Connect with us
[crypto-donation-box]

Blockchain

FTX Exchange Review: Cryptocurrency Derivatives Exchange

FTX Review

FTX is a cryptocurrency derivatives exchange that is quickly establishing itself in an ever-expanding segment of the crypto trading market. The exchange has generated a significant amount of positive sentiment among the crypto trading community and already boasts high daily trading volumes. This is quite impressive due to the relative youth of the platform, and […]

The post FTX Exchange Review: Cryptocurrency Derivatives Exchange appeared first on Blockonomi.

Republished by Plato

Published

on

FTX is a cryptocurrency derivatives exchange that is quickly establishing itself in an ever-expanding segment of the crypto trading market.

The exchange has generated a significant amount of positive sentiment among the crypto trading community and already boasts high daily trading volumes. This is quite impressive due to the relative youth of the platform, and the fact that FTX is unavailable to anyone based in the US.

The exchange launched in May 2019, and provides its users with access to a range of innovative trading products including Bitcoin options, over 45 leveraged tokens, 20 perpetual swaps, MOVE contracts, and prediction markets.

Visit FTX

FTX Exchange

The exchange also provides access to regular spot trading and supports transfers in fiat and a range of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and a selection of stablecoins. FTX aims to cater for both retail and institutional traders and provides a range of products and services aimed at more dedicated traders.

The platform also provides an OTC service for anyone interested in making large crypto purchases, while the mobile app suits anyone who likes to keep up with their accounts while on the go.

Who is Behind FTX?  

FTX was founded in 2018 by current CEO Sam Bankman-Fried who was once a trader on Jane Street Capital’s international ETF desk, and current CTO Gary Wang, who is a former Google software engineer.

Prior to founding FTX, in 2017 the pair founded Alameda Research Ltd which is a leading quantitative trading and cryptocurrency liquidity provider, and Alameda assists FTX in maintaining deep order books as well as 24/7 OTC services.

Sam Bankman Fried

Alameda also incubated and developed FTX with the exchange successfully raising a total of $8m over three funding rounds. After the Seed and Corporate rounds which took place in 2019, the Series B round was completed on March 2, 2020 and attracted investment from Liquid Value Capital.

Binance acted as a Lead Investor during the Corporate round while FBG Capital, Greylock Partners, Kenetic, One Block Capital, and Proof of Capital were all Seed round investors.

Gary Wang

As a result, the exchange is backed by a number of leading crypto venture funds and has a strong network to rely on. The core team behind FTX are also transparent in nature and have made their names and LinkedIn profiles publically available. FTX exchange is owned by FTX Trading LTD, which has been incorporated in Antigua and Barbuda and retains offices in Hong Kong.

FTX Key Features

As an emerging crypto derivatives trading platform, FTX has been attracting users at an impressive rate by providing a wide range of advanced trading products.

The exchange has also been the first to launch a number of unique and innovative trading products such as leveraged tokens and MOVE contracts that have helped to set FTX apart.

The team cater to both retail and institutional traders and incorporate solid trading features such as low fees, and tight spreads, in addition to an OTC desk, extensive customer service support, TradingView charts, and IOS and Android mobile apps.

Other key features include:

  • Fiat Currency Transfers – Users can make transfers in currencies such as USD, EUR, CAD, GBP, and AUD. The exchange also accepts credit card deposits.  
  • Up to 101x leverage – FTX provides generous leverage which allows traders to maximise their profit potential.
  •  Easy Conversions/Stablecoin Settlements – Users can easily convert currencies within their accounts and trade all derivatives with one margin wallet.
  • Institutional Grade Services – FTX incorporates top class features such as deep liquidity and orderbooks, unlimited withdrawals, a liquidation fund, and an OTC desk.
  • Extensive Customer Support – FTX provides a wide range of features and resources aimed at helping its account holders to navigate the platform and also provides chat groups in over 10 languages.

Core Features

Tradable Products on FTX

The team behind FTX have identified a number of gaps in the market and are working towards establishing their exchange by offering an innovative range of trading products. These include futures, leveraged tokens, options, MOVE contracts, and prediction markets.

Currently, account holders can engage in futures trading on over 20 assets, while over 45 tokens can be traded with leverage, and the exchange also caters for users looking to engage in more straightforward spot trading.

