ConsenSys Ventures had earlier on April 1st released a press release concerning several blockchain start-up projects they intended to back for the year 2019, through their accelerator program Tachyon; which was launched in Berlin at
Digital Asset Financial Exchange is a Chinese cryptocurrency exchange with its headquarters in Singapore. The exchange is owned by the company DigiFinex Ltd which is incorporated in Seychelles and exclusively caters to the Asian market. The exchange has risen to the radar of the online cryptocurrency community due to its heavy trading volumes that exceed $400 million daily, coming into stiff competition with Binance, which has dominated the exchange market for a while now.
This is no mean feat considering that there are over 500 active crypto exchanges worldwide with a user base of more than 34 million crypto wallet holders. DigiFinex was incorporated in 2017 and have astonishingly managed to establish themselves as a trusted digital exchange. Apart from trading their own coin, DigiFinex coin, DFT, the exchange provides trading services for many blockchain based assets, including recently launched Gemini dollar.
The DFT token is an ERC-20 token based on Ethereum smart contract system, with a liquidity value of $2.1 billion according to CoinMarketCap. One of the reasons why the volume on this platform is so high is that the company’s client base is strictly in Asia, which contributes to the bulk of daily cryptocurrency and digital asset trading more than anywhere else in the world. DigiFinex has a special quality in that its customer protection is its paramount selling point.
Annual audits are conducted by investors, in addition to the fact that the exchange company is one of the few that are SOA audit certified. So far, the company is yet to be subjected to a single security breach event. DigiFinex founder Ned Kee also stated that the company does not delve its resources into marketing but instead the bulk of their budget is spent on security and performing identity verification according to KYC requirements.
This is not only towards their clients but also their listing policy is very strict for interested parties that intend to list their projects on DigiFinex. The potential projects undergo a vigorous verification process which is then submitted for voting and cooperating. In a nutshell, the voting process is based on the volumes of the proposed token to be listed. As such, the token is run for a five day trial and if the trading volume drops below 200,000 CNY per day, it is promptly delisted. This policy is also applied to assets that have lost 90% of their initial valuation.
Another feature of the exchange platform is its real time accounting and transaction processing service. This is the case for single wallet users or multi-layer wallet holders, which is enviable considering the collective different signature addresses. It is probably for this reason that their trading costs are a little friendlier than most crypto exchanges. It charges a standard fee of 0.20% competing with the 0.25% industry average. On Binance, there is a 25% on all fees paid in the DFT token.
DigiFinex also provides a reward system for trading with their native DFT token. Rewards can be obtained when a user locks the tokens and completes specific trading amounts. It also supports 149 trading pairs like BTC/USDT, BCH/USDT, LTC/USDT, ETH/USDT and many more. The trading model is very similar to that displayed on Binance, including the rewards system which depends on the volume of trading accumulated between makers and takers over a 30 day period.
In 2018, the company launched a limited period DFT mining exercise that lasted from April to August 21st. the mining exercise practically catapulted the company from 50th position to 11th in a few months. The reason they halted mining was so as to prevent an overflow of DFT which would lead to a decrease in value, which was a smart move in my opinion.
However, the exchange is not all rosy as there are a few limitations that I need to point out:
What are your thoughts?
Binance, the world’s largest crypto exchange, has voluntarily engaged in an initiative to eliminate money laundering on its platform.
For years, despite the inherent lack of privacy measures on major public blockchain networks like Bitcoin and Ethereum that discourage the settlement of illicit transactions, a widely pushed narrative against crypto has been the suspected usage of digital assets by criminals.
Eliminating Easily Refutable Claims
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and many other major cryptocurrencies are not anonymous by nature. With Know Your Customer (KYC) and Anti-Money Laundering (AML) systems integrated by cryptocurrency exchanges, it is extremely difficult for criminals to utilize digital assets to settle the transfer of illegal proceeds.
Authorities and government agencies across the globe are well aware of the non-anonymous characteristic of blockchains, which could have motivated governments like the US, Japan, and South Korea to legitimate and recognize the cryptocurrency market.
This week, Binance has started to cooperate with Chainalysis, a leading blockchain analysis company that evaluates suspicious transactions and addresses, to improve its AML system and to further legitimize the cryptocurrency sector.
“Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance’s lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions,” said Jonathan Levin, co-founder and COO of Chainalysis.
