Crypto Brief Jan.07: Bitcoin will easily break $ 9000 as iH&S is confirmed plus XRP, Ethereum, OmiseGo, NEO, imToken, USDC, IOTA, EOS, ETC, Binance, Bithumb
From possibly extending of Bitcoin momentum to BITBOX delists XRP. These are some of the prominent news in the crypto space.
Bitcoin price quickly broke the psychological level of $ 8000, but the bulls could not stand here, resulting in a quick rejection of the low of $ 7,800.
Source: Trading View
Still, some of the top traders are sure that Bitcoin can go higher from here, although recently, BTC could not sustain above $ 8,000.
Analyst DonAlt correctly predicted an increase of 4% yesterday. After the rejection at the psychological level, he said that he didn’t see any rejection on low time frames, which is why he’s long. Moreover, Bitcoin is about to complete an inverse head and shoulders (iH & S) paradigm that has dominated the topics on Twitter for the past few weeks. If everything goes as expected, BTC can quickly rise to $ 9,000.
The easy part is done, now it gets interesting.
I still see no indication of an LTF rejection so I’m just staying in my positions.
The inverse head and shoulders will be on your timeline everywhere tomorrow.
It’s clean enough that I could see it play out. pic.twitter.com/RtAe2L5ujW
— DonAlt (@CryptoDonAlt) January 6, 2020
Analyst Eric Choe predicted Bitcoin’s next direction based on the Elliott wave theory. According to him, BTC needs to reach a price above $ 8,172 to widen the momentum (another impulse wave C), which could soon soar above $ 9,500.
Like previously mentioned, #btc #bitcoin managed to impulse off of the low I predicated. Waiting to see if this is a 3 wave or a 5 wave move. Critical area to gain is above $8,172 and needs to hold ~$7,500. pic.twitter.com/0hyF2oE7jW
— Eric Choe [Mr. Swing Trade] (@CryptoChoe) January 7, 2020
Halving Bitcoin has been priced
Some analysts argue that, because of halving information is known, the market has responded to the event. Therefore, they expect that there will be no sudden price increase in May this year.
1/ BTC halving via the options market: priced-in?
The debate is heating up every day regarding whether the next halving – expected in May 2020 – is already priced in or not, with the discussion centered around the stock-to-flow model and the (in)efficiency of the BTC market.
— skew (@skewdotcom) January 6, 2020
Iranians do not buy Bitcoin as a safe asset
Political tensions between the US and Iran continue to increase after a recent drone strike killed General Qassem Soleimani. Shortly after the news, the Bitcoin price suddenly increased, leading some industry commentators to conclude that the Iranians were rushing into Bitcoin as a safe haven asset. However, data from exchanges like LocalBitcoins shows that it is not.
According to the figures presented, interest in Bitcoin in Iran is actually declining.
Muh narrative. pic.twitter.com/HuOnomYPiW
— ?????? (@Dogetoshi) January 6, 2020
After Binance removed USDC trading pairs, up to 14 million USDC (over $14M) was burned at USDC Incinerator, according to a Whale Alert report.
NewsEnquire CEO Jaymin Shah said BITBOX had informed users about the delisting XRP and its three trading pairs from its platform.
— Jaymin Shah (@JayminSOfficial) January 7, 2020
Despite the news, XRP price has risen more than 12% today, currently trading at $ 0.21 (+7% in the past 24 hours).
Weiss Crypto Ratings has published a post about the price action of XRP. Accordingly, although Ripple continues to sell 1 billion XRP per month (excluding the company’s various investments and donations in the currency), investors still believe that the price will rise further in the future. This is because Brad Garlinghouse denies the negative impact of Ripple’s XRP sales.
However, as soon as Ripple has sold ‘a significant portion’ of the XRP they hold, the price of the coin may begin ‘to appreciate noticeably.’
— Weiss Crypto Ratings (@WeissCrypto) January 6, 2020
Unofficial XRP community leader Crypto_Bitlord also commented on the price increase of XRP, saying that it was all just the start.
Just the start ✅
— BITLORD (@Crypto_Bitlord) January 7, 2020
Ripple partner MoneyGram reached new record in cross-border money transfer
The money transfer company MoneyGram broke previous trading records during the holiday, according to a recent press release. Ripple’s leading partner currently boasts a 70% increase in the prior year. Notably, this percentage increased to a whopping 120% if including the United States.
The company emphasizes that about 80% of all transactions are made with the help of mobile devices. The total number of smartphone owners surpasses three billion.
Binance has launched XRP/USDT futures contracts with up to 75x leverage on its Binance Futures trading platform. XRP is the fourth digital asset now available on Binance’s futures trading platform along with BTC, ETH, BCH.
— Binance (@binance) January 7, 2020
Besides, Binance will list Origin Protocol (OGN) and open trading for OGN/BNB, OGN/BTC, and OGN/USDT trading pairs on 2020/01/09 03:00 AM (UTC).
— Binance (@binance) January 7, 2020
Binance Chain transactions in 2019 were 95% on-chain orders
Analyst Christian Ott recently published a blog post on statistics of transactions and assets on Binance Chain, the blockchain chain developed by Binance.
In his analysis, Ott found that the number of on-chain transactions increased from 3.2 million in Q2 2019 to 20.7 million in Q3. Q4 saw an increase of 15% for a total of 23.7 million transactions.
He also pointed out that 95% of all transactions on Binance Chain in 2019 are on-chain orders.
NEO has been added to the Blockchain SWFT platform, aiming to become a “next-generation global blockchain transfer agreement” platform. NEO joins more than 200 other coins and tokens supported by payment networks and cross-chain trading wallets.
