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.
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.
Zoomed out version;
▫️ Still in the golden pocket area here at $8,400 zone.
▫️ Holding here would flip $8,400 support.
▫️ Overall still downwards trending.
▫️ Losing $8,400 would make bias turn to $7,400.
But overall still not bad. pic.twitter.com/JDWKE8R9Pn
— Crypto Michaël (@CryptoMichNL) November 17, 2019
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.
According to this fractal:
1. Dip to $8,250 area.
2. Bounce to $8,600 area.
3. Dip to $6,700 area.
I’m not trading based off this fractal but it’s been following along almost exactly since I started watching it in September. pic.twitter.com/QirnnHZUB8
— NebraskanGooner? (@nebraskangooner) November 15, 2019
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.
Ugly.. Look at that volume on Bitmex. 784 Million.
The last time 24 hour volume was this low was March 30th.
Go ahead, look at that date on the chart.
— Cantering Clark (@CanteringClark) November 17, 2019
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.
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.
No worries, we will HODL for you (we actually don’t sell our BTC and haven’t for years).
— ProtonMail (@ProtonMail) November 16, 2019
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.
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 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.
— Liquidity Index Bot (@LiquidityB) November 16, 2019
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.
— Roelof Botha (@roelofbotha) November 18, 2019
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.
The Mordor testnet has successfully forked to ETC Agharta!
Classic Geth, Parity-Ethereum and MultiGeth were all confirmed in-sync by @a4fri this morning.@edwardjmackjr should be adding Mordor configs for @Hyperledger Besu very soon. We have Atlantis. Agharta Besu next up 🙂
— Bob Summerwill (@BobSummerwill) November 17, 2019
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.
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.
11/15/19 UPDATE: Holdings per share, net assets under management and digital assets per share for our investment products.
— Grayscale (@GrayscaleInvest) November 15, 2019
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.
[Crypto Platform Celsius Network Reaches $4.25 Billion In Total Loans]
— SabinaSANIB (@SabinaSanib) November 17, 2019
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.”
We have arrived at day 0, my friends.
How are our “dead coins walking” doing? ? https://t.co/xq53r4aImv
— Arthur van Pelt – Dragon Industries (@MyLegacyKit) November 15, 2019
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.
— Venepress (@venepress) November 17, 2019
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.
➡️Alibaba Group representatives have since denied the “partnership” touted by Lolli CEO Alex Adelman. The fissure revealed a common misconception in the blockchain industry…
?Read more here : https://t.co/54mLUBneBg
— 4C Trading (@4C_Trading) November 18, 2019
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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