As talk of a return to alt season takes hold, Tezos demonstrates why. Since November 2019, , who began charting Tezos’ break since November 2019, today tweeted a new chart. His latest chart shows a breakout from a descending channel, with price sitting significantly higher than a crossed 50-day and 200-day moving average.
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Author: Samuel Wan
Since the start of this year, Bitcoin (BTC) has seen its price explode higher; year to date, the leading cryptocurrency has posted a gain of nearly 30%, surging from the $7,000s to the $9,250 in a few weeks’ time.Related Reading: Crypto Tidbits: Bitcoin Stalls Above $9,000, Andrew Yang Bumps Cryptocurrency, Japan’s Digital CurrencyThis seemingly marks a decisive end to the 50% downtrend that plagued Bitcoin throughout the second half of 2019, for positive technical signals have been flashing over the past few days, implying further reversal some say.Bitcoin Begins to Print Key Reversal SignsCryptocurrency trader Brent or Blockchainblitz recently noted that Bitcoin’s daily chart just registered a key technical signal: the 50-day moving average just today crossed above the 100-day moving average, creating a bull cross formation.He notes that in the past eight times this technical signal was seen since 2014, a “rip upward followed.”Indeed, NewsBTC’s own analysis of this specific moving average cross found that this last took place when BTC was at $5,800 in early-2019, and preceded a 140% move higher. There are also the other historical instances Brent pointed to in his chart.Golden Cross on the 1D chart today for #Bitcoin
Historically speaking, from 2014, 7 times out of the 8 this happened, a rip upward followed.$BTC pic.twitter.com/3kmvd4hemK— Brent (@blockchainblitz) February 5, 2020
That’s far from the only technical signal to have recently suggested Bitcoin’s rally is just starting.Trader Coiner Yadox earlier this week gave a confluence of 25 factors why Bitcoin may restart a bull trend. Some of those are as follows, as covered by this outlet:BTC recently took the monthly price support of the key 21-month exponential moving average, then closed above the 10-month exponential moving average.Bitcoin’s weekly Relative Strength Index (RSI) recently moved above the key 55 range, which has historically been an inflection point for the market; when the RSI is above 55, BTC is technically in a bull market.The leading cryptocurrency has moved above the 200-day moving average. Yadox said that this is a sign of a bull market, and Fundstrat’s Tom Lee agrees.Not to mention, some of the most prominent traders (in that they have been historically accurate) have touted bullish sentiment over recent weeks.Case in point: SmartContracter — who famously called the $3,200 Bitcoin bottom for 2018 literal months before it took place — said that there is a high likelihood of Bitcoin breaking $14,000 by the middle of 2020, likely around or just after the time of the block reward reduction in May 2020.Not Everyone is ConvincedWhile there are these signs, not everyone is convinced that Bitcoin will continue higher from here.Per previous reports from NewsBTC, Bitfinex’s top publicly-known trader, J0e007, recently said that market trends are formed by “supply/demand imbalances and backed by fiat in/out-flows.”J0e007 continued in a later tweet that “I’ll believe it when I see the fiat inflows,” suggesting that he isn’t seeing the market data to back Bitcoin’s 50% rally from the $6,400 bottom in the past 50-odd days.He affirmed this sentiment further down in the same Twitter thread, noting that the Tether’s flatlining market capitalization is “hard to explain from a position that we’re in the middle of a new bull market” and that Grayscale’s inflow data doesn’t convince him there is enough demand to absorb the mined supply.Featured Image from Shutterstock
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Author: Nick Chong
XRP, the third-largest cryptocurrency by market cap, will have another lackluster year in 2020, Galaxy Digital CEO Mike Novogratz told a roomful of financial advisers.
What’s more, he blamed Ripple – one of his firm’s largest investments – for what he sees as XRP’s underwhelming prospects.
The fund manager, whose firm trades and invests in digital assets and startups, chatted onstage with personal finance superstar Ric Edelman at TD Ameritrade’s National LINC 2020 conference in Orlando, Florida last week.
At the end of the discussion, Novogratz fielded questions from the audience of Registered Investment Advisors (RIAs). The very last one was about his opinion on XRP, the native cryptocurrency of Ripple’s ecosystem. Although recording the event was forbidden, CoinDesk obtained a recording from an attendee.
