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Lithuanian Government Acquires 6.5M Euros of Seized Crypto Sale

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While the crypto market has been steering several into its industry, the government continues to bust scammy projects. Lithuanian government seems to be making the right use of the funds acquired in a past seize. As the price of Bitcoin has been on an uphill journey, selling the king coin or any other crypto coin can bring in immense profits.

Lithuanian Government Sells Bitcoin, Ether and Monero

At the time of writing, the price of Bitcoin had just pushed beyond $19K becoming more profitable than it was in the last two years. As per a recent announcement made by the State Tax Inspectorate [STI] of Lithuania which is the country’s tax authority, several cryptocurrencies were sold.

Previously, the country’s tax authority had seized crypto assets including Bitcoin [BTC], Ethereum [ETH] as well as Monero [XMR]. Recently, STI sold cryptocurrency worth 6.4 million euros, and the funds were further appended to the budget of the state. The STI revealed that conversion of these assets into fiat had taken about a day. The tax authority had to prep before converting crypto into fiat. In the process, they created a digital currency wallet that was previously confiscated.

The director of the State Tax Inspectorate Irina Gavrilova commented on the same and said,

“The whole process was new for the tax administrator, from the takeover of the confiscated cryptocurrencies to their realization.”

Furthermore, the director added that it would be more easygoing for the tax authority to sell seized cryptocurrencies in the future. While the STI did not mention the process and the execution of the selling of the assets, the tax authority seems to have made the right use of confiscated crypto.

Bitcoin in the meantime was headed towards $20K. The king coin was seen trading for $19,105.01. Over the last 24-hours, BTC had surged by 3.57%. ETH had, however, slumped below $600 despite acquiring gains of over 25% in the last seven days.

Will XRP’s Impressive Rally Face Critical Rejection?

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XRP has shown a tremendous rally in the past month. But what was interesting was that the cryptocurrency peaked on Coinbase at $0.92, while it stood closer to $0.80 on other exchanges. Despite this, XRP has been up by almost 140% since last week.

In fact, over the past 24-hours alone, the coin surged by 61.81% as it broke a two-year range with the steep rally. At the time of writing, the crypto exchanged hands at $0.712 while registering a market cap of $32.3 billion and a 24-hour trading volume of $28.94 billion.

As the collective crypto market tried to grapple with this immense volatility, XRP appeared to have jumped to the bullish bandwagon of Bitcoin, Ethereum, and other top cryptocurrencies.

XRP Daily Chart:

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XRP demonstrated an astonishing rise. The consecutive green candles triggered a bullish crossover in terms of the 50 DMA [Pink] and the 100 DMA [Blue]. The two moving averages appeared to be diverging following the uptrend and the rising gauge between them was indicative of the strong bullish momentum in the coin’s price.

The 200 DMA [Purple] settled below both the moving averages which further validated the rising optimistic trend of late. Hence, the DMAs formed crucial support points for XRP price candles at $0.279. $0.267, and $0.240 respectively.

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The MACD generated a massive buy signal as it formed a bullish crossover well above zero. A move by the MACD into bullish territory can confirm that XRP was heading to make more gains in the coming days. Conversely, there is a possibility the coin has now established its local top and could note sell-off in the near-term.

This was depicted by the RSI which climbed significantly to levels not seen since August to hit the overbought region in tandem with the coin’s price blowing past several crucial resistances. Since the indicator was overbought, a brief dip to $0.446 can be expected soon.

From the RSI and the position of the moving average, the chances of the coin pushing higher seem to be a possibility in the near future despite hints of bearish pressure in the offing. The immediate resistance for XRP was found at $0.689. If the token manages to surpass this point, it could climb to $0.727, a level not seen since May 2018. This level appears to be achievable as there is little resistance in between. Another crucial target point for the coin was found at $0.923.

These Signals Depict That The XRP Bulls Are Mapping Out Its Path

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Hype related to blockchain giant, Ripple faded and conversations surrounding the fourth-largest cryptocurrency by market cap, XRP declined in tandem with its dull price action over the period of the last four months.

The cryptocurrency, however, flipped bullish in response to the ongoing bull run spurred by Bitcoin. Over the weekend, XRP rallied by over 65%. Following the much-awaited bullish stint and as XRP touched a whopping 16-month high, daily active addresses all surged substantially.

