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Top 5 Crypto Performers Overview: Binance Coin, Cardano, IOTA, Neo, Tron

At the end of the week, with Brexit looming, the cryptocurrency markets could face some uncertainty.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Bitcoin (BTC) has proven to be in high demand among citizens of smaller nations like Venezuela, whose economic conditions have been adversely affecting their fiat currencies.

Now, cryptocurrencies will face another test with the impending Brexit deal. If the United Kingdom is forced to leave the European Union without a deal, experts believe that the pound will be hit hard, and might lose up to a quarter of its value.

With such uncertainty, will the market participants turn towards cryptocurrencies as an alternative source of investment or stick to the classical investment vehicles? We believe that digital currencies will make their presence felt because they are likely at the end of their year-long bear market. According to Binance chief executive Changpeng Zhao, their new Jersey-based trading platform has witnessed a huge demand.

CNBC contributor Brian Kelly expects cryptocurrencies to do well in 2019. Geopolitical tension in the world can boost the demand for digital currencies as the investors look to hedge their positions. However, Kelly doesn’t anticipate an approval for Bitcoin ETF this year.

BNB/USD

Binance was the top performer among the major coins. The news of the launch of Binance Jersey, a fiat-to-crypto exchange for U.K, and European customers, was cheered by the investors. The company plans to capitalize on the uncertainty regarding Brexit and wants to offer the people an opportunity to diversify into cryptocurrencies. Binance also completed its 6th quarterly BNB token burn, roughly equivalent to $9.4 million. So, will its outperformance continue? Let’s find out.

BNB/USD

The BNB/USD pair is attempting to breakout of the resistance line of the descending channel. For the past four weeks, the bulls have defended the first support at $5.46666. Therefore, we anticipate another attempt to breakout of the channel within the next couple of weeks.

A breakout of the channel will start a new uptrend that can carry the virtual currency to $15, with a minor resistance at $12. The traders can buy on a close (UTC time frame) above the channel and keep a stop loss below $5.

Contrary to our opinion, if the bulls fail to breakout of the channel, the bears will try to sink the digital currency below $5.  

ADA/USD

Cardano developer and CEO of IOHK Charles Hoskinson is excited about the forthcoming Project Shelly update. Cardano wallet “Deadalus” can also prove to be a major event, as it aims to be the most secure crypto wallet with a series of inbuilt protections. While some are confident about the prospects of the cryptocurrency, the critics feel that the developments are moving too slowly.

ADA/USD

After an extended downtrend, the ADA/USD pair has been trading inside the range $0.062424-$0.027237 for the past nine weeks. There was a similar attempt to bottom out previously (marked as ellipse on the chart) that resulted in a breakdown. That consolidation had also lasted for nine weeks before breaking down of it.

If the bears breakdown of the current range, the downtrend will resume. However, if the bulls scale the overhead resistance of $0.062424, we can expect the start of a new uptrend that can reach $0.094256 and above it to $0.2.

As the upside potential is high, traders can wait for a close (UTC time frame) above the range to initiate a long position.

IOTA/USD

In the new year, IOTA has announced a couple of collaborations that can help it come on top. Though it has not run away, it has managed to close in the green in the past seven days. Can it move up from here and crack into the top 10? Let’s see.

IOTA/USD

The IOTA/USD pair is currently trading inside a range. After failing to breakout of $0.4037 for four weeks, the bears pushed prices back in the week before. However, lower levels are attracting buying as the bulls try to stage a recovery from close to $0.272 levels.

If the virtual currency rises from the current levels, the bulls will again attempt to breakout from $0.4037. If successful, a rally to $0.6, followed by a move to the next overhead resistance of $0.8152, is probable.

However, if the bears fail to force a turnaround at the current levels, a drop to $0.2051 is likely. If this support breaks, a retest of the critical support of $0.1427 will be on the cards. The downtrend will resume if this level gives way.

NEO/USD

NEO Co-Founder Erik Zhang confesses that he doesn’t watch the daily price action of the virtual currency.  He is more concerned with its development. According to him, Ethereum might overtake Bitcoin in the future, and Ethereum itself will face competition from cryptocurrencies such as NEO. Can NEO reclaim its footing among the top 10 cryptocurrencies? Let’s find out.

NEO/USD

The NEO/USD pair has been trading inside a tight range for the past eight weeks. The attempt by the bulls to scale the range failed in the week before. However, the bears could not push the prices back to the bottom of the range: this shows demand for the digital currency close to $7 level.

