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Moscow Blockchain Cluster Needs Intellectual Property Mechanism, Says Expert
February 15, 2019 9:05 PM

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The Moscow-based blockchain innovation cluster needs a mechanism for assessing intellectual property, says the founder of blockchain platform Universa.io, Aleksandr Borodich. Borodich’s statements were reported by Russian news agency TASS on Feb. 15.

The plans to launch a blockchain-based city innovation cluster by summer 2019 were initially announced by the Moscow municipal government earlier in February. The upcoming platform for the city’s IT innovation cluster will purportedly bring together various tech and business entities and enable participants to find potential partners, as well as learn about their products and equipment.

Per Borodich, the hypothetical mechanism for evaluating intellectual property will facilitate financing for potential inventions. Speaking at the Russian Investment Forum in Sochi, Borodich reportedly stated:

“If we manage to develop expertise — within the frameworks of the cluster — that would allow to better evaluate intellectual property, we [investors] would gladly provide some financing on inventions.”

Earlier this week, a subsidiary of Russian state-owned high-tech conglomerate Rostec, the National Center for Informatization (NCI), partnered with blockchain platform Vostok. The partners will develop “competencies in the implementation of blockchain technologies at the municipal, regional and federal levels.”

Also this week, Russian shipping logistics company Infotech Baltika announced it will develop a blockchain-based system dubbed Edge.Port for the ports in which it operates. The network will purportedly allow participants to store all necessary documentation on a blockchain. All services in port, including vessel parking and tug boat rentals, can reportedly be ordered and tracked online via the system, without time-consuming paperwork.

Starting this year, the Russian Federal Service for Supervision in the Sphere of Education and Science, (Rosobrnadzor) will also implement blockchain technology in the country’s main graduation examination.

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Chainalysis Secures $30M: Despite Bitcoin Crash, Crypto Venture Money Still Flowing
February 15, 2019 9:00 PM

The so-called “crypto winter” has undoubtedly been tough on a majority of this ecosystem’s upstarts, even those with supposedly colossal war chests and copious amounts of talent. Heck, earlier this week, Ripple cut Bloomberg alumni Cory Johnson, the fintech firm’s chief market strategist, due to shifts in the Bitcoin winds.

Bitmain, Huobi, and ShapeShift are also among industry powerhouses that have mandated staff cuts to bolster their bear market bottom lines. Other firms, such as Giga Watt and Liqui, have collapsed entirely.

But interestingly, it seems that the crash in the Bitcoin price hasn’t deterred opportunities. Even in trying times, money from ambitious venture capitalists and visionaries alike have continued to rush into this space, no holds barred.

Blockchain Analytics Group Finishes Series B

Ever since it secured $16 million in its Series A funding round during 2018, Chainalysis has become an integral but little-known mainstay in this space. For those who missed the memo, the company, which has headquarters in New York, is a blockchain research and software provider that has played a role in the back offices of the cryptosphere. While the company’s premise may seem boring for most, investors have become enamored with what the team has accomplished, and what it intends to do.

In fact, in a press release issued Tuesday, Chainalysis divulged that it had scored over $30 million in funding for its Series B round, led by Accel, a Palo Alto-based venture group that also has investments in Circle.

Excited to announce our latest funding round of $30m led by @Accel to support strategic product development of new cryptocurrency use cases and a new office in London! Read more: https://t.co/0Rn2li4wkO

— Chainalysis (@chainalysis) February 12, 2019

Accel’s deal with Chainalysis will also see the Bay Area investment group’s Philippe Botteri and Amit Kumar join the blockchain upstart’s board. Per Business Insider, the duo will aid Chainalysis in bolstering its presence, in the European region, along with its overall research efforts.

With this influx of funding, the analytics unit has decided to bolster its team. The company currently has 30 open roles, including stints ranging from the vice president of finance to the team lead for cybercrimes. Although the company has its primary offices in New York, many of the new positions are located in London and Copenhagen, the former of which is where Chainalysis is looking to double its headcount.