Futures

FTX has quarterly and perpetual futures on over 20 popular cryptocurrencies such as BTC, ETH, BNB, and LINK.  The exchange also lists Index Futures which allows users to trade various segments of the crypto market more easily. These include large-cap coins (ALT-PERP), mid caps, (MID-PERP), and small cap coins (SHIT-PERP). User can also trade exchange tokens (EXCH-PERP), privacy tokens (PRIV-PERP), and regional baskets (DRGN-PERP) by choosing the appropriate index. In addition, FTX also lists Oil contracts which expire to the spot price of WTI oil.

Crypto Futures

Leveraged Tokens

Up to 101x leverage available on the platform, although FTX places a maximum leverage of 10x on all accounts by default as a safety precaution.

The exchange also provides over 45 different leveraged tokens which present a relatively straightforward way for users to get leverage, and the BULL and BEAR tokens automatically manage their exposure, and rebalance daily in order to maintain their target leverage and prevent liquidations.

These act as ERC20 tokens which allow you to go 3x long or 3x short in a variety of popular digital assets including BTC, ETH, LINK, XTZ, BNB, and XRP.

FTX Leveraged Tokens

MOVE

FTX also provides pioneering MOVE contracts which act as futures that expire according to the raw amount BTC moves within a certain time period (daily, weekly or quarterly).

This allows account holders to trade on the amount Bitcoin is going to move and profit regardless of the direction. With MOVE contracts the overall volatility of BTC price over a set period acts as the main determinant of a contract’s value.

FTX MOVE Contracts

Options

Bitcoin options are also available to be traded with the options contracts on FTX cash expiring in USD. Traders can open call or put options contracts, which work as ‘right to buy’ and ‘right to sell’ positions, and in the same way as futures contracts, users can opt to go long or short with leverage.

In general, options contracts allow the trade of “the right” to buy or sell an underlying asset at a set price, by a set time/date, and FTX’s options can be customized in a variety of ways as users can configure strike prices and expiration times as they like.

Bitcoin Options

Spot Markets

Spot markets enable users to make purchases of a number of popular cryptocurrencies and trade in more traditional ways. Popular digital assets such as BTC, ETH, BNB, LINK, FTT, BCH, USDT, PAXG, XAUT, TRYB, and BTMX are all available for spot trading on the exchange.

Prediction Markets

The current US Presidential Election prediction market allows users to trade on candidates in the 2020 Election race. Futures contracts which expire to set values once the final result has been confirmed are currently available to be traded on the market.

FTX Account Types and Limits  

FTX operates three main account tiers with differing KYC requirements.  It’s possible to withdraw up to $9,000 a day without submitting any verification documents, while unlimited crypto withdrawals are reserved for Tier 2 account holders, and Tier 3 account holders gain access to unlimited fiat withdrawals via an OTC desk.

FTX Account Verification Tiers

How to Open an Account on FTX  

The registration process is pretty straightforward and is similar to signing up to other crypto exchanges. You can get started by:

  1. Clicking on the “Register” tab at the top right of the home page. From here you will need to fill in your email and password in the pop-up registration window.
  2. Click the “Sign Up” to register an account and receive a confirmation email.
  3. You can now secure your account by setting up 2FA by clicking on “Account Security” and choosing Authy, Google Authenticator, or SMS.
  4. You can now deposit funds in order to trade; however, your account has a total withdrawal limit of $1,000 until you complete KYC verification.
  5. Head to the “Settings” page to complete the KYC verification process and unlock higher withdrawal limits.

FTX Account KYC

For individual accounts, the Level 1 Identity Verification form requires a full name, country of residence, and state, province, or region to get $2k daily withdrawal limits.

FTX KYC Level 1

For Tier 2 KYC verification, you need to fill out the form and upload your proof of identity and proof of address documents. Tier 3 KYC verification requires you to upload a recent bank statement from the bank you plan to use for fiat transfers.

FTX KYC Level 2

Supported Currencies   

Despite being a relatively new entrant to the digital asset trading sector, FTX supports the deposit, trading, and withdrawal of an impressive number of fiat and digital currencies. Anyone interested in depositing and withdrawing fiat can currently do so in the following currencies:

  • USD
  • EUR
  • GBP
  • AUD
  • CAD
  • CHF
  • HKD
  • SGD
  • ZAR

FTX also allows its users to trade in a wide range of cryptocurrencies with perpetual swaps being available for 15 assets, while over 45 tokens can be traded with leverage.

