Crypto Brief Dec.06: Bitcoin maybe will reach a new ATH in August 2020 plus Ethereum, Ripple, BlockFi, Litecoin, Tron, Binance, BitFlyer, Kraken, Bakkt news
From Bitcoin’s positive long-term outlook to Binance will support Ethereum’s upcoming Istanbul hard fork. These are some of the prominent news in the crypto space.
Historically, the Bitcoin price has increased its pace after breaking ATH. Long-term price movements show that BTC maybe will reach a new ATH in August 2020.
There are several different methods and tools used for technical analysis.
According to trader Dave the wave, usually, the most effective way to predict the price of an asset is the simplest TA.
It’s a general rule of theory that the simplest theory with the least number of complicating factors is the superior one [Occam’s razor]. It could just be, along simple TA lines, that price explodes northwards once the previous all time high is hit… pic.twitter.com/9sgtsNACM5
— dave the wave (@davthewave) December 5, 2019
Assessing the long-term Bitcoin chart (using simple TA lines), he said once Bitcoin price breaks its ATH, it will explode uptrend.
Which quarter is the most bullish Bitcoin?
For some reason, Q2 almost always sees the price of Bitcoin rise. The only exception to this rule is in the second quarter of 2018 (-8%) and the marginal decline in the second quarter of 2013 (-2%).
If you look at Bitcoin’s quarterly price increase, a strange pattern appears: the second quarter always seems to be in green. In Bitcoin’s 10-year history of existence, it has, by far, become the most active quarter ever.
According to analyst firm Skew, Bitcoin has achieved a steady increase for almost every Q2 since 2014. The only exception is Q2 2018, which saw a decline of -8.17%.
Any reason why Q2 almost always strong for the price of bitcoin? pic.twitter.com/QA3ZqLAcrm
— skew (@skewdotcom) December 3, 2019
According to data from Skew, Q2 this year seems to bring big profits. 2019 is at the top of everything when Bitcoin records a gain of 161.50%.
BTC Heading to $100K
In a new episode of his Bitcoin Live trading report, veteran trader Peter Brandt said Bitcoin was heading for $ 100,000 – the question of when and how not if.
According to Brandt, BTC is still in a long-term uptrend, despite a pullback from an annual high of nearly $ 14,000 reset in June.
Brandt became the leading analyst in the world of cryptocurrencies after predicting Bitcoin’s incident in early 2018.
Ethereum, like Amazon, experienced a rapid rally and then a very long correction. Although the prices of both have some similarities, they are not enough to be considered fractals.
At the moment, Amazon and Ethereum prices are at very different points in their market cycles. While Amazon is nearing ATH, Ethereum has been declining for almost two years.
However, Ethereum is similar to the price movement of Amazon at its inception. Crypto Wolf analyst outlined a fractal in which the price of Ethereum is following Amazon.
If Ethereum continues to follow this fractal, it will reach new all-time highs by the end of 2021.
Ethereum vs Amazon fractal. pic.twitter.com/RRMO3EbdJl
— CryptoWolf (@IamCryptoWolf) December 4, 2019
Ethereum’s top DEX released a demo on Thursday
IDEX, the leading decentralized exchange (DEX) for ERC-20 tokens in 2019, is launching a new DEX on Rollup technology, a layer 2 expansion protocol that can only be done through the Istanbul hard fork. As part of a relaunch, a demo was released on Thursday.
By reducing gas costs, rollup-based smart contracts (bundle on-chain transactions off-chain), have become a rapid expansion tool – for IDEX and other companies.
Thursday’s move is IDEX’s first overhaul since its launch in October 2017. In 2018, IDEX accounted for 3% of all gas charges paid to ethereum mining companies, amounting to $ 4.3 million, CTO Jason Ahmad said.
Vitalik Buterin revealed block explorer for Beacon Chain
Vitalik Buterin, the Ethereum co-founder, has just shared a “working block explorer” for the beacon chain, which is a separate proof-of-stake chain that will run parallel to the network’s existing proof-of-work chain.
— vitalik.eth (@VitalikButerin) December 5, 2019
According to a new court filing, Ripple is once again asking a federal court to dismiss a pending class-action lawsuit over the sale of illegal securities,
The company reiterated the same ‘statute of repose’ argument, meaning the plaintiffs did not meet the legal deadline to file a lawsuit.
Ripple started selling XRP to retail investors back in 2013, so it’s too late to take legal action against it in the summer of 2018 after a lawsuit was launched in 2016.
Ripple also further asserts that XRP is not a security. The company insists the issue is “unrelated” to its latest move, which is why the company doesn’t address this issue in depth.
This is not the first time Ripple has tried to evade the biggest question in this lengthy legal battle.
Ripple’s partner wants to transform the game industry with XRP
Forte, a San Francisco-based company, formed a $ 100 million fund that partnered with Ripple’s Xpring in March, to continue adopting blockchain technology in gaming.
There have been many attempts to create a killer game dApp (such as CryptoKitties), but the technology is still too cumbersome. Forte wants to solve the adoption problem by creating a more accessible approach.
#Xpring‘s partner @FortePlatform makes it easy for game developers to use #blockchain technology to run better and more successful game economies by leveraging @Interledger and #XRP. https://t.co/cs3QquQMtY
— Xpring (@XpringDev) December 5, 2019
In a new video from UBRI Connect 2019 in Berkeley, California, Xpring senior vice president, Ethan Beard, talks about the initiative’s new investments and partnerships.
