After Losing 40% Of Value, Bitcoin Bounces Above $14,000

After hitting levels above $20,000 per coin just last week, Bitcoin saw a massive sell-off as fears of a bubble began to loom large.

The price reached an all time high of $20,078 on December 17, but saw an approximate 40% drop in just three days, once dipping to as low as $11,833 on December 22.

However, in spite of fears, the market has rebounded again, and is now stabilizing above $14,000. At press time, Bitcoin was trading at an average of $15,147, according to Coinmarketcap.

Bitcoin Charts

The recovery so far seems to have justified the approach of HODLers (‘Hold On for Dear Life’) who refuse to sell in times of market fear.

Varying responses

Nevertheless, the drop-off saw hedge-fund manager Mike Novogratz delay the issuing of his hedge-fund, citing the substantial swings in the market as well as potential conflicts of interest as the cause.

On the contrary, however, Kain Warwick, Founder and CEO of Havven, an asset-backed cryptocurrency, made it clear that the rebound should have been expected, telling Cointelegraph:

“Bitcoin rebounded because there is significant support at psychological levels like 10k, so once the price stopped falling people came in to buy the dip.”

Cryptocurrency Market Rebounds Within 24 Hours, Ethereum, Bitcoin Cash, Litecoin Rally

Bitcoin price
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Within merely 24 hours after experiencing a major correction during which every single cryptocurrency in the market plunged in value, the cryptocurrency market has completely recovered.

Speedy Recovery

The market valuation of cryptocurrencies surged from $480 billion to nearly $600 billion, to the point before the correction on December 21.

Today, on December 23, all cryptocurrencies in the market from bitcoin to the top 100 cryptocurrency have surged in value. Specifically, Bitcoin Cash recorded the largest gain in the top 20 cryptocurrencies with a 52 percent overnight price increase.

Others including bitcoin, Ethereum, Ripple, Litecoin, Cardano, and Dash have all increased by more than 20 percent.

On December 22, prior to the recovery, several analysts including Alan Silbert and Robert Reid noted that throughout 2017, the price and market valuation of bitcoin have fallen by more than 30 percent on six occasion. After each correction, bitcoin recorded a significant gain in value.

Cryptocurrencies with the biggest daily gains in the top 20 rankings are Verge, Bitcoin Cash, Monero, with 176 percent, 52 percent, and 41 percent increase in value respectively.

Max Keiser, a highly regarded financial analyst and bitcoin expert, also noted that with the current momentum, bitcoin will initiate a new rally and surpass through $20,000 with ease in the short-term.

Sharing the chart below, which has been an accurate demonstration of the bitcoin price and the value of almost every cryptocurrency in the market to date, Keiser stated, “this is still true. This chart pattern will take us to $100,000 #bitcoin. Fiat currency is a barbarous relic,” expressing his optimism in regards to both the short-term and long-term price trend of bitcoin.

Where Does Cryptocurrency Market Go From Here

For many months, analysts have expected the price of bitcoin and the valuation of the cryptocurrency market to surge during the holiday season, around Christmas and new years. With Christmas Eve approaching, analysts believe that the price of cryptocurrencies will increase rapidly as new relatives, friends, and family members become introduced to bitcoin and a new asset class in cryptocurrencies.

Already, with less than 24 hours left to Christmas Eve, the cryptocurrency market has demonstrated a speedy recovery and a rapid surge in valuation. From December 25 to January 1, analysts see the valuation of cryptocurrencies rising further.

In several leading markets such as Japan and South Korea, investors have already started to invest in cryptocurrencies with high premiums. On Bithumb, South Korea’s leading cryptocurrency exchange, bitcoin price is at $17,600 and the price of Bitcoin Cash is nearing $4,000.

In the upcoming days, the cryptocurrency market will likely demonstrate optimistic signs of growth and recovery, as the demand for bitcoin and other leading cryptocurrencies continue to surge rapidly.

Fundstrat’s Tom Lee stated:

“We are buyers of bitcoin on this pullback. The intrinsic/fundamental value of bitcoin has risen in the past month given the surge of new wallets and hence, explains the rise in our short-term target price.”

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Ronnie Moas – Not a Billionaire, But a Crypto Guru

Ronnie Moas, founder of Standpoint Research, who has given Cointelegraph some of the most accurate price predictions on Bitcoin this year, in an exclusive interview, spoke about his journey through Wall Street, his charitable endeavors and his new-found love for cryptocurrencies.

