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Cryptocurrency Market Update: ‘Ethereum Killer’ EOS Getting Killed

FOMO Moments

Another red day in crypto land, EOS getting battered and only Tezos is gaining

Hopes of a rally have been dashed as the bears wrestle markets downwards for another day. Total market capitalization has declined once again and fallen back below $270 billion. Bitcoin could not break resistance at $6,800 and has fallen back 1.5% on the day to $6,675, volume has increased fractionally though.

Likewise with Ethereum, it could not push past $500 and has dropped back a heavy 4.8% to $460 at the time of writing. As expected all altoins are in the red with a few plummeting double figures during the morning’s trading.

EOS has been absolutely trounced over the past 24 hours shedding 12% to trade at $7.58. From its all-time high of $21.50 just two and a half months ago it has lost 65%. Over the past week EOS has lost 17% falling from $9.15 this time last Tuesday. Mainnet, wallet, and centralization woes have taken the shine off what was once dubbed the ‘Ethereum killer’. EOS is no longer the crypto superstar it was hyped to be though it is still early days for the emerging technology.

As usual Cardano is taking a kicking, it has been consistently one of the worst performing altcoins over the past 3 months. Today ADA is down 6.5% to $0.134, likewise with Iota dropping a similar percentage to trade at a dollar. Neo has also had a rough day plummeting 9.6% to $35, the lowest levels it has seen since November 2017.

Privacy coins Monero and Dash are both down over 7% on the day as is last month’s top performer, Ethereum Classic. Qtum has taken a hit of over 8% and Ontology and Zilliqa are both down over 11% as bears pummel the markets. Bitcoin Diamond is the biggest loser of the day dropping 37% over the past 24 hours to trade at $2.30.

Once again the only coin in the green in the top 25 is Tezos posting a gain of 5.6% to trade higher for the fourth consecutive day at $2.28. XTZ prices have almost doubled since the weekly low of $1.20 on Friday as the new kid on the block becomes the latest hot crypto.

Total crypto market capitalization has lost almost 3.5% as another $10 billion leaves crypto land. Currently at $264 billion markets could fall back to yearly lows below $240 billion if this bearish momentum intensifies. Trade volume has increased however from $11 billion to $13 billion indicating that a small rally could be imminent.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing one, looking for trends and possible fundamentals.

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EOS Price Watch: Short-Term and Long-Term Channels

EOS Price Key Highlights

  • EOS price is finding support at the bottom of the long-term ascending channel on the daily chart.
  • This lines up with the bottom of a short-term falling channel, so a test of this resistance is due.
  • If the nearby resistance levels are broken, EOS price could gain more upside traction to the longer-term channel top.

EOS bounced off the short-term and long-term channel support and is on its way to test the nearby resistance levels.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA on this time frame to indicate that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse. However, the gap has narrowed enough to signal that a bearish crossover might be a possibility.

For now, price is making its way up to the top of the short-term descending channel, which is close to the 38.2% to 50% Fibonacci retracement levels. These are also spanned by the moving averages dynamic inflection points.

If these resistance levels hold, EOS might make another test of the channel bottom or even break lower. However, RSI is pointing up on this time frame to show that bullish pressure remains in play. Stochastic is also on the move up so EOS price could follow suit while buyers have the upper hand.

EOSUSD Chart from TradingView

Market Factors

Cryptocurrencies are holding on to their gains so far, and it helps that there have been no negative industry updates yet. Optimism that the industry could regain better footing during the second half of the year appears to be driving the rallies, although some think that it is just a dead cat bounce or profit-taking from the earlier slide.

The dollar faces a couple of major event risks this week, namely the FOMC minutes and NFP release. If these weigh on Fed tightening expectations, EOS and its peers could be poised to take advantage.

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Major VR Platform Raises $35 Million to Create Virtual World on EOS

Virtual reality platform High Fidelity believes that by using blockchain technology they can reach an audience of a billion people and have just raised $35 million in fresh revenue to do so.

$35 Million Raised to Create New Virtual World

The series D fundraising round was led by a $2o million investment by Mike Novogratz’s Galaxy EOS Ecosystem Fund and also included existing investors such as Breyer Capital, IDG Capital Partners and Vulcan Capital.

Philip Rosedale, the CEO of High Fidelity, and creator of the highly popular virtual world Second Life is creating a blockchain infrastructure to support a billion VR users and has already created a native cryptocurrency and digital-asset registry.

“The High Fidelity platform is currently in beta, so it has been partly launched. The headsets that will really take us into the big consumer market are not available just yet. A lot of our early focus is on location-based facilities,” Rosedale told the New York Times.

