Price Analysis: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Binance Coin 6367

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.

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TrustED and Binance Launch Service, First ICO Offering With Binance Chain 5214

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.

Outstanding Stablecoins, Spot Trading Volumes Hit Record 6450

Stablecoins have hit an all-time high with over $4Bn tokens representing the Greenback now on the blockchain. While Tether dominance remains, new stablecoins that came to market recently have made leapfrogs of progress. And trading volumes have already in less than 5 months beat that of last year’s record with 2019 set to dwarf the now infamous bear market in comparison.


This year to date has seen trading volumes with Tether pairs already exceeding a whopping $1.3 Trillion – $200Mn more than all of last year (see chart 3). Despite the transparency concerns of a now diversified reserve, the dominating market stablecoin has not budged traders from using it as it remains to have the most liquidity and options across cryptocurrency exchanges (Diar, 30 April).

While there is a leering concern of wash trading on unregulated and under-regulated exchanges, current volumes at this magnitude could also indicate a growing difficulty in market manipulation, should it be the case.

|| SLOW AND STEADY WINS A BULL MARKET RACE

Last year’s stablecoin newcomers have not been slouches either. Circle/Coinbase backed USDC has seen its outstanding tokenized version of the US Dollar grow by 41% since the start of the year – north of $100Mn. And trading volumes have finally managed to pick up some speed clocking in a whopping 435% increase (see table, chart 1).

|| GROWING IN TANDEM

TrustToken’s USD, one of the few stablecoin options on the market at the start of last year has seen growth, albeit, smaller than USDC. Still, TUSD has recorded $3.8Bn in trading volume for May, a little over $200Mn than their closest rival. Notably, though, is that TUSD has a higher velocity marking it a favorite by traders as the stablecoin has 30% less in outstanding reserves than Centre’s USDC.

|| BLOCKCHAIN BILLIONS

Major stablecoins now stand north of $4Bn, with more fiat options coming to market, primarily offerings from TrustToken. The company has announced a plethora of new fiat-pegged tokens, but have so far garnered little interest as trading pairs and a forex market does not exist as of yet.

|| BLOCKCHAIN UNUTILIZED

Though numbers impressive, the use case of stablecoins have found little appeal outside of sitting on centralized exchanges. USDC has indeed seen an impressive 540% increase in active addresses on-chain versus the start of the year. And TrustUSD is not very far behind on this metric either. But the absolute maximum addresses using the blockchain have been a mere 5500 at peak on a single day for the two majors outside of Tether.

|| NEW AVENUE PUSH

Last week saw Coinbase make its largest market push yet opening up crypto-to-crypto trading, including USDC, to another 50 countries bringing up the tally to an impressive 103 from 32 just a year ago (Diar, 11 February).

The popular exchange has now invested and built out its own vision of an ‘Open Financial System’ through various avenues from a non-custodial wallet, to supporting major Decentralized Finance (DeFi) companies that have garnered much attention as of late.

And while the experiment still continues as to the long-term stability of these various decentralized applications, the infrastructure is slowly coming together. However, with a focus remaining on distressed economies, the growth and use-case is likely to remain small without developed nations also adopting into the concept.

Stock Exchange Embraces Blockchain Technology 6386

Blockchain technology can help enhance transparency, efficiency and grow investor confidence in Zimbabwe’s fledgling capital markets, experts say.

The technology, which underpins crypto-currencies like bitcoin, is temper-proof. Its decentralised nature allows for financial transactions to be traced throughout the payment process by anyone with a computer or smartphone with internet connection.

These characteristics have meant that blockchain technology is now being adapted for use in several spheres including the supply chain, banking, financial markets and even voting, to curb fraud while improving transparency.

Zimbabwe Stock Exchange (ZSE) chief executive Justin Bgoni told our Harare Bureau that the exchange is open to exploring how it can harness Blockchain technology in the near future although there is still no regulatory clarity on the matter.

Mr Bgoni spoke about introducing blockchain-based new products and services such as real estate investment trust securities (REITS), mineral commodities exchange and exchange traded funds (ETFs) as key to expanding the market into a vibrant exchange.

“It’s something (Blockchain technology) we need to look into, though not now, the technology is very good,” Bgoni said in an interview at the inaugural C-Trade investor conference day in the capital last week,” he said.

“Each transaction, you can see who owns it so it is easy to audit it that is why people like it, is easy to verify it, it is transparent and takes away fraud, that part of the technology you can see everything and it makes sense, it is definitely an area that ZSE can explore.”

Elsewhere around the world, some stock exchanges have not only adopted Blockchain, they have also started to offer crypto-currency-related products, in a move that’s been viewed as key to introducing crypto-currency to conventional equities investors.

In April, for example, the Jamaica Stock Exchange announced that it was starting a limited pilot to trade bitcoin (BTC) and ethereum (ETH). The move by the JSE is the latest in a series of announcements that aim to open the doors to crypto-currency investment.

In the US, Nasdaq, the world’s second largest stock market by capitalisation, has recently listed BTC and ETH indices, while Switzerland’s main stock exchange, SIX, listed a ripple-based exchange-traded product.

Mr Bgoni indicated that there was no clarity yet on regulations governing the trade of blockchain-based virtual currencies in the country.

“Then there is the money side to blockchain technology. This is a bit difficult, in terms of regulation, we are not yet clear on this and we do not want to do something where regulation is not clear as an exchange. But the technology side is very good,” he said.