Renowned stock picker Ronnie Moas is many things, but he certainly IS NOT a billionaire, nor a former hedge fund manager, as was incorrectly reported by this writer earlier this week.

In fact, the 50-year-old admits that there is no place he would hate being more than in a room full of the world’s richest people. It is almost contradictory, given that the founder of Standpoint Research has been giving fortune-making stock recommendations for the past 20 years.

“I am not a billionaire, and I would not want to be seen in the same room as a billionaire. I am nauseated by the way they behave, I am nauseated by the amount of money they spend on themselves when we have people starving to death in this world.”

“One needs to raise their voice, as speaking nicely to the people at the top of the vulture capitalist pyramid is not working very well.”

A tale of two cities

It is not hard to understand Moas’ animosity towards opulent billionaires and the gross division between rich and poor, given that he has helped many people become wealthy. While some choose to hoard their wealth, he has taken it upon himself to give to those less fortunate.

While his charitable endeavors are a passion, they are byproduct of his upbringing and Education.

Born in New York, Moas grew up in the city. At 16-years- old, his family returned to his father’s birthplace in Israel where Moas finished school and started a degree, which he had to postpone to serve in the Israeli military.

A self-proclaimed ‘wizard’ with numbers growing up, he eventually returned to New York in 1994 where he went on to complete a Masters of Business Administration degree at Baruch College, City University of New York. Coupled with an Honors undergraduate degree in Economics and Business, he began to pave his way to success.

Cutting his teeth in the world of stock recommendations, he quickly became renowned for his accurate predictions. While he plugged away the hours, Moas developed his own 155-variable equity valuation model over a five-year period in the late 1990s and early 2000s.

Moas attributes his success to a combination of the ideas generated by his model, as well as the insights he delivers in strategic reports.

“First of all, I outworked most in my industry. The ideas are generated by the 155-variable computer model. I don’t just tell you I like a name because it scored well on my model, I apply heavy fundamental and subjective overlays and then I go out with a 20-40 page report to back it up.”

“That is why I was able to separate myself from the pack. If you are doing the same thing as everyone else on Wall Street, you will end up with the same results. You have to be a сontrarian.”

“The computer model is my ‘secret sauce’. It allows me to crunch numbers on thousands of names in a matter of minutes and then I can focus on the names that rise to the top.”

The Robin Hood of Wall Street

Having spent the last 20 years providing the very best stock analysis to various clientele, Moas has rubbed shoulders with some of the richest people out there. Perhaps that is why he has taken it upon himself to give back to the poorest of the poor, Robin Hood-esque, having seen wealth and greed in the ugliest light.

For the past decade, Moas has been closely involved with Food for the Poor, one of the largest, five-star rated charity organizations in the US. Moas has devoted a lot his personal time, energy and resources to the charity.

Reflecting on a trip to Haiti earlier this year with Angel Aloma, the charity’s executive director, Moas described the abject poverty most Haitians are living in.

“It is the poorest country in the Western Hemisphere and most people there live on less than four dollars a day. The government has no tax revenue and is not able to assist the starving and struggling population,” Moas said.

“Had anyone seen what I saw with my own eyes, not only the conditions these people live in, but the work that Food for the Poor does there, they would understand why I would take the shirt off my back for this charity and the poor.”

As a personal champion for the charity, Moas aims to raise $10 mln in funds for the organization – which is used to collect and distribute humanitarian aid, materials and supplies to the 18 Caribbean and Latin American countries supported by Food for the Poor.

In 2017, the charity built 5,000 double-unit concrete homes; distributed 4,000 container loads of humanitarian aid and more than 400 mln meals. Administrative expenses were less than five percent.

Highlighting the injustice of the modern world, Moas said wealthy individuals need to donate a fraction of their wealth to help others in need.

“If you donate $100, it buys 400 pounds of rice and beans. That’s enough to feed two starving children for an entire year. Three mln children have starved to death worldwide in 2017.”

To date, Moas has raised over $118,000 from more than 500 donations and says it is only a matter of time until he reaches his goal. You can provide donations here.

Work, travel, music

You wouldn’t be wrong if you consider Moas a workaholic. For the past 10 years, he’s been consistently rated as one of the best stock pickers in the world. With the help of a small and trusted team at Standpoint Research, he delivers stock analysis on a daily basis.

