Blackrock, the world’s largest asset manager, has explained the importance of the Bitcoin halving. “One of the reasons some people find bitcoin valuable is its scarcity,” Blackrock explained, adding that the halving also “underscores Bitcoin’s decentralized, programmatic nature and its resistance to inflationary pressures that traditional currencies often face.” Blackrock on Bitcoin Halving Blackrock, the […]
Bitcoin News
$10.5 Trillion Asset Manager Blackrock’s Spot Bitcoin ETF Now Holds 270K BTC
Blackrock, the world’s largest asset manager, shattered its record for assets under management (AUM), reaching a staggering .5 trillion. This financial behemoth also continues to dominate the U.S. spot bitcoin ETF market with its Ishares Bitcoin Trust (IBIT), which has amassed nearly 270K bitcoins. IBIT Has Amassed Nearly 270K Bitcoins Blackrock, the world’s largest asset […]
Bitcoin News
Charted: Polkadot (DOT) Surges 35%, Key Resistance Turned Support at $10.5
Polkadot’s DOT started a strong surge after it broke the .00 resistance against the US Dollar. It is up over 35% this week, and it outperformed bitcoin.
- DOT gained pace above the .50 and .00 resistance levels against the US dollar.
- The price traded to a new yearly high at .60 and settled well above the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near .35 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
- The pair could correct lower, but the previous resistance at .50 might provide support.
Polkadot’s DOT Rallies Above
After testing the .20 zone, DOT started a fresh increase above the .50 resistance level. The bulls gained strength, resulting in a solid push above the .00 pivot level.
There was a clear break above a key bearish trend line with resistance near .35 on the 4-hours chart of the DOT/USD pair. It opened the doors for a steady increase above the .00 level. The bulls pushed the price above the 76.4% Fib retracement level of the downward move from the .71 swing high to .18 low.
It even broke the last swing high near .71 and settled well above the 100 simple moving average (4-hours). Finally, there was a break above .00 and the price tested the .60 zone.
Source: DOTUSD on TradingView.com
It seems like the price is facing hurdles near .50-.60. It represents the 1.236 Fib extension level of the downward move from the .71 swing high to .18 low. It seems like there could be a downside correction from the .50 level.
On the downside, the previous breakout zone near the .70 and .50 levels could act as a strong support. Any more losses could lead the price towards the .00 support zone.
More Upsides?
If DOT price starts a fresh increase, it could easily clear the .50 and .60 resistance levels. The next major resistance on the upside could be near the .00 level.
A close above the .00 may possibly open the doors for a sustained upward move. In the stated case, the bulls might aim a test of the .00 level.
Technical Indicators
4-Hours MACD – The MACD for DOT/USD is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now well above the 60 level.
Major Support Levels – .00, .70 and .50.
Major Resistance Levels – .50, .60 and .00.
Charted: Chainlink (LINK) Rejected $11, And It’s Vulnerable to a Drop Below $10.5
Chainlink (LINK) started a fresh increase, but it struggled to clear the .00 resistance. There is now a risk of a sharp decline below .50 if there is no break above .00.
- Chainlink token price is struggling to gain momentum above .00 and .10 against the US dollar.
- The price is still trading well above .50 and the 100 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance near .65 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The pair could nosedive below .50 if it continues to struggle near .00.
Chainlink (LINK) Price is Facing Hurdles
After a test of the .80 resistance, there was a downside correction in chainlink (LINK) below .00. The price even broke the .50 support, but it remained well bid above the .25 support and the 100 simple moving average (4-hours).
A low is formed near .26 and the price is currently recovering higher. There was a break above a major contracting triangle with resistance near .65 on the 4-hours chart of the LINK/USD pair.
The pair broke the .80 resistance level, plus the 50% Fib retracement level of the downward move from the .82 high to .26 low. However, the price faced a strong resistance near the .00 and .10 levels.
Source: LINKUSD on TradingView.com
It seems like there was a rejection near the 61.8% Fib retracement level of the downward move from the .82 high to .26 low. The price is currently moving lower and trading with a bearish angle below .85. The next support is near the .50 level.
The main support is near the .25 level and the 100 simple moving average (4-hours), below which there is a risk of a sharp decline. The next major support is seen near the .60 level.
Fresh Increase?
If chainlink’s price manages to stay above .50, there are chances of a clear break above the .00 resistance level. The bulls need to gain strength above .10 for a sustained upward move.
If they succeed, the price might even surpass the .50 level. The next major resistance is near the .80 zone, above which the bulls might aim a test of the .00 resistance in the near term.
Technical Indicators
4-hours MACD – The MACD for LINK/USD is now in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is declining and it is just below the 50 level.
Major Support Levels – .60, .50 and .25.
Major Resistance Levels – .00, .10 and .80.
XRP Spikes 10.5% in Biggest Single Day Surge in 8 Months: What Triggered it?
XRP, the native cryptocurrency of multi-billion dollar fintech company Ripple and its blockchain platform, spiked by 10.5 percent on January 6. The sudden upsurge is likely to have been fueled by Binance Futures integration and strong technicals.