In 2018, some of the world’s most influential banks were cracked down for money laundering. Danske Bank laundered $243 billion from criminal groups, and as CCJ reported on October 20, Nordea Bank, the largest financial group in the Nordic countries, is said to have taken several illicit payments from banks in the Baltic region.
With the institutional market of cryptocurrencies growing exponentially, the tightening of AML systems employed by public exchanges is expected to solidify cryptocurrencies as a recognized asset class and the digital asset market as a well-regulated sector.
Wei Zhao, the CFO at Binance, said that maintaining the firm’s vision of increasing the freedom of money globally, the exchange will continue to adhere to regulatory mandates in the countries it operates in.
“By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.”
Importance of Compliance
The cryptocurrency sector is entering a new phase of development and growth, as Zhou explained.
During the 2017 bull market in which the valuation of the cryptocurrency market surged to $800 billion, the asset class obtained significant mainstream awareness in both countries that support crypto and regions that have established impractical regulatory frameworks to prevent local blockchain markets to flourish.
In a period in which governments are introducing increasing efforts to embrace crypto and blockchain businesses as a part of the fourth industrial revolution, voluntary initiatives by companies like Binance to legitimize the industry will ease the process of governments in regulating and acknowledging the global market.
Binance announced that as of today the company will make all listing fees transparent. In addition, 100% of fees will be donated to charity.
The move is likely to generate a fair amount of attention for the world’s largest cryptocurrency exchange by trading volume. Previously, listing fees on Binance – the cost of listing a cryptocurrency in their exchange – have varied based on a number of factors such as the type of token and expected daily volume.
The move is not without some controversy. Binance was rumored to charge astronomical figures for tokens to be listed on the exchange. Changpeng Zhao, the CEO of Binance, refuted these rumors as baseless.
“There were so much incorrect data, rumors and FUD about listing fees. We care about our community and want to address this once and for all.”
When asked if Binance’s move towards greater transparency was driven by the earlier controversy, Zhao answered in the affirmative. “Yes, partially. We never charged 400 BTC for any project. That was a purely made up number,” he said.
Now, cryptocurrency projects will be able to decide what kind of fee they want to pay. In essence, this fee will be a donation to charity through Binance. The exchange will then disclose the fee to the public via their charity initiative, the Blockchain Charity Foundation.
“This will be disclosed in a subsequent Binance Charity Foundation press release. We are discussing with a few large donors at the moment. We don’t want to release a partial list just yet,” Zhao said.
Binance will not dictate how much projects have to charge, and there won’t be any minimum donation fee when listing a cryptocurrency. They also want to avoid giving the impression that larger donations will gain favor for projects, with Zhao saying in a press release, “A large donation does not guarantee or in any way influence the outcome of our listing review process”.
When asked if other players are expected to follow suit in providing transparency, Zhao was optimistic.
“I certainly hope so. They copied us on many other things, this will be a good thing to copy. There is no competition in charity.”
Binance recently launched Blockchain Charity Foundation together with the UN, led by UN Ambassador of Goodwill, Helen Hai.
The goal of the project is to help the UN tackle the United Nations Sustainable Development Goals funding gap. Currently, the UN is struggling to raise the $2.5 trillion needed to help developing countries reach their investment goals. The BCF was set up to explore the potential of blockchain technology to help with this.
One of the next important steps in this process is the meeting of Binance and the BCF, at the Blockchains for Sustainable Development forum on October 24th in Geneva. The forum aims to unite various blockchain thought leaders with philanthropists and heads of state, with the goal of discussing how blockchain can be used in future for public good.
Binance, the world’s largest crypto exchange by daily trading volume, is set to launch a beta version of its decentralized exchange (DEX) by early 2019.
Changpeng Zhao, the CEO of Binance better known to the community as CZ, said on Saturday:
|“Just had a productive meeting for Binance DEX (decentralized exchange), where BNB will be native gas, and the exchange don’t control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop.”|
In July, on CNBC Crypto Trader hosted by Ran Neuner, CZ stated that he personally believes decentralized exchange is the future of crypto.
In the long-term, CZ explained that users will be able to utilize non-custodial wallets to trade cryptocurrencies in a peer-to-peer manner with full control over their funds.
“I believe that decentralized exchange is the future. I don’t know when that future will come yet. I think we’re at an early stage for that so I don’t know if it’s a year, two years, three years, or five years. I don’t know but we got to be ready for it,” he said.
