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Galaxy Digital: Surge of Retail Interest in Ethereum and XRP Behind Crypto Rally

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The head of trading strategy at Galaxy Digital is reporting a sudden spike of interest in Ethereum, XRP and the altcoin market at large.

Josh Lim tells Bloomberg that after a dry spell, he’s seeing interest in the crypto space picking back up.

“Volumes have been a little bit lackluster since the sell-off.

But today, and starting over the last week, we’ve seen a resurgence of interest in alt-coins. The leaders in that regard have been Ethereum and Ripple.”

Lim points to increasing volume in emerging markets as a key factor.

“We are starting to see more demand pick up in the market. We’ve heard a lot of buyers coming out of emerging market economies.

There is certainly some interest coming out of Latin America. There’s a lot of unrest in other parts of the world.”

Data from Coin.dance shows trading volume spikes in Hong Kong, Venezuela, Colombia, Egypt, The Philippines and Singapore.

As for Bitcoin, Scott Melker of Texas West Capital warns that due to its sharp rise in a matter of hours, the king of crypto has reached a major level of resistance and could soon drop once again.

“I closed my shorter term BTC positions. That move had a lot of juice, would not be surprised to see some consolidation here or a bit of a drop.

Strong area of resistance. Will reconsider entry depending on what I see throughout the day…

This is just my short term portfolio which is 15% of my total. Between 60-70% of my portfolio sits in BTC regardless.”

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Crypto Mom: Big Brother Is Heading to Your Local Broker Courtesy of the SEC

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The U.S. Securities and Exchange Commission will facilitate a massive government surveillance program to track trades.

The consolidated audit trail project (CAT), first approved by the SEC in 2012, will trace all equity and options trades executed on U.S. exchanges, consolidating them on a single database controlled by the US government.

CAT is designed to track illegal or manipulative trades and to give regulators the data they need to determine the cause of any large market movements, such as the flash crash of May 6, 2010 that saw about $1 trillion in U.S. equity value evaporate from the Dow Jones industrial average in roughly 30 minutes.

Broker-dealers will now have to start submitting trades to the CAT database in April of 2020, pushing the latest deadline of November 2019, according to a report by Pensions & Investments.

Says SEC Chairman Jay Clayton,

“CAT needs to be implemented without further delays. The proposed amendments are designed to bring greater transparency and accountability to the implementation of the CAT.”

In a recent blog post entitled This Cat is a Dangerous Dog, Commissioner Hester Peirce, known in the cryptocurrency community as ‘Crypto Mom’ for her pro-Bitcoin stance and for expressing her concerns about regulatory overreach, says the program is akin to the government setting up a direct feed from your car’s GPS to interrogate you about any of your travels.

“The federal government is forcing every broker in the United States to turn over every investor’s trades from start to finish to a database that the SEC and private regulators will be able to mine for data and analyze. Your broker cannot opt out, and neither can you, unless you stop trading in U.S. markets.

People working for over a dozen different organizations in the public and private sector will have access to the data, and there are few concrete parameters on how they can use it.”

On Friday, Jay Clayton along with US regulators from the U.S. Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN) issued a joint statement addressing cryptocurrencies and the obligations of platforms involved in trading such assets.

The statement is intended to “remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT)obligations under the Bank Secrecy Act (BSA).”

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Crypto Market Update: Focus on BTC, ETH, XRP, LINK, and DOGE

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This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), XRP, Chainlink (LINK), and Dogecoin (DOGE)—over the past 24-hour period.

To give you a rough idea of how well the crypto markets are doing today, 17 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar).

All market data used in this article was taken around 13:25 UTC on 13 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

Bitcoin (BTC)

BTC-USD 24 Hour Chart - 13 Oct 2019.png

Bitcoin (BTC) started the weekend at $8,295. In the past 24-hour period, it has gone up 0.89% to reach $8,441, which is the highest price it has been so far this weekend. Bitcoin’s market cap dominance is currently 66.78%.

Around one hour before this article was published, crypto trader Josh Rager offered this technical analysis of BTC-USD:

On October 11, blockchain analytics firm Glassnode had a look at how the number of Bitcoin addresses holding more than 1000 BTC has changed between the start of 2015 and now:

Ether (ETH)

ETH-USD 24 Hour Chart - 13 Oct 2019.png

Ether is currently trading at $184.11, up 0.19% in the past 24-hour period. 

