Crypto Markets Experience Slight Price Fluctuations After Recent Gains

After breaking $9,000 earlier today, Bitcoin is back around $8,700 as the market sees some small price fluctuations.

The crypto markets are experiencing slight price variations after the recent uptick, with Bitcoin (BTC) breaking $9,000 earlier today, April 21, and Ethereum (ETH) briefly over $600, according to Coin360 data.

Chart

BTC is now trading for around $8,700, up around 2 percent over a 24 hour period to press time. BTC dominance is slightly up from yesterday, now around 39.9 percent, according to data from CoinMarketCap.

Chart

ETH is down around 1 percent over a 24 hour period, trading for around $589 to press time.

Chart

The top ten coins listed on CoinMarketCap are a mix of red and green, with altcoin Stellar down the most, with a decline of more than 4 percent over a 24 hour period, currently trading around $0.36. Ripple (XRP) is also down around 4 percent over a 24 hour period after yesterday’s more than 20 percent gains, currently trading around $0.83 to press time.

EOS is up the most of the top ten coins, around 3 percent over a 24 hour period and trading for around $10.63 to press time.

The market’s recent gains, despite some price waffling today, could be attributed to Tom Lee of Fundstrat’s hypothesis that the market would bounce back after a crypto sell off leading up to US tax day on April 17.

The rising interest in crypto by Wall Street – shown by several execs leaving their traditional financial jobs to join the crypto sphere, as well as by institutions like the Rockefeller’s Venrock partnering with Coinfund and the Soros Management Fund reportedly getting into crypto trading  – could also have triggered the market uptick.

Crypto Twitter persona Tulips de’ Medici tweeted that the recent bullish market turn may end up “trap[ping] institutions”:

 

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Third Co-Founder Of Centra Tech Charged With $25 Mln Securities Fraud

The US Department of Justice has reported the arrest of the third co-founder of the allegedly fraudulent Centra Tech.

The third co-founder of crypto financial services startup Centra Tech Raymond Trapani has been arrested yesterday, April 20, and charged with securities and wire fraud of more than $25 mln associated with the company’s Initial Coin Offering (ICO), according to the US Department of Justice’s (DOJ) press release April 20.

The two other co-founders, Sohrab Sharma and Robert Farkas, were arrested and charged of the same offenses earlier in April. Sharma, Farkas, and the now also arrested Raymond Trapani advertised the “Centra Card,” a debit card that was reportedly backed by Visa and Mastercard, which allowed users to convert crypto into fiat currencies.

The US Securities and Exchange Commission (SEC) reports that no partnership actually existed between Centra and the two credit card companies.

According to the DOJ’s press release, after the founder of an unrelated allegedly fraudulent ICO was arrested last fall, Sharma asked Trapani and Farkas to remove all false information, “fufu,” about Centra’s deal with Visa from their website: “I rather cut any fufu . . . Now . . . Then worry . . . Anything that doesn’t exist current . . . We need to remove.”

In the DOJ’s press release, Deputy U.S. Attorney Robert Khuzami said,

“As alleged, Raymond Trapani conspired with his co-defendants to lure investors with false claims about their product and about relationships they had with credible financial institutions.  While investing in virtual currencies is legal, lying to deceive investors is not.”

Centra Tech had been promoted by celebrities like boxer Floyd Mayweather and DJ Khaled. Last fall, the SEC had warned the public that celebrity endorsements of ICOs could be illegal if they don’t reveal the compensation they receive for their advertising.

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(Short Term Correction) NEO, EOS, Litecoin, IOTA and Stellar: Technical Analysis April 21, 2018

Of all the altcoins under our focus, Stellar Lumens is the top performer for the week gaining 45 percent which increases its market cap to $6.8B. Despite this, NEO, Litecoin, IOTA and EOS are correcting. In this case, buyers should wait until stochastic buy signals print before loading longs probably in the coming week.

Let’s have a look at these charts:

XLM/USD (Stellar Lumens)

We can’t write much from the fundamental front but what is obvious is that Stellar Lumens is pretty much stagnant. In the last 24 hours alone, the coin is up 0.54 percent and 43 percent for the week. That’s not bad at all but here is the thing.

