Is alt-season finally here? Bitcoin falls as altcoins rally

The heavily-anticipated alt-season may finally be back with the likes of Litecoin, Bitcoin Cash, and XRP all rallying against Bitcoin …

Ever since the bear market reversal at the start of 2019, cryptocurrency speculators have been calling for a long-awaited ‘alt-season’.

An alt-season is when altcoins rally in the market while Bitcoin moves sideways or to the downside.

Altcoins have suffered during Bitcoin’s surge from $3,150 to above $10,000 this year, with several of the top coins including Litecoin, XRP, EOS, and Bitcoin Cash all falling heavily against Bitcoin.

However, fresh off the back of another 6% drop in the value of Bitcoin, altcoins have bounced off monthly lows.

Dominance

Litecoin led the charge with a 23% bounce off $76 before finding support at around $90. The robust ChainLink token also performed well, rising more than 15% in USD and 27% against Bitcoin.

Three days ago, Bitcoin dominance tapped 70% before falling back to 67%. This indicates that a further surge in altcoins could be on the cards.

The ideal scenario for those begging for an alt-season would be if Bitcoin finds support and consolidates in the current $9,200 to $9,600 range.

If Bitcoin breaks support at $9,200 and moves into the mid-$8,000 range, altcoins could again suffer as fear would re-enter the market.

While most altcoins have been rallying, Bitfinex’s LEO token has taken a further tumble to the downside with a drop to as low as $1.27 – a far cry from its price just three weeks ago when it touched $1.99.

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Market Outlook: Crypto Bulls Rally After Bearish Downturn

Bitcoin cash (BCH) is below litecoin’s market cap in fifth position as each coin is trading for … Bitcoin cash (BCH) price on July 18, 2019, at 1 p.m. EST.

Since July 13, digital currency prices have dropped in value significantly, but most coins have since experienced some recovery. While many crypto supporters are optimistic on where the markets are headed, traders and analysts have noticed a bullish-to-bearish trend. BTC and a slew of other currencies spiked more than 10% at 11 a.m. EST on Thursday, however, indicating the bull market is still in play.

Also read: Ignore Crypto Twitter – Life as a Nocoiner Isn’t That Bad

The Bulls Are Back in Town

On Wednesday, cryptocurrency bulls were seemingly exhausted and bears had temporarily taken the reins, clawing back prices over the last week. Currently, the overall market capitalization of the entire cryptoconomy is $281 billion with around $83 billion worth of 24-hour global trade volume. The leading digital asset by market valuation, bitcoin core (BTC), is down over 8% over the last seven days. One BTC is trading for $10,622 after touching a low of $9,165 on Wednesday. BTC is followed by the second largest market cap held by ethereum (ETH) which has dipped by 17% this past week.

Market Outlook: Crypto Bulls Rally After Bearish Downturn

ETH is swapping for $225 per coin at press time as the cryptocurrency recovered 5.2% of its losses over the course of the earlier morning trading sessions. Following ethereum, ripple (XRP) is trading for $0.32 per XRP, down by 2.3%. Litecoin (LTC) is swapping for $101 per coin and down 1% over the last seven days. Bitcoin cash (BCH) is below litecoin’s market cap in fifth position as each coin is trading for $318, down 7% for the week.

Market Outlook: Crypto Bulls Rally After Bearish Downturn
Bitcoin cash (BCH) price on July 18, 2019, at 1 p.m. EST.

Analyst Insists Libra Scrutiny Pushed the Price of BTC Down

This week has been interesting as U.S. congressional leaders discussed cryptocurrencies at great length to attempt to understand and regulate Facebook’s upcoming Libra coin. Public blockchains like BTC were described by politicians and cryptocurrency advocates over the last two days. Financial columnist and market analyst Naeem Aslam thinks the Facebook Libra investigations and politicians probing BTC pushed crypto prices lower. Most of the questioning and debate in Congress this week revolved around the creation of Libra, the cryptocurrency Facebook plans to launch in 2020.

Market Outlook: Crypto Bulls Rally After Bearish Downturn
Alexandria Ocasio-Cortez (D-NY)

For instance, many Democrat representatives including Alexandria Ocasio-Cortez seem to be against Facebook’s coin concept during the hearings. The New York Democrat representative asked Libra CEO David Marcus who backs the financial underpinnings of the planned Facebook currency. “So we are discussing a currency controlled by an undemocratically selected coalition of largely massive corporations,” Ocasio-Cortez said to Marcus, unimpressed with his testimony. Financial Services Committee representative Patrick McHenry (R-N.C.) commended Satoshi Nakamoto’s creation, meanwhile. However, Aslam writes this week that the congressional hearing and “the scrutiny of Facebook’s cryptocurrency has hit bitcoin’s price.” Sharing his opinion on July 17, the analyst stated:

Speaking purely from a price action perspective, the Bitcoin price declined as much as 8.9 percent during the hearing and for the week it is down nearly 16 percent. The price has found its support near the 50-day moving average which is trading at $9,311. If the price falls below the 50-day moving average, it is likely that the price may continue to move lower and find support around the area of $7,418. The 242-day moving, which has an impressive track record, is something that I am looking at closely. It is trading at $6,983 and the price must stay above this line in order for the bulls to keep their hopes alive.

