Markets Update: Cryptocurrencies Follow Bullish Piercing Pattern as Buyers Advance

Markets Update: Cryptocurrencies Follow Bullish Piercing Pattern as Buyers Advance

Market Updates

Digital currency markets have seen some gains during the early morning trading sessions on Saturday. Since our last markets update, the entire cryptocurrency economy has gained $4 billion and a slew of the top digital assets are up between 2-6% over the last 24 hours.

Also read: Openbazaar’s New Social Media Platform Aims to Foster Privacy

Top Markets Gain More Than 5% in Minutes

For at least a week, most cryptocurrencies have been consolidating in value and shown very little signs of volatility. On Friday, Jan. 18, prices kicked up a notch as cryptocurrency bulls attempted to break resistance levels throughout most of the day. Finally, during the early morning hours on Saturday, buyers managed to surpass certain resistance levels, which produced gains for most of the top digital assets.

Markets Update: Cryptocurrencies Follow Bullish Piercing Pattern as Buyers AdvanceThe cryptocurrency economy of 2,000+ coins saw an increase of $4 billion in a matter of minutes on Saturday, Jan. 19, 2019.

At the moment bitcoin core (BTC) is trading for $3,745 per coin and has an overall market valuation of about $65.5 billion. BTC is up 2.5% for the day and 2.2% over the last seven days. The second largest market cap still belongs to ripple (XRP) and each token is swapping for $0.33 per unit. Ripple markets are up today by 1.8% and are up for the week at 0.31% at the time of publication. Ethereum (ETH) markets still hold the third highest market valuation and ETH is trading for $125 per coin. ETH markets are up today by 2.4% but over the last week prices are down 1.4%. The last coin in the top five is eos (EOS), which is up 2.1% today and 3.2% for the week. EOS is trading for $2.51 per coin and markets have seen $736 million traded in the last 24 hours.

Markets Update: Cryptocurrencies Follow Bullish Piercing Pattern as Buyers AdvanceThe top 10 digital assets this weekend. Jan. 19, 2019.

Bitcoin Cash (BCH) Market Action

Moving on to bitcoin cash (BCH) markets, data shows BCH is up today by 1.78% with each coin trading for $131. However, markets are down over the course of the week as BCH has seen a loss of 3% for the last seven days. The top five exchanges trading the most bitcoin cash today are Lbank, Hitbtc, Binance, Huobi Pro, and Digifinex. Ethereum is still dominating the currency pairs against BCH this weekend as the coin captures 48% of BCH trades. This is followed by USDT (22.8%), BTC (22.1%), USD (4.3%), and JPY (1.1%). Both the KRW and EUR have dipped this Saturday in regard to the spread of dominating BCH pairs. Bitcoin cash is the ninth most traded cryptocurrency this weekend just below QTUM markets and above the stablecoin GUSD.

Markets Update: Cryptocurrencies Follow Bullish Piercing Pattern as Buyers AdvanceBitcoin Cash (BCH) seven-day chart.

BCH/USD Technical Indicators

Looking at the four-hour BCH/USD chart on Bitstamp shows BCH bulls have made slight progress during the Saturday morning trading sessions. The two Simple Moving Averages (SMA) still indicate the path toward the least resistance is the downside as the 200 SMA is still above the short term 100 SMA trendline. RSI and Stochastic are coming closer to overbought regions but are still meandering in the middle which indicates some indecisiveness among traders.

Markets Update: Cryptocurrencies Follow Bullish Piercing Pattern as Buyers AdvanceBitcoin Cash (BCH) 4-hour chart, Bitstamp. Jan. 19, 2019.

MACd shows in the short term prices could drop again slightly, but it also indicates the duration of today’s movements looks strong. The MACd’s short term trendline is above the long term moving average which suggests short-term momentum will increase. Gradually increasing trade volume also indicates some short term winds have started blowing northbound. Looking at BCH order books, upward movement will be stalled up until the $150 range and there’s some smoother seas beyond that price zone. On the back side there’s some good foundational support up until $115 per BCH but from that vantage point things look much weaker.

