Top 5 Crypto Performers Overview: Tron, Litecoin, Binance Coin, Dash, Monero

Jeff Schumacher, founder of BCG Digital Ventures, told CNBC during a panel discussion in Davos, Switzerland that Bitcoin will go to zero. In another interview with Fox Business, Fundstrat Global Managing Partner Thomas Lee said that Bitcoin can still go to $25,000, which he calls its fair value.

Analysts at JPMorgan Chase have predicted that Bitcoin is likely to plunge to $2,400 and eventually further to $1,260. Such differing opinions can confuse new investors who are looking to enter the crypto markets.

We believe that traders should focus on the fundamental developments in the crypto space, as well as on the price action on the charts. Cryptocurrencies as an asset class are here to stay.

Numerous blockchain projects are securing funding from traditional investors every month, which confirms that those investors are confident in the long-term promise of crypto. Crypto companies are introducing new products to attract institutional investors.

Moreover, efforts are in progress to integrate cryptocurrencies into the mainstream economy. It is only a matter of time before the bear market ends and a new bull phase begins.

However, this time, we don’t expect a vertical rise as seen in 2017. It will likely be a more gradual movement higher. A few of the top cryptocurrencies are showing signs of bottoming out. Let’s see if any of the top performers of this week qualify as a buy.

TRX/USD

Tron (TRX) was the best performing cryptocurrency among the largest coins by market cap over the past week. In its weekly report, Tron said that it has over “150 DApps and more than 300 smart contracts.”

At the recent niTron Summit, Tron founder and CEO Justin Sun said that he expects the number of decentralized applications (DApps) on the network to surge to 2,000 by the year-end.

TRX/USD

The TRX/USD pair is showing strength as the bulls are attempting to sustain above the overhead resistance at $0.02815521. As the cryptocurrency has been stuck in this range since mid-August, we believe that a breakout will result in a new uptrend.

The immediate target objective is $0.4, but we expect this to be crossed and the rally to extend to $0.05218328. Therefore, we suggest long positions on a close (UTC time frame) above $0.02815521, with a stop loss just below $0.021.

Conversely, if the cryptocurrency fails to sustain the breakout and drops below $0.02815521 once again, it will remain range bound between $0.0183 and $0.02815521. The sentiment will weaken if the bears push the price below the support of $0.0183.

LTC/USD

Litecoin (LTC) has come up with a new tagline “Take control of your money and pay with Litecoin” and a new logo. The logo was first showcased during a UFC event sponsored by the company and was widely appreciated. Will the new vision help change the fortunes for the struggling cryptocurrency? Let’s find out.

LTC/USD

The LTC/USD pair is attempting to put a bottom in place. After the initial pullback from the low of $23.090, the bulls have held the support at $29.349 for the past five weeks. This increases the probability of this level being a higher low. We will get a confirmation if the price breaks out of the downtrend line and the previous swing high of $40.784.

Long-term investors can expect the cryptocurrency to start a new uptrend if the price sustains above $40.784. There is a minor resistance at $47.246, above which the move can extend to $65.561.

Our bullish view will be invalidated if the bears defend the overhead resistance of the downtrend line, or the $40.784 mark. In such a case, the price will remain range bound between $29.349 and $40.784 for a few more weeks, before breaking out or breaking down from it.

BNB/USD

Binance Coin (BNB) has made giant strides in the past few weeks and is now ranking 12th largest coin by market capitalization. Binance has become the latest exchange to offer a crypto-to-crypto over-the-counter (OTC) trading desk to benefit from the surge in OTC trading.

The company has rebranded its Trust Wallet as a multi cryptocurrency wallet, adding support to a larger number of blockchains and has improved its various features. Binance Charity has announced a Lunch for Children program that will help provide lunch to disadvantaged children in developing countries in Africa and elsewhere. Can BNB’s recovery continue or will it falter? Let’s see.

BNB/USD

The BNB/USD pair has reached the resistance line of the descending channel. The 20-week EMA is also placed just above the channel. Therefore, we anticipate a strong resistance in the zone of $7.17–$7.7.

