Markets Update: Bitcoin Recovers to Test $10,000 Area

The BTC markets have ramped up to test the $10,000 USD area on leading exchanges following a break above resistance at $9,000. Bitcoin has recovered by more than 60% since testing the $6,000 area on February 6th.

Also Read: Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Bitcoin Tests $10,000

Bitcoin has produced bullish action in recent days, forming an inverse head and shoulders pattern on the 4-hourly chart before breaking above resistance at roughly $9,000 area yesterday.

Markets Update: Bitcoin Recovers to Test $10,000 Area

The bearish action of recent weeks saw bitcoin lose approximately 65% of its value – falling from approximately $17,000 at the start of January to the recent low of less than $6,000 on the 6th of February. When compared with the all-time high of approximately $19,700 from December 17th, the drop down to $6,000 comprised a 70% loss in the value of BTC in just seven weeks.

Bullish Recovery Signs for BTC

The recent bullish momentum has seen bitcoin break above the 23.6% retracement area of the crash when measuring from the all-time high area of $19,000 – $20,000. Many traders are anticipating that BTC may soon test the major descending trendline stemming from the all-time high should the markets continue on their bullish trajectory.

Markets Update: Bitcoin Recovers to Test $10,000 Area

When looking at the weekly chart, the stochastic RSI appears poised to retest the 20 threshold after having dropped below such for the first time since mid-2017.

Markets Update: Bitcoin Recovers to Test $10,000 Area

According to Cryptocompare, Japan’s markets are by far the most dominant – with JPY/BTC trade currently comprising over 51% of the total volume of BTC traded globally during the last 24 hours. USD and USDT trade is estimated to represent approximately 37% of global trade combined, followed EUR/BTC trade with just under 5%. The shifting regulatory sands in South Korea have significantly reduced the dominance of the KRW/BTC markets – which presently comprises just 3.5% of BTC traded in the last 24 hours.

Altcoin Markets Correlated to BTC

The dollar-value of most altcoins have shown a strong correlation to BTC in recent months, with nearly every cryptocurrency producing a strong bounce in unison with bitcoin during February.

Among the best performing altcoins boasting a high market capitalization have been Litecoin and Ethereum Classic – both of which appear to have benefited from FOMO leading up to their respective forks, gaining over 100% since early February.

According to Coinmarketcap, bitcoin is currently exerting a market dominance of approximately 35%. Ethereum is second largest cryptocurrency market, boasting a 19.5% market dominance, followed by Ripple with 9.5%, and Bitcoin Cash with almost 5%.

Markets Update: Bitcoin Recovers to Test $10,000 Area

Do you think the bitcoin markets will continue to recover? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Trading View, Bitcoin Wisdom


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Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

While its trading clients might have preferred Coinbase to focus on improving its core service, the exchange is busy now expanding into another market. Coinbase Commerce has launched to help online stores handle payments in four leading cryptocurrencies.

Also Read: Independent Ratings Agency Alerts Investors About Dangers of Tether

Coinbase Commerce

San Francisco-based cryptocurrency exchange Coinbase has developed a new service that aims to simplify for merchants the adoption of multiple cryptocurrencies as payments for goods and services. Coinbase Commerce facilitates the acceptance of cryptocurrencies by monitoring, validating and confirming client transactions on each blockchain. And the company says that payments made from its customers are performed on-chain.

After a quiet soft launch test period, Coinbase Commerce was made available on Wednesday February 14 for all merchants globally. Online retailers everywhere can now use the service to accept bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH) and litecoin (LTC) payments. It enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet. Unlike previous merchant tools that the company developed, this one is not a hosted service, meaning that retailers have actual control of their own digital currency.

Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Shopify Integration

The developers of Coinbase Commerce say that it can be directly integrated into a merchant’s checkout flow or added as a payment option on an e-commerce platform. With just an email address and a phone, merchants can sign up and begin accepting crypto payments. The service has already been integrated with Canada-headquartered Shopify (NYSE: SHOP), one of the largest multi-channel commerce platforms, boasting more than 500,000 merchants with a total gross merchandise volume exceeding $45 billion. They add that they are actively adding more integrations with such platforms to make accepting cryptocurrency as easy as possible for merchants.

While the service can be most easily explained to retailers from outside the cryptocurrency ecosystem as a Paypal checkout for bitcoin, it’s more of an actual competitor to the largest bitcoin payment processor in the world today – Bitpay. The digital asset service provider based in Atlanta, Georgia has been the dominant player in the sector for a while now but Coinbase, whose revenues exceeded $1 billion last year, might be the best placed firm to challenge it.

Coinbase Develops Bitpay Competitor Supporting BTC, BCH, ETH and LTC

Is competition between Coinbase and Bitpay going to lead to better services? Tell us what you think in the comments section below.


Images courtesy of Shutterstock and Coinbase.


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Report Claims Litecoin is the Second Most Adopted Currency on Dark Marketplaces

A recent study has revealed Litecoin to be the second most adopted means of payment among dark marketplaces. The study also indicated a significant increase in adoption of Monero among English-speaking platforms.

Also Read: South Korean Prosecutor Fights to Confiscate Bitcoins from Criminal Proceeds

Dark Marketplaces Increase Altcoin Adoption

LTC is Second Most Popular Currency Among Dark MarketplacesThe study, conducted by Recorded Future, involved the analysis of 150 leading dark web “message boards, marketplaces, and illicit services” in order to ascertain the scale of alternative cryptocurrency adoption on the part of criminal entities in response to rising bitcoin fees.

Recorded Future states that “The meteoric rise in popularity of bitcoin among household users, speculators, and institutional investors […] since mid-2017” placed “an enormous load on the blockchain network, resulting in larger payment fees.”

Litecoin Is Second Most Dominant Dark Web Currency

LTC is Second Most Popular Currency Among Dark MarketplacesThe study revealed Litecoin to be the second most dominant currency among dark marketplaces – with LTC payment systems being implemented on 30% of the platforms analyzed in the study.

Despite the Recorded Future claiming to have identified an increasing number of “members of the cybercriminal underground” expressing a “growing dissatisfaction with bitcoin as a payment vehicle” as early as “mid-2016”, 100% of the platforms had integrated BTC payment systems.

Popularity of XMR Grows Among English-Speaking Dark Marketplaces

LTC is Second Most Popular Currency Among Dark MarketplacesThe study revealed a significant growth in the popularity of XMR on English-speaking platforms not matched by their Eastern European counterparts.

Among English-speaking platforms, Monero was found to be the second most popular means of payment – with XMR payments being integrated onto 15% of platforms. LTC was identified as the third most adopted payment channel among English-speaking marketplaces with 11%, followed by DASH and ETH with 9% each.

On Eastern European platforms, Litecoin was the second most popular means of payment, with 35% of dark markets implementing LTC payment integration. DASH was the third most adopted, with 24% of platforms integrating DASH payments, followed by BCH with 15%, ETH with 9%, ZEC with 4%, and XMR with 3%.

What is your reaction to Recorded Future’s finding? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Recorded Future


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