This week the entire cryptocurrency market hit a year low and closely scraped going under the $250 billion mark.
Many speculate that the reason for this week’s dip is due to the Bitcoin futures, but the impact the futures have on the greater market remains a mystery to most.
Most coins within the top 100 are in the green today, let’s take a look at a few that are outperforming the rest.
It was just announced that the tech giant IBM (NYSE:IBM) have begun getting serious about cryptocurrency and more specifically expanding its partnership with Stellar. The partnership was made public last October, and currently, IBM is running nine Stellar nodes. These nodes are used for cross-border payment trials across the U.S, Australia, Brazil, and China.
Jesse Lund, IBM’s new head of blockchain development, spoke to Coin Desk and said:
“We’re seeing tons of demand for digital asset issuance across the board. What’s happening is there’s this emergence of a new segment that could actually be one of the biggest segments, that is a permissioned but public blockchain network typology.”
That being said, IBM remains open to working with various blockchain projects rather than just putting all its eggs on the Stellar network.
This announcement by Lund seems to have caused XLM’s price to shoot up. At press time, XLM is trading at $0.213 a coin, up 16.04%. Stellar is leading the top cryptocurrencies for the most price gains on the market today.
There is no new news on Cardano, except the fact that its next upgrade is just weeks away. If you’ve invested in ADA but haven’t done your research on the project itself and its roadmap. I highly recommend you read my article linked below.
At press time, ADA is trading at $0.156 a coin, up 9.42%, in 24 hours.
>> Cardano vs. EOS – A Closer Look
Just recently, John McAfee, the creator of the McAfee software just went on a rant via Twitter about his support for Ethereum.
The price of the cryptocurrency has dropped to around $400 recently, and a lot of its movement stems from speculation. Still, Ethereum hit above the $1,000 mark in days, and its price lift back above that mark is possible.
While the new generation of cryptocurrencies are steadily on the long-time dApp platform’s tail, you can’t deny that Ethereum’s smart contracts haven’t been used by more than 50% of these new projects. All of the games built on the blockchain that have made millions, are built on Ethereum.
The developers on the Ethereum network remain hard at work on solutions for the ongoing scaling issue.
At press time, ETH is trading at $403.84 a coin, up 7.02%, in 24 hours.
>> Ethereum Scaling Protocols
Featured Image: Byers
The week began with news that Twitter’s ban on cryptocurrency ads was taking effect immediately, affecting an industry already taking a hit in interest worldwide. Studies are showing that internet searches are on the decline. But things are looking a little more optimistic in areas like South Korea, which seems poised for growth. Indeed, it was announced that cryptocurrencies will be accepted in over 6,000 South Korean stores over the coming months.
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This week’s tories contributed by Jeremy Epstein, Nick Marinoff and Amy Castor
Less than two weeks ago, the social media giant announced it was developing new policies which would lead to the eventual ban of cryptocurrency and ICO-related advertisements on its platform. That ban suddenly took effect on March 27.
“We are committed to ensuring the safety of the Twitter community,” said a company representative. “As such, we have added a new policy for Twitter Ads related to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
Following a three-month period of drooping prices, it appears interest in bitcoin and digital currencies is falling to new lows, and the market value is sinking along with it. In addition, interest in bitcoin and cryptocurrency related jobs is generally on the decline, though blockchain gigs remain stable enough. Some regions, like India, on the other hand, are seeing job growth.
What we’re probably witnessing is a “shift” in interest, not necessarily a lack of regard for cryptocurrencies; instead, interest may be adapting as people learn more. Analysts are still predicting that overall interest in crypto could spike again later this year. Many remain bullish on virtual assets, particularly bitcoin, and suggest it could reach new price highs by the summer of 2018.
Bitfinex, the fifth-largest cryptocurrency exchange by 24-hour trading volume, is looking to hoist itself out of Hong Kong and settle in Switzerland. As confirmed by sources close to Bitfinex, the exchange is already in talks with Swiss authorities.