FTX also offers unique altcoin indices, Bitcoin options, MOVE contracts, and spot trading. As a result, the following cryptocurrencies can be traded on FTX:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Binance Coin (BNB)
  • Tether (USDT)
  • FTX Token (FTT)
  • Bitcoin Cash (BCH)
  • XRP
  • Tezos (XTZ)
  • ChainLink (LINK)
  • EOS
  • Ethereum Classic (ETC)
  • PAX Gold (PAXG)
  • Huobi Token (HT)
  • Tron (TRX)
  • Dogecoin (DOGE)
  • UNUS SED LEO (LEO)
  • Bitcoin Satoshi’s Vision (BSV)
  • BitMax Token (BTMX)
  • Cardano (ADA)
  • Algorand (ALGO)
  • TomoChain (TOMO)
  • OKB
  • BiLira (TRYB)
  • MATIC
  • Cosmos (ATOM)

FTX currently supports over 20 different perpetual swaps with futures trading available for coins including BTC, ETH, LTC, LINK, XTZ, XRP, BNB, EOS, MATIC, HT, OKB, ALGO, LEO, BTMX, PAXG, XAUT, DOGE, TOMO, and ADA.

Over 45 leveraged tokens are available including BULL/USD (3x long BTC), BEAR/USD (3x short BTC), ETHBULL/USD (3x long ETH), ETHBEAR/USD (3x short ETH), LTCBULL/USD (3x long LTC), LINKBULL/USDT (3x long LINK), BNBBEAR/USDT (3x short BNB), and LEOBULL/USD (3x long LEO).

FTX also supports Bitcoin options trading as well as BTC MOVE contracts, and anyone looking for more straightforward trading can do so on spot markets which support BTC, ETH, BNB, LINK, FTT, BCH, USDT, PAXG, XAUT, TRYB, and BTMX.

Deposits/Withdrawals  

FTX supports fiat deposits and withdrawals in USD, EUR, GBP, AUD, CAD, CHF, HKD, SGD, and ZAR, and the following cryptocurrencies can all be deposited into your FTX account.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Binance Coin (BNB)
  • Litecoin (LTC)
  • FTX Token (FTT)
  • BitMax Token (BTMX)
  • BiLira (TRYB)
  • USD Stablecoins (USDT, USDC, TUSD, PAX, HUSD, and BUSD)

There are no fees for crypto deposits and withdrawals as FTX pays the withdrawal blockchain fees. However, fiat withdrawals below $10,000 accrue a $75 fee while all other transfers are fee free.

FTX only processes wire transfers on weekday evenings (except for Silvergate SEN), and USD wire transfers can take up to one weekday to process while non-USD transfers can take longer.

You can make a fiat deposit or withdrawal from your FTX wallet and selecting whichever fiat currency you prefer. You can also convert other fiat currencies to USD by using the ‘CONVERT’ button within your FTX wallet which will see your chosen fiat currencies being converted into USD stablecoins.

All fiat transfers are handled via a third party OTC desk, and dealing in fiat is only available to users who are Level 3 KYC verified.  The FTX team encourage users to get in touch before depositing or withdrawing fiat for the first time, and have also produced a video walk-through to explain the process.

FTX Fees and Charges  

When using FTX there are no deposit or withdrawal fees, and there are also no fees on futures settlements. OTC trading or trading from within your wallet is also fee free as all costs are built into the price you are quoted.

Leveraged tokens have creation and redemption fees of 0.10%, and daily management fees of 0.03%. If you choose to use leverage of 50x your trading fees increase by 0.02% and opting for 100x increases your trading fees by 0.03% which is paid into the insurance fund.

It’s worth noting that the fees for MOVE contracts depend on the price of the underlying index, and not the price of the MOVE contract.

FTX operates the following tiered fee structure for all futures and spot markets:

FTX Charges

It’s also important to note that FTT holdings cannot decrease taker fees below 0.015%.

Discount for FTT holders

There are fee discounts available for FTT holders, and the current discounts are based on your FTT holdings and range from 3% to 60%.