This $30 million dollar deal, which also saw participation from other unnamed financiers, isn’t just about acquiring talent though. Chainalysis divulged that it intends to double-down on its raison d’etre to make blockchain data easy to digest, useful, and accessible for governments, institutions, and native cryptocurrency firms. The company wrote:

“We are building a team that is focused on attributing more services associated with criminal activity, including darknet markets, scams, ransomware, terrorist financing, and sanctions evasion.”

The New York-based firm also explained that it intends to begin analyzing an array of other cryptocurrencies, not just assets like Bitcoin and Ethereum, while also bolstering its “compliance and investigation software” to create a fair environment for cryptocurrencies.

Exact specifics regarding Chainalysis’ plans were scant, but considering that the firm has garnered the support of Binance, Barclays, among a series of other fintech firms, its future remains bright, whether Bitcoin continues lower or otherwise.

Related Reading: Chainalysis: Up to 3.79 Million Bitcoins May Be Lost Forever

Crypto Venture Tap Still Has Water

While props to Chainalysis would be in order, this move only accentuates how the crypto venture capital tap still has water, even in spite of the harrowing market conditions. On Tuesday, Morgan Creek Digital, a crypto-centric venture group headed by fervent decentralist Anthony “Pomp” Pompliano, revealed that it had launched a $40 million fund.

The fund, launched weeks, if not months ago, saw investment from two public pension funds that pertain to Virginia, a private institution, a university endowment, and other investors. The fund purportedly already allocated capital towards Bakkt, Coinbase, Harbor, and Blockfi, just to name a few notable crypto upstarts.

Speaking of Bakkt, the Intercontinental Exchange-backed initiative secured over $182.5 million in one of the largest crypto-related deals to date. This round saw Boston Consulting Group, CMT Digital, Horizons Ventures, ICE itself, Microsoft’s venture wing, Pantera Capital, and Galaxy Digital make allocations.

All this and more only goes to show that although BTC has continued to trade in a tight range, with analysts claiming that lower lows are inbound, the smart money is under the impression that eventually, this market will undergo a resurgence.

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Chinese Crypto Miner Predicts That Bitcoin Could Reach $740K
February 15, 2019 8:46 PM

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Zhu Fa, co-founder of Poolin, a Chinese-based crypto mining pool, predicted that the Bitcoin (BTC) price could hit 5 million Chinese yuan ($738,000 (USD), crypto news outlet 8BTC reported on Feb.11.

While Zhu noted that “it now feels more like a bear market,” he reportedly predicted that in the next bull run, prices will be 10–20 times higher than previous ones. Zhu also noted that massive prices spikes like the one that resulted in the $20,000 per BTC high in 2017, will not always exist, adding that the next bull run could be the last.

Predictions from experts in various aspects of the crypto space have ranged from bullish to extremely bearish. During a blockchain event in April 2018, investment tycoon Tim Draper forecasted that by 2022 the price of Bitcoin could reach $250,000.

Earlier this week, Barry Silbert, CEO and founder of Digital Currency Group and Grayscale Investments, said that the value of most digital tokens “will go to zero." He added that, "Almost every [initial coin offering] ICO was just an attempt to raise money but there was no use for the underlying token."

Zhu’s mining pool, Poolin, has 10.45 percent of global network share, according to BTC.com. The current bear market has hit cryptocurrency miners hard. Some mining companies in China have started selling off hardware by the kilogram.

Earlier today, United Kingdom-based cryptocurrency miner Argo Blockchain announced it was refocusing its business in order to cut costs. Argo is terminating its Mining-as-a-Service (MaaS) operations by April, which purportedly could cut costs by as much as 35 percent.

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Report: Global Blockchain in Energy Utilities Market to Grow 60% by 2024
February 15, 2019 8:13 PM

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The global blockchain in energy utilities market is expected to grow by 60 percent by 2024, according to a new report from Infoholic Research LLP published on Feb. 15.

Per the report, the global blockchain in energy utilities market was assessed to be $210.4 million in 2018, and is expected to reach $3.4 billion by 2024. Infoholic Research thus predicts the growth at a compound annual growth rate of 59.4 percent during the period from 2018 to 2024.

