Crypto Brief Dec.01: Bitcoin price faces the risk of falling further plus Ripple, Ethereum, Litecoin, Cardano, Binance
From the falling risk of Bitcoin to Cardano has released a new payment solution. These are some of the prominent news in the crypto space.
Bitcoin News
After reaching $ 6,600, Bitcoin witnessed a sharp rise, returning to the price of $ 7,800 yesterday. This marks a nearly 20% increase, prompting some to believe that BTC has found a bottom. Despite this, over the past 12 hours, cryptocurrencies have begun to slip once again, eliciting a bearish response from a range of industry analysts.
Many analysts believe that this is a sign of an impending price drop. Trader Inmortal Technique recently observed that the uptrend from $ 6,600 is waning, the bulls are losing momentum. Not to mention the fact that the three higher impulses have dropped from the support close to $ 8,000. Therefore, he announced that “party was over”.
The party is over $BTC pic.twitter.com/9feMeiFQUP
— Inmortal technique (@inmortalcrypto) November 30, 2019
Jonny Moe noted that the recent price action satisfies an increasing wedge pattern on the chart he has drawn. A rising wedge is a bearish charting pattern seen in financial markets that often eliminates lower levels. This could imply that BTC will re-enter the $ 6,000 region.
$BTC watching this possible rising wedge pic.twitter.com/EQ8mVWAuIf
— Jonny Moe (@JonnyMoeTrades) November 30, 2019
Trader NebraskanGooner noted that Bitcoin’s weekly chart appears to be bearish, once again despite the fact that recovery has been seen after a sharp move to a lower level. The analyst specifically commented that BTC has failed to break out of the 99-week simple moving average and the horizontal resistance area, while the balanced volume indicator has seen a bearish test.
Weekly looks bearish
Logically one more slight lower low is psychological pain to a lot of people. Plenty of “break even” and “just below last wick” stop losses to hit
I expect slow bleed. Lots of dip buying and being stopped out. Then a fast dip with rapid absorption pic.twitter.com/2IyJmwMj0T
— NebraskanGooner? (@nebraskangooner) November 30, 2019
Nebraskan recently observed that a bearish wave is happening for Bitcoin. The evidence for this is that the historical price pattern or direction of an asset is reflected/seen again on a different time frame and/or for a different asset.
Nebraskan’s fractals have been extremely accurate over the past few weeks. In fact, it predicted the Bitcoin price to drop to 6,600 weeks before it took place and the subsequent recovery to nearly $ 8,000 was seen in the past few days.
Tom Lee: Bitcoin will rise sharply in 2020
Bitcoin has been fairly bleak in recent months. BTC, having risen from $ 3,000 to $ 14,000 from Dec. 15, 2018, to $ 14,000 at the end of June – a 360% increase, has dropped by nearly 50% from the top, forming a strong downtrend in the medium. term.
Despite this mess, a leading industry analyst remains positive, recently explaining to CNBC why he expects Bitcoin to start forming a new uptrend by 2020.
Fundstrat Global Advisors’s Thomas Lee recently spoke to CNBC about the stock. While the discussion was mostly focused on small-cap stocks, the MC at CNBC turned to Bloodbath on the cryptocurrency market recently to close.
Lee contends that the price weakness of Bitcoin and other cryptocurrencies can mainly be attributed to the increased scrutiny and regulatory uncertainty, especially in places like the United States. He commented that the recent 50% reduction did not change the long-term prospects for Bitcoin, mostly still positive.
459 days BTC will have the longest time series not reaching ATH
Ever since Bitcoin hit an all-time high (ATH) in December 2017, cryptocurrency enthusiasts have been wondering whether BTC can touch or surpass it again? After reaching ATH in November 2013 at $ 1,156 per BTC, it took 1,170 days to reach the next ATH at $ 19,891.
For many observers, the discount period has lasted a long time after the harsh cryptocurrency winter of 2018. Up to now, 711 days have passed since the last high price.
Historical data shows that from November 30, 2013, when BTC surpassed $ 1,100 per coin, it took 1,170 days to reach ATH in 2013 on February 13, 2017.
The fever of retail demand, the excitement of BTC futures is regulated, economic difficulties in Greece and Venezuela, the demand of South Korea and the ICO boom helped set up ATH in 2017.
There are many reasons for plummeting prices after reaching nearly $ 20,000.
Cryptocurrency enthusiasts have witnessed regulatory crackdowns in South Korea, strengthened regulatory guidelines in the U.S, EU, other regions around the world and the ICO market have been constrained by criminal regulations. However, there are still 459 more days if we count the number of days between ATH 2013 and ATH 2017. So, that’s 711 days since BTC reached ATH of $ 19,891 in 2017.
Source: Coinmarketcap
Ripple News
The company is looking for a new senior project manager to increase the liquidity of XRP and to reduce cross-border payment costs.
So far, Ripple has implemented ODL in Mexico and the Philippines, with huge payments MoneyGram transferring 10% of Mexican peso foreign exchange volume using this technology.
Ripple said it plans to launch ODL in Australia and Thailand next year, along with a number of undisclosed countries.
Huge amounts of XRP are unlocked
Whale Alert has reported 1,000,000,000 XRP (about 225,092,032 USD) unlocked from the escrow account at Ripple Escrow wallet.
? ? ? ? ? ? ? ? ? ? 1,000,000,000 #XRP (225,092,032 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) December 1, 2019
Ripple is often accused of being a centralized project because it controls 55% of XRP token supply. In December 2017, the company issued a notice to unlock 1 billion XRP from margin on a monthly basis. This release schedule serves as a reassurance to XRP holders that Ripple will not be selling off a mass holdings in the open market, a factor that could lower the price of XRP.
Ethereum News
Today, Whale Alert announced that 385,904 ETH (~ $ 58.2 million) has moved between two unknown wallets.