The support of NEO on Blockchain SWFT platform includes swaps, payments, and Red Packets.
As a decentralized public blockchain and cryptocurrency project, Cardano’s roadmap for 2019 is pretty complete. The ecosystem made a lot of deployments and upgrades last year, the latest being the much-talked-about ‘incentivized testnet.’
The success of this phase of the Cardano era marked the first steps towards the decentralization of the network.
In a small summary of Charles Hoskinson’s first AMA session, Cardano Forum also informed the community that testnet Haskell Shelly will soon be launched, along with Shelley’s main network. However, the official date has not been disclosed.
Ethereum’s latest fork, Muir Glacier, has successfully reduced blocking time by nearly 25% from 17.16 seconds to 12.96 seconds.
The reduced block production time has increased the number of blocks mined, and block production has gained momentum and is near an all-time high.
— CoinMetrics.io (@coinmetrics) January 5, 2020
The number of blocks produced on December 31 was 4,987. This number soared with the successful deployment of Muir Glacier and, on January 2, recorded 5,676 blocks. Accordingly, the number of blocks mined continued to increase; miners mined 6,488 blocks on January 5 with 13,263,585 ETH as a reward.
Meanwhile, well-known strategist Crypto Birb said that Ethereum is still in Wedge descending. According to him, it could be on the verge of a severe move out of the tapered wedge that it has been locked since July. If a breakout is confirmed, he believes that ETH can target $ 275- $ 300.
— Crypto₿irb (@crypto_birb) January 5, 2020
Hackers continue to transfer Upbit stolen ETH
After many small transfers, hackers continue to move ETH stolen from Upbit today. There are 2,200 ETH transferred to unknown wallets, according to Whale Alert.
The new imToken 2.5.0 adds support for BCH, LTC, NERVOS, TRON, becoming a multi-chain asset management platform with the support of 8 major public blockchains.
Great news: The new imToken 2.5.0 adds support for
? BCH, LTC, NERVOS, TRON ?
? TokenCoreX — New core implementation
? Optimized DApp browser for easier @BTCTN @litecoin @NervosNetwork @Tronfoundation https://t.co/HU4gZVD2iM
— token.eth – imToken (@imTokenOfficial) January 6, 2020
After a lot of delays, On Friday, OmiseGo deployed an environment against the mainnet and successfully implemented the transaction lifecycle test (deposit, transactions, start exit). This is the first mainnet transaction of the OMG Network.
https://t.co/uqeM9VQoZi……#Blockchain Team Update 34: We deployed an environment against mainnet and successfully performed a transaction lifecycle test (deposit, transact, start exit). This is the OMG Network’s first mainnet transaction!#omgnetwork #omisego #privatemainnet
— OmiseGO (@omise_go) January 7, 2020
According to an announcement on Jan. 6, Korean Exchange Bithumb has set up its own research and development (R&D) center. This initiative makes Bithumb the first company to have a blockchain and cryptocurrency research center in Korea.
The new center will employ about 30 people and will start operating this month. Bithumb’s team will study the system architecture design to enhance public blockchain transaction analysis and cryptocurrency privacy key security.
IOTA may be in the early stages of an uptrend. In the short term, the price can trade in a range from 2300-2500 satoshis – accumulate before the movement increases.
On December 25, IOTA started its up move and is still going on until now. The price has increased by 15% since then and completed a short-term reversal pattern.
According to the famous trader Devchart, it is necessary to follow the IOTA chart as the coin is attempting to breakout.
Keep an eye on #IOTA too. Attempting breakout.
— Devchart (Andre) (@devchart) January 5, 2020
Ethereum Classic may be in the final wave of the Elliott model. The price can reach up to 73,000 satoshis, before starting to adjust.
The long-term outlook for ETC is still up as it created a double bottom. A breakout above the overhead resistance will confirm the pattern.
According to the popular investor and trader Nico, ETC is in the process of moving above the current resistance level and also the 200-day moving average.
Pushing above ~63k sats resistance level making new HH & potential break from bullish flag..
Crossing above EMA200 on the daily chart with UCTS buy signals on the 1D-5D timeframes…
— Nico (@CryptoNTez) January 5, 2020
From November 10 to December 16, the price of EOS has dropped by about 21%. Although it has since increased, the movement seems more like retesting the previous support line than starting a new movement.
The price of EOS broke down on December 16 at a critical support line and is now working hard to regain this support. However, it created a bearish pattern, and the technical indicators only reflected weakness.
The famous Trader DonAlt has stated that EOS is not accelerating the expected price decline even though it has moved below a significant support area. The result can lead to a short squeeze, meaning the coin is trying to find support before breakout.
Whenever I see something like this I expect shorts to get squeezed.
Ample opportunities to dump, never happened.
If price makes it back into the ascending triangle it’s likely to break out upwards with force in my opinion. pic.twitter.com/bp2lDENYZ1
— DonAlt (@CryptoDonAlt) January 3, 2020
TaxBit has raised $ 5 million in a seed round
TaxBit, a crypto-oriented tax compliance firm, raised $ 5 million in a seed round with participation from the family office of the Winklevoss twins, Winklevoss Capital,
according to an announcement on January 6.
TaxBit said it would use the money raised to raise its software products internationally.
Specifically, the company is planning to boost customer growth both in the US and regions like Canada, the United Kingdom, and Australia.
- Bitcoin Logo Appears In MV “Duyen Am” Of Vietnamese Supper Star Hoang Thuy Linh
- Perhaps Bitcoin Price Drops Are Not From PlusToken Cashouts, But Rather A Coincidence