Crypto Brief Dec.12: Bitcoin price risks falling to the low-$ 6000 in short-term plus ADA, LINK, MCO, XRP, Blockstream, USDC, DASH, STRAT, XEM, Binance, Huobi, BitMEX news

From Bitcoin’s bearish view in short-term to LTC is added for trading at Huobi and Binance exchanges. These are some of the prominent news in the crypto space.

Crypto Brief Dec.12

Bitcoin News

Trader Jonny Moe said the Bitcoin price could risk falling to as low as $ 6,000 in the coming days before starting another rally.

His chart shows the similarities between market bottoms in December 2018 and the current price action. If history repeats itself, Bitcoin could be forming another bearish wedge with a reversal after BTC dropped to its lowest level since early May.

Such a bullish move will lead to another parabolic step, similar to those that took place in the second half of 2017 and the second quarter of 2019.

But, trader Scott Melker keeps the bullish view. He stated that Bitcoin is about to form a bullish divergence on its daily chart. This pattern occurs when bears push BTC prices to new lows. However, momentum indicators like the RSI do not move in parallel.

BTC seems to be forming Swing Failure Pattern (SFP) when the market fell below the previous lows but did not close at this level.

Morgan Creek Capital Management CEO Mark Yusko has the same opinion as Scott Melker. He said in a new interview with Business Insider that Bitcoin’s strong fundamentals will drive explosive growth for the leading cryptocurrency in the next 10 years.

According to Mark, the number of users on the network and the increasing number of Bitcoin wallets are key. The number of BTC wallets has risen sharply in 2019, from 31,422,703 at the beginning of the year to 44,207,970 at the time of writing, according to data from blockchain.com.

Bitcoin continues to increase in popularity on the dark web

Cryptocurrencies may go beyond Silk Road, but Bitcoin is still the darling of the dark web criminals.

The dollar value of Bitcoin spent at the dark end skyrocketed in 2019, surpassing $ 1 billion, according to data that Blocktown Capital’s James Todaro provided.

Cardano News

Cardano creator Charles Hoskinson is promoting a new low-energy prototype that he says can help power the network using a small amount of energy.

The Cardano Rock is designed to provide a way to run betting buttons on Cardano. It runs on the Linux operating system and uses about 30 dollars of electricity each year.

LINK and MCO News

Both ChainLink (LINK) and Monaco (MCO) are very close to reaching or peaking. It is expected that there will be an adjustment period for both coins.

ChainLink is one of the best performing coins with the largest increase, more than 150% since September. However, it peaked in mid-November and was adjusted. Meanwhile, MCO has not had time to overcome and has increased by 95% since the beginning of September.

Popular trader Walter Wyckoff tweeted that among all altcoin charts, LINK and MCO are the coins with the highest potential for increase.

XRP News

Mexico’s largest exchange Bitso is a partner of Ripple and MoneyGram in the On-Demand Liquidation (ODL) corridor to Mexico, where XRP trades with local pesos.

XRP’s liquidity index on Bitso has reached an all-time high of over $ 7 million, as reported by the Twitter bot.

Whale Alert today detected a transaction of nearly 150,000,000 XRP (~ $ 32,560,178) transferred between unknown wallets.

Blockstream News

The settlement of disagreements between Bitcoin Blockstream developer and blockchain news publication The Block has begun to attract negative attention. While some people are questioning the integrity of the media company’s reporting, others are calling Blockstream interest for the worthless tokens issued based on blockchain.

Disagreement over The Block’s report a few days ago about a $ 50 million token sale held by Dubai’s BTSE. The token sale will be held on Blockstream’s Liquid network.

Samson Mow, Chief Technology Officer of Blockstream, stated that The Block did not contact both Blockstream and BTSE before releasing the news.

USDC News

Whale Alert has reported that the second largest stablecoin has just minted an additional 2.8M USDC (worth more than $ 2.8 million) at the USDC treasury.

Many users commented that the market may soon recover once this fresh money enters the market.

DASH, STRAT and XEM News

Dash (DASH), Stratis (STRAT) and Nem (XEM) have reached important support areas, historically, as catalysts for upward movements.

All three are one of the biggest bullish coins in the 2017 bull run. However, they have been decreasing ever since – making the crypto community leave them and focus on other less established cryptocurrencies.

According to the Galaxy trader, instead of chasing the pump, investors should focus on well-established coins that haven’t started a new market cycle yet. This advice was given after MATIC fell by 70% in about an hour.

He noted that DASH, STRAT and XEM have dropped to unprecedented levels since 2016 – making them an attractive investment from a risk/reward perspective.

BitMEX News

BitMEX has introduced withdrawal support for Bitcoin Bech32 addresses (SegWit). The update allows users to save transaction fees while contributing to a less-bloated Bitcoin blockchain.

Bitcoin Bech32 address is the Segregated Witness (SegWit) address format specified by Bitcoin Innovation Proposal (BIP) 0173.

Huobi News

In order to meet the trading demand of Huobi users, Huobi Global launched LTC/HUSD Spot Trading at 15:00 on December 11, 2019 (GMT+8).

In the amphibious campaign to Turkey, Huobi Global appointed Alphan Gogus, a crypto and financial veteran, as the new general manager for Huobi Turkey.

Alphan Gogus is a well-known figure in Turkey’s cryptocurrency industry. Prior to his role at Huobi Turkey, Alphan Gogus worked at the local cryptocurrency exchange BTCTurk as CEO and at Deloitte Audit as a Senior Director.

Binance News

Binance DEX now opens trading for an LTC/BUSD trading pair.

Africa’s first stablecoin built on Binance Chain

The first African currency, the Africa Stable-Coin (ABCD) was supported by the national currency of Nigeria, Naira. It is built on Binance’s own blockchain, the Binance Chain.

ABCD is the brainchild of start-up money transfer startup Bit Sika based in Ghana. According to the report, the project was implemented in cooperation with Linovo Capital, which was announced last week.

It was enrolled in the Binance Labs Incubation Program earlier this year.

Other News

The US SEC charged Shopin founder Eran Eyal

The SEC alleges that the entrepreneur and his company scammed hundreds of investors in an ICO that raised more than $ 42 million from August 2017 to April 2018 in a press release on December 11. Per SEC, Shopin’s actions constituted an offering of unregistered securities offerings to Token Shopin.

Moreover, Eyal allegedly forged partnerships with retail stores that were established when practically none. The SEC also stated that Eyal appropriated investor money to pay for personal expenses.

SolarisBank of Germany opened a branch to provide custody of digital assets

SolarisBank, a Berlin-based fintech company, has established a subsidiary to provide custody solutions for digital assets, according to the December 11 announcement.

Solaris Digital Assets GmbH’s new subsidiary will provide customers with a platform that can access the application programming interface (API), allowing access to all of the digital white-label banking services of solarisBank.

The new subsidiary will operate in compliance with the regulatory requirements of the German market and ensure that the storage of digital assets is also complied with. Solaris Digital Assets plans to apply for a crypto depository business license by 2020.

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