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It’s a Crazy Crypto World

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With new digital tokens coming online every day, it’s becoming a bit difficult for an up and coming startup to stand out. What happened in yesterday’s event managed to cut through the noise and this morning the entire crypto community is talking about it.

Bancor has been working on their code for more than a year and has developed what could very well be the future of online trading. Yesterday, they released almost 80 Million new Bancor tokens, which sold out in just three hours, despite heavy DDoS attacks on the website.

It was certainly the most valuable ICO (Initial Coin Offering) to date but the precise value is being reported differently by different websites. So, for your convenience, here’s a link to the main wallet they used to collect the funds:

0x5894110995b8c8401bd38262ba0c8ee41d4e4658

As you can see, the current balance stands at 317,382 ETH, which at $400 a coin comes out to about $127 Million. Not bad for a company that is still relatively young and largely regarded as an experiment.

I forsee a future where companies that wish to raise money from the public will simply bypass Wall Street’s IPO system and go directly to investors using the blockchain. Oh, wait. That’s already happening.

Mati Greenspan
eToro, Senior Market Analyst

 

Please note: All data, figures, and graphs are valid as of June 13th. All trading carries risk. Only risk capital you’re prepared to lose.

Market Overview

The Trump saga continues today with Attorney General Jeff Sessions taking the stand to speak about the Russia connection and the firing of former FBI Director James Comey.

The market will be listening intently, but don’t expect too much reaction unless Sessions slips up. The big event that everyone is waiting for in this regard is the conclusion of Robert Mueller’s special Trump-Russia investigation. Reports that Trump is now considering to fire him as well are simply appalling.

Perhaps more pressing is the debt ceiling that the United States is coming up against. Treasury Secretary Steven Mnuchin urged Congress to get their act together and raise the spending limit sooner rather than later. At this point, the deadline is looking likely to come up in October or November but Mnuchin is really hoping to get it done in the next six weeks, before the August break.

According to usdebtclock.org the current the US national debt is about just shy of $20 Trillion.

For the moment the government is operating on about $40 Billion worth of free cash, which is much less than the $150 Billion that is said to be the bear minimum required level.

May needs a Win

Today Theresa May will meet with leaders of the DUP Northern Irish party, who is holding the 10 seats she needs in order to form a majority government.

Though the DUP has stated that they’re willing to work with May, they’re no dummies when it comes to political maneuvering.

If no deal is struck by the end of the day, it could spell real trouble for Theresa May, for the UK, and for the Pound Sterling, which is currently holding support by a tooth string at 1.2630.

Crypto correction

It’s a crazy crypto world lately. Bitcoin and Ethereum both saw new record high levels yesterday which were followed by some pretty sizable pullbacks.

The pullback on Ethereum measured in at about $100 per coin, which is about 25% of its current price. Take a look at yesterday’s candle on the chart. Despite the massive surge and pullback, the price still gained $25 over the course of the day.

The major volumes are coming from Poloniex, who is currently experiancing massive overflow and delays, as well as bithumb and coinone, the Korean exchanges who have really upped their game over the past week.

Despite the Japanese Bitflyer dropping to third place, the current volumes represent about double what they were doing at the beginning of the month.

Many cryptotraders on the eToro network are seeing this pullback as a blessing and using it to get in at a price that is lower than the all time high.

Trade safe and have an awesome day!!

This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation.
Past performance is not an indication of future results. All trading carries risk. Only risk capital you’re prepared to lose.

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 133 rated postsSenior Market Analyst at Etoro.com.




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Altcoins

Basic Attention Token (BAT) Quietly Racks Up 42% Gains on Coinbase Anticipation

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Basic Attention Token (BAT) has been quietly recording day on day growth for the last four days as anticipation builds regarding a Coinbase listing.

The value of BAT has increased by 42% in that time, as public opinion leans toward the theory that BAT’s ERC-20 foundation makes it a prime candidate to be the next token listed on Coinbase.

This follows on from the recent listing of Ox (ZRX), which resulted in the token gaining 44% on its value in just over twenty-four hours. Attention has now turned to BAT, and trade volumes hit a three month high this week, all without any real confirmation from Coinbase.

BAT/USD

As of Friday afternoon BAT had grown by 15% in the preceding twenty-four hour period, arriving at a peak price of $0.242660. The last four days were marked by day on day growth, and by Friday afternoon’s peak BAT had risen 42% in value.

Furthermore, the monthly gains for BAT stand at 65%, showing a clear rise in momentum within the last week. The current valuation returns the altcoin to its valuation prior to the September crash. For Bitcoin and Ethereum to say the same, they’d have to reach valuations of $7,400 and $295 respectively.

The majority of trades came on Binance on Friday – 50% of the $14 million total. The BAT/BTC trade was the main mover, and racked up eight hours of green candles between 04:00 and 14:00 UTC.

Coinbase Effect

The whole Coinbase saga began for BAT over three months ago, when the exchange released an announcement stating they were considering the listings of five particular cryptocurrencies. Stellar (XLM), Cardano (ADA), Ox (ZRX), Zcash (ZEC) and Basic Attention Token (BAT) were the cryptos named, and all recorded double digit growth on the day of the announcement.

Even after Coinbase released another statement reminding people that the coins were merely ‘under consideration’, their values continued to surge.

Now, given the ERC-20 structure of BAT, it appears likely that the token will be the next one added to Coinbase. The underlying structure of a coin or token is one of the things an exchange must consider when adding a cryptocurrency. The recent additions of Ethereum Classic (ETC) and Ox (ZRX) suggest that the exchange now has a handle on Ethereum-based tokens.

