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Price analysis 1/15: BTC, ETH, XRP, DOT, ADA, LTC, BCH, LINK, XLM, BNB

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Grayscale products witnessed $3.3 billion in inflows in the fourth quarter of 2020, a large jump over the $1.05 billion seen in the preceding quarter. According to Grayscale, institutional investors accounted for 93% of the new investments. 

The significance and magnitude of the investments can be gauged from the fact that in 20, Grayscale received $5.7 billion in investments, which is four times the cumulative inflow between 2013 and 2019

Data from Glassnode also shows that since July 2020, only about one-third of the 900 Bitcoin (BTC) mined each day have made their way to exchanges. During that period, Grayscale alone purchased about 1,200 Bitcoin every day. This shows how demand exceeded supply by a huge margin, resulting in the sharp rally which was ignited in the latter half of 2020.

Daily cryptocurrency market performance. Source: Coin360

However, after Bitcoin’s recent rise, larger inflows are needed to sustain the momentum. If this does not happen, select investors may be tempted to lock in their gains and that could start a correction with speculators and short-term traders rushing to the exit.

Let’s analyze the charts of the top-10 cryptocurrencies to determine the path of least resistance.

BTC/USD

Bitcoin’s recovery hit a barrier at $40,0129 on Jan. 14 and the price has again turned down today. The bulls are currently attempting to defend the 20-day exponential moving average at $33,795.

BTC/USDT daily chart. Source: TradingView

The price action of the past few days has formed a symmetrical triangle, which generally acts as a continuation pattern. If the bulls can drive the price above the triangle, the uptrend could resume. The pattern target of the setup is $52,000.

On the other hand, if the bears sink the price below the triangle, the selling could intensify and the BTC/USD pair may drop to the 50-day simple moving average at $25,826. Even if the price falls to this level, the uptrend will not be broken.

Lower levels are likely to attract fresh buying from traders and that could result in a few days of consolidation where the bulls gradually accumulate before starting the next leg of the uptrend.

ETH/USD

Ether’s (ETH) rebound off the 20-day EMA ($1,024) is facing resistance at $1,258.30. However, the long tail on today’s candlestick suggests that traders are buying on dips to the 20-day EMA.

ETH/USDT daily chart. Source: TradingView

The upsloping moving averages and the relative strength index (RSI) in the positive territory suggest that bulls are in command. If the buyers can propel the price above the $1,258.30 to $1,349.10 overhead resistance zone, the ETH/USD pair could rally to $1,462.

However, if the bulls fail to push the price above the overhead resistance zone, it may attract profit-booking from short-term traders and that could pull the price below the 20-day EMA. If that happens, the pair may drop to the critical support at $840.93.

XRP/USD

The bulls could not push XRP above the 20-day EMA ($0.30) in the past four days, suggesting bears are defending this resistance. If the sellers can sink the price below $0.25, the altcoin could drop to $0.169.

XRP/USDT daily chart. Source: TradingView

A strong rebound off $0.169 will suggest that the bulls are accumulating at lower levels. If the buyers can then push the price above the 20-day EMA, the XRP/USD pair may extend its stay inside the $0.169 to $0.385 range for a few more days.

This view of a range-bound action will invalidate if the bears break the $0.169 support. Below this level, the downtrend could resume with the next target objective at $0.10.

DOT/USD

Polkadot (DOT) surged to a new high on Jan. 13 and followed it up with another strong rally on Jan. 14. The altcoin is currently facing resistance near $15 but the shallow correction suggests traders are not booking profits in a hurry.

DOT/USDT daily chart. Source: TradingView

If the DOT/USD pair does not break below the 38.2% Fibonacci retracement level at $11.9819, the bulls will attempt to resume the uptrend. If they can scale the price above $15, the next stop could be $18 and then $20.

On the contrary, if the bears sink and sustain the price below $11.9819, the pair could drop to the 61.8% retracement level at $10.1422. A deep correction will suggest the momentum has weakened and that could keep the pair range-bound for a few days.

