Daily Crypto News And Price Analysis, 10th, September

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Welcome to the daily crypto news

  • Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance

  • Decentralized Brave Browser Tops Chrome in Google Play Rankings in Japan

  • Stellar Development Foundation and Keybase Jointly Launch $120M Airdrop

  • Price Analysis 09/09: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, ADA

Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance

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Bitcoin (BTC) deposited at the Bakkt Warehouse is protected by a $125 million insurance policy, according to an announcement on Sept. 9.

The company started accepting deposits and withdrawals on Sept. 6, ahead of the planned launch of its futures products on Sept. 23.

Deposits launch as planned

It took Bakkt a lot of time and effort to gain regulatory certification for its upcoming daily and monthly physically delivered Bitcoin futures products.

Since approval was given, things has been full speed ahead — with deposits in its freshly certified custodial warehousing solution happening as planned.

News of the insurance policy covering client deposits removes yet another concern for the institutional investors that Bakkt hopes to attract.

All systems prepared for launch

If the launch is successful on Sept. 23, it will be the first Bitcoin futures platform offering a physically delivered product, which means institutional investors will be trading with actual BTC.

Existing futures products from the Chicago Mercantile Exchange are settled in cash, whereas Bakkt clients will receive payment in Bitcoin once the futures contract expires.

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Decentralized Brave Browser Tops Chrome in Google Play Rankings in Japan

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The popularity of the decentralized blockchain-enabled web browser Brave continues to grow as it has outranked other browsers in Google Play rankings in Japan.

Brave beats rival browsers

According to a Reddit post on Sept. 8, this is the first time that the privacy-focused Brave browser has overtaken its rival browsers such as Firefox, Opera and Chrome in Japan. The most recent ranking data from Google Play shows that Brave sits comfortably at number 10 on the list, while its closest competitor Firefox lags behind, occupying 14th place.

A Google Play ranking is determined by how well apps perform against several key metrics such as crash rates, app-not-responding rates, excessive WiFi, location or processing in the background.

Per a screenshot in the Reddit post, Brave was downloaded 2 million times last month, while Firefox only saw 553,000 downloads.

Brave tries to win market share from traditional browsers by tokenizing certain aspects of the internet browser experience for users. Brave users can earn the browser’s native Basic Attention Token (BAT) by watching ads and claiming grants. The token can subsequently be used to tip content creators on sites like Reddit and Vimeo.

Brave Browser develops new crypto wallet

At the end of August, Brave announced the development of its new cryptocurrency wallet for Ethereum-based tokens including Ether (ETH). According to the San Francisco-based company, the in-browser wallet also supports BAT, which is an ERC-20 token, alongside other Ethereum-based tokens and collectibles.

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Stellar Development Foundation and Keybase Jointly Launch $120M Airdrop

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The Stellar Development Foundation, a non-profit founded to support the development of the open-source Stellar network, is launching a $120 million airdrop in collaboration with encrypted messenger Keybase.

According to a Sept. 9 blog post, Keybase will be giving 100 million Stellar (XLM) each month over the next 20 months to their users, which totals to 2 billion XLM, or almost $120 million. Keybase will distribute XLM among its more than 300,000 users.

Certain conditions may apply

The foundation states that eligible participants in the airdrop must have had a Keybase account before today’s announcement or, if they are new to the messenger, must connect the Keybase account to a Github or HackerNews account that was registered before Sept. 9.

The airdrop will run for a minimum of three months, after which the Stellar Development Foundation will determine whether the program is a success and should continue.

Stellar — which is a payment technology built on the Ripple protocol — is the 12th largest digital currency by market capitalization. At press time, XLM is trading at $0.06, having lost 0.65% over the past 24 hours, according to data from Coin360.

Stellar and blockchain development

Earlier in September, American asset management firm Franklin Templeton Investments filed a preliminary prospectus with American regulators for a government money market fund with a focus on blockchain-based shares on the Stellar Network.

