Crypto Brief Nov.24: Bitcoin is ready for a rally to $ 8k plus Ethereum, Ripple, NEO, EOS, Poloniex, TRON, Litecoin, DACX, Okex, Bitfinex, PundiX, BCB Blockchain News
From predictions about Bitcoin’s bullish outlook to OKEx pairing new deals for EOS. These are some of the prominent news in the crypto space.
Bitcoin faced intense downward pressure on the area above $ 6,000 yesterday morning. The bulls then rebounded and pushed BTC prices higher, laying the groundwork for the recent lows of the bottom of King of Cryptos.
Analysts now expect Bitcoin to increase further in the short term. However, it is essential to note that BTC is still caught up in the medium-term bear trend. Thus, despite the short-term rally, BTC could eventually see a further decline.
At the time of writing, Bitcoin is hovering around $ 7200, with an increase of more than 1%. It marks a noticeable rally from its daily low of about $ 6,700, was established during the most recent sell-off of BTC.
This level has long been considered strong support for cryptocurrencies and Bitcoin’s price action. This level has been confirmed in practice and could signal the upcoming price increase is imminent in the short term.
The act of Bitcoin breaking above the upper boundary of a clearly defined pennant pattern reinforces the above view. This pattern is formed after a recent decline, which may signal that the uptrend is very near.
Big Cheds, a popular analyst on Twitter, talked about this in a recent tweet:
“Bitcoin early action favors bulls”.
— Big Cheds (@BigCheds) November 23, 2019
Alex Krüger, a famous crypto-focused economist on Twitter, explained that he believes that BTC will soon reach $ 8,000, but that the expansion momentum is imminent.
Crypto trader nicknamed Bitcoin Catz on Twitter updated Bitcoin’s 1D chart and found that:
“Support turned resistance. Not thinking about buying back as long as we can’t close above $7,400. If we can’t close above $7,400 in the next 1-2 weeks, I expect trend continuation into the $5k-$6k area, with a potential capitulation wick into $4k’s”.
Support turned resistance. Not thinking about buying back as long as we can’t close above $7,400.
If we can’t close above $7,400 in the next 1-2 weeks, I expect trend continuation into the $5k-$6k area, with a potential capitulation wick into $4k’s. pic.twitter.com/Lf9vA4cfwS
— ₿itcoin Catz ? (@BitcoinCatz) November 24, 2019
Bitcoin can survive after a nuclear war
Bitcoin may be the most sustainable digital currency in the event of a nuclear war, Nick Szabo stated.
Only one Bitcoin node needs to work to keep the network alive. Meanwhile, up to 9,000 copies of the entire Bitcoin transaction history are located in 90 countries.
A digital currency that would survive a nuclear war: the full Bitcoin transaction history, all the way back to the genesis block, exists in over 9,000 copies located in over 90 countries — and that’s just counting the copies running live.https://t.co/fbKKtJ6Uay
— Nick Szabo ? (@NickSzabo4) November 22, 2019
Earlier, Charlie Shrem, a pioneer of cryptocurrencies, also explained why Bitcoin could be the only currency to survive a nuclear war. If this dovish scenario happens, the leading cryptocurrency will prove to be able to recover faster than fiat.
Bitcoin’s hash rate remains stable despite price drops
Bitcoin’s hash rate has not decreased, though its price has dropped more than 15% in the past week
According to the Bitcoin hash rate estimate from Coin Dance, participation is still as strong as it was before the price dropped. Hashrate refers to the amount of computational power dedicated to maintaining the Bitcoin network.
According to some measurement results, the hash rate on November 23 is practically almost in line with its all-time high. With 134 million hash per second, almost the same as the data from 10/10.
Source: Coin Dance
Decentralized finance (DeFi) has just reached a new milestone.
DeFi is designed to replace traditional financial instruments with a decentralized alternative that is not controlled by corporations or the government.
The amount of Ethereum locked in DeFi applications has reached a new milestone of 2.7 million ETH, or $ 405 million, according to data analysis page DeFi Pulse.
The majority are stored in Maker, a collateralized loan platform, which has 2.0 million USD worth 301 million ETH locked up.
Vitalik Buterin deeply analyzes the notorious DAO hack
In the latest episode of The Portal, Vitalik Buterin recorded his journey, from becoming a reporter at Bitcoin Magazine to introducing the world about Ethereum.
Accordingly, Vitalik Buterin was asked questions related to Genesis DAO. This smart contract is built on top of the Ethereum blockchain. In his opinion, this program is meant as an alternative program for centralized companies.
