Bitcoin Traders Reacting to Positive Sentiment

Trading sentiment has improved on the heels of an implied endorsement made regarding Blockchain via the CFTC Chairman during a Congressional hearing on Monday.

Traders Reacting to Endorsement of Blockchain, India Seeks Tax Revenues

Cryptocurrencies have continued to recover from their lows made earlier this week, when a flurry of developing news created poor speculative conditions. Traders have reacted positively to the implied endorsement via the U.S Congressional hearing earlier held on Monday that Blockchain technology will play an important part in international transactions in the coming years. And it has been reported today, that India intends on pursuing tax revenues from traders within its nation who have profited from trading in cryptocurrencies.

Bitcoin Fights Back from Lows, Test of Key Resistance Underway

Bitcoin has been able to fight off lows. It has gained in a rather stable fashion the past few days and is near 8,200.00 U.S Dollars per coin. Key resistance appears to be the 8,800.00 level short term. If Bitcoin is able to climb above this resistance, traders may find additional momentum. Support for the cryptocurrency is around 7,400.00 U.S Dollars. The value of Bitcoin continues to be impacted by the reaction of traders to market news and the sentiment it generates.

Bitcoin 1H Chart
Bitcoin 1H Chart

 

 

 

 

 

 

 

Japan’s FSA Expanding Inspection of Cryptocurrency Exchanges

Reports are circulating the Japanese government intends to carry forth a broad inspection of cryptocurrency exchanges working in the nation. The action comes as the Coincheck hack continues to generate news, and Japan’s Financial Services Agency takes a closer look at Coincheck’s operating procedures and accounting.

Manila Cryptocurrency Show Coming Next Week

A cryptocurrency event will be held in the Philippines on February the 12th which will include panel discussions and networking opportunities for participants.

  • 12th, Philippines, Crypto Currency Expo in Manila

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

The Cryptos are on the Move and Bitcoin is Leading the Way

Cryptocurrency investors tested the water on Wednesday, with Bitcoin rallying to an intraday high $8,649 through the middle of the day, before retreating back to a $7,721 close that left Bitcoin down just 0.21% for the day.

There has certainly been a shift in sentiment towards the cryptomarkets and the bulls are beginning to resurface after weeks of hiding, with talk of the cryptomarket hitting $1tn this year doing its rounds across the news wires.

For investors, there were two key takeaways from the week so far. Firstly, the news of the PBoC looking to ban foreign and domestic cryptocurrency trading being identified as fake news. The second being the calls for a ‘do no harm’ approach to the U.S market and blockchain technology in general.

With so much negative sentiment in recent weeks, the markets were certainly in need of some less dramatic calls for bringing down the cryptomarket as we know it today.

While the dust may be still settling, there are still plenty of unknowns however, which would likely have contributed to the selloff from Wednesday’s highs that was seen across many of the cryptocurrencies.

When considering the fact that Bitcoin enjoyed a 46% rally from its Tuesday low to Wednesday’s high, the profit taking move was a justified one.

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At the time of writing, Bitcoin was up 9.29% to $8,292.57, rising well above its intraday low $7,565.50, with Bitcoin recovering more than $2,000 in the last 24-hours.

There’s still plenty of money off the table however, with Bitcoin’s market cap sitting at $136.19bn and perhaps more importantly, while there have been broad based gains across the cryptomarket’s majors through the middle part of the week, Bitcoin’s dominance has stood firm at above 35%, suggesting that investors have been a little more cautious in the exposures they are willing to take at present.

For the day ahead, while it’s looking relatively bullish, caution will likely remain the name of the game, with speculative investors likely to lock in profits, with bad news capable of hitting the news wires at any time.

The good news however, does continue to be the support that the cryptocurrencies have received, with the cryptomarket bears likely to be looking in disbelief at the market’s recovery.

Whether Bitcoin can close out the week at $10,000 levels looks unlikely at present, with plenty of resistance at current levels, but a weekend move may not be out of the question, as long as the news wires stay silent and the 2017 optimism that saw the cryptos hit sky high levels continue to fuel the recovery.

Elsewhere, Bitcoin Cash was also in positive territory, holding on to $1,000 levels, with Ethereum leading the pack, up 11.15% to $833.69 at the time of writing.

When considering the losses seen across the global equity markets this week, the timing couldn’t have been better for the cryptomarkets, with the reality being that the latest correction was not that bad and may ultimately provide investors with greater confidence in the months ahead.

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Crypto Update: Surprising Sounds of Support in Washington

CFTC Chairman Giancarlo pointed out Blockchain transactions have a future in global transactions and cryptocurrencies would be part of the equation.

CFTC Chairman Christopher Giancarlo Highlights Use of Blockchain, Cryptocurrencies Stabilize

Yesterday’s Congressional hearing in Washington focusing on cryptocurrencies and Initial Coin Offerings gave hope to traders. CFTC Chairman Christopher Giancarlo essentially said that the U.S government has a responsibility to allow Blockchain and cryptocurrencies to function, but that careful supervision and vigilance are needed. He highlighted a recent grain deal which was conducted by the company, Dreyfus, and China which used Blockchain to complete the transaction. Cryptocurrency prices have stabilized and seen some upwards movement short term.

Ethereum Recovers from Lows and Bounces Higher on Hearing Outcome

After testing important support yesterday, Ethereum has bounced higher and is trading near the 800.00 U.S Dollars per coin level. Ether dropped to approximately 575.00 yesterday, but like other cryptocurrencies saw its value rise upon the outcome of the Congressional hearings in Washington. Resistance appears to be near 975.00 U.S Dollars for Ethereum.

ETH 4H Chart
ETH 4H Chart

Augustin Carstens Says Cryptocurrencies are Vulnerable

Augustin Carstens, the head of the Bank of International Settlements, said Bitcoin and other cryptocurrencies pose a threat to finance yesterday because of their vulnerability. He outlined in a speech given in Frankfurt that the lack of institutional infrastructure surrounding digital currencies and their payment systems, need to be safeguarded from criminals.

Gibraltar Get Together for FinTech Enthusiasts

A get together in Gibraltar will take place on February the 8th for Bitcoin and Blockchain enthusiasts.