According to the crypto analytic platform, Santiment, the number of unique addresses transacting on the XRP network in a single day noted a massive spike to 24,408. Surging DAA pointed an optimistic sentiment around the coin amidst the bull run.

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XRP’s impressive price performance over the last few days accompanied by a surge in addresses with large holdings is yet another bullish development for the ecosystem. This news comes a week after several renowned crypto analysts edged with a bullish stance on XRP. Over the past six months, strong growth in XRP whales was noted, meaning that this group of investors was buying up the cryptocurrency which trading close to its crucial support level.

Has XRP Established its Top?

Does this mean that a local top has formed and the price would likely go down? Maybe not yet. Currently, the number of whales that invested in XRP was still hovering close to its new all-time high. The coin broke an important resistance level of $0.33 and climbing all the way to the press time price of $0.434, a level that was last seen in the second week of July 2019.

To top that, Bitcoin does not appear to be slowing down anytime soon. Its technicals have been projecting bullish signals for quite some time now as it settled close to $18K. Despite a minor decline in terms of BTC-XRP correlation, the coefficient remained as high as 0.74. Hence, a positive breakout with respect to Bitcoin would eventually prompt a rise in XRP as well along with the rest of the altcoin market.

But why the hype now?

It is important to note that the XRP investors could be purchasing the crypto in anticipation of the Spark token airdrop the token holders will receive on the 12th of December. On this day, XRP holders will receive Spark tokens on a 1:1 basis according to the number of tokens they hold.

The airdrop also involves Flare, which happens to be a partner of Ripple. Flare is a network that integrates the Ethereum Virtual Machine [EVM] for the purpose of offering advanced smart contracts on the XRP network and is slated to distribute a total of 45 billion Spark tokens to XRP holders.

Tron [TRX] Bulls Buying On Dips; But What’s Ahead?

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Despite Bitcoin undergoing a major breakout, its altcoins including Tron appeared to be stuck in a consolidation phase as volatility remained high. Mirroring Ethereum’s bullish break, several other coins noted a significant uptick.

After a decent increase of 10.88% over the last week against the US Dollar, Tron [TRX] surpassed a major hurdle of $0.0280 along the way. Following a minor correction, the 17th largest cryptocurrency by market cap, TRX was being traded at $0.02811, after a rise of nearly 3% over the last 24-hours, while holding a market cap of $2.014 billion and a 24-hour trading volume of $2.21 billion.

Tron [TRX] Daily Chart

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Tron’s [TRX] daily chart depicted a massive bullish signal as the two daily moving averages settled below the price candles following the latest uptrend. Both the 50 DMA [Pink] and the 200 DMA [Purple] formed strong support bases at $0.0260 and $0.022 respectively.

The price even broke the $0.030 resistance point before resuming a downside correction. However, the token gained pace above the aforementioned support area and the 50 DMA sliding below the price candles depicted a flip to a much-needed bullish phase.

Bullish Projections

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The green closing bars of the Awesome Oscillator also depicted a bullish momentum in the coin’s price. Additionally, the MACD also generated a strong buy signal as it formed a bullish crossover above the zero-line. A move by the MACD into bullish territory essentially confirmed that Tron was heading to make more gains in the coming days.

A good buying pressure was observed around the current level, as indicated by the tail wicks of the candles at that price level as the market’s bulls defeat the bears, seeking to push the prices down.

The placement of the daily moving averages, as well as the indicators, point to a bullish phase for TRX in the near-term. If the present momentum gains further traction, it could potentially push TRX’s price higher to September levels. The immediate resistance, in this case, stands at the recently breached $0.030. If the bulls manage to break this major resistance, the price might rise towards another crucial target of $0.034.

The Arrival and Introduction of Bitcoin Institutional Investors: Part 1

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Bitcoin’s present is reminiscent of its 2017’s action. However, it is still completely different. The dynamics around Bitcoin has massively changed. There is a sense of stability surrounding the digital asset, which was largely absent three years back.   At press time, Bitcoin is just below $19,000 under its final resistance range.

After the inevitable step above, we’d be turning a new chapter in Bitcoin’s financial history. In order to understand the present and future interests, we will divide the explanation into two parts, in order to achieve a better market lucidity.

