Crypto Brief Dec.16: Bitcoin price is ready to breakout 20% plus Ripple, TRX, ETH, ETC, Marco Polo, R3, ADA, USDT, Simplecoin news
From Bitcoin’s 20% breakout ability to Ethereum Classic’s hardfork Agharta will take place in early 2020. These are some of the prominent news in the crypto space.
Analyst Josh Olszewicz recently noted that the last one Bollinger band on the Bitcoin chart is very tight, which always leads to a 20% price change. Specifically, BTC saw a 30% increase to $ 10,000 at the end of October, this is the last time that the Bollinger Bands exhibit such consolidation behavior.
currently w/bearish forecast
price > 7300 would be above 20SMA which would flip sentiment bull
eventual resolution of all moves of this caliber have resulted in initial 20%+ price swing pic.twitter.com/VorbN1XpjJ
— Josh Olszewicz (@CarpeNoctom) December 14, 2019
Bitcoin went through the second half of 2019, not so positive. In fact, since the end of June, the top cryptocurrency has collapsed 50%, currently trading around $ 7,000 after setting an annual high of $ 14,000.
This collapse has exposed many crypto critics. For example, Mark Dow, a well-known hedge fund manager wrote last month that he fully expected Bitcoin to die painfully, ending with spoofs and falling FOMO.
Critics, however, seem to be missing one thing: BTC is still rising in 2019, not falling. Investor Charlie Bilello pointed out that Bitcoin is still up 96% in 2019 as of December 7.
Nasdaq 100 $QQQ: +34%
S&P 500 $SPY: +28%
REITs $VNQ: +28%
Oil $USO: +28%
Small Caps $IWM: +23%
EAFE $EFA: +19%
Investment Grade $LQD: +17%
Gold $GLD: +14%
High Yield $HYG: +12%
EM $EEM: +11%
US Bonds $AGG: +8%
US Dollar $UUP: +5%
Cash $BIL: +2%
— Charlie Bilello (@charliebilello) December 7, 2019
This goes far beyond any other kind of official property. Nasdaq 100 is up 34% for the year; real estate investment trust Vanguard index increased by 28%, and investment-grade bonds increased by 10%.
Bitcoin dominance is about to fall to 63%
Bitcoin’s dominance rate has steadily increased since reaching a low of 36% in January 2018. It seems to almost reach its peak and the region 76% represents the absolute upper limit.
In early September, the BTC dominance reached a high of 73.4% but has been decreasing since then. Many have called for another “altseason” to begin in the past few months. However, the altcoin market’s stagnation has caused these calls to pause.
Analyst “CryptoWolf” recently outlined a discount chart for Bitcoin dominance rates. In particular, the price has completed a head and shoulders pattern, considered a bearish reversal pattern. The target will be 63%.
Buy Bitcoin to avoid dollar destruction
Libertarian pundit John Stossel exaggerated the virtues of Bitcoin on social media. The ABC and Fox News commentator says he wants an investment that serves as a hedge against the US dollar.
I bought #Bitcoin because I don’t want all my savings in dollars. What if my government prints lots of dollars and they become worth… pennies?
— John Stossel (@JohnStossel) December 15, 2019
It should be noted that Stossel has a huge following on twitter so millions of people may have seen this tweet, which is considered a great contact with BTC.
Many responses also support Bitcoin and the defense narrative is being strengthened in particular given the recent repo agreements and Fed intervention.
Source: UnderworldCrypto/ Twitter
Some people think hyperinflation can only happen in developing countries with dictators (Zimbabwe) or socialist governments (Venezuela). But don’t underestimate the consequences of quantitative easing & negative interest rates in US EUR JPN. Bitcoin is a hedge against QE & NIRP.
Some people think hyperinflation can only happen in developing countries with dictators (Zimbabwe) or socialist governments (Venezuela). But don’t underestimate the consequences of quantitative easing & negative interest rates in US EUR JPN. #bitcoin is a hedge against QE & NIRP. pic.twitter.com/XbSbFzW1Ky
— PlanB [Jan/3➞? ] (@100trillionUSD) December 15, 2019
Trader ‘D.I.Y Investing’ shared some information about cyclical time frames for XRP. A bearish cycle occurs with XRP for two years after a 1-year increase. This means that the price of this altcoin will increase in 2020. He expects the price will reach $ 28.
