Crypto Brief Dec.02: Bitcoin price will soon up to $100k plus Ethereum, Ripple, Ethereum Classic, Litecoin, Cardano, Poloniex, Huobi, Bitflyer, Paxful, Vertcoin, VeChain news
From Bitcoin’s upside potential to Ethereum Parity v2.5.10-stable and v.2.6.5-beta release. These are some of the prominent news in the crypto space.
Bitcoin is currently hovering around the $ 7200 mark, with a drop of more than 1%. Many traders previously predicted BTC would make a reversal move to rise above $ 7400. But the miracle did not happen and prices continue to spiral downward.
Even after the failed attempt to recover quickly, some technical analysts believe that No.1 could make an unexpected move up to $ 7,800. The reason is that CME futures gaps can be filled within 24 hours, according to analyst Daniel.
— Daniel? (@ChartChampions) December 1, 2019
Contrary to Daniel’s point of view, popular analyst Josh Rager believes that the price of Bitcoin is about to slide below $ 7000 whether gaps are filled or not. He sees the $ 7,150 area as a strong stronghold for the bulls as the trading volume of BTC tends to increase sharply within this range.
$BTC – as long as $7150 holds, this will be a key area because it’s the point of controls, the area with the most volume traded in this range
But let’s not kids ourselves, $6ks are coming again sooner or later
Prep your emotions, we’ll get through this like always pic.twitter.com/hfNeD3YZ8O
— Josh Rager ? (@Josh_Rager) December 2, 2019
CryptoThies is in the same position as Rager, saying that Bitcoin’s recent downward trend has “crushed” all the remaining positive sentiments and now is the time to short.
Yikes. I’m taking the hint this time guys.. $BTC is done for a while. This squashes some bullish sentiment i was feeling yesterday ….the purpose and reason I built this tool was to eliminate my emotion in analysis and it’s pretty clear I need to listen to it.
Short the corn. pic.twitter.com/AiVLec0sUs
— CryptoThies ? (@KingThies) December 1, 2019
Bitcoin’s upside potential after halving 2020
PlanB analyst said despite Bitcoin’s craziness in 2019, with a high of nearly $ 14,000 and a low of nearly $ 3,000, BTC is still on its way to reaching $ 100k, according to the stock-to-flow ratio (S2F).
He said that Bitcoin’s halving, expected to happen next May, remains one of the strongest catalysts for the future development of King of Cryptos.
#Bitcoin halving .. 5 months to go ?
For miners: production cost of 1 btc will double
For investors: stock-to-flow (unforgeable scarcity, inability to inflate stock) will double pic.twitter.com/JWNbJyil4a
— PlanB (@100trillionUSD) December 1, 2019
According to PlanB, the model shows that $ 100k is likely to occur between 2020 and 2023.
Although common, this rate is somewhat in doubt. In early November, analyst and economist Alex Krüger said that S2F was not reliable.
“The Stock to Flow model is to bulls, what the Tether Manipulation paper is to bears. Both based on fancy looking statistical models (more so the latter). Both are flawed. Doubt whoever believes in these extremes will change their minds. The mind believes what it wants to believe”.
Data scientist predicts BTC price through Deep Learning technology
A data scientist at India’s renowned Vellore Institute of Technology has outlined a method to accurately predict cryptocurrency prices in real-time using the Long Short-Term Memory (LSTM) network. LSTM is a type of neural network designed to classify, process and predict time series in indefinite time periods.
In a blog post on December 2, researcher Abinhav Sagar presented a four-step process for using machine learning technology to forecast prices in an area he thought was relatively difficult to predict. compared to the traditional market.
CoinField recently activated the Ripple-approved validator on XRP Ledger.
CoinField exchange CEO Bob Ras said XRP Ledger is facing stressful tests for its new tokenized asset trading platform, Sologenic.
Sologenic is designed to allow people to trade thousands of encrypted stock versions and ETFs with both XRP and a new token called SOLO.