Market Outlook: Crypto Bulls Rally After Bearish Downturn
Bitcoin Core (BTC) price on July 18, 2019, at 1 p.m. EST.

The Dotcom Era

Ceteris Paribus from the crypto analytics firm Messari believes the current BTC market cycle is very similar to Amazon stock during the dotcom bubble. “Not all bubbles are created equal — The latest BTC cycle mirrors Amazon during the dot-com bubble, but the recovery has been much more swift — Even with the recent sell-off, bitcoin is 54% down from its high, vs. the 85% Amazon was trading at over a similar timeframe,” Paribus tweeted on July 17. “Why is this relevant? While different assets, they both traded on pure speculation — Bubbles follow similar patterns, but the quick BTC breakout has been extremely bullish. Only natural to see a bit of a pullback here — Still much further ahead than most people imagined in December.”

Market Outlook: Crypto Bulls Rally After Bearish Downturn
Ceteris Paribus says BTC market cycle is very similar to Amazon stock during the dotcom bubble.

Miners Will Defend the Price of BTC

According to trader and analyst Filb Filb, miners will defend the price of BTC if it sinks to a certain point. “I have seen a lot of hysterical calls for bitcoin to find new lows and want to revisit a logical economics-based approach which helped me call the 2018 bottom to near perfection and why I do not believe bitcoin will find new lows,” the trader wrote on Wednesday.

Market Outlook: Crypto Bulls Rally After Bearish Downturn
Will miners defend the price at a certain point?

By using certain tactics, miners will always maximize their rate of returns. “As Satoshi said himself rightly pointed out that commodity costs are likely to gravitate to production cost. Why? Because miners will sell into demand where revenue per unit > MC. Likewise, collectively they are disincentivized to sell when revenuedeclared. The popular trader added:

We have also seen the pre halving hype bottom out at 2x the cycle bottom historically — Go look for yourselves. Coincidence? I think not.

Money Managers Scour Forums and Social Media for Cryptocurrency Price Clues

According to a Reuters interview with Bin Ren, CEO of Elwood Asset Management, hedge funds and money managers are using algorithms capable of identifying cryptocurrency price clues throughout forums and social media platforms like Twitter. Reuters reports that the use of these algorithms has been growing fervently among traditional market managers. “It’s an arms race for money managers — Very few players are able to implement and deliver it, but I believe it is highly profitable,” Ren told the news outlet. Moreover, Bitspread, the digital asset management service based in London and Singapore, also uses social media algorithm techniques to profit.

“It’s a matter of gathering all the info, trying to understand who is trading where, what kind of liquidation can appear,” Bitspread CEO Cedric Jeanson said. “It’s a strategy that makes sense.”

Market Outlook: Crypto Bulls Rally After Bearish Downturn
Reuters reports that money managers are combing social media posts and forums for leads toward crypto price clues.

Despite the Possibility of BTC Prices Declining Below $7K, Market Parabola Is Still in Play

Well known Twitter cryptocurrency analyst Mr. Anderson detailed that BTC has very strong parabolic trend lines and the lowest band is under $7K. Essentially this means that despite BTC’s current price decline, the bull run could still be in play. For instance, despite the 10-25% dips for most digital assets within the cryptoconomy, the majority are still way up in comparison to the December 2018 lows.

Market Outlook: Crypto Bulls Rally After Bearish Downturn
Mr. Anderson’s Parabolic Curve chart.

Any of the parabolic trend lines could act as a support for BTC but calling large ones is very difficult according to Mr. Anderson. “BTC Parabolic Curve: Calling the end of a large Parabolic Curve is NOT EASY — It seems obvious and that is why it is hard. We already have a couple of fairly logical para-trend lines that we had to cancel and we have a couple more that may end up being canceled as well,” Anderson explained on Twitter in reference to his parabolic trend line chart.

Worldwide Economic Fears, Cut Interest Rates and a No-Deal Brexit

Overall, digital asset markets have still gained significant value in the midst of worldwide economic fears. However, retail sales in June were better than expected according to economists and the jump in spending has given them hope. However, in the U.S. some speculators believe that the Federal Reserve might cut interest rates when members of the Fed convene on July 30-31. According to reports, the U.S. Treasury has already priced in the rate cuts in order to bolster loans and lending rates for mortgages.