Cyclical Time Frames with $XRP.
You guys have seen me post this chart before but now I have added cyclical time frames to paint an even clearer picture.$XRP follows cycles of 6 months to 1 year Bull Cycles followed by 2 year Bear Cycles. 2020 will be the next Bull Cycle. $28 pic.twitter.com/P5ZfAgPfF4
— D.I.Y Investing (@vajolleratzii) December 15, 2019
However, some Twitter users are expressing their doubts.
According to analyst “Calmly”, the XRP / BTC chart for a week is showing signs of a bull phase accumulating above critical support, implying that a 50% increase could occur in the coming months.
— Calmly | full-time trader (@im_calmly) December 14, 2019
Tron and Ethereum News
Recently, Joseph Lubin was pleased to announce the huge number of user accounts on-chain, which is more than 20 million. The number of Ether locked in DeFi is worth more than 650 million dollars. Ethereum miners have received around 4.5 million ETH as a reward for block creation this year.
Over 20M total #Ethereum accounts were created in 2019.
Over $650M USD is currently locked in #DeFi.
Over 4.5M $ETH was issued this year from block rewards.
— Joseph Lubin (@ethereumJoseph) December 13, 2019
CEO Tron congratulated Ethereum on the success achieved in 2019 and said he looks forward to competing with the second largest blockchain platform next year.
— Justin Sun (@justinsuntron) December 16, 2019
OKEx CEO Jay Hao also sent congratulations to Ethereum via Twitter.
Marco Polo and R3 News
Marco Polo recently ran the largest global CorDapp trial with the assistance of R3 và Corda blockchain and over 70 organizations from more than 25 countries.
Marco Polo recently ran the largest global CorDapp trial with the assistance of @inside_r3, @Cordablockchain and over 70 organisations. If you want to learn more or how you can participate in future global trials, check out the full press release here! https://t.co/rIT7QR3k0e
— Marco Polo Network (@network_polo) December 12, 2019
The trial tested working capital applications developed by TradeIX and focused on financial products receivable on Marco Polo’s platform. The purpose of the product is to increase connectivity and efficiency while reducing onboard costs. Marc Polo stated that more than 700 sponsorship requests were completed in the trial with user training only requiring an average of one day’s time participants.
Ethereum Classic News
Ethereum Classic’s Hard fork Agharta will be activated at block 9,573,000 expected on January 15, 2020.
On December 12, 2019, ETC core developers and ecosystem stakeholders agreed on the number of target blocks to enable the mainnet and testnet review time to make sure everything is going for sure. Agharta hard fork will include features of Ethereum Constantinople.
#ETC core developers and participating stakeholders agreed on a target block number for mainnet activation and a testnet review period. #AghartaHardFork will be inclusive of #ETH Constantinople. https://t.co/4FkXOzkWLH @stevanlohja @etc_core
— Ethereum Classic Labs (@etclabs) December 12, 2019
Tether, the USDT stablecoin operator, announced funding for the development of a new version of the Bitcoin Omni tokenized layer.
The company announced the release of Omni Core 0.7.0, a development sponsored by Tether. The new version is reported to increase network performance and fix locking issues and Remote Procedure Calls.
More interestingly, Omni Core 0.7.0 allows building an on-chain decentralized exchange. The new version of the Omni protocol allows users to trade any online asset for Bitcoin.
The Omni Protocol is a system that runs on the Bitcoin network, allowing the creation of tokens on what is thought to be a secure network. Omni is also the platform to host the first USDT tokens.
Cardano’s incentivized testnet has worked with promising results. The holders have bet 5.4 billion ADA, accounting for 17% of the money supply.
IOHK has reported that more than 240 bet pools have been ready for staking since Shelley went into operation, with about 120 staking pools on the first day of operation.
