Category Archives: Cryptocurrency
New cryptocurrency ‘CRO’ to list on CoinDCX crypto exchange, to be traded in two pairs – CNBCTV18
Cryptocurrency CRO token of crypto payments provider Crypto.com will be listed on CoinDCX exchange. The cryptocurrency exchange and liquidity aggregator on Tuesday announced that it will be traded in two pairs -- CRO/BTC and CRO/INR -- which means Indian traders on the exchange will be able to buy or sell CRO token in exchange of BTC (Bitcoin) or Indian rupee.
Following the successful listing of the MCO token on CoinDCX earlier this month, CRO listing marks Hong Kong-based Crypto.coms official entry into the Indian market.
With the integration of MCO and CRO on to the CoinDCX exchange, the bourse bolsters its crypto-based financial services offering, CoinDCX said in a statement.
Speaking on the listing, Sumit Gupta, CEO & co-founder of CoinDCX, said: At a time when we are witnessing unprecedented growth in the use of cryptocurrencies in India, there is a need to provide users with an extensive range of crypto-based financial services that can ensure the faster, simpler, and uninterrupted flow of capital. We are thrilled that CRO is entering India, through our platform, which will help nearly 1.3 billion people in crypto trade CRO through INR.
This is also an amazing opportunity for us to encourage more people to enter the crypto market through our ongoing #TryCrypto initiative.
While the MCO token features key payment and finance utilities within the Crypto.com ecosystem, CRO token is primarily used for settlements on Crypto.com chain, enabling transactions worldwide between merchants and cryptocurrency users in a seamless, secure and cost-efficient way, it said.
By using CRO as an intermediary currency on the Crypto.com Chain, participants customers, merchants, crypto customer acquirers, and merchant acquirers can convert their cryptocurrencies to their fiat counterparts at a much-reduced cost, said Neeraj Khandelwal, co-founder of CoinDCX.
The combination of MCO and CRO creates a full-service, global system that encourages the adoption of cryptocurrencies that is inspired by real-life use cases.
In 2019, CRO token and the Crypto.com Chain project had made headlines based on the tokens dramatic price increases.
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New cryptocurrency 'CRO' to list on CoinDCX crypto exchange, to be traded in two pairs - CNBCTV18
Binance-backed Cryptocurrency Derivatives Exchange FTX to Launch Spot Trading in the US – Crowdfund Insider
FTX, a digital assets derivatives exchange that primarily caters to Asian traders and investors, will be introducing a spot exchange in the US markets.
Sam Bankman-Fried, CEO at FTX, noted that the companys US-based trading platform is presently in its beta testing phase. The spot exchange is expected to go live (in the US) early next month.
As mentioned on FTX.US official website, the new trading platform has registered as a money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury Department that collects and analyzes information about financial transactions in order to combat illicit activities.
The derivatives exchange says its also currently in the process of obtaining state-level money transmitter licenses (MTL) from several US states.
Financial services providers need MSB and MTLs licenses, as they are required if businesses are to operate legally and in a compliant manner in the United States. FTX confirmed that it would apply for a BitLicense in order to offer services in New York.
The new derivatives exchange will keep a separate order book from the main FTX derivatives trading platform. At present, FTX supports trading in US dollars with six digital asset pairs, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), Paxos Gold (PAXG), and Tether (USDT).
Bankman-Fried stated that the exchange would be supporting additional cryptocurrencies and various other fiat onramps. FTXs US platform will also offer margin trading for eligible traders.
Established in May of last year, FTX reportedly handles about $730 million in 24-hour trading volume. The derivatives trading platform has mainly served Asian markets (so far) and most of its staff works out of an office in Hong Kong.
Earlier this year, the FTX team had been planning to secure $15 million with a $1 billion valuation. The exchange introduced an equity token in February of this year.
Leading digital asset exchange Binance has invested in FTXs operations.
