The bitcoin price on Friday jumped 7.48 percent to establish a fresh five-month high towards $5,864. The uptrend further pulled altcoins out of their bias conflict scenarios.

Ethereum, for instance, printed 4.5 percent gains against the dollar in the last 24 hours. Similarly, XRP, EOS, Bitcoin Cash, Litecoin, and others also trended in positive territory after a week of sideways action.



Nevertheless, the top altcoins underperformed against bitcoin. The last 24 hours saw Ethereum dropping 1.85 percent of its value against the king cryptocurrency. Similarly, Ripple’s XRP plunged 3.76 percent, Stellar dived a whopping 5.23 percent, and Cardano and Tron fell close to 3.5 percent each against bitcoin. Only Dash and Binance Coin managed to hold their gains.

The move helped bitcoin strengthen its dominance in the cryptocurrency market. Against a 33.41 percent control recorded on January 8 last year, the bitcoin market today covered more than 55 percent of the total cryptocurrency market. The statistics showed that more traders were flocking towards bitcoin during interim bullish sessions.

source: https://www.newsbtc.com/2019/05/03/bitcoin-dominance-soars-above-55-after-meteoric-rise-to-2019-high/

The bitcoin market’s bullish bias is looking stronger than other altcoins, according to Josh Rager.

The cryptocurrency analyst said Wednesday that bitcoin was among the only crypto assets that managed to jump above a significant resistance level on monthly charts. In contrast, other top crypto assets including Litecoin, Ethereum, and EOS failed to close above a similar level in their respective markets, as shown below.



Historical Significance
Rager considered $4769.03 as a significant resistance level for bitcoin. The horizontal plane had capped an active upside attempt during the September 2017 trading session. As the price broke above that level, it ended up establishing its historical peak towards circa $20,000.

The April trading session saw the coin breaching above $4,769. The move led Rager to make a medium-term bull bias case for bitcoin, stating that if bitcoin stays above $4,769, then its probability of hitting a fresh 2019 high above $6,000 will be higher.

“I would love to long/buy on a Bitcoin pullback at $4,339-4,769 zone. [The price] has room to push up over $6,383 on 1M Chart so no promises on a pullback at this moment.”

As for other altcoins, their April price action mirrored the moves made by bitcoin in the recent months. But almost all of them were looking at their uptrends undergoing a fresh downside correction.

https://twitter.com/Josh_Rager/status/1123544972702175232

Litecoin, for instance, briefly underwent a pullback after jumping above $74.80, its resistance from September 2017. Ethereum performed a similar stunt after correcting lower ahead of testing its $200-resistance. EOS too dropped lower amidst high selling sentiment near $5.921.

“BTC looks stronger and closed above resistance while other alt majors hit resistance & pulled back,” Rager stated. “Once we hit between $6300 to $6400 would be a time to short. So, I still think it could push up than pull back in May early June.”

Bitcoin Weaker in 2019
Rager’s prediction is more favorable towards bitcoin despite the cryptocurrency’s weaker buying sentiment against the top altcoins this year. Every since it established a low towards $3,100, the BTC/USD pair has recovered by 72 percent. The attractive rebound nevertheless is dwarfed by the rebounds in other coin markets.

Bitcoin’s forked version Bitcoin Cash, for instance, jumped 284 percent upon hitting a low towards $73.54 last December. Similarly, the litecoin price ballooned 228 percent, rising from its cycle low of $22.43 to $72.67, its rate at the press time. EOS also rebounded by more than 200 percent in just four months, while Ethereum, at a decent 95 percent recovery, also remained ahead of bitcoin.

But the fact that most of those altcoins are pulling back while, at the same time, bitcoin is holding on to its April profits, indicates that traders are moving back to the bitcoin market.

source: https://www.newsbtc.com/2019/05/02/analyst-bitcoin-has-stronger-bullish-potential-than-altcoins-heres-why/

Bitcoin price finally gained traction above $5,200 and $5,300 against the US Dollar. BTC price is back in a bullish zone and it could even surpass the $5,400 resistance level in the near term.

