Crypto Markets Rally to Start Asian Trading as Demand Shifts to Hong Kong

Crypto markets swung higher at the start of Monday trading, with bitcoin cash rebounding from two-week lows and XRP returning above a key …

Crypto markets swung higher at the start of Monday trading, with bitcoin cash rebounding from two-week lows and XRP returning above a key long-term support. Bitcoin was back in a stable trading range after the market rejected another attempt to overtake $12,000.

Crypto Market Update

All of the top-15 coins reported gains at the start of the Asian session. Among the majors, bitcoin cash was the top performer, gaining 6% to $335.93. The fourth-largest cryptocurrency by market cap has recovered around 9% from Saturday’s swing low, which also happened to be a two-week bottom.

XRP clawed back above the 30-cent mark and was last up 1.2% at $0.3019. It had traded as low as $0.2932 on Saturday. The decline pushed XRP closer to the next major support zone located at $0.28. A breach of that level would have set Ripple’s currency on track for a steep fall.

Litecoin’s price briefly returned above $90 before backtracking slightly. The no. 5 coin was last up 4.4% at $89.53.

Read: Litecoin Halving Fails to Attract Bids.

Like the rest of the majors, Ethereum swung sharply lower at the start of the weekend, coming within a few dollars of $200, a level it hasn’t seen in almost three months. At the time of writing, ether had gained 4% to $215.57.

As far as bitcoin goes, the price is holding steady just below $11,500. The coin reached a low of $11,080 on Bitstamp earlier in the day. Despite the modest uptick, bitcoin is carving out a path of lower lows after failing to break $12,000 convincingly for the second time in a month.

The combined value of all coins in circulation was a hair below $300 billion, according to CoinMarketCap. Bitcoin’s dominance is 68.6%, which is slightly below the recent high near 70%.

Are Hong Kong Protests Fueling Crypto Demand?

With Hong Kong entering its tenth week of demonstrations, some analysts believe that cryptocurrencies could play a major role in the Special Administrative Region moving forward. As Forbes recently pointed out, young protestors are refusing to use centralized payment methods to maintain their anonymity and ensure that local governments can’t track their participation in the demonstrations.

“Cryptocurrencies and Bitcoin were built to address several of the most pressing points in the Hong Kong protests, which are at the forefront of what it means to protest against a state equipped with all of the sophisticated technologies of the 21st century and the unrestrained ability to weaponize those capabilities against its citizenry,” wrote Roger Huang in an article that was published Sunday.

Although the protests were originally centered on proposed extradition legislation that would have made it easier to hand over accused prisoners to Mainland China, they have evolved to include other grievances as well. Since June, Hong Kong residents have also been demonstrating against the excessive use of force by local police, which has designated the protests as “riots.”
In the meantime, the price of bitcoin and other cryptocurrencies have a hefty premium on Hong Kong exchanges. At last check, the quote price for BTC/USD was $12,000 on TideBit, a Hong Kong-based exchange.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Chart via CoinMarketCap.

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Bitcoin extended its dominance in a wild week for crypto markets

Bitcoin Cash added 3.6% to 319.56 USD, but Litecoin is the best performing crypto asset today gaining 5.3% to 88.03 USD. News Quantified Training …
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The last week was wild for the crypto markets and Bitcoin extended its dominance, grabbing a greater share as most alternative coins declined. During the period the cryptocurrency rebounded above 11,000 USD and currently is trading at 11,396 USD.

Bitcoin now makes up close to three-quarters of the entire crypto universe. Its market capitalization is above 211 billion USD, 10 times that of the next-largest digital asset, Ethereum. And in a week when traditional financial markets were roiled, its price has held up, too: Bitcoin rose 14% over the seven days through Friday, while prices for alternative assets including Ether and XRP dropped.

The highest recorded value in the last seven days of Bitcoin was 12,273 USD. It has declined a lot since then but may pick up pace very soon to start trading above 12,000 USD again. Bitcoin may also close this month trading at 12,500 USD or above. The cryptocurrency can be expected to cross 15,000 USD by the end of the year, but there are risks to correct to 10,500 USD in short-term.

BTC trend

In the past few days, there was a decent rise in bitcoin price above the 11,000 USD resistance. Bitcoin is traded above the 11,500 USD and 11,800 USD resistance levels. Moreover, there was a break above 12,000 USD and the price settled well above the 100 simple moving average (SMA). A swing high was formed near 12,325 USD before the price started a downside correction.

There was a consolidation pattern formed below 12,000 USD before the price started a downside correction. Moreover, there was a break below a crucial contracting triangle with support near 11,750 USD. The pair declined below the 11,500 USD support plus the 23.6% Fib retracement level of the last upward move from the 9,147 USD low to 12,325 USD high.