XRP price maybe drop to $0.08
After Ripple unlocked an additional 1 billion XRP in the Ripple Escrow wallet, the cryptocurrency community was concerned about another decline in XRP prices.
Given the fact that the third-largest cryptocurrency on the market is trading at $ 0.22, things seem bleak for short-term investors. However, long-term players are ready for the rollercoaster full of volatility and are extremely excited when the big coins drop in price so they can buy dip.
A trader on Twitter said that the XRP price had the potential to drop to $ 0.08. JOKER said it was great that XRP is currently trading below $ 0.23. He has never felt so good because at this price traders and investors can buy it at a bargain price.
“Charts indicating a dip to $ 0.08 – $ 0.13 is possible. More it dips harder it pumps!”
— JOKER (@KiaCrypto) December 1, 2019
However, not all are happy about the XRP discount. Some investors believed that the fair value of the currency is more than 1 USD and the actual market price will soon coincide with this level.
Australia’s FlashFX opens a Ripple’s ODL corridor
Ripple passed 300 customers back in November, which makes 2019 the company’s strongest year. Up to now, two dozen companies rely on Ripple’s ODL solution for cross-border payments. Their clients include FlashFX, goLance, Viamericas and money transfer company MoneyGram.
Recently, Australia-based FlashFX has opened a new Ripple’s On-Demand Liquidation (ODL) corridor.
In its new post, FlashFX stated that Bitstamp users no longer have to wait days for the SWift transfer to be completed.
Although the XRP token remains unstable, Ripple can process transactions so quickly that its customers are not affected by any significant price drops.
Recently, AZ Coin News reported that the author of ‘The Way of the Tiger’, one of the first gamebooks released in the 1980s, decided to bring his game back to the market. school in a whole new form. This comeback has created a highlight when it works on the blockchain and the upcoming launch will be set on the VeChain blockchain.
VeChain’s original token, VET, has increased by more than 25% since the news came out.
Many analysts noticed this increase in VET and congratulated the VeChain community on Twitter. For example, Crypto Michaël, a popular analyst on Twitter, previously predicted VET’s rising potential and now tweeted that “that’s target reached”.
And that’s target reached.
— Crypto Michaël (@CryptoMichNL) December 2, 2019
Grin developer tasked with deploying security features in Litecoin, David Burkett, has released monthly updates on the MimbleWimble LTC integration. Recently, he announced the process of integrating security features into LTC on his Twitter.
“I’ll be posting monthly status updates detailing progress on the LTC MW EB (YAY acronyms). This is geared toward those interested in LTC development, but will also talk a lot about Grin ++ changes, so it may be interesting to Grinners as well “.
I’ll be posting monthly status updates detailing progress on the LTC MW EB (YAY acronyms). This is geared toward those interested in LTC development, but will also talk a lot about Grin++ changes, so it may be interesting to Grinners as well. https://t.co/hTpUbWSPI6
— David Burkett ツ (@DavidBurkett38) December 1, 2019
Meanwhile, Litecoin is currently having serious hash rate issues and is almost returning to 2017 levels. This decline comes just a few months after the Litecoin halving event of 2019.
Hash rate Litecoin has plummeted in the past 6 months. The index reached an all-time high in July 2019 at around 523 TH / s. Since then, it has been steadily decreasing and a few days ago recorded the lowest value in 2019 at 149 TH / s, which is equivalent to a 70% decrease in just 4 months.
Hash rate Litecoin | Source: Bitinfocharts
The development team announced the release of Ethereum Parity v2.5.10-stable and v.2.6.5-beta which will include all of Istanbul’s hard fork EIPs and block height for all supported networks. All node operators are encouraged to update their nodes.
All EIPs have been selected and completed for Istanbul, along with a hard fork height of 9,069,000, which will take place around December 7, 2019.
Istanbul will include Ethereum upgrades that will improve interoperability between Ethereum and Zcash (EIP-152), improve the performance of Snark and Stark based on a two-layer solution (EIP-1108), along with a number of other improvements.
