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Cryptocurrencies slightly up, will buyers come in?

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Cryptocurrencies start the week on a positive note after a weekend dominated by sideways movements. Bitcoin (+0.33%) struggles to keep on the positive side after another sharp selloff 9 hours ago. Ripple(+6.54%), helped by the bad news of its rival Libra, took the way up, followed by Tron (+5%) and ATOM (+8%). Ethereum (+1.7%) and Litecoin(+1.65%) are moving more cautious. On the Token sector, ODE (+21%), CENNZ (+18%), DGD(+15%), and ZRX (+9.7%) are the movers of the day.

Coin

The market capitalization is $225.9 billion (+0.94%) at the moment of this writing, and the 24H volume was $22.24 billion, and the dominance of the Bitcoin is 66.48%.

Market

Hot News

The SEC has halted the 1.7 Billion GRAM token offering. According to Cointelegraph, the regulator has filed an emergency action and limiting order against two offshore companies alleging the tokens were unlawfully sold. As a result of this action, US investors will be unable to acquire GRAMs.

Zuckerberg will testify before the US Congress regarding the Facebook Libra project. The scheduled date for his testimony in front of the House of Representatives Financial Committee is Oct 23.

A Class Action against Tether and Bitfinex accuses them of market manipulation. The firm behind this says the stablecoin firm and the crypto exchange defrauded investors by manipulating markets.  “[the firm] issued extraordinary amounts of unbanked USDT to manipulate cryptocurrency prices.”

Technical Analysis

Bitcoin

Bitcoin

During this weekend, Bitcoin moved mostly sideways. Then, on Sunday evening, it started a weak recovery that ended in a sharp selloff that pushed the BTC to its recent support of $ 8,250. We see the price has made a lower high in the 4H timeframe.

MACD is moving down, and the price is on the lower side of the Bollinger. That and the recent selloff on higher than usual volume makes us think sellers still dominate the cryptocurrency.

Supports: $8,250, $8,200, $8,000

Resistances: $8,450, $8,530, $8,700

Ripple

Ripple

Ripple seems to like Facebook Libra difficulties. After finding support near the area marked by the dark-blue rectangle, XRP followed the path of its 50-period MA to test and successfully pierce the $0.28 resistance.

We see Ripple’s price currently overbought, but we can also observe an increment of the momentum that may help drive the price to a test of the $0.30 level.

Ethereum

Ethereum is currently moving in a range between $176 and $186 after the sharp drop made by the rejection of the $196 level.  To assess any direction, we should see how this range is resolved.  The case for the downside is supported by the sharp selloff made last Friday. The case for the upside can be explained by the fact that the price is still above the ascending trendline (amber) and that the area of its previous highs currently holds ETH.  The key levels to observe are the obvious $176 and $186.

ATOM

ATOM

Atom moves in a bullish trend, with its price above the 60 and 100-period MAs. Today, after breaking the triangular formation to the upside is moving slightly above the 2.98 level, starting another leg up marked by the Bollinger bands’ volatility increment.  MACD also confirms this outlook. The next resistance level to break will be the psychological $3 level. $ 2.8 marks the invalidation point od this scenario.


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Cryptocurrencies

Cryptocurrencies: The investment cycle stalls in the face of the shortcomings of the younger generations

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  • Mike Novogratz is looking for investors among Babyboomers due to the lack of possibilities of the younger generations.
  • It’s difficult for the last generation of the American dream to risk the savings.

The CryptoToday article has highlighted the presence of two new Bitcoin funds. The company in charge of the launch is Galaxy Digital, owned by the billionaire Mike Novogratz.

How to keep the digital assets market growing.

Novogratz is aware that the crypto ecosystem needs more fresh money to maintain growth levels and return on investment. He needs to find new segments of the population with the ability to invest part of their savings in the digital currency business.

The person chosen to lead this growth process is David Gross, a Wall Street sales veteran. Gross has proven experience in the financial world working at Credit Suisse, Lehman Brothers & Cumberland.

Novogratz has a clear idea of who he wants to conquer with his new funds and is the demographic group with the most spending power in the North American country, the babyboomers.

A generational problem

Babyboomers are fortunate to have benefited from market environments that have enabled their savings to reach retirement age with excellent returns. 

It is a reality that the Millenials are not in the position to start saving for retirement when the majority of them are paying their student loans until well into the thirties.

