Cardano (ADA) Bulls Outpaces Bitcoin: Here’s What Could Propel It to $0.06

Cardano rallied more than 12% and outpaced bitcoin’s 5% rise. ADA price is now trading well above $0.0500 and it could continue to rise towards the $0.0600 resistance area. ADA price started a strong rise after it broke a major resistance near $0.0465 against the US dollar. The price rallied above the $0.0500 and $0.0520 resistance levels. There was a break above a key contracting triangle with resistance near $0.0440 on the 4-hours chart of the ADA/USD pair (data source from Kraken). The pair is likely to rise further towards…

Here’s Ethereum Bears Last Defense, Can Bulls Overcome This Hurdle?

Ethereum is up 2% and it broke the $175 resistance, while bitcoin rallied 5%. ETH price is now facing a strong resistance near the $178 and $180 levels. There was a steady rise in Ethereum above the $170 and $175 levels against the US Dollar. The price revisited the key $178 resistance area, where the bears took a stand. There is a major ascending channel forming with support near $173 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rally significantly once there is a close…

Bitcoin Price Rallies to Set a 2020 High Near $9.5K – Is $10K Next?

Bitcoin (BTC) price has rallied to $9,439 and bulls have again shown that they have no intention of letting the crypto market’s most valuable asset stay below the $9K mark.  Bitcoin daily price chart. Source: Coin360 Earlier in the day Bitcoin’s price dropped below $9,000 to a daily low at $8,879, which led some analysts to issue dismayed calls for a revisit and consolidation around the $8,300 to $8,500 range.  While the thought of a pullback was the least desired scenario amongst traders, it seems perfectly reasonable given Bitcoin’s robust…

Bitcoin Cracks $9,400 to Reach Nearly 3-Month High in ‘Asia-Driven Rally’

Bitcoin (BTC) has risen above a key area of resistance to reach its highest point in nearly 3 months. On Jan. 28, at roughly 23:30 UTC the price of BTC rose from around $9,150 to $9,400 in less than 5 minutes to reach an 83-day high, CoinDesk’s BPI shows. The world’s largest cryptocurrency by market capitalization continues to rise amid the backdrop of uncertainty in the global markets with the Dow Jones Industrial Average having cemented a 1.6 percent loss on Jan. 28. The S&P 500 index also saw a…

Buy the Pump, Sell the Dump — Does Momentum Investing Work in Bitcoin?

Since the start of the year, Bitcoin (BTC) price has been as high as $9,200 — a 2-month high — while going as low as $6,900 on Jan. 3. Bitcoin’s volatility is one of the most frequently discussed issues that arise when investors evaluate Bitcoin as an asset class. However, its volatile behavior is what provides an opportunity for investors to take advantage of the price movements and make a profit.  Following predictions as optimistic as the $100,000 forecast based on the stock-to-flow model, investors may foresee another period of…

LedgerX Board Member and Former CFTC Chair Named CEO of Miami Futures Exchange

A board member of LedgerX’s holding company has been named CEO of a firm accused of trying to take over the bitcoin derivatives exchange. Mark Wetjen, a former acting chairman of the Commodity Futures Trading Commission (CFTC), is the new CEO of Miami International Futures Exchange (MIAX) and an executive vice president of its parent firm, Miami International Holdings (MIH). According to a press release Monday, Wetjen in his EVP role will work on futures and innovative products – including crypto derivatives – and act as a regulatory liaison for…

Crypto Markets on Verge of Parabolic Breakout as Bitcoin Sets Fresh 2020 High

Bitcoin (BTC) and the altcoin markets incurred some notable momentum today, which comes as Bitcoin’s bulls extend the rally that first kicked off yesterday when the crypto made its way up to highs of $9,150. This momentum has not been isolated to Bitcoin, however, as many major cryptos have been able to similarly incur notable momentum today. It does appear that the markets are on the cusp of seeing significantly further upside, as Bitcoin just broke above the upper boundary of a bull pennant that could generate an upwards tailwind…

Cardano Inches Toward Smart Contract Implementation with New Paper

Cardano (ADA) revealed a new paper on Jan. 27 in which the firm details how smart contracts will be implemented in the upcoming Goguen update. Though the system is unique, its release date is still uncertain in light of Cardano’s history of delays. How EUTXO works The Extended UTXO model was specifically designed as an improvement on Bitcoin’s (BTC) pure UTXO architecture. In Bitcoin, each transaction is based on the concept of outputs and inputs, representations of specific amounts of BTC. A specific transaction simply takes some Bitcoin in the…

Kik Adviser to Face Deposition From SEC This Week

The US Securities Exchange Commission (SEC) has requested the deposition of a representative from Kik, the former messaging app that now focuses on cryptocurrency, in its longstanding wrangle, which claims that the Canadian company violated securities laws when it carried out an ICO in 2017. On January 23, a judge in the Southern District of New York ordered Kik to divulge information detailing how its business has changed since 2018, with the company shutting down its messaging service in order to focus on cryptocurrency. Initially hoping to hear from Kik…

Crypto-Related Deposits Drop by Half at Metropolitan Commercial Bank

Metropolitan Commercial Bank’s deposits from digital currency businesses have steadily declined for more than a year, a sign competition is heating up in a field where the bank was once one of the only games in town. Over the course of 2018, the New York-based lender’s deposits from the industry shrank by 52 percent, to $104 million on Dec. 31, according to an investor presentation the bank put out last week. Digital currency clients accounted for 4 percent of the bank’s total deposits at year’s end, down from 13 percent…