Beard said Xpring has invested in more than 20 companies this year, allocating more than $ 500 million to raise funds for projects. Xpring is also creating an SDK to help developers build on XRP Ledger.
BlockFi is expanding its dealings with an unusual, no-fee model.
?Trade your crypto on BlockFi! ?We just launched BlockFi Trading, a way to easily trade your BTC, ETH, and GUSD while simultaneously earning compound interest paid out in the currency of your choice! No minimum to start ?https://t.co/uXrT7mYPM2
— BlockFi (@TheRealBlockFi) December 5, 2019
Crypto lending startups are backed by Galaxy Digital, Winklevoss Capital, ConsenSys Ventures and others. The company has made a mark by offering investors a way to make a profit from cryptocurrency without selling it.
Starting Thursday, users have one more option: they can buy or sell with their balance – for example, buy more bitcoin with GUSD or ether they sent or vice versa.
There will be no transaction fee, as the service will have a different profit model: money will come from the sale of data on user transactions to large institutional crypto companies, and conversely, these companies will act as market makers at BlockFi, providing liquidity.
Litecoin’s Charlie Lee said LTC will continue to use the proof of work consensus algorithm to approve transactions and the LTC network will not consider switching to proof of stake.
Proof-of-work allows miners to participate in a math contest to verify transactions and earn rewards.
There’s no plan to switch Litecoin to PoS. It’s way too controversial and I think the security of PoS is worse and less battle tested than that of PoW.
— Charlie Lee [LTC⚡] (@SatoshiLite) December 5, 2019
The cryptocurrency community on Twitter is discussing a tweet deleted by Poloniex, in which the exchange urged the community to buy TRX.
Then Jared Tate, founder of DigiByte, issued an accusation, saying that they were PR Tron. Poloniex responded with the decision to delist DGB, according to a report of AZ Coin News. Now, some in the community seem to be accusing Justin Sun of being behind this.
However, Justin Sun recently tweeted that all decisions were made by the Poloniex team separately and he was just one of Poloniex’s investors. But, Sun said he respected and supported this decision.
.@Poloniex ‘s decisions are made by the team independently. As a humble investor of #Poloniex, I respect and support their decision. As a HODLR of $BNB, $HT, $OKB and other platform tokens, I always support and partner with all mainstream exchanges. Always BUIDL!
— Justin Sun (@justinsuntron) December 6, 2019
Binance announced today that the exchange opened trading for BUSD/RUB, VET/BUSD, and QTUM/BUSD pairs at 2019/12/06 8:00 AM (UTC).
— Binance (@binance) December 6, 2019
The exchange also announced that it will support Ethereum’s upcoming Istanbul hard fork. ETH deposits and withdrawals will be suspended prior to the ETH network block height of 9069000 (which selected for the upgrade). The hard fork is expected to happen on 12/12/2011. ETH transactions will not be affected during the upgrade.
— Binance (@binance) December 5, 2019
Binance Edition, HTC EXODUS 1 limited edition, is available
According to Binance’s blog post, Binance Edition is available for purchase on December 5, 2019, 3:00 am (UTC) on the official HTC EXODUS website for $ 599 USD, $ 889 SGD or the price equivalent when paying with electronic money (BTC, BNB …).
— Binance (@binance) December 5, 2019
BitFlyer, a cryptocurrency exchange based in Tokyo, launched the ‘Instant Buy’ feature on its European trading platform on December 5.
This new feature will give European users the ability to buy cryptocurrencies with credit cards, debit cards and local instant funds transfer methods like Sofort, iDeal, and GiroPay. It is available on desktop computers and smartphones, in order to help users buy cryptocurrencies more conveniently with their preferred payment method.
Kraken is adding support for its latest fiat asset, the Swiss franc (CHF), according to a blog post on December 5.
Kraken now supports CHF funding! Learn more:https://t.co/n0hyuEv6wA
— Kraken Exchange (@krakenfx) December 5, 2019
San Francisco-based cryptocurrency exchange said in partnership with Liechtenstein-based Bank Frick, the Swiss franc will join the list of currencies that Kraken has supported, namely the US dollar (USD), Canadian dollar (CAD), euro (EUR), British pound (GBP) and Japanese yen (JPY).
CHF transactions will start on Friday, December 6 and will deploy trading pairs between the Swiss franc and Bitcoin (BTC) and Ether (ETH).
Bakkt became a headline in the news once more when its CEO was appointed to the Georgia Senate seat despite Trump’s dissatisfaction, reported AZ Coin News.
The Intercontinental Exchange (ICE) is a solid supporter of Bakkt and recently tweeted that in just 4 days, users will be able to trade on two new markets on Bakkt: Bitcoin (USD) Options and Bitcoin (USD) Cash Settled Monthly Futures. Two new trading options will be launch on December 9.
— ICE (@ICE_Markets) December 4, 2019
After the disappointing launch of Bitcoin Futures on Bakkt, the community did not seem excited about this announcement. Even many users expressed skepticism and complete hostility. They are arguing that these cash-settled Bitcoin markets are responsible for manipulating the market and pushing the price down by one. artificially.
Cash settled pic.twitter.com/WT1edk0Ehc
— Crittah (@Crittah3) December 4, 2019
In 2017 they needed a tool to pop the bubble. In 2019 they still need this tool to manipulate the asset
— Gonzalo Rasines (@Gonza2224) December 4, 2019
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