The report also notes that the key driver of growth in the next five to six years will be sales of distributed energy and peer-to-peer (p2p) electricity. “Due to the increasing automation in energy utilities, organizations are making real-time changes to the infrastructure that will help them to convert into blockchain-powered software and reduce [total cost of operation] TCO,” the report further explains.

To prepare the report, Infoholic Research reportedly analyzed the deployment of blockchain in the energy utilities market on a global scale by components, services, application, and regions. The research firm tracked statistical figures of such regions as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa, while revenue was mainly generated in North America, Europe, and Asia Pacific.

Blockchain technology has found multiple applications in the energy sector. In January, Spain’s major energy company Iberdrola began using blockchain to track renewable energy. During a pilot program, Iberdrola monitored renewable energy delivered from two wind farms and one power station to bank offices in Basque Country and the city of Cordoba. The test was reportedly a success, and Iberdrola believes that blockchain tech will help issue a guarantee of origin.

That same month, Danish state-owned energy company Energinet announced it would use IOTA’s Tangle technology in the energy and Internet of Things (IoT) markets. Energinet reportedly looks to create new solutions based on IoT for emerging phenomena, such as green energy and electric vehicles.

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Crypto Markets Experience Mixed Trading Session, Analysts Expect Ethereum and Litecoin to Drop in Near-Future
February 15, 2019 8:00 PM

The crypto markets have continued to gradually drift lower following last Friday’s market surge. Most cryptocurrencies have dropped today, with Ethereum trading down marginally, and XRP dropping nearly 2% due to concerns regarding the newly announced JP Morgan crypto (JPM Coin) possibly being a competitor.

Many analysts now expect major cryptocurrencies, including Litecoin and Ethereum, to see increased selling pressure in the near-term as these cryptocurrencies fail to break above their respective resistance levels.

Ethereum and Litecoin May Soon See Further Losses

At the time of writing, Ethereum is trading down marginally at its current price of $122. Although ETH is apparently stable at this price level, analysts are quick to point out that the cryptocurrency is currently sitting at the bottom of its flag formation, which may signal that a drop is imminent.

Chonis Trading, a popular cryptocurrency analyst, pointed this out in a recent tweet, noting that ETH is currently on the “edge of breaking down.”

$ETH – flag on the edge of breaking down … pic.twitter.com/SUSw6GTkMb

— Chonis Trading (@BigChonis) February 15, 2019

Litecoin is also facing growing resistance that it is struggling to break through, but it has been able to climb slightly today to its current price of $42.40.

Chonis Trading also discussed LTC in a recent tweet, noting that its price is currently struggling to break above the top of a descending triangle pattern that it is currently trading in.

“$LTC – That feeling when you play the #litecoin resistance line breakout, and the line ends up holding on the 1hr chart…”

$LTC – That feeling when you play the #litecoin resistance line breakout, and the line ends up holding on the 1hr chart… pic.twitter.com/UDx3CFKbLN

— Chonis Trading (@BigChonis) February 15, 2019

Hsaka, another popular cryptocurrency analyst on Twitter, also shared his thoughts on Litecoin, and said that where its price heads in the near-term is likely dependent on how Bitcoin’s price ultimately responds to its extended period of sideways trading.

“$LTC Update: Covered… Tested resistance twice and finally broke past it… $BTC seems to have coiled up pretty tightly to make a move now, don’t want to get caught on the wrong side… Booking profits,” he explained.

$LTC Update

Covered.

Tested resistance twice and finally broke past it.$BTC seems to have coiled up pretty tightly to make a move now, don't want to get caught on the wrong side. Booking profits. pic.twitter.com/LQNdZULxay

— Hsaka (@HsakaTrades) February 15, 2019

Crypto Markets Experience Mixed Trading Session

The overall cryptocurrency markets are currently trading mixed, despite Bitcoin’s apparent stability at its current price levels of $3,620.

At the time of writing, XRP is trading down nearly 2% at its current price of $0.30. XRP dropped slightly after news broke yesterday that JP Morgan would be releasing a cryptocurrency – aptly dubbed JPM Coin – that would operate in a similar fashion to Ripple’s XRP.

