Crypto Brief Dec.27: A new bull market will begin as soon as Bitcoin breaks $ 8,100 plus Ripple, ZCoin, Theta, Stellar, Cardano, Harmony news
From the potential of Bitcoin’s new bull market to IOHK pushed out a new version of Daedalus. These are some of the prominent news in the crypto space.
Bitcoin has generated several price increases over the days and weeks, but each increase has led to a strong rejection. This pattern happened again today, when BTC rose to a high of nearly $ 7,500 before generating strong and rapid rejection of $ 7,100.
Source: Trading View
Bitcoin’s decline continues to be unraveled while looking at the pattern of every rally followed by strong rejection over the past few days. Weekend rebound up to $ 7,700 is just one example of a closely watched price movement.
Analyst HornHairs said the divergence of discounts, strong declines and the fact that most of the days before the expiration of CME’s future lead to negative price action, all indicating the possibility of imminent losses.
Bear div coupled with a hard rejection after a sweep… Think we see some downside from here.
— HornHairs 🌊 (@CryptoHornHairs) December 26, 2019
Meanwhile, analyst Michaël did not make bullish predictions but only suggested that Bitcoin price could surprise the market after 2019 ended. He said that similar to 2017, the main trend of investors is the stock market, people do not consider investing in Bitcoin.
Currently hearing more and more people who join or want to join the equity markets.
It looks like we’re entering that last phase, similar to $BTC in 2017.
While nobody is interested in crypto/ $BTC / commodities.
— Crypto Michaël (@CryptoMichNL) December 26, 2019
Another analyst, Mac, hoped that a new bull market will begin as soon as Bitcoin reaches its weekly close above $ 8,100. This is an annual and monthly resistance level. However, he seems to believe that a discount scenario would be more realistic and still expect BTC to drop to $ 5,500.
$7800-$8100 region is set to become a x2 yearly + monthly resistance.
A weekly close above this region and I will officially say a “new” bull market for $BTC has started.
I don’t see that happening for a few months.
— Mac ❄️🐺 (@MacnBTC) December 27, 2019
Is the Bitcoin halving priced in?
In less than six months, Bitcoin will witness an extremely important event, halving.
Meanwhile, the number of BTC issued per block (every 10 minutes or more) will be cut in half from 12.5 to 6.25, meaning that the inflation rate of BTC will be cut in half.
While some are skeptical about the impact of the event on the BTC market, a leading investor in the cryptocurrency industry has insisted that there is no way halving is priced.
Jack Mallers, a Bitcoin developer currently working for the Lightning Network, pointed out the difference.
Mallers acknowledges that derivative instruments can help with market efficiency and common price detection, although asserting that such financial instruments do not affect supply-demand dynamics simply.
1/ @Melt_Dem, I respectfully disagree. This is incorrect.
Yes, derivatives do help market efficiency and general price discovery.
However, no, of course they do not affect basic supply and demand. https://t.co/cQvxHWCjJU
— Jack Mallers (@JackMallers) December 25, 2019
BitMEX’s 2019 BTC insurance fund grew 63%
Each exchange has an amount in storage that is ‘insurance.’ However, this year we have witnessed similar amounts of money booming as exchanges continue to control more and more of Bitcoin’s supply.
BitMEX has expanded its ‘insurance fund’ significantly in 2019. Since the beginning of the year, its Bitcoin holding rate has increased by 63%.
— Jameson Lopp (@lopp) December 26, 2019
Ethan Beard, director of Xpring, Ripple’s investment, and development arm, said he hopes blockchain and cryptocurrencies will completely change the way money moves around the world.
In a new episode of The Ripple Drop, Beard said that within the next ten years, he believes that crypto assets will become an essential element in the movement of money both domestically and across borders.
Beard is responsible for promoting Ripple’s millions of dollars to promote the development of XRP adoption, as well as develop the entire blockchain and cryptocurrency ecosystem.
Through Xpring, Beard has allocated half a billion dollars to companies that are building and planning to use cryptocurrencies like XRP.
XRP poised to fall 20%
After the pump before Christmas brought Bitcoin to $ 7,700, the cryptocurrency market has stabilized, with crypto assets including Ethereum and XRP, moving sideways.
While some say that this is the precursor to the year-end recovery, analyst Magic concerned about the worst, claiming that another dip may soon come to the crypto market.
I hate to be the bearer of bad news, but it really looks like we’re about to see BTC fall below 6000, and XRP fall to the 0.15 range.
— MAGIC (@MagicPoopCannon) December 26, 2019
XRP is currently trading at $ 0.190, meaning a move to the $ 0.15 range will wipe out 20% of the asset’s market cap.
Ripple CEO: The World Doesn’t Need 3,000+ Cryptocurrencies
In the latest “Ripple Drop”, Ripple executives share their predictions for 2020 and a decade. Their share spells a bright future for cryptocurrencies but many projects are likely to bite the dust.
