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Top 5 Crypto News of the Week

Flexa and Gemini Team Up to Bring Crypto Payments to Whole Foods, Nordstrom and Other Retailers

Customers can now pay with cryptocurrency at Crate and Barrel, Nordstrom, Whole Foods and several other U.S. retailers. More specifically, Bitcoin, Ethereum, Bitcoin Cash and the Gemini Dollar stablecoin are the cryptocurrencies supported by the service.

This has been made possible by an initiative by Gemini and payments startup Flexa, the developers of the SPEDN mobile application. In addition to offering GUSD payments, the partnership between Gemini and Flexa means that cryptocurrency that’s deposited to the SPEDN wallet is custodied by Gemini.

Bakkt Expects to Start Testing Its Bitcoin Futures in July

In a recently published blog post, Bakkt CEO Kelly Loeffler says the company expects to begin testing its Bitcoin futures contracts in July. This “user acceptance testing” phase will be aimed at both Bakkt’s futures contracts and custody services.

Loeffler says the company intends to list two products for trading: a daily Bitcoin futures contract and a monthly Bitcoin futures contract. Bakkt is developing these contracts in collaboration with the ICE Futures US exchange and the ICE Clear US clearinghouse.

Assessing the Health of the Bitcoin Network and the Reasons Behind its Recovery

Canaccord Genuity Group, an independent financial services firm, released a report about the health of the Bitcoin network as of May 2019. The report examined the market by using four fundamental transaction indicators.

Daily estimated USD transaction value, confirmed transactions per day, average transaction size, and a daily number of unique addresses used were the key data points used in the report. Since BTC hitting a bottom in the low $3,000s, all four indicators point to steady recovery over the last couple of months. Furthermore, interest in buying BTC in emerging markets is also growing, mostly because local currencies in countries like Venezuela and Argentina are continuing to lose value compared to the US dollar.

Cryptopia Couldn’t Recover from January Hack, Enters Liquidation

It seems that the security breach that the Cryptopia cryptocurrency exchange suffered in January has  caused irrepairable damage to the company. Cryptopia has now updated its website with a statement saying that the company has appointed two liquidators from Grant Thornton New Zealand professional services firm tasked with selling off the company’s remaining assets.

A report published by blockchain analysis firm Elementus shortly after the January hack estimated that $16 million worth of cryptocurrency was stolen from the New Zealand-based exchange.

 

Poloniex Will Make 9 Cryptocurrencies Unavailable for US Customers Due to Regulatory Uncertainty

Cryptocurrency exchange Poloniex has announced that its markets for Ardor, Bytecoin, Decred, GameCredits, GAS, Lisk, NXT, Omni and Augur will no longer be available to US customers starting with May 29. Poloniex’s functionality for users outside the United States will remain unaffected by this policy. US customers will have to close their trading positions involving these assets before May 29, but they will still be able to withdraw these assets from the exchange after the “geofencing” policy comes into effect.

Poloniex says it has made the decision due to regulatory uncertainty surrounding digital assets in the US. According to the exchange, it can not say with certainty that the previously mentioned cryptocurrencies will not be treated as securities by US regulators.

 

Cryptocurrencies

Cryptocurrencies price prediction: Bitcoin, Ripple & Ethereum – Asian Wrap 17 Feb

Bitcoin Price Analysis: BTC/USD stays under $10,000, further correction anticipated

Bitcoin is back under $10,000, following a drab weekend session. Little progress was made to the north, which allowed the sellers time to plan a revenge mission. Several potential support areas were shuttered including $10,400, $10,250 and $10,000.

Ripple Price Analysis: XRP/USD slumps beneath $0.30, $0.25 in sight

Ripple price immediate support at $0.27 stays in place despite the correction from last week’s high around $0.349. A downward moving RSI suggests that the correction could last longer, even spill into the European session on Monday. 

Ethereum Price Analysis: How ETH/USD survived the carnage in a rising channel?

Ethereum price is teetering at $252 amid increased selling activity. The downward action that dominated the crypto market the entire weekend session did not spare Ether. It is the same action still in play on Monday towards the end of the Asian session.

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Cryptocurrencies price prediction: Bitcoin, Ripple & Ethereum – European Wrap – 14 February

Bitcoin Price Analysis: BTC/USD is in technical retreat, in the long-run $100,000 is still a possibility

Bitcoin has been losing ground since Thursday amid technical correction as bulls stumbled upon a stiff resistance created by $10,500. At the time of writing, BTC/USD is changing hands at $10,120, down 2% on a day-to-day basis. With the total market capitalization of $184 billion BTC controls 61.9% of the market.

