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Bitcoin Diamond Price Pumps 78%, Dumps 49% Twelve Hours Later

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Bitcoin Diamond (BCD) was rising steadily along with the market 48 hours ago and had chalked up more than 10% gains over the week, then came a twelve hour window in which the coin was flipped like a domain with blockchain in the name.

At 5pm UTC yesterday, BCD coins were relatively stable in the low $2.20 range. After touching $2.21 the coin’s value suddenly spiked to $3.95 within five minutes – that’s a 78% spike in less time than it takes to microwave a potato.

BCD’s daily volume just before the spike was $3.3 million – five minutes later and it jumped to $4.5 million.

The price soon began to rebound, but only for long enough to fool potential investors, because by 5am this morning the pump reversed and whoever initiated it in the first place made away with their original coins along with a nice chunk of interest.

Money In… Money Out

When the dump came, it came with the same swiftness. From a price of $4.51, BCD coins dropped to $2.30 within exactly five minutes  – that’s a 49% crash. The daily volume at the time was $10.2 million, and the dump reduced that sum to $7.8 million.

So if we narrow our focus to those two five minute windows – before additional investors had the chance to follow suit – we can see that $1.2 million was injected into Bitcoin Diamond at 5pm yesterday.

At 5am this morning, a sum of $2.4 million worth of BCD was sold off, after which point the coin resumed its relatively stable trend. Would it be too blunt to assume that someone just turned $1.2 million into $2.4 million?

During this time the daily volume jumped $6.3 million – not including the volume from the pump. If you look at the pattern on the pump and dump, you can see that it relied on enough people buying in after the initial sell-off by BCD holders who decided to cash out at the initial pump price.

A History of Pump and Dumps?

Similar spike patterns have been seen on Bitcoin Diamond in 2018 alone, with one coming between July 7th and July 9th. Going back to January there was another huge spike which saw the coin multiply 40x in price – enough to prompt Kucoin to issue a warning to its customers urging them to ‘invest rationally’.

That’s if they get the chance to invest at all, given how quickly the action takes place. The people who slept through the pump and dump are actually the luckiest – their coin is back to the value it started at, and it’s as though nothing happened.

But a lot of people on the exchanges got fleeced and will be nursing wounds this mornings. Others will just be disappointed that they didn’t cash out at the peak.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 82 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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XRP Price Analysis: Reports Indicate National Bank of Kuwait (NBK) is Set to Go Live With xCurrent

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  • Sources suggest National Bank of Kuwait (NBK) are moving closer to going live within Ripple’s xCurrent solution.
  • Despite current XRP/USD selling pressure, a bullish technical set up is still seen as a potential.

National Bank of Kuwait Ready to Use xCurrent

One of the largest banks in the Middle East, National Bank of Kuwait (NBK), is readying to move forward with xCurrent. It is reported this could be in place within the next few weeks. xCurrent is Ripple’s enterprise software solution that facilitates banks to instantly settle cross-border payments, providing end-to-end tracking.

The latest suggested is that the NBK are currently awaiting to receive the green light from the Central Bank of Kuwait. Sources close to the matter, are said to note that NBK are currently preparing for its first transaction with the xCurrent solution. In terms of time frame, the suggestions are for the back end of October, or by early November. These sources are being cited by the newswire, Crypto Briefing.

Earlier this year, in May, the National Bank of Kuwait mentioned Ripple via their official Twitter account. They tweeted, “NBK leads the way in Kuwait in a partnership with RippleNet to offer instant cross-border payments to customers Ripple.” Nothing further on this, from either the NBK or Ripple was noted.

It is important to note that the xCurrent solution does not use XRP tokens, unlike xRapid, which enables banks to send payments using XRP. It can then be transacted back into the appropriate fiat currency by the receiver. On the basis of the above noted, it is likely to have a direct influence on the value of XRP.

Technical Review – 4-hour Chart

XRP/USD 4-hour chart

Despite the consistent downside pressure observed with XRP/USD, a potential bullish technical set up can still be eyed. As seen on the 4-hour time frame, price action has been moving within a bullish flag pattern. The lower support has recently been penetrated by the market bears.

Near-term support eyed immediately at $0.4660-40 area, the below trend line. Further south, a demand zone is seen running from $0.4535 down to $0.4350. This was an area that caught the price during some hard selling at the back end of September. Bulls managed to kick started a recovery at this low area on 25th September. Should this technical set up fail to play out, eyes will then be on $0.4000 for support. Last traded down here on 15th October. Lastly, looking at resistance, this is seen just ahead at $0.4650, upper trend line of the flag. Ahead, there is heavy supply heading into and within the $0.5000 territory.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Investors Reward Nexo for Adding XRP-Backed Loans

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Crypto-backed lending startup Nexo is being rewarded by investors for adding loans collateralized by the third biggest cryptocurrency XRP. The company made the announcement in a blog post, saying support for XRP was in response to demand stemming from the blockchain community.