A breakout and close (UTC time frame) above this zone is likely to signal a trend reversal. The upside target is $12 and if that is crossed, the move can extend to $15. We retain the buy proposed in the previous weekly analysis.

If the position gets filled, we suggest traders book partial profits at resistance levels and raise the stops on the remaining amount. After all, the sentiment of the broader crypto market is still negative, so it is better to pocket small profits while one can, instead of waiting for a home run.

Our bullish assumption will be invalidated if the price reverses direction from the current levels. The downtrend will resume if the bears sink the coin below $4.1723848.

DASH/USD

Dash recently released version 0.13 of its build, and 47 percent of masternodes have already transitioned to it. The cryptocurrency is already quite popular in Venezuela with over 2,600 merchants accepting it.

We expect the latest political crisis in Venezuela to attract more people to Dash, and this will highlight the importance of cryptocurrencies during times of unrest and crisis. Anypay and eGifter have partnered with coin, allowing customers to turn their DASH into eGift cards without converting to fiat. Can these fundamental factors propel the price? Let’s find out.

DASH/USD

The long-term trend in the DASH/USD pair is still down. The bulls are attempting to form a higher low around $67. However, both moving averages are trending down, and the RSI is also close to the oversold levels. This shows that the sellers currently have the upper hand. If the bears sink the cryptocurrency below $56.214, the downtrend will resume.

The pair will show signs of strength if it breaks out of the overhead resistance zone of $103–$123. If that happens, a rally to $175 and above it to $224 will be probable. Another possibility is that the bears defend the immediate resistance at $103.261, resulting in a consolidation.

XMR/USD

Monero (XMR) managed to end the week with minor gains even though it was in the news for the wrong reasons. A study published by academics from Spain and the UK has highlighted that about 4.3 percent of Monero’s total supply was mined illegally.

The crypto exchange Gemini chose to list Dash instead of Monero because its founders, the Winklevoss Twins believe that the regulators would be more favorable to Dash. When the price doesn’t fall even amidst adverse news, it is usually a positive sign. So, is it a good time to buy? Let’s find out.

XMR/USD

The XMR/USD pair has been consolidating in a tight range of $38.5–$60.147 for the past eight weeks. A breakdown of the range will resume the downtrend and can push it towards the next support at $28.

On the other hand, a break out of the range can propel the cryptocurrency to the overhead resistance at $81. The downsloping 20-week EMA is located just below this level. Hence, we anticipate a strong resistance at $75–$81.

As the price is currently trading close to the yearly low, we are not suggesting any trades. We might suggest long positions if the pair sustains above $81.


Source
Author: Rakesh Upadhyay
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JP Morgan-Backed Firm Partners with Blockchain Startup Owned By Former Deloitte Exec

JP Morgan-backed digital services firm Smartrac has partnered with SUKU Ecosystem, a blockchainstartup owned by former Deloitte exec Eric Piscini, according to a tweet on Tuesday, Jan. 22.

SUKU, which is parented by another Piscini-owned blockchain firm Citizen Reserve, will provide its platform to integrate with Smartrac’s supply chain. Smartrac is a radio-frequency identification (RFID) inlay manufacturer. Based on the public Ethereum (ETH) blockchain, Citizens Reserve’s platform is operating its own cryptocurrency, ZERV, which was developed on an ERC20 token.

Piscini, CEO at both SUKU and Citizen, said that the new partnership aims to resolve major problems related to supply chain digitization. Per Piscini the new blockchain integration will improve tracking, security, and transparency across the supply chain. Dinesh Dhamija, CTO of Citizens Reserve, said:

“The combination of Smartrac’s digital enablement capabilities along with Citizen’s Reserves’ SUKU platform will provide a unique identity for each physical product with a transparent and accessible supply chain solution.”

Netherlands-based Smartrac specializes in Internet of Things (IoT) technology, and is reportedly the world’s largest supplier of electronic passports inlays. In July 2018, global e-commerce giant AlibabaGroup acquired shares in Smartrac, while JP Morgan reportedly remained the largest shareholder.

Deloitte, a Big Four audit and consulting firm, recently included blockchain technology in its Tech Trends 2019 report, stressing its disruptive nature and outlining blockchain as “the unsung hero of our digital future.”