We expect the bulls to again attempt to break out of the range. If successful, a rally to $16, followed by a move to $20 is probable.

Contrary to our expectations, if the bears plunge the virtual currency back below the range, the downtrend will resume. As the previous consolidations had resolved to the downside, we suggest traders wait for a close (UTC time frame) above $10 before initiating any long positions.

TRX/USD

Tron has slowly but surely cemented its place among the top 10 cryptocurrencies. The markets have cheered the plans to launch BTT token, which will run on the Tron and BitTorrent networks. Its founder, Justin Sun, wants people to think of “Tron” whenever they think of any cryptocurrency.

The company also announced a tie up with ABCC cryptocurrency exchange to list tokens based on Tron’s TRC10 technical standard. However, many developers came out against Tron’s Accelerator contest, as the announcement of winners was delayed and the prize money was slashed at the last moment. What is in store for this cryptocurrency? Let’s find out.

TRX/USD

The TRX/USD pair is range bound between $0.0183-$0.02815521. The breakout of this range in the week before could not sustain, and the price fell back into the range. Last week, the bulls again attempted to breakout of the range but found selling at the resistance line of the range at $0.02815521.

If the bulls succeed in pushing the price above the range, a new uptrend is likely. The first target on the upside is $0.04. The traders can buy on a close above the range and keep a stop loss just below $0.021.

If, however, the bears defend the top of the range, a few more weeks of range bound action is likely to continue. The virtual currency will turn negative if the price breaks down of the critical support at $0.0183.

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

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What We Know About Google Ads Allegedly Blacklisting ‘Ethereum’ as a Keyword

Crypto startup claims that Google Ads has blacklisted keywords mentioning Ethereum.

 

On Jan. 10, Serbia-based smart contract auditing startup Decenter reported that Google has blacklisted keywords mentioning Ethereum (ETH) on its advertising platform, Google Ads.

Google Ads: We can’t confirm that Ethereum is eligible to trigger ads, see our policy

Specifically, the startup tweeted that they saw “a hard stop” on Google Ads containing the keyword “Ethereum” starting from Jan. 9. Decenter also tagged the advertising platform’s official account in the tweet, asking whether they had introduced any new policy changes.

The Google Ads account then replied, stating that cryptocurrency exchanges targeting the United States and Japan can be advertised on the platform, while targeting other countries could be the reason for the ad rejection. While Decenter is based in Belgrade, Serbia, it does not provide services as a crypto exchange.

Further, when the startup explained that they are a group of developers doing smart contract security audits, and that they were seeing an error message when trying to use “ethereum development services” and “ethereum security audits” as keywords, the official Google Ads account answered that they were not able to preemptively confirm that the “Ethereum” keyword was eligible to trigger ads.

“We’d recommend that you refer to the ‘Cryptocurrencies’ section of our policy on Financial products and services.”

In the referred section of their policy, Google Ads states that “due to the complex and evolving nature of regulations related to cryptocurrencies and related products and services,” the company only allows advertising mining-related services and cryptocurrencies exchanges. The latter is approved for promotion only in Japan and the U.S., however.

The Google Ads guide then explicitly mentions that ads for initial coin offerings (ICOs) and similar services, along with “ad destinations that aggregate or compare issuers of cryptocurrencies or related products” — such as crypto trading signals — are prohibited.

Blanket ban followed by relaxation: Brief introduction to the relationship between Google and crypto

In 2018, after a lengthy period without regulation, Google’s politics regarding cryptocurrencies became significantly stricter. Specifically, on March 14, the search engine giant updated its financial services policy, announcing that it was going to ban all cryptocurrency-related advertising of all types come June.

To justify its crypto ad ban, Google said that it was protecting its customers from fraudulent offerings, including, but not limited to, “initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.” The company’s executive, Scott Spender, told CNBC at the time:

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”

The move was later described as “unfair” and “troubling” by industry insiders. Interestingly, the news of a crypto ad ban came just days after crypto advertisers using Google Adwords reportedly noticed a drastic drop in the number of views of their advertisements. However, as per Finance Magnates, Google Ads had, at that time, denied any change in their financial services regulations that would block cryptocurrency- or ICO-related advertisements.

Further, on Sep. 25, the U.S. tech giant partly backpedalled on its blanket ban of ads. Google announced it was set to update its ad policy in October, reallowing some crypto businesses to advertise on its platform.

