Crypto Brief Nov.25: Bitcoin’s short-term bottom likely be at $ 6,400 plus DigiFinex, KuCoin, ZCash, Ethereum Classic news
From Bitcoin’s short-term bottom assessment to DigiFinex is going to list SCDS. These are some of the prominent news in the crypto space.
According to technical analysts, $ 6,400 is most likely to become a short-term bottom for Bitcoin.
Historically, when BTC broke below the support of $ 7,500, the cryptocurrency tested the deeper support levels in the low zone of $ 6,000. For example, on May 17, BTC dropped rapidly to $ 6,380 before recovering to the $ 8,000 area.
Since the sharp decline, the price of BTC has increased from $ 6,730 to $ 7,200. However, the recent performance of this asset has made investors cautious about re-joining the market as BTC is currently down by nearly 10%. Typically, is analyst Cole Garner.
Confluence forming around the $6400 area as $BTC‘s highest probability bottom.
– Logarithmic channel bottom
– Volume point of control for the last two years
– @filbfilb‘s estimated mining production cost floor
I don’t expect to see a weekly close below that. pic.twitter.com/KfwdcjgIqW
— Cole Garner (@ColeGarnerBTC) November 23, 2019
Famous Trader Josh Rager also noted that in the short term, it is very likely that BTC will drop to $ 6,000. The main reason is due to the weakness in the trend of BTC and other major cryptocurrencies. He tweeted:
“$ BTC – out of a position right now and waiting on a good entry to, dare I say, short Bitcoin down to the $ 6ks
Looking for at least $ 7400- $ 7500s (price could possibly hit slightly higher)
Price doesn’t reverse down to $ 7k again just to move right back up, this might take a while”.
Many analysts agree that No.1 is approaching a very important price area that can create or break Bitcoin’s medium-term prospects.
As the Byzantine General recently pointed out that this area/level is a 21-month simple moving average, which lies between the current $ 6,000.
This is the point where BTC has been bounced back in the previous two bull market accesses.
Of course, the sample size of the bull market is small, although the chart below shows the 21-month moving average which is a significant level for BTC to hold above.
Don’t worry fam your local hopium supplier is here.
Don’t inhale too much at once though.
I had to dig deep to find some.#bitcoin pic.twitter.com/MJ05XEn0kq
— Byzantine General (@ByzGeneral) November 24, 2019
Bitcoin has risen 72 million percent in less than a decade
A new study from OnChainFX has been calculating Bitcoin’s return on investment (ROI) since August 2011, and the numbers in this study have stunned any investor in the financial market. because really impressive.
Nearly eight years ago, Bitcoin was deeply embedded in a bear market, with the price dropping 94% from $ 31.91 to $ 1.91, but since then, Bitcoin has surged to an astonishing 377,000%.
But the numbers became even more spectacular when looking back to the early days when the largest exchange in the world at that time – Mt. Gox collapsed. The event caused the price of Bitcoin to quickly drop to a low of $ 0.01. So compared to the current price of nearly $ 7,200, the coin has risen to 72 million percent after just over 9 years. This makes Bitcoin the most profitable asset class in the last decade.
Another impressive ROI stat is that Bitcoin has grown by nearly 10,000% since the bear market in April 2013 and it has increased by 3,600% since the bear market in January 2015.
And if you just look over the past year, the cryptocurrency has risen 125% from a low of nearly $ 3,200 that it witnessed in mid-December 2018.
Brian Kelly of CNBC said the fundamentals of Bitcoin were misappreciated
After reaching the lowest level since May, Bitcoin is looking for its next leg, as traders and investors are looking for signs of a prolonged pullback or a quick axis to raise prices.
Brian Kelly, contributor to CNBC, chief executive of digital currency investment firm BKCM, broke down where he saw Bitcoin going from here – up.
“… China is cracking down. There was some speculation that China might unban some of the cryptocurrency transactions. But if you look at the fundamentals underlying Bitcoin at this point in time – I look a lot at addresses and address growth. What we’re seeing over the last 30 days is we’re seeing growth in addresses of about 5% but the market is pricing in a decline in addresses of -3%.
So it’s mispriced here. Fundamentals are improving on a sell-off. So I think that’s why the odds are stacked that this could be a low…”
Bitcoin breakdown? The cryptocurrency just dropped 15% in a week. Here’s what @BKBrianKelly thinks of the move. pic.twitter.com/n9kHpRrYDN
— CNBC’s Fast Money (@CNBCFastMoney) November 22, 2019
BTC whale actively transferred
In the context of the market continues to plunge, the coins in the top 10 witnessed a 7-10% decline, whales are active again.
