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Crypto Market Update: Tezos Gets Huobi Listing, EOS Flips Bitcoin Cash

FOMO Moments

Crypto markets are still in decline; Bitcoin Cash, SV, still dropping, Tezos bounces back.

Crypto markets are still on the floor today as there has been no sign of even a minor recovery. The bears have kept the pressure on and prices are still sinking as total market capitalization continues to fall below $110 billion.

Bitcoin has slid back again falling close to $3,400, down 3% or so from a high of $3,530 it reached yesterday. BTC is down 11% from the same time last week when it traded above $3,800 and is dangerously close to hitting another 2018 low.

Ethereum is still flat with very little going on as it remains just below $90 for another day. The top ten is mostly in the red but losses are much smaller than previously. Bitcoin Cash has taken the biggest hit again of 3% as it slides into oblivion below $100. This has enabled EOS to flip it and take sixth spot with a minor gain on the day to $1.90. There has been very little movement for the rest of the altcoins in this section.

The top twenty is a mixed bunch of half red half green. Dash, Zcash and Nem are still falling back slightly but the big mover at the moment here is Tezos which has jumped 6% on the day. A listing on Huobi Global yesterday is driving momentum for XTZ.

There are a couple of altcoins in the top one hundred getting a dose of fomo at the moment and they include TenX climbing 17% followed by Bitcoin Private and DEX up 14%, Waves also in double figures. Getting bashed today is Revain and Factom both losing around 12% at the time of writing.

Total crypto market capitalization has shrunk again today, falling marginally to $108 billion. Around $4 billion has been lost over the past few hours as markets did make a minor recovery late yesterday. Since the same time last week crypto markets have lost 12% and the downward pressure is still strong.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

The post Crypto Market Update: Tezos Gets Huobi Listing, EOS Flips Bitcoin Cash appeared first on NewsBTC.

Crypto Market Update: EOS, Bitcoin Cash, Tron (TRX), ADA Price Analysis

Key Points

  • The total crypto market cap broke the key resistance level near $105.00B.
  • EOS price is up around 3%, but it is still trading below the $2.00 resistance.
  • Bitcoin cash price is currently consolidating just below the $100 resistance area.
  • Tron (TRX) remained confined in a tight range above the $0.0130 support.
  • Cardano (ADA) price moved back above $0.0300 and gained close to 3% recently.

The total crypto market cap moved higher recently above a key resistance. Bitcoin, Ethereum and altcoins like EOS, Tron (TRX) and Cardano (ADA) may perhaps climb higher in the near term.

Bitcoin Cash Price Analysis

Bitcoin cash price failed to stay above the $100 level and it recently declined more than 3%. BCH/USD traded towards the $98 support and it is currently consolidating losses. If there are more losses, the price could test the $95 support in the near term.

On the upside, the price must gain strength above the $100 and $105 resistance levels. Above $105, the next key resistance for buyers is near the $110 level.

EOS, Tron (TRX) and ADA Price Analysis

After a sharp decline, EOS price found support near the $1.50-1.60 area. Later, the price recovered above $1.75, but it seems to be struggling near the $1.95 and $2.00 resistance levels. Today, it climbed around 3.5%, but a break above $2.00 is needed for a sustained bullish bias.

Tron price surprisingly remained confined in a tight range above the $0.0130 support. Buyers are struggling to break the $0.0135 level and sellers are finding it difficult to break the $0.0130 support zone.

Cardano price survived and moved back above the $0.0300 resistance. ADA price is currently up around 2.5% and it could continue to move higher towards the $0.0310 and $0.0315 resistance levels.

Crypto Market Cap Total

Looking at the total cryptocurrency market cap hourly chart, there was a break above a major bearish trend line with resistance near the $105.00B level. The market cap climbed higher, but it failed near the 50% Fib retracement level of the recent decline from the $115.09B to $102.05B. It is currently moving lower, but sooner or later, there could be a fresh upward move. Therefore, there are chances of a short term recovery in Bitcoin, Ethereum, litecoin, ripple, and other altcoins in the near term.