As a centralized cryptocurrency exchange, most of its revenues and profits are generated by the fees charged by the exchange. But, decentralized exchanges can also charge a native fee embedded into the smart contracts utilized by the platform to broadcast transactions to the mainnet of public blockchain networks like Ethereum.
In October of last year, Ethereum co-creator Vitalik Buterin praised a model utilized by EtherDelta, a decentralized exchange, to incentivize developers for maintaining the platform.
“I think the EtherDelta model for developers getting paid is underrated,” he said.
At the time, a South Korea-based cryptocurrency user recommended Binance to Buterin on Twitter, mentioning its low 0.05% fee. Buterin responded that to use centralized exchanges, a process of setting up accounts is required. On decentralized exchanges, users can utilize existing wallets like MetaMask to trade.
“That requires setting up an account. I like EtherDelta precisely because it doesn’t. Just visit the site with MetaMask on and start using it. Not slow at all. I don’t give a damn about split-second trading. To me, speed includes login, deposit, withdrawal, logout time,” Buterin explained.
According to CZ, Binance is probably a more secure alternative to decentralized exchanges because of its strong architecture and infrastructure. Binance has never been hacked since its launch in 2017.
CZ emphasized that the real merit of using decentralized exchanges is in the freedom and control over user funds. On a decentralized exchange, users do not have to create user accounts or file withdrawal requests. Every trading activity is done on the blockchain with a non-custodial wallet.
Eventually, as the adoption of cryptocurrencies increases and fiat becomes less relevant in the cryptocurrency exchange market, traders will likely shift from centralized platforms to decentralized exchanges.
The Binance team remains uncertain when the change will happen but as CZ said, the company is getting ready for it.
Syndicated from CCN
In a six-minute video attached to the tweet, Zhao presented a “casual, early, pre-offer” demo of the decentralized exchange. The CEO said not “to expect too much” for now, adding that it currently does not have a graphical user interface:
|“A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing and trading of tokens. All cli based, no GUI yet. A small step for #BinanceChain, a big step for Binance.”|
Zhao showed three essential features of the planned exchange, those being the creation, listing, and trading of tokens. As Zhao did not disclose the launch date, it remains to be seen when the exchange will be marketed and what volumes it will be able to handle.
Decentralized exchanges are lauded as more secure than their centralized counterparts, which are more vulnerable to hacks. Decentralized platforms are set up in a manner which allows users to retain ownership of their coins using private keys. This solution reportedly prevents cryptocurrencies from being accumulated in one centralized “honeypot,” or point of attack.
Earlier this month, Binance bought Trust Wallet, an open source, anonymous, and decentralized wallet that supports Ethereum and over 20,000 different Ethereum-based tokens. Zhao then said that Binance plans to list Trust Wallet as a default wallet on its decentralized exchange.
Binance, which moved its operations to Malta this spring, is the number one crypto exchange by trade volume, according to Coinmarketcap. In July, the exchange supported plans to create a blockchain-based bank with tokenized ownership. The future “Founders Bank” will reportedly be owned by digital token investors and be based in Malta, known for its robust and transparent crypto regulatory climate.
Binance announced on March 13th that they would be developing a public blockchain to create a new decentralized exchange. They state that “centralized and decentralized exchanges will co-exist in the near future, complementing each other”, which has inspired them to develop Binance Chain.
This new blockchain will be used for transfer and trading of all blockchain assets. They are hoping that this move will help push cryptocurrency exchanges towards a more company to community transformation.
Binance Chain will host Binance Coin, which will inherently become its native coin with its own blockchain main net.
The difference between a decentralized exchange and a centralized exchange is that decentralized exchanges do not rely on third party services to hold customer funds. Users transact with other users without the need for a central authority that possesses order books or custody over the transactions.
Decentralized exchanges tend to provide more anonymity and are touted as being a bit more difficult for hackers, however they can be less intuitive for novice traders and lack features and functionality of standard centralized exchanges.
Binances announcement comes a day after announcing their $250,000 bounty to anyone who can provide information regarding the hackers responsible for the hacking attempts on March 7th.
