Crypto Brief Dec.24: Bitcoin price will drop further $ 1,000 before bottoming out plus Ripple, ETC, ENJ, LTC, BSV, LINK, Enigma, Binance, Bitpay, Poloniex news
From Bitcoin’s real bottom not to be seen to Poloniex completely delisted a series of crypto assets. These are some of the prominent news in the crypto space.
As the year draws to a close, Bitcoin may finally return to the price momentum it achieved in the first half of the year when it exploded out of its nearly 3,000-dollar trading range, leading to protest last for months and return on investments up to 350%.
But after Bitcoin price soared throughout the year, it gradually fell deep into a downtrend with no signs of slowing down until the last few days, as cryptocurrency asset seems to have begun to build a base, just like what happened to price action when Bitcoin bottomed near $ 3,100.
On December 17 – 18, the Bitcoin price broke below a significant support area and hit a low of $ 6400, leading many to believe that it was the beginning of an extended price breakdown. However, the price has started a sharp reversal on the same day and risen 18% since then, reaching a high of $ 7600.
As a result, the cryptocurrency community is struggling between up and down.
A cryptocurrency analyst believed that Bitcoin is now likely to drop further $ 1,000 to retest the lows before making a real rally.
Last time we saw reversal to the upside, we first faked with 2 green candles above 50 EMA, and had another $1000 further decline before real reversal started once MACD crossed bullish. Exact same week. pic.twitter.com/l7ttugqtGc
— h⬡dl21⬡⬡k (@h0dl2100k) December 23, 2019
Trader Posty has the same bearish opinion. He cited the reasons why Bitcoin is still down, including previous resistance areas that have not been mined.
For those asking why I’m still in my $BTC short…
It’s quite simple for me, really. pic.twitter.com/namrfXzmZv
— Posty (@PostyXBT) December 23, 2019
However, trader Scott Melker used the random RSI to make a bullish argument for BTC.
(2) The second preceded the pump from $3,200 to $14,000 (!!!) and the third predicted the move from $7,400 to $10,400 just weeks ago. What will the fourth one in the sequence do? pic.twitter.com/GIE4l6qt2d
— The Wolf Of All Streets (@scottmelker) December 23, 2019
A new bullish cycle of Bitcoin has started
Trader CryptoWolf draws public attention to Bitcoin’s 1-month chart. He said that the MACD indicator had surpassed the increase after a year of the bear market. A new bull cycle for Bitcoin has just begun, he asserted.
Bitcoin. 1 Month chart
Flag the MACD simple MA oscillator.
MACD has crossed bullish after over 12 months of bear market.
A new bullish cycle has just started. pic.twitter.com/hlfV01w8dE
— CryptoWolf (@IamCryptoWolf) December 24, 2019
BitMEX Bitcoin longs worth $3.18 million liquidated
Since yesterday, Bitcoin has been moving downward with a series of red candles and some sideways movements in the middle. Yesterday’s daily close was rejected at the two-year moving average at around $ 7529, prompting Bitcoin to move from a slight increase to a sharp decline. That caused a series of liquidations on Bitcoin longs of BitMEX.
The 5-minute chart for Bitcoin shows that the price of BTC dropped from ~ $ 7300 to around $ 7200 in less than an hour. Although the decline was not worth mentioning, BitMEX reported more than 3.18 million liquidations for Bitcoin longs and can see that the order book is flooded with orders of over 1 million XBT contracts.
The price of Ethereum Classic has dropped to an all-time low, but recent price action has shown some definite signs of reversal. Perhaps a new market cycle will begin soon.
Analyst NICO has stated that the price of Ethereum Classic is trying to flip the 55,000 satoshi area as a support, after surpassing the resistance at the MA. If successful, it will look to the next resistance levels at 64,000 and 73,000 satoshi, respectively.
Crossing over ~55k sats resistance level with UCTS trendfinder turning green(buy) on ALL low TFs & 1D/2D charts
— Nico (@CryptoNTez) December 21, 2019
The ENJ price rose by 30% in December. It is currently at the end of its correction period, and another price move is expected.
The breakthrough may have occurred due to a newly announced partnership with Microsoft. Positive announcements haven’t stopped there, as ENJ also became part of the PundiX payment network on December 20.
While the ENJ price has been adjusted since December 6, this could be the driving force needed for another bounce.
Haven’t swing traded in a while but I love the amount of time away from the charts it gives me.
Hardest part is to just not manage the trade at all. Used to be very easy for me but day-trading for months has made it a little bit harder. pic.twitter.com/FDzvt9DL4p
— Ol’ Saint Loma (@LomahCrypto) December 22, 2019
BSV has a pretty strong cult following in China. Its recent local summit is very eye-opening.
The development of their belief system got a super long feedback loop, an ill-logical but well-told story can grab solid mindshare too.
Japan currently has a pretty big cult following of BSV.
BSV has a pretty strong cult following in China… its recent local summit is VERY eye-opening ?
The development of our belief system got super long feedback loop, an ill-logical but well-told story can grab solid mindshare too
An organism without self-correction it’s a cancer pic.twitter.com/S6ZiIjtig3
— Dovey 以德服人 Wan ? ? (@DoveyWan) December 23, 2019
Enigma announced the successful launch of Enigma’s very first networked testnet – and the first independent secret nodes have already come online.