We were pretty much bullish for the better of the week but with a double bar bear reversal pattern in the daily chart and a strong stochastics sell signal in the 4HR chart, sellers might pick up momentum through to next week. Personally, and from my Stellar Lumens technical analysis, a short term correction is bound. Potential reversal points lies between $0.27 and $0.30.

IOT/USD (IOTA)

Of course, IOTA at $1.90 is awesome. It would even be better if we have some sort of upsides where IOTA would test $3 or so. We can’t discount that and after all, our IOTA technical analysis projects buyers testing this key resistance line in the coming days.

In my view, I shall point at increasing demonstration of how IOTA solves real life problems. After all, after Fujitsu and a couple of other projects, IOTA is now partnering with InnoEnergy in a bid to create this futuristic smart energy economy. Now, is this where Metcalfe’s law applies? Well, maybe and if it does, then expect IOTA to gain.

From the charts, prices are correcting. Even though we remain bullish, we can refer to the 4HR chart which shows clear lower lows complete with bearish engulfing candlesticks testing and a stochastic sell signal. I remain net long but swing traders can sell and take profits at around $1.55 and $1.65 or whenever a stochastic buy signal prints in the course of next week.

EOS/USD (EOS)

After gaining 18.24 percent in the last 24 hours, EOS now occupies the number 5 spot usurping Litecoin in the process. By now, you should know that all developments are geared towards that well publicized EOSIO launch in June.

Know this though: EOS shall freeze the EOS ERC tokens on June 2 for a maximum of 20 days to allow BP vote in. Now, what is causing a buzz is the potential number of projects that shall launch post mainnet. Already, Block One CEO promised that there will be thousands of projects from all sorts of companies and earlier,OK Blockchain Capital announced a $100M slush fund kitty to support projects launching on EOS blockchain.

In the daily chart, it’s obvious that there is a break out past the main resistance line at $10. That’s a bullish break out we have been waiting. However, with prices correcting across the board, we expect EOS prices to follow suit and probably test $8 in the coming few days. After all, there is a stochastic sell signal in place and as such I recommend short term sells as above.

LTC/USD (Litecoin)

It’s a flap guys. Litecoin’s market cap stands at $8.25B. Even with marginal gains in the course of the week, it couldn’t prevent EOS from taking over that spots. Anyways, I’m selling Litecoin at the moment but I’m overly bullish. Potential buy target is at $125 on the lower end or when a stochastics buy signal prints and there’s a bullish candlestick confirming that.

NEO/USD (NEO)

It has been a generally busy week for NEO straight from impressive Switcheo trade volumes, Ether Capital trading on NEO exchange, Asura ICO and white listing and of course Aphelion desktop wallet release. What I like about Aphelion is that it easily integrates with Ledger Nano S. Cumulatively, all these are bullish for NEO and we expect prices to catapult in the coming weeks.

Price wise, it’s the same pattern and even as we trade a bearish divergence pattern in the 4HR chart, prices should bounce back. Buy zones lies at $60 or whenever a stochastic buy signal prints from deep the oversold territory in the 4HR chart.

The post (Short Term Correction) NEO, EOS, Litecoin, IOTA and Stellar: Technical Analysis April 21, 2018 appeared first on NewsBTC.

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Litecoin (LTC) and TenX To Launch Co-Branded Card

LTC Investing

The Crypto rally in the markets continues to be strong with the King of Crypto, Bitcoin (BTC), trading at an impressive $8,753 at the moment of writing this. Ethereum (ETH) is still going strong at the number 2 spot and valued at $589. Ripple (XRP) is still aiming for the $1 mark with continual flirtations with $0.90 and currently trading at $0.867. With respect to our beloved Litecoin (LTC), it has been edged out once again from the number 5 spot by EOS. Both are valued at $145 and $10.67 respectively.

But all is not lost with Litecoin (LTC). Less than two weeks ago, the Litecoin foundation and TenX annnounced that they have been working on what can only be termed as a godsend for Litecoin. They had managed to keep the news secret up until now.

Firstly, the TenX wallet now supports LTC on both Android and iOS. Secondly, the two organizations are working towards introducing a co-branded card according to an announcement on the TenX blog. They say:

“We are also excited to announce a new partnership; we have reached out to, and are working with the Litecoin Foundation to introduce a co-branded card for which more information will be available soon. We hope to become the preferred payment platform for fans and owners of Litecoin, and cannot wait to see you use our wallet and join the revolution!”