It opened the doors for more losses and the price declined below the 11,400 USD level. Bitcoin price is now trading above the 11,200 USD support level and is consolidating losses. If there are more downsides, the price could test the 11,000 USD or 10,900 USD support level. The next key support is near the 10,740 USD level. It represents the 50% Fib retracement level of the last upward move from the 9,147 USD low to 12,325 USD high.

Bitcoin becomes safe investment asset

As the trade war between the US and China intensified this week, with tit-for-tat retaliations rocking markets the world over, investors sought shelter in safer assets, including sovereign bonds and gold. But analysts and investors alike posited that Bitcoin also benefited from the turbulence given the sudden spike in geopolitical tensions and the coin’s isolation from government control.

But many are warning: there are perils to jumping into Bitcoin as a safe haven. Cryptocurrencies are notoriously volatile, at times posting tremendous losses in a matter of minutes. In June, for instance, Bitcoin frenzy pushed its price to nearly 14,000 USD only to quickly reverse course to around 10,000 USD.

Such price swings are reminiscent of 2018 when crypto-assets suffered a prolonged spell that saw Bitcoin lose more than 70%. And it was earlier this year that its price languished around 3,600 USD.

Crypto market recap

Crypto market is mostly on the rise today. The total cryptocurrency market value stays below 300 billion USD threshold but climbed slightly to 296.384 billion USD.

Ethereum is up by 2.9% to 210.75 USD. The cryptocurrency started trading at 211.98 USD for some time yesterday but then fell drastically to reach as low as 200.49 USD. Since then, it has recorded an uptrend of over 5% rising to its current value and may surge more soon.

Ripple’s XRP is up by 1.6% to 0.2998 USD. Yesterday the XRP price fell below 0.30 USD price level. This was the previous low of April 25 where the price was ranging, then it had an upward movement to retest the previous high of 0.46 USD.

Bitcoin Cash added 3.6% to 319.56 USD, but Litecoin is the best performing crypto asset today gaining 5.3% to 88.03 USD.

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Tezos (XTZ) – One of the Fastest Growing Cryptocurrencies this Year

But while Bitcoin is still far ahead with its colossal market gap, there are other smaller cryptocurrencies that are gaining a strong momentum; one of …
Tezos (XTZ) Cryptocurrency

So far, Bitcoin(BTC)trade has managed to stay ahead of all other cryptocurrencies, leaving them behind in terms of market capitalization. But while Bitcoin is still far ahead with its colossal market gap, there are other smaller cryptocurrencies that are gaining a strong momentum; one of them is Tezos (XTZ)

Bitcoin has always been the most dominated player in the crypto sphere and recovered steadily after its plunge in 2018. The Bitcoin price has increased by 200% since the beginning of the year as a part of a recovery after the blood bath of the crypto market last year. However, Bitcoin isn’t the only cryptocurrency witnessed such an extreme growth in 2019. Another cryptocurrency named Tezos (XTZ) has risen significantly, gaining more than 200% since the beginning of the year and securing the hefty market capitalization of $1.5 billion.

According to CoinMarketCap data, Tezos ranks as the 16th largest cryptocurrency in the market. In the last couple of weeks alone, Tezos gained more than 40% for several reasons. First, the UK trading platform eToro has added support for trading XTZ; and second, the cryptocurrency has started trading in one of the most popular crypto exchanges worldwide, Coinbase.

Yoni Assia, eToro co-founder and CEO, stated:

“As we see financial institutions move more into the world of crypto, it is important that ordinary investors can take advantage of these technological developments, which is why we’re excited to be adding coins like tezos to eToro.”

Apart from these reasons, there are consistent support and continuous development of the digital coin from the Tezos community. Tezos blockchain has been going through continuous development which made it quite advance and a strong technological competitor in the cryptocurrency market.

Being up to date with the latest trends and advancements with its blockchain has won a number of the hearts of several important business ventures; this resulted in high profile partnerships with Tezos in terms deploying smart contracts for other businesses and issuing security tokens on the Tezos blockchain. For instance, one of the largest Brazilian investment banks, BTG Pactual, decided to hold its security token offering on the Tezos blockchain. Another private investment platform, Dalma Capital, is in discussions with Tezos to tokenize several asset classes of the firm.

Attracts Conflicts and Crypto Fans

in 2017, Tezos has witnessed an incredibly successful initial coin offering (ICO) in which it raised a record-smashing $232 million worth of Bitcoin(BTC)trade and Ethereum (ETH)trade. However, it still faced a number of issues while raising the funds. For instance, the clash between the founders of Tezos, Arthur and Kathleen Breitman, and the president of a company from Switzerland who assisted Tezos during its ICO Johann Gevers.

