Tech Tic Technologies

Litecoin has seen a decent 6% price bump in the past 24 hours, making it the best-performing coin among the top 10. It’s currently trading at $96.35. After a 21% price fall this month, the cryptocurrency managed to find support at the 200-day EMA which allowed the rebound to occur. The recent bounce comes four days ahead of a scheduled Litecoin block halving which is set to take place at block number 1,680,000. After the halving, Litecoin’s mining reward will drop from 25 LTC per block to 12.5 BTC per block, which in effect reduces the inflation rate of Litecoin by 50%. Basic economics tells us that if the demand for it remains the same or increases, its price should go up. Of course, it’s entirely possible that the event has already been priced in by investors. Litecoin remains fourth among the top crypto projects by market value with a market cap of $6 billion . Looking at the LTC/USD 1-day chart: Since our previous Litecoin analysis, its price has fallen back to the ...

Following our previous analysis and over the past week, there has not been much price action in the Bitcoin market. The price of the coin is still hovering in the range of $9,400 to $9,800. However, following another bearish leg down, we saw Bitcoin get quickly bought around the $9,000 region. The daily chart has been forming a decent double bottom ($9,000) bullish formation. Looking at the RSI, the significant momentum indicator turned around at the 40 support level and is now facing the 45 support-turned-resistance line, but it’s still far from the bullish area (above 50). Will it maintain the supporting floor at 40? Another bullish sign might come from the Stochastic RSI oscillator which crossed over from oversold territory after being there for the entire past month. The oscillator is about to enter the bullish area. From the fundamental side, yesterday’s congressional hearing passed without much action, and today the global economy is facing one of its most critical...

Altcoins have had a tough couple of months, especially when trading against Bitcoin, as most have marked tremendous declines. Bitcoin has dominated the market, accounting for more than 64% of its value. However, the CEO of the world’s largest cryptocurrency exchange, Binance, believes that the next altcoin season will be bolstered by actual products and users. The Industry Is Healthier Perhaps one of the most common questions that the cryptocurrency community is looking to answer is when the new altcoin season will bloom. In the past couple of months, however, alternative cryptocurrencies have suffered as Bitcoin has dominated the market. At the time of this writing, the BTC dominance rate stands at 64.6%. However, weighing in on the matter today was Changpeng Zhao, CEO at Binance, who argued that the next altcoin season would be substantially different from the one we had back in 2017. What Zhao was referring to was the situation back in 2017 when thousands of pro...

Following Facebook’s June announcement of plans to create a digital currency known as Libra, the company’s recent investor report has engendered a bit of pessimism about the potential new global coin. The report referenced the firm’s lack of experience in the blockchain field as well as “scrutiny from governments.” Concerns and a Possible Delay Facebook’s announcement attracted enormous attention, but not all of it was positive. Several well-known public figures have appeared to raise concerns about Libra and the potential harm it may cause, and a knock-off website was even launched purporting to sell Libra coins (which are, in truth, far from being released). Some of those names include U.S. Treasury Secretary Steven Mnuchin, Federal Reserve Chairman Jerome Powell, European Central Bank Executive Board Member Benoit Coeure, and French Finance Minister Bruno Le Maire. Alluding to its lack of industry experience, Facebook stated in its quarterly report that Libra and Ca...

Bitfinex and Tether will head to court today, as it’s the date of their scheduled motion to dismiss hearing. The companies have been under investigation by the New York State Attorney General’s office on allegations of an $850 million cover-up. Tether Goes to Court Back in April, as Tech Tic Technologies reported, the New York Attorney General’s office started an investigation into iFinex, the parent company of both Bitfinex and Tether. Allegedly, the company covered up a loss of $850 million by giving itself access to $900 million worth of Tether’s reserves. On May 22, Bitfinex announced that the court had granted its motion for an immediate stay of, among other things, the demand that the companies produce only information and documents which were relevant to the immediate issue of whether or not New York had jurisdiction over the companies. Back then, the court scheduled a hearing on the matter of iFinex’s motion to dismiss for July 29, which is today. In other w...