There’s Cryptocurrency Twist in Crazy 5G COVID-19 Conspiracy – U.Today
Alex Dovbnya
The Vodafone executive behind the conspiracy that COVID-19 is linked to the rollout of 5G turns out to be a pastor who is a huge cryptocurrency proponent
In a bombshell expose, Guardian has revealed that the ex-Vodafone executivewho helped to fuel the insane anti-5G coronavirus conspiracy theory is actually a pastor who goes by the name of Jonathon James.
He was employed by Vodafone in 2014 and worked as a simple salesman for one year before leaving the company and turning into a cryptocurrency evangelist (which is actually the biggest plot twist).
In a now-viral recording, James, without a shred of evidence, stated that the coronavirus epidemic is simply a cover-up for all deaths caused by harmful 5G frequencies:
He also made a wild claim that Microsoft founder Bill Gates was apparently in cahoots with mobile operators, and his vaccines will come with computer chips for tracking people.
His words caused literal anarchy in the coronavirus-stricken -- more than 60 cell towers have been already set on fire by James unhinged followers. Workers who install 5G equipment are also routinely being targeted by conspiracy nutjobs.
The pastor also attempted to make hyperinflation-stricken Zimbabwe a new cryptocurrency hub. He urged the countrys opposition party to adopt a cryptocurrency that will be backed by diamond deposits in order to save its economy.
On top of that, he served as a cryptocurrency advisor in the Democratic Republic of the Congo and Bangladesh.
James' penchant for blockchain gives crypto enthusiasts a hope that the coronavirus pastor will not vilify the technology like 5G.
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There's Cryptocurrency Twist in Crazy 5G COVID-19 Conspiracy - U.Today
Some US Citizens Look to Be Splashing Their Stimulus Cash on Cryptocurrency – CoinDesk
Nothing screams confidence in the U.S. economy more than swapping Federal Reserve-issued money for a digital hedge against the mainstream financial system.
The U.S. government issued more than 80 million stimulus checks, each for $1,200, last week. To be deposited directly into bank accounts, the payment is intended to give citizens affected by the coronavirus a few extra dollars to pay for essentials, things such as food and utility bills.
But it appears some proportion of Americans instead of spending their stimulus check at Walmart, Amazon or wherever, may have decided to swap their dollars for crypto.
Coinbase CEO Brian Armstrong tweeted earlier on Friday his exchange had experienced a sudden spike in the number of buys and deposits worth $1,200. Up until mid-April, around 0.1 percent of total buys and deposits had been for $1,200, then it suddenly spiked nearly 0.4 percent this week, around the time many Americans started receiving their stimulus checks.
Of course, it's impossible to say for certain if all these deposits were U.S. citizens looking for a new home for their government-issued money. The graph doesn't specify what the split was between buys and deposits, so it's possible some customers may have simply parked their money in the exchange. We can't tell if these deposits even came from the U.S.
But despite a soaring unemployment rate, most in the U.S. are still working and still getting paid. Many who are financially secure may have decided to invest, rather than spend, their stimulus checks.
Investors aren't just heading over to Coinbase with their stimulus money. Speaking to CoinDesk, a Binance US spokesperson confirmed they had also seen a spike in $1,200 deposits. "People do seem to have deposited exactly $1,200 into Binance US in the past couple of days," the firm said.
Adding to the evidence, last Thursday was also the single largest day for USD deposits into Binance US for more than a month, the spokesperson added, but declined to go into the specifics of how many deposits that would be.
Crypto prices took a hit when COVID-19 outbreak fears peaked in March but they have since rebounded. With interest rates at record lows and other assets, like equities, reporting lackluster returns, some U.S. investors may see this is as an opportunity to try a new asset class.
CoinDesk reached out to Coinbase and other exchanges for further comment, but hadn't received a response by press time.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
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Some US Citizens Look to Be Splashing Their Stimulus Cash on Cryptocurrency - CoinDesk
Cryptocurrency predictions: what coins to choose in 2020? – Capital.com
Overview
The cryptocurrency sector has been in existence since 2009, the year Bitcoin (BTC), the top crypto based on market capitalisation, came into being.