After dropping yesterday, TRON has climbed nearly 3% to its current price of $0.024.

Binance Coin (BNB) is one of today’s best performing cryptocurrencies, as it is currently trading up over 5% at $9.20. Yesterday, BNB dropped to lows of $8.50, which proved to be a level of strong support that helped spark today’s price surge.

Featured image from Shutterstock.

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Indonesia: New Legislation Recognizes Crypto as Trading Commodity
February 15, 2019 7:13 PM

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Indonesia has introduced new legislation that recognizes Bitcoin (BTC) as a trading commodity, Asia-oriented news outlet KrASIA reported on Feb. 15.

Indonesia’s Commodity Futures Trading Regulatory Agency, also known as Bappebti, initially signed a decree to make cryptocurrency a commodity future legally tradable on stock exchanges last June. The agency then stated that the Indonesian government would soon release corresponding legislation regulating currency exchange companies, taxation, and other related issues.

Today, Bappebti reportedly approved regulation No. 5/2019 that recognizes Bitcoin and other digital currencies as a trading commodity. The legislation thus gives legal certainty to cryptocurrency exchanges that have been already operating in the country.

The new policy reportedly outlines a set of requirements in regard to any cryptocurrency circulating in Indonesia. Specifically, cryptocurrencies have to comply with risk assessment, anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements. The policy also stipulates that cryptocurrency traders must keep transaction histories for at least five years and have a server located inside the country.

Head of Bappepti Indrasari Wisnu Wardhana reportedly said that with the introduction of the new legislation, the agency wants to “give protection to people who want to invest in crypto assets so that they aren’t cheated by fraudulent sellers.”

At the same time, Head of Bank of Indonesia (BI) Payment System Policy Department Onny Widjanarko stressed that "BI still prohibits Bitcoin or crypto as a means of payment.[…] Commodity is not an area of ​​BI, but we are concerned about the above."

Bitcoin brokers in Indonesia have become displeased with regulators following new capital requirements that were introduced last October. The new rules oblige brokers to have at least $70 million to launch futures trading.

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XRP Holds Strong After JP Morgan ‘Slaps’ Ripple With Bank-Centric Crypto
February 15, 2019 7:00 PM

Ripple and its go-to crypto asset, XRP, have long been a nuanced topic of discussion in the cryptosphere. Many have argued that the San Francisco-based fintech startup, deemed a company to watch by Forbes, is sleeping in bed with banks, along with other incumbents of the legacy world.

But, this might not exactly be the case, as a Wall Street giant recently revealed plans to issue a digital asset that poses somewhat of a threat to Ripple’s operations but not to Bitcoin’s value.

Ripple Under Threat Due To JPM Coin?

In a move that was straight out of left field, JP Morgan Chase, the world’s sixth largest bank, took to CNBC divulging that it would be launching an in-house crypto asset, fittingly named “JPM Coin.” According to a comment from Umar Farooq, the Wall Street institution’s blockchain division lead, the asset will be backed by physical U.S. dollars and will first be based on Quorum, JP Morgan’s private Ethereum-based chain. Eventually, the asset will go multi-chain, with interoperability solutions allowing for JPM Coin to be transacted in different ecosystems.

Related Reading: JP Morgan: Crypto Value Unproven, Bitcoin (BTC) Could Fall as Low as $1,260 in Near Future

Farooq remarked that his team intends the venture to eventually be a multi-purpose asset for the bank’s operations, whereas “anything, where you have a distributed ledger, [that] involves corporations and institutions” will use the stablecoin.

For now, however, the JP Morgan executive made it clear that the newfangled offering is intended to bolster the company’s internal, yet international corporate transactions. While this project may have an innocuous premise, many crypto commentators quickly took to Twitter to remark that Ripple’s services and the XRP Ledger’s function could come under fire.