  • 8th, Gibraltar, Blockchain & Bitcoin Conference

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

The Cryptomarket Pauses for Breath after $540bn Walks Out the Door

Cryptomarket conditions improved through the second half of Tuesday, with Bitcoin recovering from a $5,920.72 intraday low to close out the day up 9.96% to $7,754.

There may have been some investors somewhat horrified at the sight of Bitcoin languishing at sub-$6,000 levels, with its market cap down at $102.69bn, levels that Ripple had enjoyed just a month ago.

Sub-$6,000 was clearly an attractive level for investors sidelined amidst the sell-off, driven by uncertainty over the regulatory landscape, both today and looking ahead to the future.

Regulators are almost frothing at the mouth, almost desperate to bring down the cryptomarket that pales into insignificance when compared with the money that’s swimming around in the global financial markets.

For now, Bitcoin and the altcoins have resurfaced for air, with relief flooding the cryptomarket, though few will know what lies ahead and whether Tuesday afternoon marked the end of a bloodbath that coincided with the global equity market sell-off.

To put it into perspective, while the total cryptomarket cap fell from $829.41bn to 2018 low $282.4bn, as $547bn walked out the door from the first week of January to Tuesday morning, the global equity markets saw a reported $4tn wiped out over just the last 8-days.

As the dust settles, there will be plenty of wounded thinking twice about jumping back into the cryptomarkets, particularly if the losses were funded with credit cards that have left the losers saddled with debts that may take some time to settle.

The good news is that, while the cryptomarkets have just shown what pain can be inflicted on dreamy investors, the harsh realities of investing in such volatile asset classes that provide little by way of a tangible products, will cause speculative investors to think twice before looking to drive prices up to levels seen in late December and early January.

As calls for the banning of ICO and cryptocurrency ads begin to gain traction, following Facebook’s decision to end a popular marketing platform for the market, there will be hopes that some of the fraudsters will stop duping investors and let the big boys deliver platforms that can take existing real-world technologies out of the dark ages.

None of this comes without teething pains however and the volatility seen in the last few weeks is unlikely to be the last of it.

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For the morning session, there’s still plenty of red across the crypto-board, with Bitcoin down 0.37% to $7,709 at the time of writing, but the losses are certainly less than the slides seen at the start of the week and the tighter ranges through the morning will be well received.

Bitcoin’s moved between an intraday low $7,213.8 and an intraday high $7,862.27 this morning, with the lows hit at the start of the day.

While things are looking a little more bullish for Bitcoin this morning, there’s still a lot that can go wrong for the cryptomarkets, with regulators and governments ready to pounce on any adverse news from the markets. Beware of fraudsters, they can not only dupe investors out of $1,000s but can also have a material impact on the broader market.

The beacon of light this morning across the major cryptocurrencies? Litecoin and Lumen Stellar, the pair is up 1.56% and 5.41% respectively, with the upside driven by sentiment towards the respective blockchain technologies that are expected to perform in the real world and not just in concept.

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Crypto Update: Punches Coming from Different Directions

Some U.K banks have begun banning the use of credit cards to trade cryptocurrencies. Tether is under scrutiny. And North Korea is a suspect in the Coincheck hack ten days ago.

SEC and CFTC Testifying Before Congress Today, Tether in Trouble

Cryptocurrencies continue to be under duress. The Securities Exchange Commission and the Commodity Futures Trading Commission will testify today, before a U.S Congressional committee about cryptocurrencies and Initial Coin Offerings. And U.K banks have started to crack down on the use of credit cards to purchase cryptocurrencies. It is also being reported the cryptocurrency Tether has not been able to produce an audited accounting, regarding its claim it was banking U.S Dollars as a reserve currency to safeguard its value.

Buyers Hard to Find as Pain Increases for Bitcoin, Storm Clouds Darken

Bitcoin’s value is under siege again. The current value is around 6,600.00 U.S Dollars per coin. Important support appears to be around 5,800 for the cryptocurrency, resistance looks to be 8,200.00. Bitcoin is now below key levels in which it started to add robust value mid-November. While some cryptocurrency ‘gurus’ continue to suggest buying on dips, cynics can be quickly heard asking – which dip they mean? The pain threshold for Bitcoin is certainly being tested, and buyers have been hard to find the short term. All major cryptocurrencies such as Ethereum, Ripple, Cardano, Bitcoin Cash, IOTA and more take double digits loss at the time of writing.

Bitcoin Daily Chart
Bitcoin Daily Chart

North Korea Suspected in Coincheck Hack, South Korea Spy Agency Claims

North Korea is again in the news, the nation is now the prime suspect regarding the hack of Coincheck in Japan nearly ten days ago, in which over 530 million U.S Dollars’ worth of the cryptocurrency Nem were stolen. The claim was made by South Korea’s spy agency earlier today before a parliamentary hearing.

Oversight Role of SEC and CFTC on Virtual Currencies

The leaders of the SEC & CFTC will speak to a U.S Congressional Bank Committee today on ‘oversight’ of Cryptocurrencies and ICO’s and this may impact the markets further.

  • 6th, U.S, Congressional Bank Committee – SEC & CFTC

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

Is there any End in Sight for the Bitcoin Blood Bath?

Bitcoin had a bad start to the week, with BTC/USD sliding 15.9% on Monday to end the day at $6,955.27, the only good news being Bitcoins move off an intraday low $6,756.68 before the close.

With Bitcoin the main trade pairing for the cryptocurrencies, it’s unsurprising that the rest of the cryptomarket has tumbled, with the total cryptomarket cap falling to $281.86bn at the time of writing. Such is the demise that the total market cap at the time of writing is actually well below Bitcoin’s all-time high market cap of $326.14bn hit in in mid-December.

Money has been running out of the door and when considering the PBoC’s bombshell on Monday that it intends to ban all initial coin offerings and foreign and domestic cryptocurrency trading, its’ perhaps a little surprising that more hasn’t come off the table.

As regulatory chatter continues to hammer the markets, we can expect new lows to continue coming along, with investors unlikely to be too interested in getting burnt. There is an air of unpredictability surrounding the cryptomarket at present, with the South Korean government likely to follow the PBoC, in a bid to avoid getting too much attention from the savvier cryptocurrency investors who can fly under the PBoC’s radar.

