Advertisements

Ethereum Surges 13% Overnight: is the Crypto Market En Route For a Strong Recovery?

The optimistic price movements of major crypto assets in the likes of Ethereum, EOS, Bitcoin Cash, and Binance Coin have come during a period in which the sentiment in the near-term performance of the crypto market has become noticeably gloomy. Full-Fledged Crypto Recovery a Possibility? On February 17, prior to the recent rally of the crypto market, a cryptocurrency trader with an online alias “Mayne” stated that investors cannot remain bear-biased solely based on the past performance of the market………

Source: Ethereum Surges 13% Overnight: is the Crypto Market En Route For a Strong Recovery?

Advertisements

Crypto Leaders at Ripple, Litecoin and Dogecoin React to Ongoing 51% Attack on Ethereum Classic | The Daily Hodl

The Ethereum Classic (ETC) blockchain is currently under a 51% attack.Coinbase says it has detected double spends that amount to 88,500 ETC, worth about $460,000. “On 1/5/2019, Coinbase detected a deep chain reorganization of the Ethereum Classic blockchain that included a double spend. In order to protect customer funds, we immediately paused movements of these funds on the ETC blockchain. Subsequent to this event, we detected 8 additional reorganizations that included double spends, totaling 88,500 ETC (~$460,000)”

Source: Crypto Leaders at Ripple, Litecoin and Dogecoin React to Ongoing 51% Attack on Ethereum Classic | The Daily Hodl

Ethereum Price Analysis: ETH Nosedived, More Declines Likely | NewsBTC

Yesterday, we saw a solid support near the $144-146 zone for ETH price against the US Dollar. The ETH/USD pair recently failed to break the $150-151 zone and a bearish trend line. It resulted in a sharp bearish reaction and the price declined below the $146 and $144 supports. Sellers gained control and pushed the price below the $130 level. There was even a close below the $130 level and the 100 hourly simple moving average. A low was formed near $122 and later the price started consolidating losses

Source: Ethereum Price Analysis: ETH Nosedived, More Declines Likely | NewsBTC

No End In Sight for Crypto Sell-Off as Bitcoin Breaches $4,250 – Samuel Potter & Todd White, Bloomberg

1.jpg

London/Madrid: Turmoil engulfed cryptocurrency markets again on Tuesday, with every major coin extending a rout that’s rocked confidence in the nascent asset class just as US regulators try to close in on alleged fraud.

Bitcoin tumbled below $4,225 to a 13-month low, before regaining some ground. The slide helped fuel a sell-off among rival tokens Ether, Litecoin and XRP, which pared an earlier loss that reached 17%.

After months of enjoying relative stability, cryptocurrency bulls are left reeling by a sudden market downturn in November and increased regulatory reviews. Digital assets have now lost almost $700 billion of market value since crypto-mania peaked in January, according to CoinMarketCap.com. Trading on futures markets, where investors can bet against Bitcoin, has soared.

While the trigger for the latest sell-off is unclear, it has coincided with a “hard fork” of Bitcoin Cash. The move, which split the offshoot of the original Bitcoin into two, has underscored the sometimes chaotic nature of a crypto community racked by infighting. Bitcoin, which began the year above $14,000, broke through its floor of around $6,000 last week.

“If you significantly slice through a level like $6,000, people don’t have a lot of protection below it — and then you see a lot of stop-loss selling which exacerbates the move,” said Marc Ostwald, global strategist at ADM Investor Services International in London. “It doesn’t help that we have a genuinely risk-averse environment, with equities and credit under pressure.”

Bitcoin, the biggest digital coin, was down 7.9% as of 7:12am in New York. Ether, Litecoin and XRP all fell at least 8.8%.

Regulatory concerns have also weighed on sentiment. On Friday, the US Securities and Exchange Commission announced civil penalties against two cryptocurrency companies that didn’t register their initial coin offerings as securities. And on Tuesday, Bloomberg reported that the US Justice Department is investigating whether last year’s epic rally was fuelled in part by manipulation, with traders driving up Bitcoin with Tether — a popular but controversial digital token.

“The whole move by the SEC has seemed like a nail in the coffin, and with talk about price-rigging the market, it’s getting nasty,” said ADM’s Ostwald. He said the approach of Bitcoin futures expiration can also give gyrations to the market.

The combined open interest in Bitcoin futures on exchanges run by CME Group Inc. and Cboe Global Markets Inc. swelled to the equivalent of 22,266 Bitcoins on Monday, an all-time high. CME’s current contract is set to finish trading in 10 days. Volume in the contracts, which allow institutional investors to profit from declines in cryptocurrencies, jumped to the highest level since July.

%d bloggers like this:
Skip to toolbar