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Crypto Market Cap Rebounds 45% From Flash Crash as Chinese Investors Receive ICO Refund

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With Chinese ICO investors paid off and coin values rising, the cryptocurrency market appears to be back on track. But nobody knows why or who’s driving the gains.

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Crypto Market Cap Jumps

The total value of all cryptocurrencies in circulation has risen steadily in recent weeks. The crypto market cap rose as high as $147.1 billion on Thursday as 24-hour trade volumeclimbed back above $4 billion. At press time, the total market capitalization was slightly below $144 billion.

Cryptocurrency flows plunged in the first two weeks of the month, with the market briefly falling below $100 billion on Sept. 15. The 45% rebound over the last two weeks appears to have been driven by a combination of technical trading and bargain hunting.

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Bitcoin, which has been at the center of China’s regulatory crackdown, climbed back above $4,000 this week. The BTC crypto coin is trading at $4,100 at the time of writing, according to Bitstamp.

The ether token briefly traded above $300 before a technical reversal dragged prices back toward $290.00.

Bitcoin and Ethereum are the world’s No. 1 and 2 crypto coins based on total market cap. It’s also worth mentioning there are nine other cryptos with a value of $1 billion or more. Half a dozen others have a value between $470 million and $944 million, according to CoinMarketCap.

China’s ICO Refund

Chinese investors are flush with cash after nearly a billion dollars in ICO investments were returned to them. You’ve no doubt heard by now that the People’s Republic launched an all-out assault on cryptocurrency this month, beginning with everyone’s favorite crowdfunding model. As a result, the 40-plus ICOs that were launched on the mainland this year have been de-funded.

But the Chinese aren’t going away that easy. During the recent Wanxiang blockchain conference, rumors circulated that the the founders of ICO-backed companies were planning to re-register in Hong Kong or Singapore. This means it’s probably only a matter of time before mainland investors put their money back in.

Hacked.com reported last week that bitcoin traders are moving from China to Japan to work around the ban. Unlike China, Japan has formally recognized bitcoin as a form of payment and has moved swiftly to regulate its use. Hundreds of thousands of Japanese retail outlets start accepting the payment this year, analysts say. South Korea also appears to be moving in the same direction.

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Analysis

Cryptocurrency Analysis: Altcoins Slide as Bitcoin Rally Pauses

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All of the major coins are trading lower today after a bearish weekend, as altcoins are still underperforming Bitcoin, with the market leader holding up well near its all-time high. BTC is back below the $6000 level after surpassing our long-term target last week, but it’s still well within the rising trend, despite the overbought long-term picture.

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The coin found support near the $5800 level, although it spiked as low as $5600 in the bearish environment. While we advise investors to wait until the next correction with new positions, traders could still bet on a rally to new highs as long as BTC remains in an uptrend. Support levels below $5800 are found near $5400 and $5000.

BTC/USD, 4-Hour Chart Analysis

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Altcoins are trading well below their respective all-time highs, as capital has been flowing towards Bitcoin in recent weeks, but most of the major coins are still in long-term uptrends, with only ETC looking suspiciously week. Dash is the best performing currency of the day, as it surged off the $265 support, while Monero, Litecoin, and NEO are also among the relatively strong coins. Ethereum hit a one-month low below the $285 support, while Ethereum Classic, Ripple, and IOTA are all performing weaker than the broad market. Let’s see the short-term charts of the altcoins.

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Cryptocurrencies

Trade Recommendation: Stellar

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The price bounces from SMA50 which is a support line for the market. MACD lines support upward movement. Also we can draw a pennant chart pattern which also confirms further upward movement. If the price breaks the resistance line of the pennant, this pattern will be realized as a continuation pattern. It will give us an additional confirmation of the upward movement. Pending orders for buy should be placed at 0.035000 level with stop orders at 0.028000 level. The main profit target should be at 0.048000 level. The part of trade volume can be left for the higher target at 0.070000 level. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: STRUSD
Buy: 0.035000
Stop: 0.028000
Profit Targets: 0.048000

The trading signal is based on Poloniex chart.

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Cryptocurrencies

Trade Recommendation: Lisk

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A new attempt to catch a trend reversal. The price diverges with MACD and it gives us a buy signal on the falling market. DMI allows to open long trades. We should place pending orders for buy above the previous high at 0.000840 level. Stop orders must be placed below the support at 0.000680 level. Profit targets are 0.001200 and 0.001400 levels. The part of trade volume can be left for long run. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: LSKBTC
Buy: 0.000840
Stop: 0.000680
Profit Targets: 0.001200 and 0.001400

The trading signal is based on Bittrex chart.  

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