When he finds the time, travel and music are favorite pastimes. When he lived in Israel, he worked for Shuki Weiss Productions who has been bringing the biggest artists and bands in the World to Israel for the past 25 years.

Moas says Tel Aviv has become a central point for bands to play, given the socio-political turmoil in surrounding countries. Guns N’ Roses and Aerosmith recently chose to end their respective European tours in Tel Aviv.

With a collection of more than 1,500 CDs, Moas has a broad taste in music. Pushed for a list of favorites, he singles out legendary rock bands like Led Zeppelin, Motorhead, AC/DC, The Cult and Judas Priest.

Pic

His love of music is matched by what can only be described as a wanderlust, having visited more than 70 countries. He will be departing this week on a 38-day trip which will include stops in Mexico City, Los Angeles, Fiji, New Zealand, Australia, Singapore, Malaysia, Thailand, the Philippines, Oman and Amsterdam.

The midpoint of his trip is eagerly anticipated for the cryptocurrency world, as Moas will be co-headlining at the Coinsbank Blockchain Cruise. The cruise around Singapore, Malaysia and Thailand includes the most influential people in the cryptocurrency space, from John McAfee to Tone Vays.

Riding the crypto wave

Moas has quickly become a trusted voice in the cryptocurrency space, especially when it comes to valuations and price predictions. He has been spot on with a number of predictions in 2017 – which is extraordinary if you consider that he only started analyzing the cryptocurrency market this year.

“It happened six months ago. I was in my stock market bubble and I wasn’t even looking at cryptocurrencies. I was like everyone else on Wall Street – we would hear the name Bitcoin in passing and it sounded like some far-fetched concept and I paid no attention to it whatsoever,” Moas said.

“Someone told me to take a look at Ethereum and that weekend I ended up taking a look at Bitcoin as well and it only took me a few hours to realize what was going on there. I just pounced on it and since then I haven’t looked back.”

The accuracy of his recommendations have led to a surge in business, and Moas says 90 percent of his clients are now looking for cryptocurrency recommendations.

It’s hardly surprising that his name produces more than 1000 results on Google when searched alongside ‘Bitcoin,’ and his Twitter following shot up from 7,000 to more than 22,000 in the space of a few months.

Voltaire coined the phrase ‘with great power comes great responsibility,’ and it is a concept Moas is well-aware of, given his influence over people’s decisions to invest in cryptocurrencies.

“It’s flattering and rewarding from an emotional standpoint, but you have to understand that it’s a lot of responsibility I have on my shoulders right now. I have people from all over the world that are putting a big chunk of their life-savings behind my recommendations.”

“I have people calling me from third world countries who have an eighth of a Bitcoin, worth $2,000, hoping that it will be worth $20,000 one day so that they can rescue their entire family from poverty.”

And so it goes. Moas, the man who proverbially steals from the rich and gives to the poor, is fast becoming an insightful and trusted critic of cryptocurrencies and their future valuations. When Moas puts a number on something, you’d best sit up and take notice.

Bitcoin Price Recovers Within 24 Hours From $11,500 to $15,000, Optimstic Factors

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It took less than 24 hours for the bitcoin price to recover from a 30 percent drop. Earlier today, on December 23, the price of bitcoin recovered from $11,500 to $15,000, as the cryptocurrency market began to demonstrate optimistic signs of growth.

Factors of Potential Short-Term Rally

Since yesterday, the market valuation of cryptocurrencies has increased from $480 billion to nearly $600 billion. Every single cryptocurrency in the market, which previously recorded major corrections, rallied, with bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin and other cryptocurrencies in the market recording large gains.

Bitcoin in particular demonstrated a rapid increase in demand from global marekts including the US, Japan, and South Korea, as the daily trading volume of the cryptocurrency achieved $15 billion. That is, a daily trading volume that is larger than that of most stock markets.

Analysts such as billionaire hedge fund legend Mike Novogratz and RT’s financial analyst Max Keiser stated that with the recently acquired momentum, the bitcoin price could rally to $24,000 in the short-term.

“Bitcoin pullback very healthy for this bull market. $28,000 now in play,” said Keiser, as the cryptocurrency market rebounded and showed speedy recovery after a substantial decline in market valuation.