This reiterates a theory that was postulated by Ethereum World News that Litecoin was not dead despite not launching Litepay earlier in the year and eventually cancelling the project.

But the Litecoin project is still alive and LTC is still a viable coin for major profits this year. The TenX news adds to earlier news of Abra picking Litecoin as their primary asset moving forward for the company’s smart contract investing solution.

What remains to be seen, is how long it will take for the momentum of Litecoin to peak up again for the coin and project still shows some promise in the crypto-verse. Earlier internet speculation had put LTC at a value of $1,000 by the end of the year. Perhaps it is time to sit back and wait for these predictions to materialize.

The post Litecoin (LTC) and TenX To Launch Co-Branded Card appeared first on Ethereum World News.

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Daily Discussion, April 21, 2018

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EOS Price Continues to Double-Digit Gain as Ethereum [ETH] Reaches Above $600

EOS [EOS] has been on a total market win-over as it has taken the 5th place from Litecoin that was thought to be cemented position for the Silver coin. The token price EOS is changing hands just below the $11.00 against the US Dollar with 11.11% gain in the last 24-hours.

EOS Trading

Source: coinmarketcap

With the most recent surge that EOS has experienced, its declining trend since the all-time high in mid-January of $16.80 has been cleared which instantly impacted the spiky rise of a bullish path that could lead to a retest of the record mark. In any case of failure, the $8.00 level will make sure not to let any further losses in value and a great opportunity for buyers to step in again.

On the other hand, Ethereum (ETH) climbed its way over the $600.00 for the first time in a month [Since March 17 when it was trading at $607.00]. On April 19 it cleared the 50-day SMA that is clearly a bullish sign that the trend has become very positive, and if it is able to close above the $600.00 successfully it will be rallying towards the $730.00 area.

Day by day, we see cryptocurrencies slowly but steadily progressing towards crossing the gap between blockchain technology and digital assets and the “real life” applicable usage of this technology. Ethereum is included in one of such cases, where its technology will be put to use to meet real-life requirements, specifically meeting the requirement of creating an easier way of space navigation and communication.

The National Aeronautics and Space Administration (NASA) and Researcher at the University of Akron (UA) are researching on using Ethereum Blockchain Technology to enhance space communications and navigation.

statement by the university revealed that  Dr. Jin Wei Kocsis, assistant professor of electrical and computer engineering, received a three-year, $330,000 Early Career Faculty grant from NASA to lead a research on “Resilient Networking and Computing Paradigm (RNCP)” using the blockchain technology behind “smart contracts”.

The post EOS Price Continues to Double-Digit Gain as Ethereum [ETH] Reaches Above $600 appeared first on Ethereum World News.

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WikiLeaks Shop Reports Suspension Of Coinbase Account Due To Terms Of Service Violation

The WikiLeaks Shop has reported that their Coinbase account has been blocked due to an unnamed violation of the Terms of Service.

WikiLeaks Shop, the merchandise arm of international anonymous publishing non profit WikiLeaks, reported on Twitter Friday, April 20, that their account with crypto wallet and exchange Coinbase has been blocked.

WikiLeaks Shop’s tweet contains a screen grab from an alleged email from Coinbase that states the organization violated their Terms of Service and therefore “can no longer provide access to [their] service.” Coinbase has not responded to a requests for comments on the specifics of WikiLeaks Shop’s violation by press time.

All proceeds of the shop go to WikiLeaks operations, and customers can pay in Bitcoin, Litecoin, Bitcoin Cash, Dash, Dogecoin, Ethereum, Neo, Namecoin, Vertcoin, Monero and ZCash through Coinpayments.net.

The official WikiLeaks Twitter posted a call for a “global blockade” of Coinbase in response to the block:

Bitcoin (BTC) advocate Andreas M. Antonopoulos tweeted that Coinbase has “repeated history,” as Bitcoin has played an important role for WikiLeaks from the time when the non profit was legally unable to use traditional banking systems:

Last fall, WikiLeaks leader Julian Assange publicly thanked the US government on Twitter for forcing the organization to rely on Bitcoin due to the banking embargo, giving WikiLeaks a 50,000 percent return. Assange also urged WikiLeaks donors to use cryptocurrencies for their donations as a way to avoid this financial blockade. The WikiLeaks website accepts Bitcoin, Litecoin, Monero, and ZCash for donations.

