Crypto Brief Nov.22: Bitcoin price likely deeps to $6800, even to $ 1000 plus Ethereum, Ripple, Litecoin, Cardano, zkSNACK, Chainalysis, Kraken News
From predictions about the dead-end of Bitcoin’s price to Binance DEX extending support for Litecoin. These are some of the prominent news in the crypto space.
The market is still blood. Bitcoin’s price plunged to $ 7100 and tends to fall further when it is now down more than 11% at the press time.
Bitcoin price today. Source: Coinmarketcap
The community is struggling to find the cause of Bitcoin and the entire market is plummeting and most people believe that China’s crackdown on crypto exchanges. Notably, the Shanghai offices of Binance and Bithumb Korea were raided and forced to close. However, Binance CEO Changpeng Zhao and Bithumb’s representatives rejected the rumors and said that this was just a trick of the competition.
Amidst China’s harsh crackdown and the uncertainty about the offices of exchanges, crypto analyst Michaël wrote that a slide to $ 7,700 would be good. However, the present is probably not the right time. Unless Bitcoin starts trading sideways at $ 7,500, he thinks it will plummet further to $ 6,800 or even $ 6,300. The market is becoming weaker than at any time, he concluded.
Lower one it became.
I would prefer to have a bounce-back above $7,700 here, however, it seems unlikely at this point.
If not possible, aiming at continuation at this level. Below here I see $6,800 & $6,300.
Fragile market. Atleast acceleration. pic.twitter.com/FxsWXjCwtD
— Crypto Michaël (@CryptoMichNL) November 21, 2019
Analyst Filb Filb believes that bears are currently in control of the market. He expected a bit of feedback, however, it seemed that the trend was supporting the bears.
Yikes.. expecting a bit of bouncy bouncy around here but trend is with the bear. pic.twitter.com/u1TTbXMCmr
— fil₿fil₿ (@filbfilb) November 21, 2019
Its likely Bitcoin will reverse in December, as this is when Bakkt plans to launch Bitcoin cash futures contracts. However, that cannot be a guarantee. In early fall, when the company launched physical BTC futures, the price of the leading cryptocurrency dropped due to low and disappointing trading volumes on Bakkt.
Bitcoin is forming a “very ominous” price model
Peter Schiff, CEO of Euro Pacific Capital, a notorious anti-Bitcoin, said that Bitcoin is on the way to form an “ominous model”, which could push prices to as low as $ 1,000, a price the leading currency has never been. seen since May 2017 and is also considered the deadly milestone of King of Cryptos.
For those who can’t visualize the potential head-and-shoulders top in Bitcoin maybe a picture will help. Very ominous if the pattern completes. pic.twitter.com/fCXvBcFf7B
— Peter Schiff (@PeterSchiff) November 21, 2019
According to Schiff, Bitcoin is forming a “head and shoulders” (H&S) model, a chart with three peaks that often helps detect an imminent downtrend. He takes a screenshot of his screen to help the bulls are deluding the picture. imagine the prospect of death.
This is not the first time Schiff has noticed the model mentioned above. On October 20, he tweeted that the Bitcoin chart looked “very terrible” and that Bitcoin was nearing completion of the model’s right shoulder. Prior to that, his technical analysis was torn up by the Crypto Twitter community, arguing that using the H&S model on high time frame charts was ridiculous.
The price of Ethereum, the second-largest cryptocurrency by market capitalization, has dropped by more than 13%. All altcoins are falling behind Bitcoin in a downtrend at this time.
A core Ethereum developer, nicknamed antiprosynthesis.eth on Twitter, has brought some good news and hope for a bullish price reversal of ETH.
Looking at the two charts, in which ETH is trading with USD and against BTC, the developer said that the ETH price has now broken the downtrend on both charts and is now retesting the trendline.
Downtrend broken on both pairs. Now retesting trend line.
— antiprosynthesis.eth (@antiprosynth) November 22, 2019
While answering a question from a follower in the comment stream, the developer said that if ETH makes an effort not to fall further, the price could start rising.
By my experience, yes 🙂
— antiprosynthesis.eth (@antiprosynth) November 22, 2019
XRP researcher Leonidas Hadjiloizou came up with a list of Twitter accounts that, according to him, are impersonating real people in the cryptocurrency space.
The list includes a number of Ripple executives, including CEO Brad Garlinghouse.
Twitter has long struggled to deal with scammers, especially in the cryptocurrency space.
The fake accounts often respond to tweets and post scams on cryptocurrency. Celebrities like Elon Musk have been impersonated many times in similar plans.
Last year, Twitter launched an attempt to target such scammers, with the amount of controversial success.
Santander brought One Pay FX to the US while Mercury FX revealed new plans for XRP
Two of Ripple’s customers are announcing plans to expand the company’s use of cross-border payment technology.
The executive chairman of Spanish banking giant Santander, Ana Botin, said in a new interview with Bloomberg that the company is bringing its Ripple One Pay FX-based payment application to the US.
So far, One Pay FX is operating in four corridors: England, Brazil, Mexico, and Spain.
Meanwhile, Mercury FX said it plans to expand its use of Ripple’s XRP payment solution called On-Demand Liquidation (ODL). Mercury FX is a global currency exchange service provider with offices in London, Hong Kong, and Cape Town.
At a recent conference hosted by Ripple, Mercury FX CEO Alastair Constance revealed the company’s plans to bring ODL to Africa. The company is also opening an office in Dubai to launch a corridor between the Philippines and the UAE.
Binance DEX is expanding support for Litecoin.