New Brave Browser

Today also marked the release of the updated Brave Browser – the privacy focused web browser which pays users in BAT for time and attention. The new browser is being hailed as 22% faster than the previous version. According to the Brave twitter feed:

“Our new desktop browser has a 22% faster load time on average than our exiting Brave Muon version. That’s as much as 8-second faster page loads on certain sites.”

The Brave Browser hit four million downloads in September, making it one of the most utilized crypto-based applications to date.

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
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 81 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

Zcash Price Analysis: What is Behind the Recent Surge in Price?

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  • Zcash had jumped over 17% over the period of 12-18th October, before running into sellers.
  • The foundation set to launch the Sapling protocol upgrade. To improve efficiency for shielded transactions.

Zcash over a 6-day period from 12-18th October gained a whopping 17%. Moving quickly from as low as $108, to then be above $126. Since, the price has run into some sellers and touted profit-takinggiven the large run in such as short time frame.

What Is This ‘Zcash’ (ZEC)?

Zcash was a hard fork of Bitcoin in 2016. Unlike the number one ranked crypto by market cap, privacy is ensured via Zcash. Personal and transaction data are kept confidential. This being facilitated through zero-knowledge proofs, allowing conducted transactions to go through verification without any required details about the sender, receiver as well as the transacted amount.

Zcash Set to Launch Sapling Protocol Upgrade

The Zcash foundation recently updated via their blog ‘Sapling Transaction Anatomy’. Full breakdown details can be read there as they are set to launch the Sapling protocol upgrade.

Sapling, this will be a network upgrade that aims to substantially improve efficiency for shielded transactions – paving the way for broad mobile, exchange as well as vendor adoption of Zcash shielded addresses. Their motivations for the Sapling upgrade are to increase speed on these shielded transactions.

Coinbase Speculation Continues to Do Rounds

The community around Zcash continues to speculate on whether the privacy-focused crypto will be added to Coinbase. Earlier in the year, Coinbase said they were exploring the possibility of listing Zcash and others, such as Cardano, Basic Attention Token, Stellar Lumens and 0x on its platforms. This covered back in July and does not guarantee it will be added, but the hope still appears to be flowing through the community.

Zcash Jumps to 20th Largest by Market Cap

Earlier this week, Zcash managed to break into the top 20 cryptocurrencies by market cap. It overtook Dogecoin. The current market cap at time of writing seen at $588,429,693, ahead of DOGE at $513,884,230.

Technical Review – Daily Chart

ZEC/USD daily chart

ZEC/USD has been cooling over the past two sessions, after its recent 17% price run. It isn’t too much of a surprise to see the current easing, given the fast surge higher. Near-term support can be found around $115 area, then further south within a demand zone tracking from $110-105. Looking to the upside, sellers are camped heading into the $130 territory. A higher near-term target would be eyed at $145, price last traded here on 28th September.

This year Zcash is still down some 80% from the highs in January, up over the $800 price level. It has failed to sustain any upside momentum, rallies continue to be sold by the bears. This is something that has been seen across the other cryptocurrecies, not just Zcash. The market continues to search for a bottom.

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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Analysis

Ethereum Price Analysis: ETH/USD Coming Towards the End of Triangular Pattern, Breakout is Around the Corner

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  • Ethereum’s Annual Devcon is just under two weeks away, to be kicked off from 30th October – 2nd.
  • ETH/USD price action has been narrowing within a triangular pattern, subject to a breakout.

Ethereum’s Blockchain Upgrade Faces Delay

Just a few days ago, Ethereum’s software upgrade, had a failure, as Constantinople – proposed hard fork did not activate on the test network Ropsten. Ethereum has been planning to implement the Constantinople upgrade in November. However, given the failed attempt seen in the testing stage of the upgrade, this appears to have now shifted plans. The Ethereum infrastructure organization, Infura tweeted: “Due to a consensus issue with the Constantinople fork, Ropsten is currently not usable. The Ethereum dev community is investigating. Until further notice please utilize one of the other Ethereum testnets.”

As a result, the developers at Ethereum had released a patch, to fix the bug problem. An independent developer working on the project, Lane Rettig, commented on the delay, noting that they are investigating the failure to upgrade. Rettig said: “I would expect it to get delayed to 2019.”

Wave IV of Grants Program Distributed for Ethereum Development

Millions of dollars have been distributed by the Ethereum Foundation to projects that are contributing to the development of Ethereum. A full breakdown of the grants distributed can be viewed in their latest blog post. The funds totaling over $3 million, were sent out to 20 individuals and groups, that are working on the Ethereum blockchain.

Ethereum Annual Developer Conference

It is not long now until Etheruem’s Devcon 4, which will be held from Oct 30th–Nov 2nd in Prague.

Devcon is Ethereum’s “family reunion.” It is hosted to educate and empower their community to build decentralized applications, bringing Ethereum protocols, tools, and culture to the world.

The annual conference is for “builders: designers, UX researchers, smart contract devs, blockchain researchers, client implementers, test engineers, infrastructure operators, community organizers, and even artists in the community.”

Technical Review – 4-hour Chart

ETH/USD 4-hour chart

ETH/USD has been stuck trading within a triangular pattern, since mid-September. The price has swung between a low seen around $170 up to a high within $255 territory, within this period.  Over the past three weeks price action has been narrowing. As a result, ETH/USD is moving closer towards the end of the pattern, looking very likely of a breakout. On 15th October, the price saw a large surge in volume, which as a result saw a quick upper wick spike outside of the pattern. However, on the close of that candle, the price was back within the triangle.

Furthermore, resistance to the upside is eyed at $215, the upper trend line of the pattern. A break north will likely see the above supply zone tested again, $250-255 region. Finally, in terms of support, this can be seen at the lower part of the pattern, just below the $200 mark at $197. Consequently, should bearish momentum push for a breach, a below demand zone will likely come into play at $180-165 area.

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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