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Altcoin News

Most Cryptocurrencies Report Slight Losses, Bitcoin Drops Again Under $3,600

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In these Sunday’s altcoin news we can see that almost all of the top 20 cryptocurrencies are showing slight losses and Bitcoin is trading under $3,600 again according to the new data at the time of writing.

Bitcoin (BTC) is nearly 2 percent down and is trading at around $3,573 and by looking at the weekly charts; the current price seems to be $100 lower than where the price was standing at the start of the week.

Ripple (XRP) is somewhat the same losing 2.5 percent of its value over the past 24 hours and is trading at around $0.308. The current price, if we compare it to the start of the week, it’s lower than $0.325 which is where it was last Monday.

The second-largest cryptocurrency by market cap Ethereum (ETH) has also reported some losses by about 2 percent over the past 24 hours and is now trading at $113. When the week started the price of Ethereum was $121.

Some of the cryptocurrencies that are seeing some growth are TRON which is up by almost 9 percent and also the Binance Coin (BNB) is up by more than 2 percent.  For TRON, the past two months were great. In the month of January, TRON outperformed both Bitcoin and the US Dollar and since December 15th, managed to increase from $0.0129 to $0.0303 which is more than 134%.

The current combined market cap of all cryptocurrencies is close to $119 billion which is a little lower than the $121 billion reported just seven days ago.

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Altcoin News

OKCoin Exchange Invests In Crypto Custody Provider Prime Trust

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In the latest cryptocurrency news, we have the major OKCoin exchange with its latest decision to invest an undisclosed amount of money in the crypto custody provider Prime Trust. According to a note sent to customers on Wednesday, the CEO of Prime Trust and chief trust officer Scott Purcell said that the firm has decided to close a "nice" funding round that was led by the California-based exchange. Among the other participants in the round funding the OKCoin exchange decision were Gateway Blockchain Partners, Novablock Ventures and Xsquared Ventures. According to Purcell, no details are disclosed yet. Right now, Prime Trust serves as the OKCoin exchange fiat gateway. According to an announcement by the exchange, there is a new payment channel allowing customers to deposit funds through Prime Trust without any fees. However, the withdrawals are charged at $35 fee for each transaction. Last month, Prime Trust commented the partnership with the OKCoin exchange which was featured on many best cryptocurrency news sites. Then, the company said that it plans to launch a compliant stablecoin named "OKUSD" which will operate in the OKChain blockchain. The development of the network will be in the "final" stage, according to OKEx's statement from last month. On top of that, the coming altcoin news show that a new decentralized exchange (DEX) launched by the OKCoin exchange is also on the horizon. Meanwhile, Prime Trust which is a Nevada-based financial company, quietly entered the crypto custody of digital assets any longer which is in line with its custody services for stocks and bonds. As Purcell told media outlets at the time, the decision for OKCoin exchange to partner with Prime Trust has many other sources of revenue that make up for the removal of custody fees.
“We make money just as Robinhood, Northern Trust and other traditional custodians do. The costs of custody are offset by other services," Purcell explained.
This is definitely something that stirred up the market from a positive viewpoint, allowing traders to speculate on the potential novelties that the partnership could bring.
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Altcoin News

Coinbase Expands Its Crypto Offering To 11 More Countries

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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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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 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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