Just two days after Cboe announced that it was going to delist bitcoin futures, the cryptocurrency’s spot market turned near-term bullish.

The BTC/USD exchange rate surged 3.30-percent in the past 24 hours to establish a session high towards 4069. Simultaneously, the rest of the cryptocurrency market also went green, with Bitcoin Cash leading the bull pack with 17.81% gains, followed by Litecoin, EOS, and Ethereum that rose 8.44-, 5.47-, and 6.25-percent, respectively. On the whole, the cryptocurrency market capitalization added up to $6 billion worth of investments in a day.



Not the First Time
The bitcoin rally follows an overstretched stable action since February 25. The cryptocurrency’s significant levels remain unchanged as it traded inside a $200-range for almost two weeks. Before that, bitcoin failed when it came to piercing through key resistance areas. At the same time, the cryptocurrency received equally stronger support from bulls on every downside correction. Have a look at this chart to understand further.



One can notice that bitcoin is trending inside a symmetrical triangle defined by red trendlines. It is providing traders a clear understanding of the ongoing price action. As close as the bitcoin price gets to the triangle’s apex, the lesser the volume becomes. At the same time, every upside attempt is failed by a stronger red resistance trendline – barring a few instances of false breakouts. From mid-December to now, the BTC/USD market has seen six of such breakout attempts. The market is now in its seventh one.

Low Bitcoin Volume
Luke Martin, a hugely followed cryptocurrency trader, and analyst, expects the weekend to bring new volume spikes. He tweeted Friday:

https://twitter.com/VentureCoinist/status/1106365506255273984

The bitcoin market is somewhat mirroring Martin’s prediction. While there has been a modest volume spike on a daily chart, it is still not enough to kickstart a breakout run. Let’s have a closer look:


The orange bar reflects the highest 4H trading volumes in the past two weeks. These are not comparable to the mad spikes the market saw between February 20 and 25 trading hours. Atop that, the BTC/USD market is below the orange bar and, at the same time, its Relative Strength Index, the momentum indicator, is already overbought.

Therefore, there is a considerable possibility of a bearish correction. There is not enough volume to support a breakout action.

https://twitter.com/JonnyMoeTrades/status/1106271818007175168

Not a Rally, Until
Twitterati Trading Room drew an interesting graph reflecting key resistance areas bitcoin must break to establish a rally. As explained in the chart above, we are also expecting a confirmed bullish breakout once the price breaks above $4,408. However, according to the Trading Room, one should watch out for the moving averages. Excerpts from their statement:


source: https://www.newsbtc.com/2019/03/16/bitcoin-crosses-above-4000-genuine-rally-or-bull-trap/

The current whitepaper cannot be used as a reference to see the project as real or not, try to communicate with their team to find out more if they provide an unconvincing answer I think you better leave the project

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Coinbase Custody has just completed its first over-the-counter (OTC) trade directly out of cold, or offline, storage.

Announcing the news in a blog post on Wednesday, the San Francisco-based cryptocurrency exchange said the trade occurred after its Custody service had been “directly integrated” with the OTC desk at Coinbase Pro.

The news, it said, was a “major unlock” for its clients as it marked the availability of “immediate” liquidity. Previously, a trader would have to withdraw assets from cold storage – where the private keys are kept on a device not connected to the internet – to a “hot,” or online, wallet at a trading platform in order to execute a trade. Market conditions can change quickly in the time it takes to do all this (24 to 48 hours just for the withdrawal part).

Connecting the two departments means clients can leverage the OTC desk without needing to move funds out of cold storage, according to the post. Clients “can buy OTC and settle assets directly into Custody,” Coinbase added. The integration came about due to client demand.

“Being able to trade while their funds are held safely in cold storage is a feature that we’ve heard loud and clear that our customers want,” said Sam McIngvale, CEO of Coinbase Custody Trust.  “Coinbase offers the world’s largest regulated pool of crypto liquidity. Being able to access this market quickly and safely unlocks tremendous benefits for our customers.”

Faster trading
Indeed, several of Coinbase’s competitors in custody and OTC trading have integrated the two functions recently, with the same goal: speeding up the settlement of trades to the standard institutional investors expect while keeping coins safe in cold storage.

For example, in January, market maker Genesis Trading partnered with custody specialist BitGo so that their mutual clients can trade without needing to remove coins from offline storage (a process that, as noted above, can take hours or even days).

Another OTC shop, OTCXN, has similar arrangements with custodians Kingdom Trust and Prime Trust.

Coinbase first launched its Custody service for institutions in May of last year and went live in June.

The exchange was later approved as a crypto custodian in New York state in October 2018, after the New York Department of Financial Services granted its application to create the Coinbase Custody Trust Company LLC offering custody services for bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin and XRP.

source : https://www.coindesk.com/coinbase-completes-first-otc-trade-directly-from-cold-storage

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the best coins for investment are only bitcoin and EThereum, which are very promising
if you want to invest in addition to these 2 coins. You can try XLM and Ripple, maybe!