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Author: Helen Partz
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JP Morgan: ‘We Are Big Believers in Ethereum’

JP Morgan just gave a ringing endorsement to Ethereum – but the company’s CEO is not done trashing Bitcoin.

The financial giant is making strides with Quorum, which is the firm’s enterprise version of the Ethereum blockchain. As reported by The Australian Financial Review, Quorum will be used to essentially tokenize gold bars on the Ethereum network.

According to JP Morgan’s New York-based head of blockchain initiatives, Umar Farooq,

“There are people outside our firm using Quorum to tokenise gold, for instance. They wrap a gold bar into a tamper-proof case electronically tagged, and they can track the gold bar from the mine to end point – with the use case being, if you know it’s a socially responsible mine, someone will be willing to pay a higher spread on that gold versus if you don’t know where it comes from. Diamonds is another example.”

Farooq says Quorum is a flagship product for JP Morgan, and he isn’t shy about his affection for Ethereum.

“We are the only financial player that owns the entire stack, from the application to the protocol. We are big believers in Ethereum.”

Meanwhile, JP Morgan’s CEO Jamie Dimon continues to sing a much different tune on Bitcoin. According to The Next Web, Dimon was recently asked about his thoughts on Bitcoin.

“Asked if he has changed his mind about Bitcoin at the Axios Conference in LA, Dimon quashed earlier reports of softening the stance on Bitcoin.

‘I never changed what I said, I just regret having said that,’ he said. ‘I didn’t want to be the spokesperson against Bitcoin. I just don’t give a fuck, that’s the point.’

Dimon also stuck by the ‘blockchain, not Bitcoin’ proposition, that the entire banking industry espouses. ‘Blockchain is real, it’s a technology, but Bitcoin isn’t the same as a fiat currency.’”


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Author: Daily Hodl Staff
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Hyperledger Adds Shipping Giant FedEx as Partner on Open-Source Blockchain

FedEx, the US-based shipping giant, has joined Hyperledger, an open-source blockchain firm that sports more than 270 affiliates.

A press release regarding the partnership explained that FedEx is looking to “advance cross-industry blockchain technologies”. They will be joining the likes of JPMorgan, Intel, IBM, and other notable names as a member of Hyperledger.

Representatives of FedEx said that they look forward to applying blockchain technology to supply chain transportation, and logistic aspects of their industry and that they will “continue to explore the applications and help set the standards for wide-scale blockchain adoption in our industry and others”.

FedEx previously stated their interest in using the blockchain to improve their supply chains. FedEx’s CEO, Fred Smith, said that blockchain would allow each step of the supply chain to be catalogued and monitored and that the loss or misplacement of packages would likely be mitigated due to this.

In pursuit of this goal, FedEx is not simply stopping with Hyperledger. The shipping firm is also partner to Blockchain Research Institute which works to analyze how blockchain effects business, government, technology, and society as a whole.


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Author: Alex Johnson
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This 29-year-old is in charge of JPMorgan crypto strategy

Even though it wasn’t long ago when Jamie Dimon said any JPMorgan staff caught trading Bitcoin would be fired, Financial News has revealed that the bank has hired a 29-year-old to be the head of JPMorgan crypto strategy. This comes just two weeks after the bank revealed it had hired Justin Schmit as the new head cryptocurrency trader.

The bank was worried about falling behind its peers when it came to crypto market share and decided to create and fill the role of head of the cryptocurrency strategy, the Financial News has reported. The man tasked with the job is Oliver Harris, a London based executive director who is only 29 years old.

He will not actively trade cryptos, however, his job will entail identifying and leading new crypto projects for the bank. Also, he will be in charge of identifying how the blockchain can improve the bank’s payment systems as well as investigating crypto custody services.

Oliver will be reporting to Umar Farooq, the head of blockchain initiatives at JPMorgan and also lead the banks Quorum project.

The project is an internal Blockchain platform that has been developed by the bank and there are rumors it’s preparing for a spin-off.

Previously, Oliver was in charge of the bank’s ‘In residence program,’ a role he held for two years. The program helps the bank identify and partner with fintech startups that it finds promising.