FTT Fee Discounts

The FTT Token

In keeping with other crypto exchanges, FTX maintains it own ecosystem utility token. The FTT token allows its holders to receive benefits including lower FTX trading fees and socialized gains from the insurance fund. The team perform weekly buy-backs and burn tokens equal to:

  1. 33% of all fees generated on FTX markets
  2. 10% of net additions to the insurance fund (‘Socialized Gains’)
  3. 5% of fees earned from other uses of the FTX platform

It’s important to note that the FTT token isn’t available in the USA; however, anyone in a jurisdiction which supports the token can keep track of the latest developments here.

How Suitable is FTX for Beginners?

When looking at the range of products and services on offer, it’s quite clear that FTX isn’t aimed at beginners. Products such as Bitcoin options, leveraged tokens, perpetual swaps, and MOVE contracts take some time to understand and do not suit people that are at the start of their trading journey.

Derivatives trading is more complicated than spot trading, and leveraged trading can result in higher losses than first expected, and the more complex nature of these trading products makes them most suitable for more experienced traders.

With that being said, the FTX team make sure to provide a range of resources that allow their users to continue to increase their knowledge and improve their trading skills. These include a Help Center which contains guides that cover key areas and common questions, a blog which contains details articles and the latest announcements, and a YouTube channel.

The FTX team also make sure to cater to a wide range of their user base and maintain numerous social media channels including a Twitter account, WeChat Group, and Facebook. In addition, the team also run over ten Telegram groups in languages such as English, Chinese, Russian, Korean, French, and Spanish. As expected, the team also provide live chat and emails as part of their customer support.

FTX generally provides features that suit both retail and institutional traders such as high liquidity levels, deep orderbooks, and unlimited trading/withdrawals. The OTC desk also suits anyone looking to deal in higher amounts while the mobile app which is available for both IOS and Android devices allows users to keep an eye on their accounts around the clock.

In addition to a referral program, FTX also operates a VIP program for professional traders, and a Backstop Liquidity Provider program for market makers.

The exchange has also made it clear that its services along with the FTT Token are not available in the United States or any other prohibited jurisdictions. Trading OIL contracts is not permitted by residents of the United States, Canada, the European Union, the United Kingdom, Singapore, the UAE, Turkey, China, and Hong Kong.

As a result, the exchange is best suited to more experienced traders who like to stay on top of all the latest financial and legal developments.

FTX Help Center

How Secure is FTX?

Due to having only been in operation since 2019, the exchange has managed to avoid any significant hacks and malicious attacks. However, the team don’t give much away with regards to their security protocols and we have to assume that they make use of all the established security best practices.

We do know that the FTX team make use of full SSL encryption on their website, and incorporate two-factor authentication (2FA) to help users secure their accounts by using Authy, Google Authenticator, or SMS verification.

The team also elaborate on their unique liquidation engine and backstop liquidity provider system which help to make up a three-step solution aimed at handling margin calls, and limiting clawbacks.  The FTX liquidation engine uses intelligent and efficient values in order to manage liquidations, and to close positions before they become negative.

In addition, traders are sent warnings to monitor and close any open positions that fall below a maintenance margin of 4.5%. This helps to minimize the adverse effects of risky trades, as well as to prevent clawbacks. FTX also displays an estimated liquidation price in the information box which is on the right hand side of any market page and helps traders to stay on top of things.

The FTX Insurance Fund has also been put in place to help prevent customer losses in the event of any sudden, adverse market movements, which could result in the swift liquidations of multiple open positions on the exchange.

Anyone making use of 50x to 100x leverage pays higher fees which are allocated to the insurance fund, and if the liquidation engine fails to deal with a severe market movement, then the insurance fund will be used to pay up anyone who had an open position that was unfairly terminated at a loss. The FTX team have also set aside 5% of non-FTX owned FTT tokens to be used to pay out customers should the insurance fund be unable to complete the process.

As a result, FTX appears to be a secure platform as the team have incorporated some sophisticated insurance mechanisms and are also headed by the founders of Alameda Research, who acted as market makers for BitMEX and OKEx, and have a wealth of experience in the sector.

FTX Strategic Partners

The exchange has also entered into a strategic partnership with Binance, in addition to partnerships with Circle, Paxos, FBG Capital, and Proof of Capital. Interestingly, the FTX team also state that all deposits and withdrawals are subject to inspection using blockchain analysis firm Chainalysis which may or may not suit individuals concerned with privacy.

