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Bitcoin (BTC), Ethereum (ETH) and Ripple’s XRP post-bloodbath predictions

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The cryptocurrency markets have stayed shaky for a good number of days now, again, with top 3 cryptocurrencies Bitcoin, Ethereum and Ripple (XRP) not being a difference from the rest of coins. The situation has left many wondering about price forecasts of these top-ranked virtual currencies, here in this post we’ll do some short-term price analysis of the three.

Bitcoin (BTC)

Bitcoin’s most recent peak was around $8,500 and, by definition, it’s been going down ever since. It’s lost almost 25% against the dollar. A lot has been said about SEC’s decision to leave the ETF decision for next month, and that surely didn’t help at all, but the current lows owe more to speculation than to the day’s news.

The usual technical market analysis tools suggest that if Bitcoin doesn’t go back up to at least $6,700 mark, then it will keep dropping against the USD slowly. If the current bearish trend keeps dominating Bitcoin’s trade, then it’s unlikely that the downward spiral will stop until it reaches $6,000 because that’s the point at which the price could make new buying orders tempting for speculators.

So no good news for Bitcoin, it will keep going down very quickly for some more time yet. That is terrible news not only for Bitcoin but the whole market as most other coins usually mimic BTC’s market behavior closely. But the number one cryptocurrency my market cap, Bitcoin has started to show some resistance already, went up by 2% in the last 24 hours. We need it to hit $6700 as quickly as possible to enter a mid-term rally.

Ethereum (ETC)

Things have not been any better for Ethereum, the market’s second digital asset regarding market capitalization. Half of the last week, the cryptocurrency lost around a tenth of its value every day. It’s below $340 right now, and market indicators characterize this position as entirely bearish which means that it can keep losing value.

The market is expected to start buying again when the coin reaches $330, but it’s possible that they won’t until it falls to $315 or $320 (is trading at $321 currently) which could be reached quickly as things stand.

If it were to go up again (which is tough in the current market conditions) even if Ethereum is the coin that is most independent from Bitcoin’s performance, it would face trouble when reaching $388. While reaching that level is possible according to technical indicators, nobody really expects this token to go up quickly now. Will take some time.

That is good news for users of the Ethereum network as the gas price (which has become one of the most common complaints about Ethereum over the last months) will be less expensive thus retaining users, decentralized apps, and developers that have been looking to adopt other blockchains to save costs. But this is a band-aid and not a long-term solution. Also, holders won’t be happy.

Ripple’s XRP

The bears have also been playing with Ripple’s XRP. The “unthinkable” happened as it went below the 0.35 USD mark, which was considered to be basically impossible by many observers and analysts. Some days of last week, it lost 15% on a daily basis. 

A selling order of ten million tokens is suspected to have had a lot to do with that drop. But in a market that sees a hundred new tokens every month, and the way things are going for all tokens right now, blaming a ten million transaction for such a significant change in price seems a little silly.

XRP’s markets are expected to start moving again when the price drops to 0.325 USD, but if such response fails to materialize, then it’s anybody’s guess what comes next as the token moves into an uncharted area that allows for no predictions at all. Below this pivot point, anything could happen from a recovery to a continued downward spiral.

If, on the other hand, XRP goes up quickly (unlikely to happen anytime soon), it will probably hit the wall when it reaches $0.365. Under the current conditions, XRP can overcome the bearish trends if it finds a way to get back to $0.40.

To wrap things up: there’s no great news on the horizon for any of the three big boys Bitcoin, Ethereum, and XRP. Even after seeing little greens, they are all still feeling the bear’s hug, and it just won’t let go. The current bearish trend is sure to end, but while the current market developments point to the final stages of the bearish run, there is still no sign that it could be that imminent now. In the current climate there are only two possibilities: be patient or buy.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pixabay.com

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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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