If investors were hoping for some good news through the early part of the day, news hit the wires this morning of Visa and MasterCard increasing their fees on cryptocurrency transactions, with the two classifying cryptocurrency purchases as cash advances. Not only will investors who purchase cryptocurrencies with credit cards be subject to significantly higher fees, but will also be charged interest from the moment the transaction takes place.

When considering the fact that credit card purchase fees are already on the higher side across the exchanges, it’s just got that little bit more expensive and that’s if an investor is fortunate enough to have an account with one of the banks that have yet to ban the purchase of cryptocurrencies with credit cards.

The only good news this morning, which needs to be taken with pinch of salt, was a call by CFTC Chairman Giancarlo to the Senate Banking Committee to take a “do no harm” approach to the cryptomarket. Whether the Senate Banking Committee takes on board the comments, which are largely aligned with previous commentary from the SEC Chairman, remains to be seen, with both China and South Korea putting the pressure on other governments to do more.

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At the time of writing, Bitcoin was down a further 10.17% to 6,175.1, with Bitcoin having hit an intraday low $5,920.72 early in the session.

Positive moves through the early part of the day have been few and far between, with more bad news likely to hit the cryptomarket hard before there can be any kind of recovery.

For Bitcoin, the market cap has fallen to $139bn and, while the crypto billionaires will attempt to provide much needed support, the fall from grace suggests that some of the Bitcoin billionaires could have also headed for the door this week.

It’s certainly looking bearish and, with the losses broad based, there looks to be very little to prevent Bitcoin to fall back through to sub-$6,000 levels.

Those who missed out on the 2017 rally may be feeling even more vindicated this morning to have sat out the cryptocurrency phenomenon, but even at current levels, Bitcoin is still up more than 600% from the start of 2017.

If Bitcoin slumps to sub-$1,000 levels then that is an altogether different proposition, with those having projected a 70% slide seemingly on the right side of the fence for now.

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Cryptocurrencies Under Pressure: All Major Cryptos with Double Digit Losses

Bitcoin is under pressure and most major cryptocurrencies are testing critical support levels.

Some U.S Banks Limit Credit Cards for Cryptocurrencies, China Acts Again

Cryptocurrencies have seen another deluge of selling. After stabilizing early Friday, the market was hit with news from a handful of major U.S banks who said they will no longer allow their credit cards to purchase cryptocurrencies. And developing news in China this morning indicates – not only a limit on cryptocurrency trading within the country but that the nation is seeking ways to stop its citizens from participating in Initial Coin Offerings outside of China too. Bitcoin has been under pressure early today, along with the other major cryptocurrencies as key support levels are being tested. Bitcoin is trading at $7625 at the time of writing, Ripple dropped 16.29% to trade at $0.744.

High Anxiety in Ethereum Show Nervousness, Widespread Concerns

Ethereum is below 800.00 U.S Dollars per coin in early trading on Monday. The price of Ether is a strong indication sentiment in all cryptocurrencies are facing widespread anxiety. Support for Ethereum is near 620.00 U.S Dollars, but if this mark is broken – the next level of support could be around 400.00. Ethereum is still above its December price levels but has seen weak demand the past seven days, while resistance above appears to be 1100.00 U.S Dollars per coin.

Ethereum Daily Chart
Ethereum Daily Chart

Recent Developments Raise Questions, Positive Capabilities Remain

The recent developments in the States regarding cryptocurrencies and credit cards and the rumors from China has increased concerns which have hurt prices. However, the question which needs to be answered is how governments will supervise this new industry, which is finding new ways to implement Blockchain technology on a daily basis without killing its potentially positive influence on enterprises and financial institutions? As this question hovers, turbulence will remain.

Dubai Event Late February will focus on Blockchain

The United Arab Emirates has announced over 400 industry leaders will participate in a FinTech conference in Dubai later this month which will focus on Blockchain.

  • 26-27th, UAE, Finovate Middle East in Dubai  

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

Crypto Crash: Bitcoin Falls Deeper into a Sea of Red

It was a weekend of two halves for Bitcoin last weekend, with a 6.85% gain through the early part of the weekend to $9,499 suggesting that the cryptocurrency woes may have finally come to an end, with Bitcoin having slumped from its December highs.

Sadly, the weekend high $9,499 was short lived, with Bitcoin ending the weekend down 7.2% to $8,250.1 by the end of Sunday.

While there were highs, there were also plenty of lows, with Bitcoin hitting an intraday low $7,809 on Sunday evening before recovering to Sunday’s close.

The jump in volatility was evident on late Sunday evening as volumes spiked, with investors likely to be looking to get out ahead of Asian investors waking on Monday morning.

Despite the lower level of news traffic over the weekend, the news of major U.S and UK banks following South Korean banks, banning the use of credit cards to purchase cryptocurrencies was certainly a negative one.

The moves were to be expected, though perhaps a little too late, with the market having already collapsed, with credit card holders likely finding themselves in extreme difficulty if they had gone in at $19,000 only to see the value of Bitcoin slump to current levels.

Regulatory pressure will have had some influence on the Banks’ decisions to impose the bans, which are likely to become widespread across the world’s major financial institutions in the coming weeks.

Tomorrow’s much talked about Senate crypto hearing, where the chairmen of the SEC and CFTC will be giving testimony, will be in the forefront of investor minds this morning and through the day, which is unlikely to be a positive for Bitcoin and the rest of the cryptocurrencies for that matter.

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At the time of writing, Bitcoin was down 2.97% to $7,947.52, which is not far off an intraday low $7,756 struck earlier this morning, as the Bitcoin and market struggle continues into a 4th week.

It’s been an epic collapse, with investors finding it a challenge to shrug off the negative sentiment that continues to draw investor money off the table.

Bitcoin’s market currently sits at $140.59bn, which is pretty poor viewing, with the total cryptomarket cap languishing at $384.15bn.

With global equity markets seeing record gains unravel and Bitcoin and its peers also on the slide, investors are certainly struggling to find somewhere safe to rotate into, other than good old U.S Dollars.

