Crypto Brief Nov.27: Bitcoin unlikely breaks $ 8,000 this year with Ethereum, Ripple, IOTA, BitBay, Bittrex, Binance news

From the bleak short-term outlook of Bitcoin to the BitBay exchange delisting Monero. These are some of the prominent news in the crypto space.

Crypto Brief Nov. 23

Bitcoin News

Analyst Mati Greenspan said he thought the BTC pullback from $ 14,000 could end soon. In a recent newsletter, Greenspan compared previous Bitcoin price drops with a yearly retreat from a peak in June.

“Looking at Bitcoin’s short history, we can see that the average decline is about 43%, which tends to last for 122 days. Of course, past performance is not a sign of future results but rather a reference data, and it seems like the worst price drop is over.”

Meanwhile, veteran trader Tone Vays thinks Bitcoin is in a dangerous area and could quickly lose support if it once again drops below $ 7,000. However, if BTC can rally above $ 8,000 in a short time, it could change the current situation.

“I would not call this the bottom of the bear market. I am not ready to become a bull yet. But if the price of Bitcoin goes above $8,000, it’s possible I can be on the bull’s side. But I don’t believe that will happen this year.”

Analyst Joseph Young said that the current downturn could be a big test for traders around the world. He tweeted:

‘The selling pressure on bitcoins seems to be too intense.
Now, most major cryptocurrencies like Ethereum, XRP, etc. are in the negative year-to-date.
This will test the heart of investors and entrepreneurs in the space, especially coming down from a big spike to $10,600.”

Whale moves Bitcoin

Whale Alert announced that approximately 8,682 BTC ($ 62,074,540) were moved from Xapo to an unknown wallet, and 1,500 BTC ($ 10,724,621) were transferred from unknown wallets to the Okex exchange.

Bitstop partnered with Simon Malls to set up Bitcoin ATM

Miami-based Bitcoin ATM company Bitstop has partnered with the largest mall operator in the United States, Simon Malls, to set up machines at several locations.

BitStop announced on November 26 that the company ordered Bitcoin ATMs at five Simon Malls locations in California, Florida, and Georgia. Bitstop co-founder and CEO Andrew Barnard said the machines were installed before the holiday season:

“With the installation of new Bitcoin ATMs at Simon Mall locations, customers can conveniently purchase Bitcoin while shopping on Black Friday and Christmas.”

BitStop also announced its plans to develop its network of cash machines to more than 500 locations by the end of 2020.

Ethereum News

The expected upgrade of Ethereum, Istanbul, will now be set to work on Saturday, December 7.

Near the launch, the Ethereum ConsenSys development studio has published an overview of changes to the leading smart contract platform, including scalable upgrades and efforts to enhance interoperability.

“Istanbul brings upgrades that will change the cost of different types of opcode to prevent spam blocks and improve resilience from overall attacks. This upgrade will enable interoperability. Ethereum and Zcash as well as with other Equihash-based proof-of-work protocols become better.

There will be many different changes to opcodes (working codes), which will also increase scalability performance for zero-knowledge-based security solutions such as SNARK and STARKs.”

Ripple News

Ripple CEO revealed promoting the use of XRP in cross-border payments

Ripple CEO Brad Garlinghouse said that payment startups are stepping up the use of XRP cryptocurrency assets as the basis of an ambitious correction of how money moves across borders.

CEO Garlinghouse said in a recent interview that the current correspondent banking system is cumbersome and outdated, depending on the needs of banks and financial institutions to keep money in bank accounts. different in the world.

According to Garlinghouse, Ripple’s on-demand liquidity (ODL) product, is designed to replace the current model in the long run.
Garlinghouse said Ripple is aiming for ODL to receive $ 2 trillion in liquidity in the system in the coming years.

XRP is a security 

BitLord, one of the influencers on Twitter, recently mentioned the “elephant in the room” when it comes to Ripple’s XRP. He stated that XRP, in fact, is a security, which Ripple has vehemently tried to disprove.

Whales move nearly 50 million XRP to Bitstamp

XRP is continuing to show weakness. In fact, the token is too close to falling below $ 0.20. However, Whale Alert discovered that nearly 50 million XRP were transferred from an unknown wallet to the exchange Bitstamp for a fee of only 0.000045 XRP.

This information was released on November 26, 2019, noting that 49,999,996 XRP (approximately $ 11,033,148) were transferred from an unknown wallet to Bitstamp. The transfer took place at 08:41:21 UTC on the Ripple blockchain between the wallet addresses r38DNbMu9bzaGzo6iPBK7LTTDRfPx3byFd and rDsbeomae4FXwgQTJp9Rs64Qg9vDiTCdBv.

Ripple announced the winner of the recent Xpring Hackathon in San Francisco

Two university students from UC Berkeley, Ayush Aggarwal, and Eric Hou built an application to transfer money using the Interledger protocol, designed to move capital through virtually any fiat or cryptocurrency.