Eleven years down the line, cryptocurrencies are now a part of modern society, with their number surpassing 3,000.
Cryptocurrency projections are crucial in distinguishing the profitable cryptocurrencies, based on optimal return on investment (ROI). As a result, cryptocurrency prices predictions are fundamental in determining what crypto coins to invest in 2020.
The coronavirus pandemic has been wreaking havoc so far this year, and this has triggered shocks in the financial markets. On March 12, commonly referred to as Black Thursday, the global markets nosedived, and cryptocurrencies were not spared.
For instance, Bitcoin lost 50 per cent of its value as its price reached $3,800. Since, it has witnessed a steady increase as it is currently trading at $6,856.
2020, therefore, seems to be a bright year for cryptocurrencies based on the strides being made by Bitcoin. For instance, payment giant Visa (V) recently partnered with Fold, a crypto startup, to provide a credit card where consumers will be rewarded with Bitcoin for spending in major companies and outlets like Uber (UBER), Amazon (AMZN), Airbnb, Nike (NKE), Dominos (DPZ) and Starbucks (SBUX). This move seeks to propel Bitcoins mainstream adoption.
Cryptocurrency forecasts have been rife, and 2019 proved to be a great year in the crypto space. For instance, cryptocurrency adoption skyrocketed as compared to the previous year.
Despite cryptocurrencies performing commendably in 2019, some stood out as better compared to others, and their bullish run continues in 2020.
Bitcoin continued its dominance as one of the best crypto performers in 2019. It started the year at $3,742 and reached an all-time high of $12,407 in June 2019. Its overall performance was outstanding because it closed the year at $7,293, up by 95 per cent.
One of the factors that prompted Bitcoins commendable performance was that crypto exchanges boosted its adoption through margin trading. As a result, BTCs trading volume was elevated.
At the time of writing Bitcoins price stood at $7,161.
Bitcoin Cash proved to be another significant player in the crypto space in 2019. BCH is a hard fork of Bitcoin meaning; it was crafted out of the leading cryptocurrency. Its price stood at $135 in mid-January 2019, and an all-time high of $480 was witnessed on June 26.
By the end of December 2019, BCH was hovering around $210, representing a 55.5 per cent hike. Presently, Bitcoin Cash is trading at $233.
Being one of the best crypto performers in 2019, NEO acts as both a cryptocurrency and an open-source platform that developers use to create decentralised applications or Dapps. Neo is currently ranked at position twenty-two among the leading cryptocurrencies according to CoinMarketCap.
NEO emerged as one of the best performing crypto based on the blockchain ecosystem it offers developers. During the start of 2019, it was trading at $7.5, but it closed the year at $9, up by 20%. Presently, its price stands at $7.45.
The coronavirus pandemic has compromised the start of 2020 as it has necessitated measures such as lockdowns, social distancing, and quarantines for it to be curbed.
There is no doubt that the Covid pandemic has made the global economy plummet, as many sectors have halted to a standstill. As a result, governments have found themselves being forced to incorporate solutions such as quantitative easing and zeroing interest rates.
Cryptocurrency predictions show that this may be an advantage for the crypto space as typically printing money devalues a currency, and inflation becomes inevitable. Cryptocurrency predictions 2020 have quite a positive spirit, in spite of the terrible circumstances.
Now, you may be asking yourself what crypto coins to invest in 2020 amid the tough times being witnessed across the globe. To answer this question, below, we have compiled a list of digital coins with the best cryptocurrency forecasts.
Coronavirus affects markets
Bitcoin has been setting the ball rolling in the crypto space as it has proven to be one of the best crypto performers over the years. A BTC bullish run is expected in 2020 based on the much-anticipated Bitcoin halving event that is approximately four weeks away. This is an occasion that happens after every four years, and mining rewards are reduced by 50 per cent, hence decreasing the rate of the supply of Bitcoin.