— Parity Technologies (@ParityTech) December 1, 2019
One of the major changes happening in Istanbul is the Ethereum Improvement Proposal (EIP) 1884. It makes changes to the cost of some EVM opcode to prevent spam attacks. In particular, changing SLOAD (0x54) from 200 to 800 gas will break the currently deployed KyberNetwork contract, so it is necessary to switch to using a new, fixed contract.
For the Kyber ecosystem, in preparation for this important update, at 7:00 PM SGT, December 2, 2019, the team will move some smart contracts and update some components in the network. No trading will occur during this period. Everything will be back to work before 7:30 PM SGT, December 2, 2019.
➡️Reminder: Kyber Smart Contract Migration
Kyber will be migrating its smart contracts later today in preparation for the upcoming Istanbul hardfork on Ethereum.
Migration Period: Mon, Dec 2nd, 7:00-7:30pm SGT (GMT+8)
Learn more: https://t.co/vQo7NKY082
— Kyber Network (@KyberNetwork) December 2, 2019
Ethereum Classic News
According to the latest announcement from ETC Core: LinzhiCorp has released an ASIC prototype Ethash chip that exploits ETC and ETH. In the future, they will continue to develop the SHA3 chip family (the new mining algorithm that Ethereum Classic plans to upgrade next).
— ETC Core (@etc_core) December 1, 2019
Last Friday, Cardano announced that they had completed a copy for the upcoming Shelley testnet.
Testnet encourages ADA holders to earn real rewards for keeping it in their wallets. This copy will be used as the basis for the upcoming Shelley network upgrade.
SNAP! OK – balance snapshot all done! We’ve now got some work to do behind the scenes to get everything ready for the next phase in the rollout. Back soon! Meanwhile, you can find out more about what’s next here https://t.co/sbeVQrhiwV #Cardano #Shelley pic.twitter.com/qMEk8VEyva
— Input Output (@InputOutputHK) November 29, 2019
Justin Sun, slowly but surely, is taking over Poloniex when the exchange starts to promote Tron on his Twitter. In a strange promotional move, the exchange tweeted earlier today with a brief text: “Buy TRON”.
However, this tweet was quickly deleted within 28 minutes of posting.
Poloniex deleted after 28 minutes pic.twitter.com/OJrsspkqmU
— Crypto_Deleted_Tweets (@CryptoDeleted) December 1, 2019
The Huobi branch of Chinese exchange is one of the first members of the Blockchain Service Network (BSN), an industry alliance initiated by the State Information Center (SIC).
The information was announced on December 1 in a conference sponsored in part by SIC. In addition to Huobi, the alliance also has the presence of large companies in China such as VISA, China UnionPay, state-owned telecommunications giant China Mobile, China Telecom, China Merchants Bank International and WeBank, logistics banks. backed by Tencent Group.
BitFlyer, one of the largest exchanges in Japan, has just announced that XRP is the second-largest coin in terms of transaction volume in the land of the rising sun, just behind Bitcoin.
Users can buy/sell XRP on the web or smartphone app (available for iOS / Android).
— bitFlyer（ビットフライヤー） (@bitFlyer) December 1, 2019
CoinDance data shows that the weekly trading volume of the Bitcoin peer-to-peer Paxful trading platform has recently reached its all-time high.
Over the past week, starting on November 23, Paxful has had Bitcoin trading volume hit nearly $ 30 million and has continued a steady uptrend since the platform began operations.
Paxful is an unlimited P2P trading platform that allows users to buy and sell Bitcoin with gift cards, Paypal, domestic bank transfer and other payment methods.
Hackers tried to make a second 51% attack on Vertcoin but eventually, they had to pay for the attack themselves.
James Lovejoy, the main maintainer of Vertcoin, revealed on December 2 that an entity had targeted the Bittrex exchange to manipulate Vertcoin’s blockchain.
Vertcoin has been a fork of Bitcoin since 2014 and underwent a major hack in December last year, during which time hackers stole $ 100,000 worth of crypto.
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