ADA/USD

Cardano (ADA) rose above the downtrend line today but the bulls could not sustain the breakout, which suggests profit-booking at higher levels. The bears will now try to sink the altcoin to the 20-day EMA ($0.259).

ADA/USDT daily chart. Source: TradingView

The rising moving averages and the RSI in the positive territory indicate bulls have the upper hand. If the ADA/USD pair rebounds off the 20-day EMA, the bulls will attempt to push the price above the downtrend line and resume the uptrend.

A break above $0.3542857 could push the price to $0.40 where the rally may again hit a roadblock. This bullish view will invalidate if the price turns down from the current levels and breaks below the 20-day EMA. Such a move could pull the price to the 50-day SMA ($0.192).

LTC/USD

Litecoin’s (LTC) attempt to recover after the sharp fall from $185.5821 on Jan. 10 to a low at $112.5672 on Jan. 11 hit a barrier near the 61.8% Fibonacci retracement level at $157.6904.

LTC/USDT daily chart. Source: TradingView

After a deep correction, the price usually consolidates in a range for a few days before starting the next trending move. The flat 20-day EMA ($143) and the RSI just above the midpoint suggest a balance between supply and demand.

If the LTC/USD pair sustains below the 20-day EMA, a drop to $120 is possible. A bounce off this support could keep the pair range-bound between $120 and $160.

Contrary to this assumption, if the pair rebounds off the current levels, the bulls will try to push the price to $185.5821. A break above this resistance could resume the uptrend.

BCH/USD

Bitcoin Cash (BCH) rose above the $515.35 overhead resistance on Jan. 14 but the bulls could not sustain the breakout, which shows that bears are active at higher levels. The sellers are currently attempting to sink the price below the 20-day EMA ($443) and the uptrend line.

BCH/USD daily chart. Source: TradingView

If they manage to do that, the BCH/USD pair could drop to $370. This level is likely to act as a strong support and a rebound could keep the price between $370 and $515.35 for a few days.

Contrary to this assumption, if the bulls can build up on the rebound off the 20-day EMA, a rise above $515.35 is likely. Such a move could increase the possibility of a rally to $600. The upsloping moving averages and the RSI in the positive territory suggest advantage to the bulls.

LINK/USD

Chainlink (LINK) rallied for the past two days and closed above $17.7777 on Jan. 14, indicating strong demand at lower levels. The bulls continued their purchase today and drove the price to a new high at $21.4533.

LINK/USDT daily chart. Source: TradingView

However, the long wick on today’s candlestick suggests profit booking at higher levels. If the bulls do not allow the price to dip back below $17.7777, it will suggest buying on dips.

If the price rebounds sharply from $17.7777, the bulls will try to resume the uptrend with the next target objective at $27. The upsloping 20-day EMA ($15.07) and the RSI above 65 suggest bulls are in control.

However, the bears are unlikely to give up easily. They are currently attempting to sink the price back below $17.7777. If they succeed, the pair could drop to the 20-day EMA.

XLM/USD

Stellar Lumens (XLM) broke above $0.2864 on Jan. 13 but the Doji candlestick pattern on Jan. 14 suggested indecision among the bulls and the bears. The uncertainty has resolved to the downside today and the bears are currently trying to sustain the price below $0.2864.

XLM/USDT daily chart. Source: TradingView

If they manage to do that, the XLM/USD pair may drop to the 20-day EMA ($0.24). A strong rebound off this level will suggest that traders continue to accumulate at lower levels. The upsloping moving averages and the RSI in the positive zone suggest bulls have the upper hand.

Contrary to this assumption, if the price turns up from the current level and rises above $0.32, the pair could rally to $0.35. The bears are likely to mount a stiff resistance at this level but if the bulls can push the price above it, the rally could extend to $0.409 and then to $0.50.