Bitcoin Price Analysis
Yesterday, we saw tight range moves in bitcoin price below the $5,160 resistance against the US Dollar. The BTC/USD pair struggled to clear the $5,160 and $5,200 resistance levels on many occasions. However, the bulls had the upper hand as they succeeded in pushing the price above the $5,160 and $5,200 resistance levels. There was a break above the 50% Fib retracement level of the decline from the $5,510 high to $4,905 low.

More importantly, yesterday’s discussed key bearish trend line was breached near $5,150 on the hourly chart of the BTC/USD pair. The pair even cleared the crucial triangle resistance near the $5,140 level. It opened the doors for more gains above the $5,250 resistance and the 100 hourly simple moving average. The bulls pushed the price above the $5,300 level and a new weekly high was formed near the $5,343 level. At the moment, the price is consolidating gains above $5,300. An initial support is at $5,280 and the 23.6% Fib retracement level of the recent wave from the $5,067 low to $5,343 high.

If there is a downside correction below the $5,280 level, the price could test the $5,200 support area. It coincides with the 50% Fib retracement level of the recent wave from the $5,067 low to $5,343 high. The main support is near the $5,160 level and the 100 hourly simple moving average. On the upside, an initial resistance is near the $5,380 level. A clear break above the $5,380 resistance will most likely call for more gains above $5,400.




Looking at the chart, bitcoin price clearly moved into a positive zone with a close above $5,200 and the 100 hourly simple moving average. In the short term, there could be a downside correction, but the bulls are likely to defend $5,250 or $5,200. Overall, bitcoin price is trading with a positive bias and likely to climb above $5,400.

Technical indicators:

Hourly MACD – The MACD is currently in the bullish zone, with positive signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD climbed above 60 and it is currently near 75.

Major Support Levels – $5,250 followed by $5,200.

Major Resistance Levels – $5,380, $5,400 and $5,440.

source: https://www.newsbtc.com/2019/05/01/bitcoin-btc-price-bullish-continuation-5400/

Here’s what Ripple plans to do: decentralize and dominate the world’s financial system. As a layer and the base from where the global economy draws its breath, a paradigm shift is expected to take years and not months.

So far, despite headwinds and outright opposition, the San Francisco startup has managed to have a strong foothold on several regions especially SE Asia where with the help of SBI Holdings, Siam Bank and other players including Federal Bank of India and SendFriend, it plans on penetrating and later change livelihood just like what the World Bank said the platform was doing. In impacting lives positively, the firm is disrupting status quo

Instead of high latency, we have speed and ultra-high efficiency. Besides, replacing expense is cost-savings more so for firms that decide to leverage xRapid which make use of XRP. But the problem is how regulators and the community in general interpret XRP. As it is, the coin is well capitalized, trades at around 30 cents against the USD and available in most exchanges like Binance—where it is base, and CoinBase.

Accusations Against Ripple (XRP)
What critic argue is that XRP is a security and there is even a Federal case pending where a user said the company marketed the digital asset as a security with a promise of future profits. Therefore, for their losses, they want recompense. At the same time, others contend that the Ripple Inc—which was forced to split from Ripple Labs and operate as two independent companies in light of law suits for differentiation purposes, solutions can operate seamlessly without XRP.

XRP, they insist is some sort of an Air drop, which xCurrent and xVia don’t need. They may have a point, currently, xCurrent which is a platform where banks connected to the RippleNet can enjoy end to end tracking of transactions and is the most popular operate without XRP. It is only the latest version which has an option for banks to upgrade and incorporate xRapid, in use by less than 20 banks and payment processors, after launching in Oct 2018 during the SWELL Conference.

