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Bitmain IPO Dream Sinks Further After 2018 Q3 Earning Reports

Bitmain IPO Dream Sinks Further After 2018 Q3 Earning Reports

According to Coindesk, cryptocurrency mining rig manufacturer Bitmain lost USD 500 million during its Q3 financials due to a prolonged bear market, citing a recent update on its financial results to the Hong Kong Stock Exchange (HKEx).

According to a source, the company fell short of its quarterly earnings by as much as USD 500 million. In a previous report it submitted to the exchange, it reported earnings for the first half of the year as having USD 1 billion as profits.

The company’s portfolio had reportedly dropped in valuation by as much as USD 100 million at the end of the third quarter compared to the beginning of the quarter. Being a major stakeholder in the Bitcoin Cash fork, it held a lot of stake in the asset, however, the market downturn had severely traumatized the price of the asset to as much as a 70% loss. Its other major assets holdings like Bitcoin, Ether, Litecoin, and Dash had lost 39%, 67%, 42.68%, and 64.31% respectively.

Bitmain had filed for an initial public offering (IPO) with HKEx in August 2018 to allow it list its shares with the exchange which may possibly improve its financials. However, the company has experienced many constraints on all sides. On the part of the exchange, it had claimed that the industry is still immature for such a leap, and the resulting earnings report for Bitmain further buttresses its point.

For months, many crypto-related ventures have been up against an uphill battle of weathering the storm stirred by the bearish market of 2018. For the most part of the year, aspirations to return to the all-time high seasons gradually waned, instead, many companies began to adjust. For Bitmain, it had to deal with the internal restructuring that saw a reshuffling of management staff, office closures of subsidiaries, and layoffs of its staff.

The chances of Bitmain’s IPO to gain approval from HKEX gets slimmer with the numerous challenges besetting the mining hardware giant.


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The post Bitmain IPO Dream Sinks Further After 2018 Q3 Earning Reports appeared first on Bitcoin Market Analysis 19th February 2019 Bitcoin Market Analysis 19th February 2019

Buyers finally managed to start their game.

Yesterday, on relatively large volumes, buyers broke through the upper trend line of sellers, which kept the price from 24 December. Now, buyers are trying to fix themselves over the price zone of $3,830-3,930. At the moment, finally, we can imagine and draw a new channel of price movement — the growth channel:

As you can see, the price is located near the middle line of the channel. Last time, on 19 January, buyers failed to break through this line and the fall continued:

Even so, volumes are beginning to appear now and if buyers will keep themselves above the price zone of $3,830-3,930, then the global target of this growth in the price of $4,740:

However, on the way to this target, buyers will have another problem – it is the price range of $4,120-4,175. First of all, in this price zone, there is good liquidity which we see in horizontal volumes. If we analyze the placement of volumes on the chart, then we will see that after this price zone, sellers will have the opportunity to fight for their targets from $6,200. The range from $4,175 to $6,200 is practically without liquidity:

Therefore, we believe that the main test of buyers’ durability is still ahead. However, increasing volumes and large green candles are already a success.

Margin buyers’ positions began to decrease sharply. Buyers either fix profits or get out of bad positions in which they were from 24 December, when BTC rose from S3,830 to 4,180:

However, pay attention that the price at the same time is in a small consolidation and does not respond to closing the positions of buyers.

Sellers also close their positions. Most sellers who came in the position from 20 December will feel good, while buyers did not break the price zone of $3,830-3,930.

According to the wave analysis, the price of S4,125 is also a critical point. If a whole growth, which began on 17 December, is to be considered as a correction after the fall, then at a price of S4,125, this correction may end completely:

Buyers have already gone past the first critical point in the price of $3,867.

If you look at the chart locally, then the current growth corrected the fall from 7 January by 61.8%. At the price of $4,175, sellers have the last chance to stop the buyer’s initiative.

As you can see, all the facts indicate us that $4,125-4,175 is an important critical point which defines the scenario on the medium-term price movement. We expect to break through this price zone upwards but first, we want to see the confirmation from buyers about fixing over the price zone $3,830-3,930. Finally, some movement began and people are waking up. Maybe this is due to the coming spring? In any case, the price has been consolidating for a long time and it is time for the trend movement.


