Market Updates

Market Update: Crypto Prices Improve After 3-Week Downtrend

17/11/2019 by Idelto Editor

Digital currency markets have been trending downward in a triangular pattern since the 40% spike that took place on October 25. Following the three-week downtrend, cryptocurrency traders are quietly playing positions while patiently waiting for the next market signals.

Also Read: The Bank of Google Wants Your Spending Data

Crypto Markets Lose 20% Since the Late October Price Spike

During the third week of October, BTC jumped from a low of $7,300 to a high of $10,295. Most crypto markets that day saw a 30-40% rise in value, but since then digital currency prices have slipped. BTC shaved 20% since the last high, dropping to a low of $8,355 on November 15. On Sunday, November 17, crypto prices are a touch higher than the lows on Friday as most assets are up between 0.3% to 2% in the last 24 hours. The overall market valuation for all 3,000+ digital currency markets is roughly $235 billion today. With a market cap of around $154 billion, BTC captures 65% of the cryptoconomy’s entire valuation.

Currently, BTC is swapping for $8,553 per coin and there’s a touch more than $2 billion in 24-hour volume. ETH markets are up 1.69% today as each coin is trading for $185 this Sunday. The cryptocurrency has a market valuation of about $20 billion and there’s $1.3 billion in global ETH trades today. Crypto trade volumes have been extremely slim compared to the volumes seen three weeks ago. XRP is trading for $0.26 per coin and the currency is up 1% over the last day. Lastly, tether (USDT) is the fifth-largest market valuation and the stablecoin is capturing more than two thirds of trades with nearly every digital asset today.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) is up today more than 1% as each BCH is swapping for $267. BCH has a market cap of around $4.86 billion and $367 million in global trade volume. BCH is the sixth most traded crypto today above XRP and below EOS. USDT is capturing 52% of today’s BCH swaps while BTC commands roughly 24%. This is followed by USD (10.3%), ETH (9.3%), KRW (2.4%), JPY (0.42%), and EUR (0.39%). On Saturday, BCH saw an upside lift to the $274 range but there is major resistance beyond that region. If BCH fails to break upper resistance then the downward trend may continue to play out. At press time there is significant foundational support between $250-265 per BCH.

Are Crypto Markets Still Bearish?

Crypto analysts everywhere are wondering whether markets are bearish or bullish since the big upswing three weeks ago. Since slowly losing a decent chunk of those gains, digital currency market onlookers and spectators are busy contemplating the next big moves. The CEO of Bitbull Capital, Joe DiPasquale, explained this week that a BTC price “drop to $8,000 is a real possibility.” “[BTC] is trading below the 50-day moving average of $8,600, which was acting as support throughout last week,” DiPasquale added. Another analyst from the company Signal Profits, Jacob Canfield, remarked about the consolidation in a similar fashion. “One thing is painfully clear,” Canfield stressed. “We are definitely in a downtrend.” Although, Nem Ventures advisor Nick Pelecanos has seen some different crypto market signals. “Currently Bitcoin appears to be struggling to stay above its support, however, it is showing some bullish divergences so I’d expect a rally in the short term,” Pelecanos noted.

BTC Needs to Jump 1,670% for an ETF According to Fundstrat’s Tom Lee

Bitcoin perma-bull and Fundstrat Global Advisors cofounder Tom Lee told Bloomberg this week that BTC needs to surpass $150,000 per coin in order for an exchange-traded fund (ETF) to come to fruition in the U.S. Essentially that means BTC has to gain more than 1,670% to meet Lee’s ETF standards. At a conference in Singapore, Lee told the crowd that “demand for an ETF is monstrous” and “The SEC needs to punt the ETF until crypto becomes bigger.”

Still, until the U.S. Securities and Exchange Commission does approve a regulated crypto ETF, “institutions aren’t going to touch crypto,” Lee stressed. “If you’re involved in crypto, the SEC can look like an obstacle,” the Fundstrat cofounder said. “They’re establishing protections for individuals and right now it’s not convenient for the industry, but if the SEC is someone that people trust to protect them, that’s how you get the mainstream willing to get involved in crypto.”