High Fidelity’s goal is to usher in the Metaverse or the universe of virtual reality worlds. Rosedale launched Second Life in 2003, which gave birth to a digital currency called Linden dollars that produced more than $4 billion globally in virtual transactions. For his new virtual world, he wants to use blockchain to create a token called High Fidelity Coin, a stable coin paired to the US dollar,  which will be needed to use the VR platform.

“If bitcoin had been around in 2005, I would have been delighted to use it for Second Life,” Rosedale said before continuing on about High Fidelity Coin “It is not something that people would want to buy as an investment,”

Transactions in the Virtual World Will be Registered on EOS

Within the virtual world, users will access digital tokens controlled by a tablet-like device to purchase goods licensed by real-world merchants. Rosedale gives the scenario of a person wanting to look cool in VR buying a pair of Rayban sunglasses. The purchase and virtual sunglasses would then be recorded by the merchant on the EOS blockchain platform.

Sam Englebardt, head of strategic partnerships at Galaxy Digital will join High Fidelity’s board as part of the company’s investment requirements, said in a statement about VR technology.

“It’s a global phenomenon that fundamentally requires a trustless consensus mechanism for currency, property and identity.”

The Series D round brings High Fidelity’s total funding to $70 million which the company will use to expand their research and development as well to hire staff for their new offices in Seattle.

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Here We Go Again, Another $12 Billion Dumped From Crypto Markets

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Red dominates crypto land, only Qtum survives today. EOS, Tron, OmiseGO and Zcash get hammered.

Crypto traders and investors are probably dreading getting up each morning now to see markets plummet once again with seemingly no end in sight. Over the past 24 hours markets have dumped another $12 billion from $255 to $243 billion, equating to a 4.7% fall. Trade volume also took a sharp drop from $18 billion to $11 billion.

Bitcoin’s short recovery spell got kicked in the digital cojones when markets lost $8 billion in just over two hours. Bitcoin has fallen 3% on the day and is struggling to stay above $6k, currently trading at $6,075. That prediction of a decline to around $5k seems to be holding strong, BTC is currently in a downward channel and approaching more critical support levels.

As usual Ethereum has fared even worse shedding 5.8% to $432, and barreling towards that critical $400 level. The lowest point for ETH this year was in early April when it fell to just below $370 before over doubling in price over the next month. Predictably all altcoins are getting punished even harder, many crashing by double digits once again.

Again it is EOS that is taking the biggest hit at the time of writing, down over 8% to $7.50. There are now major concerns about the EOS network and its lack of decentralization, the Reddit stream for the project is largely FUD fueled and negative. From its all-time high of $21.50, almost two months ago, EOS has hemorrhaged 65% to its current trading level.

Bitcoin Cash and Litecoin are both getting bashed by around 7.5%, with BCH falling to $690 and LTC dropping to $76. Litecoin has not been this low since mid-November, before it started to spike. Charlie Lee and the LTC camp have been conspicuously quiet throughout this crypto rout.

Ripple’s XRP could not make it back over $0.50 and has lost 5.2% on the day falling to $0.45, matching its lowest dip of the year. Stellar and Cardano are both down around 6% and Iota in tenth spot has lost 7% to trade at $0.94, a new 2018 low. Other altcoins getting battered during the morning’s Asian trading session include Tron down 8%, Ethereum Classic dropping 7.7%, Ontology losing 7.5%, OmiseGO 8.5% down, and similar losses for Zcash, Icon, Zilliqa, and Bytecoin.

The only altcoin in the green in the top 30 at the time of writing is Qtum which is up 7.3% on the day to just under $9.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

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EOS Getting Beat Up as Crypto Markets Fall to New 2018 Low

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Bitcoin is below $6k and altcoins getting hit harder – EOS, Litecoin, Cardano and Ontology all suffering heavily.

Following another week of heavy losses crypto markets have broken below $250 billion and are poised to head further south. Many speculate that Bitcoin will go down to around $5,000 where it will find support before heading back upwards again. The bottom line is that speculation is all this really is and nobody truly knows how low this bearish market will take us. BTC is currently 3% lower than yesterday’s value trading at just below the critical level of $6k at $5,960 at the time of writing. Ethereum has declined 3.6% on the day to trade at $455, altcoins predictably have suffered heavier losses. Nearly all of them are in the red this Sunday morning but a couple of them have slowed in their downward slide.