“Ripple the company owns 60 billion of the coins, of the XRP,” Novogratz began. “That’s a lot of it.”
The total amount of XRP in circulation is 100 billion tokens. While Ripple was “gifted” 80 billion, its holdings are down to 56 billion, of which 48.9 billion are in escrow and the company cannot touch, according to Breanne Madigan, Ripple’s vice president of global institutional markets.
Nevertheless, Novogratz likened XRP to a situation where a company continuously sells its shares.
“When I’m buying a stock, if I know [someone’s] selling $10 billion-worth of it at some price, it makes me less excited to buy the stock,” he said.
What makes this remark so biting is that Ripple is Galaxy Digital’s largest single holding in another company. Novogratz’s firm has put in $23.8 million into Ripple and valued the stake at $27.6 million as of September 30, 2019, according to public filings.
The analogy of XRP to shares is a particularly sensitive issue for Ripple. Over the past couple of years, Ripple has been fighting a class-action lawsuit claiming XRP is an unregistered security. The case remains ongoing at the U.S. District Court for the Northern District of California.
“XRP is a digital asset,” Madigan fired back in an email to CoinDesk. “It is not a stock as it does not give you any stake in Ripple or any other company. Second, XRP has legitimate utility for payments. Companies like MoneyGram, Bitso and others are using XRP in production through RippleNet’s On-Demand Liquidity (ODL).”
“These statements make clear that Mike doesn’t understand how Ripple manages its stake in XRP and didn’t take time to read what we make publicly available every quarter,” said Madigan. “The increase of circulating supply from Ripple distributions of XRP is actually lower than the increase in circulating supply of BTC, BCH, ETH, etc. “
When asked by CoinDesk to elaborate on his comments, Novogratz, through a spokesperson, added, “On the buying side of that you do have a strong following of XRP in Asia, and an ‘XRP Army’ which pushes it hard.”
In 2019, XRP lost 46.3 percent of its value, according to data compiled by CoinDesk. At the Orlando conference, Novogratz suggested that the trend may continue.
“It did underperform immensely last year,” he told the audience. “I think it will underperform immensely again this year and it’s just because of the supply.”
Through his spokesperson, Novogratz disputed having said “immensely,” but it is clearly audible on the tape.
Which is more centralized?
At the Orlando conference, Novogratz contrasted what he characterized as XRP’s more centralized setup with that of bitcoin. “[XRP] didn’t get distributed like bitcoin did with mining,” he said. “You’ve got this one giant pool that are constant sellers.”
However, Ripple maintains its network is more decentralized than bitcoin or ethereum, the top two cryptocurrencies by market cap, according to data from Messari.
“There are over 150 known validators on XRPL [XRP’s distributed ledger] that require 80% consensus to confirm transactions,” said Madigan. “Ripple controls 7 out of those 150+ validators, making XRP more decentralized than BTC or ETH which are controlled by Chinese mining groups.”
So far, XRP has shown impressive returns in 2020. Prices gained nearly 27 percent since Jan. 1 compared to, say, the S&P 500, which was about flat year-to-date. However, if one were to quibble, XRP did indeed underperform bitcoin’s 29 percent rally.
“One of the biggest problems the entire crypto industry continues to face is misinformation,” Madigan added, in reference to Novogatz. “There are so many that are willingly – and knowingly – feeding rumors to drive market activity. It is unfortunate that, despite our culture of transparency, influential market participants are ignoring the facts. This holds back the entire crypto industry.”
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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
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Author: Lawrence Lewitinn
- At a press luncheon Tuesday, Donald Trump told reporters his State of the Union Address would be “extraordinarily low key.”
- Many expected an early victory lap over his upcoming acquittal. But the president kept it positive, touting “the great American comeback.”
- He didn’t even mention the impeachment. But when his speech was over, Speaker Nancy Pelosi tore a transcript of it in two.
Just hours before the State of the Union Address, Donald Trump said it would be “extraordinarily low-key.” That surprised reporters, who were sure Trump would have something to say about the impeachment proceedings and trial.
But Donald Trump kept the address focused on America, not himself. His third State of the Union speech was remarkably magnanimous and presidential.
He did decline to shake Speaker Nancy Pelosi’s hand. She offered a handshake as he took the dias, and Trump rebuffed her. Pelosi appeared to have some nervous energy.