Long Term Uptrend Still Intact

Even though market prices have been sliding, a few crypto analysts and traders believe the overall long-term crypto uptrend is still in motion. On November 15, the CIO of Blockforce Capital shared a report from the research firm Delphi Digital which galvanized this opinion. “Optimism following bitcoin’s late October rally appears to be fading as investors and traders alike search for a short-term catalyst to push the crypto market higher,” Delphi Digital’s report notes. “Bitcoin broke below its 200-day moving average earlier this month on its drop back below $9,000, held steady for most of the week before dipping below its 50-day equivalent — a key support level for BTC in the near term — Short-term sentiment gauges have rolled over, the longer-term uptrend still remains intact.”

Lower Prices and Lackluster Volumes Shake Traders

While traders patiently wait for more signs to make money off short-term moves, optimism is still bright in regard to the long-term. Not long ago, digital currency markets saw massive volume surges but crypto trade volumes today pale in comparison. Back then people thought that the high volumes and better prices would bring the bull trend around again, but lackluster volumes and descending prices currently don’t support those predictions.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor 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.” Cryptocurrency prices referenced in this article were recorded at 12:35 p.m. EST.

Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Coinlib.io, Wiki Commons, and Pixabay.

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The post Market Update: Crypto Prices Improve After 3-Week Downtrend appeared first on Bitcoin News.

Market Outlook: Crypto Whale Tales and China’s Blockchain Hype

07/11/2019 by Idelto Editor

During our last market outlook, cryptocurrency prices had found new foundations after the massive rally on Friday, October 25. Since then digital currency prices have been meandering roughly in the same positions after coins like BTC failed to break upper resistance on various occasions.

Also read: China Removes Bitcoin Mining From Unwanted Industries List

Crypto Prices Hold Foundational Support But Fail to Break Upper Resistance

At the time of publication, the market capitalization of all 3,000+ digital assets is hovering around $260 billion on Thursday, November 7. Currently, the top 15 coins with the largest market caps are down a few percentages between 1-5%. BTC is currently trading for $9,240 per coin and the market has an overall valuation of $166 billion today. The digital asset is down 1.44% in the last 24 hours but it’s up +0.16% for the week.

There’s around $22.7 billion in global trades today with BTC and 76% of those trades are paired against tether (USDT). ETH is swapping for $187 per coin and is down 1.74% today but ETH is up 2.3% over the last seven days. ETH has a market valuation of around $20.3 billion and roughly $9.1 billion in trade volume worldwide. XRP has lost more than 3% on Thursday and 1.11% for the week as each coin is trading for $0.29. Lastly, the stablecoin tether (USDT) is holding the fifth-largest market cap today and is capturing roughly two-thirds of all trades within the cryptoconomy.

Bitcoin Cash (BCH) Market Action

The fourth-largest market valuation is held by bitcoin cash (BCH) on November 7 and each BCH is swapping for $291 per coin. BCH is down 3.3% today but is up around 2.7% over the course of the last seven days. There’s about $2.28 billion in global BCH swaps and the cryptocurrency has a market cap of around $5.28 billion. Yesterday digital currency analyst John Isige noted that BCH prices re-entered the $300 range and after conquering that price point “bitcoin cash has changed focus to $400.”

“In the meantime, [BCH] is trading at $304 after a 4% gain on the day. The Relative Strength Index (RSI) breaching 70 to show that the bullish action’s momentum is at its peak,” Isige wrote on November 6. “The Moving Average Convergence Divergence (MACD) also puts emphasis on the bullish action.” The following day on November 7 shows 62% of the BCH trades are being swapped with tether (USDT). This is followed by BTC (16.8%), USD (13.8%), ETH (3%), and KRW (2.6%).

