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Bitcoin, Ether, and XRP Weekly Market Update September 07, 2020

The total crypto market cap lost $48.5 billion of its value for the last seven days and now stands at $323,7 billion. The top 10 currencies were all in red for the same period with Polkadot (DOT) and ChainLink (LINK) being the worst performers with 26 and 26.2 percent of losses respectively. By the time

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The total crypto market cap lost $48.5 billion of its value for the last seven days and now stands at $323,7 billion. The top 10 currencies were all in red for the same period with Polkadot (DOT) and ChainLink (LINK) being the worst performers with 26 and 26.2 percent of losses respectively. By the time of writing bitcoin (BTC) is trading at $10,080 while ether (ETH) dropped to $340. Ripple’s XRP moved down to $0.235.

BTC/USD

Bitcoin moved up to $11,706 on Sunday, August 30 and hit the 26-day EMA on the daily chart. The coin successfully rebounded from the horizontal support at $11,500 and closed the seven-day period with a 0.5 percent loss.

The BTC/USD pair started trading on Monday by hitting $11,770 during intraday. The level was a stable resistance in the beginning of August and was seen by many as the next target in front of bulls in order to re-ignite the upward movement. Still, the momentum was not strong enough and the price was rejected, falling to $11,650.

Bitcoin closed the month of August with a 2.5 percent increase.

The trading session on Tuesday, September 1 was a positive one for the most popular cryptocurrency. It skyrocketed to $11,930, smashed through the horizontal resistance and even hit $12,000 during intraday. The coin added 2.4 percent to its value.

The third day of the week came with a solid correction. Bitcoin fell down to $11,393, which resulted in a 4.5 percent pullback. The major horizontal support at $11,500 was broken which opened the door for a test of the $11,150 – $11,100 area.

On Thursday, September 3, the BTC/USD pair entered a freefall mode. It dropped to $10,153, broke below both the 50 and 100-day EMAs and erased 10 percent of its value – its biggest single-day loss since March 12.

The Friday session was a good one for bulls as they pushed the price up to $10,445. During intraday, bears made an attempt to break below the psychological level at $10,000.

The weekend of September 4-5 started with a similar candle, but in the opposite direction. BTC once again closed at $10,150 and even entered the four-digit zone ($9,860 to be more precise) in the early hours.

On Sunday, the leading cryptocurrency climbed up to $10,262 and reached the 100-day EMA.

ETH/USD

The Ethereum Project token ETH moved up to $429 on Sunday, August 30 after trading below the $415 line for ten days straight. It added 7.7 percent to its value and closed the week 5 percent higher.

The leading altcoin continued to raise on Monday, August 31 and reached the monthly resistance line at $434. The coin was 25 percent up on a monthly basis as bulls were already looking to registered a new year to date high.

On Tuesday, the ETH/USD pair formed a big green candle and closed at $476 for the first time since July 2018. The price broke right above the solid high timeframe resistance zone between $470-$460.

The mid-week session on Wednesday, however, proved that bulls were already losing momentum due to the rapid increase and the profit-taking activities combined with the strong technical resistances resulted in a heavy drop. ETH dropped to $439 and erased 7.7 percent of its value for the day. Bears were even able to push the price down to $416 during intraday – the next stop downwards if the monthly resistance at $434 fails to turn into support.

On Thursday, September 3, we witnessed how both the $434 and $416 lines were broken by the huge selloff that hit the crypto market. The ether fell down to $381 and erased 13 percent of its value.

The Friday session was highly volatile. The ETH/USD pair was moving in the $401-$360 range before closing with a short green candle to $385.

The first day of the workweek came with yet another wave of sell orders. The ETH dropped down to $336 and almost hit the 100-day EMA on the daily chart during intraday ($304).

On Sunday, September 6, the biggest altcoin climbed up to $351 and reached the next resistance area.

XRP/USD

The Ripple company token XRP rebounded from the horizontal support at $0.275 on Sunday, August 30 and reached $0.282 after forming its third consecutive green candle on the daily chart. It closed the previous week almost flat and still above its monthly support line.

The XRP/USD pair started trading on Monday by making an unnoticeable drop to $0.281. Still, the coin was 8 percent up on a 30-day basis.

On Tuesday, September 1, bulls managed to push the price to the upper limit of the monthly and weekly resistance cluster in the $0.29-$0.295 zone. The move resulted in a 5 percent increase.

The mid-week session on Wednesday, however, was the beginning of a major correction of the crypto market. The “ripple coin, in particular, erased 6.4 percent of its value and once again hit the $0.275 line. Its price fluctuated in the $0.304-$0.263 range during intraday

On Thursday, September 3 the XRP continued to slide. It lost another 11.4 percent and closed the session at $0.245.

The last day of the workweek came with a short green candle to $0.254. The “ripple” hit the 50-day EMA in the early hours of trading, but could not surpass it.

