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Cryptocurrency (Coins)

Overstock CEO Sells $20 Million Worth of Stock For Blockchain Project Reinvesting

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Overstock CEO Sells $20 Million Worth of Stock For Blockchain Project Reinvesting

Overstock CEO has decided to sell over $20 million dollars worth of stock on Thursday, Friday and Monday. The intention has been taken in order to reinvest the funds in another project the company has.

The information has been released in an open letter to investors. He explained that he dumped 10% of his shares but that he is still in the game.

The letter written by Overstock Founder and CEO Patrick Byrne, said:

“I’ve cashed in 1/10 of my chips (most of it, to reinvest next to you). Don’t worry, I’m still in the game, and we’re going to bring this House to its knees.”

Byrne sold $15.8 million dollars worth of stock on Thursday and Friday, and $4.9 million dollars on Monday, as per a form 4 SEC filing. During that time, the price of he share fell 12%.

This is not the first time that the information about his intention to sell his stock is disclosed. Byrne informed his plans back in March 2018 in a SEC filing. He explained that the funds were going to be used to fund sidecar investments.

The online retailer sells products like furniture, home decor and jewelry. However, the company is also trying to enter the blockchain industry. Back in 2014, the company launched the Medici Ventures division that aims to oversee blockchain investments.

During this year, the company’s stock lost around 60%. However, Byrne blamed that this is due to the fact that virtual currencies are in a bear trend since the beginning of the year. Indeed, Bitcoin and other virtual currencies lost between 65% and 90% of their value.

Indeed, Byrne commented that there is a strong correlation between the price of Bitcoin and OSTK, but he said that they do not hold significant amounts of Bitcoin.

Overstock shares experienced an important surge in August after the Hong Kong equity firm known as GSR Capital announced an investment of $270 million dollars into the blockchain subsidiary tZero. With this investment, the private equity firm will have an 18 percent stake in the subsidiary.

tZero has plans to launch and start a cryptocurrency exchange. The company has already informed that it has a license for an alternative trading system.

Additionally, the company is currently being investigated by the U.S. Securities and Exchange Commission (SEC) for the sale of digital tokens. This is part of a broader strategy of the SEC to investigate and regulate initial coin offerings (ICOs), which have expanded all over the world in the last years. Nonetheless, in August, the total ICO fundraising received by companies reached its lowest point since May 2017.

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Ripple (XRP)

Ripple Price Analysis: XRP/USD Primed For Further Gains

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Ripple Price Analysis XRP Chart

Ripple price surged higher recently above $0.4400 and $0.4600. XRP to USD is currently correcting lower, but the $0.4255 level is likely to act as a strong support and buy zone.

Key Takeaways: XRP/USD

  • Ripple price traded to a new monthly high at $0.4625 and recently corrected lower against the US Dollar.
  • XRP/USD is testing the $0.4320 support and a major bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is also correcting lower from well above $9,400 and Ethereum price is currently below $270.00.

Ripple Price Analysis

Earlier this week, bitcoin price extended gains above $9,300 and $9,400. It helped ripple and its price recently started a strong rise above the $0.4200, $0.4320 and $0.4400 resistance levels. XRP even broke the $0.4500 level and traded to a new monthly high.

Looking at the 2-hours chart, ripple price even traded above the $0.4600 level and settled well above the 50 simple moving average (2-hours, purple). A high was formed at $0.4625 and recently, the price started a sharp downside correction.

Ripple Price Analysis XRP Chart

There was a break below the $0.4520 support and the 50% Fib retracement level of the recent wave from $0.4254 to $0.4625. Moreover, the price broke the $0.4400 support level.

It is currently testing the $0.4320 support and a major bullish trend line on the 2-hours chart. The 76.4% Fib retracement level of the recent wave from $0.4254 to $0.4625 is also acting as a support.

If there is a downside break, the price could test the main support near the $0.4255 level. As long as ripple price is above $0.4255, it is likely to bounce back in the near term.

An initial resistance is near the $0.4400 level, above which ripple is likely to continue higher towards the $0.4480 and $0.4500 levels. If the bulls regain strength, XRP price could even retest the $0.4625 swing high.

