OKEx Native Token OKB and OKLink Stablecoin USDK Listed on Bitfinex 6419

OKEx, a world-leading cryptocurrency exchange, announced the listing of its native token, OKB, on another leading cryptocurrency exchange, Bitfinex. Bitfinex will also list USDK, which is a stablecoin co-developed by OKLink, a blockchain technology company, and Prime Trust, a registered Trust Company based in Nevada, US (Read more). The nine new trading pairs will officially open on Bitfinex from 10am, June 13, 2019 (UTC), including USDK/USD, BTC/USDK, ETH/USDK, USDT/USDK, EOS/USDK, OKB/USD, OKB/BTC, OKB/ETH and OKB/USDT.

Empowering OKEx’s ecosystem, OKB allows OKEx users to perform various tasks such as setting up an OKEx partner exchange, settling trading fees, and subscribing for new tokens on the token sale platform OK Jumpstart. With multiple use-cases, OKB has been capturing more market share over the months, according to the data revealed on CoinMarketCap.

OKB, the native token of OKEx, is currently operating in the Ethereum Network (ERC20). Later this year, it will be migrated to OKChain, the blockchain which OKEx has been developing. And now, it is at the final testing stage.

“We aim to foster a new economy with blockchain technology. To achieve de-intermedium and financial inclusion, we do not work as an isolated island. We believe the key to prompt the market growth requires teamwork, which is the reason for us joining forces with other leading industry players to spark new chemistry,” said Andy Cheung, Head of Operations of OKEx. “OKB being listed on Bitfinex is just the beginning, it marks the recognition of our native token and platform from our peers, and we will continue to explore further opportunities in all-kinds of collaboration with other industry players. We never rest on cultivating a fair and transparent trading market and welcome partners with similar mindset to work together.”

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Coinbase: earn DAI while learning about the stablecoin and how it’s generated 6779

coinbase

Starting today, Coinbase customers around the world can start earning DAI by watching lessons and completing quizzes about DAI and its features. DAI is the first stablecoin to be made available through Coinbase Earn. Coinbase strives to be a trusted source where customers can educate themselves about new developments in crypto, and we’re excited to offer people a new opportunity to learn about and earn DAI.

According to the DAI whitepaper, DAI is a decentralized stablecoin running on Ethereum and designed with a goal of maintaining a target value of approximately $1 USD. DAI is backed by collateral on the Maker (MKR) platform. The relevant whitepapers explain that MKR and DAI tokens form a paired set of assets in which MKR provides governance, and DAI is a decentralized, collateral-backed stablecoin.

We expect earning to become an increasingly important function in the crypto ecosystem — alongside buying, staking, voting, and mining — especially when paired with education.

If you want to stay informed about future opportunities, please make sure you have verified your ID and opted into getting the latest updates from Coinbase!

You can also check out the newly-launched Coinbase Earn homepage to keep up to date with the latest Earn opportunities. Click here for our Earn FAQ and terms.

LTC, BSV, XRP, BNB and ATOM 5878

cryptocurrencies

For the past few days, cryptocurrencies have managed to hold onto a large part of their gains. This is a positive sign, as it shows that the bulls are not in a hurry to book profits. It is also comforting to see that the gains have come on the back of increasing volumes. Bitcoin’s (BTC) trading volume on Coinbase recently hit its highest level since Feb. 4 of last year, which shows that the price is rising higher backed by strong demand.

However, the positive sentiment supported by improving fundamentals has led to a number of analysts projecting a vertical rally in bitcoin, similar to the one seen in 2017. Some of the targets currently talked about are $25,000 and $40,000, both within a short span of time. While anything is possible in the crypto markets, we believe that these calls are a little more aggressive. The current rally is likely to face a number of bumps en route to new highs and will test the patience of the bulls. Therefore, we suggest traders wait for dips to buy instead of chasing the price higher.

ATOM/USD

Cosmos (ATOM) was the best performer among the top 20 major cryptocurrencies in the past seven days. The platform surged to second position on Github with 4,245 events in the past 30 days, ending June 4, which is a positive sign. What does the chart project?

ATOM/USD

Due to a short trading history, we shall use the daily chart for analysis. The ATOM/USD pair has been consolidating roughly between $5.660 and $6.603. Attempts to breakout of this range failed on June 3 and 4, which shows a lack of demand at higher levels. However, the dips to $5.660 were purchased on June 5 and 6, which shows buyers willing to get in at support.

Consolidation near the highs is a positive sign: it is usually followed by a breakout and continuation of the upward move.

