Bitcoin Bottom Close, Bulls Signal a “Strong” Reversal

  • Trading volume drops to just $120 million
  • MVRV, unrealized profits, and SSR paints a bullish picture
  • Investor momentum tracking indicator suggests bottom most likely in

Bitcoin is not seeing much action and is stuck around $7,500 for over a week now. However, the volume has taken a severe drop, falling to a mere $120 million. Such low volumes make it easier for a large amount of transactions to move the prices and the market.

Indicators Painting a Bullish Picture

According to the on-chain data analytics platform, Glassnode, the bottom of the market is “close” and when that will happen the “reversal will be strong.”

MVRV that historically has indicated the bottom of the Bitcoin market cycle is consolidating towards   1. The Market Value to Realized Value (MVRV) is the ratio between market cap and realized cap that gives an indicator of when the traded price is below fair value.

Another indicator pointing towards a similar bullish picture is unrealized profits. Relative unrealized profit is the total profit in USD of all coins in existence whose price at realization time was lower than the current price normalized by the market cap.

Now that investors have less profit to realize, the selling pressure on Bitcoin has started to diminish what is allowing for an upward momentum to build, notes Glassnode.

Another positive factor is SSR, the ratio between Bitcoin supply and that of stablecoins, USDT, TUSD, USDC, GUSD, PAX, DAI, and SUSD, denoted in BTC.

When SSR is low, that means the stablecoin supply has more “buying power” to purchase Bitcoin.

Currently, it is at 26.9, down from last month’s nearly 33 indicating high buying power which is “good in a bottoming market.”

“The more capital waiting on the sideline, the stronger the reversal once investor sentiment turns bullish again.”

Prominent analyst Willy Woo also pointed out that on-chain momentum is “crossing into bullish” and is advising to prep for the upcoming Bitcoin reward halving front running from here on.

As per the indicator that tracks investor momentum, the bottom seems to be most likely in, with “anything lower will be just a wick in the macro view.”

Long Target of $100k Intact but More Pain Expected Still

However, TraderXO shares his favored scenario where he sees Bitcoin price dropping further to $5.8 to $6k. This, however, is just one of his scenarios for BTC price and he says “nothing is certain,” but one should have a plan.

Veteran trader Peter Brandt is also expecting the Bitcoin to bottom soon but not before July 2020 when according to him BTC will complete ts 80% correction at $5,500.

This bearishness in the near term is because there have been four violated parabola since 2011 and massive capitulation by crypto bulls will lead to a bottom next year.

In the immediate term, however, he is bullish as the bottom of the multi-year channel will hold and “6-month bear channel on the daily chart will provide launch for renewed parabolic phase.”

As for the long term, the historic bull trend remains intact with a target of $100,000.

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Author: AnTy

Ethereum Booming in Preparation for Istanbul Network Upgrade

There is now just a day left before Ethereum goes through the Istanbul network upgrade. Scheduled for Saturday, December 7, this upgrade will occur at block number 9,069,000.

After Byzantium and Constantinople, Istanbul is yet another long-awaited upgrade which is part of the Ethereum network’s move from proof-of-work (PoW) to Proof-of-stake (PoS). This would be the final hard fork before Ethereum moves to Casper.

Upcoming Improvements

The latest Istanbul update involves a total of six Ethereum Improvement Proposals (EIPs). One of the EIP 152 implements the compression function to allow interoperability between the EVM and Zcash.

EIP 1108 will re-price the precompiles that would “greatly assist” with the privacy and scaling solutions on Ethereum. EIP 2200 is net gas metering changes for SSTORE opcode, reducing excessive gas costs, and enabling new usages for contract storage.

Due to the growth of the Ethereum state, certain opcodes have become more resource-intensive than they were previously as such EIP 1884 will raise the gas codes for those opcodes.

EIP 2028 is another one that will reduce the gas cost of Calldata from the current value of 68 gas per byte to 16 gas per byte. The reason behind this is

“higher bandwidth of Calldata improves scalability, as more data can fit within a single block.”

To take advantage of this lower gas fees, IDEX, a decentralized exchange (DEX) for ERC20 tokens is launching a new DEX on top of Rollup technology. Rollup is a layer two scalability protocol that has been made possible by this latest hard fork only.