According to the official statement, starting in October, Google would allow registered crypto exchanges to advertise on its Google Adwords platform, targeting the U.S. and Japanese audiences:

“Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October.”

The cryptocurrency section of the Google Ads’ policy has since been updated, but the precise amount and nature of crypto businesses that have since been allowed to advertise there remains unknown.

Decenter: “Ethereum” keywords isn’t working for other companies too, Google Ads is to provide a definite explanation within 48 hours

After communicating with Google Ads over Twitter, Decenter took to Reddit to ask the r/Ethereum subreddit users about the alleged policy changes. In the post, the team specified that they have tested keywords for “ethereum smart contract audits” and “eos smart contract audits” and found that only the EOS-referenced keyword showed ads.

The community largely reacted by criticizing Google’s position as a neutral third party. The top comment reads:

“Google has various political and economic agendas, and they are quite willing to use their various services to promote their preferences. AdSense and YouTube are notorious for this, but there have been some incidents regarding the Play Store as well.”

Other users mostly cited the previous blanket ban and the abundance of scam projects as potential reasons for Google Ads to prohibit such advertisements. Some users reported having problems with other crypto-related keywords besides “Ethereum.” “I have been unable to use the ‘bitcoin’ (or even ‘blockchain’) on my google ads as well,” one of the comments read.

When reached by Cointelegraph, Decenter CEO Andrej Cvoro said that there are other startups which started having difficulties with the “Ethereum” ad keyword this month:

“We are aware of at least five different competitors that used to have Google Ads shown for search phrases such as ‘Ethereum smart contract audit,’ all of which stopped showing at the same time.”

When asked to clarify the names of the companies allegedly dealing with the same problem, Cvoro replied that he was not able to answer that “with certainty”:

“All we know is that there are other companies that used to have their ads displayed for search phrases such as ‘Ethereum smart contract audits,’ which is no longer the case. Due to the intricacies of Google Ads keyword setting mechanism, this does not necessarily mean that these companies had explicitly entered ‘Ethereum’ as one of their keywords, although there is a good chance that this is the case.”

Thus, according to Cvoro, the ads are still showing for other crypto-related tags, but “Ethereum” does not seem to be working — neither for those companies, nor for Decenter itself. That, the startup’s CEO adds, suggests that Ethereum has indeed been blacklisted:

“For example, ‘X smart contract audit’ phrase will show several different ads for any X, except when X = ‘Ethereum.’ Furthermore, we are currently not able to find a single search phrase involving the term ‘Ethereum’ that shows any ads on Google, which strongly implies that ‘Ethereum’ as a keyword has been blacklisted (intentionally or otherwise).”

Indeed, a Google search for “EOS smart contract audit” seems to bring up a few ads — including Decenter and similar startups — while the search engine does not show any ads when “Ethereum smart contract audit” is googled.

However, Cvoro does not link the blacklisting to the previous Google restrictions regarding crypto-related ads, as his company allegedly did not face such problems with the keyword “Ethereum” even during the time the ban was fully active:

“We don’t think this is directly related to Google’s blanket ban on cryptocurrencies from the last year. That is something that we have been aware from the very beginning of our Google Ads campaign, but none of our ads were directly (and oftentimes not even indirectly) related to cryptocurrencies, so they were going through the manual reviews even when they were initially put on hold by the algorithm. So what is happening now is different in a sense that keywords containing ‘Ethereum’ aren’t passing manual review anymore, which doesn’t seem to be the case for other blockchain-related terms or phrases.”

On Jan. 15, Decenter received an email from the Google Ads team, the company told Cointelegraph. The answer was originally written in Croatian, but the startup has shared their English translation of the brief statement:

“Thank you for sending an inquiry about the status of your Google Ads with key phrases that contain the term ‘Ethereum’ as one of the keywords.

“Due to how sensitive it is to advertise products and/or services related in any way to cryptocurrencies, I have directly contacted the responsible department with a request for a detailed explanation of why your ads are not showing for the mentioned keywords.
Please be patient and I will get back to you with a final solution within 48 hours.”

Cointelegraph will continue to report on the developments of this story further when more information becomes available. Cointelegraph has also reached out to Google for further comment, but the company has not replied as of press time.

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Top 5 Crypto Performers Overview: Tron, Neo, Cardano, Binance Coin, Litecoin

The recent market sell off may indicate that the process of bottom formation will be volatile.

After a strong start in 2019, the crypto markets have witnessed sharp selling that dragged the prices down by about 10 percent on Jan. 10. This indicates that the process of bottom formation will be volatile.

