Crypto Brief Nov.20: Bitcoin Can Get Significant Bullish From $8000 Plus Ripple, Monero, Tezos, Vechain, Binance, Coinbase, ByBit, DigiByte, GateHub, TRM Labs, Gemini News
From the prospect of Bitcoin’s potential bullish view to XRP hit the new record. These are some excellent news in the world of crypto today.
Scott Melker, a trader at TxWestCapital, announced on Twitter yesterday that a short from all-time high (about $ 20.000) to bottom (at $ 3.200) was less profitable than a long from that bottom back up to $6.500.
He is also noted that at $ 8.000, Bitcoin has the potential to grow up more than the downside.
A short from the top of the bitcoin market to the bottom, roughly $20,000 to $3,200, was less profitable than a long with equal capital from $3,200 to $6,400. Think about that. Going short and long are not the same thing. At 8K, the upside potential is far greater than the down.
— The Wolf Of All Streets (@scottmelker) November 20, 2019
Meanwhile, The Cryptomist, a well-known analysis, says a key indicator suggests Bitcoin may be ready for a temporary increase.
In a series of tweets, the analyst tells that Bitcoin’s relative strength indicator (RSI) suggests bulls will take control for a short while before the BTC deeps to a target of $7,100.
Dont think it will be long until bulls in the short term take the wheel as RSI on various time frames look bottomed!
I do think this will be short term, before further descend towards a final touch of wedge support pic.twitter.com/yaDFvPs0Hc
— The Cryptomist (@TheCryptomist) November 19, 2019
BitMEX trader is not confused by the bearish price action
BitMEX trader “Flood,” who had accurate Bitcoin price predictions, says that he is not fazed by the top coin’s bearish price action.
Your paid group leader is short looking for 7.4k with his last 0.1 BTC in fees. True chads are long and strong RIGHT NOW. pic.twitter.com/xRKDePMbGQ
— Flood [BitMEX] (@ThinkingUSD) November 20, 2019
Notably, “Flood” predicted a bullish move days before the BTC price increased by more than 30 percent on Oct. 25.
This China-driven pump, almost wholly disappeared less than one month after Xi’s announcement and the halving event is expected to take place in May, this is an unusually bearish setup.
Millennials prefer Bitcoin than Gold or Real estate
British digital asset management firm CoinShares has released a report that points out some trends in the Bitcoin and cryptocurrency market in 2019.
The report describes the social, political, economic, and technological forces driving cryptocurrency adoption, and the trends that have appeared in the cryptocurrency space.
According to the report, millennials’ investment tendencies are most keen on the technology sector and more likely to invest in Bitcoin than any others.
2019 has seen several stablecoins announced or released, such as Facebook stablecoin, Libra, and its market have almost doubled in value in 2019.
The CoinShares report also notes the increase in daily bitcoin transaction volume — which has increased over 150 percent to $2 billion per day.
Galaxy Digital is launching two Bitcoin funds
Michael Novogratz’s crypto merchant bank Galaxy Digital is launching two Bitcoin funds, targeting people between the ages of 50 and 80. The new funds aim to bring people who may have remained mainly out of crypto investing in cryptocurrency markets.
The funds will provide third-party custody from major crypto consortium Bakkt and Fidelity Digital Assets, the digital asset arm of American investment management company Fidelity Investments.
The two new Bitcoin funds, Galaxy Bitcoin Fund, and Galaxy Institutional Bitcoin Fund have been established with Galaxy’s own money and some existing investors.
The Galaxy Bitcoin Fund will require a $25,000 minimum investment, and investors will be able to withdraw their funds quarterly. Meanwhile, Galaxy Institutional Bitcoin Fund has weekly liquidity and a higher initial threshold.
Both funds will reportedly charge lower fees than significant Bitcoin funds such as the Grayscale Bitcoin Trust.
Besides, Newcomer Bakkt, which is seeing a sustained increase in demand, has also just crossed another milestone, $100 million in monthly volume.