Whale Watch

Over the last two weeks, there’s been a lot of fear uncertainty and doubt (FUD) surrounding the topic of whales. First, there was a research study that was widely debunked concerning one single BTC whale allegedly manipulating the market in 2017. Then many others have been watching giant whale wallets and onchain movements that showcase massive BTC transactions. The latest bitcoin whale discussion is centered around the Twitter account @whale_alert which has noticed a dormant BTC address housing 80,000 BTC.

“That address alone — if that is actually a whale who’s been holding their coins for so long without doing anything with them — if they decide, ‘Okay, let’s go sell them,’ it would crush the market completely,” Whale Alert explained in a recent interview. “But it’s really hard to say anything about the status of that address: Are those keys lost? Is that person even still alive? … It’s just waiting to see if anything happens with those addresses,” the Twitter account added. Meanwhile according to data stemming from the crypto analysis site Coin Metrics, the Bitcoin Rich List (BTC holders with 1,000 or more) has grown by 30% in the last year.

China Embracing Blockchain Could Be Bearish or Bullish

As news.Bitcoin.com’s Lubomir Tassev reported on November 6, the new edition of China’s Industrial Structure Adjustment Guidance Catalog has removed bitcoin mining from the unwanted industries list. Since the General Secretary of the Communist Party, Xi Jinping, lauded blockchain in a recent speech, digital currency markets have seen a massive boom and many people believe the new outlook from China is optimistic. There has been a huge shift from Chinese residents transitioning from the over-the-counter marketplace Localbitcoins to Paxful after localbitcoins.com published strict KYC/AML policies.

Moreover, Chinese traders are using other avenues like Localethereum and local.Bitcoin.com as well. However, various pundits believe that China will build a digital currency that will hurt public cryptos like bitcoin in the future. Gold bug and economist Peter Schiff believes a gold-backed digital currency stemming from China will be “bearish for bitcoin.” Schiff tweeted his opinion on November 1 saying:

According to Max Keiser, I’m an idiot because I think gold is better money than bitcoin. He also claims China is about to launch a cryptocurrency backed by gold. This is bullish for gold and bearish for bitcoin. A crypto backed by gold is much better than one backed by nothing.

‘BTC Is Not a Great Medium of Exchange’ Says Facebook’s Crypto Boss

On November 6, the head of Facebook’s cryptocurrency subsidiary Calibra, David Marcus, told participants at the New York Times Dealbook Conference that BTC is an investment and not a currency.

Facebook’s crypto boss, David Marcus says BTC is not a good medium of exchange.

“I don’t think of bitcoin as a currency — It’s actually not a great medium of exchange because of its volatility — I see it as digital gold.” Moreover, Marcus highlighted that BTC basically conformed to the traditional status quo investment environment because it’s not considered a medium of exchange. Marcus said a key reason that Bitcoin has not been regulated out of existence is because it is not perceived to be a medium of exchange. “It’s an investment class that’s decorrelated from the rest of the market — Why feel threatened by that?”

Will Bullish Markets Continue or Are We Seeing a Fake-Out?

Overall cryptocurrency fans and observers are watching market movements, but things have been quiet lately as far as big price movements are concerned. Some people believe crypto markets will break through the upper resistance and continue the bullish trend that started on October 25.

I am being asked about a Head Fake on the six hour $btcusd chart. The setup up is near perfect all that is needed is completion, a hard down bar. https://t.co/6GmgDiy3yz I’ll be talking about these in Milan for Swissquote this Friday. @Swissquote_it

— John Bollinger (@bbands) November 5, 2019

Others believe the current jump could be a fake-out, and after a few attempts, BTC’s market value could see the $7-8K price ranges again. Digital currency markets are seemingly at a pivotal position once again as traders hope and pray they played their positions correctly.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Coinlib.io, Wiki Commons, bitcoinblockhalf.com, and Pixabay.