Today we’re going to review one of the biggest and fastest growing cryptocurrency exchanges to date, Binance. In fact, it’s been able to reach the 2nd place rank out of all exchanges with regard to trading volume in just under 8 months. With crypto trading becoming more and more popular, Binance was able to ride out this trend. They currently offer an excellent user experience for traders who want to enter the market for the first time.
|Sure, there are so many other cryptocurrency exchanges out there, however why does Binance seem to have almost a cult like following? At the rate it’s currently moving, Binance may even reach the number 1 spot as the top cryptocurrency exchange in the world by the end of 2018.|
This popular exchange offers a wide range of altcoin trading aside from the typical Bitcoin and Ethereum pairs. In fact, Binance is already in the same league as some of the biggest exchanges like Bittrex and Poloniex who have been active in this space for well over 4 years.
They’ve managed to outdo the competition in many different ways including…
To start trading on Binance, you simply have to open an account, fund it, configure a few settings. After that, you’re off to the races. Check out the step-by-step guide below.
Easy right? Not exactly.Go to Binance , click the Register button and fill all the necessary information you’re used to filling out on these cumbersome applications. Don’t worry it only takes a few minutes.
Once you’ve filled out everything, submit your form and wait for a confirmation. Follow the steps within the email, click the confirmation link, and you’ll redirected to your very own Binance dashboard.
This is one of the most important steps in the registration process. It’ll give you that extra padding of security you’ll need so that no one can easily access your account. Once logged in, you’ll receive a message prompting you to set up your 2 Factor Authentication. You’ll be instructed to download the Google Authenticator app on your smartphone. Once that’s done, you’re ready to login. Just follow the instructions given in the message prompt and you’re good to go. Top-notch security at your fingertips!
With a basic Binance account the withdrawal limit is 2 bitcoin every 24 hours. With a verified account, you’ll need to scan your photo ID. Once approved, you can withdraw 100 bitcoin every 24 hours. Quite the difference right?
If you’re planning to be the next crypto millionaire, then you just might want to verify your account. Either way….it’s good get it done.
While you’re waiting for your photo verification to be approved, you can still trade, so let’s get to it. Go to your dashboard and on the top right hand side you’ll see a funds option above the menu bar. Hover over that and a drop down should appear. Click on the Deposits/Withdrawals option. It will bring you to the page where you can deposit your funds.
You have the choice to deposit various types of coins, which you’ll use to trade later. Choose which one you’ll want trade with and then press the deposit button. Upon doing that, you’ll be appointed a code for your dedicated wallet (it’s a mix of numbers and letters). This is the address that you’ll use to deposit your funds into your Binance account.
Take note that the wallet address differs per coin, so it’s better to stick to one wallet which can be used as your main deposit wallet. Once that’s done, transfer your coins from your other wallet (via Coinbase, LocalBitcoin, Gemini, etc. Take a look at our exchange page for options) to this new coin address.
Once you’re done with all the verifying, form filling, and wallet transfers, you can finally start trading like the big boys! Take your first step and hover over the Exchange option on the top left menu and click the Basic Exchange option. From there, you’ll see a list of coin pairs that you can trade.
Take note that you’ll be trading coin pairs, much like how you would in Forex (e.g. Bitcoin against Ethereum is ETH/BTC). If you know the coin pair that you would like to trade, you can search for it using the Binance search bar so you can instantly view your cryptocurrency of choice.
|PRO TIP: I highly advise you check out our technical analysis section of the site to discover the basics of fundamental trading, unless you just want to roll the dice and invest in what your friend told you last week.|
So, let’s use the example of Bitcoin and Ethereum. In the exchange, click on the ETH/BTC pair to buy/sell it. When you click on the pair, you’ll be brought to the order book where you can see details on the pair such as volume, last price, high 24 price, low 24 hour price, and a trading chart.
When you’re ready to trade, there are a few features you’ll need to take note of.. The buy or sell limit feature allows you to choose at what price you want to purchase the coin for. Once your particular coin reaches your limit price, the exchange will open your trade.
Say you’re trading the BTC/ETH pair. Once you set a buy limit order for 0.02 ETH for 0.01 BTC and your order is filled, you’ll have 0.02 ETH at the buy price of 0.01 BTC. This may be hard to grasp at first, but once you do it a few times, you’ll won’t ever forget it.
For more detailed information about this process, check out this video
Also take note of the Stop Loss feature which is a function that allows you to close a trade once the pair hits a certain price (usually below your buy in price). This lets you control how much of a loss you’ll incur in the event that your trade doesn’t go too well. This is a significant feature in trading due to the fact that it allows you to manage your funds wisely. It’ll ensure you never lose more than a given percentage in case your trade goes south.