The weekend of September 5-6 started with another drop- this time to $0.237 on Saturday. The bear pressure was steadily increasing as we saw the price hitting the $0.23 support line at some point during the day.

Then on Sunday, XRP moved up to $0.24 after sellers were once again rejected near the above-mentioned horizontal line.

Altcoin of the Week

Our altcoin of the week is TRON (TRX). One of the biggest platforms for decentralized applications added 25 percent to its value for the last seven days. Actually, TRX was the only cryptocurrency in the top 20 list that registered a price increase for the period. It was also 53 percent up on a monthly basis.

The coin peaked at $0.0477 on Thursday, September 3, reaching #14 on the CoinGecko’ s top 100 chart with a market capitalization of approximately $2.24 billion.

As of the time of writing, Tron is trading at 0.00000301 against BTC on Binance

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Source: https://btcmanager.com/bitcoin-ether-and-xrp-weekly-market-update-september-07-2020/

Blockchain

Déjà vu: Ethereum’s First Month of CME Futures Overwhelmingly Bearish

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Futures contracts allow institutional investors to hedge against future price movements of an asset with the possibility of shorting them. Just like with Bitcoin, the Chicago Mercantile Exchange launched its products when Ethereum was trading on its way to an all-time high.

It is unsurprising then that the first month of trading futures has been bearish as the asset’s price has retraced heavily and those shorting it on CME would have been correct to do so.

Déjà vu For Crypto Futures

CME launched its Ether futures on Feb. 8, and at the time the asset was trading at around $1,600. As reported by CryptoPotato at the time, a bearish reaction was expected.

Ethereum prices hit an all-time high of $2,050 on Feb. 21, but have corrected by 30% since then to today’s prices of around $1,450 – 10% lower than when the futures were launched.

ETH has underperformed BTC since the CME futures launch but a similar situation occurred with BTC, which underperformed ETH after its CME futures launch.

When Bitcoin futures were first launched in December 2017, the asset hit an all-time high a week or so later then pulled back heavily resulting in a similar effect on futures markets. Exactly the same has happened with Ethereum a little over three years later.

Of course, BTC has recovered and entered a new bull market and the same will happen with Ethereum regardless of how deep this correction goes.

In terms of volumes, the CME is reporting its highest ever day as Feb. 23 with 2,092 contracts traded. That volume has slumped to around 749 contracts on Feb. 26.

Longer-term contracts are likely to be bullish as the rollout of ETH 2.0 and the growth of staking opportunities is likely to push ETH prices to new highs whilst alleviating those epic transaction cost issues.

Ethereum Price Outlook

Currently, Ethereum has gained 4% on the day but has declined almost 30% since its peak last weekend. The asset fell to a monthly low of $1,300 on Feb. 28 but has since recovered a little to trade back over $1,400 again at the time of press.

There is strong support at current levels so ETH needs to remain above it to maintain the current momentum. A fall below could see ETH settle at just over $1,200 but a sustained move higher would need to see resistance at $1,600 broken again.

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Source: https://cryptopotato.com/deja-vu-ethereums-first-month-of-cme-futures-overwhelmingly-bearish/

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Blockchain

Kraken Daily Market Report for February 28 2021

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Overview


  • Total spot trading volume at $1.82 billion, down from the 30-day average of $2.06 billion.
  • Total futures notional at $594.6 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Cardano, Tether, and Polkadot.
  • Most coins had losses, but Storj ended +1.9% over USD.