Ripple CEO Brad Garlinghouse reiterated his opinion that the cryptocurrency industry will witness the consolidation. He emphasized that there is no need for thousands of cryptocurrencies, and 2020 will be about “a transition to quality”.
In this episode of the #RippleDrop, members of our executive team, including CEO @bgarlinghouse, reflect on the impact of #blockchain technology and digital assets over the past decade and what’s ahead for 2020. https://t.co/CfWlahfYAp pic.twitter.com/jXJPS64vNO
— Ripple (@Ripple) December 26, 2019
Privacy-focused cryptocurrency Zcoin launched a new community fundraising system similar to Monero in a blog post on December 26,
The system is called the Zcoin Crowdfunding System (ZCS), a new platform designed to move from direct funding from block rewards to donation models.
The new system will help further decentralize projects in line with the company’s vision of cryptocurrencies focusing on the privacy and Zcoin project manager. It also allows the participation of any community member who can propose, approve and fund many activities.
We are proud to launch our Zcoin Crowdfunding System (ZCS) https://t.co/jdlhvVXvzp to encourage greater decentralization in funding and development. https://t.co/iQup3ZHiJ0 $XZC pic.twitter.com/MhtKawEyCq
— Zcoin (@zcoinofficial) December 26, 2019
The Stellar price is one of the few coins that the bears the pressure of bears with great interest. The 3-month price trend shows prices starting below the baseline, but after a few days, the coin has steadily increased prices. Prices are seen to range between $ 0.04 – $ 0.08.
Stellar price stayed as low as $ 0.0575 on October 6 and then went into an uptrend even during periods of high volatility in the cryptocurrency market and reached a high of $ 0.0818 on November 5 (+ 42%). On November 24, the price of Stellar Lumens dropped to $ 0.0568 indicating a 30.48% drop. The coin continues to drop to $ 0.0446 on December 18.
Source: Trading View
More than 300m THETA are now staked on testnet between validator nodes and guardian nodes. Testing is going well so far, and look for the staked amount to increase as there are more nodes to be added to the testnet early next year. More progress on the “Road to Mainnet 2.0” in March.
More than 300m THETA are now staked on testnet between validator nodes and guardian nodes! Testing is going well so far, and look for the staked amount to increase as we add more nodes to the testnet early next year. More progress on the “Road to Mainnet 2.0” in March! pic.twitter.com/3iZjF8BgeY
— Theta Network (@Theta_Network) December 26, 2019
The company behind Cardano IOHK said that it just pushed out a new version of Daedalus (v2.0.1-ITN1) to squash a few common bugs including those affecting balance and stake pool display for some users.
Testnet allows people to earn rewards for holding ADA when they join the network and create nodes to process and verify transactions.
We’ve just pushed out a new version of Daedalus (v2.0.1-ITN1) to squash a few common bugs including those affecting balance and stake pool display for some users. It is available to download now from the Incentivized Testnet site. Happy Holidays! https://t.co/VAwRAmXZ2S pic.twitter.com/iHOaQN1q42
— Input Output (@InputOutputHK) December 24, 2019
Trust Wallet has announced the addition of Harmony. It is a fast and secure blockchain with important innovations in state protection and peer-to-peer networking.
To use Harmony, users need to update to the latest versions for iOS (2.6984.0) and Android (1.7.136).
— Trust 🎅 – Crypto Wallet (@TrustWalletApp) December 26, 2019
The Russian bank is studying stablecoin testing in the sandbox
Russia’s stance on cryptocurrencies remains a mystery. According to recent news, it is possible that Russia is seeing the potential of crypto, especially stablecoins.
According to iHodl Russia, the Russian central bank is interested in stablecoins and is testing the coin in the sandbox frame.
Elvira Nabiullina, director of the Russian Central Bank, clarified that this type of digital assets will not be used as a means of payment. And it certainly cannot replace legal money.
However, many still believe that Russia’s willingness to carry out such tests will be a positive sign for the future of cryptocurrencies in Russia. In fact, the Bank of Russia can follow China’s lead, and may even create its own cryptocurrency in the future.
The Bahamas will launch a digital currency pilot
Exuma Islanders can sign up for The Bahamas Central Bank ” Project Sand Dollar,’ starting December 27, 2019. They will receive mobile wallets that the Bahamian government deems to facilitate the future of payments on the island chain. The central bank announced its launch on Christmas Eve.
Sand Dollar is a digital fiat currency – not a cryptocurrency, stablecoins or competitors to the Bahamian dollar. Instead, it is simply a digital version of paper money equivalent.
But it is also a step towards the Bahamas’ long-term goal of launching an official central bank digital currency (CBDC).
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