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Crypto Market Cap Loses $17 Billion Overnight; ETH, XRP and IOTA Take Big Hits

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Over $17 billion was wiped off the global market cap as the cryptocurrency market took yet another dip early on Thursday morning. The bulk flash sale was conducted in little over an hour, and saw the major altcoins lose value at more than twice the rate of Bitcoin (BTC).

Ethereum (ETH), XRP (XRP) and IOTA (MIOTA) all felt the brunt worst than most; each losing between 12% and 14% during the selloff – with ETH and MIOTA in particular drawing closer to 2018 lows.

Multiple reasons for the sell-off have been put forth so far, and yesterday’s stock market crash has emerged as the popular vote. However, the dip also coincides with the tightening of BTC’s descending triangle pattern which has been in play all year.

XRP/USD

From yesterday’s high of $0.470005, XRP fell to the $0.405251 range, marking a 13.7% decline overnight. In the same time over $300 million entered the XRP market, and over 35% of the day’s trades came from Eastern markets, following the trend that XRP exhibited during its surge in September.

This morning’s dip to the $0.405 range means XRP is down 47% since its September peak, but remains bolstered against yearly lows thanks to its +100% growth that month.

Fundamental news coming out of XRP may look good right now, given its cascade of positive developments in the previous month. However, today’s decline showed that no altcoin has yet successfully ‘decoupled’ from Bitcoin.

ETH/USD

Ethereum lost 12.2% during the overnight dip, falling from $226.65 to the 06:30 UTC low of $198.93. As has been the case for most of the year, the majority of ETH trades have come against USDT as the yo-yo process of Tethering and un-Tethering continues.

Of the $4 billion that entered the global market cap during the dip, over half a billion found its way to ETH markets, as daily trade volumes rose from $1.3 billion to $1.8 billion.

Today’s movement leaves ETH just a handful of dollars away from 2018’s yearly low. The amplified losses of XRP means ETH is now almost 25% larger by market cap – a major reversal after XRP’s brief overtaking of Ethereum.

MIOTA/USD

IOTA (MIOTA) is one of the less-traded coins within the top dozen or so crypto projects, with daily volumes being as low as $21 million on Wednesday. That sum almost doubled to $38 million during the overnight dip, with MIOTA/USD trades on Bitfinex proving the most popular at 33% of the daily total.

Ultimately MIOTA shipped 14.4% of its value overnight, falling from $0.585923 to $0.501085 within the space of a few hours. That leaves some space between MIOTA’s 2018 low of $0.408336, but remains a long way off even quarterly highs.

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 103 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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EOS Price Analysis: Cardano Founder Charles Hoskinson Warns of Regulatory Action Against EOS

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  • Charles Hoskinson projects some form of action from the SEC on EOS.
  • EOS/USD enjoys a relief rally on Wednesday, as price moves further north following recent bounce.

The EOS price hasn’t done much but decline of late. Back in August, EOS/USD entered into a very stubborn narrowing range. The price had been confined within this mode of trading right up until November. The range was seen from the $6 territory down $4 area. On the 19th November, EOS/USD bears had finally pushed for a breakout to the downside, from this mentioned range-block. Following this fall, the price plummeted over 60%, over the course of 3 weeks.

Cardano Founder Hoskinson Expresses EOS Regulatory Concerns

The Cardano (ADA) founder, Charles Hoskinson, has beliefs that EOS chief developer of the network is likely to face strong action from regulatory bodies. The SEC would be a potential regulator that investigates their $4bln ICO, as he has described as “egregious.”

Speaking at a press conference in Edinburgh, Charles Hoskinson has made a projection that the Securities and Exchange Commission will look at taking firm measures against Block.One. He believes that this would be done due to the way it had run and hosted the EOS ICO.  Hoskinson further detailed how the EOS token sale sits within the remit of the regulators for them to review the potential for harm of retail investors in the United States.

Charles Hoskinson Anticipating SEC Action on EOS

Hoskinson predicted that the SEC will likely bring punitive measures against Block.One for the way it ran the EOS Initial Coin Offering. The IOHK leader explained that EOS’ token sale falls well within the regulator’s remit to take action against any financial activity which harms US retail investors.

There were several fundamental issues with the EOS ICO, which clearly raise red flags, from Hoskinson’s view. He expressed for particular focus on the amount they had raised over the course of a year, in addition to their “utter lack of respect” for investors. Hoskinson said, the SEC “needed” to take action.

Technical Review – EOS/USD

EOS/USD daily chart

Most recently, the price has managed to stabilize, which could be due to sellers exhaustion. A bounce was seen on 7th December, after falling to a low of around $1.55. The bulls are attempting to make a convincing push back into the $2 territory. Demand in the near-term should now be observed from that recent low, $1.55 up to $1.80.

It is interesting to note the area of which EOS/USD received some comfort on 7th December (this is a known acting support). Back in November 2017 during the big bull run, the price consolidated within the mentioned demand zone for a brief period. This came before continuing its strong move to the north.