During this years halving event, the mining reward will be reduced from 12.5 BTC to 6.25 BTC. Judging from the previous two halving events that happened in 2012 and 2016, Bitcoins price is speculated to increase because supply reduces and demand rises.
Following the Bitcoin halving in 2016, a bull run was experienced, and BTC set a new record in December 2017 after hitting $20,000. Investors are optimistic a similar trend will be witnessed in 2020.
One of the bedrocks of any asset is scarcity, and this is presented by Bitcoin halving events as supply is slashed. It is the reason why pundits are betting for BTCs price to skyrocket in 2020.
Additionally, some analysts are optimistic that the decision by the Federal Reserve (Fed) to print more dollars to the tune of $6 trillion to enable the American economy to stay afloat will be advantageous to Bitcoin as it will attract more interest from people as the dollar will depreciate.
These cryptocurrency projections seem to make Bitcoin an ideal investment vehicle in 2020.
Over the years, Ethereum has almost played catch-up with Bitcoin. Along with Bitcoin, ETH is one of the best crypto performers. After all, it is favoured for its blockchain ecosystem that enables developers to create smart contracts and dapps.
Currently, the price of ETH stands at $170, and it has witnessed a spike in the first quarter of 2020, hitting a high of $281 in February.
Based on the latest cryptocurrency prices predictions, Ethereum will be among the best performing crypto in 2020, as investors are staking on its transition from the Proof of Work (PoW) network to a Proof of Stake (PoS) blockchain that will make generation of the currency less cumbersome.
Ripple, the third cryptocurrency standing at $0.1875, is a notable investment in 2020 because of its robust network. It has emerged to be a formidable force in payment, banking, and international commerce systems.
Ripple funded MoneyGram, a remittance guru, a whopping $11 million in 2019, for it to utilise its blockchain-based payment network. Cryptocurrency forecasts show Ripple services are being sought after by reputable companies making it an ideal investment asset in 2020.
NEO breaks many stereotypes as it is the first open-source cryptocurrency. As a result, it has the capability of transforming existing financial networks by intertwining real and digital assets.
These cryptocurrency projections place it as one of the best crypto performers of 2020.
When you ask yourself what crypto coins to invest in 2020, cryptocurrency price predictions can be part of the research you do to make your decision. Bitcoin, Ethereum, Ripple and Neo are touted to be among the best performing crypto this year.
If you think you are not ready to make long-term investment commitments, but still want to try to profit from the crypto volatility, you can do so through contracts for difference (CFD).
You can learn more about CFD trading with free online courses and find out how to trade crypto CFDs by reading our comprehensive guide.
Join Capital.com to always stay up to date with the latest crypto price news and spot the best trading opportunities.
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Cryptocurrency predictions: what coins to choose in 2020? - Capital.com
This is what happens to cryptocurrency paid out in sextortion campaigns – ZDNet
Spam and phishing emails are a constant plague in our inboxes, but more recently, sextortion campaigns have also appeared on the radar.
This particular brand of fraud attempts to capitalize on how some of us view adult content -- a personal and private matter, and one of which we would not necessarily want contacts such as friends or family to know about, or to become acquainted with our viewing preferences.
Often, these emails will claim that someone has been watching you through your webcam at the same time you are watching pornography or live cams and they not only know what you have been watching and when, but have also obtained the contact information of friends, family, and co-workers.
Emails may also include a password from an online account, stolen through a data breach and published online in data dumps, to appear more authentic.
See also:France asks Apple to relax iPhone security for coronavirus tracking app development
Cybercriminals will then demand a payment from victims in cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) to stop footage of the victim apparently watching pornography from being leaked.
Given the adult nature of these threats, some recipients of sextortion emails do fall for this tactic and pay up. But where does the cryptocurrency go?