Binance DEX has just paired its LTC pegged asset with TrueUSD (TUSD). Binance has consistently added 1: 1 pegged coins to some of the largest coins by market capitalization to give traders on the exchange a way to interact with leading digital assets. world.
— Binance DEX (@Binance_DEX) November 22, 2019
The Cardano Foundation said it is stepping up the promotion of blockchain adoption and real-world use cases in Africa.
The Cardano Foundation is expanding its reach to 54 countries on the African continent to build blockchain governance to demonstrate the region’s sustainable development and growth. One of the world’s leading nonprofit blockchain organizations helps legislators and policymakers in Europe and Asia, and now in Africa, forms legal and commercial standards. – in line with the mission and one of Cardano Foundation’s missions.
Cardano Foundation president, Nathan Kaiser, confirmed this was part of a broader strategy to promote industry around the world.
Today Hinrich Pfeifer, General Secretary of the Cardano Foundation, talked about blockchain policies in Switzerland and Africa at the Building Blockchain Bridges conference in Mauritius. Read more: https://t.co/8x3yvaN4Ck pic.twitter.com/r0jyTbrCmd
— Cardano Foundation (@CardanoStiftung) November 21, 2019
zkSNACK, the company behind privacy-focused cryptocurrency wallet Wasabi, received a $ 336,500 investment from technology investment firm Cypherpunk Holdings.
The news was published in a Cypherpunk press release on November 21, confirming that Cypherpunk bought 4.5% of zkSnacks. With the acquisition, Cypherpunk investment director Moe Adham became a member of the board of zkSnacks.
Cypherpunk Holdings Inc. Takes 4.5% Stake in Wasabi Wallet https://t.co/o4rU6fhh4I
— Cypherpunk Holdings (CSE:HODL) (@CypherpunkHODL) November 21, 2019
Chainalysis laid off 39 employees on Thursday, about 20% of its workforce because the startup prioritizes turning around profits and bringing products to market.
#Chainalysis laid of 39 workers (20%). R&D team saw the most cuts. Apparently they want to shift resources into “product teams & a go-to-market strategy”
What’s up with Research & Development this year? IBM, Oracle, Huawei, Samsung.. have also decimated their R&D teams recently
— Hash (@CryptoBalkans) November 21, 2019
The R & D team is under the most pressure when the most positions are cut. Clearly Chainalysis is looking to transfer resources into the product team and a market access strategy.
This is one of the biggest layoffs in the industry since the so-called crypto winter of 2018 ended and the price of bitcoin began to rise earlier this year.
The reduction in personnel may be surprising because the New York-based company has made some positive announcements over the years.
Recently, IBM, Oracle, Huawei, Samsung .. have also fired employees in their R&D team.
Kraken, a San Francisco-based exchange, has announced that it will introduce the mobile version of the Kraken Futures trading application – created earlier this year after acquiring Cryptofacilities and only available on web browsers, in a blog announcement on November 21.
The application will be available on both iOS and Android platforms.
Futures Trading in the palm of your hand. Hot on the heels of our Kraken Pro app, The new Kraken Futures mobile app is now live! https://t.co/MpG0ToYlgO
— Kraken Exchange (@krakenfx) November 21, 2019
Kraken Futures is a professional trading platform for derivative instruments on digital assets, where traders can use long/short digital assets with leverage up to 50 times while providing Seamless transfer level between spot market and futures.
Users log in to the app using QR codes, view live order-books, price charts and manage open positions as well as open orders, etc.
Shenzhen China warned 39 crypto exchanges
On November 22, authorities in Shenzhen identified a total of 39 exchanges that could potentially be banned from Chinese trade, according to local news agency Sanyan Finance, and confirmed by Primitive Crypto’s co-founder Dovey Wan.
UPDATE: Shenzhen law enforcement identified 39 “illegal cryptocurrency” companies
Most likely are ponzi and crypto frauds as Shenzhen is known for being the hub of those. According to the news, exchanges involved will be impacted, waiting for full listhttps://t.co/pkVHYPVqlj https://t.co/gdsXyS28nO
— Dovey 以德服人 Wan ? ? (@DoveyWan) November 22, 2019
This includes the participation of the Chinese central bank, the People’s Bank of China (PBoC), the Economic Investigation Bureau of the City Public Security Bureau and the City Communications Administration.
It’s still unknown what consequences the exchanges will face, while Sanyan emphasized his desire to crack down on liquidity.
Yahoo Finance integrates the web with Coinmarketcap
Yahoo Finance, the U.S.-based financial news giant, has integrated its website with the cryptocurrency price of major cryptocurrency data provider CoinMarketCap (CMC). The website now allows customers to track prices for major coins, providing data based on CMC including market capitalization, trading volume, circulation, and more.
We’ve confirmed a strategic partnership with @YahooFinance to ⚡ power their #cryptocurrency section! Check the latest ? market prices, CoinMarketCap indices, and soon – educational content! Read it here ? https://t.co/mNs8Isj0qs pic.twitter.com/bsATQEX16i
— CoinMarketCap (@CoinMarketCap) November 21, 2019
CMC confirmed a strategic partnership with Yahoo Finance for data and content about cryptocurrencies in a press release on November 21.
Yahoo Finance’s crypto refinement site offers prices for a total of 118 digital currencies, including major cryptocurrencies such as Bitcoin, Ether, XRP, Bitcoin Cash, Tether and others. The combined valuation of data from more than 200 exchanges and covering cryptocurrencies accounts for more than 90% of the global cryptocurrency market capitalization, since the index’s launch.
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