The hashrate of the Monero (XMR) network has recently plummeted over a hard fork that curbed the presence of Application Specific Integrated Circuit (ASIC) mining on the privacy-centric cryptocurrency’s blockchain.

According to a post on Reddit, the cryptocurrency’s hashrate could’ve dropped as much as 95% after the hard fork. At press time it’s unclear how the network was truly affected, as most platform’s haven’t yet factored in the drop. Per 2miners, the drop has so far been of 83%, from 1.3 GH/s to 210 MH/s.


Source: 2miners.com

The hashrate dropped as Monero is following through with a “war” on ASIC miners, declared roughly a year ago. At the time, the cryptocurrency released a software update that stopped ASIC hardware from being effective on its network, leading to a similar hashrate drop.

The move initially came after cryptocurrency mining hardware giant Bitmain announced the launch of its Antminer X3, an ASIC-powered machine designed to mine XMR and other Cryptonight-based cryptos.

The crypto’s community decided to remove ASICs from its network over concerns related to potential centralization, and related to the influence large miners could have. Per the Monero team ASICs create a single point of failure. At the time, it stated:


The privacy-centric popularity rose to prominence after being adopted by the now-defunct darknet marketplace AlphaBay, and at the time of the hard fork it saw some community members disagree with the move. This led to four new cryptocurrencies, with some allowing ASICs on their networks.

Monero’s recent hard fork, which saw its hashrate plummet by over 80% for a second time, doesn’t just tweak its algorithm to better resist ASIC mining machines, but also adds changes that help it mitigate potential ‘big bang’ attacks, and improves privacy.

The upgrade saw crypto mining service Coinhive shut down, as its revenue was already down because of the crypto market slump. As it was a hard fork, the hashrate may soon start recovering once miners start upgrading their software to mine on its blockchain.

Monero has in the past slashed its transaction fees through network upgrades, which helped it outperform other privacy-centric cryptocurrencies. At press time, XMR is trading at $50.2 after falling 1.6% in the last 24-hour period.

source : https://www.cryptoglobe.com/latest/2019/03/monero-s-hashrate-plummets-over-80-after-hard-fork-curbs-asic-mining/?amp=yes

There are reportedly more developers working to improve the Ethereum (ETH) protocol and its blockchain platform than any other cryptocurrency network.

This, according to a report published by digital asset management firm Electric Capital, in which it noted that more than 20,000 code repositories and 16 million Github commits had been fingerprinted. Data from the commits and repositories shows there are around 216 blockchain developers that submit source code to Ethereum’s repositories each month.

Bitcoin And Ethereum Have The Most Developers
According to Electric Capital, the data it has accumulated “is undercounting the number of Ethereum developers since we do not include ecosystem projects like Truffle.” Other data from Electric Capital’s report has revealed that Bitcoin (BTC), the world’s most dominant cryptocurrency, also has a fairly large number of developers working to improve its base protocol.

Although not as many as Ethereum, there are an average of 50 developers contributing to the Bitcoin Core codebase every month, Electric Capital’s report noted. Moreover, the report mentioned the number of BTC developers may have also been undercounted because it did not take into account the various other ecosystem projects (which are not directly related to upgrading Bitcoin’s base layer).

When only counting contributions to the core protocol, “Ethereum is [still] by far the most active at 99 monthly developers on average”, the report mentioned. Meanwhile, there are about 47 core protocol contributors per month to Bitcoin’s codebase.

4.000 Developers Working On Over 2,800 Projects
Other large cryptocurrency networks such as Cardano (ADA), EOS, and Tron (TRX) each have more than 25 developers making contributions to their respective core protocols each month.

The report from Electric Capital further noted that despite crypto prices falling by an average of 80% from their all-time highs (set in late 2017 and early 2018), the total number of active blockchain developers has only decreased by about 4%.

Significantly, the report has revealed the number of developers actively working to make updates to public blockchain networks has doubled in the past two years. Notably, there are currently more than 4,000 developers each month that submit new source code to over 2,800 digital asset projects.

Many Crypto Forks Being Abandoned
The authors of Electric Capital’s study clarified the findings from their report did not take into account the private crypto projects that developers may be working on - which includes some of the contributions being made to the layer-two payment solution, the Lightning Network (LN) protocol.

According to the report, there are “many [crypto] projects [that] are being abandoned by developers [which] are forks of high network value coins.” For example, there are very few developers contributing to the Litecoin (LTC) and Dogecoin’s (DOGE) platforms.

In the past year, the number of Litecoin developers has dropped from around 40 to only three per month, the report revealed.

The report also noted that Bitcoin Gold (BTG) and Bitcoin Diamond (BCD), both of which are BTC forks, have only received contributions from just five developers since October of 2018

source : https://www.cryptoglobe.com/latest/2019/03/ethereum-has-twice-as-many-active-developers-as-bitcoin-report/?amp=yes