Is Ripple (XRP) Overpriced?
Therefore, neutrals can argue that the combination of centralization claims, SEC failure to clarify and the overall objective of XRP—as a liquidity, medium of exchange tool, may be behind XRP lagging and low volatility. However, trading at 29 cents—at the time of press, the coin is said to be over-valued that is assuming if it would be used as a settlement layer for the global FX market moving $5.1 trillion every day.

source: https://ethereumworldnews.com/researcher-claims-ripple-xrp-fair-value-is-0-0043-asset-is-highly-overpriced/

A recent blogpost by the Ripple Team (https://ripple.com/insights/digital-assets-in-thailand-regulation/) has shed more light on Thailand’s stance on cryptocurrencies and related matters. Speakers, Archari Suppiroj and Thammarak Moenjak both shared Thailand’s perspectives and how the country plans to approach the technology moving forward.

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Director of FinTech Department of Securities and Exchange Commission (SEC) Thailand, Archari Suppiroj shared the following during a Ripple event organized in Bangkok.

“For Thailand, especially for the SEC, of course, we see a lot of development in this space. It is our belief, if we have the right framework, we can actually use the potential of the […] technologies to help the country and advance.”

She was also quoted by Ripple saying that the ban was a temporary action amidst the scams, and other ways that people were tricked using the very same technology

“In the end, it was decided that SEC should regulate everything, not just investment tokens or securities tokens, but also utility tokens, cryptocurrencies and relevant operators in those areas.”

Diving more into the regulatory aspects of the situation, as seen above, Thailand supposedly implemented said regulation in as little as three months’ time, classifying the virtual currencies as “digital assets” and coming up with a framework, where business operators had to interact with banks to ensure the protection of consumers.


https://twitter.com/Ripple/status/1120780988521402368

Speaking on behalf of the Bank of Thailand is, Thammarak Moenjak from Financial Institutions Strategy Department. Here’s what he had to say:

“Central banks normally keep very quiet about this matter relating to cryptocurrencies, mainly because we don’t want confusion. […].”

He also noted that many of the workers in Thailand are from countries such as “Myanmar, Cambodia, Laos, and Vietnam,” all of whom have families to support and want to send home money as soon as possible. In mentioning this, he argued that a blockchain-based service would bring relief to many in comparison to remittance services.

In the video that has since been shared, Suppiroj also shared how things work under the Thai law when it comes to cryptocurrencies. In particular, she explained:

“Previously, anyone could ask people to invest in exchange for project tokens […] Now only companies under Thai Law can issue ICOs and they are screened by ICO portals,”

noting that ICO portals are similar to financial advisors who address the legitimacy of business plans and who will have SEC go over them.

Finally, coming together as a whole, seemed to be the main area of interest, as many of the departments were supposedly holding on to some area of concern. For instance, it was reasoned that

“The Ministry of Finance was tasked with protecting customers and tax evasion, while the SEC is about protecting investors and promoting legitimate ICOs.” As for the country’s central bank, the three areas that they were keen on include, “financial stability […] exchange control and regulating payments.”

So, what is Thailand’s current stance, at least in the eyes of the SEC and the Bank of Thailand? As per Suppiroj, both entities are encouraging those with good ideas to speak to them, adding that “rules have to be amended,” in order to make sense of the technology at hand.

By the sounds of it all, it seems like Thailand’s current stance, especially compared to the 2018 ban, has drastically changed. In their viewpoint, rules need to be in place, with necessary modifications that reflect the industry at large. What do you think of the two entities’ approach towards crypto sphere and blockchain technology? Let us know in the comments below.


source: https://bitcoinexchangeguide.com/new-ripple-insights-video-on-crypto-assets-in-thailand-details-the-restrictions-to-regulations-movement/

On Apr 3, 2019, Ripple reached a high close to $0.386 and €0.338. A rapid drop followed. Lows close to $0.313 and €0.278 were reached on Apr 15.

A rapid increase was followed by a gradual decrease. Prices began a slight reversal on Apr 21.