Bitcoin in 2020: Liquidity and Derivatives

Between 2017 and 2020, there are two clear distinctions. First, the supply of Bitcoin has increased from 16.77 million in January 2018 to 18.55 million at press time. That is an influx of 1.78 million BTC, currently valued at $32.28 billion. That is higher than every crypto asset’s market cap other than Ethereum.

The liquidity brought in by such a significant supply has led to the current explosive trading volume between on-ramp platforms. According to Skew’s recent data set, Bitcoin spot trades north of $500 million against the U.S dollar on exchanges like Coinbase, Kraken, Bitstamp, Gemini, LMAX Digital, and ItBit.

5fb67605d2e38a6e69241f14 skew btc spot aggregated daily volumes%20(23)

This brings us to the 2nd difference, which is self-explanatory after the above example; higher liquidity.

Another financial product associated with Bitcoin is BTC futures traded with high leverage on offshore platforms. The report added,

“It’s common to see days where they trade in total north of $10bln. CME bitcoin futures traded on average $500mln notional a day in the last three months. Most bitcoin futures contracts are cash-settled using BTCUSD and BTCUSDT spot indices.”

It is important to note that its market was completed non-existent in 2017 and developed above the existent spot market as well.

The Origin of Institutional Investors

The major inference that can be drawn from the above-mentioned rising interest is organic growth in this particular market. And here in the last few years, the institutional interest has begun to move at a rather real pace.

CME can be appreciated for its major role. Many high net-worth individuals have identified this parabolic incline in BTC futures, attracting high levels of cash and carry strategies, on its sport and futures platform.

However, this has definitely led to institutions whose capital is solely dependent on crypto assets, and they are basically “cash poor”. Since banks have been completely absent in this market, there has often been US dollar scarcity since 2017.

The next part of this article will describe the possible expectation of Institutional Investors on BTC and what possibly lies in the future. End of Part 1.

Is XRP Gunning To Breach A Crucial Level?

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XRP appears to be on the brim of a major breach as the cryptocurrency market roared optimism as it nears the $0.300-level Thanks to the massive rally propelled by Bitcoin, several altcoins bagged notable gains over the past couple of weeks.

Following the renewed bullish momentum, XRP too rose by 9.27% over the last 24-hours pushing the price to $0.298, at the time of writing.

XRP Bulls Push Price Higher

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Steering clear of the first major support level at $0.258, Ethereum rallied to a month-high of $0.287. As the XRP price candles continued its upward trajectory to its press time price nearing $0.300, the daily moving averages also mimicked the movement. The 50 DMA [Pink] slid below the price candles in the first week of November depicting a bullish phase for the coin. The 200 DMA [Yellow] was laying low since undergoing a golden cross on the 7th of August and this trend was in continuation.

Furthermore, the increasing gauge between the 50 DMA and the 200 DMA was a positive indicator for the coin’s near-term price action. The moving averages formed critical support points at $0.250 and $0.233 respectively.

Volume Rise in Tandem With Price

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While the Stochastic RSI indicated that the price had topped off as it stood in the overbought zone. However, the Stochastic RSI does not have enough weight to affect the value of the coin

In yet another bullish projection, the volume indicator [OBV] suggested that the increasing prices perfectly matched the rising volume, thus, strong yet consistent volumes behind the latest price surge.

Hence, it is safe to say that bearish hints continued to emerge despite the ongoing bullish momentum and a short-term pullback could trigger a retest to its immediate point of support at $0.250. However, a drop to the next level of support at $0.233 is highly unlikely.

The XRP/USD pair could potentially surge to the next significant resistance at $0.315. This level is crucial because it has resisted  the bulls may have to overcome strong selling by the bears because once the buyers clear this resistance, there is no major hurdle until $0.338

Over 500K Bitcoin outflows in 2020; BTC Hodling Re-Defined?

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2020 has been an exceptional year for Bitcoin, but there have been some drastic changes over time. Data collected from Arcane Research indicated that between 15 March and 5 November, 560,428 BTCs had exited exchanges, resulting in the largest net outflow for collective platforms.

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The aggregated BTC exchange balance has decreased by 2.4 million for the first time since August 2018. While the circulating supply in the industry has increased by 1.3 million since 2018, more and more users are currently taking their assets out of these centralized platforms. The report added,

“The exchange balance is currently at its lowest since February 4th 2018.”