JPMorgan’s stance on cryptocurrencies seems to be changing with every passing day. Its CEO has been the harshest critique of Bitcoin and other crypto coins but lately, he seems to have gone mute on the subject.

In February, JPMorgan published the ‘Bitcoin Bible,’ a report where the bank acknowledged the benefits of cryptocurrencies and the Blockchain technology.

What do you think of the bank’s decision to hire Oliver Harris as the head of JPMorgan crypto strategy?


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Author: Basil Kimathi
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The Bulls Are Back, Trump’s Petro Ban Backfires and Karmic Justice: This Week in Crypto

Price Watch:

  • Bitcoin is up 15% this week after a slight gain last week and a nearly 20% drop the week before. After stabilizing at $7,100 earlier this week, the price rocketed above $8,000 in a dramatic green candle. The price has hit a sell wall over the $8,00 mark, but analysts are optimistic. For the first time in a few weeks, we’ve seen major personalities revealing huge price targets in a manner similar to the end of 2017. Despite the price rise, bitcoin dominance fell slightly marking a reversal of last weeks gains.
  • Ethereum is up 30% this week. The currency was flat last week and experienced several weeks of double-digit drops in the weeks prior. Technical analysts are optimistic that the rally will continue. Those more keen on fundamental analysis will point to Golem going live this week.
  • The entire crypto market gained 20% this week briefly bringing the total market cap over $325 billion. This comes after early gains of $20 billion earlier in the week and is no doubt due to bitcoins fantastic price rally earlier this week. The dramatic gains come after several weeks of the price staying sideways at the $250 billion level.

Crackdowns:

  • Trump’s crackdown on Petro backfires: A Venezuelan government representative thanked Trump for the free publicity that came from his ban on Petro. The representative further claimed that Trump’s executive order has even managed to raise investor interest in the U.S. These statements should be taken with some hesitation, as the Venezuelans are suspected of making false statements surrounding the “$5 billion” raised by Petro’s presale earlier this year. In any case, Venezuela has made some bold predictions for the future stating Petro’s impact would be felt within “three to six months“.
  • Pakistan banned banks from transferring cryptocurrencies this week in a move that closely followed neighbor and on-again-off-again enemy India’s ban last week. The move in Pakistan is expected to be just as controversial (and ambiguous) as India’s. The move follows similar actions by Bolivia, China, Ecuador, Colombia, Russia, Vietnam, Bangladesh, Nigeria, and others although these bans have taken various forms.
  • JP Morgan sued over fees: In what has been called a form of karmic justice for J.P. Morgan CEO Jamie Dimon who called bitcoin a “fraud”, the firm he runs has been hit with a class action lawsuit surrounding hidden fees users incur when using credit cards to buy Bitcoin.
  • Bitfinex investigated over money laundering: Polish authorities have revealed that Bitfinex has been implicated in an investigation into the laundering of zł 1.27 billion Polish złotys (~$371 million). The laundered money is said to belong to Colombian drug cartels. Colombia banned cryptocurrencies in late 2016 citing money laundering concerns.

Forks:

  • Nano lawsuit demands fork: A class action lawsuit filed by victims of a breach against exchange BitGrail aims to force the developers of Nano (XRB) to create a hard fork which would return lost assets to investors. Normally security is the asset holders responsibility, but the developers appear to have explicitly endorsed the exchange citing a close relationship with BitGrail founder. Questions have been posed over whether or not the attack happened and many have pointed fingers exclusively at BitGrail. If this lawsuit is won by the plaintiffs it could set a dangerous precedent for future hacks.
  • Vitalik opposes hard fork that would stop ASIC mining: After EIP  that sought to slow down Ethereum centralization by stopping ASIC miners became wildly popular, Ethereum co-founder Vitalik urged the community to exercise some restraint. With the memory of Moner’s 5x hard fork , it’s completely reasonable to fear a split in the community and a detraction from “more important things”.

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Jake Sylvester
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Bank earnings: Expect a strong first quarter, but more questions lie ahead

What should investors expect from first-quarter bank earnings?

The answer, from multiple industry veterans, is a decided “it depends.” The macro business environment should be good for banks: the economy is strong, taxes have just been cut, and regulations are likely to be rolled back.