The post Market Outlook: Crypto Whale Tales and China’s Blockchain Hype appeared first on Bitcoin News.

Market Outlook: Uncertainty Builds With Thin Trade Volumes and Bitcoin Futures Launch

11/09/2019 by Idelto Editor

Digital currency markets have dropped in value over the last three weeks, losing $25 billion since mid-August. Market prices have been creeping downward on thin global trade volume and the last two months of volatility seem to be taking a toll on short-term bullish optimism.

Also Read: Bitmain Launches Next Gen Miner as Bitcoin Hashrate Touches 100 Exahash

Cryptoconomy Loses $25 Billion in Three Weeks

Cryptocurrency market confidence seems to be dwindling as many digital assets have struggled to surpass higher price ranges over the last few weeks. Three weeks ago, market prices were much higher and the market cap was roughly $282 billion for all the crypto markets combined. On Sep. 11, the global valuation for all 2,000+ cryptocurrencies is now $261 billion, indicating a loss of over 7%. Wednesday’s trading sessions show bitcoin core (BTC) is hovering just above the $10K zone between $10,025 to $10,225 over the last 24 hours.

Market Outlook: Uncertainty Builds With Thin Trade Volumes and Bitcoin Futures Launch — Top 10 cryptocurrency market prices on Sep. 11, 2019. Did you know Bitcoin.com just launched a secure, professional-grade trading platform called exchange.Bitcoin.com? Check it out today.

BTC is seeing $15.7 billion in global trades and has a market valuation of roughly $180 billion or 69% of the entire crypto market cap. Ethereum is following behind BTC and hovering around $177 per coin. ETH markets are down 1.5% today and are down 0.06% over the last seven days. XRP markets lost 2.3% today and 2.2% for the week as each XRP is swapping for $0.25. Lastly, the fifth largest market valuation still belongs to litecoin (LTC) as each coin is swapping for $69. LTC markets are down 1.87% today but have gained 2.6% over the last seven days.

Bitcoin Cash (BCH) Market Action

The fourth largest market capitalization is held by bitcoin cash (BCH) at the moment. BCH is coasting along between $290 and $305 over the last 24 hours. There’s roughly $1.27 billion in global BCH trade volume and bitcoin cash has a market cap of over $5.3 billion at the time of writing. BCH has lost 2.8% in the last 24 hours, but over the last week BCH market prices are only down by 0.44%.

Bithumb is trading the most BCH this Wednesday with $544 million in global trades. There’s also Coinbene, Coinex, P2pb2b, and Bibox as well following behind the South Korean exchange in BCH trade volume. Tether (USDT) is the top trading pair with BCH today capturing 59.7% of all BCH trades worldwide. This is followed by trading pairs like BTC (18.7%), USD (9.5%), ETH (9.2%), KRW (1.6%), and the EUR (0.56%). Over the last seven days, BCH transactions per day (TPD) have been averaging roughly 45,000 to 55,000.

Macroeconomic Storms Fail to Push Crypto Markets Higher

Over the last two months, many cryptocurrency supporters believe that macroeconomic turmoil pushed the price of BTC and other cryptocurrencies upwards. However, on Tuesday, BTC/USD prices dropped to $9,930 quickly before jumping back up over the $10k range. Most digital assets have at least two significant resistance levels before gaining the same headway they had weeks ago. The chief investment officer of asset manager Arca, Jeff Dorman, explained on Sep. 3 that the macroeconomic turmoil which was attributed to the spike last month has seen negative correlations in recent days.

“August began with a 20% rally in Bitcoin led once again by the same macro factors that have supported it for most of this year – endless rate cuts from global central banks, declining currencies including the critically important Chinese yuan, a series of Trump tweets about tariffs and reckless monetary policy, a nasty decline in equities, and, of course, the potentially significant impact of a no-deal Brexit,” Dorman remarked. The “end of an ugly and peculiar month” retrospective continued:

Unfortunately, the perfect macro storm was erased throughout the rest of the month as these negative correlations broke down and Bitcoin and other digital assets ended the month in the red.

