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Altcoins Recovering | Ethereum (ETH) & Ripple (XRP) Lead Crypto Higher

Cryptocurrencies are trying to bounce back after a steep pullback from one-year highs. Bitcoin (BTC) is trying to bounce back after coming under immense pressure after rallying to highs of $13,000. Altcoins Ethereum (ETH) and Ripple (XRP) are also showing signs of bottoming out.

Cryptocurrency Analysis

Despite rallying by 2.6%, Bitcoin finds itself below the $10,000 psychological level. Below the mark, the flagship crypto remains susceptible to further drops given the short-term bearish momentum. While there were expectations that Bitcoin would skyrocket during the American Independence day, that never happened.

Ether, on the other hand, is trying to register steady gains after falling by more than $200 in one hour on July 14, 2019. An 8.3% rally has seen the altcoin find support above the $200 mark. After seven days of declines, Ripple might as well have hit bottom and is due for a correction higher. A 9% rally represents one of the biggest gains among the major cryptocurrencies at a time of growing concerns in the sector.

Cryptocurrency Uncertainty

Cryptocurrencies have come under pressure in recent trading sessions amidst regulatory concerns. Analysts have raised the red flag that governments and regulators may as well be planning to kill cryptocurrencies.

The decentralization aspect, which makes it impossible to track crypto transactions, is reportedly not going well with authorities. Banks are always in control of the circulation of money in the financial sector. However, with the increased use of cryptocurrencies, regulators will no longer be in control of how money moves in an economy.

>> Bitcoin Price Experiences Second Largest 24-Hour Drop of 2019

The fact that cryptocurrencies are poised to shape people’s livelihood and disrupt the status quo is something that is not boarding well with authorities. India and China have already cracked the whip on closing down all the channels for cryptocurrency and altcoin liquidity.

The US government has taken a keen interest in Libra, the newly launched Facebook (NASDAQ:FB) cryptocurrency. The move follows the creation of a task force to look into digital currency fraud, which the government insists is a threat to national security.

At the time of writing, Ethereum is trading higher by 7% at $211, and Ripple is up 6% at $0.319.

Featured image: DepositPhotos © sinenkiy

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Huobi Tokens

Huobi Tokens | Huobi Group Buys Back 14 Million HT Tokens

Huobi has withdrawn 14 million Huobi Tokens (HT) from the open market. The move is part of the cryptocurrency exchange’s plan that seeks to stabilize the altcoin price as well as create new incentives for users by curbing inflation. An Ethereum address is to store the withdrawn tokens expected to form a reverse fund.

By slashing down 14 million tokens, the exchange has essentially reduced the supply of tokens from their initial supply of 310 million coins. The reduction comes at a time when the altcoin has picked up some pace, its value having skyrocketed in recent months on the broader cryptocurrency sector turning bullish.

The Singapore-based exchange has not been able to burn the tokens at a consistent rate as revenues have continued to fluctuate quarter over quarter. Strong revenue in the recent quarter has allowed the firm to buy more tokens at a rate that is 116% greater.

This is not the first time that Huobi has moved to reduce the supply of Huobi Tokens from the market. Since early last year, the firm has slashed its HT supply in the market by 20% by using its revenues to buy back the tokens.

>> Ripple Performs Better than Broader Crypto Markets on Technical Support

Future Burn Cycle

Following the recent burn cycle, Huobi says it will no longer withdraw tokens from the market using the traditional buyback method. Instead, the crypto exchange intends to use tokens from the HT Tiered deduction program to reduce the Huobi Tokens supply in the market.

The next burn cycle will also target tokens from team holding as well as those held in the open market. Depending on how the token performs in the market, the firm intends to initiate monthly burns.

The Huobi network continues to grow at an impressive rate as evidenced by increased membership to the Huobi Prime and Fast Track programs. “The rest of 2019 will see even more improvements and innovations coming from Huobi,” said Huobi Group CEO Leon Li.

Featured image: DepositPhotos © SergeyNivens

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Stellar

Stellar (XLM) Outperforms After the Fall Earlier This Week

Stellar (XLM) is outperforming the broader crypto market on the technical rebound.

The world of cryptocurrencies can often prove to be a bit of wild ride sometimes, and it is especially so after the sort of week that has been unleashed on the crypto sphere. Many of the top cryptocurrencies declined yesterday after the comments from the head of the Federal Reserve Jerome Powell about Facebook’s Libra.