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About the Author: Peter Oleshchuk is a trader and technical analyst.

He has spent two years studying and analyzing the crypto market.

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Rakuten May Soon Accept Crypto Payments

Japan’s Amazon-analog Rakuten, in its last earnings report, has announced that it will be releasing new features on its pay mobile app which may supposedly allow its users make use of cryptocurrency transactions through the gateway in the near future.

Rakuten didn’t directly say that it would accept cryptocurrencies, however, it did give a hint that all payment options will be accepted and since it already owns a subsidiary that offers cryptocurrency service, hence the possibility of it accepting crypto payments on its app when the upgraded features are released in March.

Rakuten’s involvement in crypto was established when it acquired local crypto exchange Everybody’s Bitcoin last year and was of the opinion that cryptocurrency-based payments will revolutionize the e-commerce industry.

Cryptocurrency payments on e-commerce platforms are thought to be one of the revolutionary hallmarks of cryptocurrency that may usher it into mainstream usage. Up until recently, only a few stores accepted crypto payments and most of these were sponsored by enthusiasts themselves.

As for mainstream stores, it remains to be known what’s keeping them from accepting cryptocurrency payments. More so, a sample survey showed how an average of 3% of Americans used Bitcoin for purchases. Perhaps it has something to do with volatility and the fact that in most jurisdictions, crypto regulatory status is either uncertain or outright banned. However, for Japanese crypto enthusiasts, the possibility of this development by Rakuten may have a positive impact on the industry.

E-commerce shoppers continue to show enthusiasm towards cryptocurrency adoption, although it might take a while before the industry has fully permeated the e-commerce niche. More so, a recent survey showed that 12.7% of Amazon customers would like to see the marketplace selling cryptocurrency products or services.


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Ethereum Market Analysis: 17th February 2019

This week cannot be called productive for ETH. The price remained at the critical point which we outlined with the blue oval in our previous analysis a week ago. Buyers are trying to break through the top trend line of the falling channel in which the price moves from May 2018.

If we analyze the volumes during the attempt to break the upper trend line, we see that at the end of December buyers were unable to change the trend at fairly large volumes, after which the price began to smoothly fall. Now the attempt of buyers to break the bearish trend takes place at much lesser volumes and if there is no miracle and buyers will not increase the volumes, the initiative and the desire to continue growth – it is more likely that sellers will be able to seize the initiative:

If we are talking about the mood of buyers, then they are confident in the continuation of growth. This is due to their marginal positions which are growing:

However, we would be very cautious, considering that now the marginal positions of buyers are at a historical high and we still do not see volumes for certain growth.

Marginal positions of sellers are in consolidation. Sellers are not ready at the moment to take a clear and active position because they understand that the price is now at its lows and the market is very thin:

If we analyze the weekly timeframe, then we see that this week the candle will close almost at the same place where it was opened. Buyers have started taking initiative from 8 February, but now the forces between sellers and buyers are equal.

If it turns out that next week sellers will start their attack, then for buyers it is important to keep a price of USD 110-118. If buyers succeed, with high probability they will break through the upper trend line of the channel and continue to grow. However, at the moment we do not like the weekly candle and its volume. At critical points, the volume should increase and the candles should look convincing. The current situation is more like a simple consolidation after which will be a fall to USD 110-118 (if in the market does not garner volumes).

According to the wave analysis, the fall which began on 6 January  ended on 6 February, and the current growth corrected this fall by 50%:

If buyers cannot continue to grow, the first stop of the fall of this coin will be in the range of USD 110-118:

After such a fall, further growth is possible.

However, if buyers are fixed above USD 135, then the next target is USD 152 with a possible extension to USD 210.

Now it’s important to see whether buyers can keep the price. Therefore, for decision making, we expect either a test of USD 110-118  or a break-in and fixing of USD 135.