The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term. We have the great currency, power, and balance sheet…..

— Donald J. Trump (@realDonaldTrump) September 11, 2019

Price Perspectives From Crypto Twitter

Crypto Twitter (CT) has seen an awful lot of opinions and technical analysis takes on the price of BTC and other digital assets. This week, Twitter user Planb who often comments on crypto analysis believes the price of BTC is being fueled by stock to flow trends. “Proof is in: bitcoin price is mainly driven by stock to flow, not by any other factor — Cointegration, not correlation, is key: BTC price has been and likely will be below and above S2F model value every year,” Planb stated on Sep. 7. The next day Mr. Jozza commented on BTC/USD on-balance volume (OBV) and his outlook seemed dreary. “That is not a happy OBV — A market creeping up on thin volume doesn’t fill me with confidence,” he tweeted. The crypto trader at Texas West Capital known as the Wolf of All Streets remarked on Twitter that even during the price drops he’s always bullish in regards to the long term.

“When someone asks me if I am bullish or bearish on bitcoin, the answer is always bullish,” the Wolf of All Streets stated on Sep. 11. “I believe that this market will continue to trend up over a long time frame, even if the price drops significantly in the short term — I will buy those dips.”

Investors Move Away From Safe Haven Assets as Gold Sees Worst Daily Decline in Two Years

After spiking in parallel with cryptocurrencies last month, the price of gold saw the worst daily decline in years on Sep. 5 and has dropped for a fourth straight session on Sep. 10. During the first drop in value last week since the initial rise, frontier markets investor Mark Mobius told CNBC that digital currencies and gold need to come together. Mobius explained that digital assets could trigger gold prices and bolster the demand for the precious metal. However, analysts are seeing investors leave safe haven assets and investing in riskier growth markets instead. “Globally we are seeing a shift back towards growth assets and that’s coming at the cost of the safe havens,” remarked Michael McCarthy, chief market strategist at CMC Markets on Tuesday. Since touching a high of $1,557 on Sep. 4, gold spiked to its highest price range in six years, but bullion spot prices tumbled by more than 5% to $1,493 today.

BTC/USD Shorts Rise While ICE Preps for Bakkt’s Upcoming Bitcoin Futures

Overall, crypto market observers are uncertain of where prices will be in the short term. BTC/USD short contracts are not nearly as high as they were months ago but they are starting to rise steadily. As far as ETH/USD shorts are concerned, markets have been meandering along with no significant increases or decreases in short contract volume.

The long-awaited futures products from Bakkt continue to make headway as the exchange has started letting customers initiate deposits. However, the ICE futures notice explains clients are required to deposit $3,900 to participate in monthly and daily futures contracts on Monday, Sep. 23. Speculative requirements rather than initial hedge rates mandate depositing $4,290 to participate in Bakkt’s bitcoin futures markets. Some speculators think that the physically-delivered futures markets may create price discovery.

“Seven business days until the Intercontinental Exchange (ICE) is offering physically settled Bitcoin futures through its Bakkt unit. It will act as exchange, clearinghouse and settlement authority. ICE BTC futures will create price discovery apart from any cash market influence,” Planb tweeted on Wednesday. “CME is cash-settled, therefore dependent on (an average of) exchange rates, thus sensitive to manipulation & fraud. Institutions don’t like that. ICE/Bakkt has its own price based on real bitcoin,” he added.

Where do you see the cryptocurrency markets heading from here? Let us know what you think about this subject in the comments section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor 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.” Cryptocurrency and gold prices referenced in this article were recorded at 12 p.m. EST on Wednesday, Sep. 11, 2019.

Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Goldprice.org, Wiki Commons, and Pixabay.

The post Market Outlook: Uncertainty Builds With Thin Trade Volumes and Bitcoin Futures Launch appeared first on Bitcoin News.