It was certainly not Satoshi’s wish to see billions walk out the door and certainly not to see investors lose their shirts, but such was the speculative nature of the market in the run up to the collapse that it was coming and the market chatter had begun to shift away from euphoria to logic and that’s never going to be a good thing for inflated values.

For the rest of the day, we will expect Bitcoin to continue to struggle, with Cboe Bitcoin futures February contract down $590 to $7,910 at the time of writing. While negative sentiment continues to hit the markets, we will expect the futures market to pin back any speculative moves for now.

Can Bitcoin Survive a Litecoin Moment?

Bitcoin managed to create some distance from Friday’s 7.625.25 low on Saturday, hitting an intraday high $9,491.2, before easing back to $9,097.25 by the close.

Saturday’s 2.9% gain was far from spectacular, with Bitcoin’s weekend rally running out of steam late in the day, as investors look ahead to the coming week.

While news could come from just about anywhere and unravel the weekend’s steadiness, immediate focus will turn to the U.S and the testimony of the chairmen of the SEC and CFTC to the Senate in a crypto hearing that could materially impact the U.S cryptomarket in the coming weeks.

We will expect the U.S to move quickly on regulations as the number of cryptocurrencies continues to rise along with the number of fraudulent cases and reports of theft.

While Bitcoin’s market cap has risen to $155.01bn over the weekend, recovering from Friday’s $131.3bn low, we can expect Bitcoin and the performance of Bitcoin’s blockchain technology to also come under greater scrutiny in the weeks ahead.

Litecoin’s planned release of LitePay in the coming week will certainly put Bitcoin’s flaws in the spotlight, with snail pace transaction speeds and high transaction fees expected to favour Litecoin and LitePay’s product offering over the near-term.

How the Bitcoin team responds remains to be seen, but Bitcoin’s issues will need to be addressed, else Bitcoin may need to give way to Bitcoin Cash, which is likely to be far more competitive than Bitcoin in the real world.

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At the time of writing, Bitcoin was down just 0.55% to $9,175.01, recovering from an intraday low $8,917.67 hit in the early part of the day, with Bitcoin moving within some tight ranges through the early part of the day.

With the cryptomarket recovery through the weekend, Bitcoin dominance has also eased from 35.2 to 34.4%, with this number likely to fall further as the likes of Litecoin see its products gain traction in the market place.

There’s a long way to go for Litecoin to push Bitcoin aside, with Bitcoin having been an alternative to fiat currencies for a number of years, but the markets are fickle and if Litecoin’s LitePay does deliver what it says on the label, Bitcoin’s days may be numbered.

For the rest of the day, we will expect Bitcoin to hold within the tight ranges seen through the early part of the day, with any upside limited as investors already face more challenging times, as major U.S banks cut one of the cryptocurrencies’ major funding sources, with the ban of the use of credit cards to purchase cryptocurrencies.

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Bitcoin in the Red Again, as Investors Continue to Run for the Door

It was another tough week for Bitcoin, with the cryptomarket continuing to unravel through to Friday’s close.

 

Investor sentiment has been knocked though the last few weeks, as market concern over the prospect of a material shift in government and regulator sentiment towards the cryptomarkets pulled the cryptos deep into the red.

 

For the week, Bitcoin slid 24.93% from Monday’s opening $11,685.58 to Friday’s $8,771.91 close, with the only good news for the market being Bitcoin’s recovery from a week low $7,625.25 hit midway through Friday’s session.

 

Through the week, negative news included both the Chairman of the SEC and CFTC being called to give testimony to the Senate on Tuesday.

 

For prospective Bitcoin investors, news of a widening ban on the use of credit cards to purchase cryptocurrencies on the exchanges has also hit hard, with JPMorgan Chase and Bank of America announcing that they will ban the purchase of Cryptocurrencies starting from the weekend.

 

The news follows the ban by South Korean banks earlier in the month and, with investors having been hit with heavy losses this month, raising concerns amongst the larger banks that credit card defaults could see an increase should the cryptomarkets continue to slide. Banks have also raised concerns over credit card and identity theft supporting the purchase of cryptocurrencies.

 

The latest move makes it all the more challenging for investors to gain access to the cryptomarkets, with credit card purchases being among the most efficient ways in which to purchase cryptocurrencies to date.

 

Banks have yet to ban the use of debit cards, while Citibank is also reportedly reviewing its credit card policy.

 

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The moves by the larger banks were certainly expected and we will likely see other banks follow suit in the coming weeks, with banks not only concerned with credit risk, but also wanting to avoid falling foul of regulators that have been heavy handed on financial institutions since the Global Financial Crisis.

 

Following a 2.65% fall on Friday, the markets looked to have steadied through the early part of the weekend, with Bitcoin recovering from an intraday low $8,170.71 to sit at $8,641.55, a 2.23% fall for the day.

 

For the day rest of the weekend, with Cboe Bitcoin Futures’ February contract closing out the week at $8,520, any material upside will likely be limited, with the only positive for investors through the weekend being an end to the slide seen through the last week.

 

The cryptomarket landscape is about to change and if regulators have their way, the level of oversight will be along similar lines to the more mature asset classes, which will ultimately push out the dirty money and criminal activity associated with the cryptocurrencies and exchanges.

 

Talks of Bitcoin having bottomed out at current levels may be a little premature however, with Tuesday’s testimony the next step in the cryptomarket road to mainstream, with the markets likely to go through a Darwinism period of the survival of the fittest.

 

While Bitcoin’s dominance has picked up through the week, now sitting at 35.2%, we will expect the dominance to ease as the markets find some stability, with Bitcoin’s transaction times and fees a continued concern for Bitcoin’s future prospects.

 

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Bitcoin to hit $5,000 or $50,000?

It’s been a week to forget for the cryptocurrencies and the investors who were in search of the winning lottery ticket amongst the 1,506 cryptocurrencies to choose from.

The total market cap has slumped to $411.25bn, which is quite a fall from the market’s all time high $830.74bn hit just a few weeks ago.

Going back to the dot.com era, when the bubble burst, the total market cap of the dot.com stocks slumped by 60% over the 6-month collapse.

While the 2018 cryptomarket collapse by market cap is knocking on the door of the dot.com collapse, we’ve yet to see cryptocurrencies become worthless.