Conclusion

FTX is proving to be a popular destination for crypto traders looking to engage in a wide range of derivative and leveraged trades. It’s quite easy to sell what the appeal is when you consider that the exchange offers Bitcoin options and cryptocurrency futures linked to both popular and overlooked tokens. On top of this, the platform allows leverage of 101x, alongside unique products such as MOVE contracts, OIL futures contracts, crypto indices, and prediction market tokens.

Additional features such as deep liquidity, fiat transfers, unlimited withdrawals, and an OTC desk suit both high frequency retail traders and institutional traders. At the same time, features such as the liquidation fund, stablecoin settlements, margin wallet conversions, and the mobile app will suit everyday retail traders.

Futures

As a result, the exchange is quickly establishing itself as the go to destination for experienced crypto and/or derivatives traders aiming to widen their range of trading options. Despite its relative youth, FTX is developing at an impressive rate and continues to regularly introduce new trading products and tokens and this should help it to carve out its own space in a highly competitive market sector.

That being said, the exchange is not for everyone and residents of the United States are not able to make use of its services. Also, the trading of OIL contracts on FTX is not permitted for the residents of the United States, Canada, the EU, the UK, and China which helps to put some of the issues with dealing with a fast moving innovative exchange into context.

Furthermore, the large body of cryptocurrency traders that perform spot trades on the current leading exchanges may find it best to stick to placing more straightforward market/limit orders for their favourite cryptocurrencies rather than jumping into derivatives trading.

As is well known, derivatives and futures trading can lead to high losses and are best left to experienced traders. As a result, FTX is a solid option for anyone already engaged in options and futures trading, and for anyone with a good understanding of leverage.

Visit FTX

FTX

Ease of Use

9.0/10

Reputation

8.0/10

Fees

9.0/10

Customer Support

8.0/10

Design

9.0/10

Pros

  • Fiat Support
  • Wide Range of Trading Products
  • Low fees
  • Solid Customer Support
  • Good Liquidity Levels

Cons

  • US Not Supported
  • Complex Range of Trading Products

8,501

Source: https://blockonomi.com/ftx-review/

Blockchain

Litecoin, Monero, Ethereum Classic Price Analysis: 17 May

Republished by Plato

Published

on

The Bitcoin market has been on a downtrend and the altcoin market has been mirroring its losses. The markets of Litecoin [LTC], Monero [XMR], and Ethereum Classic [ETC] have been highlighting a similar downtrend while also trying to recover in the short term.

Litecoin [LTC]

Source: LTCUSD on TradingView

The above chart of Litecoin [LTC] suggested that its value plummeted by 17% within 16-hours. This loss was from $325 to $267. However, after the 17% drop, the LTC value recovered and was now trading at $289.10.

The digital asset has been moving towards immediate resistance at $297.26 but there was evident bearishness in the market due to the fall. As the price slipped low, relative strength index was suggesting that the asset had entered the oversold zone, but this price posed a buying opportunity for others. This buying pressure that was created has pushed the digital asset into a near-equilibrium zone.

The price hangs around the $288-range and the traders may want to be more vigilant as the momentum shifts.

Monero [XMR]

Source: XMRUSD on TradingView

Unlike the Litecoin market, Monero [XMR] market was noting a rise in volatility. The sudden plunge in price pushed LTC from $391 to under $345. Even after recovering to $365, resistance at this level pushed the price once again lower. At the time of press, LTC was trading at $361.

The rise in volatility was indicated by the divergence of Bollinger bands, while the signal line was also plummeting. This suggested that the recent price action has paved the way for the bearishness and as LTC tried to stabilize at the current price, the relative strength index noted that the selling pressure had also increased as it hit 38. Meanwhile, negative momentum was adding to the falling price of LTC.

Ethereum Classic [ETC]

Source: ETCUSD on TradingView

The Etheruem Classic [ETC] price was not as impacted as other alts, thanks to its hard fork Ethereum [ETH]. The ETC price dropped by 19% but managed to recover by 15%. The loss carried ETC value from $110 to 80, but as the market recovers, this value has been pushed to $91.