The reduced gas fee has the Rollup-based smart contracts become a suitable scalability tool. This could help reduce gas on the new platform by as much as 90%, according to IDEX CTO Jason Ahmad.

The Growing Addresses

Before the Istanbul network upgrade is finally implemented, EtherScan announced the release of Beacon Chain 2.0 Testnet explorer.

Also, those running the nodes are required to upgrade to the latest version of Parity Ethereum, v2.5.11-stable and v2.6.6-beta, to make sure you are Istanbul ready.

Just before Istanbul, the new wallets on Ethereum shot up by 38,164 in just 24 hours. Just a couple days before on Dec. 2, 70,000 new addresses were also created.

The growing numbers on Ethereum Network are the result of the growth seen by DeFi (decentralized finance) that has about $450 million tied up in DeFi applications.

Ethereum price meanwhile is trading at $147, down 5% in the past 7-days, as per Coincodex.

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Author: AnTy

Kraken Blends with Silvergate Exchange Platform to Sanction Easier Funds Transfer

Kraken, a giant cryptocurrency exchange platform, made clear announcements just recently that it has united with Silvergate Exchange Network. The governing body decided the move and decision for Kraken. The motive of the joining hands was to give the customers more options as they trade their assets. Customers will now be able to have a wide range of options when deciding what to do with their assets on the platform. That improves convenience and will attract even more customers to this US-based exchange platform.

SEN was founded by Silvergate Bank, which is California state-chartered. It will enable all the time withdrawals and deposits of US dollars that are instant. Kraken’s official release added that Kraken customers were now able to leverage SEN, and as a result, they could fund their accounts without any issues or problems.

Ease of working and a wide range of options have been enabled thanks to the excellent partnership between Kraken and Silvergate. Customers can now enjoy faster services and a variety of options on what they could do with their assets on the platform. That means even deposits and withdrawals will be swift and available all the time.

Earlier in November, Silverstone listed its Initial Public Offer on the stock exchange for New York. The Bank raised about $40 million after offering 3,333,333 shares. The class A shares are usually priced at $12 for each share according to a press announcement by the Bank.

Silvergate has been seen to try and incorporate the crypto environment into its platform. In recent years the firm has been joining hands with crypto-related companies to assist them in their endeavors. It has an over 15% increase in cryptocurrency clients since June. The Securities and Exchange Commission for the US shows that Silvergate already has more than 756 clients that major in cryptocurrency.

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Author: Daniel W

Facebook’s Libra Isn’t DOA; It Will Move Forward, But Under Threat From Government Stablecoins

While it feels like forever, it’s just been six months since the social media giant, Facebook,  announced their stablecoin Libra. The subsequent backlash it’s received is both massive and lengthy. At the moment of writing, it’s unsure whether or not Facebook, along with the Association will even be able to launch Libra.

Typically, if a company were to announce the launch of its own cryptocurrency, the news would have died out within a week of its announcement. Yet, due to the massive size, global reach, and controversies surrounding Facebook, the news brings a much deeper focus on the stablecoin like product.

This isn’t some run-of-the-mill crypto-asset that you buy and sell on exchanges, but a fully developed digital currency and payment system, with assets backed by a basket of fiat currencies.

With initially 28 founding members in the Libra Foundation, the governing body of the developing stablecoin, the group has taken a severe hit as time went on. The number went from 28 down to 21, with massive online transaction facilitators like Stripe, Paypal, Mastercard, and Visa pulling out.

Other companies, like eBay, Booking Holdings, and Mercado Pago, have also pulled out of Libra. While all the companies may be different, they gave more or less the same statement. They said they were busy with internal issues as of this moment and cannot focus on Libra, while also encouraging the stablecoin’s growth. Just to be sure, none of them burned any bridges, in case Libra does launch, and they want a piece of the action.

Stiff Resistance

While Libra was quickly accepted into the corporate world as an easy way to facilitate payments, the governments did not. While some governments gave Libra a fair shot, most have openly opposed Facebook’s budding stablecoin, especially the EU. The French Minister of Finance, Bruno Le Maire, publicly opposed Libra. He stated that issuing of currencies is something that should only be reserved for sovereign states. Both Italy and Germany have joined with France, trying to make Libra incapable of expanding to Europe.

