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Bullish Bitcoin Altcoin Carnage Continues, Analyst Says Capitulation Just Beginning

Bitcoin’s early April 2019 rally through resistance at $4,200 halted the ongoing altcoin season in its tracks, and following the latest upward move in Bitcoin price charts the value of altcoins both relative to BTC and USD have began to plummet – with some setting new bear market lows.

In the aftermath of yesterday’s further Bitcoin rally to $5,650, BTC dominance broke out of resistance, causing additional bleeding in the altcoin market. As the decline continues, a leading altcoin analyst believes that capitulation in altcoins has only just begun, while another analyst predicts just how far BTC dominance will rise during the altcoin reckoning.

Altcoin Market a Sea of Red Following Further Upward Bitcoin Movement

The overall altcoin market has taken a massive hit in the last 24 hours, with most of the top ten experiencing 8% or more losses on the day.

EOS was the worst performer of the crypto top ten, dumping as much as 9.65% of its USD value, while Ripple, which has performed very poorly during the short-lived alt season, dropped another 7.5% to 30 cents per XRP.

Related Reading | Altcoin Trader: Alt Market Cap Shows Longest Accumulation Phase Yet 

Litecoin, which helped lead the initial altcoin rally and sparked what many were calling an alt season, has fallen 7.88% to $72.32 and is down over $20 from its local high of $94.

Even Binance Coin that’s shown resilience in the face of most bearish selloffs since the bottom was in back in December, took a significant hit.

Bitcoin Pumping While Altcoins Dump Inverse Relationship Began At Break of $4,200

Crypto analyst Luke Martin has shared a chart that visualizes when the inverse correlation between BTC and alts began. As demonstrated in the chart, altcoins had been closely following Bitcoin alongside it for each peak and trough, up until the Bitcoin’s break of $4,200.

At that time, Bitcoin dominance broke up, potentially suggesting that the Bitcoin rally was fueled by alt season profit taking. Another analyst, who goes by the name BenjaminBlunts claims that BTC dominance breaking up “does not bode well for alts,” which has already been shown clearly in the recent bearish price action in the altcoin space.

The trader also shared a chart that calls for a BTC dominance target of 64%, up 10% from yesterday’s 54% dominance. What’s not clear, though, is if dominance will rise due to altcoins bleeding further, or due to Bitcoin further rallying.

Another analyst, DonAlt, however, thinks it’s the former, and warns that “capitulation” may just be beginning. He called the messages he received from his followers asking if they should liquidate their altcoin holdings “heartbreaking.”

For those that bought during the peak of the bull run back in December 2017, seeing the first glimpse of altcoin bags showing signs of life once again, only to see them fall to new lows, is nothing short of heartbreaking for crypto investors.

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Forbes Releases List of Billion Dollar Companies Using Blockchain

Finance publication Forbes has released a list of 50 $1 billion firms that are implementing blockchain technology.

Financial news outlet Forbes has released a list of “Blockchain’s Billion Dollar Babies,” or companies implementing blockchain technology that have minimum revenues or valuations of $1 billion, on April 16.

The list includes companies in the cryptocurrency and blockchain development spaces, in addition to traditional financial firms like banks and clearing houses, food companies, supply chain management firms and others.

Most of the companies listed are household names like Amazon, Walmart, Facebook, ING, Mastercard, Microsoft and Nestle.

Cryptocurrency-related companies featured on the list include United States-based cryptocurrency exchange Coinbase, European mining and hardware firm Bitfury, and blockchain-based financial services network and XRP token creator Ripple.

In addition to noting major firms that are dabbling or full-on adopting blockchain technology, the list also includes which blockchain protocols are being adopted and by whom. Various Hyperledger protocols, blockchain consortium R3’s Corda protocol and the Ethereum network are prominently featured at a number of firms across various industries.

Forbes notes the potential for blockchain technology to simplify various business process per the example of Depository Trust & Clearing Corp (DTCC), which keeps records of 90 million transactions a day, or most of the world’s $48 trillion dollars in securities.

Per Forbes, the firm will begin switching its 50,000 accounts to a blockchain-based system, which will help eliminate duplicate procedures and reconciliations that are still prone to happen on traditional electronic clearing networks.

In mid-March, DTCC published a white paper outlining guiding principles for the post-trade processing of tokenized securities. The paper notes the unique characteristics of the nascent market for tokenized securities and proposes that global policy standards for traditional markets are often applicable, and useful for stakeholders to identify the legal responsibilities pertaining to security token platforms.

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Japanese Bank Abandons Work With SBI Ripple’s ‘Money Tap’ App

Resona, one of the three Japanese banks working with SBI Holdings and Ripple on their cash transfer app Money Tap, is pulling out of the project.

The bank – Japan’s fifth largest – announced the decision on Thursday, saying that it would cancel the remittance service provided through the app on May 13. It did not provide any reason for the decision, however.

Money Tap was launched last October with participation from three banks: SBI Sumishin Net Bank, Suruga Bank and Resona. The product provides bank-to-bank money transfers in “real time” using Ripple’s xCurrent payments product.

Money tap is built with distributed ledger technology, according to SBI. It enables users send funds to others at no cost using just recipients’ telephone numbers or a QR code, and utilizes devices’ biometric features, such as fingerprint scanning, for security.