In the short-term, there are several driving factors that could lead to a bitcoin price surge. This week, it was reported that the Chicago Board Options Exchange (Cboe), the largest futures exchange in the global finance market which listed bitcoin futures in partnership with Gemini, and the New York Stock Exchange (NYSE) have filed bitcoin exchange-traded fund (ETF) applications to the US Secruties and Exchange Commission (SEC).

The main difference between futures and ETFs is that the latter is more accessible to individual investors and traders in the stock market. With a bitcoin ETF, any investor in a major stock market such as NYSE or the Nasdaq can trade bitcoin with ease, through existing accounts.

A Cboe spokesperson stated:

“Given the success of the launch of our bitcoin futures, several partners are very interested in moving forward with the development of an exchange-traded product.”

Last week, NYSE revealed the filing of its ProShares bitcoin ETF, announcing that investors in the ETF will benefit from long Bitcoin futures contracts.

“By being long Bitcoin Futures Contracts, the Fund seeks to benefit from daily increases in the price of the Bitcoin Futures Contracts. The Fund will not be benchmarked to the current price of bitcoin and will not invest directly in bitcoin. When the price of Bitcoin Futures Contracts held by the Fund declines, the Fund will lose value,” the SEC filing of the NYSE bitcoin ETF read.

More Institutional Money, More Liquidity

By quarter 1 of 2018, Nasdaq will list bitcoin futures into its exchange and the bitcoin ETFs of Cboe and NYSE will likely be approved by the US SEC, given the government’s enthusiastic approach with the bitcoin futures market.

In the mid-term, the entrance of more institutional money into the market will enable bitcoin to further solidify itself as an emerging asset class.

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Cryptocurrency Market Recovering After Massive Correction

The cryptocurrency market is getting back on its feet after a brutal day yesterday. The majority of coins have risen by 10-20% over the last 24 hours after more than a 30% fall on Friday, Dec.22.

The total digital currency market capitalization went from $650 bln to $430 bln yesterday and has now rebounded to $585 bln.

Total market

Bitcoin went from the all time high of over $20,000 to as low as $11, 970 in just a matter of days. By press time it has partially retraced its losses and is now traded at around $15,500.

Bitcoin Charts

Ethereum, the second largest cryptocurrency, lost almost $30 bln in market cap yesterday, but has largely recovered. Its market capitalization is now $72 bln. It now trades for around $720 on European exchanges and as high as $906 on South Korean markets.

Ethereum Charts

Bitcoin Cash experienced the greatest price volatility of all major digital currencies over the last 48 hours. The price fell from $3,909 to $1,970 but at press time is back to $3,400.

Bitcoin Cash Charts

The extreme market turbulence came days after the alleged insider trading at Coinbase, one of the biggest cryptocurrency exchanges.

Good news vs. bad news

It’s been an extremely volatile week for the entire digital currency industry. Following CBOE’s Bitcoin futures trading start on Dec. 10, the CME group launched a futures product of its own. Trading at CME opened Dec.17, roughly when Bitcoin’s volatility began to increase.

On Dec. 20 Litecoin creator Charlie Lee sold or donated all his Litecoins, ostensibly to avoid “conflict of interest.” However, some have questioned his motives, since just a week earlier he predicted a multi-year bear market which would see the price of Litecoin drop as low as $20.

Litecoin Charts

Joining major institutions like CBOE and CME in their Bitcoin agenda, Goldman Sachs announced its plans to set up a cryptocurrency trading desk on December 21. It will be opened by the end of June 2018.

What prompted the latest dip in the entire market is yet unknown. Charlie Shrem, a founding member of Bitcoin Foundation, believes that the market has already seen similar price movements and there is no reason to panic.

Tim Swanson: Enterprise Blockchain is in a “Trough of Disillusionment”

There are few people who have worked in the blockchain technology space for so long and maintained such a seemingly disinterested and skeptical perspective on the emerging technology as Tim Swanson. Through numerous books and a blog, Tim has shown a knack for going out of his way to do deep market research within the blockchain space.

This week on Let’s Talk Bitcoin, Tim Swanson, Director of Research at Post Oak Labs, talked with Epicenter’s Brian Fabian Crain and Sebastien Couture.

His most notable work within the space has happened as Director of Market Research at R3, the first blockchain enterprise consortium for the financial services industry. During his time at R3, Tim assessed several hundred entities — companies, startups and universities — working on some type of blockchain initiative. His experience gave a full range of good, bad and ugly business operations and blockchain propositions that existed in the early stages of this industry.