Market Update: Economists Envision Global Recession While Crypto Prices Soldier On

26/08/2019 by Idelto Editor

Last week cryptocurrency prices bounced around after a majority of coins dropped in value on August 21. Today on August 26, digital currency markets have gained around 1.52%, gathering $4 billion since the initial slump. Despite the volatility, cryptocurrencies have consolidated and a few speculators believe a breakout is on the cards that could send prices sky-high or plunge below the current support.

Also read: Send Token Payouts With Ease Using Bitcoin.com’s SLP Dividend Calculator

Top Crypto Coins Slowly Move Northbound

On Sunday, August 25, the price of bitcoin core (BTC) gathered steam again after tumbling below the $10K zone. During the late evening trading sessions, BTC prices vaulted upwards $500 in a matter of minutes and many other markets also saw gains. Currently, the price of BTC is hovering around $10,342 per coin and there’s more than $17 billion worth of trade volume today. BTC’s market cap is $185 billion this Monday, which is 69% of the $267 billion dollar market cap of all 2,000+ coins.

Market Update: Economists Envision Global Recession While Crypto Prices Soldier On — Top 10 digital currency markets on Monday, August 26, 2019.

BTC/USD markets are up 2.27% today but are down 3.4% for the week. Following BTC is ethereum (ETH), which is up 0.5% today and down 5.3% over the last seven days. ETH is trading for $189 a coin and has an overall market valuation of about $20.4 billion. Ripple (XRP) is selling for $0.27 and prices have dipped in value over 3.8% in the last week. The fifth largest market valuation is held by litecoin (LTC) which is swapping for $74. LTC lost 3.9% last week but over the last 24 hours, LTC is up 1.61%.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) markets have been holding steady and at press time one BCH is swapping for $309. BCH/USD is up 1.31% today but lost 4% over the course of the week. On Monday, August 26, BCH is the sixth most traded coin below EOS and above XRP with $1.37 billion in trade volume. USDT is the strongest pair trading against BCH with 56% of all global trades. This is followed by swaps with BTC (26%), USD (7.7%), ETH (6.4%), KRW (1.9%), and EUR (0.43%). The exchanges swapping the most bitcoin cash include Coinbene ($182M), Hitbtc ($70M), Okex ($50.4M), Digifinex ($46.6M), and Bibox ($38M). Bitcoin cash transactions in the last 24 hours were around 39,310 with a daily average this week just above 40K.

With a Possible Economic Crisis on the Horizon, Will BTC Act as a Safe Haven Asset Like Gold?

As the global economy shudders and prepares to embrace a looming recession, precious metal markets have rocketed while cryptocurrencies have seen lighter inflow. Some digital currency influencers are not so sure BTC is a safe haven asset right now. Speaking in an interview on the financial newswire Bloomberg, Spencer Bogart, a Blockchain Capital executive, is not quite convinced that an economic crisis is on the horizon. “When you think about really severe crises taking place, a liquidity crunch, another global financial crisis, I think that bitcoin will struggle to do very well from a price perspective,” Bogart explained. Despite the possible struggle, Bogart thinks in the “longer term bitcoin will absolutely be a safe haven.”

In another interview on Nasdaq Trade talks, Nelson Minier, Kraken’s over-the-counter (OTC) lead executive, shared similar opinions. “I’m not so sure that it’s a safe haven asset yet, but I do think that it’s starting to act like one. I think that people are starting to portfolio manage, are starting to come in slowly. And when the market is getting shaky you saw Bitcoin rise, I mean, you wouldn’t see that before, it was trading like a risky asset,” Minier said. Just like Bogart, however, Minier remarked that BTC will likely fall into that category, stating “we’re heading that way for sure.”