Just last month, Money Tap received investment from 13 banks, which joined the project as shareholders but do not appear to be using its technology as yet.

Exactly a year ago today, CoinDesk reported that banking giant Santander was also launching a money app based on Ripple’s DLT tech. Known as Santander One Pay FX, the app allows customers to complete international transfers generally within one day.

SBI Group has gone full crypto over the last two years, launching an exchange, taking to mining cryptos, investing in hardware wallet makers and, most recently, starting to manufacture mining processors.

Resona Bank branch image via Shutterstock

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Crypto Analyst: Break of Current Bitcoin Resistance Will Commence Bull Run

The recent Bitcoin rally through months-long resistance at $4,200 has re-ignited the crypto market’s bullish fervor. After nearly a year and a half of bear market, a potential bottom may be in and it’s causing bulls to become more confident that the worst is behind us and a new bull run is close to starting.

One crypto analyst that’s recently gained a lot of attention in the cryptosphere, is now claiming that all of the top cryptocurrencies are currently behind held back by Bitcoin’s current resistance level, and that once it breaks, a new bull run will begin.

Analyst: Bitcoin Bull Run Begins After Break of $5,260

Ethereum trader and crypto analyst ScienceGuy9489 has recently made waves in the crypto space after emerging from a long slumber that pre-dates the peak of the last bull run and sharing some charts that predict not only target prices, but break out dates for Bitcoin, Ethereum, Ripple, and Litecoin.

The bullish calls were almost immediately validated when Bitcoin price rose nearly $1,000 in an hour – more than the previous two months of price growth combined.

Related Reading | Crypto Community Speculates On What Triggered Massive Bitcoin Price Rally 

Since then, the analyst has become a bit of a crypto celebrity, sharing a number of charts and predictions on where the market will go next.

In his latest tweet, the crypto analyst claims that a breakout above $5,260 in Bitcoin price charts, will “cause another bull run.” He further suggests that Ethereum, Litecoin, Ripple, and Stellar – other major cryptocurrencies in the top ten by market cap – are being held back by the critical resistance level.

If the resistance is broken, he says to “expect big gains” if the rally is sustained. If Bitcoin is unable to break through $5,260 and maintain its gains, then he recommends selling the resistance until it is eventually broken.

Trader Sets Lofty Price Targets For Top Cryptos

ScienceGuy9489’s previous predictions came with oddly specific breakout dates. The dates haven’t yet been reached, but all of the proposed breakouts of downtrend lines have occurred.

Due to the fact this trader appeared after well over a year of silence, only to appear and share charts that immediately played out, he’s being given additional credence for his predictions by the crypto community at large. However, the one piece of the puzzle that’s left investors scratching their heads: the price targets that beat each cryptocurrency’s previous all-time high.

Related Reading | Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term 

That’s right, the trader is predicting Bitcoin to reach $28,100, Ethereum to hit $2,090, Litecoin to reach $650, and Ripple to skyrocket to $4 per XRP. There’s no date as to when each target may be reached, but if he’s right about a bull run resuming with a break of $5,260, then these prices may soon become a reality.

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Crypto Markets Surge Higher as Bitcoin Continues Upwards Ascent

The crypto markets have continued to surge today, maintaining the upwards momentum that was first sparked when Bitcoin began to skyrocket from lows of $4,000. Today’s surge has led many cryptocurrencies to climb 3% or more, with some surging over 10%.

Although today’s upwards momentum is certainly bullish, whether or not individual cryptos are able to continue climbing is largely dependent on if Bitcoin is able to maintain stability above its 200-day median, which recently turned into a support level.

Bitcoin Swings Up Towards $5,200, But is Nearing Resistance

At the time of writing, Bitcoin is trading up nearly 4% at its current price of $5,200, up from its 24-hour lows of just under $5,000. Today’s upwards movement was sparked when BTC briefly dropped below $5,000, which signals that there is a decent amount of buying pressure at this price level.

David Puell, a popular cryptocurrency analyst on Twitter, recently explained that Bitcoin has now established its 200-day median as a strong level of support, which currently exists at roughly $4,000.

“$BTC: Little something for ya… 1. A reminder of how beautiful the 200-day and 200-week moving averages are. 2. Bitcoin’s 200-day median, which just flipped to bullish and should serve as support in the next few months (currently at 4k),” he explained.

Crypto Markets Swing Upwards

Bitcoin’s ability to continue climbing has led the crypto markets to surge, with many individual cryptocurrencies climbing 3% or more.

Bitcoin Cash (BCH) has led today’s market surge, climbing nearly 13% to its current price of $326. In comparison, Ethereum (ETH) has climbed just under 3% to $168.90, while XRP has dropped nominally to its current price of $0.361.

Litecoin is currently trading up nearly 10% at its current price of $96.41 and is nearing the important psychological level of $100.

As for what may be fueling BCH and LTC’s latest surge, Alex Krüger, a popular economist who focuses on cryptocurrencies, recently explained that the amount of outstanding long positions – which he calls “fuel” – is playing a huge role.

“$ETH not moving higher at the moment as strongly as other coins such as $LTC or $BCH has little to do with fundamentals. This is why (less fuel available),” he explained, referencing a chart that shows the open long positions for both Ethereum and Litecoin.

As the weekend continues, traders and analysts alike will gain greater insight into where the markets will head in the week to come.

Featured image from Shutterstock.