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Binance Analyst Thinks That Bitcoin And Crypto Could Reverse Soon

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Binance report

A new expert analysis is in the latest cryptocurrency news. According to an analyst at Binance Research, the correlation between Bitcoin and crypto is right now in the focus as the market has bottomed out.

The report, as featured on many best cryptocurrency news sites, cites a high correlation between the price movements of Bitcoin and altcoins that lasted 90 days, ending on March 14th as an indication that a market reversal is finally on the horizon.

As the report cites:

“Within this period, the composite altcoin correlation with Bitcoin also hit an all-time high (13 Mar 2018). That coincided with Bitcoin’s fall from the $6,000 range to the $3,000 range.

This high correlation suggests that market sentiment has already found a local maximum during that period, and a trend reversal may possibly ensue.”

In it, it can also be seen that it is still early days for Bitcoin and crypto and the institutional participants in the crypto market, finding out that about 7% of all cryptocurrencies are held by institutional investors.

“An estimated 7% of the crypto assets are held by institutional investors, which is almost one-thirteenth of the institutional holdings proportion for the U.S. stock market.”

Among the key takeaways is also the high turnover rates for crypto assets. As the report states:

“Higher turnover rates for crypto assets (five times higher than that of the U.S. stock market) indicate that participants in the crypto asset industry could be more active or reactionary than in traditional markets.”

To sum things up, the report again notes the correlation between Bitcoin and crypto and the price “inflection point” stating:

“Extreme internal correlation among coins is often accompanied by a price “inflection point. Having emerged from a period of the highest internal correlations in crypto history, the data may support the notion that the crypto market has already bottomed out.”

Let’s hope that the main cryptocurrencies are stable now – and that a surge is coming.

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Altcoin News

Coinbase Expands Its Crypto Offering To 11 More Countries

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Coinbase expands
The major American cryptocurrency exchange Coinbase has decided to expand its crypto to crypto trading to more countries, as a recent blog post published by the exchange noted. The news that Coinbase expands went viral on many best cryptocurrency news sites and was well accepted by the crypto community. The full crypto news showed that Coinbase and its professional trading platform Coinbase Pro have introduced the crypto-to-crypto conversions and trading to 11 more countries in Latin America and Southeast Asia. The product is now available in the following countries: Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand. As Coinbase explained:
“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”
Meanwhile, the news that Coinbase expands allow customers in the aforementioned countries to store, trade, send and receive cryptocurrencies. As the latest cryptocurrency news show, the exchange also suggested that cryptocurrencies are moving from the current "investment phase" into the "utility phase" following a number of new use cases. Recently, the company introduced a lot of new developments, one of which was featured in the altcoin news section. It was the added support for EOS (EOS), Maker (MKR) and Augur (REP) which went viral and expanded into cross-border payments. The latter development reportedly enables users to send as well as receive money instantly and convert them into local currency. As part of the news that Coinbase expands, the report concluded:
"Realizing our mission of creating an open financial system for the world starts with making it as easy as possible to access crypto. With today’s announcement, we’re happy to take an important step in that direction."
Earlier in April this year, Coinbase also launched the Coinbase Card in a partnership with Visa, enabling its United Kingdom-based customers to pay in-store and online using cryptocurrencies. As a result, the new service will allow Coinbase to instantly convert the customers' cryptocurrency funds into fiat currency in order to complete each purchase. This is definitely a lot of news coverage showing that Coinbase expands in different directions and is on a mission to offer various trading options globally.
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Altcoin News

LTC Price Can’t Keep The Pace Any Longer: Crypto Analyst

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ltc price
The LTC price was one of the best achievers in 2019 after it managed to increase up to a stunning 162 percent since 2018. In our coming altcoin news, we find out that the strong pace of the cryptocurrency, cannot be maintained any longer, at least that is what one crypto analyst believes. Binance coin was the only one to outperform the LTC price among the rest of the larger-cap crypto assets and Litecoin’s 2019 rally surpassed the price of bitcoin by at least 40 percent leaving the number one cryptocurrency behind. However, it seems that the sixth-largest cryptocurrency is approaching a sell-off period. Crypto brokerage BitOoda posted a note to clients saying that a downward trend is at the phase of creating on the Litecoin chart. This suggests that the LTC price could be on a short-term breakdown territory. The sell-off could cause the value of the altcoin to crash below the $75 support line. Brian Donovan, the EVP of BitOoda explained:
 “We have seen a downward wedge forming over the last week or so. We look for potential breakdown of that $75 near-term support.”
While the analysis from Donovan suggests that traders might want to take advantage of the short-term profits, the litecoin price breakdown does not mean that the altcoin will be weak in the long-term. It only shows that the LTC price will be up for a healthy retracement since its value surged by more than 350 percent after the bear market low at $22. Donovan continued:
 “LTC has rallied from the lows of last December from ~$22 roughly 350%. A short-term retracement would not at all be unlikely NOR would it be a bad sign for the token. Healthy pullbacks can and should occur in an asset that rallies this hard, this fast.”
However, as some of the best cryptocurrency news sites show, not all analysts are convinced that the litecoin support level will reach a breakdown point. The Rhythm Trader posted on Twitter explaining a more bullish scenario. He stated that if the volume is rushed to defending the support level, the LTC price could reach a triple-digit territory:
 “If $LTC shows a little volume here, this could get really interesting with a break of $100 quick if this support holds.”
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Altcoin News

