Facebook-owned WhatsApp Looks to Launch Digital Payments in Indonesia

Facebook-owned messaging service, WhatsApp, is purportedly in preliminary talks with multiple digital payments firms as well as a state-owned bank to launch digital payment services in Indonesia. 

Reuters reported that they had learned of this development from anonymous sources on Aug. 20. According to the report, WhatsApp is currently negotiating with transportation booking service Go-Jek, mobile payments provider DANA, fintech startup OVO and state-owned Bank Mandiri. Bank Mindri operates a digital wallet service, per the report. 

WhatsApp’s plan for Indonesia is to support payments through digital wallets in the region, according to Reuters’ sources. The report further speculates that Facebook’s dealings in Indonesia could become a template that they later use to dodge local regulations, pertaining to bans on foreign digital wallets.

A Facebook spokesperson confirmed that WhatsApp was negotiating with financial partners Indonesia, but declined to provide specifics:

“WhatsApp is in conversations with financial partners in Indonesia about payments, however the discussions are in early stages and we do not have anything further to share at this stage.”

However, the sources reportedly said that Facebook’s deal with the three payments firms will be finalized imminently. The launch of these services is, however,  not expected until 2020, since WhatsApp is looking to launch in India at the same time or sooner, per the sources. According to the report, Facebook is still waiting on regulatory approval from India before they can launch WhatsApp-based payments. 

Libra in WeChat

As previously reported by Cointelegraph, Facebook intends to integrate its crypto wallet service, Calibra, into WhatsApp and all of its platforms. Calibra would host Facebook’s planned stablecoin, Libra. However, Calibra will not be available in India, or any countries with a ban on cryptocurrency. A Calibra spokesperson commented on this in April, saying:

“The libra blockchain will be global, but it will be up to custodial wallet providers to determine where they will and will not operate. Calibra won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies.”

News source CoinTelegraph.com

ICO Rating Settles With SEC Over Alleged Anti-Touting Violations

The United States Securities and Exchange Commission (SEC) has charged Russian analytical agency ICO Rating for $268,998 for violating anti-touting provisions, according to an announcement on Aug. 20.

In the announcement, the SEC claimed that ICO Rating violated the anti-touting provisions of Section 17(b) of the Securities Act of 1933 by failing to disclose payments it received from initial coin offering (ICO) issuers it rated and published on its platform. Melissa Hodgman, Associate Director of the SEC’s Enforcement Division, said:

“The securities laws require promoters, including both people and entities, to disclose compensation they receive for touting investments so that potential investors are aware they are viewing a paid promotional item. […] This requirement applies regardless of whether the securities being touted are issued using traditional certificates or on the blockchain.”

Without admitting or denying the SEC’s findings, ICO Rating ostensibly agreed to cease and desist from committing any future violations of these provisions, paying disgorgement and prejudgment interest of $106,998 and a civil penalty of $162,000.

Earlier in August, Cointelegraph reported that the SEC reached a $7 million dollar settlement with PlexCorps owner Dominique Lacroix, business partner Sabrina Paradis-Royer and PlexCorps over an allegedly fraudulent ICO. The SEC concluded that the defendants raised $8,269,218 through the PlexCoin ICO.

Also this month, New England-based firm SimplyVital Health, Inc. settled with the SEC over an allegedly unregistered $6.3 million ICO. Without confirming or denying the allegations that it violated certain aspects of the Securities Act of 1933, SimplyVital agreed to a cease-and-desist order levied by the SEC.

News source CoinTelegraph.com

How Do Crypto Exchanges Select Coins, What Does It Take to Get Listed?

Binance.US, an upcoming subsidiary of one of the world’s leading cryptocurrency exchanges that will be compliant to operate within the United States, has recently gotten investors excited with an announcement that the platform was reviewing 30 new assets for listing. Importantly, the news also shed some light on the Digital Asset Risk Assessment Framework — a novel set of criteria to determine blockchain projects that Binance deems worthy of adding to the platform.