Whether you agree with his stoic perspective or not, it may be a good remedy for the mania that has resulted from Bitcoin’s phenomenal price increase this year. As new investors flood in the crypto community and more and more people begin talking about blockchain technology, it’s never a bad idea to be reminded of how the industry has developed.

“Historically, we’ve seen a lot of manias happen in tech: social media, solar panels, AR, VR, etc. I don’t see the benefit in becoming a fanboy in anything at this early, early stage.”

On the current state for the enterprise blockchain market

Swanson proposed that there has been a significant shift of attention in 2017 from enterprise blockchain to Initial Coin Offerings (ICOs), due in large part to the amount of money that has been raised this way. Referencing the Gartner Hype cycle, Swanson believes blockchain enterprise adoption is currently in the “trough of disillusionment.” This stage comes after the initial peak of expectations where interest wanes as experiments and implementations fail to deliver. This is also where many producers of the technology either give up or receive continued investment for improving the products to the satisfaction of early adopters.

BTC-gartner-hype-cycle-graph_(1).png“The problem as a whole for the enterprise blockchain space is that it hasn’t managed any of the expectations it initially set out to accomplish. In the beginning, there were brash claims like putting the entire United States equities market on a blockchain in less than a year. Over time, it became clear that something like that was not possible. Because of the unmanaged expectations coupled with the retail enthusiasm coming from the consumer side seeing how blockchain could help them, where in reality, enterprise is a long-term cycle and build-out, many people lost interest once they realized they could make money much faster through ICOs.”

Swanson listed a number of startups working on the enterprise blockchain side in New York, London and the west coast, including Digital Asset, ConsenSys Enterprise, Cobalt DL and Ripple, among others, as well as Clearmatics and R3, both of which Swanson still advises.

“If you look at funding for those companies — as an aggregate they’ve raised maybe $400-450 million dollars. For comparison — and it’s not an accurate comparison — ICOs in the month of June raised over $600 million dollars. It was a shift in enthusiasm from people who wanted to get very rich, very quickly. The fact of the matter, even for ICOs, is that you can’t bypass the requirement-gathering necessary to build a platform that can work with existing institutions and existing regulatory and industry requirements.”

“You can’t just build an aeroplane, convert it into a helicopter then sell it to a bunch of helicopter enthusiasts. Ultimately, somebody will have to build applications and that’s why building an ecosystem and community is so important.”

Why Aren’t There Any New Enterprise Blockchain Companies?

Swanson attributed the lack of new enterprise blockchain companies to the difficulty new startups face in working against the existing competition within the space. Established companies have a head start in acquiring the essential ingredients for success in the enterprise blockchain space: capital and some kind of partnership with regulators or players of the existing infrastructure.

Furthermore, Swanson suggested that most of the obstacles encountered by enterprise blockchain companies could be easily surmounted by larger players:

“Large enterprises like Oracle, IBM, Sap, Microsoft have the capacity and budgets to acquire any of the enterprise startups. Oracle alone could acquire all the enterprise startups themselves and not blink much of an eye.”

Transitioning from Proof of Concept to the Pilot Stage

Swanson stated that one of the most critical obstacles for enterprise blockchain startups to be mindful of are the principles of financial market infrastructure (PFMI). These are a set of standards adopted after the 2008 financial crisis which the international community considers fundamental to strengthening and preserving financial stability.

“These principles are intended to prevent a snowball/domino affect where a local problem could potentially take down an entire system,” said Swanson. Due to the nature of these principles and how they interact within existing financial infrastructure, changing legacy infrastructure by integrating a blockchain that does not comply with these principles is far more time consuming and costly.

“Within these large corporations, you can’t just turn off legacy infrastructure, then turn on your blockchain version and continue production. Things have to be run in parallel for a while. It takes time and talent.”

The future of the blockchain in enterprise is not necessarily tied to more infrastructures, Swanson concluded. “Instead of building out more infrastructure, I am much more interested in seeing applications built on top of existing infrastructure.”

Watch the full episode to hear Swanson on busting hype, the recent ICO spike and the rise of cryptocurrencies as a new asset class among other things.

‘Insider Trading Is a Non-Crime’: Roger Ver Bites Back as GDAX Re-Opens Bitcoin Cash Trading

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Outspoken bitcoin cash proponent Roger Ver downplayed accusations that Coinbase employees had engaged in insider trading prior to the public revelation that the company was adding full support for bitcoin cash.