Downside Observations

EOS/USD daily chart

Should the near-term area of support fail to hold, then there could be some devastating moves to the downside. A breach of the $1 mark could very well be seen. The next major demand area will be within the depths of $0.90 region. EOS/USD had last traded down here again within the early part of Nov 2017 bull run.

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 80 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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Stellar Price Analysis: XLM/USD on the Road to Losing the $0.10 Mark; Coinbase Can’t Save XLM for Now

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  • XLM bears are pressing hard for a drop below the big $0.10 mark, as markets remains down across the board.
  • There could be room for another 8% price drop if support is broken, looking via the XLM/BTC chart view.

Stellar’s XLM is subject to giving up the big $0.10 level. Across the board there have been a several key psychological price breaks. Cryptocurrencies are being forced to give way, due to strength of the current bear market. When prices drop below these closely looked at levels, it only seems to spark further worry and panic. A fresh wave of selling pressure is then invited. Over the past five weeks, XLM/USD has fallen a chunky 63%, from the $0.29 territory, down to a recent low of $0.1010.

Consolidation Mode – Bears Rubbing Paws Together

XLM/USD daily chart

Over the past four sessions, there has been some stabilization following the deep push on 6th December, where XLM/USD fell to $0.1010. The price is moving within consolidation mode, something that is seen across the market. Technically, this only spells more danger – a calm before the storm potentially for cryptocurrencies. This type of behavior has been seen over and over again during this aggressively stubborn downward trend.

What if $0.10 is Breached?

As noted on numerous occasions, this move is uncharted territory already, falling from the heights seen at the start of the year. Market participants are already fueled with a serious amount of FUD, so such technical breaks will only cause more damage. This isn’t due to anything fundamental relating to the Stellar foundation, as their developments continue to remain very much sound and strong. One must gauge how further this can fall, via XLM/BTC chart view.

Technical Review – XLM/BTC

XLM/BTC daily chart

XLM/BTC continues to flirt with a critical area of support, and a failure to hold will be catastrophic. This zone held in the most recent fall on 7th December; despite the long lower wick below, the price still managed to close above. XLM/BTC has not been and closed below 0.000035 territory since September 19th. Should a breach occur, which if the current pace of momentum maintains its course could very well happen, another 8% drop may follow.

Lastly, it is worth keeping an eye out of the potential formation of a head and shoulder pattern. The left shoulder and head have been crafted via XLM/BTC daily chart. There is certainly a possibility that the bulls come back to life, forcing a bounce at the above-mentioned support. A right shoulder could then move towards heights back within the $0.00004000-4500 range. This is where the next major of supply can be observed.

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 80 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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Ethereum Price Analysis: ETH/USD is a Sitting Duck Under $100; with Jitters Heading into Constantinople Upgrade

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  • ETH/USD is subject to further downside, as the price produces another range-block.
  • There is some nervous anticipation across the community heading into the Constantinople upgrade.

ETH/USD is a sitting duck underneath the big psychological $100 mark. Just like every other cryptocurrency, Ethereum (ETH) remains firmly on the back foot. Over the past five weeks, the price is down a chunky 63%, from the pick up in downside pressure on the 7th November. Despite a minor form of stabilization over this past few days now, ETH is still very much vulnerable. It has been moving within consolidation mode, as seen across the board, a range-block formation can be observed. This behavior suggests that is susceptible to a breakout south.

Constantinople Upgrade Jitters

Following the Ethereum developers confirming the Constantinople upgrade, there has been some concerns. It was last week noted after a developers call that this will take place in mid Jan 2019, as covered via Hacked . Across the community things appear to be somewhat jittery heading into the upgrade. One thing that has raised eyebrows is the reward for miners. This is anticipated to be brought down to 2 ETH from 3 ETH. Given the fact also the plummet in the Ethereum price this year, this in addition does not help things. There is also speculation that, should there be much disagreement, the network could even split, as an extreme case.

Technical Review – ETH/USD

ETH/USD 4-hour chart

Looking via the 4-hour chart view, price action has narrowed over the past four days. This coming after further intensity hit ETH/USD to the downside. As we have seen time and time again, such price behaviors following excessive movements. It tends to be exhaustion from the sellers, allowing time for consolidation of the price, before going in for the kill.

Price action is moving within a range-block, which is subject to another explosive move lower, as it currently appears. The psychological damage of ETH sitting below the big $100 mark does not help sentiment either.  Support to the downside within the current range, should be noted at $84. Near-term resistance is seen at the $100 mark.

ETH/USD weekly chart

As described, the major near-term support is seen at $84. A break to the downside could open the door to another wave of sellers. The weekly chart view looks worrying, as should a breach occur at the mentioned support, the price could plummet. Eyes would next be on the $65 territory; ETH/USD last traded her at the start of May 2017.

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 80 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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