In July, the Stellar Foundation, Ethereum Foundation and Fidelity began supporting a new blockchain accelerator program called Startup Studio. The project aims to provide workshops to blockchain startups to help them enhance product design, law and engineering, smart contract development and hiring — among other areas.

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Price Analysis 09/09: BTC, ETH, XRP, BCH, LTC, BNB, EOS, BSV, XMR, ADA

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Preparations for the launch of Bitcoin (BTC) futures on Bakkt are on track. While market participants were excited before the launch of CME group’s futures trading at the end of 2017, the current launch is being approached with caution. Bitcoin’s volatility continues to drop, which shows that both bulls and bears are not taking large directional bets.

Bitcoin’s dominance, that had risen above 71% in the past week is showing signs of cooling down. It has currently dropped below 70%. This implies that, for a few days, the action might shift to altcoins. However, this period of low volatility is unlikely to continue for long because after the Bakkt launch, both bulls and bears will attempt to establish their supremacy. This will result in increased volatility and a trending move.

How should traders position themselves? Is this a good time to buy and wait or is it better to wait for the uptrend to resume before taking any positions? Let’s consult the charts.

BTC/USD

Bitcoin again turned down from just below $11,000 on Sept. 6. This level has been acting as a stiff resistance for the past few days. However, the positive thing is that bears have not been able to sink the cryptocurrency below the moving averages. Both moving averages are flat and the RSI is at the center, which suggests balance between buyers and sellers.

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The trend will turn bullish on a breakout and close (UTC time) above the downtrend line of the symmetrical triangle. Therefore, traders can attempt to take a long position as suggested in our earlier analysis. The target objective on the upside is $15,376.96. However, the BTC/USD pair is likely to face stiff resistance at the yearly high at $13,973.5. If bulls struggle to propel the price above this level, we will suggest booking partial profits and trailing the stops higher.

Instead of a breakout, if the price plummets below the critical support of $9,080, the trend will turn negative and a drop to $7,451.63 is possible. Such a move will dent sentiment and will delay the resumption of the uptrend.

ETH/USD

Ether (ETH) has reached the 20-day EMA. If it breaks out of this resistance, a rally to the 50-day SMA is probable. Both moving averages have flattened out and the RSI has risen close to the midpoint, which suggests a range formation in the short term.

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The upper boundary of the range can either be $203.708 or $235.70 and the lower boundary will be $163.755. We will wait for a new buy setup to form or for boundaries of the range to be clearly defined before recommending a trade in it.

Our neutral view will be invalidated if the ETH/USD pair turns down either from the current level or from the 50-day SMA, and plunges below $163.755.

XRP/USD

XRP again held the strong support at $0.24508 on Sept. 6. This is a positive sign, which shows that the bulls are buying on dips to this support. The bounce has reached the 20-day EMA, which has acted as a stiff resistance since June 30.

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If bulls push the price above the 20-day EMA, the XRP/USD pair can move up to the 50-day SMA. Above this level, the pair will signal the end of downtrend. Therefore, we might suggest a long position on a breakout and close (UTC time) above the 50-day SMA.

Our view of a trend change will be invalidated if the price turns down from the current level or from the 50-day SMA and plummets below the $0.24508–$0.225 support zone. The flattening moving averages suggest range-bound action for a few days.

BCH/USD

The bounce in Bitcoin Cash (BCH) is facing resistance at the trendline of the ascending channel. Both moving averages have flattened out and the RSI is close to the midpoint, which suggests consolidation for the next few days.

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A breakout of the 50-day SMA can carry the price to $360, which is likely to act as a stiff resistance. If the BCH/USD pair turns down from this level, it might remain range-bound between the neckline and $360 for a few days. Therefore, we withdraw the buy recommendation given in the previous analysis. If bulls push the price above $360, we anticipate a move to $515.35.