The Binance coin, also known as the BNB, is Binance’s own token which was specifically created by the exchange. This coin is the preferred method of paying for fees incurred while trading on the platform. The fees include buying and selling, as well as withdrawal fees in case you decide to move your currency to another exchange.
One of the great things about using the BNB coin is that you will get a 50% discount for your transactions in the first year of trading withinthe exchange.
This is to entice more people to use the coin and participate in the exchange more often. On the second year, you’ll receive a 25% discount, 12.5% discount in the third year, and a 6.25% discount in the fourth.
Another great feature of BNB is that it’s used alongside the Binance Launchpad to allow you the opportunity to directly invest in ICO’s through Binance. If there’s is a particular ICO you’ve been researching, Binance will allow you to have first dibs on the ICO using their BNB token. Pretty cool right?
Start trading on this extremely well-designed crypto trading platform today. Remember, only trade with money you can afford to lose to ensure you have a great and potentially profitable experience. Good luck and happy trading!
On the first of May, CoinMarketCap announced that all the exchanges that will not provide mandatory data by June 2019 will be promptly removed from their calculations. The cryptocurrency data provider stated that the reason for this move was to provide greater transparency, accountability and accurate disclosure to the crypto space. In pursuit of transparency, all cryptocurrency exchanges will be required to provide mandatory API data including live order book data and failure to comply to this, CoinMarketCap stressed that any exchange will be promptly removed from its price and volume calculations. This condition will come into effect as of the 14th of June 2019.
Fast track the issue of crypto exchanges not submitting factual information as regards trading volumes or rather the concept of wash trading. Was trading by definition is a scenario where a trader buys and sells a security for the express purpose of feeding misleading or wrong information to the market concerned. Why CoinMarketCap is becoming strict with exchanges is because it is the number one provider of crypto trading information. As of 25th April 2019, Forbes conducted research regarding crypto exchanges and the legitimacy of their trading volumes.
Cryptocurrency exchanges are generally unregulated and this is beginning to become a concerning the maturity of the crypto space. The Blockchain Transparency Institute compiled a report at the end of 2018 detailing information collected from the top 25 crypto pairs from sixty seven different exchanges listed on CoinMarketCap and came up with shocking levels of wash trading evidence. The practice of wash trading is apparently so rampant where traders buy and sell their own orders to create an appearance of higher trading volumes than there really are as pertains a particular asset.
Yesterday, Cryptobriefing posted a damning article after the findings of the research carried out by the Blockchain Transparency Institute pointed fingers at the crypto exchange Binance being involved in wash trading. The percentage of market manipulation displayed on Binance was not specified but it is worth noting that there are a good number of exchanges whose numbers are over 90% genuine such as Liquid, Kraken, Coinbase, Poloniex, Lykke, Gate and Bisto with Kraken being the ‘cleanest’ of them all. Kindly take a quick look at the graph provided here at the time of the report showing the real volumes as opposed to those projected on a few exchanges.
The Forbes article was coined ‘95% of volume could be wash trading…’ which seemed to agree with one of the key points from the research by Blockchain Transparency Institute that most of the trading volume pairs reported were in actual sense about 1% of what was presented. I do not know about you but I find that grossly flabbergasting. I mean there are so many strides being made in cryptocurrency and I can imagine as the investor pool diversifies and increases, they would not be happy to know that the figures being presented to them are fictional. For the most part that is. Even an anonymous crypto surveyor of sorts based in Cyprus known as Cryptointegrity comprised of independent volunteer researchers from Europe and Asia reported in February 2019 that as high as 86% of trading volumes are completely artificial.
So what is the resolve by CoinMarketCap going to do? The data provider partnered with Data Accountability and Transparency Alliance (DATA) on a three part executive agenda. The first part is as mentioned earlier, the mandatory provision of data by exchanges that wish to have their calculations remain on the site. The second phase is in-depth analyses of the information from the exchanges, which might include wallet addresses information, live market pair status and trading data history.
The third phase is providing data users with informed insights into blockchains as they continue to grow verified exchanges onto their databases. As it stands, 12 crypto exchange companies are on board. Wash trading effect reaches as far as trading bots that make all their returns based on the information provided on exchanges. Not to mention potentially ruin investment opportunities especially with institutional investors that are steadily becoming the driving force behind adoption and evolution of crypto and blockchain.