A breakout and close (UTC time frame) above $6.603 will resume the uptrend that can carry the price to $7.905. If this level is crossed, the upwards move can extend to $8.794. Our bullish view will be invalidated if the pair plummets below the 20-week EMA, and the next lower support is at $4.8.

LTC/USD

Litecoin (LTC) is the second-best performer of the past seven days. The upcoming halvening is acting as a bullish factor that has kept the price close to its recent highs. Traders anticipate that reduced supply will result in higher prices. The litecoin hashrate has also been making new highs consistently, which is a positive sign. Can the price continue higher or has it hit a hurdle?

LTC/USD

The LTC/USD pair is facing selling at the resistance line of the ascending channel. However, the attempts by the bears to sink it have been unsuccessful. Buyers have been stepping in close to $100 and pushing the price right back up, which is a positive sign.

If the bulls push the price above the resistance line of the ascending channel, the pair will rally to $158.91. This is the target objective following the breakout from the cup and handle pattern. Above this, we anticipate a move to $184.7940, which is likely to act as a stiff resistance.

If, however, the cryptocurrency fails to break out of the channel, the bears will again try to sink it below the breakout level of $91. A breakdown of this and the support line of the channel will indicate a change in trend.

BSV/USD

This is the third successive week that bitcoin sv (BSV) has been among the top five performers. The surge in price following the news about Craig Wright’s filing for copyright claims on the bitcoin white paper has held up quite well. What is in store in the next few weeks? Can the uptrend resume or will it dump? Let us analyze the chart.

BSV/USD

The BSV/USD pair has formed an inside week candlestick pattern and is finding support close to a 38.2% Fibonacci retracement of the recent rally, while it is facing resistance near the high of $254. This points to a consolidation in the next few weeks, and a range formation after such a sharp move is a positive sign. After the boundaries of the range are defined, traders can buy closer to the support and sell near the resistance. Currently, we do not find any reliable pattern that offers a good risk to reward ratio.

The uptrend will weaken if the pair breaks down of $176.083 and drops to $152.015, which is a 50% retracement level of the recent upwards move. If this level also breaks, the trend will turn down. Conversely, a breakout and close (UTC time frame) above $254 will resume the uptrend and launch the cryptocurrency to $307.789 and above it to $340.248.

BNB/USD

The website for the Binance decentralized exchange (DEX) plans to block users in 29 countries from accessing the DEX. The exchange has also released its official Trust Wallet for the Binance DEX users, and also plans to issue its own stablecoin within the next two months, which will be 100% pegged to the British pound and will be called “Binance GBP.” Subsequently, the exchange plans to release stablecoins backed by other currencies, barring the U.S. dollar. In other Binance news, a former executive at Dell and the NBA will join Binance as theIR new official strategy officer. Backed by fundamental news, can binance coin (BNB) extend its upwards move or is the rally tiring out? Let’s analyze.

BNB/USD

In a strong uptrend, the pullbacks are shallow and the price quickly bounces off strong supports because traders jump in to buy on any dip. Backed by momentum, the price quickly rallies to make a new high. The BNB/USD pair has been making a series of new highs after breaking out of the previous high of $26.4732350 in mid-May, which confirms that the pair is in a new uptrend. The first target to watch is $40, followed by a rally to $46.1645899. If the momentum picks up, the upwards move can even extend to $56.0786952.

On the contrary, if the bulls struggle to propel the price above the resistance line, a few weeks of consolidation is possible. The trend will turn negative only after the higher highs and higher lows sequence is violated. Until then, the uptrend remains in force.

XRP/USD

Ripple, the company behind crypto asset XRP, has said that it will take a more conservative approach in reporting XRP sales this quarter. This is being done to allay the fears among institutions and consumers on fake reporting of trading volume in the crypto markets. Thailand’s largest commercial bank, Siam Commercial Bank, has denied that it plans to use Ripple’s XRP token, just days after a tweet that hinted the bank’s plans to do so. Also this week, hackers stole about $10 million worth of XRP from nearly 100 XRP ledger wallets on wallet service GateHub.

XRP/USD

The XRP/USD pair has formed a flag following the rise from the lows. A breakout of the flag will point to a resumption of the up move that can carry the price to $0.66413 and above it to $0.76440.

Conversely, a breakdown of the flag will be a negative sign, as it shows a lack of demand at higher levels. The pair has support at $0.37835 and below it at $0.355660. The 50-week SMA and 20-week EMA are also close to these horizontal supports. Therefore, we expect buyers to defend this zone, failing which, the trend will turn negative. The next couple of weeks are critical as it will set the direction for the next leg of the move.