On a weekly timetable of horizontal volumes it is clearly visible how important the price zone of USD 110-130 is for this coin:

Therefore, in order not to get an unpleasant surprise, we will wait for the reaction of market participants to the critical points, which we wrote above, and then formulate our analysis more precisely.

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About the Author: Peter Oleshchuk is a trader and technical analyst.
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Bitcoin Market Analysis: 17th February 2019

For a whole week, the price behaved calmly as expected. In the previous analysis, we wrote that recently after a directed movement up or down, the market fades in place. This time nothing new happened. Due to the lack of volumes, buyers stopped the growth which began on 6 February and the price for the week traded in a narrow range of USD 3630-3740. Analyzing horizontal volumes, it is seen that the main liquid zone was formed in the range of USD 3660-3700. There were several attempts to break through this price zone, both up and down. All these attempts ended in flawed breakdowns and a local turnaround of prices:

The current consolidation moves in the falling channel and now the price is at the top of the channel’s trend line. There is also a global falling channel which operates from 4 December 2018:

In fact, buyers have tested the top trend line of the global falling channel. The price has stopped at a critical point and buyers are now deciding the relationship with sellers in a narrow low-volume consolidation. What are the options for price exit from consolidation? The first option is to break through the upper trend line on large volumes and test USD 3850. In our opinion, the current price stop in the liquid zone of USD 3660-3700 is the first test of buyers’ durability. Important decisions will be made in the price zone of USD 3850-3920 and there are several reasons for this:

  1. Pay attention to how candles look like in this price zone. When the price was falling on 24 November, sellers tried to sell this price zone on large volumes, buyers could fight off an attack and organize a rebound to USD 4480. In the end, this price zone was broken but it did happen either on large volumes which are not currently in the market or in the long tortures in the form of consolidations:

  1. This is confirmed by horizontal volumes, which show a good liquidity zone, after which practically there are no obstacles up to USD 6200 (the exception is a small liquidity at a price of USD 4200):

  1. According to the wave analysis, a new wave of growth that began on 8 February may end at a price of USD 3860 if buyers continue to trade in small volumes:

We reviewed the first option of the development of events after breaking the consolidation. Regarding the second option – everything is simple. If buyers can not break the current consolidation up then the price will continue to be traded in the triangle and the next target is USD 3480-3500:

If we are talking about the mood of buyers,  they have started to believe in growth. Their marginal positions are beginning to grow:

However, the danger is that the faith of buyers in growth is not supported by volumes. Now the positions of buyers are at a historic high and this situation was before the breakthrough USD 6,000 down.

Sellers are currently more passive in making decisions:

If we look at the weekly timeframe, then it is clear that after trying to update the low, sellers showed weakness and allowed buyers to take the initiative. Therefore, we are more focused on the growth continuation:

In any case, we can only wait and hope that the next week will be more dynamic.


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The post Bitcoin Market Analysis: 17th February 2019 appeared first on Bitcoin Market Analysis 14th February 2019 Bitcoin Market Analysis 14th February 2019

Consolidation. A word often used in a market with small volumes. After each smallest active movement, the market fades. This is happening now.

After the previous analysis, the situation has not especially changed. Active growth since 8 February has shifted to a slow and weak fall which looks like a consolidation. This is especially evident on the daily timeframe:

At the moment, sellers are not so aggressively organizing their fall as buyers were able to perform with growth. The current price movement resembles a correction after growth rather than a change in the local trend. In addition to slowness in candle testing, sellers do not use large volumes to change the situation in their favor. If you analyze horizontal volumes, then you can see that in the range of USD 3,560-3,660 there is no liquidity. And the real interest in the market participants is at a price of USD 3,500:

However, after several attempts by sellers to continue the fall to USD 3,560 with the ultimate target of 3,500, the effort ended with flawed breakdowns. So far, sellers can update the local low and gradually lower the price below. However, when an unsuccessful attempt to upgrade the local low comes, it will be the first signal of a change in the balance of power that will lead to a continuation of growth.