But a peek under the hood reveals that not only is the devil in the details, but that even the broad themes may not boost market views of bank stocks, especially if management only sees more of the same on the horizon.

As Karen Petrou, managing partner for Federal Financial Analytics, put it, “This is a period of enormous policy volatility. This is a government of, by, and for tweets. It’s extremely hard to discern the direction of policy and that makes stable markets and corporate forward-looking strategic judgements based on policy very difficult.”

Normal uncertainties about policy are amplified even more now, Petrou said. It’s possible for investors to spend time analyzing the winners and losers from a trade war, for example—but even that’s not a given right now.

One positive from the uncertainty, Petrou said, is that in coming months, market choppiness will be a boon for banks: “Volatility is their lifeblood. They can’t make money when nothing changes.”

Jason Goldberg, chief bank analyst for Barclays, broke down the quarter’s specifics in a recent research note. He expects slower-than-expected growth in commercial real estate and subdued overall loan growth “but more positive outlooks.” Net interest margins—the difference between what banks make on lending versus what they pay to depositors—will expand—but banks will put aside more to cover for expected losses from loans they make. Goldberg also expects “only modest growth” in revenues from trading, and lower investment banking fees, although there’s a possibility of stronger investment banking activity in the future.

But those business conditions say little about market reactions. Petrou thinks much of the tax cut, the promise of regulatory reforms, and the possibility of steadily rising interest rates, could already be priced in to stocks. “If it’s fully priced in, the question is, for further gains what else is needed?” she said.

According to Goldberg, “Bank stocks (and the market) have been more volatile of late. On some days the market seems to want to focus on the positive data points and on others it focuses exclusively on the negative ones.”

For Chris Whalen, a long-time bank analyst, there’s a clear short-term story and a less-clear long-term outlook. “Earnings are going to be great because of the tax bill, banks have one-third more income to distribute to shareholders and so clearly the numbers are going to be higher. They’re also going to be buying back stock pretty aggressively.”

Whalen has been gloomy about the banks’ ability to make profits in the “new normal” post-crisis landscape, even without Washington uncertainty.

“Banks don’t have as many ways to make money, costs are up and the spread environment has compressed loan spreads,” he said. “Their ability to generate raw revenue, pre-tax, has diminished a lot but they’ve gotten bigger and raised more capital. They’ve been delivering earnings but mostly from a cost-cutting perspective. They are constrained in terms of future earnings because the competition for loans and other assets is intense. A big bank that’s still 8-9% equity returns, I don’t care what the earnings are, it just tells me that business is just utility and there isn’t much alpha.”

JPMorgan Chase & Co, Citigroup Inc. and Wells Fargo kick off earnings season on Friday, April 13—not that there should be anything frightful about that auspicious date, Goldberg wrote. Here’s what analysts surveyed by Factset expect for the coming quarter.

Analysts expect JPMorgan to report EPS of $2.28 in the quarter, up from $1.65 a year ago, and revenue of $27.7 billion, compared to $25.6 billion last year. Their average stock price target is $122.64 and average rating is overweight. The stock is up 30% over the past 12 months.

The Factset analyst consensus for Wells Fargo & Co. calls for per-share earnings of $1.06, compared to $1.00 a year ago. The consensus for revenue is $21.7 billion, down from $22.0 billion a year ago. The analysts have an average stock price target of $63.64 and an average hold rating. Shares of Wells, dogged by scandals, have lost more than 3% over the past 12 months; it’s the only one of the big four not to have beaten the Dow Jones Industrial Average over that period.

Factset analysts forecast per-share earnings of $1.61 for Citigroup Inc. compared to $1.35 a year ago, and revenue of $18.9 billion, versus $18.1 billion a year ago. Their average stock price target is $84.19 and average rating is overweight. Shares have risen nearly 19% over the past year.

Finally, when Bank of America Corp. reports on April 16, analysts expect earnings of 59 cents per share, up from 41 cents last year, and revenue of $23 billion, up from $22.2 billion. FactSet analysts have an average stock price target on BofA stock of $34.52 with an average overweight rating. The stock is up 31% over the past 12 months.

 


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Andrea Riquier 
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