Yesterday, Bakkt breached the $100mln mark in monthly aggregated volume for the first time in its young history. pic.twitter.com/RnGG9VLAKO
— skew (@skewdotcom) November 19, 2019
Bitcoin has not gone much far from its ambitious goals
Even though Satoshi Nakamoto designed Bitcoin to be used by everyone, the system of distribution and ownership has not gone far away from the fiat monetary system. There are many whales and those who own little Bitcoin because unless you are a miner, you have to buy coins with traditional fiat money.
Meanwhile, the crypto expert Richard Heart reminds the community on his Twitter that less than 2,000 people keep around 40 percent of Bitcoin.
Did you know that 40% of all #Bitcoin is controlled by less than 2000 people? That’s .01% of addresses. https://t.co/CThLNVHjbZ pic.twitter.com/gL1Vm5ItXq
— Richard Heart (@RichardHeartWin) 19 tháng 11, 2019
Similarly, the majority of the planet’s resources and wealth is controlled by just a few percent of people. It seems like Bitcoin has not gone much far from its ambitious goals.
The CEO of crypto exchange CoinField says XRP is the best choice for the company’s new tokenized trading platform, Sologenic.
In an interview, Bob Ras offers new features on the platform, which is designed to let anyone trade tokenized of stocks and ETFs against XRP and SOLO, a new token.
CoinField decided to move from Canada to Malta to launch Sologenic, where they could legally offer trading for tokenized securities.
Ras says the company considered multiple distributed ledger platforms, including Ethereum and Stellar, but XRP provided the best combination of speed and utility.
XRP will play a significant role in the movement of money in the world
Ripple co-founder Chris Larsen says he thinks digital assets like XRP will play a vital role in the flow of money in the world.
In an interview, Larsen talks about the role of digital assets in the economy and the regulatory environment to develop blockchain and crypto space.
XRP trading on Bitso reached a new high record
The XRP/MXN trading on Bitso continues to reach a new top record. On Nov. 19, the liquidity index of the exchange mentioned above spiked to a new high of more than 6.24 million.
Liquidity Index for Bitso XRP/MXN (28-day moving trend)
Day progress: 92%
Today so far: 6,254,469
All Time High: 5,993,390
Data: https://t.co/v07j0Xh3s1 pic.twitter.com/nCdLG1fowE
— Liquidity Index Bot (@LiquidityB) November 19, 2019
This came just one day after it breached the 6 million for the first time, which means that the adoption of XRP is growing at rapid speed in this market.
Together with MoneyGram, Ripple launched its On-Demand Liquidity (ODL) service in Mexico by making a deal with Bitso. They made a sizeable investment in Bitso and put one of its executives on the company’s board of directors.
According to a Nov. 19 Reddit post published by the coin’s core development team, the software available for download on Monero’s official website was compromised to steal cryptocurrency.
The command-line interface (CLI) tools available at getmonero.org may have been compromised over the last 24 hours. In the announcement, the team notes that the hash of the binaries available for download did not match the expected hashes.
Tezos has become the first blockchain to be used for practical reasons by a public entity. The French Army has been using the blockchain to validate its judicial expenses through a smart contract.
Today, the French Army and the Gendarmerie’s Information & Public Relations Center (SIRPA) has said that the government entity has been using Tezos since September. It has been using it to track legal costs for operational purposes.
The French Armies and the SIRPA announced that since September 2019, the @Gendarmerie #cybercrime division (#C3N) has been validating judicial expenses incurred during investigations and recording them on the #Tezos #blockchain.
➡️ Press release: https://t.co/TF64U6Psvy pic.twitter.com/CqGbZjXBfx
— Nomadic Labs (@LabosNomades) November 20, 2019
As many people believe, currently, VeChain is one of the most promising altcoins on the market. It has a large and loyal community that is expected for the bullish price.
The trading expert Crypto Michaël points out a retracement of the VET price on the chart. However, he still calls the VET is one of the most active coins.
Yes, one of the stronger coins holding up nicely here.