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

China Stablecoin and Trading Appetite Dwarfs Global Demand 6811

China

On-chain data shows Tether movements hitting a new all-time-high for 2Q19 with one month left on the calendar for the period. What is most striking, however, is the volume coming in and out of Chinese exchanges dwarfs western and global trading venues and accounts for more than half of the total transaction value of known parties.

Data provided to Diar by blockchain analysis firm Chainalysis highlights the magnitude of Chinese Tether demand with over $16Bn received by exchanges based in that market in 2018. This year the number has already surpassed an outstanding $10Bn, setting the stage for the biggest year yet.

2019 to date flows into exchanges catering primarily for Chinese traders beat the $7Bn of all the transactional value for 2017.

Tether on-chain movements stateside account for a tiny 3% of known volumes at $450Mn, more than $10Bn less than flows sent and received by Chinese exchanges.

And the demand is on the rise. In the 2018 bear market, Chinese exchanges accounted for 39% of all known on-chain transaction value for Tether. This year to date, the red dragon is responsible for a whopping 60%.

Global exchanges like Binance and Bitfinex have a share equivalent to half that at 31%, dropping from the 47% share seen for both 2017 and 2018.

US-based exchanges saw their share of the stablecoin demand/trading drop from 44% in 2017 to less than 10% in 2018.

This isn’t a matter of cashing out. The stablecoin movements on-chain are just shy of netting out between sent and received funds, indicating a cyclical nature and trading desire across all exchanges. The on/off nature is likely due to custody reasons from potential exchange hack concerns (see chart 3).

This similar character in the net balance of sent and received funds globally and across all regions suggests legitimate flows. There is no disparity or alternative behavior in the movement of Tethers sent to Chinese exchanges versus the transactions sent to regulated US-based trading venues.

On-chain movements out of China are telling and in stark contrast to what the industry now perceives as nothing more than fake volume following an extensive report by Bitwise, an asset management firm that filed for a Bitcoin Exchange Traded Fund (ETF) with the US Securities and Exchange Commission (SEC).

Bitwise, which looked into 83 exchanges, found a mere 10 to be compliant across its own tests. And there are clear examples of dubious trading volumes that resemble simple algorithms filling up order books that fall far from reputable exchange trading trends.

On-Chain transactional volume in 2019 has gone up in unison with reported trading volumes.

While it may not be comparing apples to apples, it’s not comparing apples to oranges either. Massive amounts of funds are being moved into exchanges in China for no other purpose than trading. Even a single trade of Tethers moved onto Chinese exchanges would equal daily volumes equivalent to $215Mn for the month of April (the period Bitwise analyzed), which is three times as much as Coinbase and on par with Binance (see chart 5). This does not even take into account funds sitting on the exchanges.

The similarities in percentages of reported trading volume versus Tethers moved on and off exchanges is certainly not proof-of-innocence (POI) nor vindicating of potential wash trading and fake volumes.

But in consideration of the billions in Tethers moved on-chain in China that towers over US and world market transactional value, the estimate by Bitwise of 95% of cryptocurrency trading volume being fake is also likely to be far off the mark, possibly by magnitudes.

EOS is now available on Coinbase 7128

EOS

Starting today, Coinbase supports EOS (EOS) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store EOS.

EOS will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York. Additional jurisdictions may be added at a later date.

EOS (EOS)

EOS is a cryptocurrency designed to support large-scale decentralized applications. There are no fees to send or receive EOS. Instead, the protocol requires EOS to use resources like RAM, CPU, and network bandwidth. It also rewards the entities that run the network periodically with new EOS, effectively substituting inflation for transaction fees.

One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. In September, we announced a new process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see EOS here), as well as a new section of the Coinbase website to answer common questions about crypto.

You can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store EOS today.

TrustED and Binance Launch Service, First ICO Offering With Binance Chain 7388

Binance Chain

What is likely the biggest cryptocurrency event worldwide, Consensus 2019, has just concluded. The exhibition included several keynotes from high profile speakers, breakout sessions, and thousands of noteworthy guests, including BitForex’s head of Business Development, Jason Luo. Main topics for discussion at the event included Cryptocurrency regulations, blockchain for the public sector, sanctions, and much more. Several networking events were scheduled, allowing industry professionals to make new connections, and share ideas & opportunities.