“This is a huge slap in the face for Ripple,’’ said @Shaughnessy119. “Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat.’’https://t.co/vAb67rg2kq pic.twitter.com/80qDJ8U061

— Frank Chaparro (@fintechfrank) February 15, 2019

Tom Shaughnessy, the principal analyst at Delphi Digital (recently merged with 51Cryptos), told Bloomberg that JPM Coin is a “huge slap in the face for Ripple,” explaining that the fintech group’s cross-border payments and remittance efforts may go kaput. Travis Kling, the chief investment officer at Ikigai, echoed this sentiment to a tee. He told Bloomberg that while Quorum is much like Google Sheets, rather than Bitcoin, JPM Coin is “clearly competing directly” with Ripple Labs.

Both Kling and Shaughnessy then drew attention to what they see as flaws in the nature of XRP. Kling quipped that it’s a “centralized cryptocurrency,” rebutting comments from Ripple’s CEO, as the Delphi Digital researcher remarked that XRP’s volatile nature will be “contentious” for institutions that are looking for cross-border payments.

And interestingly, much of the crypto community was in agreement. Esteemed Bitcoin trader Moon Overlord joked that he’s shocked that JP Morgan created their own coin instead of XRP. Others remarked that JP Morgan “killed the XRP dream,” alongside other quips of similar nature.

Tushar Jain, a managing partner at Multicoin Capital, remarked that banks were never planning to use XRP for settlements, thus concluding that JP Morgan will “wipe the floor with Ripple.”

But, in spite of all these comments, the value of the popular cryptocurrency has held relatively strong.

XRP Stands Its Ground

According to data from Live Coin Watch, the asset has posted a mere 1.1% loss over the past 24 hours, while BTC is up 0.07%. While XRP’s slight underperformance may be a cause for concern for some of its holders, some have effectively concluded that the JP Morgan news had no notable material impact on the value of the asset.

Interestingly, analysts have had mixed reactions about the fact that XRP barely budged when JPM Coin began to trend on Crypto Twitter. Lucid TA, a technical analyst/fund manager, remarked that XRP’s lack of volatility only accentuates that 95%+ of crypto price action is “determined by capital flows and speculation,” rather than fundamentals. He added that from his point of view, the Wall Street bank’s own crypto asset is “extremely bearish” for Ripple.

Here we have yet more evidence that crypto prices are 95%+ determined by capital flows and speculation (and not fundamentals!).

JPM releasing its own crypto is *extremely* bearish for $XRP, yet the chart hasn't moved a cent.

— Lucid TA (@Lucid_TA) February 15, 2019

Crypto Quantamental, another Bitcoin-friendly fund/investment manager, begged to differ, explaining that XRP’s non-action is a “proof of concept” that the asset adds value to the finance ecosystem. While the trader did admit that Ripple isn’t going to challenge SWIFT head-on, it should be able to garner some traction in the business-to-business and small financial institutions space.

I view it opposite. It’s bullish. It’s proof of concept of their value add. Very few other coins even have that!

Ripple is NOT going to get the intranet of huge banks. That should have been known. B2B and intra much small fin institutions is their market

— Crypto Quantamental (@CryptoQF) February 15, 2019

Yet, while XRP has held relatively strong over the past 24 hours, the asset is currently trending lower. And with more news regarding the traction that JPM Coin garners, XRP could lose some of its potency over the long haul.

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Apple Notes Blockchain Guidelines in Recent SEC Filing
February 15, 2019 6:16 PM

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Tech giant Apple has mentioned its work in forming the Blockchain Guidelines of the Responsible Minerals Initiative (RMI) in a filing with the United States Security Exchange Commission (SEC). The document, entitled “Conflict Minerals Report” was published on Feb. 15.

In general, the document pertains to Apple’s business practices and ethics in sourcing minerals for its various consumer electronic devices. Apple states that it is “committed to going beyond the minimum requirements in order to meet and exceed internationally accepted due diligence standards and protect people in its supply chain…”

Last year, Apple came under scrutiny for its plans to source cobalt — a necessary mineral for smartphones — directly from mines in Congo. While Apple is ranked highly among tech companies in terms of human rights abuses in its supply chains, “the bar is low,” according to human rights watchdog Amnesty International.