Gross’s goal will be to convince members of the babyboomers generation to commit between 2% and 3% of their savings in the digital coin segment.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source:.fxstreet

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BTC, ETH, and XLM Price Analysis: Crypto Market Exhibiting Strong Selling Pressure

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US Crypto Lending Giant Entrusts Fireblock with Assets Worth $400 Mln.

Fidelity backed Fireblocks announced Tuesday that it will now secure the flow of digital assets for Celsius Network. With this enlisting, Fireblocks, the digital asset cybersecurity startup, is expected to witness explosive growth. And that is because Celsius has an active presence in over 150 jurisdictions across the globe.

Fidelity backed Fireblocks announced Tuesday that it will now secure the flow of digital assets for Celsius Network. With this enlisting, Fireblocks, the digital asset cybersecurity startup, is expected to witness explosive growth. And that is because Celsius has an active presence in over 150 jurisdictions across the globe.
As a crypto lending giant, Celcius saw an auspicious 2,165% growth in deposits in just one year. And is forging towards further growth.
Besides, it has already surpassed $4.25 billion crypto loan origination this month. However, by utilizing Fireblocks’ hot wallet solution, Celsius intends to lend out more. And that’s without compromising the security of the assets.

Moreover, Celsius uses a very complicated interest generation algorithm. It requires a constant movement of digital assets between hot and cold storage. Fireblocks’ enterprise-grade security will ensure the highest degree of security for this movement.

According to it, Celsius plans to utilize the console and robust APIs for the security of digital assets worth $400 million and 53,000 active wallets. Fireblocks’ security protocol uses MPC technology to eliminate the theft of private keys. And additionally prevents data leaks pertaining to credential/API keys and deposit addresses. In view of this update, the retail customers of the crypto lending platform will enjoy enhanced security for interest-earning accounts. And institutional customers will have faster and safer access to funds.

Celsius CEO Alex Mashinsky stated it will continue using Prime Trust and BitGo custodial services. However, with the increasing needs of constantly moving digital assets for its institutional clients, it is enlisting the services of Fireblocks. Accomplishments of Fireblock seem to have impressed Celsius. That said, Fireblocks is currently responsible for 1% of the total daily transaction volume of the top 10 digital assets.
Previously, we covered how Bakkt opened its custodial wallet services to any institutional client.

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SEC Agrees to Re-Examine Bitwise ETF Decision

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In October this year, the SEC rejected Bitwise’s application for a Bitcoin ETF in partnership with NYSE Arca. The regulator has now announced they are willing to give the ETF proposal a second look, and invites any party to file a statement in support of the product by December 18, reported on November 18, 2019.

Last Hope for Bitwise

Bitcoin ETFs have been a dominant narrative ever since Van Eck, which has since withdrawn their proposal, announced their intention to launch a publicly traded product for Bitcoin.

Since then, Wilshire Phoenix and Bitwise have also jumped aboard with offerings that differ by slight nuances. But this isn’t the first time a Bitcoin ETF has been rejected and contested by the applicants. It has been happening for the past year and is likely to end exactly how it has thus far.

Unless there is a concrete argument Bitwise can make for a Bitcoin ETF, it seems unlikely that we will see this go through in the near future. It isn’t as though investors are losing the opportunity to passively invest in Bitcoin through a regulated exchange as the Grayscale Bitcoin Trust still trades on NASDAQ, albeit at a massive premium.

This final hearing serves as the last hope for a Bitcoin ETF under Jay Clayton’s reign, but remains a pipedream as the SEC Chairman has publicly stated that he wouldn’t allow a Bitcoin ETF to be approved under his regime.

Incentive to list a Bitcoin ETF

There are two main ways to appease regulators with regards to product launches: it should already be legally allowed to launch said product, or the regulators should stand to see some benefit from it.

With Cannabis ETFs, the stocks were already listed on exchanges, so regulators could not exactly stop investment managers from creating their own products around an index they created.

Bitcoin isn’t a company listed on the NYSE or NASDAQ, and on the flipside, the SEC actually has an incentive to clamp down any efforts for a Bitcoin ETF given the added headaches it will cause for regulatory agencies.

The volatility that runs rampant within Bitcoin, and crypto as a whole, is an additional argument regulators can use to consistently deny a Bitcoin ETF from coming into fruition.

So while there is a sliver of hope left, one would do well to abstain from fantasizing about this.

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