In the realm of digital finance, one of the biggest imaginable accomplishments for a blockchain startup is to get its coin listed on a major cryptocurrency exchange. The combined effects of earning the seal of approval from a reputable platform with millions of users worldwide on the asset’s brand recognition, audience reach, market price and trading volumes cannot be overstated. 

While in the early days of the crypto Wild West the procedures whereby exchanges vetted new tokens for their portfolios were often opaque, having a set of well-defined listing criteria is becoming an industry standard today. What are the leading crypto exchanges looking at now?

Binance

The criteria set forth in the new Digital Asset Risk Assessment Framework are organized around several core domains. As Binance U.S. operates in one of the world’s most complicated jurisdictions in terms of regulation, the list of standards opens with legal requirements, especially stressing candidate assets’ compliance with Anti-Money Laundering/Combating the Financing of Terrorism and securities laws. 

Other qualifications include the core team’s strategic vision to solve some real-world problem, the community’s ability to organize in a way that aides the project’s development, demands on the asset’s supply and demand, as well as technological feasibility and security.

The framework appears to be a set of screening guidelines that assets have to pass in order to proceed to the more advanced stage of thorough internal review. According to Binance CEO Changpeng Zhao (aka CV), there are no hard requirements that are necessary for candidate projects to check: “We want good coins. It’s simple, and every coin is different. In general, we like coins with a proven team, useful product, and large user base.” There are no fixed fees, either: All listing fees are negotiated individually, and proceeds go to the blockchain-tracked Binance Charity Foundation.

Coinbase

Coinbase, a major U.S. digital asset trading platform, relies on a somewhat more specific set of standards. Grouped into six focal areas — i.e., conformity to the platform’s core values, technology, compliance, market supply, market demand and crypto-economics — the framework provides a lot of specific details of the review process, including, for instance, “Assessment of the engineering team and their track record of setting and achieving deadlines,” or making sure that there is a “demonstrable record of responding to and improving the code after a disclosure of vulnerability, and a robust bug bounty program or third party security audit.”

Coinbase does not charge application fees initially, yet the company reserves the right to charge such a fee to cover the costs of services rendered during evaluation and listing processes. The platform, which has ramped up the number of new assets listed this year, both accepts applications from blockchain projects and proactively evaluates existing coins even if they do not seek admission.

Bitfinex

Paolo Ardoino, the chief technology officer at the Hong Kong-headquartered exchange Bitfinex, summarized his platform’s listing policy in the following statement to Cointelegraph:

“Bitfinex uses a variety of parameters to decide which blockhains or tokens should be listed. These include the quality of the project, security audits of the smart contract or the blockchain itself, along with the availability and maintenance status of the source code. Above all these parameters, we adhere to all applicable laws.”

Bittrex

Bittrex, a Seattle-based cryptocurrency exchange, considers factors such as innovativeness of blockchain solutions, the range of use cases, experience and reputation of the team behind the project, as well as market indicators. The process that leads to new coins getting listed on Bittrex or Bittrex International entails two stages of review: preliminary and full. 

The latter step includes a full compliance review, which requires providing a memo of opinion from a U.S.-qualified external legal counsel for listing on the domestic platform, or a statement attesting that the token qualifies as a Virtual Financial Asset (VFA) under Maltese law from a legal firm licensed in the island nation if the applicant seeks to be featured on Bittrex International. Bittrex does not charge listing fees.

The exchange is also quite open about its delisting policy. One of the key criteria that Bittrex considers a trigger for removing a token or market is a lack of interest from the community, as manifested in low trading volumes and lackluster communication. Other possible reasons include compliance issues, lack of technological robustness, the core team’s unresponsiveness and inability to address arising concerns, among others.