BNB/USD

Binance Coin (BNB) broke above the 20-day EMA ($39) on Jan. 13, indicating that the selling pressure had reduced. However, the bears are unwilling to give up without a fight and they are selling above $42.

BNB/USDT daily chart. Source: TradingView

If the bears can sink and sustain the price below the 20-day EMA, the BNB/USD pair may drop to the $35.69 support. A bounce off it could keep the pair range-bound between $35.69 and $43 for a few days as both the bulls and the bears try to establish their supremacy.

Contrary to this assumption, if the pair rises from the current levels, the bulls will make one more attempt to push the price to $45.1620. If they succeed, the pair may reach $50.

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.

Source: https://cointelegraph.com/news/price-analysis-1-15-btc-eth-xrp-dot-ada-ltc-bch-link-xlm-bnb

Blockchain

BitGo To Introduce Crypto Custodial Services To New York Clients

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Digital asset trust company, BitGo has added another feather to its cap. The company announced today that it has received a Trust Charter that will enable it to operate as an independent qualified custodian in the United States’ commercial hub, New York. The license was issued by the New York State Department of Financial Services.

Go, BitGo

California-based digital asset solutions provider, BitGo has expanded its horizon. It will now render cryptocurrency custodial services to New York-based institutional clients. The news was confirmed after the state’s Department of Financial Services issued the New York Trust charter to the company.

The news reiterates the company’s motive to exhaust the possibilities of the new financial landscape. It announced in December last year that it had over $16 billion in assets in its custody. With the surge in institutional interest, BitGo now has its eyes set on the world’s financial and commercial epicenter. Speaking on the latest milestone, BitGo CEO Mike Belshe said:

“We are extremely proud to receive the approval for a trust charter from NYDFS to serve the world’s premier financial organizations that are based in New York State. The past year has been exceptional for BitGo and the digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity and stability to the crypto ecosystem.”

The license will enable New York’s premier institutions to key into the digital revolution while staying within the state’s regulatory framework. BitGo’s list of reputable partners adds an extra layer of trust. It claims to be backed by Goldman Sachs, Craft Ventures, Digital Currency Group, Redpoint Ventures, and Valor Equity Partners.

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What’s In Store?

BitGo intends to go all-in for its prospective clients. Asides from its fully secured custodial services, it outlined several benefits of the New York Trust.

It will adopt a sophisticated, independently verified system control – SOC 2 Type 2. The SOC 2 Type 2 compliance records how a company safeguards customer’s data. This system control type verifies compliance with standard procedures and often gives a competitive edge.

Prospective clients will benefit from BitGo’s “comprehensive insurance coverage,” which it says covers up to $100 million in digital assets. Its multi-signature technology is yet another selling point.

New York – The New Crypto Hub?

The city of New York is becoming a destination for mainstream cryptocurrency companies. This week, leading blockchain sports and entertainment platform, ChiliZ announced that it would set up an office in New York.

Perhaps this is fueled by the state’s unwavering efforts to maintain a regulated framework that attracts investment and prioritizes asset protection. The New York Financial Services Law, which was enacted five years ago, necessitates the regulation of companies in the digital asset space. The state’s Department of Financial Services approved the sale and trading of eight cryptocurrencies in August last year.

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Source: https://cryptopotato.com/bitgo-to-introduce-crypto-custodial-services-to-new-york-clients/

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Co-founder of Floyd Mayweather-promoted ICO sentenced to 8 years

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Sohrab Sharma, the co-founder of the notorious celebrity-spruiked initial coin offering of 2017, Centra Tech, has been sentenced to eight years in prison for his leading role in the fraudulent scheme that duped investors out of more than $25 million.

Shama had previously pled guilty to conspiring to commit wire fraud, securities fraud, and mail fraud for material misrepresentations made by him and his co-conspirators to solicit investors to participate in the scheme.

United States attorney, Ilan Graff, described Sharma as having “led a scheme to deceive investors by falsely claiming that the start-up he co-founded had developed fully functioning, cutting-edge cryptocurrency-related financial products.”