In the top ten EOS once again has taken the biggest hit, plunging a further 13.6% on the day according to Coinmarketcap. The bottom seems to be falling out of EOS which has been long hyped as the next big thing and an ‘Ethereum killer’. At the moment it is getting killed itself, trading at $7.40 down 38% on the week from $12 this time last weekend.

Litecoin is also having a really bad time at the moment, down another 9.3% on the day to $77, its lowest level since late November when LTC began its meteoric rise. Cardano is suffering a 9% loss on the day, trading at $0.128 from over $0.14 this time yesterday. ADA has lost 22% over the past week and has the third highest decline in the top ten.

VeChain is another altcoin in pain at the moment, with a 9% fall on the day to $2.58. OmiseGO has dropped below $8 for the first time since April 1, down 8.3% on the day to $7.60. Ontology is also getting hammered with a 13.8% decline on the day. ONT is currently trading at $4.52, down almost 50% from its levels at the beginning of June. Decred and Zilliqa are in a bad place at the moment, both down over 12% on the day.

There is only a handful of altcoins that have not lost ground or are slightly up on the day and these include Dragonchain up 5.4%, Enigma 3.6% higher, Smartcash trading 3.2% higher on the day and Lisk and Monero which are at the same level as yesterday.

Total crypto market capitalization has fallen a further 4.7% today, hemorrhaging $12 billion in 24 hours. Current levels are around $245 billion which is the lowest point of the year so far, matching the big dip on April 1. A fall further could see losses extended as Bitcoin heads back towards $5k.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

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Binance Implements New Features To Help Improve User Experience

Despite the market downtrend, Binance’s team has forged ahead to ensure that its consumers are having a great experience using the exchange. 

Binance Supports Three EOS AirDrops

Airdrops have historically been a touchy subject for cryptocurrency exchanges, as claiming airdrop tokens can often require exchanges to give up some wallet security. As well, logistically setting up the support for airdrops may not be worth the time for some exchanges, as exchanges do not directly benefit from this process.

However, Binance has taken the initiative to support three airdrops from the recently launched EOS mainnet, pleasing many users in the process.

For the time being, Binance will only be supporting the IQ, DAC and EON airdrops, three of the most notable projects launched on the EOS blockchain. EON withdrawals have just opened, allowing for users to move their airdropped EON to their personal EOS wallets.

However, Some users took this announcement the wrong way. A blog post made it clear that support for these cryptocurrencies will only consist of withdrawal support and not trading, saying:

For trading and listing of these airdropped tokens on Binance, each project will go through the same strict listing review process as Binance does for any other coin/token. The default position we have is no listing.

Despite the misunderstanding, the announcement was still well received by the community, with many users giving their thanks to Binance for accepting these airdrops. Airdrops essentially provide users with free cryptocurrencies, which can rack up value quickly.

Binance has yet to open up withdrawals for EOS mainnet tokens, weird considering that EON token withdrawals are now available. But it has become apparent that the exchange will continue to support the EOS mainnet, by continually supporting airdrops launched in the future.

Community Coin Of The Month Is Back

Binance has announced that they will be reinstating the community coin of the month, which allowed for users to vote and propose coins/tokens they think should be added to an expansive lineup.

It has been over 3 months since the last community vote, so seeing this feature reimplemented has given users another reason to use the already great exchange. The community vote has historically been a topic of interest for the Binance community, with users coming out en-masse to vote for their favorite projects.

The cryptocurrency nominees for this month are as follows:

  1. Arcblock (ABT)
  2. Bytom (BTM)
  3. Dock (DOCK)
  4. Fusion (FSN)
  5. Havven (HAV)
  6. Oyster (PRL)
  7. Pundi X (NPXS)
  8. Ravencoin (RVN)

Voting started around three days ago, with there being twos remaining days for users to vote.

Users are required to impart with 0.1 BNB in order to choose a candidate for a potential listing. Once the voting ends on June 19th, votes will then be weighted on the amount of BNB the voter owns. For example, a user with 100 tokens will have a voting power of 100, while a user with 10 tokens will have 10% of the voting power of 100 tokens. However, the limit for the ‘Final Multiple’, as Binance likes to call it, will be 500 tokens, to ensure that risk of vote manipulation is minimized.

Once the voting period has elapsed, Binance’s team will verify that all votes are legitimate before listing the coin that was chosen by the community.

A blog post stated:

Upon completion of the voting process, Binance will list the coin on our exchange within a reasonable time frame.

Having a listing on a large exchange can often draw the eyes of many investors, and allows for an unprecedented level of adoption for many smaller altcoins. This is why communities and projects do their best to attain that coveted listing spot on exchanges like Binance.