Poloniex

Poloniex, a U.S.-based exchange operated by the fintech company Circle, follows a set of listing standards similar to that of Coinbase. The main criteria on which potential additions are assessed fall into the categories of core tenets of the crypto industry (such as building new infrastructure and solving problems based on decentralization), robustness of underlying technology, experience and credibility of the project’s core team, capacity to create real value, and indicators related to liquidity and other aspects of market health. There is also a requirement that each asset pass a legal review in accordance with regulations of the jurisdictions where it is traded.

Huobi

Huobi, a major Asia-based digital asset trading platform, employs statistical modelling to aid decision-making on candidate coins. The exchange’s spokesperson from the listing department told Cointelegraph:

“There are three ways a project can get listed on Huobi Global — general listing, Huobi Prime, and FastTrack — all of which are evaluated by Huobi’s SMARTChain. Huobi SMARTChain is a quantitative model which evaluates factors based on the five integrated dimensions of Strategy (strategic positioning), Management (project management), Activity (market activity), Reliability (team credibility), and Technology (advanced technology), as well as investment potential and risk.

“On top of regular listing, Huobi recently announced two listing programs for premium tokens — Huobi Prime and Huobi FastTrack. The upgraded SMART Chain 2.0 quantitative model is applied to evaluate Prime and FastTrack projects based on around 100 factors that also take into consideration a project’s reasonable valuation, long-term value creation, team reputation, sensible token economics, and community support.”

The Huobi representative added that the platform performs regular reviews of assets already listed on the exchange. Based on those reviews, the teams of underperforming projects may receive a delisting risk warning for such issues as wrongful publicity and market conduct, evidence of fraud or manipulation, the core team’s uncooperative behavior, security breaches, low trading volumes, and more.

EToro

Guy Hirsch, Managing Director of digital asset trading platform eToro U.S., said in a statement to Cointelegraph:

“There are many factors eToro considers when determining which top ranking cryptoassets to include on our platform. Market capitalization and liquidity are two of the most important factors we look at. Then, we evaluate if it is a utility token or tokenized security and based on that legal analysis determine if and in which jurisdiction to list it and what compliance governance must be applied to it. Going beyond those, in certain cases we’ll also look at the use case, the team, and the product roadmap.”

EToro, Hirsch added, has never delisted a token. In order for that to happen, “there would need to be significant and persistent liquidity issues, or significant changes in rules and regulations.”

From pay-to-play to better assets

As the maturing crypto industry develops its standards and best practices, predatory exchanges  and once-ubiquitous scam coins are gradually withering away. The biggest crypto exchanges are embracing their role as the space’s new gatekeepers, which is evident in increasingly well-structured processes for vetting new digital assets. 

The review of these policies and standards suggests that there is a degree of uniformity in admission requirements that various exchange platforms impose. Rowan Stone, the business development director of the Horizen (aka ZEN) cryptocurrency ecosystem, observed to Cointelegraph:

“When it comes to listing cryptoassets, exchanges typically want to know that the asset is secure, is being actively developed by a team of competent professionals and has real world utility along with an active and passionate community to ensure suitable market demand.

“ZEN has agreed to integration deals with more than 30 exchanges over the past two years, and although it was a wild west in the early days, most exchanges are maturing at a rapid pace, both in terms of security and business prowess. Many exchanges have realized that bringing strong, popular assets to their users is a much better business model than attempting to force the pay-to-play game with often ludicrous integration fees.”

As in any field of financial activity, trust and reputation are key assets for successful players. Enforcing stringent requirements for candidate assets is the natural mechanism for maintaining exchanges’ reputations, which ultimately lowers risks for end users. Perhaps this is the best way to protect traders and investors in an ecosystem built on irreversible transactions and minimal room for redress in case something goes wrong.

News source CoinTelegraph.com

Major Coins Report Mild Losses, Bitcoin Price Hovers Around $10,700

Tuesday, Aug. 20 — following a brief period of recovery, almost all of the top-20 coins by market capitalization have entered the red again, with Bitcoin (BTC) hovering around $10,700.