With the wild price movement, Bollinger bands were noted to converge, which meant that volatility was reducing. As the price surged past the $89 resistance, the market was trying to hold on to this price level. This was also indicated by RSI which was at 47, close to equilibrium. This meant that the buying and the selling pressures were evenly matched. However, the momentum has remained negative.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/litecoin-monero-ethereum-classic-price-analysis-17-may

Continue Reading

Blockchain

Price analysis 5/17: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI

Republished by Plato

Published

on

Bitcoin (BTC) plummeted to an intraday low near $42,000 today, dropping 35% from its all-time high at $64,849.27. Over the weekend the selling intensified as news that Tesla may have sold its Bitcoin holdings made waves, and even after this was proven to be untrue, Bitcoin’s market dominance had still been pulled down to a three-year low below 40%. 

While this decline in Bitcoin may have scared new investors, stock-to-flow creator PlanB said the performance of the current bull phase is still better than the 2017 bull run. PlanB also warned investors to expect several 30% dips during Bitcoin’s climb to a new all-time high.

Daily cryptocurrency market performance. Source: Coin360

Although the long-term story remains intact, the sharp bearish moves in Bitcoin on every minor negative news tidbit suggest nervousness among investors. The lack of a sharp recovery even after Elon Musk’s clarification that “Tesla has not sold any Bitcoin” suggests investors are not buying aggressively on positive news.

Will Bitcoin’s weakness stall the altcoin season or is Bitcoin getting ready for a sharp relief rally? Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke below the neckline of the head and shoulders pattern on May 16 but the bears could not achieve a close below it. By the end of the day, the price rebounded and closed above the neckline.

BTC/USDT daily chart. Source: TradingView

However, the selling resumed today and the bears have pulled the price below the neckline. If the BTC/USDT pair closes below the neckline, the head and shoulders pattern will complete.

If the bulls do not push the price back above the neckline quickly, the selling is likely to intensify further. The pair could then start its decline toward the pattern target at $31,653.73.

The downsloping 20-day exponential moving average ($52,265) and the relative strength index (RSI) in the oversold territory indicate the bears have the upper hand.

Any pullback is likely to face stiff resistance at the 20-day EMA. This negative view will invalidate if the bulls push the price above the stiff overhead resistance at $60,000.

ETH/USDT

Ether (ETH) is correcting the sharp uptrend of the past few days. The price dipped below the 20-day EMA ($3,431) today but the bulls are trying to arrest the decline near the 38.2% Fibonacci retracement level at $3,195.98.

ETH/USDT daily chart. Source: TradingView

If the price rebounds off the current level and rises above $3,600, the bulls will try to push the price to $4,200. However, the 20-day EMA has flattened out and the RSI has dropped near the midpoint, suggesting the bullish momentum may be weakening.

If the buyers fail to defend the $3,195.98 support, the decline could extend to the next support at the 50-day simple moving average ($2,709). Such a deep fall is likely to delay the start of the next leg of the uptrend.

BNB/USDT

Binance Coin (BNB) broke below the 50-day SMA ($520) for the first time since Dec. 13. The 20-day EMA ($585) has started to turn down and the RSI has slipped below 42, suggesting the bears are trying to gain the upper hand.

BNB/USDT daily chart. Source: TradingView

If the current recovery turns down from the 20-day EMA, it will suggest that traders are closing their positions on rallies. That will increase the possibility of a break below $480. If that happens, the BNB/USDT pair may drop to $428 and then to $348.70.

The first sign of strength will be a breakout and close above $615. Such a move will suggest that the correction is over and the pair may be ready to resume the uptrend. A breakout and close above $691.77 could start the next leg of the uptrend that may reach $796.64.

ADA/USDT

Cardano (ADA) is in a strong uptrend. It reached a new all-time high at $2.34 on May 16 where profit-booking set in. If the price breaks below $1.95, the altcoin may drop to the 20-day EMA ($1.71).

ADA/USDT daily chart. Source: TradingView

A strong rebound off the 20-day EMA will suggest the sentiment remains bullish and traders are buying on dips. On the contrary, a break below the 20-day EMA will indicate that supply exceeds demand and that may pull the price down to the 50-day SMA ($1.39).

Instead, if the price turns up from the current level and rises above $2.34, the ADA/USDT pair may resume its uptrend. The next target objective on the upside is $2.82 and then $3. The rising moving averages and the RSI above 63 indicate the path of least resistance is to the upside.

DOGE/USDT

The bulls are currently attempting to defend the 20-day EMA ($0.46). If they succeed, Dogecoin (DOGE) could move up to $0.59 where the bulls are likely to encounter stiff resistance from the bears.

