Crypto Brief Dec.28: Bitcoin’s Hash Ribbons is flashing a buy signal plus Ripple, ETH, EOS, LTC, TRX, LINK, Kava, Fantom, OmiseGo, Bitfinex, Huobi news
From the bullish price advantage of Bitcoin to Bitfinex will support the ETHBNT airdrop for Bancor holders. These are some of the prominent news in the crypto space.
Earlier this week, the bulls tried to spark a rally that caused the cryptocurrency to soar to a high of $ 7,700, although this quickly met considerable selling pressure that sent it reeling to a low of $ 7,050 yesterday.
Popular analyst UB explained that the price response to $ 7,000 (at least in the short term) changed tidal flows in favor of buyers. That means BTC could soon see an upward momentum leading it back to the region above $ 7,000.
$BTC – Closed my short… again.
Strong reaction from the Range Low, hourly closed above intra-day S & R on decent volume.
— UB (@CryptoUB) December 27, 2019
Bitcoin’s Hash Ribbons indicator has yet to signal a purchase, which is considered a near-certain crypto market reversal on a macro scale.
However, according to digital asset manager Charles Edwards, a buy trading was quickly formed on the Hash Ribbons indicator just days after the recovery signaled.
A Buy signal is forming on the Hash Ribbons indicator.
— Charles Edwards (@caprioleio) December 27, 2019
This is remarkable. The previous buy signal of Hash Ribbons appeared right after the macro bottoms, followed by complete uptrend reversals. Hash Ribbons specifically printed a buy signal in mid-January, a few months before BTC broke from $ 4,000 to $ 5,000, which created a domino effect that pushed BTC to $ 14,000 in June, ending the 330% increase from the bottom.
Wall Street agrees that this year will bring more profits to the stock market. As interest in the stock rises, Bitcoin will continue to consolidate its core infrastructure. That would include establishing derivatives platforms and addressing legal concerns related to price manipulation.
Market analyst Cantering Clark predicts that bitcoin will continue its downtrend, at least in the first segment of 2020.
Again, with the space maturing $BTC options mkt will be just as important to observe as it is in other markets.
Short term 25 Delta RR showing that market is not very confident about the near future.
Puts trading more expensively from an IV standpoint.
Further out still NEG. pic.twitter.com/Pi4HnF0GmM
— Cantering Clark (@CanteringClark) December 26, 2019
Tone Vays has the same bearish view, said that he thinks Bitcoin could reach another low by early 2020.
Vays told BlockTV that he thought BTC could sink to as low as $ 5,000. Despite his predictions, Vays said he’s ready to be a long-term Bitcoin bull if and when the leading cryptocurrency breaks $ 10,000.
#WEEKINREVIEW: “I think we could have a little bit of a rally into the close, but I’m not really expecting anything above $8,000 any time soon. I’m looking for the next low to come in in the first quarter of 2020.” – @ToneVays.
— BLOCKTV (@BLOCKTVnews) December 27, 2019
Andreas Antonopoulos: Bitcoin will never die
When we are about to enter 2020 and Bitcoin enters the second decade, Andreas Antonopoulos, a longtime cryptocurrency advocate, said he was surprised by the number of amazing innovations in the industry.
He emphasized some developments, including smart contracts and payment channels, that were essential innovations that he could not have anticipated.
According to him, the main goal of Bitcoin and decentralized platforms is to promote global access to essential financial services that can outperform traditional banks and support individual rights and freedoms.
Despite a year of price volatility with Bitcoin rising from $ 3,831 to over $ 13,000 before returning to the $ 7,300 area by the end of the year, the number of blockchain wallets continues to increase sharply, surpassing 44 million.
Antonopoulos said that Bitcoin is thriving despite all the detractors.
Every four years, Bitcoin will experience a halving event. This is an event the community is looking forward to as it has the potential to drive the BTC price up while block rewards decline.
Bitcoin has undergone two halvings: The first in late 2012, pushing the price up from $ 100 (early 2013) to $ 1000 (late 2013). The prospect of price increases also occurred during the second halving event in July 2016. By then, its price had skyrocketed to historic ATH levels of nearly $ 20,000.
Bitcoin formed a local peak within 1.5 years of both historical halvings.
Currently, Ethereum still uses the same PoW algorithm as Bitcoin. While BTC has experienced two halving times, Ethereum has also experienced twice block rewards reductions.