Per the recent filing, Apple participates in the development of blockchain guidelines for the RMI, which are designed to determine a set of principles, concepts and terms for the deployment of blockchain in mineral supply chain due diligence. The drafting process for the guidelines was initially launched in March 2018.

In addition, the RMI intends to help businesses understand the nature of blockchain technology, its application in the industry, and its potential impact on supply chain actors and local communities.

Established in 2008, Responsible Business Alliance’s Responsible Minerals Initiative is a multi-industry initiative that comprises over 360 companies including Apple, computer hardware manufacturer Acer and American electronics store Best Buy. Members purportedly contribute to the development and improvement of due diligence mechanisms and resources in mineral supply chains.

Companies and public entities around the world have been exploring the use of blockchain technology in their supply chains. Earlier this month, the Food and Drug Administration of the Chinese Chongqing Yuzhong District announced plans to deploy blockchain for strengthening the supervision of food and drug quality assurance.

Last month, IBM partnered with MineHub Technologies to develop blockchain solution to improve supply chain management in the mining and metals industry. The solution targets the inefficiencies of the global market, including excessive paperwork, manual data processing and lack of transparency between supply chain parties.

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Bitcoin (BTC) Stable Above $3,600, But Analysts Warn That Further Losses are Likely
February 15, 2019 6:00 PM

Bitcoin has continued to express stability around its current price levels in the low-$3,600 region. Despite being stable currently, BTC has not been able to garner any buying pressure at its current prices, which may signal technical weakness.

Now, analysts are claiming that Bitcoin may see further losses in the near-term, as its price has not yet seen any surge that would signal that it was previously oversold.

Bitcoin Fails to Find Buying Pressure at Current Price Levels

At the time of writing, Bitcoin is trading down nominally at its current price of $3,625. BTC has been stuck around this price for several days now and has failed on multiple occasions to move any higher.

Although last Friday’s price surge led many traders and analysts to believe that BTC was oversold in the low-$3,000 region, one analyst is now claiming that its inability to continue climbing signals that it was not, in fact, oversold at $3,400, and may continue to drop in the near future.

“Bitcoin continues bouncing around in the upper $3K range. But we saw this same behavior at $9K support, $8K support, $7K, $6K, $5K and $4K. By now the pattern is pretty obvious. Investments that are oversold bounce quickly and sharply from those grossly unjustified levels. The lack of a decisive bounce tells us that bitcoin is not grossly oversold yet. That means lower prices are still ahead of us,” explained Jani Ziedins of the Cracked Market blog while speaking to MarketWatch.

Bitcoin Support Getting Increasingly Weak as it Continues Ranging

Over the past few days, Bitcoin has been caught in a narrowing trading range between $3,550 and $3,630, which has led to a bout of choppy trading within this small trading range.

Analysts seem to concur that Bitcoin will see further losses before finding a region of strong support.

In a recent tweet from Hsaka, a popular cryptocurrency trader on Twitter, he noted that as of now he is cautiously bearish on Bitcoin despite its current involatility.

“$BTC…Haven’t the slightest as to which way this expands… A right proper stalemate as of now, wicks on both sides without any follow through of either… If I was hard-pressed, I’d say I’m leaning towards more downside,” he explained.

$BTC

Haven't the slightest as to which way this expands.

A right proper stalemate as of now, wicks on both sides without any follow through of either.

If I was hard-pressed, I'd say I'm leaning towards more downside.

Currently short LTC. pic.twitter.com/3BKbK30ljl

— Hsaka (@HsakaTrades) February 15, 2019

Hsaka isn’t the only popular cryptocurrency analyst on Twitter who is currently bearish on Bitcoin. TraderArjun recently told his followers that he also expects Bitcoin to break downwards in the near-future, with a downside target currently set in the low-$2,000 region.