Strong Price Action and Impact on Bitcoin Hodling

The first incident of high exchange outflow was witnessed back in March 2020, when BTC’s price collapsed below $4000. While the price has recovered significantly over the past few months, the net outflow has only increased. The popular inference drawn from such a drastic turnaround has been that users are currently unwilling to sell their assets. Bitcoin‘s price performance after a difficult economic period during the pandemic has re-ignited a sense of trust in the asset.

Bitcoin hodlers and the holding sentiment has only improved with the increasing valuation, and it was speculated that users were possibly moving their assets to cold storage or maybe shifting them to Ethereum.

According to Willy-Woo, the reasons for high BTC outflows went beyond the simple case of Hodling. The analyst had suggested that Bitcoin’s safe haven narrative had received a new wave of interest.

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During the economic uncertainty in mid-year, investors were moving into BTC and it led to the increased in NVT, which is Bitcoin’s network value. The investment velocity also picked up the pace and suddenly traders were accumulating even after it had crossed the $10,000 mark in May. Woo stated,

“The fundamentals of BTC became visibly bullish over the COVID correction, this was hidden by traders freaking out and being liquidated. Bitcoin is only now reflecting its organic valuation.”

Massive Institutional BTC Open-Interest paved higher HODLing sentiment

During last month’s rally, CME‘s OI registered its all-time high Open-Interest which indicated that rising involvement of institutions as well. With retail already jumping on the bandwagon, institutions were becoming more forthcoming with Bitcoin as well, and MicroStrategy’s $426 million investment is a great example.

With the sentiment surrounding BTC becoming inevitably bullish for 2021, we might see HODLing increase for the next few months. Such levels of accumulation have not been witnessed before in Bitcoin’s history and it truly marks the start of a new generation of wealth distribution with Bitcoin.

Polkadot, Tezos, Chainlink Technical Analysis On 11th November 2020

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A reversal of trend was underway as the entire crypto community was turning green since yesterday’s dainty slump. Polkadot along with a few other coins like Ethereum and Chainlink was seen contributing to this change. The global market cap of the crypto-verse was also in sync with the current market as it was surging by 0.36% pushing the final digits to $447.38 billion. After garnering gains up to 12.35% over the last seven days, Bitcoin was dominating the crypto market by 63.9%.

Polkadot [DOT]

This fairly new coin caught the eye of many with its entry into the top ten. Even though DOT fell off a few spots, it continued to remain in the top ten with its market cap at $3.952 billion. At the time of writing, DOT had surged by 2.66% over the last 24 hours, pushing its price to $4.51. The altcoin managed to secure gains up to 13% over the last seven days.

Polkadot, Tezos, Chainlink

The Parabolic SAR indicator formed dotted lines below the candlesticks and immunized DOT from any potential downward breakout. The Relative Strength Index indicator also followed suit by revealing strong buyers’ sentiment in the DOT market. The DOT market was seen recovering from its recent trip to the overbought zone.

Tezos [XTZ]

XTZ was also seen aiding to the reversal of trends that the crypto market is headed towards. After acquiring gains of over 15% over the last seven days, the altcoin was trading at $2.14, during the time of writing. XTZ was surging by 1.61% over the past 24-hours with a market cap of $1.606 billion.

Polkadot, Tezos, Chainlink

It seemed like XTZ was going the other way as a bearish sentiment was witnessed in the XTZ market. The Awesome Oscillator welcomed the bears with the formation of red closing bars. The MACD line slumped below the signal line and formed a bearish crossover.

Chainlink [LINK]

LINK was the star of the last week following a 28.28% surge over the last seven days. Similar to Polkadot, Chainlink also entered the crypto sphere recently. The altcoin was trading for $13.11, at the time of writing and was increasing by 2.81% over the previous 24-hours.

Polkadot, Tezos, Chainlink

The uptrend that has been taking over the market is rather temporary as the bears were prepping to enter it. The Chaikin Money Flow indicator bid adieu to the bullish realm and was journeying into the bearish territory. The Klinger Oscillator formed a bearish crossover and revealed its stance to the community.

XRP spikes 4.22% after Ripple buy-in; Sentiment over Activity?

