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Crypto Market Remains Vulnerable: More Losses On The Way?

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Crypto Market

Many best cryptocurrency news sites reported the declines recently, showing that Bitcoin price dropped and tested the $11,000 support level. As Bitcoin flipped, other altcoins did the same – which shows that the crypto market remains vulnerable. The price action did not sustain as BTC improved and went close to $11,500 which is its current level, too.

However, the bears may still be here and more losses could be on the way, as altcoin news analysts said. There is an ascending channel forming with support near the $11,550 on the hourly chart of the BTC/USD pair. The pair is currently trading near the channel support below which the price is likely to test $11,500. If there are any more losses, it will show that  the crypto market remains vulnerable. The main support right now is near the $11,000 level, below which the last line of defense is at the $10,880 level.

On the upside, there are a lot of hurdles near the $11,800 and $12,000 levels. In order to start a fresh increase, the price must close above the $12,000 resistance and the 100 hourly SMA. The next resistance, as such, could be near $12,250 and the 61.8% Fib retracement level of the major drop from the $13,195 high to the $10,990 low.

Looking at the current chart, the Bitcoin price is correcting but struggling as the crypto market remains vulnerable. Moreover, the latest cryptocurrency news show that BTC struggles to continue higher towards $11,800 and $11,900. Therefore, there is a strong risk of a downside break below the $11,500 and $11,400 levels in the near term.

All in all, the crypto market remains vulnerable and BTC is trading at $11,427 at press time with a $203 billion market cap. The dominance is strong and sits at 65% which maintains the record levels for Bitcoin this month. However, the total cryptocurrency market cap has declined too, and it currently sits at $313 billion. No one knows if the trend is going to continue but analysts predict that there may be more losses ahead.

The technical indicators are as following:

Hourly MACD – The MACD is moving back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and is below 50 level.

Major Support Levels – $11,500 followed by $11,400.

Major Resistance Levels – $11,800, $12,000 and $12,250.

 

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Altcoin News

High Capital Influx In Crypto Expected This Year Because Of One Factor

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A high capital influx is expected in 2020 in the cryptocurrency market - all because of one significant factor which may boost the prices up. In the cryptonews now, we can see that Bitcoin and other coins are decreasing, but the overall performance this year has been positive. This has led to an increased sense of hope among many active participants.Also, this may be a sign that billions of dollars worth of unannounced capital is close to being injected in the crypto markets with the allocation of this funding potentially allowing for ecological development in 2020.Coupled with the increasing technical strength and the bullish action that many coins initiated, the high capital influx may be enough to give the markets some further momentum throughout the year ahead, the Bitcoin news show.According to Ash Egan who is the head of crypto at Accomplice (a tech-focused venture capital firm), there is currently $2 billion in capital which is being allocated to US-based crypto funds. This capital is being distributed amongst a collection of various sized funds including "mega funds."
“There is ~$2B of unannounced capital being allocated into US-based crypto funds rn. Funds are distributed across 3 mega funds ($300m+), 4 large funds ($100m-$300m), and 4 sub $100m funds. 2020 is gonna be a wild year,” he noted.
https://twitter.com/AshAEgan/status/1220503778878607361Even though Egan did not provide a specific source for this information, the high capital influx has been backed by many other personalities in the industry.Injecting the potential billions of dollars worth of capital in the markets also comes close on the heels of recent comments from other crypto venture capitalists regarding the sense of capitulation amongst major funds.
“Spoke with multiple liquid crypto fund managers this week. They all have investors leaving their funds and leaving crypto altogether. Feels like true capitulation is finally happening,” Avigal Garg noted, known for his role as a co-founder at Electric Capital.
https://twitter.com/avichal/status/1213262413622956034However, Garg's comments came before the 2020 rally kicked off which may be a sign that the high capital influx did not come at that point. Now, the situation is different and if major funds really are on the bring of injecting billions to the markets, it is highly probable that the industry will blossom and potentially catalyze a major rally.
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Central Bank Digital Currencies Are Coming In Three Years: Survey