Government Adapting

With this new threat of Libra to the government monetary systems, many countries are pushing to adapt. To change the way currencies work to beat Libra in this financial arms race. Que the prospective coins from both the EU and China, who made it clear they’re developing their own stablecoin. Other countries have made it clear that they’re either developing or planning their own.

Libra came out as a supposed “international currency” that would enable cross border transactions, and it could indeed accomplish this. However, it runs the risk of becoming like Bitcoin in the sense that it won’t be the only fish in the sea. Unlike bitcoin, it won’t become the brand of international stablecoins, so it won’t be as lucky as to survive.

At worst, Libra will fail. At best, it will find itself a spot in a growing stablecoin market.

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Author: Ali Raza

Schemers Leverage El Chapo’s Son’s Arrest To Steal Bitcoin via Threatening Emails

Scammers use every opportunity to steal from people and another example of that was just given some days ago. The arrest of Ovidio Guzman Lopez, the son of the notorious criminal El Chapo, has caused a lot of trouble in the city of Culiacán. Now, scammers are taking advantage of the chaos.

According to reports from the New York Post, scammers are sending out emails with violent threats. Eight people were killed in the conflict so far, so the citizens are obviously scared. The scammers demand Bitcoin in order not to harm them and several victims are believing the fake threats.

Local police enforcement is telling residents to ignore these messages, as they are being sent out to people randomly to capitalize on the recent violent incidents. The scammers are also accused of sharing fake videos to make people more afraid. Most of the videos, however, were not even filmed in the city, they were just found on the internet.

El Chapo And His Son

El Chapo (Joaquin Archivaldo Guzman Loera) is one of the most famous drug dealers in Mexico. He is known as the former leader of the Sinaloa Cartel, which acted internationally, and can be considered one of the most influential drug criminals in the whole world. He was once the 10th richest man in Mexico and he is notorious for escaping from a maximum-security prison as well.

His son Ovidio took over the leadership of the cartel back in 2017 when his father was arrested and extradited.

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Author: Hank Klinger

Cardano, New Balance Blockchain Traced Sneakers Sign LA Clippers’ Kawhi Leonard As Brand Face

Cardano’s partnership with New Balance just got a boost given the signing of Kawhi Leonard as brand ambassador for basketball sneakers.

The LA Clippers star will working together with IOHK and New Balance to increase sales of the newly launched blockchain-oriented products, OMN1S sneakers. This project is a premier for New Balance in basketball shoes and Cardano’s entry into the retail space of blockchain deployment.

Basically, the whole idea is the creation of an ecosystem that can effectively authenticate a client’s pair of OMN1S sneakers. This is by recording its data on a public blockchain built by the IOHK to support New Balance’s and its client’s data intelligence.

Ian Fitzpatrick, New Balance’s Head of Digital Content, noted that the shoe producer aims at making its clients feel more affiliated to their brand. He added that Data records on the blockchain platform will not only ensure rightful ownership but also guarantees quality products as per the New Balance Standard.

Cardano’s Blockchain Prospects

The New Balance OMN1S sneakers are the first product to show indeed the concept of blockchain can work with existing systems for authentication. Clients who buy the New Balance sneakers will receive a ‘realchain’ card that entails the blockchain identity of their shoe. All they have to do is make a blockchain entry against the code given to register their shoes on IOHK’s New Balance designed platform. This can easily be done from the comfort of their smartphones via an App.

Charles Hoskinson, IOHK’s CEO, is hopeful that his project will be implemented by more players including Tech giants as space embraces blockchain for verifiability. The sneaker remains a huge potential given its rising stats to a current market value of $ 1 billion and the prospects in New Balance’s sneakers. OMN1S are available at Kawhi’s Fun House, this is an exclusive pop up shop by Shoe Palace and New Balance.

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Author: Lujan Odera

Sucuri Discovers Fake WordPress Plugins Privately Mining Cryptocurrencies

The researchers of Sucuri just discovered a new threat that affects WordPress users. According to them, new malicious plugins for WordPress are appearing at a fast rate. These plugins are exploiting an issue by running the Linux binary code.