Markets Update: Cryptocurrencies Follow Bullish Piercing Pattern as Buyers AdvanceBitcoin Cash (BCH) 4-hour chart, Bitstamp. Jan. 19, 2019. Bollinger Bands remain tight. 

The Verdict: Bulls Must Break Further Resistance to Maintain Positive Divergence

As traders can see, there’s been many signals that show increasing upward momentum but also signs of continued bearish sentiment as well. Some of the reversal signals two weeks ago and now today indicate that buyers have overcame prior selling pressure in the short term. Traders still seem uncertain of how the markets will perform in 2019 and have been playing positions very delicately over the past two weeks. Some of the signs that bulls may continue to push crypto prices northbound is the charts’ previous reaction to lows which can also be identified with the moving averages on the four-hour, daily, and weekly charts. Even though the RSI and Stoch-RSI show there may be a slight correction, positive divergences shown on the four-hour MACd would indicate improving momentum. Range-bound activity shows we may not approach the lows seen back in November and mid-December but there has been signs of buyers showing exhaustion. Bitcoin core (BTC) prices have managed to stay above the $3,500 zone which in turn has kept the rest of the correlated digital assets afloat.

Earlier this week the publisher of the Cryptopatterns newsletter, Jon Pearlstone, said that BTC bulls must stay above the $3,500 range in order to gain upward momentum. Pearlstone has identified a significantly large inverse head and shoulders pattern that has been in the making for three months.   

“Since mid-November, bitcoin has built a clearly defined bullish inverse head and shoulders pattern with a target in the $5,000 range,” Pearlstone stated on Jan. 17.  “The most recent move back down to retest key support at $, was expected as part of this pattern, and the current consolidation continues to offer an edge for the bulls as long as support holds above $3,500.”

Where do you see the price of BCH, BTC and other coins heading from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.comnor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, Coinlib.io, Bitstamp, and Satoshi Pulse.


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The Daily: Sapphire Develops GPU for Grin, TSMC Sees Drop in Mining Revenue

The Daily: Sapphire Develops GPU for Grin, TSMC Sees Drop in Mining Revenue

The Daily

In The Daily this Saturday, Sapphire has designed a new graphics card suitable for mining the recently launched Mimblewimble cryptocurrency Grin. In other news related to the minting of digital coins, Taiwan Semiconductor Manufacturing Company has reported a significant decrease in its revenues from the mining segment, and some Ethereum miners have switched to Constantinople before the rescheduled hard fork.

Also read: Shapeshift Shares Compliance Requests, Grin Woos Bitcoin Maximalists

Sapphire to Offer Video Card Designed to Mine Grin

Hardware manufacturer Sapphire Technology has developed an exclusive version of its Radeon RX 570 video card. The new graphics processing unit (GPU) has 16 GB of GDDR5 memory instead of the standard 4 or 8 GB.

According to the Chinese tech news outlet Mydrivers, the card is not oriented toward gaming applications but cryptocurrency mining. Representatives of the company’s Hong Kong office explained the product has been designed to mine the new cryptocurrency Grin.

The Daily: Sapphire Develops GPU for Grin, TSMC Sees Drop in Mining Revenue

The privacy-centric crypto, which was launched this month, is based on the Mimblewimble protocol and uses the Cuckoo Cycle hashing algorithm that needs between 5.5 and 11 GB of memory. Sapphire believes the card’s 16 GB will significantly improve its performance in comparison to other mining chips.

The new GPU is based on Sapphire’s popular model RX 570 Nitro+ from which it took the two-slot cooling system with two fans, the Russian website 3dnews reported. The exact launch date for the video card is yet to be confirmed.

TSMC Reports ‘Big Drop’ in Mining Segment Revenue

Taiwan Semiconductor Manufacturing Company (TSMC) has recently published its Q4 2018 financial results, along with an earnings call transcript. The chip-producing giant has reported a significant drop in the revenue from the cryptocurrency mining sector last year.