If we are talking about percentage losses, then the current slide would be considered a burst bubble in any established market, but in the cryptomarkets its somewhat different, with such an event likely to shut down many of the existing cryptocurrencies, leaving just the ones that actually feed a purpose, with the likes of Bitcoin, Ripple and even Stellar Lumen likely to survive whilst many will be forced to withdraw, virtual currency collapses leaving projects and start-ups with insufficient funding to get things off the ground.

For Bitcoin, the week has been a telling one, with a 28.31% fall certainly better than the rest of the majors, whose large declines has seen Bitcoin’s dominance rise to 35.3%.

It’s not pretty viewing however, with Bitcoin’s market cap now down to $143.75bn and today’s 7.29% fall to $8,343.14 putting investor resilience to the test.

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It was only a matter of time before the cryptomarkets got its true test and this looks to be it. Bitcoin has a long way to go before it is wiped out and, when considering the fact that it is already being used as an alternative to fiat currency, its survival is likely for now.

Over the longer-term however, its functionality may be brought into question and if the cryptomarket does burst and leave many cryptocurrencies worthless, the markets may finally shift focus to functionality and whether the product offering is a viable one that can survive in the real world.

Forks and all may not be enough for Bitcoin, with the likes of Bitcoin Cash already in existence and ready to step into Bitcoin’s shoes.

The rise and fall has been so rapid, that a shakeup in the cryptomarket may just be around the corner. Governments and regulators in key cryptomarkets have stepped up the fight and are ready to put out any flames of resistance, with the regulatory oversight that is on the horizon expected to wipe out all of the dirty money that has been washing around the system.

It may be tough times for the cryptomarkets, but they are also interesting times, with how events unfold in the coming weeks likely to define the market over the long term.

For the day ahead, Bitcoin is likely to continue to struggle, with this morning’s intraday low $8,314.1 in sight. Investors have little to go on, with the Cboe Bitcoin Futures price providing little guidance on what’s on the horizon for Bitcoin and the market in general.

While it’s looking a little dire for Bitcoin, the competition is seeing more heavy losses and we will expect Bitcoin dominance to continue to rise as investors, who are looking to maintain exposure to the market, rotate out of the altcoins and into Bitcoin, while the rest look for the door.

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Bitcoin Getting Hit Again in Early Trading

Concerns among speculators have grown and Facebook’s decision to ban cryptocurrency and Initial Coin Offering adverts has not gone unnoticed. Eastman Kodak has delayed their launch of KodakCoin. Bitcoin is under pressure early today.

FUD Factor Increasing Nervous Sentiment, Facebook Move Hurts Cryptos

Cryptocurrencies declined on Wednesday as concerns mount in the sector and increase the ‘Fud Factor’. Fear, Uncertainty, and Doubts have escalated. Adding to the nervous sentiment has been the decision by Facebook to eliminate advertising related to cryptocurrencies and Initial Coin Offerings. However, skeptics point out that Facebook may be thinking about issuing its own cryptocurrency in the near future.

Another Downturn in Bitcoin as Questions Grow Loud, Growing Fear Factor

Bitcoin suffered a downturn yesterday, and it has not shown an ability to reverse substantially higher. Bitcoin is around 9700.00 U.S Dollars, and resistance continues to be the 12,000 level. However, the question being heard the loudest is, where the next Bitcoin support ratio rests? While the 9,000 juncture appears to be significant, if Bitcoin stumbles below the 8,700 U.S Dollars level, it will have wiped out its significant gains made the past two months. And if this occurs, speculators who remain in long positions may face tough decisions if uncertainty grows.

Bitcoin Daily Chart
Bitcoin Daily Chart

Eastman Kodak Delays Launch of KodakCoin, Questions of Value Asked

Eastman Kodak which announced only three weeks ago it would issue a cryptocurrency called KodakCoin, apparently is delaying the launch of the tokens. Upon stating its entry into the cryptocurrency world, Eastman Kodak equity doubled in value, but it has started to come under pressure, and a large number of traders are known to be shorting the company now. Critical reports about the valuation of KodakCoin have not been answered well, essentially leaving the venture to blow in the wind temporarily.

Innovations and Challenges in E-Commerce Highlighted

Over 4000 visitors are expected to attend Berlin’s E-Commerce Expo which will take place on the 15th of February, and exhibitors are expected to show new innovations.

  • 15th, Germany, E-Commerce Berlin Expo  

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

The Horror Show Continues, with Bitcoin in the Red Again

It was an uneventful day for Bitcoin on Wednesday, with Bitcoin gaining just 1.39% to end the day at $10,109.5, the only good news for Bitcoin investors being the fact that Bitcoin managed to recover from sub-$10,000 levels by the close.

With the negative sentiment towards the cryptomarkets now continuing for a 4th consecutive week, Bitcoin has seen its market cap fall from $200bn plus levels to $171.55bn at the time of writing, while investor appetite for Ethereum has seen some improvement, though Ethereum’s market cap is still some way off Bitcoin at the moment.

A lack of news has left the markets relatively flat, with the end of 2017 and first week of January euphoria that continued to drive the cryptocurrencies to record levels now absent, the only factor for investors to consider being possible negative news hitting the news wires on a daily basis.

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Interestingly, following the news of the SEC issuing subpoenas, news hit the wires in the early hours of this morning of the SEC and CFTC Chairmen being called to give testimony to the Senate Committee on banking, housing and urban affairs.

With the cryptomarkets now in the spotlight, the number of fraud cases and thefts have been hitting the wires on a more frequent basis, so it comes little surprise that the U.S government will want to get a handle on things before the cryptomarket spirals out of control.

The cryptomarket has yet to balk at the prospects of the testimony, with both Chairmen unlikely to be too supportive of the cryptomarket as we know it today, while they will both likely concede that, with the current size, there’s no immediate risk to the financial system.

We will expect the Senate Committee to begin establishing regulations for the market however, with now being the time before the market grows to a level where it would be almost impossible to reign in.

That should be good news for the longer-term investor and other governments will likely take a leaf out of the Senate’s book and look to impose similar regulations once they are rolled out in the U.S.