At the time of writing on Apr 22, XRP is trading slightly below $0.33 and €0.295.

Will the price of Ripple continue increasing or can we expect price to fall further?

Let’s find out:

XRP (XRP): Highlights and Trends For April 23, 2019
-The price of XRP has been on a downtrend since Apr 6.
-It is trading inside a descending wedge.
-The moving averages have recently made a bearish cross.
-Ripple is trending along a long-term support line.
-There is resistance near $0.35/€0.3 and support near $0.30/€0.265.

Descending Wedge
The price of XRP/USD on Binance is analyzed at two-hour intervals from Apr 4 to Apr 23 to help determine current trading patterns. We do not include euros in this section because only one trading pair is needed to generate the current trading pattern. Both XRP/USD and XRP/EUR are discussed in the final two sections.
On Apr 4, the price reached a  low of $0.325. Several market cycles were subsequently completed. The price has created lower lows each time.

Tracing these lows gives us a descending support line:



On Apr 5, the price reached a high of $0.386. At the time of writing, several lower highs had been reached.

A descending resistance line is created by tracing these highs.

Taken together, the resistance and support lines combine to create a descending channel:



source: https://beincrypto.com/xrp-ripple-price-analysis-04-23-2019/

Summary of Analysis
Based on this analysis, the price of Ripple is likely to decrease at the rate predicted by the wedge and eventually reach the long-term support line. While slight price gains toward the resistance area are possible, they would likely precede greater losses.

The cryptocurrency industry has been awaiting China’s decision on whether or not to outlaw the mining of digital currencies.

The Chinese government has already begun to crack down on cryptocurrency trading and Initial Coin Offerings (ICOs), but its new target is Bitcoin (BTC) mining. The ban could impact the crypto industry worldwide since China is home to the world’s biggest cryptocurrency mining farms and the leading market for mining equipment.

Mining Ban Looming
Earlier this month, China’s top economic planning body included cryptocurrency mining to the list of problem industries subject to complete ban and elimination.

The new rules are under public consultation until May 7. If they come into force, mining farms and mining equipment manufacturers will have to shut down operations in China as the manufacturing, sale, and use of mining equipment will be prohibited.

Although Bitcoin mining is an energy-consuming process, many analysts believe that the environment is not a major source of concern for Xi’s team. It’s all about politics.

According to Forbes contributor William Pesek, the government just wants to control things as tightly as possible, and clamp down on massive capital outflows and related loss of tax revenues. They see the potential benefits of being a blockchain leader, and yet it’s easier for them to ban the activity they can’t control.



Why It Matters?
The upcoming ban might impact the crypto industry globally as China accounts for about 70-80 percent of the world’s processing power related to mining. Miners take advantage of cheap electricity generated by its coal-rich regions and hydropower in some Chinese provinces.

China is home to the world’s major manufacturers of mining hardware, like Bitmain Technologies and Canaan. However, that might change if the government pulls the plug in May.

Chinese miners would have to abandon their farms and move operations to other locations. The costs of relocation might deal the final blow to businesses already suffering from a prolonged crypto winter.

Miners are one of the core elements of the entire Bitcoin ecosystem as they support its stability and safety. As a result, these developments might impede the growth of the BTC as well.

Not the End of the World
Not everyone is concerned about the proposed ban, however. Some experts believe that this might only make Bitcoin mining more decentralized.

Some companies and private miners will stay in China, going underground, but most of the hash power will move across the border. Non-Chinese miners would likely benefit from such developments.

Miners might shift to other mining-friendly jurisdictions offering relatively cheap electricity and mild climate. Bitmain and BTC.TOP have already begun looking into the USA and Canada. Other options include Iceland, Norway, and Russia.

source: https://beincrypto.com/the-next-bitcoin-crisis-is-brewing-in-china/

Do you believe that China’s mining ban might deal a crushing blow to the industry?