Conversely, if the pair turns down from current levels and plummets below the neckline of the head-and-shoulders pattern, it can drop to $166.98 and below it to $105. We will wait for the price to move above $360 before suggesting a trade in it.

LTC/USD

Litecoin (LTC) is currently facing resistance at the 20-day EMA. However, as it has not given up much ground, which is a positive sign. We anticipate a breakout and rally to the downtrend line. The 50-day SMA is just above the downtrend line, hence, we expect strong selling at this resistance.

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Contrary to our assumption, if bulls propel the LTC/USD pair above the 50-day SMA, the correction will be over. We will watch the price action above the downtrend line for a couple of days and then suggest a long position.

If the pair turns down from the downtrend line, it might remain range-bound for a few days. The cryptocurrency will resume its down-move on a break below $58. Currently, we do not find any reliable buy setup, hence, we are neutral on it.

BNB/USD

The failure of bulls to propel Binance Coin (BNB) above the 20-day EMA shows a lack of demand at these levels. If the price does not climb above $24.1709 within the next few days, we expect bears to sink the price to $18.30. A break below $18.30 will be a huge negative as it will start a downtrend.

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With both moving averages sloping down and the RSI in the negative zone, the path of least resistance is to the downside. Our bearish view will be invalidated if the BNB/USD pair rises above the 50-day SMA. Above this level, a rally to $32.50, followed by a move to lifetime highs is likely. We will wait for the price to sustain above the 50-day SMA before proposing a trade in it.

EOS/USD

EOS has sharply bounced from the support at $3.1534. This shows strong buying by bulls. It has sustained above the 20-day EMA for the first time since June 26, which is a positive sign. This shows that the sellers are losing their grip.

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The EOS/USD pair has risen above the 50-day SMA. The bulls might face some resistance at the downtrend line, but if this level is crossed, a rally to $4.8719 is probable. We will wait for the price to break out of $4.8719 before recommending a trade in it.

Our bullish view will be negated if the pair turns down from the downtrend line and breaks below $3.1534. However, we give this a low possibility of occurring.

BSV/USD

Both bulls and bears are not showing any great interest in Bitcoin SV (BSV). Hence, it has been trading in a tight range for the past few days. Both moving averages are flat and the RSI is just below 50, which points to a range-bound action for a few days. Usually, a period of low volatility is followed by an increase in volatility, however, it is difficult to predict the direction of the breakout.

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If the BSV/USD pair rises above $150, it might attract strong buying that can carry the price to $188.69. Above this level, a retest of lifetime highs is likely. Conversely, if the pair turns down from current levels and plunges below $120, it can drop to the next support of $107. As there is no clarity on the direction of the next breakout, we are not recommending a trade in it.

XMR/USD

Monero (XMR) has been trading close to the 20-day EMA for the past three days. Though it broke out of the 20-day EMA, it has not been able to scale above the 50-day SMA. Both moving averages have flattened out and the RSI is just below the midpoint, which points to a consolidation.

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A breakout of the resistance line of the wedge will signal a likely change in trend. Therefore, traders can buy on a breakout and close (UTC time) above the downtrend line. The first target will be a move to $97.9733 and above it $120. However, a failure to break out of the wedge will attract selling that can drag the price back towards the recent lows of $65.7316. As the overall sentiment in altcoins is not bullish, please keep the position size about 50% of usual.

ADA/USD

Cardano (ADA) has been trading in a tight range of $0.0433229 to $0.0466404 for the past few days. A breakout of this range can push the price to the 50-day SMA, which will indicate a probable change in trend.

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A breakout of the 50-day SMA can carry the ADA/USD pair to $0.065. The bullish divergence on the RSI is a positive sign. As the risk is low, we suggest that aggressive traders buy on a close (UTC time) above the 20-day EMA and keep a stop loss of $0.043.

Our view will be invalidated if the pair reverses direction from current levels and plummets below $0.043. In such a case, a drop to $0.035778 is possible.

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