC’s long-term chart, a bullish market was predicted. However, the CMF suggested that a trend reversal may be underway. LTC pointed towards a bearish market.

Source. ambcrypto

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Bitcoin Price Analysis April 25: Critical Decision Point For BTC – a Double Top or Hold Support?

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Since our previous BTC price analysis, and following the trend, the Bitcoin breakout had reached a daily high of $5627 on Bitstamp. This is still not our expected target (around $5700 – $5800), however, this is crypto and anything can change anytime.

Since yesterday, the crypto markets are suffering from severe declines: Both in Bitcoin and especially among the altcoins. This includes Ripple that keeps decreasing against Bitcoin since 2019 had begun.

A quick overview to keep things simple: the hourly and the 4-hours chart reveal a double top in Bitcoin around $5625. This setting is a bearish formation. From the other side, Bitcoin is still getting support from the mid-term trend-line on the 4-hour chart, along with the stiff resistance turned support area at $5300 – $5350.

Total Market Cap: $176 Billion

Bitcoin Market Cap: $96.3 Billion

BTC Dominance: 54.6%

Looking at the 1-day & 4-hour charts

– Support/Resistance:
As mentioned above, Bitcoin is very close to the ascending trend-line marked in orange on the 4-hour chart, along with the $5400 support area. This trend-line is holding nicely for the past ten days. The next critical support level is the resistance turned support $5300 – $5350 zone. Below lie the $5200, $5100 and $5000 support levels.

From above, after failing to break-out the previous high at $5625, Bitcoin marked $5500 as the closest resistance level. Above, lies the mentioned $5600 – $5625 resistance, before reaching to the major area of $5700 – $5800, which held the 2018 bear market as last support level throughout 2018. In case of a break-up, the $6000 level is not expected to be easier to overcome.

– Trading Volume: looking on the 4-hour chart, we see that the sellers’ candles (in red) are decreasing over the past two days. This could turn bullish, combined with the Stochastic RSI oscillator which is deep in the oversold area.

– Daily chart’s RSI: The RSI level had dumped down to 68, which is considered a support range. It will be interesting to see if it can find the necessary support here.

– BitFinex open short positions: the number of short positions continues growing up over the past days, and currently stands at 25.7K BTC open short positions.

BTC/USD BitStamp 4-Hour Chart

btc_apr25_4h-min

BTC/USD BitStamp 1-Day Chart

btc_apr25_d2-min

Source:cryptopotato

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