The report does not quote the mining-specific data separately – rather, the company has released the information as part of its high-performance computing (HPC) segment. However, TSMC’s chief executive and vice chairman C.C. Wei said that while HPC, excluding mining, has grown slightly, “cryptocurrency is a big drop from 2018 to 2019.” According to the earnings call transcript, he added:

If we put the cryptocurrency together in the HPC, it’s a big drop. It’s almost a double-digit.

TSMC is a leading supplier of ASIC chips to Bitmain. The Chinese crypto mining giant has found itself under growing pressure during the bearish 2018. The Beijing-headquartered company recently suspended operations at a new mining facility it was building in Texas and closed down its research and development center in Israel.

Taiwan Semiconductor Manufacturing Company has reported a total business revenue of $9.4 billion in the last quarter of 2018, which represents a 2 percent increase on year-over-year basis. According to the company’s management, the Q1 2019 revenue is expected in the range of $7.3 – $7.4 billion.

ETH Miners Switch to Constantinople Before the Postponed Fork

A chain split has occurred on the Ethereum network following the rescheduling of the Constantinople hard fork. The upgrade was expected to be implemented at block 7,080,000 on Jan. 16, but hours before the event, on Jan. 15, developers issued an alert informing the community they were postponing the fork.

The Daily: Sapphire Develops GPU for Grin, TSMC Sees Drop in Mining Revenue

Apparently, not all Ethereum miners received the warning as some started mining the Constantinople chain and not the one with the majority consensus. The decision to call off the upgrade came after Ethereum core developers and the Ethereum security community were notified of potential vulnerabilities.

According to a blog post, the Constantinople-related issues have been identified by Chainsecurity. “We are investigating any potential vulnerabilities and will follow with updates in this blog post and across social media channels,” the developers said. They also asked node operators, crypto exchanges, miners, and wallet providers “to update to a new version of Geth or Parity before block 7,080,000.”

In a post on Medium, Chainsecurity detailed: “The upcoming Constantinople upgrade for the Ethereum network introduces cheaper gas cost for certain SSTORE operations. As an unwanted side effect, this enables reentrancy attacks when using address.transfer … or address.send … in Solidity smart contracts. Previously these functions were considered reentrancy-safe, which they aren’t any longer.”

The Daily: Sapphire Develops GPU for Grin, TSMC Sees Drop in Mining Revenue

The Constantinople hard fork has since been scheduled for block number 7,280,000 and is expected on or around Feb. 27, according to a tweet by developer Péter Szilágyi. “Will be a single fork on mainnet and a post-Constantinople-fixup fork on the testnets to get them back in line feature wise with the main network,” he explained.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock.


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Cumulative Volume on Huobi Derivative Market Exceeds $20 Billion

Cumulative Volume on Huobi Derivative Market Exceeds $20 Billion

Markets and Prices

Huobi has announced that its cryptocurrency derivative platform, Huobi DM, has surpassed $20 billion in cumulative trading volume. The announcement comes just one month after the platform exited beta mode.

Also Read: Eastern European P2P Markets See Strongest BTC Volume in Over 12 Months 

Huobi DM Cumulative Trade Volume Doubles in 2 Weeks

Cumulative Volume on Huobi Derivative Market Exceeds $20 BillionHuobi Derivative Market has announced that the cumulative trade volume on the platform has exceeded $20 billion as of Jan. 12, 2019. As such, cumulative trade on the platform doubled in just 15 days.

Huobi’s derivative platform launched in beta on Nov. 21, 2018, for BTC contract trading only. On Dec. 10, 2018, Huobi DM exited beta mode and was integrated with Huobi Global and posted a 24-hour volume of $195 million.

On Christmas day, Huobi announced that daily trade volume had surpassed $1 billion for the first time. On Dec. 28, 2018, Huobi DM claimed that cumulative volume on the platform had exceeded $10 billion alongside the launch of EOS contract trading.