Tezos Price Rises By 10% Reaching A New Five-Month High

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tezos price
Tezos price spiked over the weekend starting a positive movement after multiple rough sessions at the beginning of the week. As the altcoin news show, the XTZ altcoin reached a market cap of $790 million. The Tezos price compared to the dollar exchange rate shows a 10 percent increase by establishing an intraday high at $1.19. The USD/XTZ pair found a slight support level and it is the same one from the Bitcoin Cash forking even in November. The price did drop only to find a bottom area around the $0.34 price point. After the strong rebound, the XTZ value was brought back to $1.19 for the second time in one week. If a break above the $1.19 level happens, this could boost the Tezos price in the near term. The volume distribution on the market looks extremely concentrated on new altcoins. Overall, the XTZ-pairs show a solid $5.69 million worth of trading over the past 24 hours. BitMax, for example, was a host for more than 35.65 percent of those trades mainly against Bitcoin and Ethereum. However, as previously reported in our latest cryptocurrency news, the exchange has a reputation of faking the volumes. It is possible to assume that the Tezos price could find an intraday uptrend and spike further to influence the overall crypto market trend. Over the past 24 hours, most of the crypto assets were trading in green. For example, Bitcoin increased by 2.55 percent against the dollar while Ethereum and Stellar followed. The Minister of Finance of France Bruno Le Maire explained that the Tezos blockchain is superior to its peers. He was also speaking to an audience at the Paris Blockchain Week Summit making bold predictions about the Tezos price as well. He pointed out:
 “France has some nuggets on the entire value chain of new services to companies, hardware, and protocols. I am thinking in particular of Tezos and which allows the development of a blockchain protocol overcoming the known defects of public blockchains.”
The Tezos price was already improving after the partnership with Coinbase crypto exchange. Both of the companies now allow institutional investors to ear passive rewards. San Francisco-based Coinbase even promised up to 6.6 percent yearly returns to the investors.
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Altcoin News

Notre Dame Reconstruction Powered By Crypto Fundraising Campaign

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Notre Dame Reconstruction
A campaign for raising cryptocurrencies was launched yesterday by BlockShow in order to help with the Notre Dame reconstruction. In our latest altcoin news, we get more familiar with the idea. BlockShow is a blockchain event powered by Cointelegraph and on their official Twitter account, you can even see the idea for the fundraising in order to help the Notre Dame reconstruction. The team from BlockShow reveals that the campaign was launched after the devastating fire that destroyed one of the oldest cathedrals in the world. The BlockShow team announced two cryptocurrency wallet addresses for everyone that is interested in donating cryptocurrency for the Notre Dame reconstruction. The donations can be done in both Ethereum (ETH) and Bitcoin (BTC). There is also a link to the Foundations Du Patrimoine if you would like to donate fiat currencies. According to the latest cryptocurrency news coming from the National Public Radio, there are a few other campaigns launched for the Notre Dame reconstruction including a GoFundMe campaign and Avenir du Patrimoine a Paris. There are millions of dollars gathered already with the help of some of the richest men in France. News about the cathedral fire has caught the attention of many popular figures including the ex-president of the United States Barack Obama:
 “Notre Dame is one of the world’s great treasures, and we’re thinking of the people of France in your time of grief. It’s in our nature to mourn when we see history lost — but it’s also in our nature to rebuild for tomorrow, as strong as we can.”
The president of the European Council Donald Tusk also stated about the cathedral fire:
 “I’d like to say words of comfort and solidarity with the French nation, also as citizen of Gdańsk, 90% destroyed and burnt, later rebuilt. You will also rebuild your cathedral! From Strasbourg, French capital of the EU, I call on all 28 States to take part in this task.”
The news about the Notre Dame reconstruction reached all of the best cryptocurrency news sites where it can be seen that people around the world are willing to help. Popular singers, actors, and politicians joined the bandwagon.
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