Connect with us

Cryptocurrencies

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

Published

on

  • 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

Advertisement
Click to comment

Cryptocurrencies

Alex Krüger Warns Bitcoin Approaching Major Line of Resistance – Plus Ethereum, Ripple and XRP, Litecoin, Stellar, Tron, Cardano

Published

on

From analysis on the potential path ahead for Bitcoin to the rollout of a new developer site for the XRP ledger, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

Economist and crypto analyst Alex Krüger is mapping out the lines of resistance and support for Bitcoin. According to Kruger, the $10,000 mark is a crucial psychological line on the horizon.

“I use Bitmex for levels (and charting), as that’s where most of the bitcoin-USD liquidity is. The first level is a fib, not as meaningful IMO as prior highs and key psychological levels (e.g. 10K).”

Before $10,000, Krüger says he’s eyeing $9,600 as the most immediate technical hurdle for the bulls and $9,000 as the first line of support.

News Source

Continue Reading

Cryptocurrencies

Looming ‘Supply Shock’ Behind Bitcoin’s 138% Rally, Says VC Executive – Plus Ethereum, Ripple XRP, Litecoin, Tron, Augur, VeChain

Published

on

From new analysis on Bitcoin’s big rally to a new potential launch date for Ethereum 2.0’s genesis block, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

Anticipation of a supply shock in 2020 is likely driving Bitcoin’s 138% rally in 2019, according to Alyse Killeen, a partner at the investment group StillMark.

Killeen, a fellow at the Singapore University of Social Sciences, told Bloomberg Technology that she believes Bitcoin’s upcoming halvening is the number one reason for the surge.

“What I think might be happening is an anticipation of a coming supply shock in 2020. So what we’re looking ahead to is a halvening event. The way that new Bitcoin is introduced to the market is through a process called mining and the mining reward decreases by half every few years. And so in 2020 we’ll have much less of a daily supply of Bitcoin that we do now…

“While we’re looking ahead to the halvening and the supply shock, we’re also seeing a greater demand for Bitcoin and new on-ramps for familiar and conventional sources, so there’s an anticipation that there will be a broader group of consumers that have access and appetite for Bitcoin.”

Killeen says there have recently been “exciting progressions” in terms of scaling the currency up to a level where it can be used for more purchases.

“In 2019 we’re actually seeing higher layer infrastructure development rapidly progressing and so by that, what I mean is, the development of Lightning Network and the quick adoption from an early-user set of Lightning Network, as well as entrepreneurs building on top of Lighting Network, and so that will provide scale and has already. We’re looking at the introduction of sidechain technology including Blockstream’s Liquid network which gives us a new breadth and depth of use cases of the blockchain.”

The StillMark partner also believes Bitcoin stands alone among cryptocurrencies in terms of “stability, security and dependability,” and that it will serve as the main store of value in the crypto ecosystem going forward.

Ethereum

Justin Drake, a researcher at the Ethereum Foundation, says ETH 2.0 genesis block could launch at the beginning of next year.

“Looking at a target Genesis date toward the end of 2019 could be realistic. One thing that could work well is the third of January 2020, so… that comes after the December holidays, which are generally quieter, and it would be the 11th anniversary of the Bitcoin genesis.” 

Ripple and XRP

In a new interview, Ripple’s general counsel Stuart Alderoty talks about Ripple’s efforts to work with regulators.

Alderoty told Law.com that Ripple is constantly engaging with representatives around the world to teach them about blockchain and cryptocurrency.

“We have government affairs, full-time representatives in the U.S., in Europe, in Asia Pacific. We regularly meet with regulators to educate them, to get them more comfortable with what we’re doing and trying to do, which is to solve for the very real-world problem of being able to move money cross-border without a lot of friction and expense.

We’ve also sat on the Federal Reserve Faster Payments Task Force. We’ve hosted a summit for central banks to learn more about blockchain. We regularly speak on panels. We’re often invited by regulatory organizations to come speak or serve on panels. I would say we’ve engaged with more than 50 regulators and policymakers worldwide on this issue.”

Litecoin

Litecoin’s halving is now 50 days away, according to a countdown clock from CoinGecko.

The Litecoin block reward for miners will decrease from 25 to 12.5 coins, a difference in value from about $3,542 to $1,726, according to current market prices.

Tron

Tron founder Justin Sun is moving the location of his much-publicized $4.6 million lunch with famed investor Warren Buffett to the “heartland of tech.”

Sun says the meeting will happen in San Francisco for the first time in its history.

“We decided to move this year’s lunch to a restaurant in the Bay Area to further shine the spotlight on GLIDE’s amazing charitable efforts. I’ve also said we want to bridge the gap between the world of blockchain and institutional investors. Nowhere is that goal more apt than in the heartland of tech.”

Augur

Augur is working to explain how and why prediction markets work.

The company has released a thought experiment explaining the mechanics. It also plans to publish a future post on how decentralized prediction markets operate.

VeChain

OceanEx has released an alpha version of its crypto exchange and asset management platform on iOS, built on the VeChainThor blockchain.

Features include trading pair recommendation for new users and fast tracks for deposits and withdrawals.

News Source

Continue Reading

Cryptocurrencies

Anthony Pompliano vs Peter Schiff: Facebook’s GlobalCoin takes centre stage as Twitter blows up with debates

Published

on

The entry of mainstream companies into the world of cryptocurrencies has been seen as a marker for the mass adoption of digital assets. With the advent of Facebook’s GlobalCoin that has become a reality as the social media giant partnered with several tech giants like Vodafone and Spotify to ensure its integration into the financial system.

The announcement of the cryptocurrency further split the proponents of the industry into two factions: one that supported the coin and one that was vehemently against the idea of Mark Zuckerberg launching a digital asset. This rift was out in the public when Peter Schiff, CEO of Euro Pacific Capital and Anthony Pompliano, the CEO of Morgan Creek Digital Capital locked horns on the GlobalCoin topic. Schiff had tweeted:

“Facebook’s new cryptocurrency “Libra” is bad news for Bitcoin.  Facebook will target the very market Bitcoin is counting on for growth, the unbanked in nations with high inflation.  Libra will be stable, and much easier and cheaper to use as a medium of exchange than Bitcoin.”

Schiff’s comments reflect the same sentiment shared by many in the space who speculated that Bitcoin’s speculative nature will result in its downfall. Pompliano, however, had a different opinion, stating:

“False. In fact, the exact opposite is true. Like restaurants on an intersection, the more available, the better for each of them. If you’re so confident, let’s bet 10 BTC on whether Bitcoin hits $100,000 in the next 5 years? Should be easy decision to put your money where your mouth is if you truly believe what you’re saying :)”

Schiff responded by saying that the bet was skewed against his favor because he believed Bitcoin also has the option to fall to a $100, reducing the bet prize to just $500.”

Andreas Antonopoulos, the author of Mastering Bitcoin, had taken the debate to banks, claiming that financial institutions should be very afraid of GlobalCoin. He, however, was confident that the cryptocurrency would not threaten the slots held by Bitcoin, tweeting:

“Anything that’s created by any centralized organization that is subject to specific laws, cannot achieve any of these five pillars. And the reason they cannot achieve is that the law prevents them from doing so.”

Source :ambcrypto

Continue Reading
Advertisement
Advertisement