? ? ? ? ? 385,904 #ETH (58,231,820 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) November 30, 2019
Litecoin News
Xinxi Wang, Director of Litecoin Foundation, said both the Litecoin network and Bitcoin are slow as needed.
At the recent BlockShow conference in Singapore, Wang said the slow transaction speed is the current tradeoff to ensure true decentralization. He points out that second-layer solutions like the Lightning Network are the key to scaling BTC and LTC to process millions of transactions per second.
Cardano News
Cardano Foundation is a famous pioneer in the adoption of real-life blockchains, especially in the field of B2B. Within the past 5 days, the Cardano team has released a new payment solution and launched Shelley Incentivized Testnet.
Released on November 28, 2019, the AdaPay payment solution is a product of the Cardano Foundation and COTI, a fintech technology platform focusing on “building a separate payment solution” for businesses.
With the new system, any organization can launch a payment gateway provided by the ADA. AdaPay and Coti are now live.
The market reacted extremely optimistically to this news, ADA price increased soon after. Over the past 5 days, prices for ADA have sometimes increased by nearly 25%, reaching a high of $ 0.042. Up to the present time, although the price has dropped, ADA is still on the list of 12 cryptocurrencies with the highest market capitalization.
Source: Coinmarketcap
Binance News
Whale Alert has reported that a 10.88 BTC donation (about $ 84,151 USD) has been transferred to Binance Charity. It is surprising that such a large amount of money is transferred by a single transaction to an organization’s account. The owner of the donation transaction is still unknown.
? ? ? ? ? ? ? ? ? A donation of 10.88 BTC (84,151 USD) was made to Binance Charity Humanity First!
Project: https://t.co/5GQjRqnGDZ
Tx: https://t.co/DMJqyw3Zam— Whale Alert (@whale_alert) November 29, 2019
Binance is expanding its ecosystem
Binance and CEO Changpeng Zhao have implemented many plans to further develop the ecosystem. While the platform is aiming to expand globally with Binance.US and the deal to buy Indian exchange, WazirX, CSO Binance Gin Chao has built criteria to expand its reach to different countries.
Chao stated that Binance has no obvious expansion plans in a recent interview. On the other hand, he stated that the platform is directed to many different countries, and at the same time estimates their ability to develop in that country.
After saying that the platform is planning to enter the Australian market, Chao confirmed that Binance has no official plans for the French market due to the shortage of active users in Western European countries. However, Chao said Binance is still focused on developing a bridge between fiat and crypto.
Other News
Microsoft developed a blockchain card game
Microsoft team up with major game developer Eidos and video game company Fables Lands to develop a blockchain card game based on a best-selling game of the 1980s, according to a press release on December 1. The new card game will be based on the best-selling 1980s book by Jamie Thomson and Mark Smith called The Way of the Tiger.
The title of the game will be Arena of Death and its players will fight in fantasy-themed card battles with features from the original game series.
Thomson is also the CEO of Fables Lands. He decided to use blockchain technology because he believed it was in line with what he was trying to achieve better than a traditional video game.
The company plans to use non-fungible tokens (NFT) on the Vechain blockchain to secure in-game property ownership.
CEO Bakkt is appointed to a position in the US Senate
Bitcoin Futures Bakkt CEO Kelly Loeffler is expected to be appointed to a seat in the US Senate by Georgia Governor Brian Kemp next week, local news outlet AJC reported Nov. 29.
This is one of the efforts to expand the Republican appeal to women. If nominated, Bakkt’s CEO will become the second woman to serve in the US Senate from Georgia.
Moreover, Loeffler can also fund GOP activities with his personal property, which can disrupt fundraising records.
In an effort to gain Republican approval, Loeffler said she wants to strengthen borders, close drug, and human trafficking, reduce health care costs and protect the nation’s interests.
A series of Bitcoin exchanges in China closed in November
In November, at least five Chinese Bitcoin exchanges were forced to shut down or shut down after acts of repression by the Beijing authorities.
On November 23, exchange Bitsoda announced its decision to stop providing services. A day later, it was Akdex’s turn to say it would close indefinitely.
Also on November 24, IDAX cited Chinese government regulations as a reason to prevent domestic users from continuing to use the service.
With the same argument, on November 25, Btuex announced that it would terminate the service immediately and reopen in the future to non-mainland Chinese users.
Earlier, on November 4, Biss revealed that it was “actively cooperating” with the investigation of the authorities in the operation of the floor and will resume transactions as soon as possible.
Since then, many sources claim that the Chinese authorities have arrested at least 10 people connected to the exchange.
Although the information surrounding the arrest is still vague, the sources believe that it is likely because Biss was found to violate China’s cash flow management regulations.
China’s #Crypto Crackdown Hits Five #CryptoExchanges
Bitsoda and Akdex announced that it would cease its operations. Btuex and Idax said they would close domestic operations and focus on overseas users. Biss said it had halted ops.https://t.co/0JyITI2pSi
— exBlock (@exBlockExchange) November 28, 2019
Users can use Bitcoin and Binance Coin to book travel tickets
TravelbyBit, an online travel company that provides booking services for cryptocurrency users, is working with Binance exchange, to launch a crypto-powered travel card.
“TravelbyBit travel cards can be used to make payments in digital currency on major travel websites”, read the announcement. “It works just like regular prepaid debit cards and also provides access to exclusive travel discount packages”.
Users can fund their cards with several major cryptocurrencies including Bitcoin, Binance USD, Binance Coin, and Onology.
Read more:
- Bitcoin’s Performance Has Far Surpassed S&P 500 And Gold For Nearly A Decade
- IDAX Exchange Announced To Lock Cold Wallet While CEO “Suddenly Disappeared”, Traders Bedeviled