DOGE/USDT daily chart. Source: TradingView

If the price turns down from $0.59, the possibility of a break below the 20-day EMA increases. If that happens, the DOGE/USDT pair could drop to the critical support at $0.35. A strong rebound off this support could keep the pair range-bound between $0.35 and $0.59 for a few days.

Contrary to this assumption, if the bulls drive the price above $0.59, the pair may retest the all-time high at $0.73. A breakout of this resistance could start the next leg of the uptrend that may reach $0.83 and then $1.

XRP/USDT

The bulls purchased the dip to the support line of the symmetrical triangle today, indicating buying at lower levels. The buyers will now try to propel XRP above the resistance line of the triangle.

XRP/USDT daily chart. Source: TradingView

If they succeed, the XRP/USDT pair could pick up momentum and rally to the 52-week high at $1.96.This level may act as stiff resistance but if the bulls can overcome it, the pair may rally to $2.68.

The flat 20-day EMA ($1.43) and the RSI above 53 do not signal a clear advantage to the bulls. If the price turns down from the resistance line of the triangle, the pair may extend its stay inside the triangle for a few more days.

The trend will turn in favor of the bears if the price breaks below the triangle. That could result in a decline to $0.88.

DOT/USDT

Polkadot (DOT) broke out of the $44 overhead resistance on May 14 but the bulls could not sustain the higher levels. The bears pulled the price back below the breakout level at $44 on May 15.

DOT/USDT daily chart. Source: TradingView

The 20-day EMA ($39.34) is flattening out and the RSI is near the midpoint, suggesting the range-bound action may continue for a few more days.

A break below $32.50 could open the gates for a decline to the critical support at $26.50. A bounce off this support will suggest accumulation at lower levels.

On the other hand, if the price rises from the current level and breaks above $44, it will suggest that sentiment remains positive and the bulls continue to buy at lower levels. That will increase the possibility of a retest of the all-time high at $49.78.

BCH/USDT

Bitcoin Cash (BCH) broke and closed below the 20-day EMA ($1,178) on May 15. The bulls attempted to push the price back above the 20-day EMA on May 16 but failed to sustain the higher levels. This led to further selling today and the price dipped to the psychological level at $1,000.

BCH/USDT daily chart. Source: TradingView

The bulls are currently attempting to defend the support at $1,000. However, any relief rally from the current level is likely to face stiff resistance at the 20-day EMA ($1,170) and then at $1,362.74.

If the price turns down from this level, the BCH/USDT pair may remain range-bound for a few days.

This neutral view will invalidate if the pair continues lower and breaks below the 50-day SMA ($922). Such a move could open the doors for a further decline to $700. The trend may favor the bulls on a break and close above $1,362.74.

LTC/USDT

The failure of the bulls to build upon the breakout of the ascending broadening wedge formation could have attracted aggressive profit-booking from short-term traders. This pulled Litecoin (LTC) to the 20-day EMA ($308) on May 12.

LTC/USDT daily chart. Source: TradingView

Although the bulls attempted a recovery on May 13 and 14, the rebound fizzled out at $339.10. The selling resumed on May 15 and sent the LTC/USDT pair below the 20-day EMA.

Today, the bulls are attempting to defend the 50-day SMA ($270). However, the 20-day EMA has started to slope down and the RSI is below 45, suggesting the bears are trying to make a comeback.

If the pair breaks below the 50-day SMA, the selling could intensify and the pair may drop to the support line of the wedge. This negative view will be negated if the bulls push the price above $340.

UNI/USDT

Uniswap (UNI) broke below the support line of the ascending channel today but the bears could not capitalize on this weakness. The bulls are currently attempting to push the price back into the channel.

UNI/USDT daily chart. Source: TradingView

However, the 20-day EMA ($37.72) has started to turn down and the RSI has dipped into the negative territory, suggesting the bears have a slight advantage. If the price closes below the channel, it will indicate a possible change in trend.

The UNI/USDT pair could then drop to the $27.50 to $25 support zone and then to $20. This negative view will invalidate if the buyers propel the price above $40.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/price-analysis-5-17-btc-eth-bnb-ada-doge-xrp-dot-bch-ltc-uni

Continue Reading

Blockchain

‘Cash, candy or Bitcoin’: Paying minors in 2021

Republished by Plato

Published

on

A Bloomberg contributor will be paying his son Bitcoin in exchange for chores above and beyond his usual scope, but he is seemingly unable to decide on the best means of payment.