“In reality, Sharma’s most notable inventions were the fake executives, fake business partnerships, and fake licenses that he and his co-conspirators touted to trick victims into handing over tens of millions of dollars.”

The court found that Sharma and co-defendants Robert Farkas and Raymond Trapani founded Centra around July 2017, claiming that the firm offered a crypto debit card and other digital asset-related products. The group conducted an ICO from July 2017 until October 2017, distributing unlicensed securities in the form of CTR tokens.

To promote the offering, the group issued materials falsely claiming the team had partnerships with Visa, Mastercard, and Bancorp, money transmitter licensing in 38 U.S. states, along with an entirely fictional CEO boasting more than 20 years experience in the banking sector and a master’s degree from Harvard University.

While the team raised $25 million at the completion of the ICO, authorities found those crypto assets were worth more than $60 million at certain times during 2018.

The U.S. Marshals Service seized 100,000 Ether from Centra which it sold for roughly $33.4 million earlier this year. The proceeds will be made available to potential use in a remission program to compensate victims of the fraud.

Sharma was also sentenced to three years of supervised release and ordered to forfeit more than $36 million.

In December, Centra co-founder Robert Farkas was sentenced to one year in prison for his role in the scheme. Trapani has also pleaded guilty.

Celebrities DJ Khaled and Floyd Mayweather, who promoted the offering on social media in 2017, agreed to six-figure settlements without admitting to wrongdoing in 2019 after Centra’s investors filed a lawsuit against the pair.

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Source: https://cointelegraph.com/news/co-founder-of-floyd-mayweather-promoted-ico-sentenced-to-8-years

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Blockchain

Spike in digital land and NFT sales push Axie Infinity (AXS) price to new highs

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The popularity and sale of NFTs have exploded over the past few months as many artists and collectors have been consistently selling entire NFT collections for millions of dollars.

One platform that has emerged as a fan favorite is Axie Infinity (AXS), a blockchain-based trading and battling game inspired by games like Pokémon and Tamagotchi. In the game, players collect, breed, raise, battle and trade token-based creatures known as Axies. 

In the past two months, the market cap for AXS has increased 600% from $19.25 million to its current value of $115 million as users rush to the platform for a chance to win a rare and valuable Axie. 

Data from Cointelegraph Markets and TradingView shows that the price of AXS has surged 74% over the past 24-hours, going from $1.78 on March 3 to a new all-time high of $3.10 on March 4 on the back of a 1,000% surge in the 24-hour trading volume. 

AXS/USDT 4-hour chart. Source: TradingView

While AXS has been in an uptrend for months, the altcoin really started to gain momentum at the beginning of February following the launch of Ronin, an Ethereum (ETH) network sidechain designed to help AXS users escape high transaction costs and network congestion on the Eethereum network.

Since Ronin’s launch on Feb. 1, the number of active users on the platform has skyrocketed as NFTs began to explode in popularity and mainstream news channels reported on record-setting sales for one-of-a-kind pieces of digital art.

Axie Infinity active users. Source: Axie Infinity

Digital land in Lunancia, the player-controlled virtual realm of the Axie universe, is also attracting increased attention with one user recently spending a total of $1.5 million to purchase nine digital land plots.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AXS on March 3, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for AXS reached a high of 76 on March 3, just hours before the price began to rise from $1.84 to its new all-time high at $3.10.

Despite the recent pullbacks experienced in the wider cryptocurrency market, key on-chain metrics like Glassnode’s Reserve Risk indicator show that the Bitcoin rally is still in its early, suggesting that there is plenty of room for BTC to appreciate before it reaches the peaks seen in previous bull markets.

Continued strength for Bitcoin price is likely to translate into an increased interest in NFTs and as the nascent sector expands, projects like AXS could continue to rise in popularity.

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

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Source: https://cointelegraph.com/news/spike-in-digital-land-and-nft-sales-push-axie-infinity-axs-price-to-new-highs

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