Bitcoin (BTC) and Crypto Rally Triggers Stark Warning From Veteran Trader – Plus Ripple and XRP, Ethereum, Litecoin, Stellar, Tron
From a warning about Bitcoin’s big rally to a push to bring Litecoin to retail outlets, here’s a look at some of the stories breaking in the world of crypto.
Veteran derivatives trader Tone Vays says he’s not seeing new buyers entering the crypto space, which has Bitcoin’s sudden rise to $8,000 making him feel uneasy.
In a new interview with BLOCKTV, Vays says he’s selling some of his long-term Bitcoin shares in anticipation of a drop.
“It’s been an unprecedented run. We had a similar run back in 2015 towards the end of the bear market. But the 2014-15 bear market was longer. It was more painful. It was deeper. And everything going on here just doesn’t feel right.
I have been looking for a bounce since we fell down to $4,000 around October/November. I’ve been looking for a bounce back to maybe $5,100. If we overshot, I thought we could have made it up to $4,600. But after that, we went straight up. We hit $8,400 the other day. And I don’t know what’s going on. Everybody I ask doesn’t really know what’s going on.
I don’t see new buyers coming in. I don’t see new money coming in. It’s just current money. Could be the issues at Bitfinex, issues at Tether, issues at Binance. Whatever is driving this is making me nervous and I’m even selling off some of my hodl position because I think this is about to correct, and correct hard.”
Adamant Research partner and crypto researcher Tuur Demeester says the rally validates his firm’s thesis that Bitcoin traders have been in heavy accumulation mode. Although he believes Bitcoin’s big rally is the start of the new long-term bull run, he also thinks BTC is primed for a pull back in the short term.
“I wasn’t expecting the markets to recover so quickly. But I do think everything we have seen in the past weeks validates the thesis that we are now in a bull market. We moved from capitulation to accumulation, and now we are in the early stage of a new bull market.”
I think this shows that yes, family offices and funds were accumulating. There was a short squeeze as well. A lot of traders thought that we would go below $3,000. And they’re all getting squeezed. Finally, we’re seeing the Bitfinex long/short ratio is flat again, where as before the shorts were in higher supply than the longs. So that means that they’ve gotten squeezed.
I think Bitcoin miners probably aren’t selling right now. They don’t need to. And so they’re kind of withholding supply to the market. And I do think there’s some minor fear of missing out by retail. But at the same time, I think the market is getting ahead of itself right now. I think this is very unsustainable. And just like in these previous bull markets, we need to settle down a bit and then trade in a range sideways for a while. And then the bull market can resume in a sustainable way.”
The latest edition of EthHub Weekly is out, covering all things Ethereum.
The new post looks at developments on Ethereum 2.0 and a number of Ethereum-based platforms, including MolochDAO, 0x and Maker.
Ripple and XRP
Big data analyst and Forbes contributor Thomas Silkjær has released an animated graphic showing the expansion of the XRP ledger from January 1, 2013, to April 30, 2019.
“Besides being an eye-catching visualization, the graph clearly shows the centrality of exchanges. Initially, a new activation would require a user to know someone who could activate an account, but gradually, as exchanges listed XRP, they became new hubs for wallet activations.”
— Thomas Silkjær (@Silkjaer) May 14, 2019
Litecoin creator Charlie Lee is trying to convince Flexa to adopt LTC.
The company’s new “one-tap” app called Spedn allows people to use Bitcoin and crypto to pay for everyday items such as groceries, clothing and furniture. Major retailers including Whole Foods, Nordstrom and Crate and Barrel will allow the payment option at 30,476 stores.
— Charlie Lee [LTC⚡] (@SatoshiLite) May 15, 2019
The Stellar Development Foundation is launching a new ticker API to “provide the freshest data about markets, issuers and assets on the Stellar Network.”
The new ticker is faster and adds a number of new functions.
- New data about markets, such as OHLC (open-high-low-close) values and 7d stats
- Orderbook statistics (number of bids, asks, spread, etc) per market
- A list of all reasonably active assets within the network
- A GraphQL interface to query data about specific asset pairs
The Tron Foundation says the popular mobile browser Opera is adding TRX and Tron-based tokens to its crypto wallet.
“The decision to add another major blockchain onto its platform, marks a further step in Opera’s strategy to make Web 3 more inclusive and user-friendly for people around the world.
The integration of the TRON tokens within Opera’s Crypto Wallet will allow hundreds of millions of Opera users to play TRON games and access TRON dApps within the browser. The seamless user interface doesn’t require any third party browser extensions or wallet applications.”
The first browser with Web 3 capabilities, @opera, is announcing its intention to support #TRX and other #TRC-standard tokens. Opera’s Crypto Wallet will allow hundreds of millions of users to play #TRON games and access TRON #DApps within the browser. https://t.co/wSrpUMCr7c
— Justin Sun (@justinsuntron) May 15, 2019