Binance is one of the only exchanges that has implemented a ‘community coin’ feature, drawing a multitude of users to cast their vote on the exchange. Some users of the exchange have said that the community vote is what keeps them coming back, so it makes sense why this feature was reimplemented.

Binance has continually proven itself to be one of the most reliable and successful exchanges, with these recent announcements only improving community sentiment.

Featured Image from Shutterstock

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EOS Mainnet Takes A 5 Hour Breather Due To A Small Bug, Criticized

The EOS mainnet had to take a quick breather yesterday, with an unexpected bug causing its blockchain to come to a full stop.

Quick And Effective Response

EOS New York stated that the blockchain paused at 9:56 UTC, which immediately triggered a knee-jerk response from all active EOS Block Producers. The block producers along with ‘standby nodes’ quickly jumped into a conference call to help identify and amend the issue.

After almost an hour of discussion, members of the conference call decided that it would be best for all standby nodes to temporarily disable their nodes, while still backing up vital information.

Eventually, the group of determined individuals found the cause of the problem, declaring that they were working on a fix. After almost five hours of work, the EOS chain resumed, allowing for transactions to go through at 14:48 UTC.

Despite the quick response, users still felt an almost five-hour downtime, expressing their anger and disbelief on this project’s native subreddit. 

Reddit user, ‘SonataSystems’, jumped on the fact that such a bug exists, saying:

Is there a realistic (real world configuration/load) testnet to put these patches through a strong, regressive gauntlet prior to release? Are they just chucking untested code over the fence? Just how much test coverage is there, and how much regressive testing is performed, where is it performed and by whom?

Rough Start For An Aspiring Blockchain

This isn’t the best sign for a brand-new cryptocurrency project, as the downtime deterred thousands of transactions, if not more.

This pause has only added to the negative sentiment held towards this ambitious project, as it aims to overtake players like Ethereum. EOS has had a far from smooth launch, taking almost two weeks to ensure that the blockchain was stable and fully functional.

Many critics attributed this delay to the fact that the ICO team handed the management ‘reins’ to the community, removing the efficiency of an almost $4 billion fund.

On June 14th, the mainnet officially launched, with many users believing that all worries were far behind them.  However, with this bug crippling the EOS blockchain, it is apparent that there may be more issues to worry about, at least in the short term. 

Some speculate that Block.one, the team behind EOS, did not do enough work to ensure that the mainnet was free of bugs. Just days before the scheduled mainnet launch, a developer racked up over $100,000 in bounty claims while finding errors within the pre-released code repository.

Considering the fact that a common user, not backed by any corporations or ICO funds, found a multitude of bugs has had some worried. Would it be all too crazy to assume that there are other bugs that lie in wait for other users to find?

EOS has had a tumultuous start, to say the least. But there are still many who still root for the success of this infantile blockchain, not deterred by yesterday’s events. 

 

Featured Image from

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EOS Mainnet Reaches Voting Threshold, is it Actually Decentralized?

EOS successfully launched its Mainnet on June 9 after getting through some technological rough spots but then took almost a week to reach the voting threshold to elect its “21 block producers”.  A pace which is leading critics to question not only the viability of the network which is supposed to be a model of efficiency and took in $4 billion of investor money to build but also the degree to which it will actually be decentralized.

What Makes it Different

The EOS Mainnet was developed specifically to rival the Ethereum network which was designed to run blockchain based smart contracts a facet of distributed ledger technology that attracts business and industrial interest. The problem according to EOS developers is that Ethereum’s system is slow to process transactions because every node in the network must register every transaction.

The EOS Mainnet solves that problem by having just “21 block producers” responsible for processing transactions which would allow the network to handle thousands of transactions per second. The “21 block producers” are elected by the community of token holders which is where recent questions about the systems efficiency and level of decentralization stem.

Up until the Mainnet launch the tokens that EOS has sold in the past year have been held on the Ethereum network as the EOS network wasn’t built yet. When the Mainnet was launched those tokens were frozen while they were transferred to the new blockchain and voting for the “21 block producers” took place. A process that requires 15% of all the tokens in the system to vote for candidates which took nearly a week. It may be that the complications of voting that required holders to use their private cryptographic keys are to blame or it could be that majority token holders were waiting in order to sway results in their favor.

Decentralized but in the Hands of a Few

An article that ran in the MIT Technology Review floats this theory pointing out that the voting numbers jumped from 110 million votes which took nearly two weeks to tally to the critical 150 million needed to reach the voting threshold and elect the “21 block producers” in just one day. The same article goes on to question the decentralized nature of the EOS blockchain when 100 entities control 75% percent of the tokens which are defacto votes on who runs the system.