Market Outlook: Crypto Bulls Rally After Bearish Downturn
After someone succeeds Prime Minister Theresa May, many believe Brexit will happen.

Moreover, the possibility of a no-deal Brexit is being debated across the U.K. and EU. Economists fear that the U.K. will finally leave the EU monetary system, but waiting for Prime Minister Theresa May’s successor has paused an impending Brexit. With economists watching the global economy closely and politicians scrutinizing digital currencies, how all of this madness will affect cryptocurrency markets going forward is anyone’s guess. Today’s price breakout at 11 a.m, however, suggests that the crypto bulls are still in the game.

Where do you see the price of BCH, BTC and the cryptoconomy going from here? Let us know what you think in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, Bitcoin.com Markets, and Coinlib.io.


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US Treasury Secretary Says Cash Is Not Laundered As Much As Bitcoin Is

Treasury Secretary Steven Mnuchin said that the authority will be preventing Bitcoin (BTC) from becoming an “equivalent of Swiss-numbered bank …

Treasury Secretary Steven Mnuchin said that the authority will be preventing Bitcoin (BTC) from becoming an “equivalent of Swiss-numbered bank accounts.”

U.S. secretary of the treasury to closely monitor Bitcoin regardless of price

In a press briefing reported by CNBC on July 18, Mnuchin criticized Bitcoin and other cryptocurrencies as they can be used for illicit purposes such as money laundering, adding that the department intends to enforce strong regulations on the space.

The official emphasized his own intent to closely monitor Bitcoin to prevent illegal activity regardless of its price, claiming that there are billions of dollars in Bitcoin and other crypto for nefarious activities.

Mnuchin believes that cash is not laundered like Bitcoin is

As Mnuchin clearly said that Bitcoin’s vulnerability to money laundering is the main reason for the Treasury to regulate it tightly, CNBC’s host Joe Kernen questioned his point in an interview on “Squawk Box” on July 18.

Kernen argued that Bitcoin and other existing currencies’ capabilities to be used for nefarious activities cannot be a reason for banning them, noting that “cash is laundered all the time.” Mnuchin did not back off from his position, replying that such a statement is not accurate.

The Secretary elaborated that the U.S. has the strongest anti-money laundering (AML) system in the world, adding that the government combats “bad actors in the U.S. dollar every day to protect the U.S. financial system.”

Following the interview, Kernen expressed sarcasm about Mnuchin’s idea that cash has not been laundered all the time, but the authorities are combating illicit activities in its system. He tweeted:

“‘the existing system has never been used for illicit activities but we’re going to make sure crypto is isn’t used for illicit activities like the current system.’ Got it.”

On July 15, Mnuchin expressed concern over Facebook’s proposed cryptocurrency and its potential illicit use, noting that he is not comfortable with Libra cryptocurrency, which can be used for tax evasion, extortion, illicit drugs and human trafficking, among others.

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Bitcoin Cash Maximalist Joins ‘Blockchain-Agnostic’ Crypto Wallet Project

Although Bitcoin.com CEO Roger Ver left the Bitcoin community to help establish Bitcoin Cash, he still considers himself a Bitcoin maximalist.

Although Bitcoin.com CEO Roger Ver left the Bitcoin community to help establish Bitcoin Cash, he still considers himself a Bitcoin maximalist. His preferred vision of Bitcoin has larger blocks and smaller fees, all to ensure that the cryptocurrency becomes one thing: electronic cash.

#BitcoinCash is still very attractive to the libertarian viewpoint.#Bitcoin BTC was overrun by a bunch of censorship supporting economically ignorant state worshipers. pic.twitter.com/nv8Yri3LV8

— Roger Ver (@rogerkver) June 18, 2019

Wallet Owned by Bitcoin Cash Maximalist Roger Ver Joins ‘Blockchain-Agnostic’ Crypto Project

The maximalist vision may, on the surface, appear to clash with the idea of the Foundation for Interwallet Operability (FIO) Protocol, which wants to help cryptocurrency wallets talk to each other, among other things. Notably, the protocol is “blockchain-agnostic” and seeks to benefit as many cryptocurrencies as possible.

Bitcoin.com joined the consortium this week, perhaps because even in a maximalist dreamworld where there is only one blockchain, very few people currently think any cryptocurrency is user-friendly enough.

Bitcoin and Bitcoin Cash can both benefit from the promises of the FIO protocol – enabling payment requests to be generated and creating human-readable addresses being just a couple.

Stefan Rust, Bitcoin.com’s Global Head of Business Development, said:

“Crypto usability is still one of the biggest challenges the industry has to solve, and our new relationship with the FIO is all about trying to find a solution to this big issue.”