“$BTC Watching the price action since we got into this range, this is the probable continuation scenario going forward imo. Would love to hear a technical counter argument for an opposing view to challenge this bias…”

$BTC Watching the price action since we got into this range, this is the probable continuation scenario going forward imo. Would love to hear a technical counter argument for an opposing view to challenge this bias. Emotional responses will be met with a straight block. pic.twitter.com/Gv2CxeW91w

— TraderArjun (@arjunkkohli) February 15, 2019

As the cryptocurrency markets enter the weekend, it is unclear as to whether or not they will see increased volatility resulting from lower-than-average trading volume, or if they will continue to trade sideways.

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Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, TRON, Stellar, Binance Coin, Bitcoin SV: Price Analysis, February 15
February 15, 2019 5:34 PM

Price Analysis

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

United States banking giant JPMorgan Chase, whose CEO has been one of the most vocal critics of cryptocurrencies, has announced the launch of its own cryptocurrency, named “JPM Coin.” This clearly shows that many criticize the technology as they do not understand it, but once they realize its potential, they readily become a part of the space.

As the market matures, it will differentiate between cryptocurrencies. Token that do not have anything concrete to offer will fall by the wayside as others with a strong use case will reward their investors. Barry Silbert, CEO and founder of Digital Currency Group and Grayscale Investments, believes that most digital tokens “will go to zero.”

Niall Ferguson, British economic and financial historian and author of 14 books, said that Bitcoin is likely to be viewed as digital gold because its performance is not correlated to any other asset class. However, he does not see cryptocurrencies replacing fiat currencies completely.

With most news turning positive, is it a good time to buy a few of the major cryptocurrencies? Let’s find out.

BTC/USD

Over the past week, Bitcoin (BTC) has been giving up ground. Though the fall is not sharp, it shows a lack of demand at current levels. Both the moving averages have turned flat and the RSI is in the neutral zone, which points to a likely consolidation.

BTC/USD

Our view of a range bound trading action will be invalidated if the BTC/USD pair breaks out of the downtrend line. Above the downtrend line, a rally to $4,255 is likely. We expect a strong resistance at this level. A breakout of $4,255 will complete a double bottom pattern that has a target of $5,273.91.

If the bears sink the digital currency below the 20-day EMA, a drop to $3,355 and below it to $3,236.09 is possible. A break of the yearly low will resume the downtrend and can result in a decline to $3,000 and below it to $2,600.

We shall wait for the price to sustain above both the moving averages and the downtrend line before proposing a trade in it.

ETH/USD

Ethereum (ETH) continues to face resistance at the 50-day SMA. It has become a major roadblock for the bulls that needs to be crossed quickly, else we anticipate a fall to $116.30 and if that gets broken, a retest of $103.20.

ETH/USD

Both the moving averages are flat and the RSI is just above the midpoint, which points to a consolidation. The ETH/USD pair will pick up momentum on a breakout and close (UTC time frame) above $134.50.

The next target on breaking out of $134.50 is $167.32. Considering the large target potential, we suggest traders maintain their stops at $100. We might recommend closing the position if the pair turns down and sustains below $116.30.

XRP/USD

Ripple (XRP) has been finding support close to $0.295 for the past three days, but the bulls are struggling to break out of the downtrend line.

XRP/USD

A strong breakout of the downtrend line will carry the XRP/USD pair to the next overhead resistance of $0.33108. The 50-day SMA is also located just below this level. Hence, we expect this to act as a major roadblock. However, if the bulls scale this level, the probability of a rally to $0.40 increases. Therefore, we might propose long positions on a close (UTC time frame) above $0.33108.

Conversely, if the price turns down from the current levels or from one of the overhead resistances, a retest of $0.27795 is possible. A break of this level will result in a fall to the yearly low of $0.24508.

EOS/USD

EOS is trying to bounce from just above $2.70. The bulls will again attempt to break out of the overhead resistance zone of $3.05 to $3.2081. If successful, a rally to $3.8723 is probable. The 20-day EMA is turning up and the RSI is also in positive territory, which shows that the path of least resistance is to the upside. Hence, traders can keep the stop loss on long positions at $2.30.

EOS/USD

If the price struggles to break out of the overhead resistance zone, partial profits can be booked closer to $3.20 and the remaining can be held with the stop at breakeven.

