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Cryptocurrencies Rebound 8% from Recent Low as Tom Lee Gives Post-Consensus Takeaways

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Cryptocurrenc prices have begun the week on a positive note, as bullish sentiment returned to the market following an underwhelming reaction to the Consensus blockchain summit.

Crypto Prices Rally

Bitcoin and the broader altcoin universe booked solid gains Monday. The combined value of all cryptocurrencies peaked at $392 billion, according to CoinMarketCap. At time time of writing, the total market cap was worth $389.6 billion.

Prices bottomed near $361 billion on Thursday, their lowest level of the month, in the wake of a high-profile blockchain event.

The ten largest cryptocurrencies by market cap rose by at least 3% on Monday. Tron was the biggest gainer percentage-wise, adding 12.7% to $0.077. Bitcoin cash (BCH) jumped 8.1% to $1,275 following a double-digit selloff last week. Cardano and Stellar each rose more than 4%.

Bitcoin rose 3.1% to $8,493. Its share of the overall market slipped to 37.2% from a high of around 37.6% last week.

Trade volumes have been relatively thin over the past 24 hours, with turnover amounting to $16.8 billion. Crypto trade volumes averaged around $21 billion at the end of last week. During the height of the bull rally earlier this month, daily turnover exceeded $30 billion.

Tom Lee Remains Bullish on Bitcoin

The head of research at Fundstrat Global Advisors admitted recently that his Consensus price forecast missed the mark.

In an interview with CNBC that appeared Friday, Lee said his firm was “overly optimistic” about the potential for a bigger Consensus price rally but nevertheless reaffirmed his bullish outlook on bitcoin.

“While there was not a Consensus bump, our conviction on crypto-currencies strengthened during the conference,” he said. “It’s the people that you know are important to this industry coming together.”

Prior to the event, Lee had predicted significant gains for bitcoin and other crypto assets. His reasoning was rooted in the last three Consensus summits, which sparked an immediate rally for digital currency prices.

Bitcoin prices declined sharply during the blockchain conference and eventually bottomed below $8,000 – a figure not seen in a month.

In Lee’s view, the Consensus rally did not happen for three underlying reasons: regulatory uncertainty, acceptance hurdles within banks and a lack of institutional custodial tools for mass adoption.

He added:

“Bitcoin doesn’t have to go up every day to move from $8,000 to $25,000. The ten best days account for all the return of bitcoin in a year. If you didn’t own bitcoin for ten days each year, you lost 25 percent each year.”

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 458 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Cryptocurrency Prices Have Recovered $26 Billion from Last Week’s Bear-Market Low

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Cryptocurrency prices were seeing green on Tuesday, as investors continued to rally behind news of a popular bitcoin trading app being granted regulatory approval to operate in New York. The push for regulated crypto custodial services has also not gone unnoticed, with the likes of Coinbase looking to overcome one of the final barriers to institutional adoption.

Crypto Prices Hit One-Week High

Digital currencies on Tuesday overcame tepid trading conditions and lower trade volumes to reach their highest level in seven days. The total market peaked at $294.2 billion at 17:00 UTC but has since consolidated at $290.5 billion, according to CoinMarketCap. As a reminder, the market bottomed near $264 billion last week, the lowest since early April.

Crypto prices have been surprisingly stable since last week’s brisk selloff. As Hacked reported earlier, bitcoin volatility is at its lowest level in a year even while factoring the latest price collapse.

Almost all of the top-ten coins had reported gains over the past 24 hours. Tron’s 8.3% gain was the biggest, with TRX trading at $0.048.

Ethereum rose 3.4% over the past 24 hours to trade at $536.86. Bitcoin cash reported slight gains, climbing 1.6% to $900.54.

Bitcoin was virtually unchanged compared with the same time Monday. The world’s largest cryptocurrency by market cap is up 2.5% over the past seven days.

Although trading volumes were a paltry $13.2 billion, turnover is up 39% from Sunday’s lows.

Prices received their initial boost Monday afternoon on news that Square, Inc.’s Cash app was granted a BitLicense to operate in New York. The app, which has a bitcoin trading platform, has more than seven million active users. The company, which is led by Twitter’s Jack Dorsey, saw its share price and market cap rise significantly on the news.

Custodianship: The Final Frontier?

San Francisco-based Coinbase has joined forces with hedge funds and third-party custodians to unlock up to $10 billion in institutional capital. According to some industry insiders, custodianship is the last of the major barriers to widespread cryptocurrency adoption among hedge funds, banks and day traders.

As Goldman Sachs, Nomura Holdings and others have demonstrated, there is strong appetite for cryptocurrencies at the institutional level. But without a stable and robust custodian service, staking large positions on a highly volatile market is not considered feasible. This is especially the case for funds that are involved with handling university endowments and pension programs.