BTC Price Reacts in Real-Time to Trump Trade War Tweets

On August 23, U.S. President Donald Trump told the American public that the trade war between the U.S. and China would continue to escalate. Immediately after the Trump tweets the price of BTC/USD spiked and well-known macro trader Alex Krüger noticed a chart milestone. “Today was the first time BTC reacted sharply in *real-time* to a Trade War breaking headline or USD/CNY fix,” Krüger tweeted. “As far as I can recall, this, in fact, is the first time BTC reacts in real-time to any event outside of crypto,” the trader added.

…Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!

— Donald J. Trump (@realDonaldTrump) August 23, 2019

Similarly to gold, some speculators believe digital currencies can act as a safe haven asset in order to hedge against macroeconomic uncertainties. The tensions between the U.S. and China also made the price of gold jump more than 2.4% and the price per ounce of gold (Au) right now is $1,530.

Bitcoin Cash (BCH) Markets Still Indicate an Upward Trend

According to cryptocurrency price analysts, bitcoin cash (BCH) looks poised to break out northbound. The trader Mehak Punjabi explained on August 26 that the price of BCH may continue to rise higher and could target a price of around $330 per coin. “By comparing the price of BCH coin from its lowest value which was $283.29 on 15-Aug-19 at 05:00 UTC and the current trading price, BCH indicates a bullish trend by 10%,” Punjabi said. “The CMF indicator also reflects that the bitcoin cash price is indicating an upward trend. The 7-day high price of the coin $326.88 points the next target of BCH towards $330.” The analyst added:

Trading in the BCH for a long term will yield great returns and dividends.

Crypto Markets May Experience Extreme Economic Fallout for the First Time

Overall, most crypto supporters are still positive about the long term game but are still uncertain about the current period and whether digital currency markets will remain vibrant during a deep economic recession. Currently, the economies in Latin America are floundering and many countries in South America are dealing with severe inflation compared with the rest of the world. Economic growth in India is falling below average and the country’s Finance Minister Nirmala Sitharaman has plans to focus on priming lending and foreign funding. Moreover, Time reports that 34% of U.S.-based business economists are concerned that the U.S. will see a deep economic recession within the next two years. Most of the economists who participated in the National Association for Business Economics survey believe that America will see the economy tumble hard by the end of 2021.

With the macroeconomic uncertainty in the air and signs of distress, it is still hard to picture what crypto markets will do during an economic fallout. Bitcoin itself was born from the ashes of the 2008 economic crisis and has yet to experience a global recession of that magnitude. For now, with all the ‘doom and gloom’ happening worldwide, seeing a macro hedge spur from gold markets is normal. Despite over-exuberant optimism, no one really knows if cryptocurrencies such as BTC will act in the same manner if the global economy worsens. For now, it’s a case of wait and see.

Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Crypto Fear & Greed Index, Trading View, Bitcoin.com Markets, and Coinlib.io.

The post Market Update: Economists Envision Global Recession While Crypto Prices Soldier On appeared first on Bitcoin News.

Market Update: Prices Drop as Crypto Sentiment Enters the Fear Zone

21/08/2019 by Idelto Editor

Markets Update: Prices Drop as Crypto Sentiment Plunges Below the Fear Zone

Cryptocurrency markets fell hard on August 21 following the $700 price drop bitcoin core (BTC) saw during the early morning trading sessions. Most digital assets have lost 2-8% in value as the overall market valuation of all 2,000+ coins has plunged to $263 billion. Crypto price movements have been following a trend of strong volatility, having been turbulent for several weeks.

Also read: The World Bank’s Blockchain Bond Is Just a Fancy Way of Selling Debt

The Top Digital Currency Markets See Percentage Losses

BTC and a slew of other digital assets dropped significantly on Wednesday. At the time of publication, there’s been around $59 billion worth of daily trades happening between the most popular coins. BTC holds the top position and commands 69% of the $263 billion dollar market cap. At the moment, BTC is hovering at around $10,124 per coin and has an overall market valuation of about $181 billion. The top fiat currencies traded with BTC on Wednesday include JPY and USD and tether (USDT) captures more than 66% of all BTC trades. BTC has lost 5.8% over the last 24 hours and 2% in the last seven days.