It’s safe to say that Bitcoin has had a rough week. In the past seven days, the cryptocurrency lost around $1,000 of its value, marking a decrease of around 10 percent. According to veteran entrepreneur and popular cryptocurrency commentator John McAfee, that is because the US has been putting pressure on Bitcoin. Yet he remains unfazed and maintains that the price will climb back up in a week. McAfee Reports on Bitcoin Pressure From the U.S. Just a few days after being released from confinement, John McAfee is back in charge of his Twitter account and is weighing in on Bitcoin. Bitcoin’s price has been swinging lately with more red than green, and McAfee believes that pressure from the U.S. has been responsible for that. McAfee is, as always, certain in his belief that the US doesn’t have the power to control cryptocurrencies. He also thinks that Bitcoin’s bull run will resume one week from now. Is Bitcoin in a Slump? In 2019 we saw Bitcoin’s price appro...

Litecoin continues to trade beneath the $100 level after another failed attempt to break above it this week. The resistance in this range is bolstered by the 100-day EMA, making it difficult for LTC/USD to break through, especially with Bitcoin hovering around $10,000. This month has been difficult for the entire crypto market including LTC, whose price has declined by approximately 30% throughout the past 30 days. Litecoin has been in a peculiar position, as many had believed the cryptocurrency would be surging at this point considering that its block reward halving is only around 10 days away. However, considering the recent declines, many analysts have stated that the halving has already been priced into the market after Litecoin hit 0.017 BTC in mid-June. Looking at the LTC/USD 1-day chart: ·        Since my previous Litecoin analysis, we have seen that the $100 resistance level was too much for the bulls. Litecoin has since rolled ov...

Ethereum is one of the few cryptocurrencies to have been among the Top 3 for a long, long time. Recently, however, the crypto community has raised security questions in regards to the network’s declining hash rate and the safety of its (still) PoW-based blockchain. Ethereum’s hash rate has marked a 42% decline from last year’s high, and the main question is whether or not Ethereum is still as safe as it used to be. Ethereum’s Increasing Vulnerability In August of 2018, Ethereum and other cryptocurrencies saw their hash rates peak. Since then, however, things have changed. Ethereum’s hash rate is down more than 42% over the past 11 months. To put things into perspective, Bitcoin’s hash rate has been constantly increasing. To be exact, it surged 40% within the same time frame, making Bitcoin’s network even more secure. According to a website that calculates the cost of running a potential 51% attack on the various blockchain networks, in order to jeop...

It appears that the bears have taken control of the market as Bitcoin, as well as almost all major cryptocurrencies, are in a decline. At the time of writing, Bitcoin’s price was hovering between $9,700 and $9,800, marking a 2.82% loss on the day. Major altcoins are also bleeding, apart from EOS which has seen a slight gain of about 2%. ETH and XRP have charted losses of 1.98% and 1.28% respectively, trading around $207 and $0.308. The total crypto market cap is ~$266 billion. Bitcoin’s market cap is ~$173 billion, and the BTC dominance rate stands at 64.9%. Major Crypto Headlines TRON Down 13% After Justin Sun Postpones Lunch With Warren Buffett . TRON CEO Justin Sun has postponed his long-awaited lunch with Warren Buffet because of a sudden medical condition – namely, kidney stones. Following the announcement, TRX suffered a steep decline. TradingView Counts Over 2.5M Active Bitcoin Traders. The charting website for both cryptocurrency and conventional assets repo...

