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Cryptocurrency market update: Crypto whales at it again – millions of Ripple, Bitcoin, and Tron moved

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  • The market slumps back in the red as crypto whales do what they do best.
  • Ripple moves 73,200,000 XRP to an unknown wallet.
  • Bitcoin whales send huge amounts of BTC to Bittrex, Binance, Bitfinex, and Huobi.

The cryptocurrency market is back in the red following three days of significant gains and breaking of barriers to the upside. Bitcoin recovered above $4,000 on various cryptocurrency exchanges. However, the largest asset by market capitalization has corrected lower to the current value at $3,928. Besides, the cryptocurrency live rates on FXStreet show Bitcoin trending 0.3% down today.

Recently, there has been an emergence of a special group of experts referred to as crypto whale watches. These experts monitor transactions in the cryptocurrency universe to spot massive movement of digital funds from different exchanges and wallets.

As the market retraces, the above-mentioned crypto whale watchers are currently involved in monitoring the transfer of millions of funds in XRP. The startup based in San Francisco has transferred over 73,200,000 XRP; an equivalent of $23.9 million. The lasts transaction involved the transfer of 47,200,000 XRP. The funds which clock $15.7 million were sent from a known over-the-counter Ripple distribution wallet to one that is not known. This could mean that Ripple could have sold the tokens to an outside party. The firm sells the tokens it has in reserve from time to time to cater for operation costs.

“47,200,000 #XRP (15,795,851 USD) transferred from Ripple OTC Distribution wallet to Unknown wallet,” Whale Alert.

Elsewhere in the market, Bitcoin whales are reported to have transferred 12,300 BTC. The transaction worth $48.7 million was made yesterday. A majority of the wallets that were used to make the transfer were unknown but the funds were sent to Bitfinex.

Tron whales, on the other hand, have not been left behind. In the last few days, they have transferred at least 409,499,944 TRX worth $10.2 million. The funds were sent to several crypto exchanges including Bittrex, Binance, Bitfinex, and Huobi.

News Source: fxstreet

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Cryptocurrencies

Financial Giant Says Bitcoin (BTC) and Crypto Adoption Unstoppable – Plus Ripple and XRP, Ethereum, Litecoin, Tron and Cardano

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From the mass adoption of Bitcoin to XRP’s big tease, here’s a look at some of the stories breaking in the world of crypto. Bitcoin Global payment processing giant Square says it will make mass adoption of Bitcoin inevitable. In a viral tweet, the newly formed Square Crypto is touting plans to boost the crypto ecosystem. Led by Square and Twitter CEO Jack Dorsey, the company says it’s going full throttle. Back in March, Dorsey laid out the company’s initial hiring plans. “Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in bitcoin! Introducing @SqCrypto.” The San Francisco-based mobile payments company integrated Bitcoin buying and selling on its Cash App in January of 2018, and reported a 72% jump in sales in the first quarter of 2019. The app, which allows users to transfer money to one another, ranks as the #1 finance app in the App Store. In August of 2018, when it reached 33.5 million downloads, it surpassed Venmo’s 32.9 million. Ethereum Global automotive supplier Bosch is testing an Ethereum-based solution for connecting machines via smart contracts. The company is running prototypes on Ethereum, reports Decrypt. “The multinational would not reveal how exactly it intends to use Ethereum and its handy smart contract tech. But a quick appraisal of Bosch’s latest use-cases and friendly declarations about open source tech enables us to hazard a guess.” Ripple and XRP Thailand’s Siam Commercial Bank (SCB) is teasing potential future support for XRP. In response to a question on Twitter, the bank confirmed it’s currently using Ripple’s enterprise blockchain solution xCurrent for cross-border payments, and tells users to “wait for further announcement” regarding XRP.   Litecoin The latest episode of The Lite Podcast is out. The new edition features an in-depth look at the Lightning Network from the recent Magical Crypto Conference. Tron Tron’s file-sharing platform BitTorrent is hosting an ask-me-anything with Binance. The event will cover the latest on the platform’s integration with the Tron network, which is set to launch in the second quarter of this year.
Cardano
Cardano creator Charles Hoskinson just released a new video outlining Shelley’s upcoming testnets. The coming upgrade Shelley promises to bring smart contracts and a new level of decentralization to the platform.
-News Source
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Cryptocurrencies

BTC, ETH, XRP Price Prediction — Bears Are Back Again: Nothing to Worry About or a Deep Correction?

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  • Bears have come back on the crypto market. How long are they gonna stay here? Our price prediction helps you to make a decision

May 23 has started with a general dump on the cryptocurrency market, as the prices of all coins are going down. As it usually happens, when the rate of BTC decreases, altcoins decline even deeper. Today’s example is not the exception from the rule. The biggest loser out of the top 10 coins is Cardano; its rate has dropped by almost 9%.