February 28, 2021 
 $1.82B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$44187. 
↓4.0% 
$675.3M
ETH 
$1337.0 
↓8.0% 
$357.2M
ADA 
$1.2216 
↓7.1% 
$266.9M
USDT 
$1.0003 
↓0.06% 
$159.7M
DOT 
$30.816 
↓7.7% 
$76.2M
USDC 
$1.0000 
↑0.0% 
$26.0M
LTC 
$158.32 
↓7.7% 
$24.1M
XRP 
$0.4102 
↓5.8% 
$20.9M
LINK 
$23.667 
↓9.6% 
$19.5M
KSM 
$197.06 
↓14% 
$12.2M
XLM 
$0.3923 
↓10% 
$11.9M
XDG 
$0.0467 
↓6.5% 
$11.1M
BCH 
$445.77 
↓7.7% 
$9.05M
FLOW 
$20.565 
↓0.04% 
$8.9M
ALGO 
$0.9922 
↓9.4% 
$8.41M
GRT 
$1.4982 
↓11% 
$6.79M
UNI 
$21.239 
↓9.5% 
$6.4M
XMR 
$209.91 
↑0.2% 
$6.22M
XTZ 
$3.2894 
↓9.4% 
$5.84M
DAI 
$1.0014 
↓0.0% 
$5.46M
ATOM 
$17.059 
↓10% 
$5.25M
AAVE 
$309.75 
↓6.8% 
$5.13M
DASH 
$190.75 
↓9.4% 
$3.95M
FIL 
$35.897 
↓5.2% 
$3.37M
YFI 
$28850. 
↓8.1% 
$3.26M
EOS 
$3.3847 
↓7.7% 
$2.85M
TRX 
$0.0438 
↓5.6% 
$2.79M
ZEC 
$112.46 
↓6.1% 
$2.5M
SNX 
$16.848 
↓10% 
$2.34M
QTUM 
$4.7348 
↓10% 
$2.19M
ICX 
$1.3552 
↓11% 
$1.9M
BAT 
$0.4747 
↓7.6% 
$1.87M
SC 
$0.0090 
↓9.8% 
$1.74M
NANO 
$4.8697 
↓5.1% 
$1.6M
COMP 
$365.42 
↓8.5% 
$1.42M
CRV 
$1.6987 
↓13% 
$1.4M
WAVES 
$8.6036 
↓10% 
$1.37M
STORJ 
$0.6465 
↑1.9% 
$1.34M
OMG 
$4.0980 
↓8.4% 
$1.16M
OXT 
$0.4319 
↓7.4% 
$1.0M
ETC 
$10.078 
↓9.0% 
$866K
MANA 
$0.2276 
↓9.7% 
$845K
KAVA 
$3.1622 
↓14% 
$787K
LSK 
$2.6988 
↓12% 
$765K
KNC 
$1.5027 
↓11% 
$602K
ANT 
$3.6684 
↓13% 
$590K
GNO 
$117.07 
↓8.3% 
$533K
PAXG 
$1741.7 
↓0.3% 
$498K
KEEP 
$0.2902 
↓7.5% 
$457K
REP 
$29.205 
↓7.2% 
$413K
BAL 
$32.795 
↓11% 
$281K
MLN 
$35.873 
↓1.3% 
$217K
REPV2 
$24.055 
↓11% 
$115K
TBTC 
$47281. 
↓1.8% 
$51.9K


#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (February 28 2021)

Figure 2: Mid-size trading assets: (measured in USD) (February 28 2021)

Figure 3: Smallest trading assets: (measured in USD) (February 28 2021)


#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (February 28 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (February 28 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (February 28 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (February 28 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/8078/kraken-daily-market-report-for-february-28-2021/

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Blockchain

Crypto Exchange Mistakenly Sold Bitcoin for $6,000: Now Requests Users To Return It

Republished by Plato

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What started out as a normal trading day for some PDAX customers led to a favorable turn of fortune, or so it seemed. Their euphoria may have been short-lived by a harsh reality check as the Philippine-based exchange prepares to take legal actions.

Philippine Digital Asset Exchange (PDAX) suffered a flaw that led to bitcoin trading 88% below its actual price. The exchange reported that a surge in trading activity was the cause. At the time, bitcoin was trading north of $50k, but traders were able to scoop some for $6k.

Although PDAX halted operations to fix the glitch, it was a bit too late by then. Some users capitalized on the loophole and withdrew bitcoins out of the exchange.

To avert the massive loss, PDAX has asked traders to return its bitcoin or risk facing legal proceedings. Many users claim to have received messages to this effect.

It remains unclear how the legal proceedings will play for PDAX, with users rightly pointing out that traders’ actions are within the agreed terms and conditions.

Bitcoin Whale Responsible For Glitch?

Large volume transactions have become the order of the day as bitcoin whales step up activity. Their mass transactions often indicate strong bullish signals unless they get hooked while at it.

Reports surfacing on social media led to strong suggestions that the entire fiasco occurred due to an error by a bitcoin whale. who allegedly sold 316,000 BTC for PHP 300k (about $6100) instead of the actual price of PHP 2.3 million ($47,000). This prompted PDAX to cease trading activity and temporarily shut out users.

Users Outraged By Inability To Access Accounts

PDAX’s attempt to control the situation turned out to be counterproductive as it sparked outrage from many users on social media. The downtime, which lasted for 36 hours, left customers furious as they could not access their accounts.

They expressed frustration due to missed trading opportunities and accrued losses from not being able to close positions.

PDAX Clears The Air

PDAX eventually released a comprehensive report addressing the issue. It claimed that an “isolated unfunded order” infiltrated its system and affected the account of its users. It explained further that it had tracked and rectified the glitch and was in the process of fully restoring users’ accounts.

Speaking in a press conference, PDAX CEO Nichel Gaba said:

“It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”

The BSP-licensed exchanged assured users that it will continue addressing their concerns and rendering support where necessary.

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Source: https://cryptopotato.com/crypto-exchange-mistakenly-sold-bitcoin-for-6000-now-requests-users-to-return-it/

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