Livio Weng, the chief executive officer of Huobi Global, stated that he is “pleased” with the strong response,” describing the platform’s growth as “explosive,” despite the cryptocurrency markets being “in the midst of an ongoing bear market.”

Bittrade Merger Facilitates Japanese Relaunch for Huobi

Cumulative Volume on Huobi Derivative Market Exceeds $20 BillionOn Thursday, Huobi announced that it had relaunched a fully regulated exchange under Japan’s Financial Services Agency (FSA) following a merger with Bittrade. As such, Huobi Japan has been granted one of the first 17 licenses issued by the FSA.

The founder of Huobi Group, Leon Li, stated that the relaunch was an “important milestone,” emphasizing the importance of the Japanese market to the company. Li also described working with regulators as “a longstanding priority for Huobi Group.”

Huobi Japan currently supports BCH, BTC, ETH, LTC, XRP, and MONA pairings.

Do you think that cryptocurrency derivative markets will come to dwarf the spot markets in trade volume in coming years? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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Thailand’s Stock Exchange Plans to Set up a Licensed Digital Asset Exchange: Report

The Stock Exchange of Thailand (SET) is planning to set up a regulated digital asset exchange, local news agency The Bangkok Post reported on Jan. 17.

Citing the vice chair of SET’s board of governors, Pattera Dilokrungthirapop, — аlso chair of the Association of Securities Companies — the report revealed that the national stock exchange plans to apply for a digital asset operating licence from the country’s Ministry of Finance within the year.

According to the plan, SET’s member securities firms will be able to apply to become brokers and dealers for trading on the new digital asset exchange.

As a representative of the securities industry, Dilokrungthirapop stressed that there are a number of securities firms that are interested in broker and dealer activity with digital assets as a class, but are not necessarily looking to enter cryptocurrency markets.

Dilokrungthirapop further stated:

“Securities firms are currently waiting for the SET to apply for a licence. For us, digital assets are expected to grow in the future as investors gain more understanding of this asset class.”

Jirayut Srupsrisopa, chief executive of Thai crypto exchange Bitkub, noted that a digital asset exchange from SET would have the advantage of leveraging the stock exchange’s already existing trust and capital. The exchange also expressed interest in partnering with SET for its digital asset venture.

Recently, the much-anticipated digital assets platform Bakkt — created by the operator of the New York Stock Exchange (NYSE) — entered into an agreement to acquire certain assets in futures commision merchant Rosenthal Collins Group (RCG).

Earlier in January, Estonia-based DX Exchange launched its digital trading platform offering tokenized traditional stocks on the Ethereum (ETH) blockchain.

Binance Declines to Confirm Locations for Reported Crypto-Fiat Exchange

Major crypto exchange Binance plans to expand to eight new countries in 2019, according to a report from crypto outlet The Block, Jan. 17. Following the report, a Binance spokesperson has declined to confirm six of the alleged locations in comments to Cointelegraph today, Jan. 18.

Just a day after the major cryptocurrency exchange launched its new European-focused platform for fiat-crypto trading in Jersey, The Block published a report that included a screenshot of a spreadsheet allegedly outlining all the locations for Binance’s fiat-crypto exchanges that are already-launched, intended and under consideration.

In addition to Uganda — which launched in October — and just-live Jersey, the Block listed Singapore, Malta, South Korea, Liechtenstein, Argentina, Russia, Turkey and Bermuda — a total of eight prospective fiat platforms across four continents.

A Binance representative told Cointelegraph the exchange could only confirm Singapore and Malta — both listed in the report as being slated for launch in 2019. Five further countries had been listed as “intended,” and the last, Bermuda, as being under consideration.

In response to the report, the Binance spokesperson suggested The Block may have “made the spreadsheet themselves,” as it was “definitely not from us.”