At the time of writing, Bitcoin was down 0.88% to $10,059.38, recovering from an intraday low $9,836, though Bitcoin’s ranges have continued to fall, with $11,000 levels a distant memory Bitcoin investors.

Those on the side lines, and there are many, will be waiting for sentiment to shift and that may take some time, with investors having to wait until the 6th February to learn whether the SEC will begin rolling out regulations that can have a material impact on the U.S cryptomarket.

With Cboe’s Bitcoin futures February contract sitting at $10,030, there’s certainly no support coming from the futures market, which shouldn’t be a surprise, suggesting that Bitcoin will likely remain under pressure through the day, testing sub-$10,000support levels.

Bitcoin will need to close above $10,000 for any hopes of a move back to higher ranges, but it’s looking bearish for now.

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e-Chat can conduct Ethereum Hardfork after the ICO

Hardforks in the Bitcoin system do not surprise anyone anymore, but the Ethereum fork, carried out simultaneously with the ICO conducted by the e-Chat team is really something revolutionary for the entire crypto-community.

The thing is that the project has long outgrown the limits of the usual blockchain-based messenger and transformed into an interesting, self-developing start-up.

  • The e-Chat team decided to transform the messenger into a multi-functional platform where any participant or business can create their applications based on the e-Chat platform, as well as create their own tokens to pay for services provided both inside the application and outside it. A wide range of services will be available, from a taxi to a babysitter in the neighborhood. Similar functionality exists in the WeChat application, but the degree of protection in it leaves much to be desired, and all payments are possible only in fiat currency. At the moment, the only competitor to the e-Chat project may be Telegram, which launches the ICO in March 2018, but it will happen only in March, and the guys are conducting ICO already now.Ethereum – e-Chat fork, can be held in early March. Making such an uncompromising step, the team of e-Chat mobile blockchain platform has 3 goals:
  • Improvement of the Ethereum network;
  • An additional benefit for investors;
  • Instant attraction of a large number of new users and developers to the platform.

Why is it profitable for investors?

The situation is not standard since the futures trading of the ECHT coin will soon be launched on some crypto-exchanges, which will provide a benchmark for traders. All issues of converting ERC-20 tokens into fork coins will be determined by voting for investors.

The approach of the team that appeared on the ICO with an already running application is indicative, which is gaining in popularity both among ordinary users and popular bloggers, such as: Xenia Sobchak (presidential candidate in Russia in 2018), Jay Alvarrez (an extremely popular Travel blogger, 6 mln subscribers), Victoria Lopyreva (Ambassador Of FIFA WC 2018) and many others.

At the moment, e-Chat has launched a vote among investors in order to determine the further development path of the project, the team will change the concept in case if the majority of investors vote for the fork.

All details can be found on the official website and in the social networks of the project.

Unit 25A,

Wing Hing Commercial Building,

139 Wing Lok Street,

Sheung Wan, Hong Kong

+8 (528) 009-06441 – Hong Kong

For interested parties looking for more inflation, please refer to e-Chat’s website.

SEC Freezes AriseBank’s ICO, Bitfinex and Tether under CFTC Spotlight

Bitcoin has seen volatility erupt and has seen fast market conditions as support comes into view. The CFTC also has begun to act against Tether and Bitfinex and has apparently subpoenaed Tether.

SEC Moves against AriseBank Claiming Fraud, 600 Million in USD Frozen

Initial Coin Offerings continue to prove they are the Wild West of investing. The Securities Exchange Commission in the U.S yesterday filed an injunction to freeze AriseBank’s ICO, which the agency claims are illegal. AriseBank has had nearly 600 million in U.S Dollars frozen. The SEC says in its lawsuit, AriseBank’s claims about have partnered with Visa and being FDIC insured are fraudulent.

Bitcoin Volatility Testing Speculative Sentiment, Support Level Nearby

Bitcoin’s volatility is escalating again. The cryptocurrency is near 10,100 U.S Dollars per coin and has experienced fast market conditions. Key support appears to be around the 9000.00 level, and resistance has proven tough near 12,000 U.S Dollars. South Korea cracking down on anonymous traders, and U.S government regulatory action yesterday has apparently created nervous sentiment among speculators.

BTC/USD 4H Chart
BTC/USD 4H Chart

Bitfinex and Tether under CFTC Spotlight, Banking & Trading Examined

News which is still developing and adding to market worries have been growing reports about Bitfinex and Tether. Which are now under investigation via the Commodities Futures Trading Commission in the States, regarding fraudulent banking practice claims. An examination is underway regarding the cryptocurrency Tether, and its value in comparison to Bitcoin because of buying practices which are related to Bitfinex, which works as a Cryptocurrency Exchange. And subpoenas from the CFTC have reportedly been issued to Tether.

Singapore Blockchain Investor Roundtable Event

Blockchain entrepreneurs and investors will participate in roundtable discussions via the Singapore Blockchain Economic Forum from February 4th to the 6th.

  • 4-6th, Singapore, Blockchain Economic Forum  

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

Bitcoin Recovers from another Slump, but it’s not over yet!

Investors are getting a taste of life exposed to a particularly volatile asset class that is in its infancy from a market evolution perspective and, while there is just a handful that is tainting the cryptomarket, it only takes a few to bring down the house and that’s what has been happening this week.

In stark contrast to the build-up of regulatory chatter in South Korea in previous weeks, last week was all about the theft of NEM coins and this week, which started off relatively quietly has delivered yet more negative news to the cryptomarket.

With the SEC freezing assets from on ICO and issuing subpoenas to two other entities, it’s been a frenetic first half of the week.

The cryptocurrencies have paid and Bitcoin has not gone unharmed.

Following Monday’s 5% slide, Bitcoin slumped 13.11% on Tuesday, to end the day at $9,698.98, which was a significant event, with Bitcoin last ending the day at sub-$10,000 at the beginning of December, whilst having touched sub-$10,000 intraday on a number of occasions.

A lack of support ahead of the close was reflective of the negative sentiment towards the market, though things could have been far worse when considering all of the negative chatter that has been hitting the markets of late.

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The general consensus seems to be that the actions of the SEC will likely be a common occurrence in the short to medium-term and that the shutting down of fraudulent exchanges and ICOs is a positive step by the regulators.