Ugh, retracement. All fine, it’s still up more than 100% since the low.
The first area of interest hit here.
The second area of interest is at 61-63 sats.
If we hold, another move to 103-105 is likely. pic.twitter.com/8hTTYXAewP
— Crypto Michaël (@CryptoMichNL) November 20, 2019
London-based crypto data provider CryptoCompare has updated its crypto Exchange Benchmark, removing Binance from the list of the top 10 exchanges.
Binance, the second biggest crypto exchange by daily trade volume, is not included in the CryptoCompare’s list as the rankings do not rely on aggregate volume data in its analysis.
In order, the top 10 crypto exchanges in CryptoCompare’s second Exchange Benchmark are Gemini, Paxos’ itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer, and Bitfinex.
In a recent filing, The United States Internal Revenue Service (IRS) has argued that its summons on Coinbase is indeed legitimate.
Per a Nov. 15 filing, the U.S. tax agency told to California federal court that its investigation of Coinbase customer William Zietzke is entirely legitimate.
Zietzke is attempting to reverse the summons issued to Coinbase in June, which requested that they hand over his financial records relating to his 2016 return. Zietzke claimed that the IRS’s summons was too broad, as it was not restricted to the 2016 tax year only.
However, the IRS was not impressed with the reason that Washington resident was unable to show any reason why the summons should not be enforced.
Coinbase Summons Proper In Income Tax Probe, IRS Says https://t.co/bneHvQWgGM pic.twitter.com/6QNedDOe2n
— libr.co (@librco) November 19, 2019
Registration for Bybit’s inaugural BTC Brawl, the “biggest global team trading competition the world got underway on 18 November to 28 November 2019, and the competition will kick off on 28 November at 9 am (UTC), running up till 9 am (UTC) on 13 December 2019.
Bybit, a cryptocurrency derivatives exchange based in Singapore, recently hitting the 4 billion USD mark for 24-hour trading volume, and the BTC Brawl is another sign of Bybit’s development in the crypto derivatives trading world.
The global trading competition is styled in a team format with team leaders recruit the best traders into their teams, and will also provide Bybit the opportunity to showcase its platform’s ability to hand large trading volumes with zero overload issues.
Traders must ensure that they have a minimum of 0.05BTC in equity when the competition starts to avoid any potential immediate negative returns in the competition.
Upon successful registration, participants must visit the event page to select and join their favorite team. Once a participant has joined a group, they may not switch sides.
Digibyte, a highly decentralized, public distributed ledger technology project (DLT), has launched the Digibyte Foundation, an independent nonprofit organization supporting the Digibyte community, foster inclusivity, and more.
After six years of surviving in the world of blockchain technology, the DigiByte team have finally decided that this is the right time to publish its foundation, to “protect and promote the true ethos of decentralization, and empower DigiByte and its community to establish further and maintain a sustainable decentralized world.”
As stated in its blog post, the new Digibyte Foundation will function as a nonprofit, volunteer-managed organization will be trustworthy, transparent, honest and accountable to stakeholders in the DigiByte ecosystem
On November 19, security researcher Troy Hunt confirmed that the account of the cryptocurrency wallet, GateHub, and bot provider RuneScape, EpicBot, was hacked.
According to Hunt, the first hack included the personal information of 1.4 million user accounts from the GateHub cryptocurrency wallet, and the second contained around 800,000 user accounts of RuneScape. The self-proclaimed world’s safest bot provider, EpicBot.
The stolen information reportedly includes registered email addresses, passwords, two-factor authentication keys, mnemonic phrases, and wallet hashes. According to an investigation, GateHub officials said that the wallet hashes were not accessed.
TRM Labs News
In a Nov. 19 press release, TRM Labs announced that it secured $4.2 million in an investment round led by PayPal, with other top investors including Initialized Capital, Blockchain Capital, and Y Combinator.
TRM, which was founded in 2018, aims to support financial institutions across the United States, Latin America, Asia, and Europe by measuring, tracking and mitigating their crypto risk exposure, meeting regulatory requirements, and helping streamline their AML compliance.