Bitcoin

Ripple Weekly Forecast: Time for Ripple bulls to shine

The cryptocurrency market has been on an upward roll since the beginning of the week. The bulls have not been afraid to flex their muscles with some stamping their feet on the bears. Ripple and other major cryptoassets jumped above critical barriers to form new 2020 highs. In particular, XRP gained incredibly from last week’s support at $0.28, advancing above $0.30.  A new high was formed marginally below $0.35. Bitcoin closed in on $10,500 while Ethereum clocked $275 before correction took over.

Ripple

Ethereum Price Analysis: ETH/USD bull trend intact as long as the price stays above $250.00

ETH, the second-largest digital asset with the current market value of $29 billion, hit the highest level of 2020 at $277.39 on February 13. By the time of writing the coin has retreated to $261.40 amid technical correction on the cryptocurrency market. ETH/USD has lost nearly 2% in recent 24 hours and stayed mostly unchanged since the beginning of the day.

Ethereum

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Cryptocurrencies Retracing, after Prolonged Uptrend

Cryptocurrencies gave out part of the gains acquired in the week, as Bitcoin (-2.45%) was unable to break above $10,500. The worst performers are Bitcoin SV (-6.75%), Ethereum classic (-6.99%), Iota (-7.6%) and Algorand(-11.57%).

Most Ethereum tokens are also retracing, including LINK (-2.19%), LEO(-3.94%) and REP (-8.62%). Among this selling mood, there were also excellent performers, such as THETA(+11.73%), CENNZ(+14.42%) ELF(+14.28%), and CHZ(+16.18%).

Coin360

The market capitalization of the crypto sector receded to $299.637 billion, 1.33 percent less, and the traded volume in the last 24 hours went to $76.980 billion, 11.9 percent above yesterday’s figure. Finally, Bitcoin’s market dominance is currently 62%.

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Hot News

FED charwoman candidate Judy Shelton in favor of a digital dollar, although not for the benefit of the US citizens, but rather as a weapon of world dominance. “We need the digital currency a little bit less, I would argue internally, but rather to help preserve the primacy of the dollar worldwide.”.

A group of Nasdaq and Morgan Stanley trading vets to create ExOne, a new trading platform to solve the fragmentation problem of crypto trading. “If an investor goes to one marketplace, the bid that he sees in that one marketplace may be wildly different than it is in another venue.”.

ExOne, when operational, will be connected across the different marketplaces to display a consolidated, optimal, quote.

IOTA has shut down entirely its network as a measure against a coordinated attack against its Trinity Wallet that resulted in stolen funds, according to an official tweet by the IOTA. IOTA is dropping 7.4 percent in the exchanges.

Technical Analysis: Bitcoin

Bitcoin

Bitcoin is still showing selling pressure, its price moving in a support area, but the last candlestick is pushing the price near the edge of a downside breakout. The price is moving to the lower Bollinger band, as the MACD signal mode bearishness. The level to watch is $10,068. If BTC moves below it, the next target is $9870 and $9,730.

SupportPivot PointResistance
10,06810,280 10,465
9,87010,650
9,73010,800

Ripple

Ripple

After a selling spike made on Thursday, Ripple made another unsuccessful attempt to move above $0.335. Now it has created another large bearish candle close to the $0.313 level, and the MACD made a Bearish transition. Thus, we think XRP is going to endure more consolidartion after its large upward movement. The primary trend continues being bullish, and the present action is just a healthy consolidation to move the price out of the overbought condition.

SupportPivot PointResistance
0.31300.3220 0.3350
0.30000.3450
0.29000.3600

Ethereum

Ethereum

Ethereum is doing a healthy consolidation of the recent gains. In fact, its retracement has been relatively short compared to the large profits acquired in a few days. The price is moving in the range between $262 and $275 and is approaching the Bollinger Band mean line, although, on a daily chart, the price shows still a strong overbought condition. The primary upward trend is in a very healthy condition; thus, long-term investors may apply the “buy the dip” motto.

SupportPivot PointResistance
259268 275
255290
249300

Litecoin

Litecoin

Litecoin continues moving in a horizontal range between $78.4 and $81.5, still in the upper Bollinger band. The MACD is in a bearish phase, which just states the corrective nature of the current movement. The primary trend is still up, since all technical indicators, except for the MACD, points to that conclusion. The levels to keep are $78.4 and $81.5, as these mark the range limits.

SupportPivot PointResistance
78.481.5 84
75.786
7388

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