According to Aggarwal, the application uses QR codes to send money instantly.

IOTA News

IOTA is encouraging members of my community to come up with the idea of ​​IOTA development and take action to combat climate change to jointly build the future of the environment.

Some time ago, IOTA announced to participate in an event related to climate change – Climate KIC. The group intends to disrupt the traditional model of short-term decisions that harm the future of the environment and encourages ideas from its community to come up with a different concept – how the IOTA protocol can help conserve and improve the environment in the future in terms of consumption, commodity production, and other related topics.

BitBay News 

One of the leading digital asset exchanges in Eastern Europe is conducting a Monero delisting to align with international anti-money laundering standards.

Estonia-based BitBay announced on Monday that customers will not be able to trade Monero as of February 19, 2020. However, the exchange will stop sending money this Friday, November 29 and temporarily stop withdrawing from November 29 to December 5, around the time the Monero hard fork is scheduled. All users must withdraw any remaining XML by 5/20/2020, according to the announcement.

Explaining the move, BitBay said Monero was delisted due to its privacy features.
Cryptocurrencies use a technology called “ring signatures” that clutter small transaction groups to tamper with the identities of individuals.

Bittrex News

In an interview on November 20, Ukraine’s Deputy Minister of Digital Transformation Alexander Bornyakov stated that Bittrex contacted the Ukrainian government to ask for cooperation.

Referring to Ukraine’s recent memorandum of cooperation with Binance to create crypto legislation in the country, Mr. Bornyakov said: “After we announced it, we started receiving requests from Bittrex and Coinbase.”

However, according to a Bittrex spokesman, Mr. Bornyakov rejected the statement and confirmed that no one from Bittrex Global had contacted officials of the Ukrainian government.

Binance News

Binance users can now buy Bitcoin and other cryptocurrencies through Rupee bank transfers provided by WazirX, India’s digital asset exchange.

Changpeng Zhao, CEO of Binance has stated that he is not worried about Indian regulations on Bitcoin because it is not yet a bill that has been passed. He also added that Binance is currently helping more than 1.3 billion people to participate in the cryptocurrency world.

Currently, the Binance exchange supports 6 fiat currencies, including Indian Rupee (INR), Russian Ruble (RUB), Nigerian Naira (NGN), Euro (EUR), Kazakhstani Tenge (KZT) and Ukrainian Hryvnia ( UAH). Bitcoin can be bought with Rupees, but Binance does not currently offer trading pairs with this fiat currency.

Other news

Cybercriminals are using YouTube to install malware

On November 26, antivirus software vendor, Eset said that Botnet Stantinko has expanded its scope of activities from fraud, advertising, social networking scams, and password theft attacks. exported to install encrypted malware on the victim device using Youtube.

Stantinko Botnet has been operating since at least 2012 and is primarily aimed at users in Russia, Ukraine, Belarus, and Kazakhstan. They use YouTube channels to distribute their encryption modules, helping them secretly exploit Monero on the victims’ CPUs.

This cryptocurrency-stealing malware has infected over 500,000 devices and, similar to the recently discovered Dexphot malware by Microsoft, has infected more than 80,000 computers.

The software helps to steal processing resources, take over legitimate system processes and disguise illegal activities with the ultimate goal of running a cryptocurrency mining tool on infected devices.

Eset has notified YouTube to remove all channels containing the Stantinko malware.

BNY Mellon Bank aims to develop on the Marco Polo Commercial Finance Blockchain

New York Bank Mellon, worth US $ 373 billion, joined the Marco Polo trade finance group operating on R3 Corda, becoming the 28th bank to do so.

Joon Kim, head of global commercial finance at Mellon Bank, said they are evaluating Marco Polo technology, with the intention of putting their customers on the network.
if Marco Polo suits customers and their interests.

Kim did not disclose how many business and banking customers are receiving commercial services from BNY Mellon but said the bank is working with a total of 1,400 financial institutions.

BNY Mellon chose Marco Polo because the blockchain works well for the open financial market, accounting for about 85% of the commercial finance industry and works well for large corporations.

South Korea conducts bills to provide a legal foundation for cryptocurrencies

The Korean National Assembly is working on a bill that will provide the legal basis for domestic cryptocurrencies. The bill classifies cryptocurrencies as digital assets and intends to bring clarity and transparency to the regulation of the crypto market in Korea.

According to the report on November 27, the bill was passed by the National Assembly’s national policy committee and still needs to be approved by the judicial committee. If approved, it will take effect in 2020.

Under the bill, all crypto-related businesses in South Korea will be required to register with the Financial Intelligence Agency (FSC) of the Financial Services Commission (FIU), and the business will also report to the authorities.

To be approved as a domestic cryptocurrency company, crypto businesses will need to have an Information Security Management System certificate from the Korean Internet and Security Agency.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS