Crypto Analysis - Litecoin Price Running Out of Gas After Rally

litecoin price cryptocurrency
The litecoin price has boomed in 2019. One crypto analyst says it can't keep this pace up much longer. | Source: Shutterstock

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By CCN: The litecoin price has been one of the cryptocurrency market’s top performers in 2019, climbing a ridiculous 162 percent since the new year.

Among large-cap cryptoassets, only binance coin has performed better, and litecoin’s year-to-date rally leaves the bitcoin price’s 40 percent advance in the dust. However, one team of crypto analysts says the sixth-largest cryptocurrency looks poised for a sell-off.

Litecoin Price Likely to Crash Through Support – And That’s OK!

litecoin price crypto analysis
The sixth-largest cryptocurrency has climbed more than 150 percent in 2019. It might be running out of gas. | Source: CoinMarketCap

Writing in a note to clients on Wednesday, crypto brokerage BitOoda said that a downward wedge has begun to form on the litecoin chart, suggesting that the cryptocurrency could be on the verge of a short-term breakdown. That sell-off would likely cause the litecoin price – which currently holds near...


Ripple Confirms Crypto-Powered xRapid ‘Global Expansion’ Plans

XRP, Ripple
San Francisco-based Fintech Ripple has big plans for crypto-token XRP as a remittance product. | Source: Shutterstock

By CCN.com: Asheesh Birla, the senior vice-president of product at San Francisco-based Ripple, recently revealed that the company has aggressive expansion plans for xRapid, its XRP-powered crypto remittance platform.

Ripple’s vision of changing the payments landscape

During an ask-me-anything session hosted by Ripple’s Ginger Baker, Birla said that the company is in the process of expanding its cross-border payments platform to more countries across the globe. He said:

On demand liquidity is available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries has (sic) been overwhelming. But we are working on the next set of destinations, which we will be announcing in hopefully short order here.

I know our product teams and marketing and engineering teams are working hard to light up those next set of destinations so that we can provide our customers with increased choice in terms of global expansion.

Ripple can partner with cryptocurrency exchanges across the globe that are capable of accepting fiat currency from banks. It then converts fiat money into XRP and transmits it to the destination, where it is instantly converted back into fiat.

Chris Larsen Ripple
Ripple co-founder...

Quick and Easy Way to Multiply Your Portfolio (and Protect it) with Crypto Lending

The moment the crypto community has been waiting for has finally arrived, (for now). Out of nowhere, Bitcoin has demolished resistance levels and the crypto market is showing bullish signals. In times like these, your portfolio will multiply by itself, but if you really want the most out of this bull run, let’s see how crypto lending can help. Alternatively, we’ll show you a few tips to hedge your portfolio in case this “pump” becomes a “dump.”

HOW TO BUY MORE CRYPTO FAST IN A BULL MARKET: YOUHODLER

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HOW TO MULTIPLY YOUR CRYPTO IN A BULL MARKET

Let’s use an example. You have 100 LTC and you want to use that as collateral for a cash loan. In exchange, you get around $5,000 without having to sell your LTC assets. If the market is bullish like it is now, you can use this loan to buy more LTC, effectively multiplying your holdings. If the market keeps growing, the gains...


Coinbase Confirms Extent of $255 Million Crypto Insurance Coverage

Coinbase has revealed the details of its insurance arrangements for cryptocurrency held on customers’ behalf, a rare move in an opaque market.

In a blog post published Tuesday, Philip Martin the exchange’s vice president of security, confirmed that it is covered for up to $255 million for coins held in so-called hot wallets – in other words, assets which are essentially online and open to potential hacks. CoinDesk first reported in November that Coinbase’s coverage was in this ballpark.

San Francisco-based Coinbase holds less than 2 percent of customers’ assets in hot wallets, with the remaining 98 percent at arm’s length from third-party attacks in cold storage, where the private keys are offline, the company told CoinDesk. (At its height during the crypto bull market, the company stored $25 billion worth of assets on customers’ behalf, but the company would not provide a recent figure.)

This policy was placed by Lloyd’s registered broker Aon and sourced from a global group of US and UK insurance companies, including certain Lloyd’s of London syndicates, Martin’s blog post said. He did not name the individual underwriters.

Lloyd’s, which gathers under one roof a range of specialist insurance markets dealing with everything from crime and cyber attacks to natural disasters, is viewed as a seal of approval when it comes to underwriting potential losses of crypto assets.

