Crypto Brief Nov.18: Trader Warns That Bitcoin Can Get Deep Bearish If Not Sustain Above $ 8,400 Plus Ethereum, Ripple, TRON, VNDC, ETC, EOS, Grayscale, Celsius Network News

From Bitcoin’s bearish risk warning to China Launches Cryptocurrency Course with Top PBOC Official. These are some excellent news in the world of crypto today.

Crypto Brief Nov.18

Bitcoin News

At present, crypto trader and analyst Crypto Michaël believes that BTC must hold above $8,400 level to prevent a bearish by $1,000.

In an encouraging tweet, he says that Bitcoin price remains in the “golden pocket area” at $8,400. He points out that BTC has to protect this level or go higher in order not to fail to $7,400. Despite the downward trend continues, things are not looking bad.

Previously, trader NebraskanGooner has shared a chart that showed the Bitcoin price is likely first to drop to $8,250, then to recover the $8,600 mark. After that, Bitcoin may drop to as low as $6,700. 

“This fractal has been following along almost exactly since I started watching it in September’, he added.

Bitcoin volume on BitMEX reached its lowest level since March.

Bitcoin volume on BitMEX reached $784 mln, its lowest level since March 30. Last time the BitMEX exchange recorded such numbers, the BTC price increased by more than 20 percent just two days later, starting the 2019 bull run.

BitMEX is not alone. Coinbase has recently reached the lowest trading volume in a couple of months. Meanwhile, the trading volume on LocalBitcoins dropped by 30 percent this month. This is their lowest level since September 2018.

Rekt Capital is giving his look at Bitcoin’s price fluctuations after the previous two halvings

Currently, there is 17.3 million Bitcoin in circulation. Since only 21 million will ever exist, there are only 3.7 million left to be mined by the miner.

A halving, which cuts the Bitcoin reward in half every four years, reducing the amount of BTC that miners can earn. Rekt Capital points to massive surges in the Bitcoin prices after its past two halvings: 3,420% and 4,080%. As for traders who are waiting for Bitcoin to drop another 10% or 15%, Rekt says they’re “playing the wrong game” and may dismiss on accumulating BTC before the next bull run.

Crypto Brief Nov.18 btc

Bitcoin Halving #1 — November 2012

Bitcoin Halving #2 — July 2016

Bitcoin and Ethereum Are ‘Formidable’ Collateral Economies

According to Chris Burniske, a cryptocurrency influencer, both Bitcoin and Ethereum are formidable collateral economies.

In his earlier tweet, Burniske anticipates that holding Bitcoin as collateral could overshadow its medium of exchange (MoE) use case.

He even claimed that Bitcoin could be the off-chain collateral for the world, and Ethereum has already created a snowball for the collateral economy around it.

ProtonMail Switzerland does not redeem any Bitcoin received from payment.

Swiss-based email service, ProtonMail, has announced on Nov. 16 that it hasn’t cashed in any of the Bitcoin, which has accepted as payment for its premium service in years.

The tweet was in response to a customer who complained that he felt guilty for spending Bitcoin for a ProtonMail invoice instead of holding it for the long-term.

Ethereum News

For the first time, the number of transactions powered by ETH is lower than the number of transactions triggered by ERC-20 tokens. The change could be a sign that companies are building on Ethereum, which allows people to create their token, maybe gaining some momentum and developing a solid user base.


Ripple News

Ripple and XRP enthusiasts are following increasing XRP volume on Bitso, the Mexico-based crypto exchange. The quantity has steadily surged since Ripple partnered with MoneyGram, which is now moving 10% of its payments to Mexico through Ripple’s XRP-powered On-Demand Liquidity payment platform.

According to the XRP Liquidity Index Bot, the number of XRP-to-Mexican peso transactions on Bitso has hit a new all-time high of 5,894,850.

Bank of America News

Earlier on Monday, the Bank of America shut down the bank account of a former PayPal executive – Roelof Botha, and did not provide any solid reasons for this move. He later shared this news on Twitter.