Researchers from SophosLabs, together with analysts from CipherTrace, decided to find out.
On Wednesday, the companies published an investigative report on a large sextortion campaign that was active from September 2019 to February 2020.
Millions of sextortion spam emails were sent during this timeframe. Victims were asked to pay up to $800 in BTC into wallet addresses owned by the fraudsters, amassing the cybercriminals roughly $500,000 -- 50.98 BTC -- during the scam's lifetime.
The scheme employed botnets made up of compromised PCs worldwide to send out spam. The majority of the emails were sent in English, but some were also sent in Italian, German, French, and Chinese.
The sextortion campaign appears to be a cut above most as the fraudsters used obfuscation techniques to bypass spam filters, including white garbage text blocks, random strings, and adding words in Cyrillic script to confuse scanners.
An example of the sextortion message is below:
The research teams analyzed the wallet addresses associated with the campaign which pulled in an estimated $3,1000 a day in proceeds. Wallets that received deposits were cycled every 15 days or so.
In total, 328 addresses were tracked, 12 of which were connected to online cryptocurrency exchanges and online wallet services -- many of which already considered "high-risk" as they do not impose Know Your Customer (KYC) requirements, making them useful in money laundering.
Cryptocurrency exchanges including Binance, LocalBitcoins, and Coinpayments were also "unknowing participants" in cryptocurrency washes, in which funds are moved around to clean up dirty trails, according to the researchers.
Other transactions were connected to private, non-hosted wallets. In total, 316 transactions made up to three 'hops' from one original transaction address, ending up in places including the Dark Web Hydra Market and credit card dump marketplace FeShop. Funds were also sent to other corners of the underground criminal economy including mixers for conversion to other cryptocurrencies, cash, and services.
One wallet used in the sextortion scheme was also connected to a BTC transaction linked to the 2019 Binance hack.
"There were 13 addresses among the 328 passed to CipherTrace that did not have traceable outbound transactions," the report says. "But for the remainder, whoever was behind the wallets did not let their cryptocurrency spoils sit for long. Based on the date of the first input (when the first extortion payment transaction occurred) and of the last output (when the last of the value of the wallet's Bitcoin was drained), [there is] an average "lifespan" of approximately 32.28 days."
Tracking the funds from the sextortion campaign in the real world is a difficult prospect, not only due to the anonymization factors of wallets but also due to the use of IP masking and VPNs.
CNET:Senator asks Google and Apple CEOs to be personally liable for COVID-19 tracking project privacy
Out of all 328 addresses, CipherTrace was able to track the IP data of 20 addresses, but each of these was either connected to VPNs or Tor exit nodes. The majority of the deposits ended up in global cryptocurrency exchanges and the use of these solutions can bypass geographical restrictions, giving the teams little to work with when it comes to honing in on the true locations of threat actors.
"Given that some of the transfers were used to obtain stolen credit card data or other criminal services -- probably including more botnet services for sending spam -- the payouts from the sextortion campaigns are funding yet another round of scams and fraud," the researchers said.
TechRepublic:Security teams want new tools but lack the budget to experiment
Earlier this month, cybercriminals stole over $25 million in cryptocurrency belonging to Lendf.me. It is believed that a combination of security flaws and blockchain features were strung together in an attack that allowed the threat actors to repeatedly make withdrawals.
Three days after the assault, the cyberattackers returned all of the funds following the leak of an IP address during the attack and direct negotiation with the cryptocurrency exchange.
Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0
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This is what happens to cryptocurrency paid out in sextortion campaigns - ZDNet
This AI-focused cryptocurrency is up 300%, but on-chain fundamentals spell trouble – CryptoSlate
While the global financial markets were melting down as coronavirus spread throughout the planet, there was one cryptocurrency that managed to weather the storm.
Numeraire, an altcoin brought to life to incentivize scientists to predict financial models using encrypted data, was able to enter a parabolic advance that has seen its price skyrocket over 3x in the past three months. The AI-centric cryptocurrency went from trading at a low of $6 in late January to recently hitting a high of $24.