Market visualization. Source: Coin360

Market visualization. Source: Coin360

The leading digital currency BTC is struggling to stay in positive territory, being up by a modest 0.26% on the day to trade at around $10,735 as of press time. BTC started the day near $10,697, subsequently dipping to a daily low of $10,564, while the coin’s high today was $10,965.

BTC hash rate broke yet another record high, according to Aug. 19 data from monitoring resource Blockchain.com. The top coin’s hash rate has continued to break records throughout the summer, hitting a whopping 82.5 TH/s yesterday.

Bitcoin 7-day price chart. Source: Coin360

Bitcoin 7-day price chart. Source: Coin360

The largest altcoin Ether (ETH) is suffering a slight drop, having lost 0.86% in the last 24 hours. At press time ETH is trading at $196.93. The coin is reporting both weekly and monthly losses of 7.47% and 14% respectively.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

Except BTC, on the top-20 list of cryptocurrencies only Ethereum Classic (ETC) has registered gains over the past day. ETC is currently up by solid 10.63% and is trading at around $6.05. Chainlink (LINK), Dash (DASH), and Bitcoin SV (BSV) are the main losers, down 5.77%, 2.97% and 2.73% respectively.

The total crypto market capitalization of all digital currencies is around $277.5 billion at press time, up from its intra-week high of $253.5 billion on Aug. 15.

Veteran frontier markets investor Mark Mobius suggested today that cryptocurrencies will boost the price of gold, while the CEO of online travel giant Booking Holdings said that blockchain-based currencies will continue to grow.

Also today, United States Secretary of State Mike Pompeo pointed out the risk of anonymous transactions associated with crypto, advising that Bitcoin should be regulated the same way as other electronic financial transactions.

Keep track of top crypto markets in real time here

News source CoinTelegraph.com

Square Crypto Hires Blockstream Co-Founder, Open Source Bitcoin Dev

Square Crypto, the cryptocurrency-focused branch of mobile payment company Square, has hired Blockstream co-founder and Bitcoin (BTC) developer Matt Corallo. Square Crypto announced the news in an official Twitter post on Aug. 20.

Matt Corallo also commented on the announcement, saying:

“So excited to be joining the @sqcrypto team over the coming weeks. Experimenting with different models to accelerate Bitcoin OSS is awesome!”

As indicated in his Twitter post, Corallo is a Bitcoin Open Source Developer who previously worked at Bitcoin development company Chaincode Labs. Per his LinkedIn profile, Corallo has worked there for the past two years and 8 months. Additionally, Corallo is listed as the co-founder of Blockstream, a blockchain and Bitcoin development company where he worked for just under two and a half years.

Square Crypto’s teambuilding

As previously reported by Cointelegraph, Twitter founder Jack Dorsey, who also founded Square, is looking to build a small team dedicated to improving crypto infrastructure. The team will reportedly include one designer and a handful of software engineers, and all of their projects will be open source. Square Crypto’s first hire was Steve Lee, who previously served as a director at Google.

Square aims to develop Bitcoin infrastructure

In a recent Twitter “ask me anything,” project manager at Square Crypto Steve Lee emphasized that his team is particularly keen on developing support for the Bitcoin ecosystem. Lee wrote:

“We are very, very pro-Bitcoin. There is more than enough work for us to do there. That said, we are open to emerging use cases and technologies that complement Bitcoin.”

News source CoinTelegraph.com

New York Court Rules That State Attorney Has Jurisdiction Over Bitfinex

The New York State Supreme Court has ruled that the New York Office of the Attorney General (NYAG) has jurisdiction over cryptocurrency exchange Bitfinex.

According to a court filing on Aug. 19, this will allow the NYAG to continue its investigation of the exchange over allegations of fraud and misleading investors. 

In the filing, Judge Joel Coehn dismissed a motion by Bitfinex to terminate an action by the NYAG that would prosecute Bitinex under a New York law — the Martin Act. The NYAG originally alleged that Bitfinex and associated stablecoin firm Tether covered up an $850 million loss and in doing so, misled investors in the state of New York.