However, there is also positive news against the overall market correction. May has been the most successful month for Bitcoin futures. A record trade volume of 33,677 contracts ($1.3 bln in BTC) was recorded on May 13 at the Chicago Mercantile Exchange (CME).

Bitcoin futures statistics by CME Group

Bitcoin futures statistics by CME Group

What is more, yesterday the crypto community celebrated Bitcoin Pizza Day for the 9th time. In 2010, the programmer Laszlo Hanyecz paid 10,000 BTC for two pizzas. Now they would cost more than $80 mln.

In terms of the technical analysis, the situation on the market looks the following way.

BTC/USD

Our BTC forecast made a few days ago is coming true, as the coin is moving to an expected $7,575.

However, there are no fundamental reasons for today’s market dump; traders just fix their profits.

BTC/USD chart by tradingview

BTC/USD chart by TradingView

On the hourly chart, it is noticed that the quotes are located in the descending channel from May 20. Currently, the leading crypto is trading between the support level at $7,500 and resistance at $8,000. We can expect a decline up to $7,500 in a few days, as the trading volume keeps stagnating. Hopefully, BTC should not go below $7,500, because the RSI indicator is near the oversold zone.



ETH/USD

Even the positive news background could not keep Ethereum from falling; at the time of writing, its rate has reduced by more than 7% against the US dollar. The quotes are trading according to our scenario predicted a few days ago.

ETH/USD chart by tradingview

The leading altcoin on the hourly chart has almost touched its bottom at the $230 mark. One can expect a rollback from this point to the green zone ($250-$265) within a few days. The end of the correction is also supported by the RSI indicator, which is located on the verge of the oversold area.

The price of ETH is trading at $236.81 at the time of writing.

XRP/USD

Against the top 3 coins, Ripple is falling the most: its rate has reduced by 7.5% overnight. However, the coin is not going to capitulate, due to the relatively high trading volume.

XRP/USD chart by tradingview

On the 1-hour chart, Ripple is looking similar to Ethereum and has almost reached the support at $0.36. This is confirmed by the RSI indicator and Fibonacci Retracement. In this regard, one can expect a bounce back to $0.3979 (78.6%) shortly.

The price of XRP is trading at $0.3671 at the time of writing.

-News Source






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Cryptocurrencies

ECB: Bitcoin, Ether, Ripple and BCH are the “Most Important” in Usage & Business Model Diversity

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In its latest report titled, “Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures,” European Central Bank (ECB) takes on cryptocurrencies.

To start with, ECB points out that Bitcoin is the leader of the pack when it comes to market capitalization, user base, and popularity. It further mentions that despite losing its market share, it has recovered and currently stands at 54 percent.

 

Crypto-asset Development

Regarding the development, the key findings have been:

  • Financial investment vehicles like trusts, Exchange Traded Notes (ETNs) and Contracts for Difference (CFDs) have started to offer exposure to crypto-assets to European clients that are mainly found in the household sector with key markets in Belgium, Italy, and Germany in Q3, 2018.
  • Price growth of crypto-assets surpassed that of historical bubbles viz. Dot-com bubble, South sea bubble, Mississippi, and Tulip mania before the crash in early 2018.
  • An important share of bitcoin’s trading volume, an average of 10% of the total, is settled in euro.
  • The top 1,000 addresses (0.0018% of all active addresses) represent around 36% of all bitcoin holdings and the top 10,000 holds 58%, reports ECB in its report
  • Developments and activities like Bitcoin futures contracts and financial investment vehicles that track crypto-assets, may increase links to the traditional financial sector and the real economy.
  • Banks do not seem to have systemically-relevant holdings of crypto-assets while hedge funds and asset managers showing strong interest.
  • Initial coin offerings (ICOs), a largely unregulated way to raise capital collected about €19 billion in 2018.

Implications for Monetary Policy

  • At the current stage, crypto-assets do not fulfill the functions of money, and neither do they entail a tangible impact on the real economy nor have significant implications for monetary policy.
  • Since the size of the sector remains small and linkages to the wider financial system – let alone the real economy – remain limited, crypto-asset related developments have no direct implications for monetary policy at the present stage. At the same time, the dynamic nature of crypto assets, including the development of stablecoins, warrants continuous monitoring.
  • Clarifying the accounting treatment of crypto-assets could lead to a more conducive environment for such investments being created.
    “Regulation of crypto-asset gatekeepers could have an unintended impact on the market,” cautions ECB.It further states that still ECB continues to monitor the crypto-assets, and further raise awareness while developing preparedness for any adverse scenarios that too in cooperation with other relevant authorities.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

-News Source

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