The last time they were in a room together the two exchanged insults. It was during an October meeting in the White House over Syria policy. Trump reportedly called Pelosi “a third grade politician.” Each accused the other of having a meltdown.
But it was Nancy Pelosi who had a meltdown during the State of the Union. When Donald Trump finished giving his speech, she tore a transcript of it in two.
Alexandria Ocasio Cortez Boycotts SOTU
As Trump began to speak, Republicans broke into chants of:
Four more years! Four more years!
But not all those present were so enthusiastic. And not all members were even present.
Rep. Alexandria Ocasio-Cortez announced Tuesday afternoon that she would be boycotting the State of the Union Address. She said her presence would “legitimize” Trump’s subversion of the Constitution.
Her fellow Justice Democrat, Rep. Ayanna Pressley also boycotted the “sham” speech.
Longtime congresswoman Rep. Maxine Waters joined the boycott.
These are clearly Democrats in safely deep blue districts. But Sen. Kyrsten Sinema (D-AZ) barely won her 2018 Senate election. She could be seen frequently clapping for Trump’s remarks even when other Democrats were giving blank stares.
Sens. Bernie Sanders and Elizabeth Warren were also missing from the Capitol. But it’s no slight. The two are in full campaign mode, making stops in New Hampshire instead.
State of the Union Highlights
Donald Trump boosted the Space Force. He also called for another space program to put an American man– and woman– on the Moon. He also wants to put people on Mars.
I am asking the Congress to fully fund the Artemis program to ensure that the next man and the first woman on the moon will be American astronauts– using this as a launching pad to ensure that America is the first nation to plant its flag on Mars.
President Trump touted a strong economy here on Earth:
Jobs are booming, incoming is soaring, poverty is plummeting… and our economy is thriving and highly respected again.
We have shattered the mentality of American decline and we have rejected the downsizing of Americans’ destiny. We have totally rejected the downsizing.
But he’s also totally rejected “the downsizing” of the federal deficit.
Trump touted American energy independence:
The United States has become the number one producer of oil and natural gas anywhere in the world by far. With the tremendous progress we’ve made over the past three years, America is now energy independent.
And gave Rush Limbaugh the Presidential Medal of Freedom. Limbaugh recently revealed that he has advanced lung cancer. He appeared to wipe away tears as Melania Trump presented him with the medal.
The president also called for school choice legislation:
I call on Congress to pass the Education Freedom Scholarships and Opportunities Act. No parent should be forced to send their child to a failing government school.
And promised to protect patients with preexisting conditions:
We will always protect patients with preexisting conditions, and we will always protect your Medicare, and we will always protect Social Security, always.
But he added:
We will never let socialism destroy American health care.
Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com.
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Author: Team E-crypto News
Bitcoin price started a downside correction from well above the $9,550 area against the US Dollar. BTC broke the key $9,220 support and it is now trading in a short term bearish zone.Bitcoin declined recently below the $9,300 and $9,200 levels against the US Dollar.The price traded close to the $9,050 level and it is currently correcting higher.There is a major bearish trend line forming with resistance near $9,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).The bulls need to push the price above $9,220 and $9,320 to lift the price back into a positive zone.Bitcoin Drops Below Key SupportYesterday, we discussed the Bitcoin PriceThe next key resistance is near the $9,320 level and the 100 hourly simple moving average. Additionally, the 50% Fib retracement level of the recent drop from the $9,609 high to $9,079 low is near the $9,345 level.Therefore, a clear break above the $9,345 level is needed for a push towards the $9,500 and $9,600 resistance levels. The next major hurdle is still near the $10,000 level.Next Key Buy ZonesOn the downside, there is a decent support forming near the $9,100 area. The current price action suggests that the price might continue to slide below the $9,100 and $9,000 levels.If there is a clear break below the $9,000 handle, bitcoin price might slide further. The next major support is seen near the $8,870 and $8,800 levels, where the bulls are likely to take a strong stand.Technical indicators:Hourly MACD – The MACD is slowly gaining pace in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising towards the 50 level.Major Support Levels – $9,100 followed by $9,000.Major Resistance Levels – $9,220, $9,320 and $9,345.
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Author: Aayush Jindal