Jean-Louis van der Velde, CEO at Bitfinex, hints that a move to Switzerland would bring a renewed transparency to the business. “We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator,” he said.
Korea has many of the pieces of the puzzle to become the first “Crypto-Powered Nation,” one that runs on blockchains and supports a crypto economy.
Cryptocurrency awareness and adoption are already widespread throughout the country. The end result is that the crypto-infrastructure is in place to handle a large number of customers and almost everyone there has heard of the concept.
The current government, led by President Moon Jae-in, relies heavily on the support of the young adult population. Not surprisingly, this is the same demographic that is highly invested in crypto-assets. As a result, the government is likely to support balanced regulation when it comes to cryptocurrencies. “The government needs the young people to stay in power, and young adults love crypto. They are not going to mess that up.”
Between the money coming in and going out, Korean exchanges and the network of providers that support them are seeing a huge amount of activity. The end result is that they are being forced to innovate on security and scaling solutions. The in-country knowledge could ultimately trickle down to benefit other South Korean companies in the blockchain industry. This, in turn, would give them a competitive advantage by allowing these companies to test and refine a lot of these systems at enterprise scale within the country.
Combine all that with an intense culture of achievement, a drive for economic success and an increasingly global outlook as the country has vaulted to become one of the top 10 economies worldwide, and you have the recipe for a powerful cycle of innovation.
Popular South Korean cryptocurrency exchange Bithumb is partnering with digital payment service provider Korea Pay Services (KPS) to pave the way for widespread digital asset adoption in the country. Both companies are working to give over 6,000 of the country’s retail outlets the option of accepting cryptocurrency payments for goods and services.
Executives say they are seeking to launch these new services by summer of 2018, then increase the number of stores to 8,000 by the year’s end.
If Bitcoin is dead or not, that’s subject to interpretation. Of course, it also depends on if you are a supporter or not. In my opinion, if BTC depreciation continues, other (most) altcoins might follow suit.
Besides Tron which is charting new heights and aiming for a spot in the top 10-its down 20% in the last 24 Hrs, others like LTC continue to face the sword. From our altcoins technical analysis, we might expect to see some slight recovery and thereafter, prices might continue dropping to new lows.
Let’s have a look at these charts:
XLM/USD (Stellar Lumens)
XLMUSD 4HR Chart from Bittrex for March 31, 2018
After periods, weeks of Stellar Lumens depreciation, there’s a mild recovery.
On our previous preview, we expected Stellar Lumens prices to recover now that we could see a stochastic buy signal in place and most importantly, a bullish divergence pattern. Notice how prices were trickling down as buy pressure picked up.
At the moment, I expect higher highs. This is us fading the general bear move but our earlier plan was to short whenever a stochastic sell signal forms.
We can either wait for that to happen or buy short-term with stops below yesterday’s lows at $0.17. Only buy when prices are above $0.21 or the 4HR chart middle BB.
IOTUSD 4HR Chart from BitFinex for March 31, 2018
According to data, IOTA is down 2.22% but unfortunately, bears are yet to cash their profits at $1.
As it is, the 20 period MA is our immediate resistance line and we can see how sellers have been jumping in whenever buyers test this level.
Our trade plan remains the same and unless there are strong supportive fundamentals, IOTA sellers should hold on tight and aim for $1.
On the flip side, if buyers pick up and push prices above $1.2, then sellers should exit their shorts and aggressive buyers can with immediate targets at $1.5. In that case, stops should be at $1.
EOSUSD 4HR Chart from BitFinex for March 31, 2018
From the chart, it’s obvious that we cannot see major gains. That has been the case in the last 48HRs or so and even though buyers look the part, our bearish skew remains steadfast.
That’s unless of course there are strong reasons to load this token which has no working product and a large fan base.
I’m a seller and as such, EOS traders can wait for sell opportunities whenever a stochastic sell prints at or around $7.5. Alternatively, waiting for a drop below $5.5 means EOS would be trading below a 48HR support line and presents another selling opportunity.