‘Insider Trading Is a Non-Crime’: Roger Ver

Speaking with CNBC on Wednesday, the early cryptocurrency investor and entrepreneur — once known as “Bitcoin Jesus” — said that the answer to the allegations of insider trading is not asking the government to further regulate cryptocurrency exchanges.

“I think insider trading is a non-crime,” Ver said during the interview. “Let’s say a bunch of people had traded in advance, then the price wouldn’t have been so volatile, and the price would already much more closely reflect the price after the news became public.”

As CCN reported, the bitcoin cash price rose considerably in advance of the announcement, leading many people to question whether Coinbase employees had, in violation of company policies, traded bitcoin cash before the news was public knowledge. There are also rumors — thus far unconfirmed by CCN — that the information had been leaked to at least one cryptocurrency trading group.

Once Coinbase did open bitcoin cash markets, the coin’s price was incredibly volatile, spiking to $9,500 and leading the company to suspend trading just minutes later. The exchange did not re-open the markets until Wednesday.

Coinbase said that it is investigating the allegations of insider trading and will terminate any employee who engaged in the practice, but the company nevertheless incurred significant criticism for the way it handled the rollout.

However, Ver said that the onus is on consumers to look out for themselves, rather relying on the government to protect them from external threats.

“At the end of the day, buyers need to beware of whatever service they’re using, whether it’s a Bitcoin exchange or a coffee shop…be careful, take a look at what you’re doing, and don’t depend on the government to keep you safe from everything out there in the world,” he said.

Bitcoin Core ‘One of the Worst Development Teams’ in Cryptocurrency

Unsurprisingly, Ver also took time in the interview to criticize the approach that Bitcoin developers have taken as they attempt to scale the network to accommodate larger numbers of users and transactions.

“That’s absolutely not true,” Ver protested when a host referred to Bitcoin Core developers as some of the best in the world. “They’ve turned [Bitcoin] into an incredibly congested network that’s been running at 100 percent capacity for months and provides a horrible user experience.

“So by those standards, I think they’re probably one of the worlds development teams in the entire crypto coin ecosystem,” he concluded.

This, he concluded,

Write to Josiah Wilmoth at josiah.wilmoth(at)cryptocoinsnews.com.

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Keeping Up With Crypto Market Now Easier, Auto-Trading Will Soon Be Possible

The cryptocurrency market is hard to keep up with. With thousands of altcoins circulating, it can be difficult to evaluate which ones are worth investing in, and it is even harder to follow their constant fluctuations. If this exponentially growing and ever-changing market can be disturbing even to experienced traders, it is natural for new investors to feel lost in this complex environment.

As the market grew into this crypto fever that we are now witnessing, several platforms that monitor the performance of different currencies have been created. It is not uncommon to see cryptocurrency investors constantly checking their phones for news on their favorite currency or token. But even though you can find a lot of the information condensed in the same space, it is still very overwhelming to assimilate it all and discern what is relevant and what isn’t. This is particularly true for someone who has no experience in trading.

The bot that does your homework

Well, fear not, for monitoring the crypto market has just been made a lot easier. CryptoPing, a bot that signals unusual actions on the market, has improved the services available for subscribers. Although it has been out there for a while, CryptoPing has now been enhanced in order to provide new data such as price/volume percentage increase. It also allows filtering assets by whitelists, blacklists, premine, and ICO or no ICO. CryptoPing also cross-references information from several currency trading platforms.

The new features also include signal reception delivered through an API, a system available only for subscribers who submit an API usage application. This allows downloading of a CSV that has your history into an account with the same data displayed in the dashboard.

The service also allows experienced traders to publish their trading insights so that new traders can follow their steps. The social trading system is only available to subscribers and allows users to become public traders, who are then ranked according to the performance of their signals.

Although CryptoPing is also available for free, non-subscribers are not able to follow other traders. Additionally, they only receive signals after all subscribers have received theirs, but users with free-tier accounts can now customize exchanges. For now, CryptoPing just cross references information from different trading platforms, but it is also developing the ability to analyse any news and social media posts. This unusual feature will help to predict alterations in prices even for assets which may not have been listed yet on any exchange platform.