This new release, for the first time, allows “secret node” runners to begin connecting to Enigma’s Discovery testnet and staking their own testENG.
BIG NEWS: We are thrilled to announce the successful launch of Enigma’s very first networked testnet – and the first independent secret nodes have already come online! It’s our last major technical milestone before the Genesis Game and mainnet in 2020 ?? https://t.co/USAeVTyrPo
— Enigma – We ❤️ Privacy (@EnigmaMPC) December 23, 2019
Binance announced the Christmas competition in a recent blog post.
To celebrate the upcoming holiday season and TROY being listed on Binance.com, Binance and TROY have committed to giving away the latest model of the Tesla Cybertruck Double Motor AWD (Worth $ 50,000) and a total of 50,000 USD in TROY tokens. Event period is 2019/12/23 0:00 AM to 2019/12/30 0:00 AM (UTC).
— Binance (@binance) December 20, 2019
Binance DEX should be criticized for decentralization
Vitalik Buterin believes that Binance’s decentralized exchange is a better target for criticism of centralization than Ethereum.
Buterin, the co-founder of Ethereum, has recently sparked a wave of debate on Twitter about the decentralization in the cryptocurrency industry, especially Binance DEX, as well as Ethereum itself.
The discussions began after Buterin retweeted a promotional video of multi-currency digital assets and BTSE derivatives exchange on December 21.
The binance DEX claims to be a DEX right in the name, but it’s hardly decentralized. Seems like a way better target than ethereum, which merely has a few governance values that some BTC people don’t like.
— vitalik.eth (@VitalikButerin) December 21, 2019
American economist Jeffrey Tucker, former editorial director at the US Institute of Economic Research (AIES), thinks that Ripple’s XRP is a “great technology” in the recent episode of “Boom Bust” on Russia Today. Tucker explained that Ripple’s rapid rise had been fueled by the failure of traditional financial systems like SWIFT.
Tucker said that XRP could potentially change the world even though many Wall Street investors are not interested in this proprietary technology. Ripple is doing what the legacy financial systems failed – providing fast money transfers in an age of rampant globalization. XRP is more appreciated for its stability than a means of making cross-border payments.
XRP price poised to tumble by 20%
Trader Magic has noted that XRP (seems) to form a bear flag breakdown, the goal measured at $ 0.15. According to him, the target of $ 0.15 could easily be attacked if Bitcoin started to slip again.
XRP is printing what appears to be a bear flag breakdown, which targets the bottom of a larger falling wedge on the daily around 0.15. The only problem is a bullish divergence, and BTC above critical support. If BTC loses the support again, XRP should hit the near 0.15 target. pic.twitter.com/z7zv0BFfJC
— MAGIC (@MagicPoopCannon) December 23, 2019
BitPay has confirmed that its service temporarily suspended Bitcoin payments on December 22.
Bitcoin payments were not available for nearly 3.5 hours on BitPay because the company was working to fix transaction issues. According to the information, the service was restored before 4:25 PM EST.
BTC payments were briefly unavailable today between 1 and 4:25 PM as we worked to resolve transaction infrastructure issues. Service is restored.
— BitPay Support (@BitPaySupport) December 23, 2019
Poloniex has announced a new account level – dubbed Level 1 – that allows withdrawals up to $ 10,000 daily without full Know Your Client (KYC) requests.
From now on, new users can sign up for Poloniex without KYC and access unlimited deposits, spot transactions, and withdrawals up to $ 10,000 per day. To set up an account, users only need to provide an email address and choose a password.
— Poloniex Exchange (@Poloniex) December 24, 2019
Meanwhile, the exchange has completed the delisting of the following crypto assets: DigiByte (DGB), Factom (FCT), MaidSafeCoin (MAID), Omni (OMNI), Primecoin (XPM), Vertcoin (VTC), Viacoin (VIA).
Delistings for the following assets have been finalized: DigiByte (DGB), Factom (FCT), MaidSafeCoin (MAID), Omni (OMNI), Primecoin (XPM), Vertcoin (VTC), Viacoin (VIA)
Please check out our Help Center article for more information on the timeline: https://t.co/cpb0L6JJ8x
— Poloniex Customer Support (@PoloSupport) December 21, 2019
Chainlink is integrating with the VIBE Ecosystem to provide oracle services for game developers.
Developers will be able to seamlessly integrate all currencies and interact with smart contracts from various blockchains within the VIBE ecosystem.
Current supported currencies and blockchain include Ethereum, VIBE, NEO, BNB, and Chainlink. Support for other blockchains and coins will be added in the future.
We have a special announcement for you today! We’re happy to announce Chainlink @chainlink is integrating with the VIBE Ecosystem to provide oracle services for game developers!! Check out our medium blog below for all the details ? $vibe $link https://t.co/UdUtZiqqZt
— VIBEHub Official (@VibeHubVR) December 23, 2019
The project director of the Litecoin Foundation (LF) is warning of an apparent scam on YouTube.
David Schwartz said an LF-pretended YouTube channel recently played a video about the Litecoin Summit 2019, pretending that it was happening live. The description of the video gives false information that LF is currently giveaway 100,000 LTC.
There is a fake Litecoin Foundation youtube channel scamming people out of their #LTC as we speak.
DO NOT believe the channel and what it is offering! This is NOT the official Foundation youtube channel.
— David Schwartz (aka – Dasch) (@DaddyCool1991) December 23, 2019
- 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