The bull run that NMR experienced in such a short period of time is quite impressive given the current economic environment. However, everything could be part of a pump-and-dump scheme, according to Santiment.
The behavior analytics firm argued that Teeka Tiwari and his Palm Beach Research Group could be behind Numeraires sudden bullish impulse.
Dino Ibisbegovic, head of content and SEO at Santiment, explained:
As part of his Palm Beach Confidential programme, last month Teeka picked 5 coins that he believes will make you a multimillionaire. According to multiple people, NMR was included here as well Teekas coin picks often have a way of becoming a self-fulfilling prophecy, as PBC hopefuls swarm to buy the suggested tokens in bulk, making their charts look like its 2017 all over again.
Even though it is impossible to determine how much of the pump can be attributed to Tiwari, on-chain data reveals that one massive whale was preparing for this price action.
Indeed, a few weeks before Numeraire began surging there was a significant spike in the tokens exchange inflow. One address sent 100,000 NMR, worth roughly $620,000 at the time, to a Bittrex wallet on Jan. 26.
This transfer represents one of the biggest single-day moves in Numeraires history, affirmed Ibisbegovic.
Now that the AI-focused altcoin is up more than 300 percent, there are not any fundamental metrics that support a further increase in its price.
Ibisbegovic pointed out that the number of active addresses is declining as well as the network growth. The downtrend in these on-chain indexes can be considered as a negative sign.
Ibisbegovic said:
Unless the coins on-chain activity makes a strong u-turn in the very near future, its going to be increasingly difficult for the coin to support a sustained rally.
Given the state of Numeraires network, the entities behind the exponential upswing could now be preparing to dump their tokens as Marcel Burger, founder of digital assets consultancy BurgerCrypto.com, stated:
[Its] time to get rid of some NMR here. Was a nice ride. Happy to buy back in at lower levels again. Numerai is still one of those projects I really like, but thanks to palm beach confidential pumping it, I rather sell here to buy back lower.
Even if NMR continues surging, market participants must remain cautious about what is happening behind closed doors to avoid getting caught on the wrong side of the trend.
Numeraire, currently ranked #75 by market cap, is up 5.33% over the past 24 hours. NMR has a market cap of $54.33M with a 24 hour volume of $995.55K.
Chart by CryptoCompare
Numeraire is up 5.33% over the past 24 hours.
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This AI-focused cryptocurrency is up 300%, but on-chain fundamentals spell trouble - CryptoSlate
Cryptocurrency Market Update: Bitcoin. Ethereum and Ripple in total lockdown as consolidation takes over – FXStreet
The cryptocurrency market is in a lull situation following a retreat from the highs achieved last week. The majority of cryptoassets are barely sustaining in the green especially the top three; Bitcoin Ethereum and Ripple. The most battered coin is Bitcoin Gold (BTG) after losing 1.36% of its market value on the day.
Data by CoinMarketCap shows a fall in the total market capitalization from the recent high at $204 billion to the current $198 billion. The drop clearly shows that the selling pressure in the past 48 hours has been significant especially for Bitcoin after falling from high above $7,300 to lower levels at $6,748. The total trading volume has also tumbled from $186 billion to $114 billion (reported in the last 24 hours).
BTC/USD has a market value of $6,864 at the time of writing. The cryptoasset features a 0.30% gain on the day from an opening value of $6,854. Its trend is bullish amid shrinking volatility; an indication that upward movements will not be forthcoming in the current and next sessions of the day unless a catalyst comes into play.
Looking at the four-hour chart, Bitcoin is still holding above the 50-day SMA; a very key indicator that buyers have enough power to avert further losses. The only thing that is holding them back is the low trading volume which can also be resolved by a catalyst. Signals from the MACD suggests that Bitcoin is in the hands of the bulls and that the path of least resistance is to the north. It is also vital that support at $6,800 is defended while the focus remains on rising above $7,000 in the near term.