Into auto-trading

The ultimate goal is for CryptoPing to evolve into an investing app. It will allow users to invest according to the filtered bot signals by adding users’ API keys, which will allow to trade directly through the app. Its second stage will feature an auto-trading option, designed to achieve “steady profits” for its users, as is specified in the company’s white paper.

Security is obviously an important issue when trading functionality is enabled. To guard against the possibility of accounts being hacked, CryptoPing servers will not hold any API keys. Instead, these keys will be stored on user’s devices.

The subscription is paid for in Ping, a token created specifically for this purpose, and it costs the Ping equivalent to $20. Ping is currently available on Tidex, YoBit and Waves DEX. From Dec. 20, 2017 until March 20, 2018 the company is offering the possibility of activating a free 30-day subscription for subscribers who maintain 100 PING in their account.

Inês Linhares Dias

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Bitcoin Price Analysis: Expect Some Lower Lows Before the Next Bounce

Two days ago, I outlined a potential BTC-USD price breakdown due the broken hypodermic trendline.  Since then, the price has dropped nearly $7,000 and is showing signs of further downward continuation.  Let’s take a look at the chart from the last BTC-USD market analysis:


Figure_1.JPG

Figure 1:  BTC-USD, 4-Hour Candles, Trend Prior to Breakdown

As you can see, the price was holding on by a thread near the red, hypodermic trendline.  Once it managed to break this trend, the price immediately and aggressively dropped.  Thus, the market signaled the end of the current parabolic breakout.  Currently, it is finding support on the parabolic curve; but on the lower timescales, it shows signs it might take one last move downward before a proper bounce occurs.  Since the hypodermic trend occurred once the market broke the linear trend, there is likely going to be very strong support there:

Figure_2.JPG

Figure 2:  BTCU-SD, 4-Hour Candles, Hypodermic Breakdown

In the event that BTC-USD sees new lows, we can expect solid support in the upper $9900s to low $10,000s.  From there we will likely see a bounce leading to a consolidation period, where the market will ultimately decide if it wants to resume the downtrend or break upwards.  Given the fact that we broke out of a distribution trading range, it is likely that we will resume this down trend after any potential consolidation.  

Distribution is the top of the market cycle and leads to a markdown in price once the trading range is broken.  However, this is all up in the air right now and we will still have to see how bitcoin handles the next phase of consolidation.  For now, I don’t anticipate any radical lows ranging beyond the linear trend support shown above.

At this point, it doesn’t appear we have reached a selling climax.  Although the selling has been intense, there is nothing terribly notable on the macro view of last nights aggressive moves:


Figure_3.JPG

Figure 3:  BTC-USD, 12-Hour Candles, Macro Volume

There was a lot of volume during last night’s moves, but there wasn’t a selling climax that would notably mark what we would expect from such a fantastic drop in price.  Maybe I’ll be proven wrong, but I’m anticipating lower lows in the coming days and weeks.

Summary:

  1. Bitcoin broke down out of its hypodermic trend.

  2. It is currently finding support on its macro parabolic trend.

  3. Another shove downward is likely, but I believe it will lead to a bounce to a medium-term consolidation period.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

Blockchain It! Companies Rename Themselves To Bump Up Share Price

The craze continues as companies begin changing their name to include the word “Blockchain” and watch their share price soar. As The Verge reports, a spate of renaming shenanigans has seen Long Island Drinks Corp become Long Blockchain, immediately causing its stock to surge 200%.

Likewise, a California-based vaping startup Vapetek changed its name to the unlikely Nodechain, while offering only vague promises about its Blockchain-inclusive future plans.

The practice continues what has become a curious phenomenon. In October, Cointelegraph reported on how a veteran yet little-known UK telecommunications company reinvented itself as a notionally Blockchain-centric outfit, adding the term to its company name. Its stock swiftly took off, jumping from £15 ($20) to a high of £84 ($112) in days.

The trend continues in Asia, with Hong Kong tea manufacturer Ping Shan Tea Group now becoming the tenuously tea-linked Blockchain Group Co. How Blockchain impacts the company’s operations or product remains uncertain, with its website making no mention of the technology other than in its new name.

In Russia, cryptocurrency-related consumer marketing has taken a more mainstream turn, with Cointelegraph noting how a sushi restaurant chain rolled out an ICO-themed drinks menu, even including a reference to China’s ban.

Burger King outlets in the country have also experimented with their own token, which the fast food giant dubbed ‘Whoppercoin.’