Crypto Brief Dec.10: Bitcoin price is accumulating before breakout plus Ripple, EOS, Tron, SOLO, Binance, LedgerX, Komodo, Huobi news
From the call on Bitcoin’s accumulating to Huobi Group’s HBUS is about to shut down. These are some of the prominent news in the crypto space.
Bitcoin price has increased since reaching a low of $ 6,616 on November 25. Compared to the fractal from the bottom in December 2018, the current price could be in a period of accumulation before a breakout.
While Bitcoin’s market outlook has been bogged down in indecision, the outlook is fundamentally positive. The total Bitcoin address has reached the new ATH with 28.39M addresses. This is a very common measure of the growth of a network.
However, the price is in a very different position compared to the end of 2017, when it was at an all-time high. Trader Cantering Clark pointed out the similarities between the current and recent Bitcoin price volatility of $ 3,300 in December 2018.
There is an uncanny resemblance between these two charts.
It would make sense that after the first major move up, that the first major correction and following accumulation period would have a fractal resemblance to the larger original.
— Cantering Clark (@CanteringClark) December 9, 2019
Bitcoin hash rate remains stable
Despite all the fuss about an imminent surrender to Bitcoin mining, the network hash rate remains stable, despite the sluggish performance of No.1 in recent weeks.
Bitcoin’s network hash rate is currently hovering around the 100 million Th / s mark, occasionally surpassing that number.
The monthly lows are rising higher and there are no signs of scary surrender at this time.
Bitcoin remains strong at most other important activities, including transaction value and user activity online.
It seems the recent price action of XRP has confirmed that an uptrend will form in the short term.
Trader Crypt0mer noted that “buying interest kicked in around $ 0.21, a bounce to $ 0.25 seems reasonable if XRP catches on fire maybe a re-test of $ 0.285 since it gapped down hard”. The move to $ 0.25 will increase by 11% from the current price of $ 0.22.
Buying interest kicked in around $0.21, a bounce to $0.25 seams reasonable, if $XRP catches on fire maybe a re-test of $0.285 since it gapped down hard.
Here is the 12hr VPVR, and HTF fib retracement levels on the log scale. I’m trading the bounce rn, then I’ll re-evaluate. pic.twitter.com/SdmdJT6mq6
— CƦYP₮ΘɱΞƦ (@Crypt0mer) December 8, 2019
Bank of America acknowledges Ripple
One of the largest and most influential banks in the world – Bank of America (BoA) – acknowledges that Ripple offers a truly innovative solution. BoA mentioned it in a report.
However, whether this good news will affect the price of XRP is still a question.
A major XRP follower on Twitter nicknamed BankXRP said BoA cited Ripple’s cross-border solution as an example of innovation and some screenshots from BoA’s innovation document.
Bank of America Cites Ripple’s Cross-Border Solution as Example of Innovationhttps://t.co/6xZWeGSIJP
— ???? ??? (@BankXRP) December 9, 2019
XRP will be listed on crypto exchange Luno in Malaysia
Ripple’s XRP is expected to be listed on London-based crypto exchange Luno, which will be relaunched in Malaysia in late October.
Vijay Ayyar, Luno head of Asia, said XRP listed on their platform was “definitely going to happen.” He said Luno wants to expand its offering while still complying with the regulations.
Voice, the social media platform that was first revealed in June, announced that it will launch the beta on February 14, 2020 (Valentine Day) in a blog post on December 5.
The company promises that it will share its progress with the community as development continues. Thousands of people have signed up for beta testing. The company also acknowledges that the initiative is still affected by regulatory uncertainty and that it is still working with regulatory authorities to ensure compliance.
— Voice (@voicesocial_) December 5, 2019
In a series of pushes for the Bitcoin community, LedgerX announced that LedgerX co-founders were given immediate administrative leave. Senior employees currently on leave are co-founders Paul and Juthica Chou. Thompson works as a temporary CEO.
LedgerX is a federally regulated exchange, offering Bitcoin swaps and physically settled options. The news came right after a host of other issues regarding exchanges and Bitcoin.
— Igor Os (@igor_os777) December 10, 2019
Per co-founder Juthica, “there has been no reason given, except that we have had long-lasting disagreements with the board about the vision and direction of the business”.
there has been no reason given, except that we have had long-lasting disagreements with the board about the vision and direction of the business
— juthica (@juthica) December 9, 2019
Komodo price has dropped since reaching a high on November 18. The token is currently trying to find support above 8500 satoshi and start another rally.
According to crypto trader Michaël, after breaking out, Komodo price is retesting the previous resistance zone and is in the process of confirming it is support. If successful, it can continue moving up to 12,000 satoshi.
This area here is finally being retested, which would give a beneficial long entry.
If green holds, then targets of 1200 can be reached here. pic.twitter.com/8ZhfZft4wf
— Crypto Michaël (@CryptoMichNL) December 9, 2019
CoinField is offering an incentive program for Open Source Developers through SOLO.
The SOLO token sale has launched, built on top of the XRP ledger today, starting at 6 pm UTC (10 am PST). The pre-sale will take place from December 9 to 16, 2019. A limited number of participants will be able to purchase a total of 40 million SOLO tokens at a discount, before the public sale in Q1 2020.
Wow 25% SOLD OUT in the first 10 minutes! ⚡
Thank you to the community for the incredible support!
— Sologenic (@realSologenic) December 9, 2019
Tron has released its weekly report. The report includes some highlights:
- Supported security evaluation of multi tokens with the same CRS.
- Blockchain height exceeded 15 million.
- TRON was ranked No.3 according to CCID’s global public blockchain technology assessment index.
#TRON Weekly Report
1.Supported security evaluation of multi tokens with the same CRS.
2.#Blockchain height exceeded 15 million.
3.TRON was ranked No.3 according to CCID’s global public blockchain technology assessment index.#TRX $TRXhttps://t.co/j65aYuFlJI
— TRON Foundation (@Tronfoundation) December 9, 2019
Tron is about to acquire Steemit
Tron CEO Justin Sun is about to add to his collection of acquisition series when it was reported that Tron is about to acquire blockchain content distribution platform Steemit.
— Crypto Seahawk ™️ (@atomicswapz) December 9, 2019
Earlier in early December, Justin Sun suggested the acquisition to enhance the potential of the Tron and BitTorrent ecosystems.
HBUS, the US branch of Huobi Group, unexpectedly announced on Monday that it would be shut down in the next few weeks.
The exchange will close trading services on December 15, 2019. Users must wait until January 31, 2020, to fully withdraw their assets. Any customer who does not have enough balance to meet the minimum withdrawal requirements “is encouraged” to convert their assets to another cryptocurrency or fiat to see if replacement minimum requirements can be met.
HBUS Cease to Operate: We regret to inform you that HBUS will need to cease operations so that it can return in a more integrated and impactful fashion as part of its ongoing strategic layout. Please refer to our FAQ and contact email@example.com
— HBUS (Huobi Global’s U.S. Partner) (@HBUSofficial) December 9, 2019
Simplex, an Israeli-based fintech and cryptocurrency company, currently supports two new fiat currencies – Japanese Yen (JPY) and Canadian Dollar (CAD).
Once added, users at some of Simplex’s partner exchanges like Binance will be able to buy cryptocurrencies via credit cards in JPY and CAD, according to a report on December 9.
A spokeswoman for Simplex confirmed the report, noting that the company’s partners can now allow their users to buy cryptocurrencies with CAD or JPY on their credit cards. The representative did not specify which companies would be the first to activate this feature.
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