The traders should aim to book quick profits and trail their stops higher to protect any potential profits. The important event that turned the tide in favor of the bears was the 51 percent attack on the Ethereum Classic network.

The crypto markets had topped on Jan. 7, 2018, reaching a total market capitalization of over $835 billion. From there, most of the top cryptocurrencies reversed direction causing a huge erosion in wealth. Even after one year, we can not confirm that the markets have bottomed out and are now on the way up.

However, in 2019 the prices could by boosted by any positive regulatory developments, Bitcoin exchange-traded fund (ETF) approval, or increased institutional interest. Until then, what should the traders do? Let’s study the charts of the top 5 performers among the top coins to gauge the current sentiment.

TRX/USD

Tron was the best performer in the past week, as it bucked the trend and stayed comfortably in the green. The company has acquired the peer-to-peer torrent client BitTorrent in August 2018. Last week, the latter has launched its own Tron-based cryptocurrency called BTT.

Justin Sun, the founder of Tron, expects this move to increase the reach of blockchain to hundreds of millions of users. However, Simon Morris, former chief strategy officer at BitTorrent, has opined that the Tron blockchain does not have the capacity to manage the transaction volume needed to tokenize BitTorrent.

In other news, Tron has hired former SEC supervisory attorney David Labhart as its head of compliance. Will the performance of the digital currency continue for the next few days? Let’s find out.

TRX/USD

The TRX/USD pair has mostly been trading inside the range of $0.0183–$0.02815521 since mid-August of last year. Although the bears had broken down of this range in mid-November, they could not capitalize on it.

After trading close to $0.011 for about five weeks, the bulls staged a smart recovery that pushed the price above the resistance of the range at $0.02815521. However, the breakout was momentary, as sellers pounced at higher levels, dragging the price back into the range.

We anticipate a new uptrend if the price breaks out and closes (UTC time frame) above $0.02815521. Currently, both moving averages are flat and the RSI is also close to 50 levels, which suggests that range bound action might continue for a few more days. Our view will be invalidated if the bears sink the price back below $0.0183.  

Short-term traders can buy closer to the bottom of the range and sell near the top of the range. However, as the price action inside the range can be volatile, traders should keep their positions small.

NEO/USD

The news of a rumored partnership between the Russian government and NEO developers has kept the cryptocurrency buoyed. The expectation is that in order to dodge the United States sanctions, the Russian government is attempting to diversify into cryptocurrencies.

If the rumor turns out to be completely false, the price might fall. So, what should the traders do?

NEO/USD

The NEO/USD pair has a tendency to consolidate before breaking out or breaking down. The two previous attempts resulted in a breakdown of the range, followed by extended fall.

Currently, the cryptocurrency is again stuck in a range with support at $5.4808 and resistance in the $10–$12 zone. Both moving averages are sloping down and the RSI is also close to the oversold zone. There are no signs of a reversal forming on the charts yet.

The previous consolidation had lasted for 13 weeks and the current one has so far been going on for seven weeks. We expect the price to remain stuck in the range for a few more weeks, before it breaks out or breaks down.

We suggest investors wait for a trend reversal to be signaled before initiating any long positions.

ADA/USD

The market participants are awaiting the release of Project Shelly that will help Cardano shift from a centralized platform to a decentralized one. Will this upgrade propel the digital currency higher in the near future? What should the traders do now?

ADA/USD

The ADA/USD pair is in a downtrend. It continues to make lower highs and lower lows. Both moving averages are sloping down and the RSI is also in the negative territory. The previous two pullback attempts have been shallow, which points to a lack of buyers.

A break of the recent low of $0.027237 will resume the downtrend. On the upside, a move above $0.1 will indicate strength. We suggest traders wait for a bullish pattern to form before buying.

BNB/USD

Binance has revealed plans to launch one new token every month of this year through Binance Launchpad, its exclusive token launch platform. Will this give a much needed boost to the struggling initial coin offering (ICO) market?

BNB/USD

The BNB/USD pair has been trading inside the descending channel for the past few months. The bulls are struggling to break out of the resistance line of the channel. If the bears sink the price below $5.4666, a retest of the recent low at $4.1723848 is probable. If this support breaks, the fall can extend to the support line of the channel.

Our neutral-to-bearish view will be invalidated if the pair breaks out of the channel. The pattern target of such a breakout is $15, with a minor resistance at $12. Therefore, investors can wait for a breakout and close (UTC time frame) above the channel to initiate long positions.

