Crypto Brief Dec.14: Bitcoin may be ready to break $ 8,000 plus Ripple, EOS, LTC, ETH, Stratis, Zcash, Bitfinex, Upbit, Terra, PAXG
From Bitcoin seems ready to upward to Upbit hack’s stolen ETH continues to be transferred. These are some of the prominent news in the crypto space.
Trader Satoshi Flipper noted that MACD, a trend indicator, has turned green on a four-hour chart. The last two times this signal was seen, Bitcoin increased by 13% and 5%, respectively. He added that when BTC sustains the support of $ 7,000, the price tends to rise sharply by 10% to $ 8,000 in the coming days.
Maybe something like this ?
— Satoshi Flipper (@SatoshiFlipper) December 13, 2019
Jonny Moe, a popular trader on Twitter, tweeted the price action seen from December 2018 has now been very similar in structure to the entire 2016-2018 market cycle.
That structure consists of a parabolic jump – merging the descending triangle – breaking that triangle into a surrender – then a five-wave bottoming process.
Bitcoin price will reach $ 1 million in 2020
John McAfee still believes that Bitcoin can still reach $ 1 million on December 31, 2020, despite BTC’s gloomy price action. When asked whether his price increase forecast was still valid, McAfee replied briefly: “You bet.”
— John McAfee (@officialmcafee) December 13, 2019
In a recent interview, Morgan Creek Capital founder Mark Yusko also expressed an optimistic view of Bitcoin’s prospects. He pleased Bitcoin supporters by saying that the price of BTC will reach $ 100,000 by 2021 and increase to $ 500,000 by 2030.
Bitcoin fees may exceed $100 in 2020
Blockchain Capital’s Spencer Bogart recently published a list of cryptocurrency predictions for 2020. The most noteworthy thing regarding Bitcoin fees is expected to pass $ 100 next year due to growing transaction demand.
2020 predictions from our State of Crypto year-end wrap-up (full report: https://t.co/ismqqKs1kA)
#7 is controversial. Those that don’t understand BTC will panic. However, not only would it be a positive development, it’s also an inevitable part of a successful BTC trajectory. pic.twitter.com/ePvqpH7ASz
— Spencer Bogart (@CremeDeLaCrypto) December 13, 2019
Bitcoin miners will not surrender after halving
Jason Williams, a partner at Morgan Creek Digital posted a tweet saying that halving BTC was priced and no miners would shut down their machines as some people believe.
Bitcoin Halving Update:
Block Halving ETA: 153 days, 21 hours, 53 minutes
Date ETA: May 15, 2020
“Many speculate that miners will shut down after the halving. The reality is most miners are very smart and price in the halving, so they don’t end up shutting down any miners”
— Jason A. Williams ? (@JWilliamsFstmed) December 13, 2019
Bitso Mexico exchange is a partner of Ripple and MoneyGram in Mexico’s On-Demand Liquidity (ODL) corridor launched this year.
The Liquidity Index for XRP/MXN is rising fast, recording new ATH levels. The index reached a new level on December 14 and surpassed the milestone of 9 million with a daily progress of 92%.
— Liquidity Index Bot (@LiquidityB) December 13, 2019
XRP-powered payment service reduces transaction costs by 75%
David Lighton, CEO of SendFriend, a consumer payment platform powered by Ripple, at the recent UBRI Connect Conference in Berkeley, said Ripple’s ODL is giving the company a new way to reduce costs for customers, which can be reduced by up to 75%.
At #UBRICon2019, @sendfriendinc CEO David Lighton explained how the company is leveraging #blockchain and #XRP to create faster, less expensive and more inclusive international money transfers. https://t.co/CXZrQ4jCgv
— Ripple (@Ripple) December 12, 2019
Vitalik Buterin (Ethereum’s creator) and Eric Weinstein (Ph.D., scientist, and CEO at Thiel Capital), recently discussed Buterin’s attitude to “classical” economic theory with The Portal.
Vitalik Buterin said that liberalists mainly belong to two large groups characterized as “leaving me alone” or “conquering the world.”
Buterin emphasized that there are participants in the cryptocurrency community who are guaranteed that fiat currencies will be destroyed and replaced with Bitcoin. In general, Buterin estimates that the prospect of any “short-term disruption” for the sake of some “vague long-term benefits” comes from skepticism.
Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system.
Stratis has been trading in a range since August 2019. The movement has the characteristics of a consolidation phase, after which a new bull market cycle is expected to begin.