Previously secretive about publicizing anything about insurance of digital assets, Lloyd’s is steadily becoming more visible, for a certain class of crypto customer at least.

For instance, last month security specialists BitGo trumpeted $100 million of cover for crypto held in cold storage and went as far as naming the lead Lloyd’s underwriter of the policy.

In fact, much of Martin’s post could be read as a veiled dig at BitGo, since he talks about “recent news and announcements” around crypto insurance, suggesting a lot of “confusion” still exists. He then advises firms to focus on hot wallet cover as opposed to cold storage, where value is “at rest” and therefore not so much at risk.

Regarding Coinbase’s blog post, Clarissa Horowitz, VP marketing, BitGo, told CoinDesk via email:

“We’re glad to see that Coinbase is following our lead in bringing more transparency to the discussion of insurance for digital assets. Insurance is complex and transparency is essential for building...


A16z Placing Bigger Bets on High-Risk Assets – Including Digital Currencies

Andreessen Horowitz can now back crypto startups with potentially up to $1 billion, after reportedly making some recent internal changes.

The company’s founders – Marc Andreessen and Ben Horowitz – told Forbes that they had registered all of its 150 employees as financial advisors, so as to allow them to place larger bets and invest more heavily into high-risk asset classes, such as cryptocurrencies.

As such, A16z is shifting away from being a traditional venture capital firm, with its 150 employees each becoming a financial advisor.

According to Forbes, the company can now put as much as $1 billion in these riskier bets, such as cryptocurrency or other digital assets. The firm can also “buy unlimited shares in public companies or from...


Brian Kelly Reveals Just How High This Bitcoin Rally Will Go

brian kelly, bitcoin price
Hedge funder Brian Kelly says the bitcoin price could break as high as $6,500 during the present run. | Source: CNBC/YouTube

The crypto bulls are out in full force, and price predictions are back. Crypto trader Brian Kelly has consistently stuck up for bitcoin, even during the market downturn. Now BTC is returning the favor with today’s double-digit percentage rally. Kelly has taken his cue, telling CNBC that the $6,000 to $6,500 range is the new resistance and that’s exactly where the bitcoin price is headed:

“Probably a reasonable target is close to $6,000 for this move.”

Based on fundamentals, bitcoin could rise as high as the $6,500 to $6,800 range before there’s even a hint of it being overvalued in the current cycle. Kelly believes that at the very least, the market has begun to put in a bottom based on historical patterns. He points to a shift in sentiment, one that includes institutions and one that is being fueled by a trifecta across fundamentals, technical signals, and quantitative analysis that his firm BKCM performs.

Bitcoin is blossoming this spring! @BKBrianKelly weighs in on what’s behind today’s 15% move pic.twitter.com/t7sWLycc7r

— CNBC Futures Now (@CNBCFuturesNow) April 2, 2019

Bitcoin ETF Rumors Percolate

It’s important to note that much of the gains in the bitcoin price appear to be being fueled by the technical signals, both...


Bitcoin’s Rally Caused This Nasdaq Stock to Surge 20%

bitcoin, nasdaq, riot blockchain
Bitcoin's mammoth Tuesday rally was mirrored by a Nasdaq-listed blockchain stock. | Source: Shutterstock

As Bitcoin’s sudden rally higher captures the world’s attention, it is not only the cryptocurrency investment that is racing back into the light. Any company associated with BTC is experiencing a green day, and naturally, Riot Blockchain (RIOT) is no exception. Despite fading a lot of its daily gains, the crypto mining outfit is still up more than 20%, outperforming most cryptocurrencies.

Riot Blockchain Lives and Dies With the Bitcoin Price

riot blockchain, bitcoin price
Riot Blockchain popped more than 20% in response to the crypto market’s similar surge. | Source: Yahoo Finance

Most articles in the mainstream financial media are pushing the “no-one knows” line about the rally in the Bitcoin Price. Anyone who read this article on CCN yesterday knows that BTC/USD was on the verge of breaking a significant technical level. In an illiquid market where everyone is watching momentum and price action way more than they look at fundamentals, a mass of trend following orders would naturally spike the market aggressively.

Understanding what would cause appetite for Riot Blockchain to surge higher is even more straightforward. They...


The Cryptocurrency Volume Plague Could Actually Raise Odds of Bitcoin ETF Approval

bitcoin etf
Ironically, the fake crypto trading volume plague could increase the chances of the SEC approving a bitcoin ETF. | Source: Shutterstock

In March 2017, the U.S. Securities and Exchange Commission (SEC) denied the first ever bitcoin exchange-traded fund (ETF) proposal.

Since then, many bitcoin ETF applications have been filed by nearly ten companies, and many of them have been rejected by the SEC for similar reasons.

This week, in a presentation to the SEC, Bitwise revealed that the overwhelming majority of the trading volume in the bitcoin exchange market is fake and that a substantially large portion of the global bitcoin volume comes from the United States.

Ironically, the fake volume plague in the cryptocurrency exchange market may increase the probability of a bitcoin ETF approval.

The Fake Crypto Volume Paradox

bitcoin etf
Since most crypto volume is fake, regulated U.S. exchanges account for a much larger slice of the global bitcoin pie. | Source: Shutterstock

Two years ago, when the SEC rejected the first bitcoin ETF proposal filed in the U.S., the commission emphasized three factors:

  1. Vulnerability to manipulation
  2. Lack of regulations in overseas markets
  3. Lack of surveillance

“The Commission believes that, in order to meet this standard, an exchange that lists and trades shares of commodity-trust exchange-traded products (“ETPs”) must, in addition to other applicable requirements, satisfy two requirements that are dispositive in this matter. First, the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated,” the SEC said at the time.

In the past two years, major overseas cryptocurrency markets in the likes of...


Industry sees crypto bottom as Bitcoin nears $4,100 and tokens gain 20%

Bitcoin, bitcoin price
Bitcoin price remains trading above $4,000 and could be looking at a new normal. above the milestone.| Source: Shutterstock

The valuation of the crypto market rose by $1.5 billion overnight as the bitcoin price closed on $4,100 and a handful of tokens recorded gains in the range of 10 percent to 25 percent.

Based on the global average price of bitcoin as shown on Coinmarketcap.com, the bitcoin price has remained above the $4,000 resistance level for more than seven days.

7-Day Bitcoin Price Chart (Source: Coinmarketcap.com)

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Throughout the past several months, many traders expressed their concerns over the inability of bitcoin to break out of crucial resistance levels and if the dominant cryptocurrency can continue to move past $4,000, the sentiment around the market is expected to improve.

Is the Bitcoin Bottom In? Too Early to Tell But Industry Execs Believe So

Earlier this week, reports suggested that some analysts still foresee the bitcoin price testing its previous low in the $3,122 to $3,500 range before initiating a proper accumulation phase in the upcoming months.

The cautious optimism towards the price trend of bitcoin comes from its performance since September 2018. Since mid last year, bitcoin has shown a pattern of experiencing several months of stability and becoming vulnerable to a large drop thereafter.

Bitcoin could avoid a large retrace to the $3,500 region if it can continue to climb up in the $4,000 and $5,000 range and a growing number of traders have begun to forecast a gradual climb to key resistance levels.

— C3P0 [Wookiemood] (@__BTC3P0__) March 20, 2019

Anthony Pompliano, the co-founder and general partner...


Research: 75% of Bitcoin Exchanges Report ‘Suspicious’ Digital Currency Trading Volumes

bitcoin exchange volumes
New research adds even more evidence that Bitcoin exchanges are faking volumes on a massive scale. | Source: Shutterstock

A site called TheTie released a report today that estimates over 86% of all reported Bitcoin exchange volume is suspicious, while 75% of exchanges report extremely dubious volumes. The research uses a different formula than other reports have: it values each website’s visitors and compares that value to the reported figures.

Potential Fake Crypto Volumes High Across The Board

crypto exchange fake volume
Many Bitcoin exchanges – most notably Bithumb – report volumes well in excess of what should be expected given their web traffic. | Source: TheTie

For example, Bithumb, which has been the subject of previous investigations, was expected to have a monthly volume of roughly $1.2 billion based on an average visit value of $13,418. Instead, Bithumb reports over $28 billion. This means their reported volume is nearly 2,000% higher than what would be expected.

TheTie introduces the data saying:

“The weighted average trading volume per web visit for Binance, Coinbase Pro, Gemini, Poloniex, and Kraken was selected as a baseline volume per user to calculate expected volume. This amounted to $591 per web visit. BitMEX was not included because it is a futures exchange. This does not account for mobile app or API usage to trade – web traffic is an assumption for simplicity. Relative outlier detection is quite notable, so the outright number isn’t the main objective.”

TheTie hedges its statements by saying these are “potential” indications of fake volume.

Altcoin Exchange Bittrex Among the Most Reliable Reporters

bittrex
Bittrex resists the urge to inflate its crypto trading volumes to attract more customers....