If the price remains stuck inside the channel, buying can be done close to the support line of the channel and profits can be booked closer to the resistance line of the channel. As this is a counter-trend trade, the position size should be about 40 percent of usual.

LTC/USD

The total amount of litecoins in circulation has reached 60 million on Jan. 12. That number represents about 71.5 percent of the total 84 million that can be mined. The last litecoin is expected to be mined somewhere in 2142.

In the wake of the 51 percent attack on Ethereum Classic, Charlie Lee, creator of Litecoin has said that a decentralized network “must be susceptible to 51% attack,” because otherwise it does not meet the requirements of being decentralized.

LTC/USD

The LTC/USD pair is in a long-term downtrend. The attempt by the bulls to stage a recovery in the past few weeks has hit a major roadblock at $40.784. If the bulls fail to defend the support at $29.349, a retest of the lows at $23.090 will be on the cards.

The downtrend will resume if this support breaks. Both moving averages are sloping down, and the RSI is in the negative zone, which shows that the bears currently have the upper hand.

However, if the bulls defend $29.349, we anticipate another attempt to break out of the overhead resistance at $40.784 and $47.246.

The previous two consolidations had resolved to the downside. Hence, we recommend traders wait for a buy setup to form before initiating any long positions.

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Bitcoin Hovers Over $3,650 as Top Cryptocurrencies Mostly in the Red

Most of the top 20 cryptocurrencies are reporting moderate to slight losses, with Bitcoin hovering over $3,650.

Saturday, Jan. 12 — most of the top 20 cryptocurrencies are reporting moderate to slight losses, while some are reporting up to double-digit gains. Bitcoin’s (BTC) price is still hovering over $3,650, according to Coin360 data.

Market visualization

Market visualization from Coin360

At press time, Bitcoin is down under 1 percent on the day, trading at around $3,665. Looking at its weekly chart, the current price is lower than $3,878, the price of BTC one week ago, and $4,108, the mid-week high reported on Tuesday.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is down over 1 percent on the day, trading at around $0.333 at press time. On the weekly chart, the current price is lower than $0.359, the price at which XRP started the week — but also lower than $0.381, the midweek high reported on Jan. 10.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) has seen its value decrease by over 1 percent over the last 24 hours. At press time, ETH is trading at around $126, having started the day around $127. On the weekly chart, Ethereum’s current value is significantly lower than $157, the price at which the coin started the week.

Ethereum 7-day chart

Ethereum 7-day chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the ones experiencing the most notable price action are Bitcoin SV, which is up over 12 percent, and Bitcoin Cash (BCH) and Ethereum Classic, which are up around 2 and 1 percent respectively.

The combined market capitalization of all cryptocurrencies — currently equivalent to about $122.2 billion — is lower than $133 billion, the value it reported one week ago. The current value is also substantially lower than the intra-week high of $138.6 billion reached on Jan 10.

Total crypto market cap 7-day chart

Total crypto market cap 7-day chart. Source: CoinMarketCap

As Cointelegraph recently reported, the number of active Bitcoin wallets, many of which have long been dormant, has seen an uptick that could herald some major market movements.

The state legislature of the American state of Wyoming has reportedly passed two new house bills this week that aim to foster a regulatory environment conducive to cryptocurrency and blockchain innovation.

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Crypto Platform Tron Hires Former SEC Attorney as First Chief of Compliance

The ex-SEC attorney David Labhart will also act as co-general counsel for the platform.

Blockchain platform TRON has hired a former United States Securities and Exchange Commission (SEC) supervisory attorney as its first chief compliance officer. The company has revealed this to Cointelegraph in a press release on Jan. 9.

David Labhart, who previously worked as an attorney for the U.S. regulator, will also take on the role of co-general counsel at the company.

TRON, along with its associated TRX token, has built a major presence over the past year, in part due to the continued, and at times controversial, publicity efforts centred around CEO Justin Sun.

Designed to offer an alternative platform for decentralized applications (DApps) to Ethereum, TRON celebrated its one millionth user account last month.

TRX has risen 6.4 percent in the past 24 hours according to CoinMarketCap data, making it the best daily performer in the top twenty cryptocurrencies by market cap.

Evolving regulatory compliance obligations remain an issue for cryptocurrency entities serving both the U.S. and most other major markets. As Cointelegraph reported, some businesses such as crypto exchange Bittrex have opted to split their operations in order to segregate U.S. users, who are bound by different rules.