ETH/USD is slightly in the green having accrued 0.76% of gains from the opening value of $170.34. Ether tested highs at $190 over the weekend but has lost a significant chunk of its value in the last 48 hours. In spite of a bullish trend, the low volatility means that low volume is recorded across the exchange platforms and that traders are choosing to stay away from the current choppy markets. At the time of writing, Ethereum is teetering at $172 after defending support at $170.
XRP/USD, the third-largest cryptocurrency in the industry is trading 0.43% higher on the day. Over the last 48 hours, Ripple has contained its movements in a narrow range between $0.18 and $0.19. Trading remains limited just like the other top cryptocurrencies as movement stays drab. Minor price actions are expect throughout the trading sessions on Wednesday unless something extraordinary happens.
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Cryptocurrency Market Update: Bitcoin. Ethereum and Ripple in total lockdown as consolidation takes over - FXStreet
Tether Surpasses XRP to Become the Third-Largest Cryptocurrency – newsBTC
Tether has replaced XRP, the native token of the San Francisco-based blockchain payment firm Ripple Labs, to become the third-largest cryptocurrency by market capitalization.
Top cryptocurrency tokens by market cap as on April 22 | Source: Messari.io
The dollar-pegged stablecoin, which protects traders from the extreme volatility associated with Bitcoin and similar crypto-assets, saw its reported valuation surpassing $7.5 billion on Wednesday. Meanwhile, the size of the XRP market squeezed under $5.5 billion as its prices fell into negative territory on a year-to-date timeframe.
The rise in Tethers market capitalization followed a voluminous flight to cash in the first quarter of 2020. Data aggregator Messari wrote in a client note that demand for stablecoins, especially USDT, was as high as it was in the entire 2019, indicating that traders anticipate wilder price volatility in the rest of the crypto market.
The sentiment takes cues from the ongoing macroeconomic crisis caused by the Coronavirus pandemic. As equities and commodities crashed to their record lows in mid-March, they also prompted bitcoin and other digital assets to pursue a similar downward trajectory.
The crypto market capitalization on whole fell by circa $60.25 billion in March 2020.
Crypto market cap is recovering following global central banks stimulus programs | Source: TradingView.com
XRP was one of the victims of the March crash, falling 24.32 percent to close the month at circa $0.17. On the other hand, traders appetite for Tether, the topmost stablecoin, surged, making it the top crypto beneficiary of the Coronavirus pandemic.
The largest beneficiary of the March volatility was Tether, said Ryan Watkins, research analyst at Messari. Its fitting that the top 3 crypto assets now feature the top 3 verticals in blockchain technology: Money, DeFi, and Stablecoins.
At the same time, Mr. Watkins anticipated the demand for stablecoins to head higher as the world comes face to face with a US dollar shortage. He said USDT, as well as its competitors, including USDC and BUSD, could quadruple their growth in 2020.
With the announcement of Libra and the growth of stablecoins last year, many consider 2019 as the year of stablecoins, said Ryan Watkins, research analyst at Messari. But if trends from the past quarter persist, 2020 could very well give 2019 a run for its money.
Photo by Maico Amorim on Unsplash
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Tether Surpasses XRP to Become the Third-Largest Cryptocurrency - newsBTC
Cryptocurrency Price Analysis: Bitcoin, Ethereum, Ripple, and ChainLink Where Are They Heading? – Coingape
BTC/USD Daily CHART SHORT TERM
Bitcoin has seen an interesting week of trading as it rebounded from the support at $6,600 last week. The support here was provided by a rising trend line and was bolstered by a .236 Fib Retracement level. After rebounding, it went on to break above $7,000 but fell short at $7,200 this weekend which caused the coin to roll over again.
The cryptocurrency has since dropped beneath $7,000 and is now trading back at the support provided by the rising trend line.
