Bitcoin/bitcoinnewsboards

Bitcoin Recovers as market hits $7 billion!

The Bitcoin price spiked from $3830 to $4030 by around 5 percent the sudden increase in the price of BTC led to the other major crypto assets to spike in value. Ripple, Bitcoin Cash, Litecoin, EOS and Stellar recorded gains in the range of 3 to 12 percent on the day, demonstrating solid momentum over the last 24 hours. 

With a $7 billion increase in the combined value of cryptocurrencies, the market has initiated a decent short term price movement. But, as the ccryptocurrency trader with an online alias said, the valuation of cryptocurrencies would have to break out of the major resistance levels in the range of $160 billion to $180 billion to call for a convincing short term rally.

For three months, the market has hovered between $100 and $140 billion. As seen in the yearly chart below, short term volatility in a low range doesn’t present a proper accumulation period. Many traders anticipate an increase in market capitalization to $180 billion as a potential catalyst for a mid-term rally. Even a recovery to $200 to $250 billion range could still leave the market vulnerable to a future additional drop in value. There exists several catalysts in the likes of the schedules launch of Bakkt, the US SEC’s decision on the VanEck BTC exchange traded fund (ETF) filing, and the development of Nasdaq’s BTC futures market that may contribute to a potential rally of cryptocurrencies in the 1st quarter of 2019.

However, the probability of the three events materializing within the next two months is slim. Bakkt is already delayed the launch of its futures market. Hester, a pro-crypto commissioner, said the investors should not wait on the approval of the ETF as it could be days or years.

The Estonia based exchange is making headlines as it gears up for its imminent launch on January 7th. Also on day one, the platform plans to offer tokenized stocks backed by real shares of 10 of the biggest companies on the Nasdaq: Apple, Amazon, Facebook, Tesla etc. The digital stocks will be based on the actual shares held by MPS MarketPlace Securities and holders will be entitled to the same cash dividends. Traders will be able to buy and sell the digital stocks 24 hours a day, 7 days a week, sidestepping the traditional open and closed nature of the stock market. The platform will give foreign investors a new way to enter the US market. The exchange will launch will zero trading fees and says 500,000 people have pre-registered to start trading when it goes live.

Summary: Challenges Ahead for crypto!

The market need more than a short-term rebound. While positive it doesn’t have to alter the ongoing trend. Cryptocurrency needs to reach its November levels. That’s $230 billion in valuation and around $6000 for Bitcoin. Until then, it’s a unique challenge to declare a trend reversal or an end to the bear market.

For further information:                                                                                    

  • https://dailyhodl.com/2019/01/06/revealed-bitcoin-ethereum-xrp-litecoin-and-cardano-coming-crypto-and-wall-street-game-changer-dx-exchange/
  • https://www.ccn.com/crypto-market-adds-unconvincingly-adds-7-billion-bitcoin-recovers/

Tom Lee: Bitcoin Trade Stress Could Dry Up After Tax Day

Tom Lee: Bitcoin Trade Stress Could Dry Up After Tax Day

Lee deliberates that that much of the constant trade pressure in the cryptocurrency markets is being initiated by traders and depositors who must access funds to pay their impending tax bills. The time limit is April 15 for filling income-taxes. According to Bloomberg, Lee specified in a message previous on Thursday that crypto traders and investors presently be indebted around $25 billion in capital-gains taxes.

Lee’s evaluation of $25 billion is established on the figure he trusts US households made in chargeable advances on crypto in 2017. His message states that the amount is around $92 billion. If 20% of these capital advances are paid in taxes, this would put his evaluation in the right sort of ballpark. His message drives on to state that 2017 will be a record-breaking year for investment increases in general, striking around $168 billion.

According to Lee, subsequent the Tax Day, trade pressure should dry up and optimistic sentiment will return preferably. In his note, he mentioned on both the most leading cryptocurrencies.

In spite of the confidence Lee has articulated in his latest message, he does admit that in a market with as little positivity adjacent it as there is in the short term for cryptocurrency, the impending Tax Day might not completely converse the trend:

“Controlling headline risk is still large… And sentiment remains terrible, as measured by our bitcoin misery index, which is still analysis misery.”

Regardless of this, the Fundstrat cofounder has not corrected either his mid-year or end of year targets for Bitcoin. Even with its sudden crash so far in 2018, the Wall Street veteran sees a price of $20,000 per BTC as truthful for the summer and by the end of the year it to influence $25,000. These calculations were made back in January of this year.

cryptex20/bitcoinnewsboards

New cryptocurrency index CRYPTEX20 has been launch

A team of investment managers from Russia, Yekaterinburg, led by Vasiliy B., Dmitry K and Nikita Kutsenko have launched the website www.cryptex20.com that indexes cryptocurrency market. The main goal of the building this kind of  index is to create indicator, by which private investors, cryptocurrency funds and traders could to describe the general direction and speed of digital tokens rocess. CRYPTEX20 could become a benchmark for funds, which accumulate investors’ money to buy the most liquid tokens. It also would enable passive investors to put their money in funds that follow the index, and get financial results corresponding to the dynamics.

Due to this work format, investors will be able to get a diversified portfolio and to avoid all risks by incompetent managers , that are always have, in case of active management funds. Investors will be able to compare the profitability of their investment with average dynamics of the cryptocurrency market for the evaluation of efficiency and expediency of the choice of one or another cryptocurrency fund.

“CRYPTEX20 uses the world practice of building S&P500 index based on the greatest assets capitalization that help provide usability, objectivity and transparency for all stakeholders: investors, funds, managers, media, etc.”, – say index creators.

The index is built on the basis of TOP 20 cryptocurrencies by market capitalization, using the website coinmarketcap.com. And it contains a binding accounting rule of trading volume, which provides to include in the currency index trading volume that must be exceed trading volume of 30th currency on capitalization for the last 7 days.
The base value of the index has been selected number 100, it is easy to be read, if the growth of the cryptocurrency market over $ 1 trillion.

“The index is a living organism, so it will be updated and improved constantly. Soon we are going to switch the index on update data mode every second, and integrate the widget that allows any outside website easily connect charts and the value index at its online resource”.