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Analysis

South Korean Crypto Exchanges Are Struggling To Adjust To Bear Market Conditions

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bithumb cryptocurrency exchange

A publication in Blockinpress.com that we are going over in today’s blockchain news, shows that the exchanges in South Korea are having a hard time to survive the harsh bear market that is still on-going in its 14-month –long correction trend.

The global crypto exchange market has reached a massive decline in volume since 2018 and the largest exchanges such as Bithumb and Korbit are losing their employees voluntarily by at least 15 percent.

The crypto winter has hit the South Korean crypto market extremely hard and has led for the trading activity to decrease significantly which shows there is no interest in the market either. Though the bear market has hit almost all crypto markets, the consequences in South Korea are visible the most.

Korkbit CEO Tony Lyu said that

 “Word just spreads really fast in Korea. Once people are invested, they want everyone else to join the party. There’s been this huge, almost a community movement around this.’’

Most of the exchanges rely on withdrawal, transaction and other fees that are included on the platform and when the digital assets’ volume declines, the main source of revenue declines as well. Some believe that the pace that the industry was going to into more problems has slowed down. In every bear market, exchanges make less revenue so companies have to make cuts but that is not something that hasn’t happened before during a bear market.

South Korea was ranked as the third largest crypto market by volume at one point in time. However, not all is bad. Bithumb and Upbit and a few other exchanges joined together in an alliance to fight money laundering by sharing data of suspicious transactions and addresses.

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Altcoin News

Five Altcoins To Watch This Spring Besides Bitcoin: Analysis

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Five altcoins to watch this spring include some of the best performers on the market as the coming altcoin news show us. 2019 was a great year so far for some of the cryptocurrencies which is why we are about to show which ones can give you the benefit that you desire. This month was a great month for most of the cryptocurrencies especially for the top five altcoins by market cap including Bitcoin after it increased up 35 percent so far. The entire market added about $40 billion in less than 30 days while the other altcoins followed. That’s why we have a list of the altcoins that had the best performance so far. Binance Coin (BNB) is among the top five altcoins to watch the next period since it was many times proclaimed as the best performer since the start of the year. The BNB coin is the best performer because it managed to increase by up to 300 percent and is now trading at $24.29. Also, a couple of days ago, BNB breached its former ATH value and it’s the first altcoin to reach an all-time high since the bitcoin crash in 2017. Another one on the five altcoins to watch list is the Basic Attention Token (BAT). This altcoin is another one of the best performers for 2019. The altcoin managed to increase up to 200 percent in only one year. BAT is trading around $0.39 despite being 7 percent down in a period of 24 hours. The BAT token was a project of both the founder of Mozilla and Firefox and it represents an open-source decentralized protocol. Moving on to our top five altcoins to watch list we have Litecoin (LTC) which is currently trading at $78.63. The altcoin had a decent rally since the start of 2019 and it increased up to 150 percent against the US dollar. The list gets longer by adding the EOS cryptocurrency which doubled in value since the beginning of 2019 by more than 100 percent. Last on the five altcoins to watch list is Ripple. Its performance might not be as great as the others but it stayed relatively strong despite the growing competition. XRP saw a slight decline of 7 percent against the USD and is now according to analysts as we mentioned in the latest cryptocurrency news, reached its worst year so far.
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Altcoin News

Ripple’s XRP Token Is Officially The Worst-Performing Asset Of 2019

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Ripple' XRP token is off to a terrible start in 2019. Just after Bitcoin managed to conquer the bull territory back, the third largest altcoin by market cap crashed by 16 percent. Following the price movements, we read the analysis in the coming altcoin news below. The crypto asset is now the worst-performing asset among the top ten cryptocurrencies. While the entire market goes into bull territory again, Ripple's XRP token started to pull back. It also pulled back during the trading session yesterday and it crashed by 7 percent reaching a price point of $0.03 price mark. The altcoin is continuously underperforming bitcoin but also the entire crypto market. The crypto market massively improved in the first couple of months of 2019. For example, Bitcoin surged up to 43 percent since the year started. The number one cryptocurrency even managed to outperform most of the stock market. Rather than Ripple (XRP), other cryptocurrencies also performed well. Litecoin for example, increased up to 135 percent since January while EOS increased up to 82 percent. The most popular coin currently, the Binance Coin surged up to 283 percent. However, Ripple (XRP) failed to join its peers and was left stuck 92 percent lower than its all-time high of $3.84. As the best cryptocurrency news sites wrote, there was a lack of price action behind the digital asset. The company is currently trying to provide international remittance technology for major banks. But despite the efforts, only a few financial institutions are actually using the XRP token for liquidity. The CEO of Ripple Brad Garlinghouse, was very positive back in the past when he claimed that ‘’dozens of banks will be using Ripple’s xRapid service.’’ So far, there is only one licensed bank to use the xRapid system. The system is not yet ready to change the entire finance industry. Traders are still coming back to the traditional methods since they don’t trust cryptocurrencies as much. The selling point of Ripple's XRP token was decreased right after JP Morgan and Facebook entered the crypto industry. The industry was shaken when the new JPM Coin was introduced earlier this year and some analysts believe that this was one of the reasons that lowered down the XRP’s action.
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Analysis