Bitcoin is considered neutral at the moment, however, if it drops beneath the support line and falls below $6,600, the market would be considered as bearish in the short term.
Looking ahead, if the sellers push beneath $6,650, the first level of support lies at $6,612 (.236 Fib Retracement). Beneath this, support lies at $6,400, $6,200, and $6,085 (.382 Fib Retracement).
On the other side, if the buyers step in and push higher, the first level of resistance lies at $7,000. Above this, resistance lies at $7,174 (bearish .618 Fib Retracement), $7,200, and $7,400. If the bulls can break $7,400, higher resistance lies at $7,676 (1.618 Fib Extension), and $8,000 (bearish .786 Fib Retracement).
The RSI is trading beneath the 50 line which indicates weak bearish momentum. If it continues to drop further beneath 50, we can expect Bitcoin to drop beneath $6,600.
ETH/USD Daily CHART SHORT TERM
Ethereum managed to increase as high as $191 this week where it met resistance at a bearish .618 Fibonacci Retracement level. More specifically, it was unable to break above resistance at $187 (1.618 Fibonacci Extension level). It rolled over from here to drop into support at $170.
Etheruem is bullish right now after creating a fresh high for April. However, if it continues to fall and drops beneath $160 it would be considered neutral with a further drop beneath $150 turning the market bearish.
The first level of support lies at $167 (.236 Fib Retracement). Beneath this, support lies at $160, $152 (.382 Fib Retracement), and $140 (.5 Fib Retracement).
On the other side, if the bulls push higher, the first level of resistance lies at $176 (1.414 Fib Extension). Above this, resistance lies at $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.
The RSI is above 50 to show that the bulls are not willing to give up control of the market momentum which is a good sign for ETH.
XRP/USD Daily CHART SHORT TERM
XRP rebounded from support at the rising trend line last week which allowed it to climb as high as $0.196 this weekend. However, we can see that it rolled over from here as it drops back into the support at $0.18 which is further bolstered by the rising support trend line.
XRP remains neutral at this moment in time, however, if it was to break beneath $0.18 we could consider the market as bearish.
Beneath $0.18, the first level of support lies at $0.17 (.382 Fib Retracement). Beneath this, support lies at $0.159 (.5 Fib Retracement), $0.147 (.618 Fib Retracement), and $0.14.
On the other side, resistance is located at $0.19, $0.196, and $0.20. Above $0.20, higher resistance is found at $0.211, $0.22, and $0.229 (bearish .5 Fib Retracement).
LINK/USD Daily CHART SHORT TERM
ChainLink has been on an absolute surge during April as it manages to rise toward the $3.70 level. It has since dropped lower but has managed to find support at $3.40, where lies the .236 Fibonacci Retracement level.
ChainLink remains bullish right now but must break $3.70 to continue this bull run. A break beneath $3.40 would turn it neutral with a further drop beneath $3.00 turning it bearish.
If the sellers break $3.40, support can be found at $3.20 and $3.13 (.382 Fib Retracement). Beneath this, support lies at $3.00, $2.91 (.5 Fib Retracement), and $2.69 (.618 Fib Retracement).
On the other hand, the first level of resistance lies at $3.66 and $3.70. Above this, resistance lies at $3.80, $4.00, and $4.13 (1.272 Fib Extension level). Additional resistance lies at $4.38 (1.414 Fib Extension) and $4.50.
The RSI is well above 50 to indicate the bulls dominate the market momentum.
Summary
Article Name
Market Update: Bitcoin, Ethereum, Ripple, and ChainLink - Where Are They Heading?
Description
Bitcoin saw a 2.44% price fall today as it straddles the $6,850 support.Ethereum dropped by a total of 4% as it drops into $170.Ripple fell by a total of 2.5% as it drops into $0.18.ChainLink dropped by 4.2% as it reaches support at $3.40.
Author
Yaz Sheikh
Publisher Name
Coin Gape
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