A series of BTC transfers have taken place over the past 20 hours. In particular, there is one large transfer between unknown wallets and five smaller transfers between exchanges and unknown wallets.
Source: Whale Alert
Release Bitcoin Core 0.19.0
The official version of Bitcoin Core 0.19.0 was released on November 24. This is the 19th major version of the Bitcoin-based software client launched by Satoshi Nakamoto nearly 11 years ago and remains the dominant version of Bitcoin deployed online today.
Overseen by Bitcoin Core’s main maintainer, Wladimir van der Laan, this latest specialty released was developed by over a hundred contributors over a period of six months.
Bitcoin Core 0.19.0 highlights:
- Bech32 support by default
- Partitioning-attack counter-measure (2 block only outbound connections)
- Bloom filters for light client nodes
- Payment protocol support disabled
- Pruned node setup easy
Bitcoin Core 0.19.0 Released: Here’s What’s New
https://t.co/nXTAkVA0IC#bitcoin #btc #cryptocurrency #news #bitcoincore #btcbros
— BTC Bros (@BTCBros) November 25, 2019
Cause Bitcoin price drops
The reason for the drop has pushed BTC below $ 7,000 that Adamant Capital has suggested that investors (big ones) are selling their BTC stack to reduce upcoming tax payments.
One argument for a lower short term BTC price that I haven’t heard: selling in order to establish a 2019 capital loss for tax purposes.
— Tuur Demeester (@TuurDemeester) November 24, 2019
Tom Lee, Fundstrat’s chief analyst disagrees with Demeester, saying that this is unlikely to be true as institutional don’t intentionally lose money in liquid markets.
Doesn’t really make sense in the sense that institutional don’t intentionally lose money in liquid markets.
— Thomas Lee (@fundstrat) November 24, 2019
The market still does not prosper. Most major coins have lost their profits from the end of October.
An altcoin heavily affected by this slump is Zcash. It has fallen below the critical support of $ 27. Currently, the coin is trading down nearly 11%, at a price of $ 26.2. This is its all-time low, down 96% from January 2018.
Zcash now trading at all-time low. Prices now below $27. Down 96% from January 2018. Brutal pic.twitter.com/5ePfAzM5oH
— Larry Cermak (@lawmaster) November 25, 2019
KuCoin has issued Weekly Report No. 64. The main contents of the report include:
- Arwen solution supports $ ETH
- The new global community – German
- KuMEX supports German language
- OTC market for Vietnam
In addition, the report also details the updates in the week, campaigns and promotion policies of the exchange.
#KuCoin Weekly Report #64 – 11/24/2019
1. Decentralized Settlement Solution with Arwen Supports $ETH @arwensecure
2. New Global Community – German ??
3. KuMEX Supports German ??
4. OTC Desk for Vietnam ??#BUIDL #MoreToCome
Full Report ⬇️https://t.co/CiyXF9j2E7
— KUCOIN (@kucoincom) November 25, 2019
DigiFinex is going to list SCDSTOKEN (SCDS)
- SCDS deposit and withdrawal open: 26 Nov 2019 11:00 (GMT+8).
- SCDS trade opens on 26 Nov, 15:00
- SCDS trading pair: SCDS/USDT
CloudSea is a fractional blockchain storage product based on SCDS cross-chain protocol.
DigiFinex is going to list SCDSTOKEN (SCDS)
✦ SCDS deposit and withdrawal open: 26 Nov, 2019 11:00 (GMT+8).
✦ SCDS trade opens: 26 Nov, 15:00
✦ SCDS trading pair: SCDS/USDT
CloudSea is a fractional blockchain storage product based on SCDS cross-chain protocol. pic.twitter.com/Gk4zDcfpA4
— DigiFinex Exchange (@DigiFinex) November 25, 2019
Ethereum Classic News
Switzerland approved a new ‘Bitcoin bank’ that helps store cryptocurrencies, including Ethereum Classic.
A Swiss bank was established to handle both traditional financial products and new digital currencies promoted by the country’s regulators.
Launched earlier this year, SEBA, the Swiss-based cryptocurrency bank, received a banking license from the Swiss Financial Market Supervision Authority (FINMA) in August.
SEBA said it is trying to bridge the gap between traditional and digital assets while maintaining a high level of security. Currently, the bank supports five cryptocurrencies: Bitcoin, Ethereum, Stellar, Litecoin, and Ethereum Classic.
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