Crypto Brief Nov.21: Bitcoin Slipped Below $ 8k Despite Forming a Bullish Breakout Pattern Plus Ripple, Ethereum, Tron, KAVA, Stellar, Binance, ShapeShift, Canaan, LocalBitcoins News

From the Bitcoin price slipped below the major support level despite forming a bullish breakout pattern to Tron announced the $ 2 million USDT-Tron giveaway on OKEx. These are some prominent news in the crypto space.

Crypto Brief 21.11

Bitcoin News

After several days of sideways just above the $ 8000, the Bitcoin price has finally broken below this critical support level and is currently trading at $ 7985 with a loss of more than 1%, the lowest seen since the end of October.

Bitcoin price 24 hours. Source: Coinmarketcap

According to data from BitMEX, in 2018, the BTC price dropped by about 40% after a week’s increase, similar to what the market has recently seen. Judging from the data, it is likely this time too.

This decline appears despite the fact that prices are on the way to form a diamond bottom, representing two symmetrical triangles next to each other. This is a major bullish pattern that can spur price jumps significantly.

According to trader “The Moon”, Bitcoin has a 70% chance of breakout if the aforementioned pattern is confirmed. As such, Bitcoin will need a huge buying volume for this scenario to occur.

Another renowned technical analyst believes that Bitcoin will continue to decline for the rest of 2019.

Bitcoin Jack (BJ) on Tuesday said Bitcoin is testing $ 7,880 as important support on the daily chart. Therefore, it is likely that the price will bounce back from the said level or close below that level. BJ noted that a price move would allow bitcoin to retest $ 6,000, which last year hampered the decline of cryptocurrencies in many cases. BJ said that Bitcoin could potentially bottom near the same level, due to its historical significance.

However, the analyst mentioned an alternative scenario, in which the price closed below $ 6K. Such a move will move Bitcoin’s bottom target to the range of $ 4,200-5,200. Previously, this was the area that acted as a strong resistance area for the cryptocurrency as it bounced back from the bottom of $ 3,100 in December 2018.

The short and medium-term Bitcoin price target

Joe Saz is mapping out short-term and medium-term possibilities for Bitcoin.

Bitcoin analyst and technical analyst told BlockTV that in his opinion Bitcoin’s sudden move from about $ 7,500 to $ 9,900 in late October changed its overall trend.

He is now following BTC closely to eliminate fake-out and again move to price hike, reaching $ 14,500 in the next six months.

In addition, Saz also raised the opinion of the price of some major altcoins.

According to him, Ethereum and Litecoin seem ready for a short-term change. But he warned that in the volatile and risky cryptocurrency market, anything can happen and traders should do their own research and ensure they are managing the risk properly. Meanwhile, Saz is a longtime skeptic of XRP and cryptocurrency payment company Ripple. He believes that the chart for the third-largest cryptocurrency by market capitalization is still falling.

Trader bet $ 4 million on long Bitcoin

A famous margin trader on BitMEX said that he was betting $ 4 million on Bitcoin.

Trader, known in the industry as ‘Flood’, told 72,800 followers on Twitter that he is currently long BTC and has held the position of millions of dollars when the leading cryptocurrency reaches $ 8,105.

Bitcoin became more attractive in times of global uncertainty

John Pfeffer, founder of Pfeffer Capital, along with Travis Kling, founder and CIO of Ikigai Asset Management and Charles McGarraugh, the market leader for Blockchain, discussed Bitcoin in the context of Brexit, the trade war and geopolitical instability.

On November 20, they shared in an interview with Bloomberg’s Alastair Marsh at the London Digital Asset’s briefing meeting, where they took a closer look at the idea that Bitcoin became should be more attractive to invest in periods of global uncertainty.

Charles McGarraugh began the conversation by agreeing with the idea that BTC is actually becoming more attractive in the face of global recession and downturn threats. “I totally agree with that idea,” he said.

John Pfeffer went on by saying that BTC is ready to become digital gold. Sooner or later, it will happen.

Travis Kling is perhaps the most direct answer when he said that Bitcoin is a risky asset, a special investment with increasingly attractive features, irresponsible financial and monetary policies. come from central banks and governments across the globe.

61% of Bitcoin hodlers can sell and still make a profit

By the end of 2019, with Bitcoin’s price holding above $ 8,000, about 61% of all hodlers can sell and still make a profit. The overall potential combines both the old acceptor and the new buyer.