Locally, sellers are still stronger than buyers now. This is what the following situation shows us:

After sellers could not fix themselves below USD 3,660, buyers had to take the initiative and start their scenario. However, we see small faded green candles on minimal volumes. Paying attention once more to horizontal volumes, it becomes clear that with such forces, buyers will not be able to break through the liquid price zone of USD 3,660-3,700. Therefore, if buyers do not fundamentally change the situation now, the price will continue to fall, looking for a local bottom from which it can continue to grow. The next potential variant of the local bottom is USD 3,600:

Since yesterday, marginal positions of buyers are closing but are in the growth channel and now at the middle line of the channel:

Sellers also close their positions, which since 10 January, are in consolidation:

As for our main scenario, it remains unchanged. We expect from buyers at least attempts to break through the price zone of USD 3,770-3,800. While the price is above USD 3,500, buyers are more likely to continue to grow. In order for the situation to become clearer, we want to see some trading situation on solid volumes. Meanwhile, we can only wait and enjoy an interesting and exciting consolidation.


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Bitcoin ETF a “Virtual Certainty”, Says Financial Expert

Bitcoin ETF a

Talks about a Bitcoin exchange-traded fund (ETF) have been in the works a while now, and some experts in mainstream finance still believe it’s only a matter of time before one is granted. Ric Edelman, co-founder of Edelman Financial Services, insisted in an interview with CNBC that a Bitcoin ETF was “virtually certain”.

The derivative market for Bitcoin and altcoins are still a nascent development and while many mainstream financial players may have been watching from a distance, some have drawn closer to become pioneers from the traditional system to venture into cryptocurrency-related markets built on the topology of the traditional market.

Edelman’s comment that it was only a matter of time, adds yet another to many recent speculations that continue to draw the spotlight on Bitcoin in mainstream finance.

Bitcoin News reported earlier how mainstream financial players are considering hedging 1% of their portfolio funds to bitcoin – playing it safe with almost nothing to lose. Edelman also agreed to this strategy implying that the price volatility of the Bitcoin market can have useful impacts when favorable, and minimal when the price dips – after all, it’s just 1% of funds in the portfolio that will be affected.

He further reiterated the concerns of the regulatory watchdog, suggesting that the concerns of the SEC with regards to the crypto industry are legitimate and thoughtful. While affirming his confidence in the cryptocurrency markets and the efforts of key drivers in the industry towards overcoming these challenges, he, however, feels the time isn’t right for ordinary investors to dive into crypto investments, and that the ETF may highlight that hallmark. He said:

“It’s at that stage [Bitcoin ETF] that I will be much more comfortable recommending that ordinary investors participate.”

The Cryptocurrency industry is one of the most dynamic and innovative financial systems. However, regulators have thought it wise to tread carefully due to the overwhelming issues currently plaguing the industry, which the SEC has bored down to two basics: custody infrastructure and market oversight concerns – given that the nature of digital assets built on the blockchain is essentially decentralized.

Edelman further opines that serious players are in the industry, and are pulling in resources to ensure that they surmount the challenges highlighted by the SEC.

After multiple rejected Bitcoin ETF applications last year and a withdrawn application earlier this year due to the United States government shutdown, Chicago Board Options Exchange (CBOE), SolidX, as well as VanEck have reapplied with the SEC keeping fingers crossed.

At this point, there’s no doubt that there’s high demand for Bitcoin ETF; from mainstream financial institutions to current crypto market participants; everyone is eagerly waiting to see the ETF approval lift the long bear-ridden cycle of the market.

Logically, the expectations are hinged on the premise of a similar occurrence in the December 2017 hype-drive, when Bitcoin futures introduced into the market by CBOE and CME Group ushered in a new class of investors and traders, thereby propelling the price-value of Bitcoin as well as alt markets.

ETF is one among others in the pipeline of financial derivatives that may fully launch crypto into mainstream finance. Recently, LedgerX introduced a new derivative called Binary Wager that would bet on Bitcoin’s next halving date. This occurrence happens once in every four years, and the new instrument can be classed under the long term derivate market. Either way, it would seem a lot of individuals have long term expectations for Bitcoin as well as the crypto market in general.