Our incredible #CardanoCommunity have put in a remarkable effort this weekend, with over 240 pools (+ counting) getting ready for staking. Thank you. We’ll let #ada holders know as soon as Reward wallets are available – sign up for alerts here https://t.co/fDjC3ORlYv 3/3 pic.twitter.com/Tp9M04p1FL
— Input Output (@InputOutputHK) December 15, 2019
According to the press release, Simplecoin, a cryptocurrency mining platform focused on accessibility, will be shut down in the new year (specifically, on January 1, 2020).
This is due to the European Union’s implementation of a new Anti-Money Laundering Directive, which will force Simplecoin to comply with new know-your-customer (KYC) and anti-money laundering (AML) policies.
The team looked for alternatives, but it didn’t work. Therefore, users will have to withdraw their entire money before December 20. After this date, the wallet and the entire platform will stop working.
Former Bitmain design director arrested on suspicion of embezzlement
Yang Zuoxing, a former chip designer for hardware mining giant Bitmain, has been arrested for alleged embezzlement.
On December 16, Bloomberg cited three unnamed sources and a police statement made on December 12, as evidence of this statement.
Yang Zuoxing served as processor design director at Bitmain until 2016, where he helped develop the manufacturer’s flagship Antminer S7 and S9 models.
Yang went on to form MicroBT, whose Whatsminer 20 series of mining rigs has been the best-selling model in the industry since the beginning of the year.
As competition between Bitmain and MicroBT has intensified, Bitmain previously filed an unsuccessful lawsuit against MicroBT for patent infringement.
A state of India will train 20,000 blockchain experts
Kerala, a state on the southwest coast of India, plans to train at least 20,000 blockchain experts in the next two years.
Blockchain for Governance: Panel Discussion with IT secretaries
M. Sivasankar IAS, J A Chowdary, Santhosh Misra IAS, Chithra S IAS, Rajasree M S, Sreeram Ananthasayanam#blockchain #Hyperledger #kochi #kbaiiitmk #blockhashlive #summit #india
— Kerala Blockchain Academy (@kbaiiitmk) December 12, 2019
The state has announced this information at BlockHashLive 2019 on Sunday. The goal here is for India to get a head start on future technologies.
BlockHashLive 2019 is jointly organized with Kerala Blockchain Academy (KBA). This is an event for leaders around the world to attend and speak out about blockchain technologies and their use cases.
AMD joins the Blockchain Game Alliance
U.S. transnational IT company Advanced Micro Devices (AMD) has joined the Blockchain Game Alliance and created two new partnerships to help promote the use of technology in the industry, according to a press release on December 12.
The chip giant is partnering with blockchain technology providers Robot Cache and ULTRA – both of which are working to develop and operate blockchain-based online gaming markets. These markets aim to establish new, safe purchasing and distribution channels for publishers and game users.
AMD is thought to be the first major hardware manufacturer to join the Alliance, including token maker Enjin Fig and veteran blockchain game developer EverdreamSoft.
AE Ventures invests in four new Blockchain startups
AE Ventures, an investment company that provides initial funding, accelerates and advises support for blockchain projects, today announced four new Investments in Blockchain startups.
The company is continuing to support the blockchain ecosystem in investing in the most promising projects in this area despite the long-standing issues of the cryptocurrency market.
Four winning startups: Assetify, Cannomy, King Football, and Smart Credit. Each company will receive up to $ 100,000 in venture capital as well as six-month accelerations.
Chinese courts intensify the application of blockchain technology
Smart Chinese courts are said to be adopting advanced technologies including blockchain and artificial intelligence (AI) to decide millions of legal cases.
China’s official Xinhua news outlet reported that more than 3.1 million Chinese lawsuits from March to October this year have been resolved through smart internet courts due to blockchain and AI. provided.
In the future, citizens can communicate with non-human, virtual judges, powered by AI in front of multiple screens. The system also creates the ability for citizens to receive court decisions in writing or through major messaging services.
- 59% Of Bitcoin’s Circulating Supply Still Hasn’t Moved In At Least A Year
- Derivatives Based On Bitcoin Hashrate Data Will Be Released Soon