The first time was in 2018, with the block rewards reduced from 5 ETH to 3 ETH. The second time was earlier this year with the Constantinople hard fork that reduced block rewards from 3 to 2 ETH.
ETH price both increased after reducing the inflation twice.
At this time, there will be no other reductions until Stage 2 that probably won’t occur before 2021.
In a recent poll, it was shown that the majority of the Ethereum community, at least on Reddit, supported the reduction of block rewards to 1 ETH.
Bitcoin and XRP are one of the top three cryptocurrencies, and both are the most accessible coins today. Well-known Bitcoin analyst Jacob Canfield says that both coins lack just a bit to be called the perfect cryptocurrency.
In a Twitter thread, Scott Melker shared that he had received payment in XRP and said that the currency was extremely fast.
Jacob Canfield has responded on this topic and said that a perfect cryptocurrency must have three essential aspects – safety, scalability, and decentralization. Both BTC and XRP lack only one point of them.
One can be a great store of value and the other a medium of exchange.
— Jacob Canfield (@JacobCanfield) December 27, 2019
He believes that BTC can create a large store of value, and XRP can be used as a means of transaction. Meanwhile, the most prominent problem of Bitcoin that many people want to see solved is the lack of scalability.
Decentralization is very important in that it is immutable, non-censorable.
If you can arrest a CEO or shut down a server farm to control the cryptocurrency, then it is centralized.
This is why Bitcoin is the BEST in terms of security due to the strength of its network.
— Jacob Canfield (@JacobCanfield) December 27, 2019
Two new job opportunities at Ripple
Ripple is actively implementing expansion plans when recruiting two new positions.
Ripple is preparing to announce new Brazilian banking partnerships early next year.
The company is also talking to local regulatory authorities about the use of XRP in cross-border payments.
Ripple’s XRP is being adopted by almost every Japanese bank
CextTrace CEO David Jevans issued an announcement at the annual Rakuten Technology Conference that “nearly every” Japanese bank is starting to use XRP.
There are more than 1,600 cryptocurrencies using blockchain. Everyone may have heard of Bitcoin and Ethereum, but in Japan, almost every bank started working with XRP.
Grayscale has published an in-depth report on Litecoin’s history and current status.
The report analyzes the characteristics and differences of LTC with BTC, including faster transaction speeds, lower transaction fees, and low barriers for LTC miners.
It also points out the potential disadvantages of Litecoin, including its regulatory uncertainty and its relatively low acceptance rate compared to Bitcoin.
Do you know about $LTC? It’s one of the largest digital currencies based on market cap. Learn more in our Introduction to #Litecoin as part of our Grayscale Building Blocks series: https://t.co/cWo5x1LjUU pic.twitter.com/01FYPQQBLj
— Grayscale (@GrayscaleInvest) December 27, 2019
Litecoin underwent a second halving on August 8, 2019, after which the mining reward dropped from 25 LTC to 12.5 LTC.
The rise in the price of PoW coins during the halving has become a common perception. The same thing happens for LTC; the price tends to soar before halving takes place and plummet after halving takes place and will move sideways for about a year before the start of another rally.
Things happened to the Litecoin network after the recent halving is an alarming issue. Its hash rate is continuously decreasing, hitting unprecedented lows. Because the mining reward has halved after halving and the LTC price has not skyrocketed, Comparing this with a drop in the hash rate, it can be seen that miners who previously mined were break-even.
According to DappReview, the number of TRON Dapps reached 657, with nine new ones added. Average active users remained stable while trading volume grew by 23%. Moreover, the total number of its Dapps active users in the past seven days reached 157,328, which is much higher than that of ETH and EOS.
According to @dapp_review, the total number of #TRON #Dapps active users in the past 7 days reached 157,328, which is much higher than that of #ETH and #EOS. We welcome more developers & users to join TRON ecosystem! #TRX $TRX pic.twitter.com/qgDOcvT4qV
— Justin Sun (@justinsuntron) December 27, 2019
MATH Swap supported swap between USDT-TRX
USDT is the USD-pegged stable coin issued by Tether on the TRON network. TRC20 based USDT enables interoperability with TRON-based protocols and Dapps. MATH Swap has supported swap between USDT-TRX.