On the contrary, if the EOS/USD pair turns down from current levels, it can take support at the moving averages, failing which the drop can extend to the critical support at $2.1733. A break of this support can result in a plunge to the yearly low of $1.55.

LTC/USD

Litecoin (LTC) found support close to $40. The bulls are currently trying to resume the uptrend and break out of the overhead resistance of $47.2460. If successful, the next target to watch on the upside is $56.910.

LTC/USD

Contrary to our assumption, if the LTC/USD pair fails to breakout of $47.2460, it might turn down and retest the support at 20-day EMA. Therefore, traders can book partial profits closer to $47 if they find the pair struggling to move up.

A break below the 20-day EMA will weaken the momentum and plunge the digital currency to the 50-day SMA. The trend will turn negative if the bears break below $27.701. Traders who are long can trail their stops higher to $36. The stops can be moved up again as the price inches towards $47.2460.

BCH/USD

The range in Bitcoin Cash (BCH) has shrunk as it waits for a decisive move by either the bulls or the bears. Volatility is likely to expand soon, but it is difficult to predict the direction of the move.

BCH/USD

If the tight range resolves to the upside, the bulls will face resistance at the 50-day SMA and above it at $141. If the price sustains above $141, it will be a bullish sign, hence, we recommend long positions on a close (UTC time frame) above $141. The target levels to watch on the upside are $175 and above it $220.

On the contrary, if the BCH/USD pair breaks down, the next support is $105. Below this level, the decline can accelerate and retest the low at $73.50.

TRX/USD

TRON (TRX) has broken below the 50-day SMA and has moved lower in the past two days. The moving averages are on the verge of a bearish crossover, which indicates weakness in the short-term. Therefore, traders can keep a stop loss of $0.023 to protect their long positions.

A breakdown of $0.023 can result in a decline to the next support at $0.02113440 and if this level also cracks, the final support is $0.0183. Below this level, a drop to the yearly low is probable.

TRX/USD

Conversely, if the TRX/USD pair finds support at the current levels and rises above both the moving averages, it will again attempt to break out of the critical resistance at $0.02815521. If successful, the pair is likely to start a new uptrend that can carry it to $0.038 and $0.04.

XLM/USD

First signs of buying in Stellar (XLM) near the lows. The bulls are attempting to scale the 20-day EMA. If successful, a move up to the downtrend line and above it to the 50-day SMA is possible. We like that the RSI is showing strength and is pointing towards a pullback. However, as the price is still near the lows, we will avoid suggesting a trade in it.

XLM/USD

If the XLM/USD pair turns down from one of the overhead resistances, the bears will again try to break down of the low at $0.07256747. If the low is broken, the next support is at $0.05795397. We shall wait for a new buy setup to form before recommending a trade.

BNB/USD

Binance Coin (BNB) corrected for three days and found buyers close to the 20-day EMA. It is currently attempting to resume the up move and break out of the overhead resistance at $10. If successful, a rally to $12 is probable. The range between $10–$12 is a major hurdle, hence, the cryptocurrency might remain in this range for some time. On clearing this hurdle, a rally to $15 and above it to $18 is possible.

BNB/USD

Contrary to our expectation, if the bears defend the overhead resistance and force the BNB/USD pair to turn down, the 20-day EMA will again act as a support. Below this, the next support is at the 50-day SMA and if that breaks, the final support is the uptrend line. If these supports fail to curb the fall, the trend will change from bullish to range bound.

BSV/USD

After failing to break out of the 20-day EMA, Bitcoin SV has turned down and has broken below $65.031. Its next support is in the $58.072–$57 zone. If this support also fails to hold, a drop to the yearly low of $38.528 is probable.

BSV/USD

On the other hand, if the BSV/USD pair turns around from one of the above-mentioned support levels, it will again try to break out of 20-day EMA. The bulls have not scaled the 20-day EMA for the past month and a half. Hence, a break out of it will be a sign that the downtrend is coming to an end.

We shall wait for the price to break out of $71.412 and the 50-day SMA before turning positive. Until then, we suggest traders remain on the sidelines.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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