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Central bank digital currencies will approach the public soon enough as the banks are likely to launch then in three years' time according to an official survey as we are reading in today’s altcoin news.According to the survey on central bank digital currencies published by the Bank of International, Settlements published a few days ago, says that the central banks representing a 20 percent of the world’s population say that they are likely to launch a CBDC in the next few years and while the relative number of banks are smaller which represent 10 percent of the banks surveyed which is still twice as many as last year. About 70 percent of the central banks are not likely to issue any type of CBDC in the close future while 80 percent of them say that they are working on how to explore more into CBDC in one way or another.The banks that have moved on from conceptual research to development are now increasing in the market economies. The survey says that the smaller economies have a much stronger motivation to develop wholesale central bank digital currencies than the advanced peers which are a major concern to financial stability and payment safety. The emerging economy central banks will also be among the first to issue a general purpose CBDC and all banks will likely issue a central bank currency in a very short time on the emerging market.For economy central banks, increased efficiency and interoperability of cross-border payments are the major motivations for issuing a CBDC and it seems that economies are not rushing anywhere; instead, they are most focused on establishing better international collaboration. The BIS also asked the central banks about cryptocurrencies and one thing that sticks out from the survey is the central bank that has jurisdiction is facing serious civil unrest with a significant uptick in crypto adoption which sees wider public use for both domestic and cross-border payments. Another interesting thing is that while 60 percent of the central banks consider how can stablecoins impact monetary and financial stability and none of them are emerging market institutions.The motivations are now stable but the central banks with firmer plans to issue CBDC are now closer to doing so. About 10 percent of the central banks surveyed are likely to issue a CBDC for the general public in the shortest term which represents 20% of the population.
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Crypto Exchanges Report Large Decline In BTC Trading Volumes

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It's official - we are part of a declining crypto market which has led to lower trading volume of top cryptocurrencies, top crypto exchanges report now. However, a chance might not be on the cards which is what worries many people.A December review of the top crypto exchanges published today by one media outlet shows that Binance is quickly eating up the market share in derivatives and that volume has significantly fallen in recent months.Just like that, the crypto exchanges report shows that trading dropped to $432 billion in December and top-tier exchanges were hit the hardest - are now down by 26%. On top of this, the crypto exchange volume has been falling steadily month on month and was like this ever since the bullish crypto market transmogrified into a bearish one in the second half of 2019.Adding to this, the report that is now viral in the cryptocurrency news also found that the market was very skewed towards exchanges of poorer quality. In that manner, the top-tier exchange volume represented just 27% of the crypto market. The crypto exchanges report also shows a rise in wash trading which is prevalent in the industry now.Additionally, exchanges which charged fees such as maker or taker fees took a hit in December 2019, trading $319 billion in total or a figure which is down 18% from the previous month. Trans-fee mining exchanges, however, fell even harder with a volume of $108.7 billion in December 2019 which is down by 30% compared to the previous month.The Bitcoin price news might have affected the market from many aspects. However, there were some winners emerging from it, too. For instance, we can see that Bitforex was the top crypto-to-crypto exchange in December by its total volume, trading a total $35.64 billion in the month which is up by 5% from the November levels. It was also the top trans-fee mining exchange.When it comes to fiat-to-crypto exchanges, P2PB2B came out on top and traded $27.54 billion in December. However, this exchange was still down by 11% since November. Similarly IDEX was the biggest decentralized exchange of the month as it traded $8 million in December, up by 13% compared to the month before.The crypto exchanges report shows that traders are very hopeful that the market is breaking out of its downward trend and this may push things up a bit in the first quarter of 2020.
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Square Gets Patent For Real-Time Crypto-To-Fiat Swaps

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The mobile payment and financial services company and app Square gets patent for crypto in real-time point-of-sale transactions. The company, owned by the Twitter CEO Jack Dorsey, was awarded the patent from the United States Patent Office (USPTO) because of the revolutionary technology that the team thinks will crack a present barrier in merchant transactions.
“All cryptocurrencies face the same drawback in that they are not widely accepted. Presently, cryptocurrencies, like bitcoin, are not accepted by most retail merchants, or even by most online merchants," the post reads.
As the team at Square gets patent for this application, they cited a number of drawbacks to current crypto spending. For instance, they said that transactions take a while to process and that minor advances still defy practical timeframes - such as buying a hypothetical cup of coffee in a transaction which the blockchain could take hours to record.The blockchain news also show that the anonymity of cryptocurrencies is what exposes merchants to potential criminal activity like money laundering. There is also the money angle, as the fluctuation of the crypto exchange rates poses a financial risk to all business owners.However, Square gets patent for crypto-to-fiat real time swaps and its technology now aims at full reporting. The tech would receive a request for payment in the consumer's asset of choice while using a privacy coin - and approve this for the merchant to get full value in their asset of choice and in real-time.Even though Square did not fully explain its technology or speak about its work (and its point of sale devices), a spokesperson declined to confirm a specific pending usage for the newly patented system.Aside from the news that Square gets patent for fiat-to-crypto transactions, earlier this year we saw that the payment app announced the start of a Lighting Development Kit (LDK) on its blog. Larger than a node, this kit would customize experiences for wallet as well as app developments. It will include an API, language bindings and demo apps. As the blog post detailed, the shaky structure of the Lighting would lead to many improvements in the future as well as low-fee Bitcoin payments “as common as cash used to be.”
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