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Crypto Markets Lose $8 Billion in a Day, Bitcoin Slides to $6,100 Levels

The cryptocurrency markets are once again treading on shaky volumes as the total market capitalization has dropped to $245.9 Billion at the moment of writing this. The current value is approximately $8 Billion shy of the market capitalization levels 24 hours ago. This drop in value has also seen the King of Crypto, Bitcoin (BTC), trading at the current levels of $6,115 and down 1.42% in the last 24 hours.

June 26th Total market cap levels of $253.7 Billion. Source, coinmarketcap.com

Bitcoin (BTC) had been enjoying comfortable levels above $6,200 only yesterday, June 26th. The chart below illustrates the tumultuous market activity of BTC in the last 7 Days with yesterday’s levels being highlighted.

7 Day market performance of BTC. Source, coinmarketcap.com

Many crypto-traders and enthusiasts had expected the news of Facebook easing down on its earlier total ban of crypto related ads on the platform, to increase investor confidence and further upward movement in the values of all digital assets. Facebook has reinstated particular ads on its social media platform. The platform has introduced an application process for any firm wishing to run crypto ads. This way, crypto projects and companies can prove their legitimacy including any licenses they have obtained, trading information and other relevant information that might be required.

However, ads promoting binary options and ICOs are still banned on the platform.

The Facebook online application clearly states that:

Please note, we reserve the right to deny any application or withdraw eligibility at any time without notice. Eligibility may be subject to such conditions and restrictions as Facebook may decide. Advertising must comply fully with all applicable terms and policies, including the Facebook Advertising Policies. Facebook may review and reject ads in its sole discretion.

Another reason for the decline in the crypto-markets could be that we are yet to reach a bottom with BTC. Analysis by veteran digital asset analyst, Willy Woo, had indicated that the price of Bitcoin (BTC) would test levels below $6,000 before any signs of recovery can be seen in the markets. In particular, Mr. Woo had highlighted the levels between $5,500 and $5,700. BTC recently reached levels of $5,800 on Sunday the 24th of June.

This then implies that we could be headed towards a few more days or even weeks of crypto market uncertainty with bouts of sporadic decline. But one thing is common with all the analysis being put forth in the crypto-verse: that a market recovery is eminent this year.

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Tron (TRX) and Ontology (ONT) Leading The Pack In an Uncertain Market Recovery

A majority of our favorite coins and tokens are in the green in the crypto-markets. Bitcoin (BTC) being the King of Crypto, is all in the green with a 4.62% gain in the last 24 hours. BTC is currently valued at $6,778. Ethereum (ETH) is also enjoying a 7.58% increment in the last 24 hours and currently trading at $535. Ripple (XRP) is up by 6.27% and trading at $0.54. Bitcoin Cash (BCH) seems to have got out of the slump in the $800 levels and is currently trading at $905.

The total market capitalization has jumped from yesterday’s levels of $276 Billion to current levels of $291 Billion. This is a 5.4% increment in less than 24 hours. The exact figure is $15 Billion gained in the same time frame. This is some good and a steady increment of volume.

One is tempted to claim that the current increment is due to the ongoing stock market crash. Yes, the stock markets are currently going through a major correction as outlined by Billionaire investor Jim Mellon who was quoted as saying the following during a CNBC interview:

There has been far too much complacency, far too many buybacks by corporations of their stock which have supported the market, far too much concentration of ownership, particularly in tech stocks in the U.S. And it’s time for a very major correction, which is I think what we’re embarking on.

It is still too early to tell if the money is being diverted to the cryptocurrency markets. Therefore we are not out of the woods yet, but two cryptocurrencies are currently leading the pack in an unsure market. These are the cryptocurrencies of Tron (TRX) and Ontology (ONT).

Tron (TRX) is currently trading at $0.04938 and up 17.90% in the last 24 hours. The token has very exciting events lined up for the next few days that are the probably the cause of the current rally. The TRX token swap begins on the 21st to the 24th of this month with the full blockchain migration being complete by the 25th during the Tron Independence Day. There is also the Super Representative elections on the 26th. Therefore, this might be the beginning for TRX in the markets for more is yet to come.

Ontology (ONT) is also up by 10.34% and trading at $6.75 at the moment of writing this. Further investigating why the digital asset keeps rising indicate that the project recently sealed a partnership with CarBlock on the 12th of June. The latter is one of the first blockchain based transportation solutions in the market.

There was also news of Ontology partnering with Points (PTS), a blockchain-based credit service network. PTS plans on being the next generation of credit scoring and distributed crediting services on the blockchain.

It is therefore no surprise that the crypto-traders are excited about both Tron (TRX) and Ontology (ONT) in the current uneasy crypto markets. The $15 Billion increment in total market capitalization is some welcome relief with many traders and Crypto HODLers rejoicing from the good news and hoping it will continue as is.

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Cryptocurrencies Price on a Bullish Trend – Recovery for Bitcoin, Ethereum, Litecoin and Ripple Sep 18

A volatile and fluctuating market followed after the price recovery from the price crash on Sep 15 with the regulation news that spread fear and market uncertainty with many speculations.

On Sep 15 the global trading volume in 24-hours did pass its August 19 Record surpassing $11 billion for the first time amid the regulatory in China.

After that aggressive bulls did buy in on dip opportunity returning the crypto-price to resistance that previously acted like supports (example : Bitcoin closing in to $3,800) but as expected on the first run to make a great rally is almost impossible so a pullback to retest the monthly low supports was need.

As for the moment, for the top-ten cryptocurrency prices – they are clearing one by one the above mentioned resistances that would barrier for further gain on major importance.

cryptocurency price

Source: Coinmarketcap

A very similar gaining pattern is extending out on all the leading digital currencies as we are getting near important psychological marks.

Ethereum after clearing out the $255 on a secondary session has moved finally above the $280 mark with hopes there is a successful close for further surge. As long as it trades above the 100 SMA on the hourly chart and the $260 acting supportive line there are doors open for further gain and aiming the $300 mark.

On a similar development, it took in a wider perspective Bitcoin two attempts to clear the $3,600-$3,800 mark and trader above the previously acting support that now is a struggling resistance. Sep 18 morning is looking very good while the price is staying above the $3,800 mark with 9.73 percentage gain on the last 24-hours. Now the $4,000 will be a hurdle to clear but with the right momentum it looks promising.

Bitcoin prediction

Source: Coinmarketcap

Litecoin price – despite its weekly weak run compared to the top-ten other cryptocurrency losses as it stands approx in the negative 20 percentage points, now it is returning slowly but confident towards its previous main trading ground between $60-$70. It did hurdle but pass the $50 mark and it is now trading at $52.02 with 12.16 percentage gain in the last 24-hours. Just final note – the previous support that broke always acts as a struggling resistance so as Litecoin is aiming $60 it needs buyers to help on that target.

litecoin prediction

When it comes to the news surrounding the cryptocurrency scene in the near term it might very well look not so promising, however even with the many negative reviews and comments, very well known figures like Litecoin creator Charlie Lee or Tim Draper added their part which is being considered very optimistic on the longer term.

Lee did comment on a factor that many are trying to express – Chinese Gov will not able to manipulate and play with the market on the way it did since 2013:

“This is a good thing. China can no longer play with the markets by banning Bitcoin. Cryptocurrency cannot be killed by any country. One solution to centralized exchanges is decentralized ones. I hear the Decred Project team has something cooking that helps with that.”

Traders are moving towards Japan and South Korea, which have obviously more efficient regulation benefiting both parties as exchanges and users in many more ways.


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