In an opinion piece today, Eddie Yoon said he would pay his seventh grader 0.00055 Bitcoin (BTC) — roughly $23.50 at the time of publication — for the boy helping him with competitive pricing benchmarking for a rental property. Yoon said he gave his son Luke a choice of “cash, candy, or Bitcoin” for the work, closing the deal with a handshake.

According to the Bloomberg contributor, the move was based on giving his children a role in their own financial decisions rather than jumping in on any craze. He said he helped Luke purchase Tesla stock in 2016 and his daughters buy into Apple and Alphabet.

“We’ve told our kids that we will fund any investment that we collectively agree on between now and the age of 25,” said Yoon. “We don’t plan to leave them an inheritance, so we want them to be equipped for a future in which their own investments give them financial security.”

Yoon added that he has “yet to figure out which cryptocurrency platform allows minors to open accounts.” There are few, if any, laws that prohibit children under the age of 18 from HOLDing or trading cryptocurrency, but many exchanges still require verification to ensure their users are of legal age. Alternatively, adults can gift minors crypto with paper wallets or through Bitcoin ATMs.

“We don’t want our kids to necessarily beat the market. We want our kids to be able to think independently about money. We want them to manage their money, not let it manage them. We want them to find the right balance between ignorance and obsession with money.”

Though many children — and adults — may not always be able to understand the complexities of the market, some crypto enthusiasts have already taken the first steps toward them becoming more financially educated. Three-year-old Lily Knight, born during the 2017 bull run, meets both criteria by teaching others about crypto and blockchain on her YouTube channel.

Dallas Mavericks owner Mark Cuban said in a tweet Saturday that he and his 11-year-old son Jake collectively own 3,250 Dogecoin (DOGE) — roughly $1,556 at the time of publication. Cuban previously claimed he used the token for entertainment and financial education.

However, one of the youngest prominent crypto holders is Tesla CEO Elon Musk’s son X Æ A-Xii — pronounced “ex ash eh twelve” — who recently celebrated his first birthday. Musk said he purchased some DOGE for the baby at nine months old, referring to him as a “toddler HODLer.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/cash-candy-or-bitcoin-paying-minors-in-2021

Continue Reading
Blockchain4 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain5 days ago

Buterin Plugs UNI as Next Oracle Token

Blockchain5 days ago

Which ‘green’ cryptocurrency is Tesla likely to add for payments?

Blockchain5 days ago

Bitwise Launches ‘Crypto Innovators’ ETF

Blockchain5 days ago

Elon Musk Pokes Massive Hole in the Bitcoin Market After Halting Bitcoin Payments at Tesla

Blockchain5 days ago

Facebook’s Diem Enters Crypto Space With Diem USD Stablecoin

Blockchain5 days ago

Venture platform Cognitive Blockchain invests in cross-chain compute network Cudos

Blockchain5 days ago

Ethernity Chain Memorializes Tony Hawk’s Latest 540 Skate Trick With NFT

Blockchain5 days ago

In Less than A Week, How Internet Computer (ICP) Climbed To The Top 10

Blockchain5 days ago

Vitalik Buterin Dumps His SHIB, Price Tanks 30% In 1 Hour

Blockchain5 days ago

The STC Token is Live – And Over 10 Crypto Exchanges are Ready for It

Blockchain5 days ago

Diem parters with Silvergate bank to launch stablecoin in the US

Blockchain4 days ago

DeFi Staple UMA Launches “Optimistic Oracle”

Blockchain4 days ago

MicroStrategy Buys Another $15M Worth of Bitcoin at $55K

Blockchain4 days ago

Here’s why Ethereum, AAVE, ALPHA are unfazed by Bitcoin’s latest ‘Elon candle’

Blockchain5 days ago

Vitalik Buterin Has Dumped His Unsolicited Doge-Clones

Blockchain4 days ago

Central Bank of Bahrain and JPMorgan to work on digital currency settlement pilot

Blockchain4 days ago

Diem Relocates From Switzerland to the US to Launch an USD-Backed Stablecoin

Blockchain5 days ago

Government Adoption: Cryptos are property in Texas, Hungary to cut taxes

Blockchain4 days ago

AppSwarm’s DOGE division calls for a global dev teams to build off Dogecoin

Trending