It will be interesting for the ZSE to adopt blockchain that will create a safe, efficient and transparent regulatory framework.

Bitcoin Association’s Bitcoin SV Hackathon Finalists Announced in Lead Up to CoinGeek Toronto Conference 6493

Bitcoin SV

Bitcoin Association, the leading global organization for Bitcoin business, has held the first ever Bitcoin SV (BSV) Hackathon. The first phase of competition was a virtual hackathon that took place globally over the weekend of May 4-5 with 122 individual competitors, plus another 94 joining together to form 42 teams. Their challenge was to develop a solution for BSV on-boarding issues, extending beyond on-boarding new users to the challenge of also on-boarding new developers to BSV.

The quality of entries was so high that the judges named 14, rather than the originally expected 10, semi-finalists. Now the entries have been narrowed to three top finalists. A representative of each finalist team will be flown to Toronto for the ultimate judging and awarding of 400 BSV coins (currently valued over $27,000) at the CoinGeek Toronto conference on May 30. All finalists will also have the opportunity to be considered for investment by CoinGeek founder Calvin Ayre, the technology entrepreneur. The finalists will be judged by four expert judges plus a vote by the entire conference audience, expected to be more than 250 global cryptocurrency elites. The winner will be announced at the conference’s end with 1st place winning 250 BSV, 2nd place 100 BSV, and 3rd place 50 BSV.

IOTA Partners With luxury Fashion Brand to Use DLT for Supply Chain 7739

IOTA, the German blockchain foundation, is launching a DLT solution to enable a more sustainable and ethically-sourced fashion industry alongside global manufacturing company Avery Dennison, they shared with The Block. The platform will be trialled by luxury label ALYX to allow its customers full insights into the supply chain. Customers will be able to track the journey of the purchased item, from creation to the point of sale, with an app which reads items’ QR codes. IOTA’s DLT will record the garment’s origins, production date, and raw materials, allowing users to authenticate the product and check its sustainability credentials.

“Brands and consumers can know that the information they are being shown about the garment’s creation process is 100% accurate and can be trusted implicitly. This is a watershed moment for improving brand transparency and trust,” said Debbie Shakespeare, senior director of sustainability and compliance at Avery Dennison. Shakespeare added that by adding a blockchain layer, consumers would have “uncompromisable data.” While the companies have run a series of internal pilots, the partnership is one of the first public proofs-of-concept of the platform

Despite Crypto Comeback, Prominent Investor Doesn’t Expect Ethereum 2.0 Until 2021 8793

Over the past weeks, crypto has returned to the limelight. Bitcoin, Ethereum (ETH), amongst other digital assets have absolutely surged. While no specific fundamental factors have been pinned to the recent rally, it is widely believed that certain bits of news, like Fidelity’s institutional platform and Ethereum starting a Proof of Stake (PoS) integration, has boosted the price.

But one notable commentator claims that one key development, Ethereum’s transition to PoS (Serenity) may not occur as soon as optimists expect.

Per CoinTelegraph, during a panel headlined “The Smart Contract War Is Coming”, Ryan Selkis of data analytics startup Messari drew attention to the shortcomings of PoS. He claimed that the consensus mechanism, which gets rid of energy-chomping miners for entitled full nodes that can process Ethereum blocks, is “not proven to work.” Selkis, who is the CEO of the aforementioned firm, adds that Ethereum’s current Proof of Work (PoW) system may be “even good enough” for long-term scaling.

And thus, he added he doesn’t expect for “Proof-of-Stake and ethereum 2.0 to happen before the end of 2021 at the earliest.”

This news comes after Justin Drake of the Ethereum Foundation remarked last week that code specifications for phase zero are “on track” to see finalization by June 30th.  Once finalization occurs, developers can begin building code around said specifications, as they ensure that everyone is on the same page. For those unaware, phase zero, also dubbed “Beacon Chain,” will allow for validators, rather than miners, stake Ether and vote on improvement proposals.

Funnily enough, however, Selkis seems to be entirely bullish on Ethereum and its prospects in the short to medium-term. In a recent tweet, the long-time industry insider remarked that with all the things expected to happen during New York City’s Blockchain Week, “you’d have to be insane to short”. He then asserted that the bear market is “over”, and explained that the next “epic bull run”, for Bitcoin and Ethereum, is on the verge of arriving.

Ethereum (And Bitcoin Too) Still Looks Appealing

Despite all this, Ethereum has remained tantalizing, with the project seeing an array of other bullish developments.

For instance, in late-April, rumors revealed that Samsung, one of the world’s largest technology shops, has intentions to build an Ethereum-based blockchain that will host its own token. It isn’t clear what use this asset would hold, but the source suggests that blockchain could be brought to Samsung Pay, the tech giant’s fintech application.

In a similar string of news, JP Morgan and Microsoft unveiled a partnership that will see Quorum, the former’s Ethereum-based chain, be implemented into the tech company’s Azure Blockchain Service, thus allowing for the wider adoption of blockchain.

And most recently, a “senior official” that has knowledge of the U.S. Commodity Futures Trading Commission (CFTC) claims that the regulator is entirely amicable towards Ethereum. He/she explained that “we can get comfortable with an Ether derivative being under our jurisdiction,” confirming the hearsay that the CFTC’s cousin, the Securities and Exchange Commission (SEC), sees ETH as a non-security. This means that if an exchange like the CME or CFTC requests to launch Ethereum futures, the agency is likely to approve such a proposal.