About half of the addresses are latecomers and do not accept early. The first whales were, in fact, a fraction of the potential gainers. Participants with four-digit low prices are the group with the highest potential.

Ethereum News

After adding ERC20 token tracking for all Ethereum Dapps, the data aggregator DappRadar has discovered $ 73 million that has not been calculated for the 7-day volume on the network. In the press release, the company said an increase in a volume equivalent to $ 3.8 billion.

According to DappRadar, the Dapps data aggregator, from now on, ETH applications will be ranked on the total volume of all ETH-based ERC20 tokens through their smart contracts. Although this is a small change in the company’s tracking data, they have tried to paint a more realistic picture of the market.

The company says DappRadar is the only company doing this and a similar feature is currently available on EOS.

Tron News

Creator Tron Justin Sun has promised to reveal a new acquisition soon and says the deal is now signed. Tron’s most notable acquisition came in July last year when the company purchased a decentralized file-sharing platform BitTorrent for more than $ 100 million.

Justin Sun announces a $ 2 million giveaway on OKEx

On his official Twitter page, Justin Sun has announced the launch of a USDT giveaway based on another Tron. This program is ongoing in cooperation with the OKEx team and will give users the opportunity to receive some USDT-Tron allocated to this activity.

The same giveaway was previously done by Tron on the Poloniex platform, where TRX trading has been launched recently. The giveaway totaled 25,000 USDT-Tron. This event is called ‘TRX Hurricane’ and it is a Net Deposit promotion.

Stellar News

The Stellar Development Fund said it is preparing to donate 3 million XLM tokens. It will be given to developers and entrepreneurs who want to build on the net.

The deadline to submit proposals is December 14 and winners will be announced in January 2020.

Ripple News

Ripple is partnering with one of the world’s best universities to promote knowledge and innovation on Blockchain.

Ripple has secured a partnership with Oxford Foundry, aiming to further expand the University Blockchain Research Initiative (UBRI) which was launched in June 2018.

Ripple and Oxford will be able to create a network of exceptional technology-savvy students who can engage with leading companies in their respective fields.

Notably, Oxford Foundry, the start-up center of the University of Oxford, received a $ 1 million grant from LinkedIn co-founder Reid Hoffman, a huge supporter of cryptocurrencies.

Binance News

According to Micky, the Australian crypto outlet, Binance’s boss, Changpeng Zhao, said the company is actively considering an exchange branch in Australia. The news outlet spoke with CZ in an interview in Singapore this week as it gleaned more details about the opponent’s ambition.

The report added that the exchange’s ‘Lite’ version worked in Oz but it provided only limited services that offered a coin selection for sale in cash at select retail stores.

The mysterious exchange executive met South Australian Prime Minister Steven Marshall in August when Adelaide was promoted as the perfect place to ‘BUIDL’ a blockchain city.

KAVA News

Kava Labs has announced the recently launched KAVA token acquisition program on Binance Launchpad. The $ 1.5 million tokens will be acquired by Kava Labs from the retail market and the proceeds from this acquisition will be used to support the project.

LocalBitcoins News

LocalBitcoins CEO recently revealed that the company is growing at a huge pace, that the platform still reaches more than 135,000 new users every month.

Interest in cryptocurrency trading, especially P2P trading, is still growing, according to LocalBitcoins CEO Sebastian Sonntag in a recent interview. During the conversation, he acknowledged that the company was expanding and the user base was reaching 4,000 to 5,000 users per day.

ShapeShift News 

ShapeShift is launching its own token, FOX, doubling the exchange’s number of testing to continue decentralized cryptocurrency trading.

ShapeShift has issued a token, similar to Binance’s BNB, on Wednesday, allowing free commission trading for a zero fee between cryptocurrencies. All platform users upon registration will automatically receive 100 FOX tokens, if held, will never expire and provide $ 10 free trading volume for each token on a 30-day basis.

Canaan News

Canaan lit the Qiantang River (the flow between Hangzhou and Shanghai) the night before the IPO. This is the largest outdoor advertising about Bitcoin in China.

Other news

Grayscale: 84% of Q3 earnings come from non-crypto hedge funds

Earlier this week, Grayscale filed a registration statement on Form 10 for its Bitcoin transaction publicly-traded Grayscale Bitcoin Trust (GBTC) with the U.S. Securities and Exchange Commission (SEC).