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Bitcoin Climbs to $3,500, Analyst Claims There is Nothing Unique About the Crypto Bubble

Bitcoin was able to bounce after yesterday’s downturn, leading the entire cryptocurrency market to trade up. The latest move up may validate the support levels that multiple cryptocurrencies respected yesterday as mid-term bottoms.

At the time of writing, Bitcoin is trading up nearly 3% at its current price of just over $3,500. Bitcoin appears to have established the $3,400 region as a level of support, as its price failed to break below this level during yesterday’s market turbulence.

Bitcoin and Crypto Bubble Not Unique

Despite the market’s recent bubble seeming to be unprecedented, one analyst claims that there is nothing unique about the crypto bubble, and that similar movements have been seen before in multiple other markets throughout history.

While speaking to MarketWatch, Russ Mould, the investment director at AJ Bell, noted that “mania” is what drove the crypto markets to their all-time-highs, and the fundamentals are what dragged them down to their current levels.

“This brutal bear market looks like so many that we have seen before across a wide range of asset classes. A succession of rallies have tempted true believers and speculators alike to hold on, or even dive in again, only for those surges to become vicious bear traps, leaving holders of the cryptocurrency facing deeper and deeper losses,” he said

Mould further explained that similar bubbles have occurred in the dot com industry in the late-1990s, and in the Nasdaq Composite, which crashed and then attempted multiple rallies, “with at least eight of them failing and dragged investors deeper into the mire before the benchmark bottomed in March 2003 after a top-to-bottom loss of 75%.”

The Nasdaq Composite, after peaking in March of 2000 due to its high amount of tech holdings, didn’t recover back to those price levels until April of 2015. Mould insinuated that Bitcoin could see a similar trend, saying that “even if bitcoin is over the worst, it may be a long road for those who piled in near the top.”

Altcoins Follow Bitcoin’s Lead and Rise

Bitcoin’s climb to above $3,500 has led most altcoins to rise 3% or more.

At the time of writing, EOS is one of the best performing altcoins, and is trading up 10% at its current price of $2.02. Despite having a good day, EOS has still had a rough week and is currently trading 12% below its 7-day high of $2.31.

XRP is currently trading up nearly 3% at its current price of nearly $0.31. So far, XRP has respected the $0.30 region as a level of support, and this price may prove to be a mid-term bottom depending on how the markets trend in the coming weeks and months.

Ethereum has climbed back above the $90 mark and is currently trading up nearly 4% at its current price of $91.45. Yesterday, Ethereum established the $88 level as support, which could be validated as a mid-term bottom if the markets continue trading sideways or upwards.

Featured image from Shutterstock.

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Bitcoin SV and Bitcoin Cash Jockey For Position as Crypto Markets Crumble

Crypto markets have been pounded again as a red Friday rout sees $15 billion more leaving the space. Nearly all digital currencies are in a world of pain, plunging to their lowest levels in almost 18 months.

Bitcoin has led the drop when it fell through support and hit a 2018 low of $3,400 a few hours ago. This has pulled the rest of the altcoins down with it. One which has suffered more than most in recent weeks is Bitcoin Cash.

Flippening and Reflippening

BCH has been slowly evaporating, dropping to new all-time lows every day this week. According to Coinmarketcap it was priced at around $470 following the hard fork from Bitcoin in August last year. During that latter part of 2017 it joined the rest of the cryptocurrencies on a rocket ship to the moon, peaking out at just over $4,300 on December 20.

Since then, however, Bitcoin Cash has been on a downward spiral that has seen it dissolve into virtually nothing falling a whopping 97.45% from its all-time high to today’s prices. In the last 24 hours alone BCH has crashed a further 24% plunging from $128 to its lowest level ever – $97.

This has enabled its recently forked sibling, Bitcoin SV, to overtake it in terms of market cap, albeit briefly. BSV, or Satoshi’s Vision, founded by Australian computer scientist Craig Wright entered the market cap charts on November 27. Since then it has remained relatively stable at around $90 to $100 while all those around it crashed to new yearly lows.

