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Analysis

Genesis Trading CEO: Bitcoin Will Bottom Out At $3,000

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Michael Moro, the CEO of Genesis Trading is in today’s cryptocurrency news for his prediction that bitcoin will likely bottom out at $3,000 after a whole week of declining and reaching $4,350. Moro thinks that the $4,000 support level is highly unlikely to last much longer as the selling pressure will continue to bring the price down.

Moro stated that the current situation is not working in favor of the day traders and investors that want to earn some quick money. However, he noted that the number one cryptocurrency has already experienced about 80 percent declines which are spread out in five occasions and this is yet the smallest one in the ten-year history of its existence.

He believes that institutional investors that want to buy bitcoin and are sure of it; don’t really consider this drop a serious problem. They are looking at a long-term investment that will fluctuate over the course of 3-5 years. Also, the cost of mining 1 BTC will drop as soon as the network’s hash rate drops as well. The biggest miners are still willing to continue mining at a loss.

When he was asked what he thinks the price floor prediction will get he said:

 “It’s really difficult. There are small levels of resistance, and we’ve seen the 4000 level get tested twice now in the last couple days, but I really don’t think there’s too much in the mid 3000s, so you won’t find much until you hit the 3k flat level.”

While trying to explain why Bitcoin is under a huge selling pressure, Moro noted that investor who got in the market before the bull run, liquidated their holdings so they can cut their losses, but the older investors have also started to liquidate and take their gains.

However, according to Moro, this isn’t a terminal drop for Bitcoin.

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Analysis

Crypto Winters Could Provide Space For True Believers According To Reddit Co-Founder

The co-founder of Reddit Alexis Ohanian who is also a popular crypto bull, claims that the crypto hype is going away and is creating space for true crypto builders and believers. He spoke for a Yahoo Finance interview that reached our crypto news today. Ohanian explained that the current state of the crypto market is still in a crypto winter phase. He also cited Coinbase CEO Brian Armstrong after he said that the bear market has contributed to eliminating the crypto speculators and that the true believers have stayed and will build a better crypto infrastructure. Co-founder of Reddit also said:
 “Now, it's still to be seen. But what's a strong signal to me is still some of the smartest people I know in tech are working on solving these problems. They're building companies that are built on blockchain. The hype is gone. The fervor is gone. But I think that's a good thing.”
Ohanian was asked what he believes about the launch of the JPMorgan Chases’ JPMcoin which is a blockchain-based asset aiming to increase settlement efficiency within the operations of the bank itself for which he stressed that that move is just another indication that there is real innovation in the crypto market ongoing and the upcoming release is a good thing. Alexis Ohanian became a multi-millionaire in 2006 after he sold Reddit with the second co-founder Steve Huffman and he is also a co-founder of a venture capital firm Initialized Capital. Back in July last year, he predicted that Bitcoin and Ethereum will reach up to $20,000 and $1,500.
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Analysis

Report Shows That Stablecoins Will Play A Key Role In Mainstream Crypto Adoption

California-based stablecoin Startup Reserve completed their report which states that stablecoins will play a key role in the mainstream adoption of cryptocurrencies and technology which is why we read into it some more in today’s blockchain news. ‘’The State of Stablecoins 2019: Hype Vs. Reality in the Race for Stable, Global, Digital Money’’ is the title of the report which is based on the information that was collected for more than 40 crypto stablecoins companies. The author of the report George Samman was initially commissioned to research the landscape and then write the report that will serve the industry to learn something new. The study analyzes some of the key features of the stablecoins which according to the author, will lead to mass adoption:
 “The development of stablecoins, price-stable cryptocurrencies, asset-backed cryptocurrencies etc. is likely to play a critical role in how this new economy achieves mainstream adoption.”
Also, according to the authors, some of the developing countries that battle hyperinflation will be the first to embrace stablecoins because they promise a multi-trillion dollar marketplace. The potential role of some major companies such as Facebook is described in the report; explain that last year the social media giant stated they consider the launch of stablecoins for WhatsApp users. In the near future, it is expected for the US dollar to be the most tokenized liquid asset in the crypto market. However, the report notes that if the stablecoins are pegged to the dollar it could eventually increase the supply of fiat money and will even lead to inflation:
 “The ideal stablecoin should be able to withstand market volatility, be affordable to maintain within a value range, have easily comprehensible stability parameters and be easy to observe for traders and other market participants.’’
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Altcoin News

Crypto Market Adds $8 Billion But Litecoin Is Struggling To Gain Momentum

According to the latest price movements on the crypto market that we take a closer look into today’s altcoin news, the investors could see a green wave around the market. The crypto market increased along with Bitcoin increasing by 4.75% reaching the $3,800 price point. Despite the fact that almost all cryptocurrencies showed massive gains, Litecoin seems to be struggling to gain momentum despite the fact that is up by 7.23% over the past 24 hours. The altcoin is up only by 3% for the week. Most of the analysts think that Litecoin is struggling because the cryptocurrency did a great job outperforming its competitors last week after it traded between $40-$50. Currently, Litecoin is trading at $48 and if this trend continues, the altcoin is expected to reach $50 and remain on that position for quite a while. It seems weird that despite the partnership with Beam as previously reported, the price isn’t maintaining momentum. Also, as previously reported, the hash rate of Litecoin increased and last time Litecoin’s hash rate was close to this new high was in April 2018 when Litecoin’s price increased up to $120. The value of this altcoin dropped quite a lot which caused miners to drop out of the mining activities and start opting for more profitable coins. Litecoin lost its position as the fourth largest cryptocurrency after it was surpassed by EOS. EOS increased massively, by more than 13.80% and is the best gainer among the top ten cryptocurrencies. The entire crypto market is up by 6.2% and according to analysts, the market is expected to increase up by 10%.
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Altcoin News

Crypto Market Adds $10 Billion, Currently With $134bn. In Circulation

Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRX) and Stellar (XLM) were the highest earners in the new surge that led the cryptocurrency market to add new $10 billion - coming closer to the $135 billion gap. In the daily news of our DC Forecasts crypto news site, this surge came with bullish moves in Bitcoin and Ethereum as well, which dominated the market. However, in this piece, we are focusing on the altcoin traction which started with a solid upward move by Bitcoin Cash (BCH) which broke the $130 resistance against the US Dollar. The BCH/USD pair gained traction and surpassed the $140 and $145 resistance levels, shooting up by about 15% and testing the $150 resistance level on the upside. Litecoin (LTC) also pushed high and broke the $45 resistance area, trading up by around 7% and breaking the $47 resistance as of recently. It seems like with the positive price action recently, the chances for LTC are of more upsides above the $48 and $50 resistance levels. Tron's price, on the other hand, formed a support base near the $0.0240 level. TRX later started a correction and moved above the $0.0250 resistance, opening the doors for a decent recovery. Looking at the total market cap, buyers gained control above the $130 billion resistance levels where the high is right now set at $136-7 billion. However, the possibility of dips is still present.
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