The allegations have resulted in a protracted legal battle between Bitfinex and state prosecutors, with the exchange claiming that it spent $500,000 and hired over 60 lawyers in order to comply with documentation requests by the NYAG.

The issue of jurisdiction has recently become a primary issue of contention in the case. Legal representatives for both Bitfinex and Tether have previously submitted documents to the court, stating that neither firm served customers in New York — which has a uniquely stringent regulatory regime for cryptocurrencies.

The lawyers claimed that, even should the state be able to prove that they had served New York clients, it could not establish whether those customers were harmed by the exchange or stablecoin issuer’s alleged actions.

Today’s ruling by Justice Cohen denies Bitfinex and Tether’s motion to terminate the NYAG’s action on the grounds that it was extra-jurisdictional in addition to dissolving a temporary stay of the state’s investigation. 

Bitfinex’s claims that it did not serve New York-based customers is further complicated by reports that United States-based users are still able to access the platform by simply lying on a pop-up query about their geographical location.

News source CoinTelegraph.com

Report: Israeli Bitcoiners Petition Banks to Disclose Crypto Policies

The Israel Bitcoin Association, a nonprofit organization that promotes the use of Bitcoin (BTC) and cryptocurrencies, has reportedly filed a freedom of information petition with a Jerusalem court. The petition purportedly seeks to require local banks to disclose their policies on money originating from digital currencies. 

Local news daily Globes reported on Aug. 19 that state banks are required to report reasons for refusing transactions to the country’s central bank, the Bank of Israel. The association previously reached out to Bank of Israel, asking for clarification on the cryptocurrency policies of commercial banks, but were reportedly refused.

Association chairman Meni Rosenfeld told Globes that the Bank of Israel recently refused the association’s request on the grounds that these are industry secrets. This apparently motivated the association to move forward with a legal petition to make the disclosure mandatory. Israel Bitcoin Association legal adviser Jonathan Klinger said:

“Under the Banking (Licensing) Law, it is the duty of a bank to state to the Bank of Israel the policy under which it refuses to conduct transactions. We therefore contacted the Bank of Israel and asked for this information, but the Bank of Israel did not agree to disclose this policy to us. We therefore decided to petition the court to force the Bank of Israel to provide us with a copy of the policy submitted to it by the banks.”

Israeli banks have reportedly denied the Israel Bitcoin Association the ability to open an account, even though the association does not buy or sell digital currency. The report notes that this is likely due to the association’s name, which includes the word Bitcoin. 

Tax troubles and class action against Bank Hapoalim

Other traders and crypto-related businesses in Israel have experienced difficulties making deposits and remaining tax-compliant due to crypto-averse banking policies. According to some reports, cryptocurrency traders cannot pay taxes as they are unable to make deposits of funds obtained through cryptocurrencies. 

The tax authority is reportedly aware of the problem, but does not act as, according to local BTC investor Ron Gross: “the ball is not in their court.”

Additionally, a cryptocurrency investor has filed a class action suit against the Israeli Bank Hapoalim, on the grounds that they will not accept money earned via BTC investments. As previously reported by Cointelegraph, the complainant’s lawyer, Lior Lahav, has argued: 

“The banks have an obligation under the law to accept money from the clients […] They can check on their clients, do their due diligence, and find out where the money is coming from. The problem with the banks is that they are doing nothing. They are not asking their clients: ‘Provide me documentation of the origin of the money.’”

News source CoinTelegraph.com

Crypto Custodian BitGo Hires Former Xapo Vice-President as CRO

Digital asset trust and security company BitGo has appointed wallet provider Xapo’s former senior vice-president Pete Najarian as its new chief revenue officer (CRO).

