The Leading Cryptocurrency Stories for 9th April 2018

The Leading Cryptocurrency Stories for 9th April 2018
April 9, 2018

Last Thursday, the Reserve Bank of India ordered India’s banks and other financial institutions in the country, to stop doing business with entities dealing in cryptocurrencies. The market fell on the next day, but bounced back sharply over the weekend. Many traders believe that it is almost impossible for RBI to control the citizens of India from investing in cryptocurrencies. In Japan, Coincheck, the Japanese exchange, which lost $533 million worth NEM (XEM) coins to hackers in January, accepted a $33 million takeover proposal by online broker Monex. Following the acquisition, Coincheck’s CEO Koichiro Wada and COO Yusuke Otsuka will step down and replaced by Monex’s CEO Toshihiko Katsuya. While the cryptocommunity hopes for a return of the bullish trend in the second-quarter, Fundstrat’s Tom Lee expects a massive sell off as it is estimated that the US households own an estimated $25 billion in capital gains taxes due to their crypto holdings. While cryptospecialists and market gurus are giving their forecasts, Soros Fund Management is planning to venture into cryptocurrency trading. Notably, George Soros, the head of the investment firm, had once stated that Bitcoin is a ‘bubble’ and has no inherent value.

Now, let us look at the top stories related to the most important coins this week:

 

Bitcoin (BTC): Bitcoin continues to hold near $7,000, despite a series of negative news surrounding it. Analysts at London-based investment research firm Capital Economics is of the opinion that Bitcoin will continue to remain on a declining path in the months to come as it lacks value relative to traditional currencies. While analysts are busy giving out their pessimistic views, crypto exchanges are busy rolling out new facilities. Coinbase, for instance, announced that it will support the withdrawal of Bitcoin forks in the coming month. However, the exchange made it clear that it will not offer trading support to altcoins created through forks. Read more here and here. 

 

Ethereum (ETH): Chile’s National Energy Commission launched a blockchain pilot project aimed to boost the accuracy, transparency, and security of data related to the country’s energy sector. Chile is one of the front runners in implementing blockchain related projects in Latin America. In the first phase, all the data related to national grid capacity, residential energy-generating installations, average market prices, and other topics will be recorded to the blockchain. Justin Sun, the founder of Tron (TRX), which is currently an ERC20 token, stirred controversy when he compared the crypto with Ethereum last week. Tron launched its testnet successfully last week and is planning to launch the mainnet before the end of May. Justin Sun tweeted the following message and was not taken well by Vitalik Buterin, the creator of Ethereum.

“10000TPS vs. 25TPS

Zero fee vs. high fee

Consistent Coinburn vs. No Coinburn

Java vs. Solidity

Strong extensibility vs. no ex.

1 billion USD developers rewards vs. no plan

100 million users vs. small number”.

Buterin responded with a sarcastic post reminding him of Tron’s white paper, which contains portions that are believed to have been copied from white paper of other cryptocurrencies.

“Better white paper writing capability (Ctrl+C + Ctrl+V much higher efficiency than keyboard typing new content)”

Read more here and here. 

 

Ripple (XRP): In another big recognition for Ripple, Apple has opted to use W3C Interledger for Payment Request API for Apple Pay on Safari browser. Notably, Ripple (XRP) is the co-chair of the World Wide Web Consortium (W3C). Furthermore, XRP is the cheapest liquidity available for interledger operation. Therefore, Apple could soon start using Ripple indirectly. Read more here. 
 
 

Our Forex Trading Plan 

Bitcoin. Bitcoin (BTC) is defiant to stay above 6,600. At these levels, all the sell orders get absorbed quickly and the cryptocurrency bounces back. Technically, a double bottom pattern is also seen in the chart. The stochastic oscillator is also in the oversold region. Therefore, a bounce back is expected.

To gain from the uptrend, we are planning to open a long position in the BTCUSD pair near 6,900. In case we open a long position, a stop loss order will be placed below 6,600. We will then wait for Bitcoin to reach a level of 7,500 to book profit.
 
Bitcoin - Technical Analysis - 9th April 2018

 
 

Our Binary Options Trading Plan

Litecoin. Litecoin (LTC), which was created by a fork of Bitcoin’s blockchain, is our choice of asset to trade in the binary market. As Litecoin follows the movement of Bitcoin, we prefer to go long in Litecoin as well. Similar to Bitcoin, Litecoin has also formed a double bottom in the chart. The moving average of oscillator has also crossed the reading of zero. Therefore, we are expecting a rally to begin soon.

To gain from the impending rally, we are planning to acquire a call option, which is valid for a period of one week. The option may be bought, only if Litecoin is trading near $110 in the cryptocurrency market.

 

Litecoin - Technical Analysis - 9th April 2018

Disclaimer: The trading analysis offered here is our opinion. It is not provided as trading advice, merely an indication of our trading plan. We cannot guarantee success and we encourage traders to incorporate a strong money management strategy to limit losses. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


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