Not to mention that the SEC could potentially use this as a basis of their growing concern over the volatile and unchecked nature of digital assets seeing that until now Bitcoin ETFs are yet to be approved. I mean the reality that the genuine trading volumes are as low as 8-50% and it’s a point to impress users, then crypto stability is in big trouble. It causes a lot of issues regarding transparency as well as trust in the information that every crypto enthusiast relies on. The extent of the effect of wash trading remains to be seen but hopefully the CMC can restore some sort of verifiable figures as soon as possible.
Aion is the first third generation multi-tier blockchain network focused on interoperability between other blockchains on a global scale. There are hundreds of blockchain networks today and it is only logical to premise that they will increase in number. The Aion coin is going to be used for data and value exchanges, by enabling a trust less, smart contract between blockchain systems.
The token was produced by a Canadian blockchain enterprise firm Nuco, which was initially working on a blockchain solution for Deloitte, and in a nutshell the token will transform blockchain into some sort of decentralized internet. That could replace current database solutions as well, such as those used in health, insurance, streaming media, savings products, supply chains, etc. Aion is born out of the Blockchain Interoperability Alliance, in which many other projects on interoperability are underway, such as Ripple, the Fusion platform and the Lightning Network.
Cross chain technology strives to bring together many independent blockchain systems onto a single decentralized, world-class supported platform, using a ‘token-bridge’. For example, if a business is run on a specific blockchain network, clients from other blockchain networks can also transact with that business.
Aion has also partnered with Moog Inc, to build a blockchain solution that will propel the aerospace and defense company into the fast evolving crypto world. The company also partnered with Amberdata, a data processing company specializing in blockchain intelligence, infrastructure, token utilization and transactions, and on-chain decentralized applications. In October 2018, Aion and ICON were both integrated into CryptoCurve Platform, which was the first to be launched through Wanchain’s WanLabs Initiative.
As regards performance, Aion current circulating supply is 291,866,662 out of an estimated supply of 465,934,587. The highest price peaked at $11.10 in January 2018. At the end of the token sale in November 2017, it had raised $20,000,000 worth of Ethereum and was an ERC-2- token on the blockchain. The Aion Bridge (launched in April 2018 and dubbed Kilimanjaro) allows the transfer of ERC-20 token on Ethereum to become native Aion coins. Aion is mined via a modified Equihash algorithm and has a bounty system that rewards community members who contribute technical support.
The token swap from ERC-20 to native lasted until November 30th 2018. It is accepted on several crypto exchange markets like BitForex, DragonEX, CoinBene, Binance, Bilaxy and BCEx, and trades over $4 million on a daily basis.
Aion founders stated that there are five types of users that can use the Aion blockchain:
Aion’s future seems greatly achievable in terms of replacing the internet as we know it. Third generation blockchain evolution aimed at bridging participating networks is a crucial milestone that will hopefully be achieved by Aion and pave way for further implementation of projects in the background. If this works, cryptocurrencies that are open to adoption will gain value and stabilize.
Bitcoin (BTC) turned ten on Oct. 31, but there were no fireworks to mark the celebrations: the cryptocurrencies continue to trade in a tight range. Arthur Hayes, CEO of BitMEX, believes that the current period of low volatility can remain for another 12 to 18 months and can drag the price of the leading cryptocurrency to the $2,000–$3,000 zone.
However, we have a different opinion. We believe that the volatility is unlikely to stay subdued for long. Within the next few weeks, we should get a large range move that will start a new trend, either up or down.
This week, we have a new leader, Bitcoin Cash, that has risen about 9 percent during the past week. Until Thursday, the price of the digital currency was languishing similar to the other cryptocurrencies. However, on Friday, prices soared following an announcement by crypto exchange Binance that it would support the impending hard fork on Nov. 15. After the initial bump up, can the rally continue? Let’s find out.
The long-term trend on the BCH/USD pair is clearly down. Throughout this year, it has failed to hold on to the support levels and has continually made a lower low. Though the bulls have held onto the $408.32 mark for the past seven weeks, they haven’t been able to push prices higher. This shows a lack of demand at higher levels.
The current pullback will face a stiff resistance in the zone of $591.41–$660.0753. If price sustains above this zone, it can climb to $891.4634 and thereafter to $1,200.
On the downside, $408.32 is the critical support, below which the fall can extend to $282. The longer the virtual currency stays in a tight range, the sharper the next move will be. It has a history of vertical rallies; therefore, the traders can buy when a reliable buy setup forms.