Although Consensus may be the largest event of its kind, there are other contrasting conferences in which cryptocurrency has a place. Benefiting from a more diverse audience of professionals, K.E.Y Platform in South Korea sees hundreds of attendants from both economic and political sectors come together to discuss “New Markets” — including future development trends, artificial intelligence, trade wars, Brexit, as well as blockchain. An excellent opportunity to help bring cryptocurrency and the surrounding movement into mainstream acceptance.

As the only representative of the Blockchain industry present in what remains one of the most important and sizeable cryptocurrency markets of the world, BitForex CEO Garrett Jin took to the stage to share his thoughts, visions, and future predictions for the development of the cryptocurrency industry, and the role of crypto exchanges in modern finance both in South Korea and beyond.

His panel was dedicated to the role of cryptocurrency exchanges, not just as a place to exchange tokens, but as a full-scale solution for digital currency deployment, and how this could play a pivotal role in the near future when considered as a new market for South Korea. Also present at this event was Lee Nak-yeon, current Prime Minister of South Korea, emphasizing the degree of seriousness with which the conference was held.

It is through events such as these that cryptocurrency gains both mainstream acceptance and momentum — by raising awareness in high-level professional environments, as well as on the consumer level and with the all-important userbase.

Following the event, BitForex has expanded its operations team in Korea, as the cryptocurrency market there is among the 5 biggest globally. Registered users from Korea on BitForex currently approaches one million, and the exchange aims to double that number in 2019 as it continues growing its already significant Korean presence. This will allow BitForex to continue bringing unparalleled service to its Korean users, and in neighboring regions — bringing cryptocurrency further into the mainstream market.

Price Analysis: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Binance Coin 8687

Analysts believe that the rally in Bitcoin might witness a short-term blip but is likely to resume its up-move and reach $9,659 by year’s end. The reason for the rise can be attributed to various positive developments in the crypto field and also to the ongoing trade war between the top two economies of the world, China and the United States. Digital Currency Group founder Barry Silbert believes that Bitcoin is acting like a safe haven, as it has done in the past during Brexit and Grexit.

The current recovery from the lows was backed by strong institutional flows, as indicated by the record volumes on the Bitcoin derivatives exchanges. Along with the different cryptocurrencies, stablecoins are also being sought by traders. According to crypto research firm Diar, the market capitalization of stablecoins has topped $4 billion. Even with all the controversy surrounding it, Tether continues to be the leader with trading volumes in 2019 already exceeding that of the entirety of 2018.

Early backers of EOS are likely to make huge returns on their initial investments if they sell out in the buyback offer announced by Block.one. The seed round in 2017 had valued the company at $40 million, while the buyback offer values the company at $2.3 billion.

BTC/USD

Bitcoin (BTC) continues to be in an uptrend. Both the moving averages are sloping up and the RSI is in positive territory. This suggests that the bulls are in command. However, after a sharp rally, a minor correction or a consolidation is to be expected.

BTC/USD

The bulls are finding it difficult to breakout of the overhead resistance at $8,496.53, but on the downside, the bulls are buying the dips to the 20-day EMA. Until either level is crossed, the BTC/USD pair is likely to remain range bound for the next few days.

Contrary to our assumption, if the pair breaks out and closes (UTC time frame) above the overhead resistance, a rally to $10,000 will be in the cards. However, we do not expect this level to be crossed in a hurry.

On the downside, a break below the 20-day EMA and $6,933.90 support zone can plunge the pair to $5,900. This is an important level to watch on the downside because if it breaks, the trend will turn in favor of the bears. We will wait for a new buy setup to form before recommending a trade in it.

ETH/USD

Ethereum (ETH) has been trading in a tight range of $220–$270 for the past five days. The trend remains bullish as both the moving averages are sloping up and the RSI is close to the overbought zone.

ETH/USD

If the ETH/USD pair breaks out of $270, it can move up to $290.92. Above this level, a rally to the next resistance zone of $300–$322 is probable. The 20-day EMA will act as a strong support on the downside, below which, a dip to the 50-day SMA is likely. The bears have not been able to close (UTC time frame) below the 50-day SMA since breaking above it on February 17. Hence, a dip below this support will indicate weakness.

XRP/USD

The bulls are struggling to sustain Ripple (XRP) above $0.40. This shows profit booking at higher levels. A failure to break out of $0.45 will indicate a loss of momentum. A break below the 20-day EMA can result in a fall to $0.33108. If this support also gives way, the digital currency can slide to $0.27795.