At one point, the DAO successfully gathered nearly 13 million Ether. A vulnerability has been exploited by a hacker [or a group of malicious hackers] that allowed them to drain DAO’s money, up to 3.6 million ETH.
Ethereum 2.0: Phase 2
The Ethereum network is in the process of preparing to move to the Proof-of-Stake protocol. The preparation work consists of three phases: Stage 0 [Beacon Series], Stage 1 [Segment Chain] and followed by Stage 2 [Implementation Class].
Both the Ethereum Foundation and Joseph Lubin of ConsenSys have released support for several projects for research and development around eth2. Will Villanueva, currently researching and developing for Ethereum 2.0 Phase 2 at ConsenSys and also a member of the Quilt team, details his team’s role in the development of eth2, in a recent podcast.
The XRP-backed company, Ripple, is expanding its operations in Dubai.
The company is hiring a technical service engineer. The role of this position is to analyze and solve challenging technical issues and to investigate and identify root causes at the product, data or network level while updating the situation for Stakeholders.
Ripple currently has 52 open positions, of which five engineers will work on Ripple’s Xpring.
Ripple’s XRP Ledger Sets New Daily Transaction Record
According to data provided by BitInfoCharts, the number of transactions on the ledger XRP soared to 4 million on November 23, easily breaking the previous record of 1.7 million transactions set in January.
It is worth noting that XRP has strived to go far beyond other leading cryptocurrencies in terms of daily transaction volume. Bitcoin, Ethereum, Bitcoin Cash and Litecoin all failed to break the 1 million mark.
— Welson ? (@CryptoWelson) November 24, 2019
Ripple director joins Blockchain Association
In his recent tweet, Ripple’s head of legal affairs in the US Ben Melnicki said he joined the board of the Blockchain Association as a co-chairman.
— Ben Melnicki (@benmelnicki) November 22, 2019
This issue came after Ripple announced the opening of its representative office in Washington, D.C., for a closer dialogue with US regulators, such as the SEC.
This is the second time a Ripple executive has joined the Blockchain Association. Last time Michelle Bond, the global head of Government Relations, had also joined the Association.
In a new rebuttal for a takedown on the privacy protocol Mimblewimble, Litecoin Foundation director Franklyn Richards said plans to add confidential transactions to LTC involve more alternatives than privacy.
The Foundation will focus on ensuring that the transaction history of a particular Litecoin does not affect its value.
Neo has become LEDGER’s Supportive Partner to help build the next generation internet (NGI). As the blockchain has evolved from focusing on coin to chain, Neo founder and CEO of NGD – Da Hongfei, believes that the next focus will be NGI.
We are thrilled to welcome @NEO_Blockchain to our Supportive Partner network!
Learn more about their community-driven #opensource platform, other @LedgerEu supporters and our current 2nd #opencall at https://t.co/r6O0CYHJPE #NGI4EU #venturebuilder #equityfree #peoplefirst pic.twitter.com/NVdFIHah2R
— LEDGER_EU (@LedgerEu) November 22, 2019
Trading pairs for EOS have recently been added to the OKEx exchange, namely the EOS / ETH pair.
? Trading pair(s) for EOS (EOS) added to Okex. Trade:
– EOS/ETH: https://t.co/pHE04TnbiN
— CryptoExchangeListing (@crypto_listing) November 24, 2019
Meanwhile, there have been three EOS transfers between unknown wallets in the past three hours. The total number of EOS transferred is 5 million tokens, or about $ 13 million.
Today, 25,590,000 USDT was transferred from an unknown wallet to Bitfinex after the USDT minting action and the strange transfer yesterday of the Tether Treasury.
— Whale Alert (@whale_alert) November 23, 2019
Tron CEO Justin Sun was pleased to announce the company’s new achievements. TRON got the 1st place in 2019 Most Popular Domestic Public Chain Selection held by Coin Voice, a leading global blockchain media.
#TRON got the 1st place in 2019 Most Popular Domestic Public Chain Selection held by @coin_voice, a leading global #blockchain media. Thanks for the recognition, we will spare no effort to build #TRON as the No.1 public chain in the world. #TRON to the future. ✊#TRX $TRX pic.twitter.com/3ke3AWjsj0
— Justin Sun (@justinsuntron) November 24, 2019
In addition, Merry Giveaway, organized in collaboration with TRON and OKEx, has been taking place. Sun has just made a new update on Twitter:
“Deposit 50,000 TRC20–USDT to OKEx, hold and take a chance to win 1,000 USDT on Nov 25! Hold till Dec 2 to take part in all 3 draws, having the chance to win up to 3,000 USDT”.