As reported, Binance announced it would be starting private beta testing for a crypto-fiat exchange in Singapore last September. In June, the exchange had opened a bank account in Malta, paving the way for the introduction of fiat-crypto pairs, and detailed plans in September to launch a security tokens trading platform on the island.

Notably, last August Binance itself announced it would be launching a fiat-to-crypto exchange in  Liechtenstein — with support for Swiss francs (CHF) and Euros (EUR) — notwithstanding the company representative’s refusal to confirm The Block’s claims.

As Cointelegraph reported in September, the CEO and founder of Binance, Changpeng Zhao (CZ), revealed that the company intends to launch five to ten fiat-to-crypto exchanges — two per continent — within one year, without specifying the exact locations.

Binance is the currently the world’s second largest crypto exchange by 24-hour adjusted trading volume, seeing almost ~$570 million in trades on the day to press time.

Blockchain Data Developer Spring Labs’ Research Program Gains 16 Startup Members

United States-based blockchain startup Spring Labs announced sixteen fintech companies had joined its partner program prior to the release of its Spring Protocol in a press release Jan. 17.

Spring Labs, which last year raised $15 million in funding, aims to release anti-fraud technology in the form of private P2P data sharing technology, powered by blockchain.

At the same time, it has convened the Spring Founding Industry Partners (SFIP) Program, a research effort comprised of partners aiming to further reduce data fraud and boost security prior to the Protocol’s public release.

Now, a further sixteen small businesses and consumer fintech lenders have signed up to the program.

“As an ever-increasing amount of financial transactions move online, new types of mission-critical fraud and ID verification solutions based on information sharing must be developed,” Noah Breslow, CEO of one of the new participants, OnDeck Capital, commented in the press release:

“We believe the team at Spring Labs has the right background to galvanize industry leaders around the creation of a new and innovative network.”

Spring courted press attention in October when it revealed it had hired Gary Cohn, the former chief economic advisor to U.S. President Donald Trump, to work on its board of advisors.

The role P2P blockchain technology could play in data security has become a preoccupation of various players recently, with projects such as CoinBene’s ‘Internet of People’ also underway.

Blockchain Featured in Big Four Firm Deloitte’s Annual Tech Trends Report

Blockchain is featured as a disrupting technology in the Tech Trends 2019 report published by Big Four audit and consulting firm Deloitte on Jan. 16.

According to one article in the report, “[a]dvanced networking is the unsung hero of our digital future,” and blockchain is cited as a part of it. The report — which mentions blockchain 25 times — notes that blockchain is among the technologies the importance of which is growing rapidly and still on its path towards mass adoption.

The report also cites a International Data Corporation’s (IDC) projection from last year that states worldwide spending on blockchain solutions will reach $9.7 billion in 2021. Another IDC’s prediction sees the spending hitting $11.7 billion in 2022.

The annual report also notes that the fact that blockchain is “capturing both mindshare and investment is remarkable considering that a few years ago the word blockchain was known only through its relationship to cryptocurrencies.” The authors explain their take on the nature and implications of blockchain:

“Today, blockchain is to trust what the web was to communication: a profoundly disruptive technology that transforms not only business but the way humans transact and engage.”

Deloitte’s report forecasts ares in which blockchain is likely to develop this coming year, saying “we will likely see breakthroughs in gateways, integration layers and common standards in the next few years.”  For cryptocurrency applications, the researchers expect proof-of-stake (PoS) algorithms — a less computing intensive way to verify transaction that does not rely on mining — to address scalability and transaction cost problems.

As Cointelegraph reported in October last year, Deloitte has outlined five basic areas in which blockchain technology needs to develop in order to achieve widespread adoption.

The five obstacles cited to the adoption of the technology are the possibility of time-consuming operations, lack of standardization, high costs and complexity blockchain applications, regulatory uncertainty, as well as the absence of collaboration between blockchain-related firms.

Deloitte’s point of view is apparently in contrast with the ideas of major financial consulting company McKinsey & Company which — as Cointelegraph recently reported — believes that there is little evidence of practical use cases for blockchain.