From the reason behind a big drop in the price of Bitcoin to some hard-hitting questions for the CEO of Ripple and the founder of ConsenSys, here’s a look at some of the stories breaking in the world of crypto.
A big Bitcoin reversal is underway, with BTC dropping 10.95% to $7,122 at time of publishing, according to Coin360. Altcoins are following, with Ethereum down 7.37% at $241.22 and XRP down 13.56% at $0.3844.
Michael Gu of the popular crypto YouTube channel Boxmining says he believes a single whale triggered the massive dump. The whale sold an unknown amount of BTC all at once on the crypto exchange Bitstamp, dropping the price to $6,200 on the exchange in a matter of moments.
“I actually got notified about this from my trader friends. So they were trading and they saw this actually as an arbitrage opportunity. Because the price of Bitcoin went down so fast to $6,200 here, they were trying to figure a way out to buy Bitcoin on Bitstamp and arbitrage on other exchanges…
With everyone arbitraging, the price has dipped on all the exchanges as well. This really goes to show how much power whales and big sell orders have on the cryptocurrency markets.”
According to Gu, the huge sell order may have been placed by mistake, with the seller entering a wrong digit in a so-called “fat finger” error.
“If it’s multiple different entities, they won’t all choose to dump on Bitstamp to $6,200. And the matter of fact is that if you ever wanted to dump it so low, the smart thing to do would be to spread it out over several exchanges. I mean, this is what OTC desks are for. If you want to dump a very, very large quantity of Bitcoin, they can help you spread that out over several exchanges to have a lesser impact on the price. Or even find a buyer. So, I would say this could even be a fat finger dump. So maybe someone who mistyped the number. It could potentially be typing $7,200 and mistyped it. Pressed 100% sell, boom, and that price went all the way down. It filled all those orders.
I really thought at this point, Bitcoin being the largest cap cryptocurrency, it would be less volatile and less prone to whale dumps like this.”
Ethereum, Ripple and XRP
Ethereum co-founder and founder of ConsenSys Joseph Lubin went head-to-head with Ripple CEO Brad Garlinghouse in a lightning round of questions for CNBC.
The two give their takes on Bitcoin, ICOs, XRP and what keeps them up at night.
— 𝗕𝗮𝗻𝗸 𝑿𝑹𝑷 (@BankXRP) January 15, 2018
The team at Stellar has released a detailed overview on the 67-minute halt that their network suffered on Wednesday.
“As a fundamental design choice, Stellar prefers consistency and partition resilience over liveness. In other words, when faced with consensus uncertainty, the Stellar Consensus Protocol (SCP) prefers to halt rather than operate in a potentially inconsistent state. This is different from other blockchains, in which ‘the chain must go on’ even at the price of soft forks.
Financial institutions prefer downtime over inconsistent data, that’s why they choose Stellar. It’s much better for a financial network to go offline temporarily than to produce permanent false or disputed results.
Still, with the right tooling, Stellar shouldn’t need to halt.”
Cardano creator Charles Hoskinson is offering a recap of blockchain and crypto industry conference Consensus, and says the presence of Microsoft, IBM and Deloitte shows how far the crypto movement has come in the last couple of years.
Tron’s file-sharing platform BitTorrent says it plans to reveal more use cases for the Tron-based BTT token this week. So far, the company has confirmed it will use the token to reward people who upload files on the platform.
This week we will be sharing the 4 current BTT use cases one by one. As many of you have guessed, the #1 use case of BTT is to enable faster downloads on BitTorrent Speed! However, many of you have not guessed correctly the other #BTTusecases. Stay tuned! $BTT #BTT pic.twitter.com/MS6Rcw4ebo
— BitTorrent Inc. (@BitTorrent) May 15, 2019
Litecoin (LTC), LEOCoin (LEO) and Chainlink (LINK) Price Analysis: Who Is Dominating the Crypto Market Between the Bulls and the Bears?
It’s Tuesday and Cryptocurrency markets are finally waking up! Ethereum, XRP, Litecoin and Cardano are leading the bull rally right now with close to 5% gain in the past 24 hours! Let’s take a look at some of our favorite cryptocurrencies and see what today has in store for us.
LITECOIN PRICE ANALYSIS (LTC/USD)
In today’s hourly chart, the LTC/USD pair has recorded bullish performance; the formation of ascending channels reflected the uptrend. This shows that the bulls have picked up their strength and are dominating the momentum. Besides, bullish moves were also encountered at several instances, starting with the resistance level being escalated upwards from $71.0000 to $73.0133. The pair’s price also fluctuated upside from the opening price of $70.7249 to the current rate of $72.8800 that signals an increase in buying pressure. That foreshadows an increase in investor’s sentiment in the near term.
In terms of technical indicators, the short-term SMA is now gravitating above the long-term SMA that suggests an upside move. The RSI is currently trading near the positive zone that indicates a bullish outlook. Higher price levels should be anticipated.
LITECOIN PRICE PREDICTION (LTC/USD)
If the pair’s price moves above the upper channel that is at $73.661, a further upside correction near $80.000 and $81.000 may be seen. However, a break below the lower channel might be a turnaround for the upside rally that could be followed by a decline near $69.0000.
LEOCOIN PRICE ANALYSIS (LEO/USD)
The LEO/USD pair on an hourly chart saw a long-term period of consolidation between critical support level $1.0807 and resistance level $1.0866. There seemed to be no much activity going on from 08:00 to 05:00. That was also accompanied by the repeated appearance of a Doji candle that confirmed indecision in the market.