After the recent listing of BAT on crypto exchange and wallet Coinbase, will Stellar be the next cryptocurrency that will make the cut? Many believe that XLM has the requisite credentials to be listed on Coinbase. If that happens, we might see a rally. What are the key levels to watch?
The XLM/USD pair has formed a large descending triangle pattern that will complete on a breakdown and close (UTC time frame) below $0.184. Currently, the bulls are attempting to break out of the downtrend line of the triangle, which will invalidate the bearish pattern. Failure of a bearish pattern is a bullish sign.
We like the way the digital currency has stayed above $0.2 levels for the past five weeks, which shows demand at lower levels. If the bulls succeed in sustaining above the downtrend line, a rally to $0.36 followed by a move to $0.47 is likely. Traders can wait for prices to sustain above $0.30 before buying. That is because if the prices turn down sharply after a break out of the downtrend line, the probability of a break down of $0.184 increases.
ARK is currently ranked 71st in terms of market capitalization. It is about to release the much-anticipated new core code base, making it faster and modular with full plugin capabilities similar to WordPress.
Anyone can create their own fully customizable cross chain compatible blockchain using ARK. It will also be the first delegated proof of stake (DPOS) with a switch from static/flat fees to a customizable dynamic fee structure. There are a number of new features and partnerships being added regularly whose details can be accessed on its blog.
Similar to the other cryptocurrencies, the ARK/USD pair has also been in a strong downtrend since topping out in early-2018. The bulls attempted to stall the decline around the $2 mark, which was a strong support. However, the bears broke below it in early-June, resulting in a sharp fall.
The virtual currency bottomed out in mid-August at $0.50712042. Since then, the price has gradually inched higher, which is a positive sign. On the upside, $1.02093420 might act as a stiff resistance. If the bulls scale this level, a rally to the overhead resistance zone of $1.68–$2 is probable. The digital currency is likely to pick up momentum above $2.
On the downside, if the bears sink prices below $0.50712042, a fall to $0.40 and $0.30 is possible.
Monero rose by just over 1 percent in the past seven days, claiming the third spot in the list of top performing cryptocurrencies with a market capitalization of more than $1 billion.
Since early July, the XMR/USD pair has been trading in the range of $81–$150. For the past seven weeks, the range has shrunk to $100.453–$128.65. From last week, the weekly range has reduced further. The tighter and longer the range, the stronger the eventual breakout or breakdown will be.
However, the first move is often a false one. Therefore, traders should wait for the breakout to sustain and show follow up buying before jumping in to buy. There are no significant resistances above $150 until $300.
Conversely, a break below $100.453 will increase the probability of a fall to $81. This is a major support, as it has not been breached convincingly for more than a year. Hence, if this level gets broken, the digital currency can quickly correct to $52–$58.
EOS again received the top standing in China’s 6th global public blockchain technology assessment index. On the other hand, research conducted by benchmarking firm Whiteblock for ConsenSys concluded that EOS lacks “the fundamental components of a blockchain or peer-to-peer network” and is “fundamentally same as a centralized cloud computing architecture.”
The EOS/USD pair has been trading inside the range of $4.493–$6.8299 since August. For the past five weeks, the range has tightened further. This shows a balance between the bulls and the bears. Currently, neither party is making a major move and new investors are sitting on the sidelines.
If the price breaks out of the tight range, it can move up to $6.8299. Above this, we anticipate buying to resume that can carry the digital currency to $9.4456 and $15. However, if the price breaks below the current tight range, it can drop to $4.49, which is a minor support. $3.8723 is the critical support, below which the price might plummet to $2.40 and $1.70.
Ripple has been making progress in signing various institutions to its platforms, mainly targeting cross-border payments. The Middle East is a lucrative market for the company because of the high level of payments that go in and out of the region. Ripple has already tied up with a few banks in Saudi Arabia, Kuwait, Bahrain and Oman, and the company now reportedly plans to open an office in Dubai by the end of the year. How does its chart look?
The XRP/USD pair rallied sharply in mid-September. However, the bulls could not sustain the momentum and the pullback extended to 78.6 percent retracement levels. Usually after such a deep retracement, a range bound action for a few weeks is likely. For the past two weeks, the 20-week EMA is acting as a resistance. If the bulls break out of the immediate resistance zone at $0.475–$0.5, a move to $0.62 and $0.7644 is plausible. We expect a new uptrend to begin above $0.76440.
If the bears sink the price below $0.37185, the virtual currency will complete a 100 percent retracement and drop to the critical support at $0.24508.
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