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Report Shows Healthy Bitcoin Transactions as Fees Find 2014 Lows

Report Shows Healthy Bitcoin Transactions, Fees Find 2014 Lows

According to a report by data resource firm Diar, Bitcoin transaction fees are at their 2014 lows again.

“Bitcoin transactions hit a one-year high last month nearing levels seen in the 2017 ramp up to the price boom,” says the report. Moreover, as at press time yesterday, the report finds that Bitcoin median fees had dropped to 2014 levels of USD 0.1 equivalents.

According to the report, these new fee levels have not been seen since 2015 despite on-chain monthly Bitcoin activities that have superseded those of 2018 in total, although the median transaction value in Bitcoins are lower compared to previous months and comparatively with those of 2015.

The report also highlighted transaction counts hitting a one-year high since the last bull-run of 2017. In another post referencing, Bitcoin’s network throughput may have improved hence the positive outlook on transaction fees. To that effect, cryptocurrency exchanges have been seeing increased transaction performances, with Coinbase reportedly seeing 21% of transactions in 2018 compared to 2017 and others like Kraken and Bitfinex as high as 192% and 50% respectively.

Nevertheless, Bitcoins moved on-chain in January 2018 are still higher than those of 2019. Earlier this year, Bitcoin News reported on Bitcoin transaction performance, referencing Jameson Lopp who said Bitcoin transaction volumes had dropped from a peak of USD 38 billion earlier in 2018 to a low of USD 3 billion (a staggering 92% drop).

Daily on-chain bitcoin transaction volume peaked at $38B in early 2018 and dropped 92% to around $3B.

— Jameson Lopp (@lopp) December 21, 2018

Bitcoin transaction volumes and fees among other metrics are important markers to determine the state of the network. During the hype drive of 2017 bull-run, while transaction volumes skyrocketed, fees went up as well; this made it hard for micro Bitcoin transactions to make it through the network on time, which ended up creating a backlog. However, since then so much has improved on the network, coupled with the introduction of the Lightning network (LN), moving forward so much is expected in terms of higher throughput should another peak in market activity occur.

The overall assessment of the Diar’s report was that Bitcoin transactions are healthy thus far, considering the on-chain activities maintained a 3-month higher average than the better half of 2018.


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The post Report Shows Healthy Bitcoin Transactions as Fees Find 2014 Lows appeared first on Bitcoin Market Analysis 12th February 2019 Bitcoin Market Analysis 12th February 2019

The standard model of price movement continues to operate on the market. After each active movement, the market stops for several days and is traded in consolidation. That’s what happened this time.

After a one-day growth from 8 February, the price stopped and traded within a USD 50 range. Buyers stopped their movement in front of the price zone of USD 3,770-3,800. In this price zone, there is the upper trend line of the falling channel in which the price moves from 24 December:

Of course, predicting where the price will come from this consolidation is anyone’s guess thing, but we will express our opinion. At this time, it seems to us that in this consolidation, buyers are trying to redeem the whole offer of sellers so that sellers did not interfere with them while continuing the growth and did not stop moving upwards because of their sales. Consolidation takes place in lowered volumes. That is, sellers do not take the initiative into their own hands. Also, yet we have not seen attempts by buyers to break through the price zone of USD 3,770-3,800 at large volumes.

When this price zone is approached, sellers begin to be active:

Therefore, we expect the continuation of the consolidation to and at least an attempt from buyers to break through this price zone to see their potential. And at the moment, consolidation continues and we will further talk about the mood of the market participants.

The fear/greed index is growing and now its value is 46.

The last time such a high rate was observed was on 4 January, after which in a few days the price began to sharply fall. Therefore, if a good mood and a belief in growth are not maintained by volumes and aggressive green candles in the near future, we think that the hopes of all buyers will be destroyed again.

The marginal buyer positions are seeking to increase but the higher the price, the more uncertain the buyers are:

Sellers also behave unconvincingly and do not show their clear mood:

In our opinion, the whole problem is in volumes. Even if we