Over the past day or two Bitcoin SV has actually gained in price and market cap causing it to flip its nemesis fork Bitcoin Cash. An hour or two ago BSV was actually in fifth spot while BCH dropped below Tether into seventh. Market capitalization for both digital coins is very similar at around $1.8 to $2 billion causing them to jockey for position in this chart.

As markets rebound from hitting a bottom the order will no doubt change again. At the time of writing Bitcoin SV was up 15% on the day to $105 while Bitcoin Cash was down 8% to $115.

EOS and Cardano Also Getting Flipped

The other big loser from all of these ‘flippenings’ is EOS, down over 20% on the day at the time of writing and dumped down the chart to eighth spot. EOS is also down an epic amount from its all-time high, around 92% at the moment.

Cardano is another altcoin that has fallen from fame, dropping out of the top ten all together and dumping a whopping 97% from its ATH.

Image from Shutterstock

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Bitcoin Drops Nearly 5%, Approaches 2018 Lows Amidst Market Sell-Off

After being unable to stabilize above the important psychological price level of $4,000, Bitcoin has continued to sell-off and is now approaching its 2018 lows. Bitcoin’s latest leg down has led to a widespread market drop that has seen many altcoins drop 3% or more over a 24-hour trading period.

At the time of writing, Bitcoin is trading down 4.65% in 24 hours at its current price of $3,786. Today’s drop was not unexpected, considering that it was unable to stabilize above $4,000, and was slowly pushed into the $3,900 region by the bears.

Despite the markets being incredibly weak presently, they could be nearing another good entry zone for traders looking to profit from a relief rally, and one analyst claims that there is more upside than downside.

“Bitcoin continues flirting with the $4k level as it struggles to find its footing following the latest selloff. But given how far we fell, at this point there is more upside than downside. That said, few things move as far and as fast as cryptocurrencies,” Jani Ziedens of CrackedMarket explained to MarketWatch.

As Bitcoin faces continued downwards pressure, investors will likely look towards Bitcoin’s current 2018 low as the first level of support, which currently exists around $3,600. If this level maintains as support, it ultimately could become a long-term bottom.

Related Reading: Institutions Still Bullish on Crypto: Grayscale Owns 1% of All Bitcoin

Altcoins Drop, Led by Bitcoin Cash

Bitcoin’s latest drop has led to a bloodbath in the altcoin markets, with multiple altcoins trading down over 10%.

Bitcoin Cash (BCH) and EOS have both been today’s worst performing altcoins and are trading down 13% and 10.7% respectively.

Bitcoin Cash has set a fresh all-time-low around its current price point of $134 and is currently trading down 80% from its one-month highs of $630, which was set one week prior to its hard fork event that occurred on November 15th.

EOS is currently trading at $2.23, down 61% from its one-month highs of $5.72 which were set in early-November. EOS has been facing controversy surrounding an EOS block producer offering money for votes, negating the decentralized nature of the EOS network.

XRP is currently trading down over 4% at its current price of $0.34, down from its weekly highs of nearly $0.40. XRP has been performing relatively well in the current bear market, and is one of the few altcoins that is trading above its 2018 low.

In August, XRP fell to around $0.25, and ranged near this price for the rest of the month, and is currently trading up approximately 36% from this low. XRP’s good performance, relative to the current markets, has secured its position ahead of Ethereum as the number two cryptocurrency by market capitalization.

Ethereum is currently trading at just over $104, and is just 4% over its 2018 lows of $100.

As Bitcoin continues moving downwards, investors should watch for how it responds to $3,600, which is likely the first level of support stopping Bitcoin from setting lower lows.

Featured image from Shutterstock.

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Bitcoin Holds Steady Around $4,000, Cost of Mining Continues to Drop

Following yesterday’s market turbulence that sent the cryptocurrency markets down towards their 2018 lows, Bitcoin appears to have established the $4,000 region as a level of support. Some analysts expect that the cost of mining may be playing a role in the current market conditions.