Bitcoin To $6k: BTC Looks Good Despite Recent Reversal

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Bitcoin is in the latest cryptocurrency news for incurring a significant amount of buying pressure which in turn led the cryptocurrency to surge past the $5,600 levels. However, despite the recent correction to $5,400, analysts say that Bitcoin to $6k is still a reality that is possible. The recent inability to hold support at the price level has allowed Bitcoin to fall in the $5,400 region. According to one analyst, Bitcoin could be close to form another leg up on the condition that it is able to reach a strong buying action if it is to dip in the $5,300 region. Other analysts don't think that Bitcoin to $6k is a possible scenario that we could see in the near future mainly because of the instability and the buying pressure which is lacking - and predict that a boom is only possible in the altcoin news sphere. However, it is important to note that BTC is still trading up from its weekly lows at $5,200 and is below its one-month highs of $5,650 which were set yesterday. According to a popular cryptocurrency analyst named UB on Twitter, the Bitcoin price action could be initiated as BTC responds to the $5,300 - forming a reaction to this price level and going with another leg up.
“$BTC – I’m leaning towards another leg up if there’s a strong reaction from the ~$5300 area. If there’s a bounce before then, I may be interested in taking a short position from ~$5530 for a day trade. Whichever scenario happens, the end goal is the same ($5300),” @CryptoUB tweeted.
Another great pattern to note, in comparison with the Bitcoin to $6k trend is the ascending trendline of BTC which may lead it to climb higher in the near future. As another analyst named Alex Kruger tweeted:
“$BTC hugging this trendline, in play since the April breakout."
Kruger's comment was featured on many best cryptocurrency news sites. All of this shows that Bitcoin to $6k is a reality and that BTC may be on track for a new move into the $6,000 region. Despite the reversal and the crypto currency news showing that a boom on the altcoin market is possible, BTC may clmb in as high as $6,400 according to Josh Rager, another popular analyst on Twitter.
“$BTC – possible scenario: Bitcoin continues to make its way up to the peak interest area at $6400+. Lots of historical volume at this level and would create peak fomo. This is where people who bought previously at $6k have the opportunity sell to fomo buyers before a retrace,” Rager tweeted.
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Analysis

Litecoin Price Analysis Shows A Fresh Upward Movement Above $75

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Litecoin price analyses show that the altcoin corrected its movement and the main $75 support level. It is likely preparing a strong upwards movement above the $85 resistance level so in today’s altcoin news we take a closer look at the analysis. The litecoin price analysis shows that the altcoin corrected the lower $70 support area and is retesting the $75 support area again. LTC is setting up for a new strong movement since it already traded as low as $74.11 and rebounded above the $76 price point. The cryptocurrency is trading currently inside a correcting triangle that we should watch closely on the hourly charts. The price is expected to accelerate even higher once the cryptocurrency breaks above the $80 resistance level. Earlier today, a strong upward motion in ethereum, bitcoin cash, bitcoin, Eos and Cardano happened. According to the litecoin price analysis provided on CoinMarketCap, the cryptocurrency also increased significantly higher above the $78 level before stabilizing at $76 and it seems like the bulls are gaining momentum in the near term. If you take a closer look at the 2-hours chart Litecoin price analysis shows that the LTC/USD pair spiked below the $75 level and traded all the way at $74. However, the first support area was standing strong since the price jumped back over the $76 price level and has a 25 simple moving average. There was also a break above the 23.6% Fib retracement level when the litecoin price analysis showed a decline from the $85 all the way down to $74. The price even reached a $79 level but didn’t continue the pace above the $80 resistance level. Also, it is important to notice that the decline from the previous $85 to the $74 low is pretty much a solid resistance though it may not seem like one. The price is still fluctuating inside a major triangle with multiple resistance levels around the $79 on the same charts. If the Litecoin price analysis doesn’t show a possibility above the $80 resistance levels, the cryptocurrency could gain even further all the way up to the near $85 level. Also, if the bulls remain in action, the price could even reach the $90 level as analyzed previously in the coming altcoin news.
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