Antonopoulos added in a comment to his tweet that this embargo by Coinbase is unlike the first in that it is “purely symbolic,” as there are other crypto wallets out there, but that the “symbolism is a pretty poignant reminder of what centralization and banking regulations mean.”

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Bitcoin Price is Up 13.6% Since Tax Season Came to an End

Bitcoin is performing well in the market today as it tests the $9,000. The newfound bullish momentum is not a surprise for Fundstrat Global Advisors analyst Tom Lee, who said that tax filings were bringing the cryptocurrency market down and ‘Tax Day’ would eventually trigger an upside move for the bitcoin price.

Bitcoin Reaches $9,069 As Sentiment Improves

The bitcoin price has been steadily rising since April 12 after being buoyed at the $6,500-$7,000 range. The number one cryptocurrency by market cap is up by nearly 40 percent from the April lows as it has already crossed the $9,000 line to print a high at $9,069, according to TradingView.

Tom Lee, head of research at Fundstrat Global Advisors, had previously explained that the tax liability of the massive capital gains obtained by cryptocurrency investors last year was behind the downward market pressure as holders of Bitcoin et al were cashing out to pay taxes.

“The U.S. tax day is behind us (April 17th) and since then, the overall tone in the crypto market has improved. We believe the ‘winter’ is ending for Bitcoin, as the crypto to fiat pressures from tax day subside, and as headline risks seem to be fading”, Tom Lee said in a note to investors.

As cryptocurrencies constitute property, according to the IRS, these are subject to capital gains tax. The 1,300% upward move in 2017 might have resulted in $25 billion in taxes in the United States. The head of research at Fundstrat Global Advisors argued that U.S. households captured 30% of the $590 billion capital gains in 2017 and the $92 billion taxable gains were subject to a 27% rate.

Tom Lee also recommended investors to keep an eye on the CoinsharesCrypto ETF, a leading indicator for bitcoin, which he compared to Punxatawney Phil, a groundhog who predicts whether winter is over based on its shadow.

“We believe large institutional investors globally use this ETF as a way to quickly gain exposure to Bitcoin. Hence when shares rise, big money is buying bitcoin”, Tom Lee added.

Tom Lee predicts Bitcoin will reach $20,000 by mid-year and $25,000 by the end of 2018. The analyst sees Bitcoin at $91,000 by early 2020.

Sentiment in the industry has also improved considerably after news that leading investment funds are entering the cryptocurrency market, including George Soros and the Rothschild family. The Soros Fund Management venture internally approved the trading of virtual coins. Soros has recently called the market a “bubble” and that investors were operating on “some kind of misunderstanding.”

The post Bitcoin Price is Up 13.6% Since Tax Season Came to an End appeared first on NewsBTC.

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Bitcoin, Ethereum, Bitcoin Cash, Ripple, Stellar, Litecoin, Cardano, NEO, EOS: Price Analysis, April 21

Technical analysis on top 9 cryptocurrencies.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

The Barclay Cryptocurrency Traders Index monitors the returns of the 19 funds that trade in virtual currencies. It has taken a beating this year and is down 43.1 percent year to date.

However, funds that are market makers and who trade in arbitrage strategies are having a field day, as some have gained 30 percent in the first quarter.

This shows that whatever the market condition, the traders can always develop a strategy to profit from it.

The miners are not that lucky. According to Morgan Stanley, the miners of Bitcoin will remain unprofitable if prices remain below $8,600.

The big problem is that no one knows how to evaluate the leading cryptocurrency. The targets range from $100 to $100,000 and higher, but when prices don’t fall even during bad news, it is usually a sign that the bottom is around the corner. We believe that most digital currencies have bottomed out, at least in the short-term.

BTC/USD

Bitcoin has finally broken out of the 50-day SMA after remaining range-bound for seven days. Though this is a bullish sign, we still don’t see a strong buying conviction, as the up move is lacking momentum. This shows that the market participants are cautious of this rally.

BTC

The next target on the upside is $9,400, where we suggest booking partial profits. Once this level is crossed, a move to $10,000 is possible.