According to Ari Paul, co-founder of the Blocktower crypto-focused hedge fund, institutional money has been trickling into the digital currency market since mid-2017. And while adoption has been slower than expected, “that doesn’t mean it’s not coming,” Paul tweeted May 31. “There are a lot of pieces that need to come together, one big piece being third party custody,” he said.

Kyle Samani, a cryptocurrency hedge fund manager, recently told Bloomberg that custodianship is viewed as “the final barrier” to market entry. “Over the next year, the market will come to recognize that custodianship is a solved problem. This will unlock a big wave of capital,” he said.

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 458 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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TRON Spikes 21% in 24 Hours Ahead of Token Migration

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Only a few days away from its departure from Ethereum, TRON’s token price surged over the last day, racing to 21.4% gains in just under 22 hours.

That took the TRX token – which is due to go through the dreaded swap process on the 21st of June – from a starting price of $0.041 last night, to a price of $0.051 a few hours ago.

Since then its movement has corrected somewhat, but gains of around 14% have been holding steady since the sudden spike, and TRX is still close to the 5 cent mark as it tries to break out of the $0.04 range that it has been mired in since the sudden dip around early June.

TRX was trading at $0.10 on April 30th, and in the month and a half since then its value has sunk by an unbelievable 60%. In the same period, BTC lost just over 30% of its value, while Ethereum’s losses are closer to 40%.

In this context, TRON’s growth over the last 24 hours doesn’t seem all that out of place. Every day we see sudden gains recorded by altcoins which are correcting for sudden losses experienced earlier in the month.

TRON’s 60% loss over this period was itself a correction for the month of April, where TRX began the month trading at $0.030, only to find itself at a price of $0.10 just four weeks later. That 233% upwards movement was one of the best recorded by a Top 20 coin April, and the subsequent losses were almost equal in scale.

BitTorrent Acquisition

It was confirmed at the start of the week that TRON founder Justin Sun had followed through on his plans to buy the BitTorrent file-sharing platform.

A reported figure of $140 million is sure to make juicy headlines, and it marks one of the rare occasions when the crypto world has reached out and got involved with other industries. We can only speculate at this point whether Sun plans to simply oversee BitTorrent, or if he intends to integrate it somehow with his crypto platform.

Token Migration

On May 31st when the mainnet originally launched, TRON’s price didn’t see the kind of spike that everyone was expecting. By that time the long, bearish slide of May was already in full effect, and a price of $0.062 at that time would actually seem desirable now.

But now, in the ramp up to the token migration, TRX is starting to see some movement. It’s 24 hour volume is now three times as much as it was on Saturday – going from $114 million to its volume of $356 million at the time of writing.

Whether this is an omen of good things to come for the much hyped platform remains to be seen.

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 11 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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New York Approval of Crypto Trading App Ignites Price Rally for Bitcoin, Altcoins

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The cryptocurrency market on Monday added $13 billion in the span of one hour after New York’s Department of Financial Services granted Square a digital currency license.

Square Cash App Approved for BitLicense

San Francisco-based startup Square, Inc. announced Monday it has been granted approval by New York regulators to launch its cryptocurrency trading platform in the state. The new crypto service will be offered through Square’s Cash app, which has seven million monthly active users, based on the company’s first-quarter earnings call.

The announcement was confirmed by Square in conjunction with an official press release issued by New York’s Department of Financial Services (DFS).

“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market.,” Superintendent Maria Vullo said in a statement. “DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.”

Bitcoin buying launched for Cash users last fall; by January, most users had access to the crypto trading platform. Square announced in March it would seek a BitLicense to bring bitcoin trading to the nation’s second-most populous state.

Cash App has reportedly generated $34 million in profit through its bitcoin trading service.

Bitcoin, Cryptos Pop

Cryptocurrencies added roughly $13 billion in value between 12:22 UTC and 13:27 UTC, bringing the total market cap to $289.5 billion. Total trading volumes spiked by more than $1.5 billion over the same period.

At press time, the total value of all cryptos in circulation was $287.1 billion, according to CoinMarketCap. That represents a gain of about $23 billion from last week’s bear market low.

Bitcoin reached a high of $6,781.14 following the Square Cash announcement. It was last seen trading around $6,716, according to BarCart data.

The largest cryptocurrency by capitalization showed signs of breaking down earlier in the day as prices approached $6,300 on the major exchanges. BTC/USD was little changed over the weekend as the bulls failed to extend last week’s modest relief rally.

Despite the latest gain, bitcoin remains about 10% lower for June and is down more than 50% year-to-date.

As an asset class, altcoins rose more than $8 billion Monday afternoon. At $172.2 billion, digital currencies outside of bitcoin represent 60% of the total market.

All coins within the top-ten reported gains. Percentage-wise, Tron was the best performer, rallying 5.4% to $0.045. Ethereum jumped 3.4% to $517.46. Bitcoin cash added nearly 4% to trade at $884.28.

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 458 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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