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Today’s Double Digit Gainers: Bitcoin Private (BTCP) and Basic Attention Token (BAT)

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The total market capitalization in the crypto-verse has stagnated at levels between $270 Billion and $290 Billion for the last 3 days. That value now stands at $284 Billion and as we approach the weekend. The relatively stable crypto markets have allowed the King of Crypto, Bitcoin (BTC), to also be stable at levels of between $6,300 and $6,700 within the same time period.

The current stability is a welcome relief after the chaos that was last Sunday, June 10th. On this day, popular South Korean exchange, Coinrail, was successfully hacked and $40 Million worth of tokens stolen. Also on the same day, 4 prominent cryptocurrency exchanges (Coinbase, Bitstamp, Itbit and Kraken), were served with subpoenas by the CFTC (Commodity Futures Trading Commission), to provide Bitcoin trading data. The CFTC is currently investigating reports of Bitcoin manipulation from December last year.

Both events caused a knee jerk reaction of panic selling in the crypto-markets that are since trying to recover.

Observing the crypto markets once again, two cryptocurrencies are currently defying ‘gravity’ be exhibiting double digit gains in the last 24 hours. They are the cryptocurrencies of Bitcoin Private (BTCP) and Basic Attention Token (BAT).

Bitcoin Private (BTCP) is currently trading at $15.61 and up 11% in the last 24 hours, and at the moment of writing this. BTCP is the product of a fork-merge of Bitcoin with Zclassic. This event can also be referred to as a co-fork. The fork happened on the 18th of February this year. Anyone who was holding ZCL and BTC during that time, was credited BTCP in the ratio of 1:1.

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Here Is Why Ripple (XRP) Is Also Not a Security

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The Crypto-verse is elated after the Director of The SEC’s Division of Corporate Finance, William Hinman, said that Ethereum (ETH) is not a security based on how it is structured in a decentralized manner. Mr. Hinman said that:

When we think about how Ether today is operating, at least, we see a highly decentralized network, not the type of centralized actor that characterizes securities offerings. In its current state, we don’t see value regulating it.

ETH joins Bitcoin (BTC) as the only two coins the SEC has openly excluded from being classified as securities. This then brings us back to the other discussion as to whether Ripple (XRP) fits the bill of being classified as a security.

There is also a pending Lawsuit against Ripple that was filed by a disgruntled trader. The plaintiff in the lawsuit, purchased 650 XRP on January 5th and later sold the entire amount on January 18th sustaining a 30% loss due to XRP dipping in value during the same period. The plaintiff claims that he did not expect to lose money due to the promotional practices of Ripple’s parent company.

In response to the above lawsuit claim, Brad Garlinghouse responded via an interview with CNBC that:

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Bitcoin Price Drop: Tom Lee Blames Expiring Futures Contract

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Tom Lee has finally added his voice to the current Bitcoin price dip. The Fundstrat chief researcher said that the expiration of Bitcoin futures contracts might have caused the recent BTC price decline. The number cryptocurrency shaved more than $1,000 from its value in the last one week.

Relationship Between Expiring Bitcoin Futures and BTC Price

According to Lee, there is an apparent relationship between the expiration of Bitcoin futures and the price of BTC. BTC usually drops by an average of 18 percent in the ten days leading up to the expiry of Bitcoin futures. Lee also noted that the price typically rebounds six days after the contracts expire.

Lee revealed that there has a total of six expirations since Cboe launched its Bitcoin futures contracts. The most recent of these expirations was on June 13 which coincides with the current price plunge. On June 10, BTC took a considerable tumble, losing 10 percent in a matter of hours. In his June 14 report, Lee referred to Justin Saslaw’s theory and said that Bitcoin “falls into expiration.”

Thus, a trader goes long on Bitcoin but shorts futures when close to expiration date, they can earn a decent profit. According to Lee, this is because there is always a massive selloff at this time, causing the price drop and making the short position on futures highly profitable. Most holders will elect to sell at volume weighted average prices (VWAP) to reduce tracking error.

Both Cboe and CME launched their Bitcoin futures contracts in December 2017 in what was heralded as a big step for Bitcoin. The launch of these futures contracts coincided with a massive bull run for BTC that saw the price almost eclipse the $20,000 mark. Since the emergence of futures tied to BTC, calls have intensified for the introduction of Bitcoin ETFs. However, regulatory bodies like the United States SEC continue to delay approval.