Yet, Tezos continues to obtain more respect in the cryptocurrency industry, and hence additional collaborations and more investments in the digital token. Zachary Cefaratti, Dalma Capital CEO, stated:

“We see Tezos as one of the critical protocols for the burgeoning security token market, and look forward to securing future deal flow on the Tezos blockchain.”

Tim Draper, a billionaire entrepreneur and popular Bitcoin and cryptocurrency investor who is very bullish on crypto, has also revealed his thoughts on the Tezos crypto project, referring to it as “exciting.” He also believes that the cryptocurrency’s blockchain network could be an ideal platform for development and issuance of security tokens.

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Cryptos trade in a tight range again, leaving Bitcoin as the only top crypto in a clear uptrend over …

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.4% in aggregate.

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.4% in aggregate. Leading the way was Bitcoin Cash, whose price is now around $318.84 USD, which yielded holders a return of 1.27% from the day prior. In terms of the worst performer, that would be Litecoin, which reported a day-over-day return of -3.62% — a move that puts its price around $85.395743 USD. Out of the five coins observed here, two cryptocurrencies were up — which is a mixed sign for the crypto sector as a whole.

Interested in trading these currencies? Some brokers to try: Coindirect

Key Technical Moves

Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Technical traders may also wish to note the following developments in price action:

  • If you are looking for coins in a clear uptrend, consider Bitcoin. It has been in a clear uptrend over the past 14 days.
  • XRP, Litecoin, Bitcoin Cash and Ethereum don’t have a clear trend at this time, at least on a two-week timeframe.

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Insights From Transaction Data

Ripple recorded 880,642 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 28% over Ethereum, which had the second-most transactions recorded on its chain. Ripple has a transaction fee less than the transaction fee of Ethereum, which may indicate that transaction fees might be a key reason why users are preferring Ripple. Bitcoin was once again the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $46,438,576 US dollars. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $211.39 billion US dollars. That’s about 69.3% of the value of all circulating cryptocurrencies. Note that Bitcoin’s dominance level has been in an uptrend, climbing from 64.12% to 69.3% over the past two weeks.

Article by SixJupiter

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Crypto Needs Positive Regulations – Not Ban

One of the tweets read “Indian Income Tax Department Again Sending Notices to Cryptocurrency Traders and Investors.” The tweet further read that …

When talking about regulatoryauthorities banning the Bitcoin, Andreas Antonopoulos, Bitcoin advocatepreviously remarked, “You cannot ban Bitcoin in your country. You can only banyour country out of Bitcoin.”

One of the tweets read “IndianIncome Tax Department Again Sending Notices to Cryptocurrency Traders andInvestors.” The tweet further readthat “This is why Crypto needs positive regulations in India. Unsuspecting traders and investors are beingdragged into the complexities of Income Tax Assessment.”

Nirmala Sitharaman, IndianFinance Minister when talking about cryptocurrencies, stated, “I had thepresentation done before me. The committee has done extensive work on it.Inputs that have come in; if I compare several other countries where this kindof study has been done on cryptocurrencies, we have done very well.” She further stated that the study wasreported to the court and that she did not spend time on it after the presentationand that the government will look into it and come back with a position on it.

The Supreme Court Bench in India consisting of Justice Rohinton NarimanandSurya Kant required that the petitioner body submit a chart containing the details of the judgments of courts from different countries in the world.

Chances are high for the cryptocurrency to move to the black market if it is banned. Eventually, this will make things harder for the government to deal with.

The inter-ministerial committee hasrecently implemented a blanket ban on the cryptocurrency. Final arguments are on concerning a slew ofcryptocurrency cases in the Supreme Court of India. The IAMAI counsel stated that the RBI’sdecision concerning cryptocurrencies was, “arbitrary, unfair andunconstitutional.”

There also is mistrust aboutcryptocurrencies among the US lawmakers. However, Mike Crapo, Committee Chairman of the US Senate Committee onBanking, Housing and Urban Affairs stated, “If the US were to decide we don’twant cryptocurrency and tried to ban it, I’m pretty confident we couldn’tsucceed in doing that because this is a global innovation.”

The Financial Conduct Authorityin the UK has issued a fresh warning, and they have now stated previously,“Consumers should be cautious when investing in such crypto-assets and shouldensure they understand and can bear the risks involved with assets that have nointrinsic value.”

There is a widespread opinionthat the cryptocurrency should be regulated and it should not be banned. Theneed to conduct anonymous transactions is never going to end and what willhappen to cryptocurrency will, in part, depend upon what people think about it.