LTCUSD 4HR Chart from CoinBase for March 31, 2018
The depreciation has been devastating for LTC holders and unfortunately, the projection looks bad. Despite Abra’s integration, there is a gloom LTC projection more so when we take a top down approach.
To begin with, this week’s bearish engulfing pattern and a follow through of a bearish break out, is indicative of potential release of sellers. It’s even worse in the monthly chart where it looks like the party just begun.
From price action and patterns, we shall place our upper limit at $135 and that’s where sellers should get in say there is a pump before a drop towards $100 in the coming session.
NEOUSD 4HR Chart from Bittrex for March 31, 2018
The depreciation continues and it seems like NEO bears are driving prices down in a straight line anyways, at least that what we can glean from the chart.
Anyway, $50 remains important. Notwithstanding, if there’s a convincing breach, then NEO sellers can quickly print $40-at the 78.6% Fibonacci retracement and $25, a strong support line in 2017 in the coming weeks.
All charts courtesy of Trading View
The demand for international artists to perform live in cities around the world is far beyond the supply for available venues. This leads to significant missed revenue for celebrities, not to mention that fans miss out on a chance to experience their favorite concerts, events, and shows in person. To cope with this growing demand, the music industry has adopted some solutions such as providing live streaming and recording material to avid fans.
However, these solutions are limited and don’t live up to the expectations of fans. Virtual Reality (VR) developer, Ceek jumps on the Blockchain bandwagon with a new project that aims to change the way VR content is consumed by the masses.
Virtual Reality Meets Blockchain to Create an Entertainment Metaverse
Ceek, hardware and software developer of VR experiences and patented headsets has launched a Blockchain project that streamlines access to a tokenized VR-based exchange platform. The main objective is to build a decentralized entertainment metaverse where celebrities can sell virtual concert tickets, personal objects, and additional merchandise their fans can purchase using the platform’s Ceek tokens.
The mission is to launch a next-generation VR platform, where token holders (Ceekers) can pay with cryptocurrencies to attend live concerts in VR using the Ceek VR headset and app. Apart from empowering artists to expand their revenue streams, the project aims to build a fan community with its token; a place where people can buy virtual tickets to their favorite show, event or live concert.
A Virtual Safe Haven for Artists, Fans, and Developers
Ceek provides various immersive VR experiences inside its “Ceek City” — the decentralized virtual space that comprises of a concert area, theatre, hangout lounge, sports complex, and more. By leveraging Ceek tokens, Ceekers can perform a wealth of activities in the “city”, such as vote for content, purchase artist merchandise and concert tickets, sell custom items on the dedicated exchange, and even contribute to its development.
Celebrities have the “Celebrity Coin Mint” tool at their disposal which they can use to create their own, unique virtual objects or celebrity minted coins. By issuing VIP virtual tickets to exclusive events, they can increase demand and accelerate supply; dictate ticket prices and bring inherent value to the Ceek VR platform.
“Ceek City” also targets developers who can earn Ceek tokens using the platform’s SDKs, open APIs, and VR authoring tools to develop virtual environments, digital goods, or venues, and make them available in the Ceek marketplace.
A Decentralized Demand Engine Disrupting the Global Music Industry
Ceek’s overall value is dictated by native features such as Celebrity Coin Cast and Global Rights Clearance. Through the creation of customized coins by celebrities and artists, there is expected to be a boost in demand for attending concerts in VR, buying exclusive event tickets and virtual objects which will increase artists revenues as well as the popularity of Ceek.
The project aims to use Blockchain technology to provide transparent, scalable and secure transactions; cater to the people’s need for fully immersive experiences that are as close to real-life live events as they can get. Ceek has an established business model through their proprietary Ceek VR headset available for purchase in stores like Target, Best Buy, and Amazon. The company has also partnered with renowned names in the music industry like Universal Music, Apple, and T-Mobile to fulfill its mission of building a decentralized, easy-to-use VR entertainment metaverse.
The Ceek VR Token Sale begins on April 15th, 2018. Ceek tokens can be purchased at value of $0.25 per coin.