According to crypto analytics firm The Tie, their (social media) sentiment analysis of Ether says that its current sentiment score is 86.38 (i.e. strongly positive).

XRP

XRP-USD 24 Hour Chart - 13 Oct 2019.png

XRP is currently trading at $0.2783, up 1.5% in the past 24-hour period. In the past 7-day period, the XRP price has gone up 7.45%.

On October 9, Cape Town-based FinTech startup Xago announced the launch of its XRP-only gateway and exchange in South Africa:

Chainlink (LINK)

LINK-USD 24 Hour Chart - 13 Oct 2019.png

Although profit taking has resulted in the LINK price going down f11.6% from its week-high of $2.90 (achieved on October 9) to $2.563, where it is now, LINK has still managed to rack up impressive gains of 32.48% and 52.46% in the past 7-day and 30-day periods respectively.

On October 10, on day three of this year’s Devcon conference in Osaka, Japan,  Sergey Nazarov, the CEO of Chainlink announced that his company will be launching seven new price reference data oracle networks on the Ethereum mainnet for cryptoassets BTC, DAI, USDC, ZRX, REP, WBTC, and BAT in addition to the one that is already live for ETH.

Chainlink explained on Twitter the purpose for launching these new price reference data oracle networks:

  • “The new price reference data oracle networks are designed to give back to the Ethereum community & to grow the #DeFi ecosystem by giving developers easy access to high-quality pricing data that has been verified by the most decentrally secure oracle network.”
  • These new reference data sets provide high-quality data to DeFi leaders like @compoundfinance and @synthetix_io and are available to all projects.”

Dogecoin (DOGE)

DOGE-USD 24 Hour Chart - 13 Oct 2019.png

Surprisingly, the highest gainer today amongst the top 30 cryptoassets (by market cap) is Dogecoin, which has gone up 12.24% in the past 24-hour period.

Source: cryptoglobe.


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Not All Altcoins Are Rekt: These 5 Cryptos Have Given 3-13x ROI in 2019

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Bitcoin has forever been the undisputed king of the decentralized digital economy. Granted, the rest of the pack lags far behind both in terms of popularity and market cap, but that certainly doesn’t justify the ridicule altcoins are often subject to.

That is not to suggest that there aren’t worthless and deceptive altcoins out there — but at the same time, it is perhaps for the greater good of the asset class to give credit where it is due.

A closer look at their performance, starting from the more established altcoins such as XRP and ETH, all the way down to the outright obscure ones like TitCoin or PutinCoin, it is obvious that a sizeable number of them are doing extremely well.

altcoins

Altcoins That Gave Massive ROI in 2019

Unbeknownst to many casual traders, there are several altcoins that have been consistent performers through most of 2019. On that count, it is perhaps safe to assume that their growth is not just a fluke or the obvious byproduct of market manipulation.

Take, for example, the case of Chainlink (LINK). It started the year at just about $0.29 per unit but climbed all the way up to almost $3.90 by the end of H1 2019. Sure, it has plummeted since, but only compared to its all-time-high.

Traders who got themselves a LINK stash at the start of 2019 and sold it off on June 30 made about 13,500% gain on their investment. Currently around $2.70 per unit, even now LINK is up over 900% compared to where it started the year.

ChainLink

LINK is not the only altcoin to have delivered double-digit ROI in 2019. Love it or hate it, Binance Coin (BNB) has been another top-performer through most of the year, despite its spectacular fall from its all-time high (ATH) of $43 earlier this June. As of press time, BNB is trading at just over $17, up nearly 300% compared to its valuation on Jan 1, 2019.

BinanceCoin BNB

Ravencoin (RVN) is another such example, having started the year at about $.013 and then going all the way up to $0.074 in early June. Currently, it is hovering around the $0.04 level.

Other examples of similar lesser-known, but high-performing altcoins in 2019 include Constellation (max gain over 650%) and Republic Protocol (670%+).

Note that BeInCrypto is not associated with any of the aforementioned cryptocurrencies in any capacity and the info herein shouldn’t be taken as investment advice. Use your own discretion to evaluate if they fit your investment portfolio and risk allowance.

With that said, the broader point remains that there are still many altcoins out there that have been performing consistently well and might end up being worthwhile investments for the strategic investor.

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