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There is now an air of unpredictability surrounding XRP. Bitcoin is currently consolidating above $15,000, and other altcoins such as Ethereum and LINK have been steadily rising higher and higher in charts. It wasn’t exactly the same for the fourth-largest asset, which was still trailing behind its 2019 highs, let alone registering a new ATH since 2017.

XRP vs Bitcoin: A weekly chart edition

Bitcoin XRP

While Bitcoin’s value has exhibited periods of significant growth over the past couple of years, XRP has hardly witnessed a massive rise. Its high of $0.45 in June 2019 is still, its recent all-time high. While it does not say much about the token other than extreme sideways consolidation, its market reacted fervently due to an extrinsic factor.

According to Ripple’s Q3 insight report, Ripple purchased over $46 million worth of XRP in Q3 2020. In comparison, Ripple had invested zero dollars in the previous quarter. The report suggested that the massive buy-in was conducted to create a ‘healthy market’, indirectly inferring that the organization wanted to create interest for the token, and improve its price. However, here is an interesting hook in the development.

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While the Q3 Insights report was released on 5th November, there wasn’t any coverage of Ripple buying over $46 million in XRP in Q3. It was covered today by another medium and just an hour later, the asset exhibited a rapid spike of 4.22%. A coincidence can be painted with respect to the surge but it has happened in the past as well.

It begs the question of whether the token can sustain growth on the basis of organic adoption, just like Bitcoin and Ethereum, or does it require the external influence of Ripple to keep it afloat in the top-10 digital asset rankings.

XRP volumes exhibited a 105% increase in Q3

This is where the speculation needle takes a vital turn. While the 4th largest crypto continues to attain long-term sideways oscillation, its daily volumes continued to suggest user involvement.

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The above chart indicates the processing time of a transaction on XRP with respect to Bitcoin, Ethereum was XRP continues to outperform the top two cryptos. XRP’s functionality as bridge currency continues to demonstrate higher utility and convenience and in spite of limited price growth, it allows traders to capture time-limited arbitrage opportunities by capitalizing on XRP’s speed and low transaction costs.

Such organic activity should have an impact on its valuation however, market sentiment continues to be the primary trigger. Only time will tell whether the asset will improve on its credibility or get washed-out by other rising assets.

Litecoin, Stellar, Tezos Technical Analysis On 6th November 2020

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The crypto-verse was seen enjoying a streak of an uptrend for the past few days. Even though all the coins like Litecoin, Stellar, Chainlink, and others were seen surging, the crypto community had eyes on Bitcoin. BTC had pushed past $15K with a 7.62% rise over the last 24-hours. The global crypto market cap was in sync with the ongoing bull market as it had hit $445.29 billion with a 7.89% daily increase.

Litecoin [LTC]

Litecoin was the star of the latest crypto uptrend as it was surging by 13.84% over the last 24-hours. The altcoin continued trading for $62.58 securing its position as the eighth-largest cryptocurrency with a market cap of $4.11 billion.

Litecoin, Stellar , Tezos

The bulls were going to prolong their stay in the LTC market as the key indicators on the short term price chart of LTC were seen dancing with the bulls. The Parabolic SAR indicator screamed bulls by forming dotted lines below the candlesticks. The Relative Strength Index indicator was seen revealing a strong buyers’ sentiment as it was in the overbought zone.

Stellar [XLM]

Even though XLM is not a part of the top ten cryptocurrencies, XLM didn’t fall short. The altcoin was trading for  $0.08434 with a 14.32% rise over the last 24-hours. XLM was stood as the seventeenth-largest coin with a market cap of $1.762 billion, just below Justin Sun’s cryptocurrency TRX.

Litecoin, Stellar , Tezos

The indicators used in the short term price chart of Stellar were seen conflicting as they revealed contradicting notions. The MACD line took over the signal line and formed a bullish crossover, however, the Klinger OScillator welcomed the bears with the formation of a bearish crossover.

Tezos [XTZ]

With a market cap of $1.54 billion, Tezos found a place in the top twenty. The altcoin was one of the big winners of the latest bull market as it rose by 12.40% over the last 24-hours. The coin was trading for $2.06 at the time of writing.

Litecoin, Stellar , Tezos

XTZ could continue its hot streak as it was all bulls in its market. The Awesome Oscillator indicator formed green closing lines and suggested the presence of bulls. The Chaikin Money Flow indicator cried bulls as the marker was way above zero.