In the case of the U.S, the SEC has yet to impose draconian regulations that would likely lead to a more material sell-off, with the U.S regulator merely protecting the rights of investors and ensuring that business is conducted appropriately. To be honest, the sooner this happens across all the cryptomarket jurisdictions the better, as it would eliminate one significant source of unpredictable negative news.

A shift in sentiment through the morning has been evident today, with Bitcoin recovering from an intraday low $9,514.96 to $10,078.29 at the time of writing, an intraday gain of 1.08% and more importantly, pulling away from the possibility of fall through to sub-$9,000 levels.

Money has certainly left the table, however, with Bitcoin’s market cap falling back to $167.43bn. In contrast, Ethereum has managed to hold above $100bn, sitting at $103.91bn at the time of writing, with the gap between the pair narrowing significantly.

For Bitcoin, that’s quite a fall from its 7th January $297.33bn high, when considering the fact that Ethereum’s decline from a 13th January high $137.49bn is far less significant.

As Bitcoin’s dominance continues to fall, currently at 33.7%, it’s not going to be long before Bitcoin is knocked off the top spot. Once that happens, it may well be just a matter of time before Bitcoin Cash takes over. After all, it’s the number one ranking that is in Bitcoin’s favor, leaving Bitcoin Cash in the shadows.

With the Cboe’s February futures contract sitting at $10,030, down $85 for the day, Bitcoin is unlikely to go far, with touching $11,000 the best that investors can expect in the current market environment, while any fall back towards today’s intraday low will likely bring sub-$9,000 support levels into play.

There’s never a dull moment in the cryptomarket and, in spite of the volatility, investors are still eager to run the gauntlet…

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Bitcoin Investors May Be in for a Harsh Winter

After the euphoria of the first week of the year, where Bitcoin had rallied to $17,000 levels, it’s been a pressure pot since and the almost 40% fall since the 2018 high has had investors second guessing what’s on the horizon for Bitcoin and the cryptomarkets in general.

News of hacks, gunpoint thefts of Bitcoins and the ever changing shift in the regulatory landscape has ultimately seen money being pulled from the table.

With much of the declines coming from regulatory chatter, one does wonder what it will take to draw investors back into the cryptomarkets and Bitcoin in particular.

We are unlikely to hear regulators seal Bitcoin with their stamp of approval and take a softer stance on oversight, particularly with so much crime and speculation associated with a market that has grown enough in recent months to draw the attention of governments around the world.

Another factor to perhaps consider is the means by which Bitcoin and other cryptocurrencies have been purchased over the last 6-12 months, with credit cards being a common source of payment. As interest rates begin to creep up, the cost of funds is certainly going to rise alongside and we are likely to have passed the days of cheap money. If Bitcoin and the rest don’t cover the funding costs, which these lateral moves are unlikely to do, investors may have no choice but to sell out, further reducing demand for cryptocurrencies.

This is where there will likely be some connection between monetary policy and appetite for cryptocurrencies, the influence of centralization on the decentralized.

We’ve seen the influence that both governments and regulators have had on the cryptomarkets and soon, we may also see the indirect influence that Central Banks will have as rates begin moving up at a quicker pace. After all, those buying into the cryptomarket are entering with fiat money and fiat money is as centralized as it gets.

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Bitcoin slipped 5% on Monday, to end the day at $11,101.07, recovering from an intraday low $10,991 hit in the final hours of the day.

Things haven’t improve for Bitcoin through the early part of the day, with Bitcoin down 1.62% to $10,982.23 at the time of writing.

While Bitcoin may have managed to recover from an intraday low $10,795, the very fact that Bitcoin has not managed to recover to $12,000 levels and sits at sub-$11,000 levels suggests that there may be more pain to come.

The lack of regulatory chatter may be somewhat disconcerting, with investors likely to prefer being kept aware of the intentions of governments and regulators, however painful the news may be. The recent silence may be just silence or, it could be the calm before the storm.

It wouldn’t be too farfetched for governments to ban the use of debt to acquire cryptocurrencies, particularly when such sources of funds brings contagion risk into the equation, however small the risks may be. A collapse in Bitcoin and the cryptocurrency markets would certainly weigh on the performing of loans that may have been used to fund cryptocurrency purchases.

Other possibilities include the delinking of banking platforms from cryptocurrency exchanges to make it difficult for prospective investors to buy into the cryptomarket. Whatever the outcome, regulators are likely to be looking to make it as difficult as possible to buy and hold cryptocurrencies.

As the week progresses, should the silence continue, there may be some upside, with investors unlikely to sit on the side lines for ever, but it’s going to be a testing time and for now, a rally looks to be unlikely at best.

For the day ahead, Bitcoin will need to make a move through to today’s intraday high $11,222.36 to avoid moving down towards sub-$10,000 levels and, while sentiment continues to be bearish, we will expect there to be some support at $11,000 through the afternoon, though the support is not coming from the futures market. The Cboe’s February contract is down $220 to $10,950 at the time of writing, which will pin back any major moves this morning.

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Coincheck Hack Raises Cybersecurity Concerns

However, cryptocurrencies have been trading in a relatively stable range the past few days, Bitcoin among them.

Coincheck Reacts Quickly to Hacking News, Promises to Reimburse Traders

Coincheck which operates in Japan was targeted and over 530 million U.S Dollars’ worth of cryptocurrency has reportedly been stolen. However, Coincheck admitted the hack promptly and has promised to reimburse traders. Also, it should be noted the broad cryptocurrency market reacted in a tranquil manner and range trading has been prevalent in the short term.

Calm before the Storm for Bitcoin, Bitcoin Enjoys Short Term Stability

Bitcoin has produced relatively calm trading the past ten days. The price of Bitcoin is near 11,300 U.S Dollars per coin. Resistance continues to look like 12,500 and support appears to be around 10,000 U.S Dollars. The stability of Bitcoin appears to be consolidation as traders await the next breakout. And the question being asked, is if Bitcoin will find more buyers in order to propel it higher, or if this is the calm before another selling storm?