MATH Swap has supported swap between USDT-TRX, try it now in MATH Cloud Wallet https://t.co/ztTQjTjA5I or MathWallet App https://t.co/xkjuM52g6e @justinsuntron @Tronfoundation pic.twitter.com/st5pAkNrjR
— MathWallet (@Mathwallet) December 27, 2019
The Fantom Foundation announced that the genesis block of Opera Mainnet had been confirmed on Friday, December 27, 2019, at 3:56:40 AM GMT.
The Fantom Foundation is incredibly proud to announce that the genesis block of Opera Mainnet has been confirmed on Friday, December 27, 2019, 3:56:40 AM Greenwich Mean Time (GMT +0).https://t.co/V50AHjXoHe
— Fantom Foundation (@FantomFDN) December 27, 2019
The integration between Loopring & Chainlink is live. Chainlink oracles are feeding the LRC-ETH price on-chain to ensure relayers stake enough LRC. This allows Loopring DEXs to scale off-chain via zkRollups, yet remain secure using economic incentives.
The integration between @loopringorg & Chainlink is live! Chainlink oracles are feeding the LRC-ETH price on-chain to ensure relayers stake enough LRC. This allows Loopring DEXs to scale off-chain via zkRollups, yet remain secure using economic incentives. https://t.co/hYsWLDnnq6
— Chainlink – Official Channel (@chainlink) December 27, 2019
OmiseGo is a famous project from the lucky days of 2017 and the excitement of ICOs.
It was recognized as being the first in an attempt to “bank the unbanked” but failed to deliver on its promise. Now, the OmiseGo team has announced that they have completed their first mainnet transaction.
On Friday, the team deployed an environment against the mainnet and successfully tested the transaction life cycle (deposit, transactions, start exiting). This is the first mainnet transaction of the OMG Network.
Dan Larimer, co-founder of EOS, tweeted that the world is looking to the future, in which the current technology giants will turn it into an Orwellian dystopia. It’s time we start rebuying physical copies of books; in a digital world, book burning is too easy.
Referring to YouTube’s recent attack on cryptocurrency bloggers, he said that YouTube tells us what content will be posted today, and someday not far from Amazon might tell us what to read or write.
Today Youtube censors crypto, tomorrow amazon censors books. Get your books now before they are banned.
— Daniel Larimer (@bytemaster7) December 27, 2019
After days of banning videos about cryptocurrencies under the pretext of ‘malicious and dangerous content,’ the YouTube team reversed their policies and apologized, saying that what happened was a mistake.
Hey there, this was an error on our side during the review process – your video should be reinstated and strikes resolved. Let us know if you’re seeing otherwise!
— TeamYouTube (@TeamYouTube) December 26, 2019
Bitfinex has enhanced know your customer (KYC), sending emails to users to request additional identification information.
According to The Block’s report, the purpose of email from Bitfinex is to enhance the exchange’s verification procedures.
Verified users are required to share information about the source – and usage – money, along with proof of residential address, such as a utility bill.
Bitfinex to support the ETHBNT airdrop for Bancor holders
Bitfinex will take a snapshot of all BNT held by users in the same Ethereum block as a global snapshot of all BNT holders. This comprehensive snapshot will be made in the Ethereum block immediately after BNT’s shift to a fixed supply token on 01/01/2020 05:00 AM (UTC).
Users holding BNT on Bitfinex at this time will receive an airdrop of ETHBNT tokens worth 10% of the US Dollar value of their BNT when the global snapshot takes place. The total airdropped amount will be worth 10% of the market cap of BNT at the time of the snapshot.
— Bitfinex (@bitfinex) December 26, 2019
Kava has released the latest development update.
Kava Labs product team’s hard at work delivering you the first DeFi lending platform for the world’s largest cryptocurrencies. The Labs has achieved milestones on the Kava development map over the past three months, and next year will bring even more exciting progress.
Kava Labs product team’s hard at work delivering you the first DeFi lending platform for the world’s largest cryptocurrencies.
Check out the milestones we’ve hit and get a sneak peek of what’s to come in our latest Kava Development Update.https://t.co/1WG1g9l6Bz
— Kava Labs (@kava_labs) December 28, 2019
Huobi is launching a fiat gateway in Indonesia to allow fiat-to-crypto transactions between Indonesian Rupiah (IDR) and USDT, according to a press release on December 27.
Huobi Group announced that the launch of the new fiat currency portal would enable Indonesian investors to use IDR to trade more than 250 cryptocurrencies available on the Indonesian subsidiary Huobi.
This is an excellent opportunity to contribute to the development of the broader blockchain community and help promote the use of cryptocurrencies globally.
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