Stellar Outperforms

During the bloodbath yesterday, Stellar (XLM) dropped just like many other tokens, and at one point went down by as much as 14%. However, Stellar managed to make a turnaround today and managed to record substantial gains and remains one of the biggest gainers today among altcoins. The price of Stellar rose to $0.09861, up by 9.70%, according to the data that was available from the leading crypto exchanges.

Currently, Stellar is the 11th biggest cryptocurrency in the world in terms of market capitalization, and the total number of XLM tokens that are currently in supply stands at 19.43 billion. During today’s considerable spike in price, the total traded volume of XLM reached $505.56 million over the past 24 hours, and for all those who currently hold XLM, it is definitely an important development.

>> Bitcoin (BTC) Takes a Hit: Trump Targets the Crypto Market

The theme for many cryptocurrencies this year has been about the use case and whether it is going to get any attention from institutional investors. In this regard, it needs to be pointed out that Stellar has already made a highly important partnership with tech behemoth IBM, and due to the potential of blockchain technology in the near future, it’s speculated that this particular partnership could bring rich dividends for the cryptocurrency.

However, as the number of partnerships starts rising, it is almost certain to have a big impact on the cryptocurrency’s price. However, among many experts, there is one concern with regards to Stellar, and that is the suspected centralized nature of the token. However, if it manages to keep forging partnerships, then it could manage to bring hefty returns for its holders.

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ChainLink

Chainlink (LINK) Continues to Get Attention, What Next?

During the course of the incredible crypto bull run that has been experienced this year so far, many coins have managed to make a mark for themselves, but one of those that has remained under the radar is the token Chainlink (LINK). Over the past 30 days, it has been among the best performing tokens among altcoins and has managed to outperform peers like Ethereum Classic (ETC) handsomely.

Notable Gains

At the time of writing, the coin is trading higher by as much as 2% and hit $3.46 on most exchanges. However, it is interesting to note that the coin also enjoyed significant volumes last week, and hit a trading volume of more than $190 million on July 5. Chainlink has a market capitalization of $1.17 billion.

Experts believe that the competition between Chainlink and DASH is going to be a brutal one in the months to come, as both coins try to corner the same market. At the end of the day, they have the same sort of functions, and that will be one of the most intriguing battles to watch in the altcoin sphere this year. If a trader bought LINK tokens around a month ago, then they would have made significant profits provided they cashed in at the end of the period.

>> Ethereum Futures Already Gaining Significant Support in the Industry

LINK is going to be one of the most intriguing coins to track in the coming days and weeks. In June alone, LINK surged by as much as 270% and left many other altcoins in the dust as it surged along ruthlessly.

Now, the important thing to watch would be an upsurge in the coming days triggered by a case of ‘fear of missing out’ among traders and investors in the crypto world. On the other hand, there are other experts who believe that a pullback could be on the way for Chainlink after a price of $4.70 was hit in the past few days.

Keep your eyes peeled!

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Monero

Monero (XMR) Jumps 6% On New Exchange Listing Hopes

Back in 2017 when the crypto sphere was in the middle of one of the biggest bull runs ever seen, Monero (XMR) had emerged as one of the more interesting coins, and the price surged significantly at the time.

However, over time, the coin lost its shine somewhat as more and more exchanges got suspicious about the fact that the coin was anonymous in nature. Eventually, the coin was delisted from many exchanges, most of which were in Japan, one of the most advanced cryptocurrency ecosystems in the world, and the price of Monero started dropping.

Rumors of New Listing

Although it is true that anonymity is one of the aspects of cryptocurrencies, the problem with Monero was that its anonymity was so stringent that there was the possibility that a user might not be able to see it in their wallet if they bought it, and that prompted many exchanges to delist the coin.

However, things are now looking up for Monero as rumors started circulating that the coin was going to be listed again on many exchanges, and the price of the cryptocurrency has started climbing again as a result. As a matter of fact, the price reached the crucial three digit mark after the news of new listings started circulating, and it goes without saying that Monero is a coin to be tracked over the next few weeks. XMR has a market capitalization of $1.73 billion.

>> Bitcoin Price: Short Sellers Surprised as Bitcoin Surges Another 4.5%

The price action on the coin has been impressive, with Monero surging to $108 on Sunday, and on Monday, the price settled at $103.88, which reflected a 24-hour price surge of over 6%. This past week, there was a massive sell-off in Monero, and that beat the price down to around $100.

The price hovered around that mark for quite some time as uncertainty stopped traders and investors from touching Monero. However, the news about potential listings on more exchanges has naturally started a new upsurge.

Are you excited to be hearing that XMR may be receiving more listings soon?

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