Meanwhile, EOS has seen its price drop since the Mainnet launch against both Bitcoin and their main rival Ethereum which may be illustrative of investors dissatisfaction with the slow pace of the new blockchain launch and or the stilted voting process. This bumpy path to functionality puts the onus on EOS to prove their systems utility has been worth the time and investors billions in order to, in one detractor’s opinion,  reinvent the wheel.

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Asian Cryptocurrency Trading Update: EOS Leads on Mainnet Launch

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Current performing altcoins are EOS, Ethereum, Tron and Decred.

Finally there has been some good news to lift crypto markets as the week comes to an end. The SEC’s decision not to consider Ethereum as a security has provided a long needed boost to cryptocurrencies. The markets are still way down but are trading slightly higher over the past 24 hours clawing back some of those losses. Bitcoin has not done much and has made just 1.7% to $6,620, only $400 above its low for the year. Ethereum has been the big driver of market movement, initially jumping 10% on the news but now trading at $513, up 5% on the day. Altcoins are generally in the green, bouncing a little from a week of heavy losses. The leading coin if the day during Asian trading this morning is EOS.

Coinmarketcap is currently reporting an 8% jump for EOS which is trading at $11.07. This time yesterday EOS was around the $10.25 level and over the week it has shed over 21%, down from $14 this time last Friday. The past month has seen similar losses for EOS which traded around the $14 level this time last month. Against Bitcoin EOS has made 6.4% on the day to 168000 satoshis from 157500 sats this time yesterday. BTC has been falling, but altcoins faster, so weekly losses on Bitcoin have been 7.8% from 182000 satoshis this time last Friday.

The EOS mainnet is now finally live which has driven this momentum. The gains have been even greater than Ethereum’s which is already pulling back. The EOS ERC-20 tokens are now frozen and supporting exchanges will convert to the new blockchain. It has reached the voting threshold to elect the 21 block producers with 15% or 150 million ‘votes’. However there are big concerns about the decentralization of EOS as currently it equates to a small number of entities controlling a large portion of the network.

Regardless, EOS is the top performing altcoin at the moment, traded primarily on Asian exchanges Huobi and OKEx in USDT. South Korean trade on Bithumb and Upbit also accounts for 20% in KRW. Total trade volume has remained steady at around $1.3 billion though market cap has fallen to under $10 billion as cryptos continue their downward slide.

Total crypto market capitalization over the past 24 hours has clawed back 3.2% primarily on the SEC ruling and currently stands at $287 billion. Volume has remained steady at $16 billion but the bears are still in control as markets have plunged 16% over the past week. A few other altcoins are performing well during the morning’s Asian trading session and they include Ethereum, Tron up 7.7%, and Decred 8.4% higher on the day.

More on EOS can be found here: https://eos.io/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

The post Asian Cryptocurrency Trading Update: EOS Leads on Mainnet Launch appeared first on NewsBTC.

EOS Price Watch: How Low Can This Go?

EOS Price Key Highlights

  • EOS is ready to resume its downtrend after bouncing off the top of the descending channel on the 4-hour chart.
  • Price is also breaking below the mid-channel area of interest to signal a potential move until the bottom.
  • The Fibonacci extension tool shows the next downside targets, but technical indicators suggest a return in bullish pressure.

EOS looks prime for further declines to the channel bottom, but technical indicators are saying otherwise.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA for now, indicating that the path of least resistance is to the downside. However, the gap has narrowed enough to signal a potential bullish crossover. If this pulls through, a return in buying pressure could still lead to a bounce back to the channel top for EOS.

At the same time, RSI is starting to pull out of oversold territory to indicate a return in bullish momentum. A slight bullish divergence can be seen as price made lower lows while the oscillator had higher lows since May 23.

Stochastic is also indicating oversold conditions or that sellers are tired and might let buyers take over. In that case, a move up to $14.00 could be seen or at least until the moving averages’ dynamic inflection points.

EOS Chart from TradingView

A continuation of the drop, on the other hand, could take EOS to the next floor at the 61.8% extension. Stronger selling pressure might be enough for a move to the channel bottom near the 78.6% extension of $6.31 or until the full extension near the $4.00 level.

Keep in mind that the FOMC is set to announce a 0.25% rate hike today and this could prop up the dollar against its rivals. However, a dovish hike or one that cautions on the pace of tightening from here could still lead to profit-taking off dollar longs.

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