Bitcoin 4H Chart
Bitcoin 4H Chart

Due Diligence Remains Vital for Traders

News of the Coincheck exchange hack in Japan has spurred on more talk about the need for regulation globally. However, the real concern which traders need to consider is the cybersecurity of the exchange they are using. Due diligence when trading cryptocurrencies are vital.

Geneva Blockchain & Bitcoin Event on February

It has been announced Geneva, Switzerland will host a Blockchain & Bitcoin conference late in February, which will also focus on Initial Coin Offerings.

  • 21st, Switzerland, Blockchain & Bitcoin Conference

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

Bitcoin Sees Red and it’s not alone as the Monday Blues Hit

Bitcoin enjoyed a solid weekend, with Bitcoin gaining 5.96% to close out the weekend at $11,754.64, with the only downside for Bitcoin investors being its failure to break through to $12,000 levels, with a weekend high 11,989.15 as far as Bitcoin could go.

In contrast to previous weekends, Bitcoin managed to hold on to the gains through the weekend, with Sunday’s close not too far off the weekend high, suggesting that investors were somewhat more optimistic going into Monday than during previous weekends at the turn of the year.

There was an apparent shift in sentiment as the markets moved into the first hour of the week, with Bitcoin falling 3.83% to $11,303.9, the decline likely to be profit taking before the news wires began to kick into action later in the morning.

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Bitcoin and the cryptomarkets in general were free from the futures market over the weekend and there would have been some concern going into this week, with the Cboe February contract having closed at $10,980 on Friday.

The World Economic Forum became centre stage for Bitcoin and its peers and, while we have yet to get a sense of where regulators are likely to go, it’s not going to be hugely positive for the market near-term, while ultimately essential for the longer-term.

On the bright side, the Cboe’s February contract was up $240 to $11,180 at the time of writing, down from an intraday high $11,760. On the down side, that leaves Bitcoin with very little wiggle room, with the futures market once again pulling the cryptocurrencies into the red.

The Monday blues have become a common theme and much of the negative sentiment is more than likely related to investor apprehension towards the week ahead, with today’s losses across the markets coming in the early part of the day.

As the week progresses, direction and appetite for the cryptocurrencies will be driven by the news wires. While positive chatter may be on the lighter side, a lack of negative chatter will likely be well received and it’s going to be needed, with Bitcoin having failed to break through to $12,000 levels since the previous weekend rally that also ended in a slump.

Elsewhere, Litecoin and Ripple were down 6.73% and 6.37% at the time of writing, with Litecoin giving up $180 levels, having touched $192 on Sunday.

Ethereum is also struggling, down 5.80% to $1,144.5, in what is a sea of red through the morning.

For the day ahead, we will expect some support for Bitcoin at sub-$11,000, though any more material decline will be dependent upon the chatter, with investors all too aware that regulatory heat is likely to build in the weeks ahead.

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Cryptocurrency Market Might Be Forced to Adopt a New Trading Paradigm

Cryptocurrencies are a success because they are decentralized, immutable and trustless. No intermediaries, no censorship or regulation, no danger of losing money other than a leak of the digital private key. But the very moment a user tries to trade outside the blockchain, there is no longer a fool-proof algorithm protecting him from the dangers of traditional markets.

In order to securely and easily execute crypto-to-crypto and crypto-to-fiat currency trading, users are ironically forced to rely on third-party guarantors. Large online exchanges are completely centralized entities which by design compels users to relinquish control over their money into their hands.

Obviously having private centralized bottlenecks, connecting decentralized financial ecosystems to each other and to traditional markets in many ways defeats the entire concept of cryptocurrencies.

Centralised online crypto-exchanges may be falling out of grace with the industry’s massive burst of growth

Centralised exchanges completely undermine most security benefits cryptocurrencies possess. They are vulnerable to hacks, inside jobs and operational errors.

Most notorious heists and fiascos from the world of crypto were in some fashion linked to centralized exchanges. Together with ICO scams, online exchanges are the major black hole where literally millions of Bitcoins disappear.

Even the largest, most respected exchanges were not left unmolested, overall losses amounting to millions of Bitcoins. Today it is a common knowledge among traders to never hold a large number of coins on a single exchange for too long.

Why weren’t exchanges decentralized since long ago?

Decentralised exchanges have actually existed for a while but they all ended up as niche projects. While completely decentralized exchanges are more secure, accessible and transparent, they have found no real appreciation within the community.

Being non-profit projects these exchanges have to get by with slow trading engines and a limited list of features. Lacking even such basic instruments as lending and marginal trading, they are not favored by traders and thus can not boast decent liquidity. The fact that traders tend to accept serious risks associated with trading on centralized platforms speaks volumes about current decentralized solutions.

What’s the plan going forward?

Many crypto-evangelists that the future lies in hybrid solutions. A good example of such approach is EXPREAD project, which is not just a trading platform but an overarching ecosystem offering a fundamentally new business model for online exchanges. Basically, it combines the advantages of both centralized and decentralized solutions, the former being sophisticated functionality and high-performance trade engine and the latter being higher security, full transparency, and joint governance

The concept behind the new model is easy to grasp. EXPREAD will provide the community with a seamless global trading framework incorporating multiple exchanges built on top of it. Such individual exchanges can still be centralized ventures but they will all be interconnected in a seamless decentralized network sharing one order book, trading engine, and liquidity pool.

“EXPREAD liquidity model enables a seamless aggregation of the market depth to harvest the synergy value from unified liquidity pool.” says Carlos Gao, co-founder of EXPREAD.

This synergy value the project promotes relies heavily on whether the community of traders finds this model more appealing than flawed and problematic but familiar approach of largely centralized exchanges. The team is engaged with the community showing that this is among their top priorities at this stage.

“2018 promises to be an important year for our platform as the team puts forth a global agenda in order to ensure its fast and sustainable development through acquiring strong partnerships and further funding”, says the Expread CEO. “We are inviting the active crypto enthusiasts to join our telegram global community in order to gain more insight directly from the founders and technical team of the platform”.

We are yet to see if EXPREAD proves to be a success or a failure. One thing is clear – EXPREAD’s suggested model has a potential to disrupt the obsolete crypto-exchange market and those who own any type of cryptocurrencies would be wise to keep an eye on this project.