Similar to platforms that existed in the crypto sector for many years like BitMEX, Binance Futures enable users to trade cryptocurrencies with a high level of leverage. Futures platforms tend to see substantially higher volumes than spot exchanges and as such, XRP rising in the aftermath of a Binance Futures integration is justifiable.
A large spike in XRP, first of its kind since mid-2019
The price of XRP increased from .1942 to .2139 from the day’s lowest point to highest, by just over 10.5 percent.
But, some of the upside movement of XRP occurred before the official integration of XRP by Binance Futures.
One possible scenario is that XRP, which has been stagnant throughout 2019, saw its first meaningful increase in price since September of last year as the crypto market sentiment improved.
The upward movement of XRP was further boosted by the launch of XRP futures on Binance, as it increased by an additional 2.3 percent hours after trading opened on Binance.
Had the Binance Futures integration been the sole driving factor of its price increase, then a sell-the-news type correction is likely to have occured right after the integration.
Yet, the price of XRP is continuing to increase across major platforms including Binance Futures and BitMEX.
XRP records biggest single day increase since May 2019 (Source: TradingView)
Still a long way to go for full recovery
XRP remains one of the few top cryptocurrencies to be down by more than 93 percent from its record high alongside Bitcoin Cash.
Despite major partnerships secured by Ripple and the extensive usage of XRP by blockchain platforms operated by Ripple, the cryptocurrency has failed to demonstrate signs of a proper recovery since 2018.
The sales of XRP by Ripple, which range from tens of millions of dollars to hundreds of millions dollars per quarter, could have limited the upside potential of the cryptocurrency in recent years.
Ripple’s SVP of Marketing Monica Long said that 2019 has been a key “breakout” year for RippleNet and the usage of XRP for cross-border payments. For that to happen, sales of the cryptocurrency to institutions are deemed as necessary to a certain extent.
For XRP to position itself for a sustainable recovery in 2020, the growth of the Ripple blockchain ecosystem has to meet the expectations of both the company and investors.
“I was very pleasantly surprised by the demand that we saw for On-Demand Liquidity from the existing RippleNet customer base. For a long time we had validated the value proposition for On-Demand Liquidity both for market research and talking to our customers, but 2019 was a breakout year for that product and customer adoption,” Long said. The post appeared first on NewsBTC.
NewsBTC
Ripple (XRP) Bleeding, Down 10.5% May Retest Q1 2019 Support
- Ripple (XRP) drops 10.5 percent
- SWIFT and rival platforms are not Ripple’s competitors
Christine Lagarde will take over from Mario Draghi. According to analysts plus her previous comments on Ripple, this is bullish for XRP. However, that is not enough to prop XRP, which is down 10.5 percent in 24 hours.
Ripple Price Analysis
Fundamentals
The so-called XRP Army is known for its ferocious protection of Ripple and XRP. Supporting the third most liquid asset in their swarm and vigor, they tear down critics-regardless of the objective or validity of their questions. Their effort has seen Binance make XRP base currency.
Besides, for their tireless effort, they had a response from Microsoft’s Skype. Although their request is still in consideration, their role is indeed significant. After all, overt support from the community is that cog that keeps the project’s wheel rolling, replenishing morale.
Overly, Ripple’s goal is to expand as a global payment settlement platform. Even so, according to their Head of Global Banking, Marjan Delatinne, their objective is not to compete with SWIFT and other rival platforms per se but to complement them.
Presently, the focus is on Christine Lagarde. A politician and serving as the Managing Director of the IMF, the finance figurehead synonymous with the Bretton Woods Institution member, is open to cryptocurrencies and interestingly keen on Ripple.
Insisting that banks and financial institutions must adapt to remain competitive, her view is supportive of cryptocurrencies in general. Although the European Central Bank (ECB )is rigid, recently saying Bitcoin is not a currency but rather an asset, her taking over from Mario Draghi could change the European’s regulator view.
Candlestick Arrangement
At the time of writing, XRP is in a free fall, crashing below April high with an uptick in participation. By dropping a massive 10.5 percent in the last day, price is trading below the main support level at 40 cents.
At this pace-and assuming there is a buildup of panic sells because of today’s meltdown, prices may crash and close below 34 cents invalidating previous XRP/USD trade plans. Presently, prices are back to consolidation and to the 15 cents range with caps at 50 cents.
Because of previous assertions, traders should take a neutral stance while being cautiously optimistic. Even so, any breach of 34 cents nullifies this trade plan’s bullish outlook as bears are likely to drive prices to 30 cents, retesting Q1 2019 main support level.
Technical Indicators
There is a sharp spike in trading volumes confirming losses of June 27. The upsurge in participation from 11 million to over 35 million is a signal of weakness. Because of this, it is highly likely that XRP may drop to 30 cents in a retest of Q1 2019 support.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
The post Ripple (XRP) Bleeding, Down 10.5% May Retest Q1 2019 Support appeared first on NewsBTC.
Playkey ICO Raises $10.5 Million for Cloud-Powered Gaming
By decentralizing, this cloud-gaming company based in Russia aims to expand into the U.S. and Asia.
CoinDesk