At the time of writing, Bitcoin is trading up over 3% at its current price of $4,000. Although its price has not yet responded bullishly to this price region, it has held as support for the past couple of days and may prove to be a significant support region in the future.

It is reasonable to assume that the primary price level to watch for over the coming days and weeks is $3,600, which is Bitcoin’s recently established 2018 low. When BTC first fell to this price in late-November, it rallied up to over $4,000 before drifting back down to these regions, at which time $3,600 sparked a relief rally (or a so-called “dead cat” bounce) that sent its price to highs of $4,400.

Many analysts have speculated that the increasing unprofitability of mining Bitcoin could be adversely affecting the markets, as some models suggest that the cost of mining one Bitcoin is currently $4,500, which is more expensive than the Bitcoin itself is worth.

However, data suggests that as Bitcoin’s price drifts lower, miners are actually seeing increasing mining profitability, despite still losing money.

While speaking to MarketWatch about the current cost of mining, Sam Doctor, the head of data science at Fundstrat Global Advisors, said that miners are getting some reprieve from the losses incurred from mining, due to a combination of more efficient mining devices and lower cryptocurrency prices.

“Our model suggests the cash cost of mining each BTC on the Antminer S9 is now $4,500, down from $5,300 in September… Depreciation expense has fallen to $1,300 vs. $2,000 in September, reflecting a lower rig cost as newer devices have come to market. Fully loaded breakeven is now $5,700, compared with a breakeven of $7,300 in September,” Doctor said.

Related Reading: Cryptocurrency Market Update: Real Recovery or Dead Cat Bounce?

Altcoins Trade Mixed Amidst Bitcoin Stability

Although Bitcoin has proven to be stable around the $4,000 region, the altcoin markets have experienced mixed trading over the past 24-hour trading period.

At the time of writing, Ethereum (ETH) is one of the best performing altcoins, trading up over 3% at its current price of $111. ETH is currently up over 11% from its 2018 lows and appears to have established the $110 region as a possible level of support.

Bitcoin Cash and EOS are two of the worst performing major altcoins today, trading down 3.3% and 4.4% respectively.

Bitcoin Cash is currently hovering right around its all-time lows, which were first breached in late-November when its price crashed below the $200 level. Although the markets have played a huge role in BCH’s poor performance, its downwards spiral was sparked by its hard fork event that occurred on November 15th.

EOS is currently just a hair above its 2018 low of $2.40 and is currently trading down 4.4% at its current price of $2.46. EOS is trading down significantly from its weekly highs of $3.36 and is down 57% from its one-month highs of $5.73.

Featured image from Shutterstock

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EOS Centralization Woes Return as Block Producer Offers Money for Votes

The EOS network is decentralized until it is not.

A block producer for the EOS blockchain has publicly engaged in a money-for-vote activity. Starteos, as the node is called, announced that delegating its node as a proxy would allow users to earn a stable income in EOS tokens. As the node is originally a game launched on the top of the EOS blockchain, it also offered its potential delegates “the corresponding amount of general game tokens,” which they can use to play Lucky Fruit Slots Machine and [again] receive revenue in EOS tokens.

“Users could not only gain revenue through mining mode but also gain revenue through game mode. EOS mining mode is simple, stable and with nice revenue; the game mode maybe is more profitable and fun to play. Since we offer idle games, there is no loser in the game world of Starteos,” – the EOS node declared openly.

The whole advertisement appears in contrast to what EOS promised in its original whitepaper: an easily scalable and decentralized and democratic blockchain network. However, the project has faced criticism for limiting the rights to add blocks to only 21 nodes. Each of these nodes is selected upon a democratic voting process. In a way, the reason why a transaction on an EOS blockchain should appear faster than others is that it doesn’t have to be confirmed by the entire network. Users directly elect 21 representatives to do it for them.

However, an ideal decentralized network contains thousands of such nodes, confirming transactions and adding them to their respective public ledger. The process remains dependable unless a single entity gains control of more than 50% of the blockchain network. In a system that is primarily distributed, it is unlikely to happen.

