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TRX/BTC and XRP/BTC Price Analysis: What Demoralization Looks Like on a Chart
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TRX/BTC and XRP/BTC Price Analysis: What Demoralization Looks Like on a Chart
It turns out that nothing really demonstrates the underlying character of the action we have seen over the past month in the cryptocurrency complex like the charts of some of the more volatile large market cap pairings.
For example, we’re going to take a look at the charts for
below, which feature some powerful trends that exemplify the importance of Bitcoin as an island in a sea of volatility.
pairing features an extraordinarily consistent downward trend on the chart since late April.
The action has been steady and consistent and suggests a gradual liquidation from secondary to primary in this paired relationship, as one might expect during a flight to safety period for accounts denominated primarily in Bitcoin.
pairing as a potential indicator of sentiment among more serious crypto traders. In other words, TRX/BTC is where we might see the most important inflection when the animal spirits begin to rise again in the cryptocurrency space.
That said, at this point, the TRX/BTC pair remains in a downtrend mode, trading beneath all its major moving averages with major oscillators camped out in deeply oversold territory.
has been a relatively uninteresting pair since the extraordinary spike we saw to close out 2017. For the most part, this pair has been in a gradual bearish slide that has only recently begun to accelerate as XRP has fallen off the end of a table against just about everything.
One interesting technical signal we see at present on the XRP/BTC chart is a potential bullish divergence on the 14-day RSI, with the print over the last 48 hours reaching a pivot low around the 20 level, which compares with the print under 13 at the pivot low formed in late July.
Since that late July low was at a much higher level on the XRP/BTC chart, the much lower score on the 14-day RSI is a potentially bullish signal of a loss of downward momentum underneath the surface of this chart.
This is certainly something to watch out for given the explosive nature of this pair when momentum comes back in and animal spirits are engaged.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full
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The year is 2038, and many of us have aged a bit. Some of us dudes have accepted our fate as having lesser hair on our scalp. Perhaps
would be a reality by then, and HODLers would be the lucky few who own them. That is because the cryptocurrencies of Bitcoin (BTC), Ethereum (ETH), XRP, Tron (TRX), etc., have blossomed to their full potential and become mainstream investment instruments.
What we are going through now – in 2018 – are growing pains that are sure to separate the so-called ‘weak-hands’ from the long-term HODLers who have seen the future like Doctor Strange in the Marvel Universe.
So let us travel forward 20 years in time and see what our favorite digital assets would be valued at as well as any technical advancements by then.
In 20 years, BTC would have probably experienced a few parabolic moves and peaked at all the predicted levels of $25,000,
, $250,000, $1 Million, etc. These price movements would have even saved John McAfee from
. By then, BTC would be the digital gold and all fiat would have become extinct and displaying in museums next to fuel guzzling Lambos.
More forks of Bitcoin would have emerged by then with each claiming to be the refined version of the original. But the original Bitcoin by Satoshi would be highly sought after by HODLers who believe its value will perhaps reach higher levels above the $1 Million predictions.
The probability of the Ethereum community agreeing to solve scalability issues in 20 years is very high. By then, the network will be processing transactions at speeds that are probably 100 times current levels. The ERC20 token protocol would probably be obsolete and replaced by some other protocol that has fewer vulnerabilities in the smart contracts.
The price of ETH would have crossed the levels predicted at $1,000, $2,000, $10,000 and more. ETH would once again be the best alternative coin to HODL and
The remittance industry in 20 years will probably be at the fingertips of the Ripple company. The firm would have by then, apparently merged or acquired
and any other threat to their ‘global domination.’
would have surpassed the eagerly awaited $10 and done more in gains to levels that have not even been predicted. The monopoly of Ripple software solutions would once again become a cause for concern but not to XRP HODLers who would be reaping the rewards of waiting.
Justin Sun and the Tron foundation would have managed to decentralize the web in 20 years. The digital asset of TRX would have managed to become the gold standard of rewarding musicians, actors and more. By then, the adult film industry would have catapulted TRX to levels that no one imagined due to
will probably have decided to no longer live in the shadows of Big Brother, BTC. Litecoin would have managed to become the preferred digital asset for sending funds through SMS and Telegram messaging through Lite.im.
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In conclusion, and the basis of this futuristic post is to remind crypto-traders and enthusiasts that we are on the cusp of greatness with cryptocurrencies and blockchain technology.
With every new technology that is introduced into the mainstream, there is a reluctance to adopt it immediately for this would be disrupting the ‘Business as Usual’ of doing things. Humans are creatures of habit, and any disruption of that habit is usually met with fear or hostility as we see now.
But 20 years down the line, crypto traders will be flying around in their cars and being glad they kept HODLing.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full
Only two days ago, August 23, the US SEC once again rejected all
requests, this time filed by Direxion and ProShares. Experts claim that the reason behind the rejection is fear of ETFs leading to fraud and market manipulation.