All Blockchains Have Usability Issues

bitcoin cashbitcoin cash
Bitcoin.com is backing the FIO Protocol project, even if it means that other cryptocurrencies benefit too. | Source: Shutterstock

Certain people have taken particular exception to Roger Ver’s ownership of Bitcoin.com.

Being a proponent of Bitcoin Cash, which is technically not Bitcoin, some view Ver’s current position as a threat.

People take a similar view of the @Bitcoin Twitter handle, which is controlled by someone who supports Bitcoin Cash.

FIO Protocol demands very little from blockchains directly. It creates a second layer that can be used for things like generating payment requests between wallets, advertising a vanity address like “yourname.fio,” and automatically handling actual blockchain addresses.

This creates a more useful merchant-user experience.

Today, you go into a store, and if you pay with crypto, you need to enter all the details manually in your wallet. Soon, FIO-enabled wallets will be able to receive a request from the merchant and sign off on the correct amount – much more like a debit card.

FIO’s founder David Gold believes that usability is the primary issue holding crypto back from mainstream mass adoption. You can have a great product, but if people aren’t sure how to use it, adoption’s inevitably going to be stunted.

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Huobi & CASHU Makes Buying Cryptocurrency Effortless & Easy For Millions Across North Africa …

Thanks to their new partnership, nearly 2.3 million CASHU users can now buy and sell Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash …

Huobi’s partnership with the regional online payments provider CASHU puts crypto within easy reach of millions of underserved users.

DUBAI, United Arab Emirates, July 18, 2019 /PRNewswire/ — Huobi and the MENA-regional online payments giant CASHU are making accessing cryptocurrency as easy as buying a Netflix subscription or paying a bill for millions of people across the often-underserved regions of North Africa and the Middle East.

Huobi partners with CASHU to make cryptocurrency transactions effortless in MENAHuobi partners with CASHU to make cryptocurrency transactions effortless in MENA
Huobi partners with CASHU to make cryptocurrency transactions effortless in MENA

Thanks to their new partnership, nearly 2.3 million CASHU users can now buy and sell Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and EOS (EOS) directly from CASHU’s mobile app. Users don’t need access to a bank account and can even pay in local currencies. Users on CASHU’s mobile app can make crypto transactions as easily and effortlessly as they would paying a bill or signing up for online services.

“A core part of Huobi’s mission has always been making global wealth more accessible so we’re excited to be taking this step with CASHU in furthering our mission,” said Livio Weng, CEO of Huobi Global.

The partnership with CASHU was led and managed by Huobi MENA, Huobi’s Dubai-based Middle Eastern, African, and Turkish branch. “The partnership between Huobi and CASHU is a unique business model that enables virtual digital assets trading to CASHU’s millions of users through a simple mobile app. This unique business model empowers even the unbanked population to trade in cryptos,” said Mohit Davar, co-founder of Huobi MENA. He further added, “We are very excited about this partnership and business model. We will be looking to replicate this with other partners in other countries also.”

Thaer M. Suleiman, CEO of CASHU, also commented on the new partnership. “We are excited about this partnership with Huobi to provide millions of users in the MENA region with the ability to trade cryptocurrencies the easiest way,” he said. “We hope this would be a start of a very fruitful opportunity to bring the experience of Cryptocurrency Trading to a very dynamic, young and exponentially growing region.”

About CASHU & The Partnership:

CASHU is used as a payment method by nearly 2.3 million users and more than 75,000 vendors spread across the Middle East and North African regions as well as 7,000 online merchants and service providers globally. CASHU utilizes sophisticated fraud prevention, Know Your Customer (KYC), and Anti-Money Laundering (AML) systems which meets global standards and reduce the risks associated with online payments for both buyers and merchants.

CASHU is designed from the ground up to accommodate users without access to a bank account. Users can make payments in local fiat currencies with CASHU’s local merchants in order to add credits to their account balances. Using that same balance, the customers can buy cryptos instantly. In addition, customers who wants to physically own cryptos can register an account directly with Huobi and trade over 400+ cryptos.

CASHU charges users a modest and transparent 2% transaction fee for buying and selling cryptos with local currencies – a relative bargain in a region where local currency markups are commonly much higher.

“We’ve seen very strong interest in crypto across MENA but a constant pain point users face is how to access it when all that user has is local fiat currency,” said Davar. “This initiative is a big step towards fixing this problem.”

For media inquiries, contact: media@huobi.com

About Huobi Group:

Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established in 2013, Huobi Group’s accumulative turnover exceeds US $1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries. For more info, visit www.hbg.com

For more information please contact:

Jiayi Li

+65-9229-5769

media@huobi.com

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