The second highest valued market cap belongs to ethereum (ETH) where each coin is being swapped for $185 per coin. ETH is down 5.8% today and there’s $7.4 billion in global ETH trades. Following ETH is ripple (XRP) which has seen the least volatility over the last few weeks. One XRP is trading for $0.26 and markets are down 3.3% today and 4.9% for the week. Lastly, litecoin (LTC) commands the fifth-largest valuation and each LTC is trading for $72. LTC has dropped only 3.5% today but lost more than 8% this week.

Market Update: Prices Drop as Crypto Sentiment Enters the Fear Zone — On August 21, 2019 during the price slide, tether (USDT) is a dominant pair for every major cryptocurrency. Did you know you can now easily buy Bitcoin with a credit card? Visit our Purchase Bitcoin page where you can buy BCH, BTC, ETH, XRP, BNB, and LTC securely, and keep your BCH and BTC secure by storing them in our free Bitcoin mobile wallet.

Bitcoin Cash (BCH) Market Action

Bitcoin Cash (BCH) still holds the fourth position and each BCH is trading for $299. BCH has an overall market cap of around $5.3 billion and about $1.39 billion in trade volumes. Today BCH is down more than 5% and over 8% over the last seven days. Daily transactions (txn) this Wednesday have been around 43,000 and BCH has had an average of about 40K txn every day since April. BCH is the sixth most traded digital asset on August 21, just below EOS and above XRP. Tether (USDT) captures around 58% of all BCH trades which is followed by BTC (22.5%), USD (8.4%), ETH (6%), and KRW (2.5%).

The Verdict: Short-Term Crypto Sentiment Shows Extreme Fear While Long-Term Believers Are Still Cheerful

Despite the falling prices, traders and crypto enthusiasts on social media are still optimistic about digital currency markets and BTC prices. Popular Twitter trader Jacob Canfield says the charts look like a “pretty classic rising wedge that hit resistance.” “First support zone didn’t hold up price at all — Ideal buy zone $8900-$9100 if we can get there,” Canfield concluded on Wednesday. Meanwhile, Mark Mobius, the founder of Mobius Capital Partners, told the press this week that cryptocurrencies like bitcoin are “psycho currencies.” “I call them psycho currencies because it’s a matter of faith whether you believe in bitcoin or any of the other cyber-currencies,” Mobius explained during an interview.

Meanwhile, traditional markets like stocks and bonds have been just as shaky and some people believe that institutional and retail investors are hedging macro risks with digital currencies. The Financial Times’ chief correspondent Henny Sender wrote a column for the Nikkei Asian Review which suggests central banks are pushing investors toward cryptocurrencies. “Central banks drive demand for bitcoin by devaluing their currencies,” the reporter detailed. “Cryptocurrency, wildly popular in China, is now a safe-haven asset.” Sender’s editorial continued:

Central banks have played a big role in driving this latest rally in crypto. That is because they have adopted policies which amount to competitive currency devaluations in the name of reflating their economies, in response to protectionist policies as the trade war leads to slower growth everywhere.

For now, BTC, ETH, BCH and the rest of the top digital currencies are feeling the pressure of weak hands, day-trading scalpers, and short-sellers. Even with a large number of optimistic hopium huffers on crypto Twitter, people are uncertain of what will happen next according to sentiment data. The current Crypto Fear & Greed Index, which analyzes the emotions and sentiments from different sources and crunches them into one simple number, is low today. At press time, the Fear & Greed Index for BTC and other popular digital assets rests at “extreme fear” or #11. The index was in “fear” (39) yesterday, where it has spent the entire month.

Where do you see the price of bitcoin cash and the rest of the crypto markets heading from here? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Crypto Fear & Greed Index, Trading View, Bitcoin.com Markets, and Coinlib.io.

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