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Cryptocurrency Market Corrects Lower as Bitcoin, Altcoins Slip

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The world’s top cryptocurrencies corrected lower on Saturday, as investors scaled back their positions following a week of record-setting gains.

Total Market Cap

The market capitalization for all cryptocurrencies fell to $383 billion over the weekend, according to CoinMarketCap. Global cryptocurrencies were valued at $440 billion on Friday following a week of record-setting highs.

Even with the latest correction, the global market has added more than $100 billion over the past seven days, largely on the back of bitcoin. The world’s no. 1 cryptocurrency briefly traded above $19,000 on Thursday as daily trade volumes approached $30 billion.

The value of bitcoin briefly fell below $14,000 on Saturday. It would later consolidate around $14,367 for a daily loss of $1,220, or 7.8%.

Bitcoin Cash (BCH) slipped below $1,400 and bitcoin gold (BTG) lose nearly 9% on the day. Dash and Ripple XRP also declined at least 3% apiece.

Ethereum was little little changed after a week of tepid movement. It was last seen trading at $484. According to CCN, ether prices touched a new all-time high of $518 on Saturday before reversing course.

Ether prices pushed higher last month, but have been unable to ride bitcoin’s coattails after China issued a hard ban on initial coin offerings (ICOs). Ethereum’s success is largely tied to the ICO market since the vast majority of token raises are launched on the platform.

All Eyes on XBT

The CBOE Options Exchange will officially launch its bitcoin futures contract on Sunday in what will become Wall Street’s first crypto derivatives product. The futures contract will trade under the ticker symbol “XBT,” and will be free for the duration of the month.

Futures trading is notoriously risky, and the presence of bitcoin will only make the market more challenging for inexperienced investors. Analysts say a less risky way to get a piece of bitcoin is to invest in CBOE Global Markets (CBOE) directly. The company is traded publicly on Nasdaq, and could benefit from the institutional push toward bitcoin.

CME Group offers the same opportunity. It trades under the symbol “CME” on the Nasdaq exchange.

Bank of America Entering Crypto?

Bank of America was in the headlines this week after the U.S. Patent and Trademark Office approved its concept for a potential cryptocurrency exchange system that would convert one digital asset into another. The patent suggests America’s second-largest bank was eyeing entry into the rapidly expanding cryptocurrency market at a time of heightened demand among institutional traders.

According to the patent, the BoA system would allow enterprise-level clients to conduct higher volumes of crypto transactions.

“Enterprises may handle a large number of financial transactions on a daily basis,” the patent said. “As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to exchange currencies and cryptocurrencies.”

BoA isn’t the first major financial institution to explore entry into cryptocurrency. Earlier this year, Goldman Sachs’ CEO Lloyd Blankfein confirmed his institution was exploring a bitcoin trading operation. Globally, HSBC and Barclays have joined a collaborative project to build a cryptocurrency to be used by financial institutions.

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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Altcoins

Binance Listing Announcement Triggers 29% Growth For Decred (DCR)

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Yet another coin just felt the beneficial effect of a listing on Binance – the world’s largest cryptocurrency exchange by adjusted volume.

Following Tuesday’s announcement by the Binance team, Decred will be listed on the exchange starting Wednesday, October 24th.

The previous month has been one in which the power of a listing on a major exchange has made itself obvious. Just two weeks ago Ravencoin (RVN) gained a Binance listing and shot to 351% growth. Meanwhile Basic Attention Token (BAT) gained close to 50% in the last week based on the mere speculation that the Coinbase exchange would be listing it soon.

DCR/USD Surge

As you can see from the chart below, it seems very few people knew about the DCR listing until it was announced by Binance.

The early morning spike hit just as the blog post was tweeted out, and over the next few hours DCR went on to record 29% gains – climbing from a price of $38.79 to $50.35.

The coin’s trade volume increased by a factor of 2,260% as it rose from the $500,000 range up to the current sum of $11.8 million. The majority of those trades have come in the form of the DCR/BTC and DCR/KRW pairs, with Bittrex, Huobi and Upbit housing most of the action.

With the morning’s spike, DCR bypassed weekly and monthly highs, while the quarterly high of $70 is still some distance away.

The project began development in 2015, and the coin remained below the $3 price range for nearly two years, up until it was carried along with the rest of the market in 2017’s surge.

Binance Picks Up Decred

The Binance blog post published on Tuesday morning states:

“Fellow Binancians, Binance will open trading for DCR/BNB and DCR/BTC trading pairs at 2018/10/24 04:00 AM (UTC). Users can now start depositing DCR in preparation for trading.”

The Decred team on Twitter followed this up with a celebratory tweet thanking Binance and its founder CZ for the listing on the exchange:

“Thank you @cz_binance & @binance, we’re honored to have $DCR listed on your exchange!”

Binance’s own informational on Decred emphasizes its use as a transactional currency, and notes that the coin will never experience the issue of having to hardfork, stating:

“Decred is similar to Bitcoin. There will only be 21M coins created, ever. The big difference: Decred uses advanced and innovative technology that solves blockchain governance. No hard forks needed. Exchanges will never have to deal with customer requests for splits. The general public will never have to sift through contentious forks or be fooled by claims of a “better Decred.”

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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4.4 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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Altcoins

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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Altcoins

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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