More than a month after the historic announcement that TRON’s founder Justin Sun had paid $4.6 million to charity to have dinner with Warren Buffett, it appears that the dinner has been postponed for an unfortunate reason. As reported by the TRON Foundation’s Twitter account, Justin Sun has fallen ill with kidney stones. The Highly Anticipated Dinner with Warren Buffett : Warren Buffett is known as one of the most successful investors of all time, but also as a person who doesn’t support crypto. Justin Sun’s dinner invitation had fascinated the crypto world a month ago, with all eyes turned to July 25th and Quince – a Michelin 3-star San Francisco restaurant. The crypto community was anticipating the dinner even though no specific topics of discussion had been confirmed. In an interview for Bloomberg, however, Justin Sun stated that he’d wanted to try and convince the Oracle of Omaha on the merits of Bitcoin and cryptocurrencies in general.   Unfortunately, Just...

Bitcoin The pater we saw when Bitcoin jumped from $5,000 to $9,000 is currently repeated with greate volatility and a more significant correction. The support at $10,000 is fragile and it’s being tested in the past week. If this line of support breaks, the next one will be at $9,400. The resistance is currently at $11,000. Ethereum Against the USD, we’ve tested the support at around $200. The resistance in this range is at $230. Technically, the resistance before the last wave of gains was at $180 and as long as the support holds above it, this means that the trend is still here. Against Bitcoin, ETH stabilized around the support at 0.02BTC which is a critical area. The resistance in this range is at 0.024BTC. Despite the steady week, there are still concerns that the declines will continue. Ripple Against the USD, XRP suffered in 2018 as most of the market did. However, 2019 seems to be relatively stable with a bottom at 29 cents whi...

It appears that traders are starting to get more excited about trading Bitcoin again. Reportedly, the number of active Bitcoin traders on the powerful charting platform, TradingView, has started to increase once again. 2.5M Active Bitcoin Users on TradingView TradingView is undoubtedly among the leading charting solutions used among countless cryptocurrency traders. Commenting on the matter was the Founding Partner at Adamant Capital, Tuur Demeester, who noted: Apparently, the number of active Bitcoin traders has started to rise again since bottoming out during December 2018 at around 1.2 million active traders. As the year progressed, we can see that the number of active traders has steadily increased to about 2.5 million. What is more, it appears that the users are also highly engaged as they check in more than 7 times per day on average. It probably doesn’t come as a surprise that the number of active traders increases in-line with the price movements of Bitcoi...

The highly-anticipated launch of the Bitcoin futures trading platform Bakkt, owned by the Intercontinental Exchange (ICE), has begun user acceptance testing of its daily and monthly Bitcoin futures contracts. Contrary to what many expected, however, the BTC price reacted negatively, dropping by 5 percent following the announcement. Bakkt Kicks Off User Acceptance Testing (UAT): As Tech Tic Technologies  reported last month, Bakkt was scheduled to begin user acceptance testing yesterday. Right on schedule, the Bitcoin futures trading platform announced that it had kicked off UAT of its daily and monthly Bitcoin futures contracts. Supposedly, participants from around the world are involved. The interesting thing about Bakkt’s Bitcoin futures contracts is that they are physically settled. This means that once each contract expires, instead of receiving the cash equivalent of the underlying asset, the user will receive the asset itself. In this case, that’s Bit...

Traders and market analysts use various indicators and ratios to determine the value of the stocks, assets, commodities, and currencies with which they engage. When it comes to Bitcoin, however, things are a bit different. Because of its nature and the fact that it’s the world’s first fully functional digital currency, there are differences which must be accounted for. For example, when individuals trade stocks, they take advantage of the so-called P/E Ratio, or Price-to-Earnings Ratio. It measures a stock’s current share price relative to its per-share earnings. With Bitcoin, however, this is hardly applicable because it’s not a stock. There is something similar, though, and it’s called the NVT Ratio. What is the Bitcoin NVT Ratio? Bitcoin’s NVT Ratio, also known known as Bitcoin’s Network Value To Transaction Ratio, indicates whether Bitcoin is overvalued or undervalued. The ratio represents the cryptocurrency’s Network Value ( Which is its current ...