XRP/USD

Conversely, if the XRP/USD pair rebounds off the 20-day EMA, it can rise to $0.45 and if this level is crossed, a new uptrend is likely. The level to watch on the upside is $0.60 with minor resistances at $0.50 and $0.55.

The 20-day EMA is trending up and the RSI is in the positive territory, which suggests that the bulls have a minor advantage. Therefore, traders can hold their long positions with the stops at $0.2750.

BCH/USD

Bitcoin Cash (BCH) turned down from close to $450 for the third time on May 21. The zone between $450 and the resistance line of the channel is likely to act as a stiff resistance. If the bulls scale this resistance zone, a rally to $600 is probable.

BCH/USD

On the other hand, if the bears sink the BCH/USD pair below the 20-day EMA, it can drop to the support line of the channel. A breakdown of the channel will signal weakness. Currently, bulls have the upper hand as both the moving averages are sloping up and the RSI is in the positive zone.

EOS/USD

EOS has made an inside day candlestick pattern for the past two days. This shows indecision between the bulls and the bears. If the bulls reassert their supremacy, a rally to $6.8299 is probable. A breakout of this level can push the price to $9.00.

EOS/USD

Conversely, if the bears sink the EOS/USD pair below $5.78, a drop to the 50-day SMA is likely. If this level also fails to support the pair, it can drop to the critical level of $4.4930. We expect this level to hold. If that happens, the cryptocurrency will remain stuck inside the large range of $4.4930–$6.8299 for the next few days.

LTC/USD

Litecoin (LTC) has been trading close to the breakout level of $91 for the past two days. The small trading range of the past two days shows indecision. If the price bounces off $84.3439, it will again try to move up to $107. Above this level, the next target is $158.91

LTC/USD

On the other hand, if the LTC/USD pair fails to break out of the overhead resistance, it might remain range bound for a few days. The pair will turn negative if the $84.3439–$74.6054 support zone breaks down. Therefore, the stops on the long positions can be kept at $70.

Currently, with both the moving averages trending up and the RSI above 50, the advantage is with the bulls. However, the developing negative divergence on the RSI is a red flag.

BNB/USD

Though Binance Coin (BNB) did not breakout of the resistance line on May 21, it has not given up much ground. Both the moving averages are sloping up and the RSI is in the overbought zone. This shows that the bulls are firmly in the driver’s seat.

BNB/USD

A breakout of the resistance line can propel the BNB/USD pair to $40.2919564. But if the pair reverses direction from the current levels, it can dip to the 20-day EMA, which should provide support. Below this, the next strong support is at the 50-day SMA. A breakdown of this support will signal a deeper correction.

XLM/USD

Stellar (XLM) has turned down from the overhead resistance of $0.147620. It can now fall to the 20-day EMA, which is likely to offer some support. If the digital currency bounces off the 20-day EMA, it will attempt to ascend the overhead resistance once again.

XLM/USD

On the other hand, if the bears sink the XLM/USD pair below the moving averages, it can drop to $0.088542. The 50-day SMA is flat and the 20-day EMA is also flattening out. This points to a consolidation in the next few days.

The trend will turn bullish on a break out and close (UTC time frame) above $0.14861760. The next target to watch on the upside is $0.22466773. We will wait for the price to sustain above $0.14861760 before recommending a trade in it.

ADA/USD

Cardano (ADA) is trying to hold above the moving averages for the past five days. However, failure to rebound from the strong support shows a lack of demand at higher levels. If the bears break below the moving averages, the digital currency will weaken and can decline to the next support at $0.057898.

ADA/USD

Conversely, if the ADA/USD pair bounces off the moving averages, the bulls will again try to break out of the overhead resistance at $0.094256. If successful, it will complete the rounding bottom pattern that has a target objective of $0.161275. Hence, we retain the buy recommendation given in an earlier analysis.

TRX/USD

Tron (TRX) has been consistently rising above $0.02815521 for the past three days but is struggling to hold on to higher levels. The price is stuck at the breakout level. If the bulls succeed in sustaining the digital currency above $0.02815521, it can move up to the next target objective of $0.040. If this level is crossed, the next level to watch on the upside is $0.050. Therefore, traders can keep the stop loss on the long positions at $0.0209.

TRX/USD

Contrary to our expectation, if the TRX/USD pair breaks down of the moving averages, it will lose momentum and can drop to the support at $0.02094452. In such a case, the pair might remain range bound for a few days. The 20-day EMA is marginally sloping up and the RSI is just above 50, which suggests that the bulls have a slight advantage.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.