As finance-focused media outlet Finance Magnates reported on Aug. 19, Najarian will now serve as BitGo’s CRO, reporting to the company’s chief executive officer Mike Belshe. Commenting on the appointment, Belshe said:

“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”

Najarian’s profile on business and employment network LinkedIn reveals that he previously served as global head of emerging markets sales at the Royal Bank of Scotland, and head of institutional client coverage-APAC at financial services firm UBS, among others.

BitGo expands its presence

Earlier in August, Cointelegraph reported that BitGo is expanding its presence in Japan. BitGo is reportedly planning to grow its Japan-based team, including hiring a sales director for the company’s Tokyo office.

In May, BitGo appointed veteran Wall Street trader Nick Carmi as its head of financial services. The hire ostensibly intends to forge stronger connections between digital assets and the traditional financial sphere.

News source CoinTelegraph.com

Price Analysis 19/08: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, XLM

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 the HitBTC exchange.

Crypto enthusiasts despise fiat currencies while central banks have largely been against cryptocurrencies, as they consider crypto assets to be a form of competition to their existence. However, a new analysis has found that mere existence of cryptocurrencies benefits both society and the government. 

Cryptocurrencies offer an opportunity for citizens to diversify their investments. They act as a competition to fiat and prevent central banks from debasing fiat currencies. Conversely, governments benefit by allowing and taxing crypto investments in the economy.

Though Facebook’s Libra project has hit rough waters, Binance has announced an open blockchain project dubbed “Venus” that will work with governments and various other corporations to launch localized stablecoins worldwide. Binance believes that the project will empower both developing and developed nations. It is banking on its existing compliance measures across various jurisdictions to help it gain the required regulatory approvals.

BTC/USD

Bitcoin (BTC) is picking up momentum as it moves higher. This is a positive sign as it shows that bulls are not waiting for lower prices to buy. However, is this a bull trap that will suck in buyers and then turn around and plummet? Let’s analyze the chart.

BTC/USD

Let’s look at the positives that point to a resumption of the rally on the chart. The BTC/USD pair has held and bounced sharply from its critical support of $9,080. This confirms that bulls jump in to buy when the price dips to the support as they expect it to hold. 

Both moving averages are flattening out and the RSI is close to 50, which points to a range-bound action in the near term. The boundaries of the range might be $9,080 on the downside and $12,000 on the upside. A consolidation near the highs is a positive sign as it increases the probability of a breakout to new highs. So, as long as the price remains above $9,080, the pair is on target to make new yearly highs.

Our assumption will be invalidated if the price turns down either from the current levels or from $12,000 and plummets below $9,080. Such a move will hurt sentiment and signal a deeper correction to $7,451.63. It will also delay the next leg of the up-move. Though we have a bullish tilt, the chart patterns are not offering a trade with an attractive risk-to-reward ratio. Hence, we are not suggesting any fresh positions in it. 

ETH/USD

The bears could not capitalize on the breakdown below $192.45, which shows strong demand at lower levels. The pullback has reached the 20-day EMA, which is a stiff resistance. Nonetheless, if the bulls scale this overhead resistance, Ether (ETH) can move up to the 50-day SMA, which is close to the horizontal resistance of $235.70.

ETH/USD

We anticipate a stiff resistance close to $235.70, because this level has stalled the rally on three previous occasions. If this level holds again, the ETH/USD pair might consolidate between $192.45 and $235.70 for a few days. 

On the other hand, if bulls push the price above $235.70, the pair might quickly rally to $320.84. We will watch the price action above the downtrend line for a few days and make a call. Our neutral-to-bullish view will be invalidated if the pair reverses direction from current levels or from the 50-day SMA and breaks below $174.461. 

XRP/USD

We had anticipated XRP to plunge after it broke to new yearly lows, but that did not happen. Cherry-picking by aggressive bulls has helped the price rise above the previous support-turned-resistance of $0.27795. After the first batch of buyers, the real test starts now. Will the demand sustain at higher levels or will it falter?