Michael Sonnenshein, managing director at the largest digital asset management company in the world, Grayscale Investments, thinks that the recent filing of Form 10 by the asset management company with U.S. regulators will be a column. milestones for the cryptocurrency industry if approved. He made his comment in an interview with CNBC on November 20.

If approved, the trust fund will become the first means of investing in cryptocurrencies to gain the status of a company that complies with the SEC report. In an interview with CNBC, Sonnenshein noted the organization’s strong interest in cryptocurrency access products. Even in the third quarter of 2019, up to 84% of capital flows from non-crypto hedge funds want to come into contact with digital assets.

Mythical Games raised 19 million dollars in venture capital round

The Mythical Games game technology studio recently raised $ 19 million in a venture capital round, the company announced on Wednesday. It also features new members, including Sanrio’s former global COO, the Japanese company that created the character, Hello Kitty.

Last year, Mythical Games raised $ 16 million worth of seed and A series from investors including Galaxy Digital and Javelin Venture Partners. This time, Javelin Venture Partners led the funding round and investors including Galaxy Digital and Stuck Capital continued to participate. New investors such as Avon Ventures, Alumni Ventures, and Hashed are also joining the new round.

The Rand Corporation US publishes a report on the investigation of illegal transactions on the dark web

The Rand Corporation of the United States took a closer look at the dark web, where criminal activities are difficult to discover, monitor and investigate to enforce the law.

On November 20, The Rand Corporation, Police Executive Research Forum and University of Denver on behalf of the National Institute of Justice released a report that went into many criminal aspects of the so-called dark web.

The report is the result of a workshop where law enforcement practitioners and practitioners found 46 potential solutions including improving training for law enforcement, sharing information across jurisdictions, and investigate gaps and omissions in applicable law.

Concerning cryptocurrencies, The Rand realized that the anonymity of the dark web poses significant challenges, as bad actors can achieve high levels of anonymity by using cryptocurrencies, with newspapers. The report indicates Bitcoin, Litecoin or Monero.

Lamborghini currently uses Blockchain Salesforce to certify the legacy vehicle

Italian luxury sports car brand Lamborghini is using Blockchain Salesforce to certify legacy Lamborghini cars. Salesforce, a major global customer relationship management company, announced on November 19 that Lamborghini can now track, certify and validate legacy cars faster and more safely by using the platform. their blockchain platform.

Salesforce’s blockchain platform launched in May 2019, and based on Hyperledger, will now be deployed to create a reliable network among many participants to verify certifications during Lamborghini’s resale process.

China has up to 7,600 Blockchain patent applications, surpassing the United States

Measured by patent applications in this area, China is rapidly surpassing other countries including the United States in blockchain technology.

Japan-based financial newspaper Nikkei reported on November 20 that Chinese companies submitted about 7,600 applications between 2009 and 2018 – about three times more than companies US-based.

According to research firm Astamuse based in Tokyo, USA, China, Japan, South Korea, and Germany, a total of 12,000 applications for blockchain-related patents were filed in 2018, with China accounting for more than 60 % of total five countries.

The two companies merged to open a 100-acre bitcoin mining farm in Texas

Whinstone US Inc., a high-speed data center development company based in Louisiana and Northern Bitcoin AG, a German-based Bitcoin mining company, has merged to open a 100-acre Bitcoin mining farm in Texas, US.

Jointly announced on Monday, Whinstone and Northern Bitcoin said the farm will be the largest bitcoin mining facility in the world with a capacity of one gigawatt. One gigawatt is equal to 1,000 megawatts.

Whinstone currently operates its own mining facilities in the Netherlands, Sweden and the United States, while Northern Bitcoin operates its facilities in Norway, according to the announcement.

Ukraine plans to levy cryptocurrency tax at a low rate of 5%

A draft of crypto-related income that should be taxed in Ukraine has been submitted to the country’s parliament, Verkhovna Rada.

The draft has been prepared by the  Digital Transformation Ministry, the Blockchain4Ukraine, and the Better Regulation Delivery Office (BRDO) of Ukraine, the ministry said in a report released by local news outlet UNIAN on Tuesday.

The document, authorized by 13 members of parliament, is intended to amend Ukraine’s Tax Code and introduce key concepts related to crypto-assets. The bill defines those assets as a type of asset with special value in the form of digital, created, accounted and processed electronically, types such as cryptocurrencies, tokens, and others not regulated are not specified in the draft.

Read more:

Annie

You might also like

LATEST NEWS

LASTEST NEWS