In the case being discussed, Starteos is one of the 21 nodes engaged in offering EOS rewards to users who vote for its node to stay in power. The practice leads to a bad experience for competing nodes that have a smaller number of EOS coins, indicating that only wealthy entities would govern the EOS network down the road.

EOS Price Tumbles

The EOS rate against the US Dollar, meanwhile, has dropped by more than 10% in the past 24 hours, trading at 2.55 at press time. While the correction appears to be in line with an overall market trend, the losses EOS/USD is facing is way more than what met by other top coins. For instance, Bitcoin Cash, the second worst-performing top coin on a 24-hour basis, has dropped 6%. Bitcoin, the largest digital currency, is stable after noting only 0.5% drop within the same timeframe.

SOURCE: COINMARKETCAP.COM

A direct correlation between Starteos’ announcement and EOS price drop cannot be established due to a week-long difference between the two events. However, the news could hurt the long-term prospective of the network unless it improves upon its infrastructure to make its platform more decentralized as originally promised.

 

Image from Shutterstock

The post EOS Centralization Woes Return as Block Producer Offers Money for Votes appeared first on NewsBTC.

Cryptocurrency Market Update: Binance Coin (BNB) Climbing as EOS Gets Crushed

FOMO Moments

Markets recouping daily losses, Binance Coin and Nem are in the green, EOS is getting hammered.

The downward motion on crypto markets has continued today as digital currencies slid further back before making a recovery. Monday’s declines have carried on into Tuesday during the Asian trading session but total market capitalization has managed to recoup to similar levels below $130 billion a couple of hours ago.

Bitcoin bulls have failed to keep the digital currency above $4,000 causing it to drop into dangerous territory.  A 5% dump saw BTC fall to an intraday low of $3,840 a couple of hours ago before it managed to bounce back. At the time of writing Bitcoin had pulled back to just above $4k again.

Ethereum has fallen back to $112 and does not look like making any discernible recovery anytime soon. Altcoins are all still red at the moment with some getting more punishment than others. In the top ten EOS is getting pounded with a 10% dive to $2.55 as more centralization woes plague the project. As has been the case for a few weeks now Bitcoin Cash is collapsing, it was the worst performing crypto in November and has lost another 6% today.

There is only one winner in the top twenty at the moment and that is Binance Coin climbing 9% on the day. BNB has reached $5.60 as it partners with Decentraland with a MANA competition and crypto Airbnb platform Tripio. Nem and Dogecoin are also gaining a little but the rest are falling, Ethereum Classic and Bitcoin Gold by the most at 6%.

Pump of the day goes to Factom again adding 27%, ODEM and Pundi X are also performing strongly at the moment with double figure gains. As predicted, yesterday’s fomo altcoins are dumping today, namely Centrality, Mithril and MobileGo, all dropping double digits along with EOS.

Total crypto market capitalization has managed to bounce back to yesterday’s levels after hitting a low of $124 billion a couple of hours ago. At the time of writing it is around $129 billion which is no gain over Monday. Since last Tuesday markets have gained 4% but since the same time last month they have been smashed 38%.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

The post Cryptocurrency Market Update: Binance Coin (BNB) Climbing as EOS Gets Crushed appeared first on NewsBTC.

Cryptocurrency Market Update: Binance Coin (BNB) Climbing as EOS Gets Crushed

FOMO Moments

Markets recouping daily losses, Binance Coin and Nem are in the green, EOS is getting hammered.

The downward motion on crypto markets has continued today as digital currencies slid further back before making a recovery. Monday’s declines have carried on into Tuesday during the Asian trading session but total market capitalization has managed to recoup to similar levels below $130 billion a couple of hours ago.

Bitcoin bulls have failed to keep the digital currency above $4,000 causing it to drop into dangerous territory.  A 5% dump saw BTC fall to an intraday low of $3,840 a couple of hours ago before it managed to bounce back. At the time of writing Bitcoin had pulled back to just above $4k again.