XRP/USD

The XRP/USD pair has not sustained above the 20-day EMA since breaking below it on June 27. Hence, this makes it a stiff resistance to overcome. If buyers push the price above the 20-day EMA, it will be the first sign that demand is not drying up at higher levels. The next level to watch will be the 50-day SMA and above it $0.34429.

However, if the bulls fail to scale the price above the 20-day EMA once again, we expect bears to sell aggressively and try to break down of the recent lows at $0.225. While it might look attractive to buy at these low levels, we do not have confirmation of a bottom yet, hence, initiating long positions might be a risky affair. We will wait for a new buy setup to form before recommending a trade in it.

BCH/USD

Bitcoin Cash (BCH) has formed a large head and shoulders (H&S) pattern, but bears have not been able to break below the neckline of the pattern. The bearish setup comes into play only after a breakdown and close (UTC time) below the neckline. 

BCH/USD

However, the rebound from the neckline has been encouraging. It has quickly moved up to the moving averages. If the bulls push the price above $360, we anticipate a move to $428.54 and above it to $515.35. Therefore, we might suggest long positions after watching the price action closer to $360.

Contrary to our assumption, if the bears defend the moving averages, the BCH/USD pair might again slide to the neckline. We expect it to break below it in the next retest. Though the target objective following the completion of the H&S pattern is much lower, we will take it one step at a time and keep an eye on $166.98. 

LTC/USD

Litecoin (LTC) held the 61.8% Fibonacci retracement level once again on Aug.18. This is a minor positive as it shows a lack of selling at lower levels. The price can now pull back to the 20-day EMA, which is likely to act as a resistance. If this level is crossed, a move to the 50-day SMA is probable.

LTC/USD

A breakout above the 50-day SMA will indicate that the downtrend is over. The first resistance is $105.676, above which, a retest of the recent highs at $145.6725 is probable.

Both moving averages are sloping down and the RSI is in the negative zone, which shows that bears are in command. If the price turns down from the 20-day EMA or the 50-day SMA and breaks below $69.9227, it can fall to $49.3305, which is the 78.6% Fibonacci retracement level. We do not find any reliable buy setups at the current levels.

BNB/USD

Binance Coin (BNB) is trading inside a tight range of $26.202 to $32.50. The bulls are attempting to scale above the moving averages, which is a positive sign. The next stop is $32.50, above which we expect the digital currency to start a new uptrend. The first target on the upside is a retest of the lifetime highs and if it is crossed, the pair is likely to pick up momentum.

BNB/USD

On the other hand, if the BNB/USD pair turns down either from the 50-day SMA or from $32.50, it can remain range-bound for a few more days. A breakdown of $26.202 will be the first sign that bears are back in the game. The trend will turn decisively lower if the support at $24.1709 cracks. We suggest traders wait for the pair to break out of $32.50 before buying.

EOS/USD

EOS is attempting to bounce off the critical support at $3.30. Both moving averages are sloping down and the RSI is in the negative zone, which suggests that bears have the upper hand. If the cryptocurrency turns down from the 20-day EMA, bulls will try to sink it back below $3.30. A break below this level will be a huge negative that can drag the price to $2.20.

EOS/USD

However, if bulls can push the price above both moving averages, the EOS/USD pair can move up to $4.8719. A breakout of this level might start a new uptrend, but if the price turns down from $4.8719, it will remain range-bound for a few more days. We suggest traders wait for a new uptrend to start before initiating long positions.

BSV/USD

Bitcoin SV (BSV) might form a large trading range between $107 and $188.69. Both moving averages are gradually sloping down and the RSI is just below the midpoint, which shows that bears have a slight advantage.

BSV/USD

Currently, bulls are attempting to breakout of the 20-day EMA. If successful, the BSV/USD pair might face some resistance at the 50-day SMA, above which it can move up to $188.69.

Conversely, if the pair turns down from either moving average, it can again correct to $107. As the range is large, traders can attempt to buy closer to the support of the range and sell near the resistance. In between, we do not find any reliable buy pattern, as the price action is likely to remain volatile. A breakdown of the range will be a huge bearish move while a breakout can push the price toward lifetime highs.