After that, Justin Sun also tweets that he had been ‘fired as a customer’ from the Bank of America after holding an account there for eight years.

Ethereum Classic News

Recently, ETC Cooperative CEO Bob Summer stated that the Mordor testnet would be scheduled for November 20 has been activated. With the activation of the Morden and Mordor testnet, the next Kotti is planned for December 11.

Agharta hard fork is considered to be a continued success of the recently launched Atlantis hard fork. This upcoming hard fork focuses on compatibility with the features of the ETH network. Some useful features of the Ethereum Constantinople Agreement will be a part of the Agharta hard fork.

EOS News

Whale Alert announced, 11 million EOS (approximately $ 37.4 million) transferred from unknown wallets to unknown wallets through 7 different transactions, each transaction included from 1 to 2 million EOS.


Source: Twitter

Grayscale News

Grayscale’s Bitcoin Trust holds its mark of $2.23 billion Assets Under Management despite a rough day for the underlying cryptocurrency. According to an update from the investment company on November 15, the day change for the Bitcoin investing product is just 1.3 percent, while the spot price dropped by over $500.

After being locked in the $8,500 – $9,000 range earlier in the week, experiencing little to no volatility, the market seemed poised for a severe movement. While the spot price held firm, Bitcoin trading volume on Future exchanges like Bakkt and the CME Group slumped, as traders looked for other avenues of price fluctuation.

Celsius Network News

In a press release on Nov. 12, the cryptocurrency platform Celsius Network announced that it reached $4.25 billion in the total crypto loans since the start of its activity in July 2018, a 93% increase from the $2.2 billion reported on Aug. 1, 2019.

The company also received $450 million in customer deposits and collateral from loans under management, which represents a 50% surge from $300 million on Aug. 1 this year.

The company also claims to have over 50,000 users from over 150 countries, and over 150 institutions are its customers.

Other News

Craig Wright not to disclose the flaw about Bitcoin and Litecoin

One year ago, Wright claimed in a tweet that after a year, he would public details on an alleged unrepairable fault in both Bitcoin and Litecoin.

According to the‘responsible disclosure’ tweet, the bug is something about the SegWit upgrade that was rolled out for both Bitcoin and Litecoin in 2017. Wright also said that both cryptocurrencies would be “shown to have no utility” and “are dead” before signing off with “Dead coin walking.”

Venezuela to Pay Retirees and Pensioners Christmas Bonus in Petro

On Nov. 17, Venezuelan President Nicholas Maduro announced that the Christmas bonus of the country’s retirees and pensioners would be paid in Petro, the national cryptocurrency.

This is not the first time that Venezuela pushes Petro into the wallets of pensioners. As reported in December last year, Venezuela has automatically converted pensioners’ bonuses for the year into Petro.

Lolli explained the partnership with Alibaba

Lolli, the Bitcoin rewards shopping app, has responded to Alibaba’s denial of a partnership following Singles’ Day marketing advertising.

CEO of Lolli Alex Adelman refuted Alibaba’s denial of partnership with Lolli. In an email on Nov 17, Adelman said that Lolli did have a partnership with the Alibaba Group:

“We’ve been partnered with Alibaba Group since May through AliExpress. We have driven AliExpress significant revenue and distributed bitcoin rewards to our users.”

Recently, Alibaba Group representatives have rebutted the “partnership” with the Shopping App Lolli just some days after the US retail startup’s announcement, which touted by Lolli CEO Alex Adelman for Singles Day.

China Launches Cryptocurrency Course with Top PBOC Official

On August 4, 2019, Mu Changchun, the Deputy Director at the People’s Bank of China (PBOC), launched an online audio course about Libra and cryptocurrency in a popular Chinese education app, De Dao.

It is not the first time Mu talked about  Libra and cryptocurrency. In June 2019, after Facebook announced Libra, Mu has frequently mentioned Libra and also Chinese digital currency DCEP. In July, he published an article saying Libra should be included in the central bank’s regulatory framework to guarantee its stable development.


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