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Major Ethereum Developments Offer a Positive Outlook Despite Market Volatility

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It has been a rather interesting week for Ethereum in many different ways. A lot of things have taken place behind the scenes. Ranging from Plasma updates to the SEC ruling a small sharding update, things are coming together nicely for Ethereum. Even so, the cryptocurrency continues to struggle in the price department, for the time being.

Ethereum Price and Good News

Summing up the past week for Ethereum is not all that easy. A lot of developments are taking place regarding sharding and Plasma, two major scaling solutions. On the Plasma front, there have been some minor updates regarding implementation calls. Additionally, there has been some talk regarding Plasma Debit. This particular feature has the potential of introducing payment channels to Plasma Cash.

There is still a lot of work to be done prior to bringing Plasma to the mainstream. If successful, it will successfully help Ethereum scale to a whole new level. Combined with sharding, there are some big changes on the horizon. Prysmatic updated their geth sharding implementation progress as well. As such, both of these solutions will come together in the near future, albeit no official dates have been present as of yet.

Speaking of Geth, the main client has received a new update which makes life a bit easier. With its lower disk usage and faster block processing, quality-of-life improvements will always be appreciated by Ethereum users. Last but not least,  there have been some regulatory developments which deserve highlighting.

The SEC and CFTC Remarks

Two major tidbits of news stand out in the past week. On the one hand, there is CFTC Commissioner Rostin Behnam who touched upon blockchain technology. Rather than looking at it from just the technology perspective, Behnam sees as a tool to transform people’s daily lives. An interesting comment, especially from someone in such a position.

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Litecoin Price Analysis: LTC/USD Remained Range Bound

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Litecoin price corrected higher above $100 against the US Dollar. LTC/USD tested the $100 resistance, which acted as a barrier for buyers.

Key Talking Points

Litecoin price made an upward move towards the $103 resistance level (Data feed of Kraken) against the US Dollar before recovering. There is a new connecting bullish trend line forming with support at $96 on the hourly chart of the LTC/USD pair. The pair may correct lower towards the $97-95 area, but it is likely to remain in a range.

There was a minor upside move initiated from the $90 swing low in litecoin price against the US dollar. The LTC/USD pair traded above the $95 and $98 resistance levels to move into a short term bullish zone.

Looking at the chart, the price even traded above the 50% Fib retracement level of the last decline from the $108 high to $88 low. There was even a break above a major resistance at $100.

However, the upside move was capped by a crucial resistance near $103 and the 100 hourly simple moving average. The 76.4% Fib retracement level of the last decline from the $108 high to $88 low also acted as a hurdle and prevented gains.

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Asian Cryptocurrency Trading Update: EOS Leads on Mainnet Launch

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Current performing altcoins are EOS, Ethereum, Tron and Decred.

Finally there has been some good news to lift crypto markets as the week comes to an end. The SEC’s decision not to consider Ethereum as a security has provided a long needed boost to cryptocurrencies. The markets are still way down but are trading slightly higher over the past 24 hours clawing back some of those losses. Bitcoin has not done much and has made just 1.7% to $6,620, only $400 above its low for the year. Ethereum has been the big driver of market movement, initially jumping 10% on the news but now trading at $513, up 5% on the day. Altcoins are generally in the green, bouncing a little from a week of heavy losses. The leading coin if the day during Asian trading this morning is EOS.

Coinmarketcap is currently reporting an 8% jump for EOS which is trading at $11.07. This time yesterday EOS was around the $10.25 level and over the week it has shed over 21%, down from $14 this time last Friday. The past month has seen similar losses for EOS which traded around the $14 level this time last month. Against Bitcoin EOS has made 6.4% on the day to 168000 satoshis from 157500 sats this time yesterday. BTC has been falling, but altcoins faster, so weekly losses on Bitcoin have been 7.8% from 182000 satoshis this time last Friday.

The EOS mainnet is now finally live which has driven this momentum. The gains have been even greater than Ethereum’s which is already pulling back. The EOS ERC-20 tokens are now frozen and supporting exchanges will convert to the new blockchain. It has reached the voting threshold to elect the 21 block producers with 15% or 150 million ‘votes’. However there are big concerns about the decentralization of EOS as currently it equates to a small number of entities controlling a large portion of the network.

Regardless, EOS is the top performing altcoin at the moment, traded primarily on Asian exchanges Huobi and OKEx in USDT. South Korean trade on Bithumb and Upbit also accounts for 20% in KRW. Total trade volume has remained steady at around $1.3 billion though market cap has fallen to under $10 billion as cryptos continue their downward slide.