Ethereum has fallen back to $112 and does not look like making any discernible recovery anytime soon. Altcoins are all still red at the moment with some getting more punishment than others. In the top ten EOS is getting pounded with a 10% dive to $2.55 as more centralization woes plague the project. As has been the case for a few weeks now Bitcoin Cash is collapsing, it was the worst performing crypto in November and has lost another 6% today.

There is only one winner in the top twenty at the moment and that is Binance Coin climbing 9% on the day. BNB has reached $5.60 as it partners with Decentraland with a MANA competition and crypto Airbnb platform Tripio. Nem and Dogecoin are also gaining a little but the rest are falling, Ethereum Classic and Bitcoin Gold by the most at 6%.

Pump of the day goes to Factom again adding 27%, ODEM and Pundi X are also performing strongly at the moment with double figure gains. As predicted, yesterday’s fomo altcoins are dumping today, namely Centrality, Mithril and MobileGo, all dropping double digits along with EOS.

Total crypto market capitalization has managed to bounce back to yesterday’s levels after hitting a low of $124 billion a couple of hours ago. At the time of writing it is around $129 billion which is no gain over Monday. Since last Tuesday markets have gained 4% but since the same time last month they have been smashed 38%.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

The post Cryptocurrency Market Update: Binance Coin (BNB) Climbing as EOS Gets Crushed appeared first on NewsBTC.

EOS Centralization Reportedly in Action: Arbitrators Able to Reverse Transactions

A screenshot circulating on social media has revealed a decentralized blockchain protocol EOS practicing authority over its network.

AUTI9003, a pseudonym on Reddit, posted a photograph which demonstrated arbitrators on the EOS network in action, reversing confirmed transactions. A so-called judge referred verses from the EOS blockchain’s constitution to resolve a dispute between two account holders. The claimant accused an unidentified individual of possessing private keys to its EOS account via a phishing attempt. The user reached out to the EOS with his/her complaint and the network chose one Ben Gates as an arbitrator to resolve it, under the management of another individual called Moti Tabulo.

“Under the powers afforded to me as arbitrator under article 6 of the Rules of Dispute Resolution, I, Ben Gates, rules that the EOS account in dispute should be returned to the claimant with immediate effect and that the freeze over the assets within the said account is removed,” the ruling read.

Not a Blockchain?

The complaint-to-resolve structure, according to responders, was reminiscent of a conventional customer support model practiced by centralized organizations. Many argued that why a crypto user would find EOS better than any traditional legal system, given its high authority over the network.

Whiteblock, a blockchain testing firm, for instance, found that EOS had fewer features of a decentralized blockchain and more that of a cloud computing service. According to them, the protocol lacks immutability, meaning authorities can change or modify data on the EOS blocks with minimal resistance.

SOURCE: REDDIT

The AUTI9003 thread likewise offered similar criticism but turned into an EOS-bashing event with some pseudonyms calling the project names. In the midst, an argument came from CarInABoxx also questioning the project over its scalability solutions.

“Let’s say that 100 accounts get phished in an attack. Each of them creates a “case” on the EOS portal, each of them present evidence, the other party responds, then the EOS gods come to a decision,” the pseudonym assumed. “From this ruling it takes almost a month or more from freezing the account, hearing both sides, taking a decision.”

EOS on Accusations

“Decentralization is not what we are after,” said Daniel Larimer, the creator of the EOS protocol, in an interview to YouTube channel Colin Talks Crypto.

The programmer drew a thin line between how a decentralization works and how it gets perceived. He referred to log scales while explaining how projects like Steem, BitShares, and EOS (all his own) are two-three times more decentralized than Bitcoin and Ethereum. A screenshot from the video:

Source: Colin Talks Crypto

The argument, whether its Bitcoin or EOS, remains about the possibility of block producers colluding with each other to govern a blockchain as though they are its masters. That indeed abandons the idea of having a censorship-resistant and stable financial system.

The question that EOS could face nevertheless is why they would need to raise $4 billion to reinvent something that is already there.

“4bn to invent the wheel again,” as someone quoted.

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