If prices fail to hold above the 50-day SMA, it will be a bearish sign and prices can fall back to the first support level of $7,900. Therefore, we suggest the traders should keep the stops on the BTC/USD pair at breakeven.

ETH/USD

Ethereum convincingly broke out of the 50-day SMA on April 19, which is a bullish sign. It has become positive and should continue to rally towards $730 levels.   

ETH

Though the 50-day SMA is still falling, the 20-day EMA has turned up. A bullish crossover will provide further strength to the ETH/USD pair.

Though we are bullish, we have not suggested any trade on Ethereum. We will wait for a dip or a consolidation to enter fresh long positions.

BCH/USD

In our previous analysis, we had noticed that Bitcoin Cash doesn’t face resistance at the 50-day SMA and that is what happened. The price zoomed past the moving average on April 19 and touched our first target objective of $1,114.  

BCH

Traders can book partial profits at the current levels and keep a trailing stop on the remaining position. If the bullish sentiment continues, the BCH/USD pair can rally to $1,300 and then to $1,600.

However, we need to caution the traders that the cryptocurrency has a history of vertical falls, so it’s better to protect the paper profits with a close stop loss.

We should never allow a profitable position to turn into a loss.         

XRP/USD

We had recommended long positions in Ripple in our previous analysis. The digital currency easily crossed above our first target objective of $0.83 where we had proposed to book partial profits.

XRP

There is a minor resistance at $0.9, above which, the XRP/USD pair can rally to $1.08 levels. We like the way it has rallied over the past three days, which shows that the buyers are back. The moving averages are also close to a bullish crossover, which is another positive.

Traders can hold the remaining positions with a close stop loss.

XLM/USD

Stellar has broken out of our first target objective of $0.36, where we had proposed traders to book partial profits.

XLM

The break out can carry the XLM/USD pair towards its next target objective of $0.47. That’s why we had recommended trailing the stops higher on the remaining position.

The moving averages have completed a bullish crossover, which is a bullish sign but it is unlikely to be a one-way move to the highs. Hence, the stops should always be trailed higher.

As prices near $0.47, please keep tighter stops.

LTC/USD

After remaining range bound for a few days, Litecoin has found buying support. It is currently attempting to break out of the critical overhead resistance from the downtrend line and the 50-day SMA.

LTC

If successful, the LTC/USD pair will become positive and rally to $178 levels.

The logical stop loss for the trade is at $127, which doesn’t offer us a good risk to reward ratio. Thus, we shall wait for a new buy setup to form before recommending any trade on it.

If prices turn down from the resistance, it should find support at $141.

ADA/BTC

Cardano is again moving closer to our target objective of 0.000035. If this level is crossed, then the digital currency will pick up momentum and rally to 0.000045 levels.

ADA

We suggest trailing stops higher on their remaining position, instead of booking profits at 0.000035.

The ADA/BTC pair has started a new uptrend, after being in a downtrend for months. During the start of a new uptrend, the RSI can remain in the overbought territory for some time. Hence, traders should not get perturbed with the overbought levels on the RSI. Keep trailing the stops higher to lock in the paper profits. As prices move up, please tighten the stops further.

NEO/USD

NEO has finally broken out of the 50-day SMA, but it will face stiff resistance at the $80 mark, from the downtrend line of the descending triangle and the horizontal line.     

NEO

We suggest booking partial profits at this level and raising the stops on the rest to breakeven.

If the NEO/USD pair breaks out of $80, it will become very bullish because the failure of a bearish pattern is a positive sign. After breaking out of the downtrend line, there is minor resistance at $92-$94. If this level is crossed, the digital currency should pick up momentum and aim to hit $140.

Hence, we are proposing to keep a part of the position open to benefit from the probable rise.

EOS/USD

EOS has broken out of the ascending channel and the horizontal resistance at $10.0650, which shows bullishness.

EOS

We had anticipated resistance in the $9.5 to $10 zone, hence had recommended traders to book partial profits around the $9.5 mark.  

We had initially purchased with a target objective of $11, but looking at the bullishness, we believe that the EOS/USD pair can now rally to $12, which will also coincide with the resistance line of the ascending channel 2.

The remaining positions can be held with a trailing stop loss, which can be kept just below the support line of the ascending channel 2.

The digital currency will lose momentum if prices again fall into ascending channel 1.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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