Overall, ripple price is trading with a strong bullish bias above $0.4255 and $0.4150. Therefore, there are high chances of a fresh increase above the $0.4400 and $0.4480 resistance levels in the coming sessions.

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Bitcoin (BTC)

Bitcoin Price Analysis: BTC Surging, Next Stop Could Be $9,750

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Bitcoin Price Analysis BTC Price

In the past few days, there were strong gains in bitcoin price above $9,000. BTC to USD is surging and it seems like it could even trade towards the $9,750 or $9,800 level in the near term.

Key Takeaways: BTC/USD

  • Bitcoin price is surging higher and is positioned nicely above the $9,000 level against the US Dollar.
  • BTC/USD broke a crucial barrier near $9,200 and a contracting triangle resistance on the 2-hours chart (data feed from Bitstamp).
  • Ethereum, ripple, and bitcoin cash also gaining traction and moving higher.

Bitcoin Price Analysis

After setting above the $8,500 resistance, bitcoin price started a strong upward move. BTC surpassed many hurdles near the $8,850 and $9,000 levels to continue higher in the past few sessions.

Looking at the 2-hours chart, bitcoin even settled above the $9,100 level and the 50 simple moving average (2-hours, purple). The bulls gained traction and the price recently traded to a new 2019 high at $9,403.

Bitcoin Price Analysis BTC Price

It corrected lower from $9,403 and declined below the $9,200 and $9,100 levels. However, the price found support near $8,825 and it remained well above the 50 simple moving average (2-hours, purple).

Recently, it climbed back above $9,100 and broke a crucial barrier near $9,200 plus a contracting triangle resistance on the same chart. It is now trading above the 76.4% Fib retracement level of the recent correction from $9,403 to $8,826.

An immediate resistance is near the last swing high at $9,400, above which the price could accelerate towards the $9,500 and $9,550 levels.

The main resistance above $9,500 is near the $9,750 level. The 1.618 Fib extension level of the recent correction from $9,403 to $8,826 is near the $9,750 level. Above $9,750, the bulls are likely to target the key $10K level.

On the downside, an initial support for bitcoin price is near the $9,200 level. If there is a fresh downside correction, BTC to USD might retest the $9,000 pivot level. If there are more losses, the downside extension could lead the price towards the $8,800 or $8,750 level. Overall, BTC price is likely to accelerate towards $9,750 or $10K.

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Ethereum (ETH)

Ethereum Price Analysis: ETH Approaching Significant Support Area

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Ethereum Price Analysis ETH Chart

There was another rejection noted near $265.00 in Ethereum vs the US Dollar. ETH/USD is currently declining and approaching towards a couple of important supports near $254.00 and $250.00.

Key Takeaways: ETH/USD

  • Ethereum price formed a short term top near the $264.4 level and declined against the US Dollar.
  • ETH/USD is currently approaching the $254.00 support and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price remains in an uptrend and it could accelerate gains above the $8,300 level.

Ethereum Price Analysis

Recently, bitcoin price gained momentum and broke the $8,100 and $8,200 resistance levels. However, Ethereum price failed to gain traction and formed a short term top near the $264.4 level.

Looking at the 2-hours chart, Ethereum price started a downside correction from the $264.41 high and declined below the $260.00 level. There was a break below the 23.6% Fib retracement level of the last rally from the $236.89 to $264.41.

Ethereum Price Analysis ETH Chart

Besides, there was a break below the $258.00 level, but the price found support near $255.00. Moreover, the price is approaching the $254.00 support and a bullish trend line on the 2-hours chart.

Below the trend line, the main support is near the $250.20 level and the 50 simple moving average (2-hours, purple). The 50% Fib retracement level of the last rally from the $236.89 to $264.41 is also near the $250.65 level to act as a support.

If there is a downside break below the $250.00 support, the price could extend losses and decline towards the $243.50 zone. The 76.4% Fib retracement level of the last rally from the $236.89 to $264.41 is also near $243.40.

Conversely, if the trend line support holds, the price is likely to start a fresh increase in the coming sessions. An initial resistance is near $260.00 and a connecting bearish trend line. A break above the $260.00 barrier might start a strong rally in Ethereum price above the $265.00 level.

Overall, ETH price is trading with a positive bias as long as it is above $250.00, and it could rise again above $260.00 and $265.00.

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