TRM Labs CTO and co-founder Rahul Raina said that PayPal’s investment in the company shows “their continued commitment to ensuring safety and compliance as the digital payments landscape evolves and innovates.”
The Gemini exchange has made its first-ever acquisition by purchasing the Nifty Gateway platform, which enables users to buy and manage non-fungible tokens (NFTs).
Tyler Winklevoss revealed the acquisition in a Nov. 19 blog post, detailing that “nifties” are a unique asset on a blockchain that differs from other cryptocurrencies as they are singular and not interchangeable. Nifties’ features make them ideal as a base for crypto-collectibles and crypto-art.
Currently, the Nifty Gateway platform allows users to buy nifties with a credit or debit card. Speaking about the motivation behind the acquisition, Winklevoss said that they believe that all collectibles — both real-world and digital — will transition into a blockchain in the form of nifties.
Crypto exchange Einstein in Canada suspected of Bitcoin scam
As reported, a Canada-based company, Einstein crypto exchange, was shut down by the local BCSC regulator after multiple customers contacted their office complaining that they cannot withdraw their Bitcoin.
Grant Thornton Limited was legally appointed to get the money from the trading venue and return it to the investors. However, Einstein proved to have only $45,000, with $15,000 of it is crypto. The clients said that the exchange owes them $16 million in total.
Deutsche Boerse and Swisscom deal with securities transactions through blockchain
Deutsche Börse officially announced on Nov. 19, German securities marketplace Deutsche Boerse and Swiss telecom, Swisscom have settled securities transactions with different blockchain protocols. In a joint proof-of-concept (PoC) involving some banks, the participants exchanged money in the form of cash tokens against tokenized shares.
Based on blockchain technology, the joint PoC intends to show the potential of new technologies in the financial services sector and maintain Germany and Switzerland’s expertise in the digital asset environment.
FEMA Suggests Blockchain-Based Property Registry
The United States Federal Emergency Management Agency (FEMA) is considering the idea of a blockchain-based property registry to simplify disaster insurance payouts.
In its latest National Advisory Draft Report to the FEMA Administrator, the agency indicated its interest in developing blockchain technology to simplify disaster insurance payouts and enhance the speed of disaster responses.
FEMA recommended the establishment of a blockchain-based property and land registry, containing all critical information needed to file an insurance or disaster assistance claim.
Lamborghini Now Uses Salesforce Blockchain to Certify Heritage Cars
Salesforce, a major global customer relationship management firm, announced on Nov. 19 that Lamborghini can now trace, certify and authenticate cars faster and more securely using its blockchain platform.
Launched in May 2019, Salesforce’s Hyperledger-based blockchain platform will now be implemented to create a trusted network between multiple participants for certification checks during a Lamborghini’s resale.
Hacker Offers $100K in BTC as Bounty for Hacking High-Profile Firms
An anonymous hacker under the pseudonym Phineas Fisher has offered a bounty of $100,000 in BTC, or Monero, for hacking Halliburton and NSO Group.
Hacker ofrece USD 100,000 en BTC como recompensa por hackear Halliburton https://t.co/gOQas4DpUH pic.twitter.com/kbxVGzco2A
— Todo ฿itcoin (@TodoBitcoin) November 19, 2019
Bitcoin Slips in KPMG Rankings
On Nov. 18, Big Four auditing firm KPMG released its 2019 Fintech100 ranking, which lists the top 100 fintech firms in the world.
As was the case in 2018, AntFinancial led the ranking. AntFinancial controls Alipay, one of China’s leading payment systems, and is valued at $83 billion.
Among the companies that offer innovation through blockchain and cryptocurrency, JD Finance was best placed in third place, surpassed by Grab. Robinhood dropped from 8th place in 2018 to 14th in 2019. However, crypto innovation remains active according to KPMG’s rankings, which featured blockchain-focused OneConnect (18th), Revolut (26th), Coinbase (34th), Liquid (38th) and Banketa (42th).
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