#TRON X @OKEx Merry Giveaway, Campaign No.3. Deposit 50,000 #TRC20–#USDT to @OKEx, hold and take a chance to win 1,000 #USDT on Nov 25! Hold till Dec 2 to take part in all 3 draws, having the chance to win up to 3,000 #USDT!
For more details and rules?https://t.co/im0wfJ3986
— Justin Sun (@justinsuntron) November 24, 2019
Cardano’s new upgrade has faced some minor bugs. In the latest version of the Weekly Development Report, the Cardano team revealed that 34 problems were found and fixed in the Cardano Explorer Application.
The Cardano transition towards Shelley Phase aims to completely decentralize the network by deploying betting groups. The ecosystem is already in a full-swing development mode and its careful and calculated approach has been approved by the community.
In addition, in the report, the team also said it has made progress in user experience, performance, test coverage, and the deployment of new capabilities from Cardano GraphQL.
In addition, the development team has provided a new version of Daedalus wallet balance checking this week and is preparing for the next Daedalus release for the recommended Testnet.
OKEx has announced a partnership with Ledger, Vietnam-based OTC exchange Aliniex, fiat-crypto exchange Bvnex and retailers using blockchain technology Cryptomall, in a shared press release on November 22.
— OKEx (@OKEx) November 18, 2019
Poloniex exchange donated the amount of 0.03747 BTC to Grin General Fund, a cryptocurrency focused on privacy and scalability, promoting the MimbleWimble [MW] protocol, projects in progress Grin’s deployment and expansion needs. According to Poloniex’s official tweet, the exchange has donated 3,86946 BTC to fund Grin initiatives.
— Poloniex Exchange (@Poloniex) November 23, 2019
DACX, the platform that facilitates cross-border multi-currency payment transactions, assets, and commodity transactions via tokens, smart contracts, and deposits, has announced that their whitepaper is available in multiple languages.
#DACX whitepaper is now available in multiple languages.
For any other choices comment below.
Holding DACX Tokens give you exclusive discounts and access towards upcoming project listings.https://t.co/BZq9AeyDIY#DACX #IEO #Bitcoin #Cryptocurrency #Blockchain #Exchange pic.twitter.com/1ugAzNjX3y
— DACX, Digital Asset & Commodity Exchange (@DACX_io) November 22, 2019
Bitfinex Ardoino’s CTO said it would not completely eliminate storing money in hot wallets in order to reduce the exposure of funds indirect exchange, despite having reliable security. About 97 to 99 percent of the money is stored in cold wallets and hardware wallets.
Moreover, he suggested that the exchange primarily uses its own machines instead of cloud services like AWS because security is the most important aspect when it comes to managing other people’s money.
He also pointed out that Bitfinex is not the fastest way to deposit money because the exchange ensures that there is enough money in hot wallets to make withdrawals.
If in case there is too much money in a hot wallet, it will immediately be transferred to a cold wallet.
Pundi X Labs has just announced that XWallet has reached 700,000 registered users, and the development team also thanks to its users.
In addition, XWallet also announced the top 5 active user countries including India, USA, Indonesia, Vietnam, and Venezuela.
#XWallet has hit 700,000 registered users! Thank you for your support and constantly giving us feedback to improve and grow?. Top five active user countries are #India ??, #USA ??, #Indonesia ??, #Vietnam ??, #Venezuela ??. #growingstrong #npxs #npxsxem #PundiX pic.twitter.com/o6FXR3A0zn
— Pundi X Labs (@PundiXLabs) November 24, 2019
BCB Blockchain News
Singapore-based BCB Blockchain Company signed a Memorandum of Understanding (MoA) with a branch of the Philippines Ministry of Science and Technology (DOST) to support the development of smart cities in the country.
According to the press release on November 23, the BCB Blockchain has contributed $ 300,000 to support incubators and accelerate startups in the Philippines by signing the MoA with the Council for Research, Development and Technology, Energy and Emerging Technology (PCIEETRD).
The event is intended to facilitate the development of local startup companies to create projects and applications for the smart city.
Oman started its first commercial and financial transactions on Blockchain
According to the announcement, on November 23, the Oman Oil and Orpic Group, one of the largest oil and gas businesses in Oman and HSBC Bank made the country’s first blockchain-based commercial financial transactions: sell polypropylene to Abu Dhabi National Carpet Factory. The transaction was made using R3 from Corda, an open-source blockchain platform.
In the transaction, HSBC Oman issued a fully digitized letter of credit on the blockchain, while the Oman Oil and Orpic Group is the beneficiary of the letter credit. The application of blockchain technology allows parties to complete transactions within 24 hours instead of 5 to 10 days as usual.