Joseph Lubin: Speculators are driving price swings
Ethereum co-founder Joseph Lubin stated in discussion with Bloomberg that a price collapse wouldn’t constrain further growth.
He also expressed the opinion that the last year’s price jump was a bubble and ‘trader types’ are the reason behind the cryptomarket volatility.
This week ether has seen 9-month low of $254. It is currently trading at $300 price level. The second largest cryptocurrency is down 18% in 7 days and lost 62% since the beginning of the year. By comparison, bitcoin is now worth 51% of it’s value on January 1st.
Ethereum co-founder Joseph Lubin stated in discussion with Bloomberg that a price collapse wouldn’t constrain further growth.
He also expressed the opinion that the last year’s price jump was a bubble and ‘trader types’ are the reason behind the cryptomarket volatility.
This week ether has seen 9-month low of $254. It is currently trading at $300 price level. The second largest cryptocurrency is down 18% in 7 days and lost 62% since the beginning of the year. By comparison, bitcoin is now worth 51% of it’s value on January 1st.
Simple Moving Average
Identifying trends, or the general direction in which an asset is moving, can be very helpful for cryptocurrency traders. However, tokens can be highly volatile. Technical analysis helps single out a trend by looking at the ‘moving averages’ which smooth out a cryptocurrency's price fluctuations.
The most basic kind of moving average is the 'simple moving average', which is determined by calculating an asset’s average price over a specific time period. Traders might look at what bitcoin has done over a five-day or 15-day period, for example.
A similar tool that bitcoin traders can use is the 'exponential moving average', which gives greater emphasis to more recent price values when calculating an average.
By analyzing moving averages, traders can get a better sense of when momentum shifts. For example, if a five-day moving average (SMA5) falls below a 20-day moving average (SMA20), this development could point to a bull market turning bearish.
#cryptotrading101
Identifying trends, or the general direction in which an asset is moving, can be very helpful for cryptocurrency traders. However, tokens can be highly volatile. Technical analysis helps single out a trend by looking at the ‘moving averages’ which smooth out a cryptocurrency's price fluctuations.
The most basic kind of moving average is the 'simple moving average', which is determined by calculating an asset’s average price over a specific time period. Traders might look at what bitcoin has done over a five-day or 15-day period, for example.
A similar tool that bitcoin traders can use is the 'exponential moving average', which gives greater emphasis to more recent price values when calculating an average.
By analyzing moving averages, traders can get a better sense of when momentum shifts. For example, if a five-day moving average (SMA5) falls below a 20-day moving average (SMA20), this development could point to a bull market turning bearish.
#cryptotrading101
Did you know? First BTC transactions.
The first non-mined bitcoin transaction happened on 21 January 2009 between Hal Finney and Satoshi Nakamoto. Satoshi transferred 101 BTC to Finney’s account.
But the digital currency has come a long way since 2010, when the purchase of the two Papa John's pizzas by Laszlo Hanyecz from another bitcoin enthusiast marked what is believed to be the first "real-world" bitcoin transaction. In May 2010, a developer bought two pizzas using 10,000 bitcoins. Today, 10,000 bitcoins are worth more than $60 m.
The first non-mined bitcoin transaction happened on 21 January 2009 between Hal Finney and Satoshi Nakamoto. Satoshi transferred 101 BTC to Finney’s account.
But the digital currency has come a long way since 2010, when the purchase of the two Papa John's pizzas by Laszlo Hanyecz from another bitcoin enthusiast marked what is believed to be the first "real-world" bitcoin transaction. In May 2010, a developer bought two pizzas using 10,000 bitcoins. Today, 10,000 bitcoins are worth more than $60 m.
Cryptomarket Weekly Recap
Top 5 coins 7d change
BTC $6,506.07 (+2.8%)
ETH $300.83 (-6.3%)
XRP $0.34 (+14.7%)
BCH $569.93 (-0.2%)
EOS $5.31 (+4.3%)
Total Market Cap: $214,096,665,345
BTC Dominance: 52.1%
Biggest gainers in 7d
Wincoin (WC) 438.47%
PKG Token (PKG) 249.19%
TaTaTu (TTU) 245,88%
Biggest losers in 7d
Peercoin (PPC) -51.82%
Sapien (SPN ) -44,16%
Carblock (CAR) -43,26%
Top 5 coins 7d change
BTC $6,506.07 (+2.8%)
ETH $300.83 (-6.3%)
XRP $0.34 (+14.7%)
BCH $569.93 (-0.2%)
EOS $5.31 (+4.3%)
Total Market Cap: $214,096,665,345
BTC Dominance: 52.1%
Biggest gainers in 7d
Wincoin (WC) 438.47%
PKG Token (PKG) 249.19%
TaTaTu (TTU) 245,88%
Biggest losers in 7d
Peercoin (PPC) -51.82%
Sapien (SPN ) -44,16%
Carblock (CAR) -43,26%
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Bitcoin's value surged Tuesday evening to nearly $6,900.
The move coincided with scheduled maintenance on BitMEX, a derivatives trading platform for bitcoin and other cryptos. The platform went down at 9 p.m. EST today - which was the exact moment that Bitcoin spiked. Prices peaked at $6,899 before easing back slightly.
Total market capitalization of all cryptocurrencies shot up over $12 billion in just over an hour to peak at $222.8 billion.
The move coincided with scheduled maintenance on BitMEX, a derivatives trading platform for bitcoin and other cryptos. The platform went down at 9 p.m. EST today - which was the exact moment that Bitcoin spiked. Prices peaked at $6,899 before easing back slightly.
Total market capitalization of all cryptocurrencies shot up over $12 billion in just over an hour to peak at $222.8 billion.
SEC Rejects 9 Bitcoin ETF Applications from ProShares, Direxion and GraniteShares
The U.S. Securities and Exchange Commission has rejected a total of nine applications to list and trade various Bitcoin exchange-traded funds from three different applicants, according to a three separate orders published by the SEC today, August 22.
The disapprovals come one day ahead of the anticipated deadline, August 23, stipulated for a pair of BTC ETFs that had been submitted by ProShares in conjunction with the New York Stock Exchange ETF exchange NYSE Arca.
The SEC has now rejected a further seven proposed ETFs alongside the ProShares pair –– these being five further proposed ETFs from Direxion and two proposals from GraniteShares, for listing on CBOE.
The U.S. Securities and Exchange Commission has rejected a total of nine applications to list and trade various Bitcoin exchange-traded funds from three different applicants, according to a three separate orders published by the SEC today, August 22.
The disapprovals come one day ahead of the anticipated deadline, August 23, stipulated for a pair of BTC ETFs that had been submitted by ProShares in conjunction with the New York Stock Exchange ETF exchange NYSE Arca.
The SEC has now rejected a further seven proposed ETFs alongside the ProShares pair –– these being five further proposed ETFs from Direxion and two proposals from GraniteShares, for listing on CBOE.
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