Total crypto market capitalization over the past 24 hours has clawed back 3.2% primarily on the SEC ruling and currently stands at $287 billion. Volume has remained steady at $16 billion but the bears are still in control as markets have plunged 16% over the past week. A few other altcoins are performing well during the morning’s Asian trading session and they include Ethereum, Tron up 7.7%, and Decred 8.4% higher on the day.

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Ripple Price Analysis: XRP/USD Showing Positive Signs

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Key HighlightsRipple price gained upside momentum as it managed to hold the $0.5000 support against the US dollar. There is an ascending channel forming with support at $0.5400 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to move higher above the $0.5800 and $0.5900 resistance levels in the near term.

Ripple price is slowly moving higher against the US Dollar and Bitcoin. XRP/USD is now above $0.5400, and it could continue to move higher.

Ripple Price Support

After declining close to the $0.5000 level, Ripple price found support against the US Dollar. The price traded as low as $0.5035 before buyers appeared and started an upside move. XRP price climbed higher and moved above the $0.5200 resistance levels. There was also a break above the 38.2% Fib retracement level of the last downward move from the $0.6000 swing high to $0.5035 low.

The upside move was decent as the price succeeded in moving above the $0.5400 resistance level. There were further gains and the price moved above the $0.5500 level. Later, buyers succeeded in pushing the price above the 50% Fib retracement level of the last downward move from the $0.6000 swing high to $0.5035 low. At the moment, the price is attempting a close above the 100 hourly simple moving average and $0.5600. There is also an ascending channel forming with support at $0.5400 on the hourly chart of the XRP/USD pair. As long as the price is following the channel, it could move further higher above the $0.5800 level in the near term.

Looking at the chart, the current price action is positive above $0.5400. A break above the $0.5800 resistance may perhaps clear the path for a push above $0.6000.

Looking at the technical indicators:

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Western Union CEO: Ripple ‘Too Expensive’ for Money Transfers

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Do you think the use of XRP to lower transaction costs is overhyped? Let us know in the comments below.

Ripple claims to make money transfers faster and cheaper, but the CEO of Western Union says using XRP is “too expensive” and not saving the company any money.

San Francisco-based Ripple has taken a far different tack than other cryptocurrencies. The company embraces centralized financial institutions and promotes their xRapid system, which use Ripple’s native XRP cryptocurrency, as a way for banks to make cross-border payments cheaper and faster. However, such may not be the case.

Ripple Promoting XRP Hard

Ripple has long touted their blockchain solutions for payment transactions. The company’s CEO, Brad Garlinghouse, has taken quite a few shots at Bitcoin, calling it the “Napster of digital assets” and not the “panacea” people expected.

Garlinghouse says that there is no comparison between BTC and XRP. He says it takes an average of 20 minutes to complete a Bitcoin transaction. By comparison, an XRP transaction only takes 4 seconds. Then there’s the benefit for banks in that using XRP frees them up from having to keep capital on hand at the transaction’s destination.

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Ethereum (ETH) Price Analysis: Upside Break on SEC Official Comments

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Ethereum got a strong bullish boost thanks to remarks from a senior SEC official on how it’s not a security. Price busted through the descending trend line on the 1-hour time frame as an early indication that a reversal is underway.

However, the 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse.

The gap between the moving averages is also widening to signal strengthening bearish pressure. However, price is also climbing past the 100 SMA dynamic inflection point to indicate that buyers are starting to gain the upper hand. Price could test the 200 SMA dynamic inflection point at $550 next.

RSI is turning lower after reaching overbought levels, though, which means that sellers are returning while buyers take a break. Similarly stochastic is looking ready to head south so Ethereum could follow suit, possibly making a retest of the broken trend line at $480.

In a speech during a conference in San Francisco, SEC Corporation Finance Director William Hinman said that ethereum is not an investment to be regulated like stocks or bonds. He explained:

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Bitcoin (BTC) Price Analysis: First Signs of a Reversal

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Bitcoin broke above a short-term descending trend line as an early indication that bulls are regaining control. Price is also starting to create a new ascending trend line on the 1-hour time frame.

However, the 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse.

The gap between the moving averages is widening to signal strengthening selling pressure. Price is currently testing the 100 SMA dynamic inflection point at the moment and another break higher could draw more buyers in.

RSI Is turning down from overbought levels to reflect a return in selling pressure. Similarly stochastic is turning lower so price might follow suit. If the short-term ascending trend line keeps losses in check, price could still resume the climb.

Bitcoin was under pressure for the most part of the week due to the Coinrail hack and ongoing probe into price manipulation by US regulators and the Justice Department. However, it found a bit of reprieve when the dollar sold off after the FOMC decision as trade war jitters resurfaced.

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