The trading range for this consolidation is 40% intensity, and the price has tested both the resistance and support areas many times. The rice is currently moving ahead of the resistance area, according to Crypto Michaël.
This one is nicely holding the green zone for support here.
However, the real party kicks off when the 4500 area is broken upwards. Then it breaks the range. pic.twitter.com/MwOjV2UPJN
— Crypto Michaël (@CryptoMichNL) December 12, 2019
Zcash price reached an all-time low of $ 25.50 before rebounding. The price is seeking to recover the $ 31 resistance zone and continue rising higher.
The inability of Zcash to maintain lower prices implies a high chance of a reversal. Besides, the movement is also supported by positive news. The Zcash platform has announced that they have successfully released the latest “Blossom” network upgrade.
Researcher and investor Wolf Daddy claims that Zcash price has reached an important support area that yields a good risk/reward ratio at the start of long positions.
— Wolf Daddy (@FundamentalWolf) December 11, 2019
Litecoin Foundation’s efforts to raise funds to fund research and implementation of security features seem to have paid off. The Foundation has now received 163 LTC worth approximately $ 7,230 at the time of writing.
Received! Thank you.
— Charlie Lee [LTC⚡] (@SatoshiLite) December 12, 2019
Bitfinex is separating the market in short vs long. The exchange has reached an all-time high for long Bitcoin.
Short vs. long is largely divided on most exchanges because market sentiment is still poor. BitMEX and Binance both recorded more short than long by a small margin. However, for a number of reasons, Bitfinex traders act differently.
Currently, Bitfinex is posting a long record number of Bitcoin. The long-to-short ratio is 87% to 13%. Great?
Yet bitmex longs vs shorts remain balanced…
Something weird is going on here pic.twitter.com/0pyaM0Fp8b
— BTCKYLE (@BTCKYLE) December 12, 2019
According to one user, it could be a classic case of market manipulation.
I remember Finex shorts being really high and almost all closed together before a big Bitcoin dump.
So maybe when all those longs are closed, if it is indeed 1 party again, Bitcoin might go up.
— YORK780 (@YORK780) December 12, 2019
In the spirit of our vigorous partnership with Paxos Standard, Nexo has purchased $5M in PAXG, accelerating its Market Cap to $11M and taking another leap forward in addressing the global need for banking services that support digitized gold.
In the spirit of our vigorous partnership with @PaxosStandard, Nexo is proud to have purchased $5M in PAXG, accelerating its Market Cap to $11M and taking another leap forward in addressing the global need for banking services that support digitized gold. https://t.co/5XSfbl85Us pic.twitter.com/1NfSu0SzpP
— Nexo (@NexoFinance) December 13, 2019
Global blockchain company Terra claims that it has launched a blockchain-based peer-to-peer mobile payment service, MemePay, in Mongolia with local partner MemeChat.
— 버섯돌이(Taehyun Kim) (@mushman1970) December 14, 2019
Terra announced the release of the Terra MNT stablecoin, which will serve as the new financial backbone of the Mongolian messaging app. That app, which has attracted 50,000 users since its launch in March, now also integrates payment service MemePay powered by Terra.
The partnership will allow users to transact with local merchants, drivers and digital wallets of other users in Terra MNT, pinning 1: 1 with Mongolian money (known as tugrik). A number of merchants have agreed to use the service, including a taxi company and a department store.
Upbit and OES News
A new strategy is being tested by the notorious Upbit hackers. They are trying to use a decentralized exchange to convert their holdings into a token pegged to EOS.
Analysts and trading platforms have been closely monitoring the movement of funds stolen from Upbit since the end of November. Whale Alert has reported that a small fraction of the stolen ETH was sent to Tokenlon, a decentralized exchange. Likely to be an experiment, ETH was traded with a token pegged to EOS called VEOS.
— Whale Alert (@whale_alert) December 13, 2019
A war between centralized and decentralized networks
Celsius Network CEO Alex Mashinsky told ELEV8CON in Las Vegas on December 10 that there is a war between centralized and decentralized networks.
Mashinsky said that the rise of centralized social media networks has led to an increase in fake news, causing major confusion about the basics of issues and events. He added that fake news stories tend to increase readers’ engagement, which is later turned into huge profits for companies like Facebook and Google.
According to him, a blockchain-based data platform is the only solution capable of combating fake news. A system like this can verify users’ identities and data authenticity, providing a much-needed transparency layer for the online space.
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