About a month ago, the SEC stated that market manipulation is a real concern, which is why they rejected the Bitcoin ETF request filed by the Winklevoss twins. The twins managed to establish Bitcoin’s values through the use of their crypto exchange, Gemini, which is said to be strictly regulated.
However, this was not enough for the SEC, and the Commission stated that the markets can be relatively easy to manipulate, given the opportunity. Relying on one single exchange to dictate Bitcoin ETFs’ value would be exactly one such opportunity. Bitcoin ETF can potentially lead billions in new capital to the market, and this is too serious an amount, and represents a high risk to the economy, in general.
Prior to the refusal, the twins were convinced that their proposal actually had a good chance to be approved. This was additionally supported by Nasdaq’s involvement, which is the second-biggest stock market in the world.
is involved in Gemini’s operations so that all tradings and the market itself would always remain authentic and completely transparent.
After the SEC rejected the request of the Winklevoss brothers, it received new proposals filed by Direxion and ProShares. Their proposals used CME and Cboe futures markets, which are also very strictly regulated, to try and establish their ETF’s value. However, the SEC found a flaw to this proposal as well and stated that, while CME and Cboe are, in fact, regulated markets, the BTC futures markets are not large enough to be used for establishing the value of ETFs.
According to the government enforcement defense and securities litigation attorney, Jake Chervinsky, the real reason for the SEC rejecting all of these ETFs is the risk of fraud and market manipulation. If the ETF’s design significantly lowers or even prevents these risks, then the SEC would approve it. Unfortunately, these ETFs are not designed in such a way.
He also said that the SEC was not satisfied with the two institutions’ efforts to only rely on the futures markets. This is due to the fact that the majority of BTC trading still goes down in unregulated exchanges and markets. This makes the BTC futures markets too small, as well as unable to provide enough information regarding the market participants’ identities.
market grows, and regulated financial institutions expand enough to create bigger futures markets, the SEC might change its mind regarding the ETFs backed by derivatives. However, for now, the SEC has no intention to approve marked-backed futures in the US. Even so, many believe that the ETFs filed by Cboe and VanEck have the highest chance to actually be approved in a relatively short period, which remains to be seen.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full
As most crypto exchanges are having a hard time retaining business,
is posting record profits that are yet to be declared but will be highlighted below. Looking at the recent analysis of Coinbase, we find that the popular American exchange is having a hard time maintaining a customer base during a bear market. The exchange has experienced a plunge in the volume of 83% since the highs of December and January.
, Coinbase’s volume in July was around $3.9 Billion in trades as compared to $21 Billion back in January during the crypto bull run.
The only exchange that has partially survived the bear market from the above report is
. The exchange’s numbers in July stood at $11.3 Billion in July and those of OKEx reaching levels of $2.9 Billion. We can blame the general decline in trade volume on regulatory uncertainty, constant FUD,
as well as a natural market decline after an impressive rally.
BitMEX was launched in 2014 but did not become popular in the crypto-verse up until around June this year, when traders realized they could make a killing
. The exchange offers perpetual contracts as well as futures contracts. The continuous contracts do not have an expiring date and have a funding rate that occurs every 8 hours. Futures contracts on the platform are settled at the contract’s settlement price.
This, in turn, means you can short the digital assets of Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH),
, EOS, Litecoin (LTC) and Tron (TRX) no the platform. This then opens the floodgates for potential market manipulation from someone or an organization that knows what they are doing.
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“…that trading access to or holding positions BitMEX is prohibited for any person that is located in or a resident of the United States of America, Québec (Canada), Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, Sudan, or any other jurisdiction where the services offered by BitMEX are restricted.”
Could it be they are avoiding SEC scrutiny and the long arm of the American Law? Perhaps the financial instruments on BitMEX would not hold water with the SEC.
Profits, Expensive Offices, and Billionaire Founders
in Hong Kong in a move that raises more questions as to how much in profits the exchange is making by offering the unique trading instruments on their platform. The exchange will occupy the 45th floor of the Cheung Kong Center. Their average leasing expenses will add up to around $500k per month.
To add to the question as to how much the exchange is making in profits, Ben Delo, a co-founder of BitMEX, was recently been named Britain’s youngest Bitcoin Billionaire aged at just 34.
The Billion dollar question that now arises is how much is BitMEX making in profits?
In the case of Binance, the exchange has stated that it is eyeing $1 Billion in profits for the year of 2018. Binance does not use the extra leverage instruments on BitMEX, but it has attracted a majority share of global traders. Checking coinmarketcap.com, we find that the daily trade volume of BitMEX is three times that of Binance.
BitMEX vs. Binance trade volume. Source, coinmarketcap.com
Doing the math from the daily trade volume of both exchanges, BitMEX could be targeting $3 Billion in profits at the end of this year or even more.
Therefore, the question as to whether they are getting the funds to rent the best office space in Hong Kong can now be answered. We can also understand how Ben Delo is a Bitcoin Billionaire.
However, there is still the unanswered question as to why trading in the United States is prohibited and as to whether the exchange has protection measures for their users against market manipulation.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full
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