NEXO advanced by double-digits in today’s mixed crypto market before trimming those gains somewhat. Investors may have sensed an announcement was on the horizon, as Nexo, which boasts a market cap of $76.5 million, has been on a tear in October and has seen its value increase by more than one-third for the week and 160% over the last 30 days. Most of today’s trading is unfolding on Hotbit in the ETH and BTC markets. Despite the recent gains, the NEXO price, which is currently hovering at $0.13, has not gone unscathed in this year’s market downturn and traded as high as $0.40 in May 2018.

Source: CoinMarketCap

Competitive Landscape

According to Nexo in the blog post –

“Nexo continues to push the boundaries within the crypto-lending space by becoming the first lender ever to start accepting XRP as collateral for crypto loans.”

XRP, which is majority- owned by Ripple, is a popular choice and it joins a list of nearly two-dozen cryptocurrencies supported by Nexo including bitcoin, Ethereum, Zcash and many more. The XRP price, meanwhile, is currently down 2% to $0.45 with a market cap of $18 billion, more than $2 billion below No. 2 cryptocurrency Ethereum. Last month, the XRP price added 70% to its value, but October hasn’t been as kind.

In addition to XRP, Nexo also revealed a partnership with Goldman Sachs-backed Circle’s new platform CENTRE, announcing plans to offer loans backed by the new USD-backed cryptocurrency USD//Coin (USDC). Earlier this month, when Tether fell out of favor with investors, Nexo said it was exploring the addition of more stablecoins, adding that it has “never held significant amounts of Tether (USDT) on its balance sheet.”

Investors have proven to reward lenders for the expansion of the platform into new coins. Last week, rival crypto-backed lender SALT Lending (SALT) announced its support for loans collateralized by one of this year’s best performers, Dogecoin (DOGE). Since then, SALT coin has risen more than 30%. Crypto-backed lender BlockFi, meanwhile, issues loans backed by Gemini Trust’s recently launched stablecoin Gemini Dollar (GUSD).

Blockchain startups aren’t afraid to tease upcoming announcements, giving traders the opportunity to be in a position to potentially benefit from the news. Binance CEO CZ tweeted today on the heels of the exchange’s expansion into Uganda that he’s “got one more piece of good news coming soon,” which he pointed out generated more “likes” than the Uganda tweet.

As year-end approaches, the total value of the cryptocurrency market is currently below $210 billion.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 70 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Monero Price Stabilizes as Transaction Fees Plummet

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Monero’s XMR currency has flat-lined over the past week, ebbing in the direction of the general market following the successful implementation of Bulletproofs. The upgrade, which was initiated four days ago, has given XMR a unique advantage in terms of transaction costs.

XMR/USD Update

From a price perspective, XMR has exhibited very little fluctuation over the past 24 hours. The digital currency is currently trading hands at $105.48, were it was down only slightly compared with the previous session. Likewise, the XMR price is little changed over the past seven days. Over that period, XMR’s peak-to-trough was $108.33-$102.22, according to CoinMarketCap.

At present values, Monero has a total value of $1.7 billion, placing it in the no. 10 spot on the active market-cap rankings. Its market value is three times higher than Zcash, another leading privacy coin.

XMR trade volumes averaged a little more than $14 million on Monday, with won-denominated transactions on Bithumb accounting for the vast majority of the daily turnover. The South Korean exchange processed nearly 92% of XMR’s exchange-traded volume, according to CoinMarketCap.

Monero Transaction Costs Plummet

Monero’s latest hard fork on Oct. 18 has given the blockchain a significant advantage from the perspective of cost, according to CoinMetrics, which recently commented on the massive drop in XMR transaction fees. Users of the privacy coin are now paying just 2 cents per transaction, a decline of 97% since the implementation of Bulletproofs. The sharp drop in transaction fees is accomplished by shrinking the overall size of cryptographic proofs and the amount of disk storage space required to execute a transaction.

The hard fork, officially known as Monero 0.13 Beryllium Bullet, adds a new layer of protection for XMR transactions. This includes trustless, non-interactive, zero-knowledge specifications that will completely mask transactions from the public blockchain. The hard fork was implemented on block 1685555, with the new Bulletproofs software executed on block 1686275.

The new specifications not only boost Monero’s credibility as the premiere privacy coin on the market, they work against the growing risk of network centralization. That’s because the new protocol offers greater resistance to corporate ASIC miners, which the community views as a major obstacle to decentralization. Miners have already reported a sharp drop in mining difficulty as a result of the fork, ensuring smaller players have the opportunity to contribute to the network.

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.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 649 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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