XMR/USD

Monero (XMR) is range-bound between $72–$98.2939. Both moving averages are flattish and the RSI is close to the center. This suggests a balance between buyers and sellers. If bulls can propel the price above the moving averages, the cryptocurrency can rally to $98.2939.

XMR/USD

A breakout of the range can carry the price to $120. There is a minor resistance at $107, but we expect it to be crossed. Conversely, if the XMR/USD pair turns down from the current levels, it might dip back to the support of the range at $72. A break below the support will be a bearish sign that can drag the price to $60. The price action inside the range can be volatile, therefore, we remain neutral on the pair. The traders can turn positive above $98.2939.

XLM/USD

Stellar (XLM) broke below the critical support of $0.072545 on Aug. 14. Since then, the price has traded in a tight range. The bears have not been able to build on the breakdown and sink prices to new lows. Similarly, bulls have failed to push the price back above $0.072545.

XLM/USD

The best breakdowns continue to plunge without giving many opportunities to traders stuck at higher levels to get out. If there is hesitation after a breakdown, it shows a lack of urgency by sellers at lower levels.

If bulls fail to break out of the 20-day EMA within the next three to four days, we anticipate bears to make another attempt to resume the downtrend. Conversely, if the XLM/USD pair climbs and sustains above the 20-day EMA, it will suggest that the latest breakdown was a bear trap. With both moving averages sloping down and the RSI in negative territory, the advantage is still with the bears, hence, we suggest traders remain on the sidelines.

Market data is provided by the HitBTC exchange.

News source CoinTelegraph.com

Bitcoin Price Bullish Wedge Forms Pointing to $11K, Says Trader

Bitcoin (BTC) price was returning to bullish form on Aug. 19 as markets look to break out from last week’s sideways trading. 

Market visualization

Market visualization. Source: Coin360

Bitcoin price builds on $10K support

Data from Coin360 revealed Bitcoin challenging $11,000 in morning trading as Monday delivered almost 5% gains.

Markets appeared to be reacting to news cryptocurrency exchange Binance was planning to release its own version of Facebook’s Libra digital currency, in what is also a direct response to China’s central bank.

At press time, BTC/USD was circling $10,650, capping daily gains of 4.9%, while weekly progress still totalled 5.5% losses.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

While there was no great cause for celebration, analysts were eyeing potential further progress towards $11,000, within a greater context of upper resistance circling $12,000.

Mati Greenspan, a senior market analyst at United Kingdom-based trading platform eToro, identified a bullish wedge for the pair, while noting further upward progress was not guaranteed.

Regular analyst Josh Rager meanwhile delivered an explanation of Bitcoin’s longer-term performance, arguing investors had finished buying up cheaper coins after cashing out profits at BTC/USD’s 2019 highs around $13,800. 

“In my opinion, this seems just like one large re-accumulation happening after large players took profits near $14k,” he summarized on Saturday. “This seems just like one large re-accumulation happening after large players took profits near $14k.”

He added he considered it unlikely the Bitcoin price would drop below the high $8000 range. 

Altcoins rise from the dead (at last)

Altcoin investors also had something to talk about this week as Bitcoin’s gains contributed to a recovery from previous lows. 

As Cointelegraph reported, markets saw a considerable decline last week, with some altcoins dropping to lows against Bitcoin not seen for years.

Ether (ETH), the largest altcoin asset by market cap, gained 8.3% to hit $200 once again, some way to previous levels of $225 seen before its latest decline.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

Other tokens in the top ten followed suit, with Bitcoin Cash (BCH), Litecoin (LTC) and XRP producing gains of between 6% and 8% on the day. 

The uptick had a telling effect on the overall cryptocurrency market cap, which on Monday stood at just under $280 billion, Bitcoin’s share challenging 69%.

Keep track of top crypto markets in real time here

News source CoinTelegraph.com