At around 06:00 a bullish engulfing candle was seen, that breached $1.0866 and moved the price up to a high of $1.0991. That may lead to further upside correction in the near term. Looking at the technical indicators, moving averages are giving a bullish outlook, with the short-term SMA above the long-term SMA. The RSI is currently above the overbought zone that signals further upbeat performance; thus an increase in buyouts.
LEOCOIN PRICE PREDICTION (LEO/USD)
Since almost all the indicators are foreshadowing a bullish outlook, investors should go long and take profit near $1.1500 and 1.1600.
CHAINLINK PRICE ANALYSIS (LINK/USD)
LINK/USD on the other side, has recorded a bearish outlook over the last 24hrs. The pair’s price failed to break past the healthy resistance level $1.6052. However, it faced an intense selling pressure that fluctuated the price down to a low of $1.5445. Afterward, at around 13:00 to 20:00 a short-term period of consolidation was seen above the significant support level near $1.5513 that was followed by a slight gain that moved the support level to $1.5616.
Additionally, the LINK/USD pair is down by 1.9% over the intraday, having escalated from $1.6052 to now trading at $1.5755. Besides, this also showed a decrease in investor’s sentiments. Conversely, there is hope for a better future since at the press time; most indicators are giving a favorable scenario. The RSI is seen climbing towards the positive area, and the moving averages have turned from indicating a bearish sign to bullish sign.
CHAINLINK PRICE PREDICTION (LINK/USD)
If the bulls polish up there strategy and succeed in moving the price above the resistance level $1.6150 then further upside correction near $1.7000 and 1.7500 should be expected.
BitMEX CEO responds to Binance’s market maker slip up, offers CZ a “copy/paste” course
Arthur Hayes, the CEO of BitMEX, responded to Changpeng Zhao’s false accusations of a Binance futures market maker attack—satirically. Hayes offered him a “copy/paste” course for 51 percent of his equity, alluding to earlier plagiarism accusations. Zhao replied he’d be happy to buy-in.
CZ’s quick fingers get him in trouble, yet again
The rivalry between two of the biggest crypto derivatives platforms in the world shows no signs of stopping. The CEO of BitMEX, the first exchange to introduce a crypto futures trading platform, Arthur Hayes missed no opportunities to take a jab at their main competitor—Binance.
Changpeng Zhao, the CEO of Binance, has been known for his easygoing attitude towards slip ups and mistakes made by his company. But, this time Zhao’s attitude got the best of him when he hastily accused one of Binance’s clients of attacking its futures platform.
In a Twitter post, Zhao said that the attacker as a “well-known” account that attempted to use the sudden price drop in Binance’s Bitcoin futures to turn a profit and liquidate other clients. However, it quickly turned out that the sudden futures price drop wasn’t due to a malicious attack, but was caused by a “bad parameter” set by the client.
Zhao’s lighthearted way of dealing with situations like these wasn’t well-received by the crypto community, with many criticizing him for posting harsh accusations and lacking a fundamental understanding of how futures trading platforms work.
Hayes uses the opportunity to take a jab at CZ
Joining the slew of those criticizing Zhao was Arthur Hayes, the CEO of Binance’s main competitor BitMEX. He took the opportunity to continue his Twitter back-and-forth with him and criticize him for the incident.
In a tweet, Zhao said that no users were affected by the drop in the future’s price thanks to a supposed invention by Binance. The innovation, he explained, was setting off liquidations based on the exchange’s own index price, and not the futures price.
In response to a user who tweeted that liquidations tied to the index price were a long-time staple at BitMEX, Hayes offered to teach Zhao how to run a crypto derivatives platform.
This isn’t the first time a crypto-influencer used the old “Ctrl+c/Ctrl+v” hotkey hook and jab combo. Ethereum co-founder Vitalik Buterin used the same insult against Justin Sun when evidence surfaced that a significant portion of the TRON whitepaper was plagiarized from other projects.
Zhao seemed to have appreciated the joke, saying he would be happy to attend any class taught by Hayes in exchange for 49 percent of a venture he runs.
The jokes were well received by the crypto community, where (mostly) light-hearted insult-slinging between industry heavyweights is a favorite spectator sport among Crypto Twitter.
Crypto Analyst Outlines Short Term ‘Panic’ Level for Bitcoin (BTC)
The price of Bitcoin continues to move sideways in an extremely narrow range. And amid the low volatility, analysts are trying to gauge which direction BTC may pop next.
Analyst Nick Cote tells his 63,000 followers on Twitter he’s bullish on BTC after its next halving in May of 2020.
He points to BTC’s Bollinger Bands, which uses two lines of standard deviation to measure volatility, as a sign that traders should be cautious.
In the short term, Cote warns the leading cryptocurrency could suffer another significant drop.
“Week long consolidation has broken down to the downside. No need to panic unless $9,750 falls. Above $10,270 and I’ll be thinking this was a fakeout, but below, the course looks to be back towards the liquidity box below. Currently no position for me with volatility this low…
To clarify my position with Bitcoin: I’m a big bull post-having, but I believe there is plenty of room (and opportunity) for a pre-having shakeout to the tune of 30%.”
As for the altcoin market, Cote says Ethereum needs to remain above support levels around $182 to keep pushing forward.
“Ethereum has hit the $195 target and needs to hold above $182 to continue its recent bullish break from the FW, which if held, will push Ethereum to the $225 mark.
A move below will spell disaster and a high probability re-test of the $165 long term