They get access to the computer of the person and then mine cryptos illegally. Most of the time, the victims do not even perceive that their computing power is being used until the criminals have already made a considerable amount of money from them. According to Sucuri, the plugins are also used as a way to maintain access to compromised servers, which are used for cryptojacking, too.

Most of the malware disguised as plugins are clones of software that are legitimate. However, a small part of them has been altered in a way that it makes easier for the hackers to invade the computer.

According to Sucuri, the hackers have been using several names for these fake plugins and they keep creating other ones so that more people will be fooled if the prior plugins are discovered. Some examples of plugins that contained malware were updrat123 and initiatorseo.

While all these plugins have different names, all of them are pretty similar to UpdraftPlus, a popular plugin used for backup and restore sites. This happened mainly for two reasons. It is easier to use something that already exists as a base and also to trick people into using it because they may mistake it for another piece of software.

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Author: Gabriel Machado

CoinMarketCap Starts Posting Interest Rate Data on CryptoAssets with New ‘Interest by CMC’ Feature

The famous data provider CoinMarketCap has just launched a new section on its site, which was created to list the current interest rates that are being offered on some cryptocurrencies by lenders. This, the company believes, would help the prospective traders to compare prices and choose products better.

This new section is named ‘Interest’ and it was launched starting with 33 cryptocurrencies. Covering information on several major platforms that work with lending. They include Binance, BlockFi and the Celsius Network. By using the new page, users can find annualized interest rates on these platforms for several different kinds of cryptos.

According to CMC, the new listing was in development for about a month and a half. Carylyne Chan, the Chief Strategy Officer of the company, was interviewed by The Block Crypto and said that the team had done a lot of research before making the new section live to viewers. She said that the researchers looked up interest rates and futures prospects for the industry and more.

Chan affirmed that it is important for traders to know the full scope of the lending market in order to make an informed decision. According to her, the lending sector is worth over $5 billion USD right now and plenty of traders use it for margin trading, hedging, and other financial investments.

Another important point is that no fees are being charged by the lenders to be listed on the page. They were simply determined to be the most popular companies in the sector and this is why they were listed, not because they paid to.

All monetization efforts will eventually be made via ads, just as it happens with the rest of the site. This way, ads are much easier to detect and do not influence the main activity of the site.

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Author: Gabriel Machado

Crypto Exchange Bithumb Global Finally Changes Status from Beta Testing After Brutual Hack

The global version of the South Korea crypto exchange Bithumb has just come out of beta. According to a recent press release, Bithumb Global has been properly launched now, which will boost the company’s mission to expand its business to other countries, especially Japan, which has a big audience.

Bithumb Global’s new 1.0 version is said to give users a considerably faster speed when making transactions and to have an improved user interface. Other upgrades include a Japanese version of the main site, the ability to let users buy crypto with their credit cards and the removal of a complicated wallet system that users complained about.

According to Javier Sim, the managing director of the company, Bithumb Global’s goal is to unite the crypto communities of the world on the platform by offering a fair and transparent trading environment. According to him, the keyword when talking about it is unity.

So far, the company’s global expansion seems to be working out pretty well. The new exchange has a trading volume of over $488 million USD daily. The original version may be more restricted to South Korea than its international counterpart, but it has a volume of at least $588 million USD daily, meaning that the global platform is not far behind it.

Curiously, the global platform only has one million users while the local one has ten million users but a trading volume that is not really that much smaller.

It seems that despite a recent hacking that occurred in March 2019 and may have the involvement of the company’s employees, the platform continues to be pretty popular around the crypto space.

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Author: Hank Klinger

EOS Finishes First-Ever Blockchain Hard Fork as More Upgrades Coming Soon

EOS, currently the seventh-largest cryptocurrency in the market, has just finished its first hard fork ever today. According to information taken from the ecosystem’s update tracking tool, which was created by EOSNation, one of its block producers, the update happened on September 23, 1 p. m. UTC.

This was the largest update ever to be made on the network. Because of this, it was also the first one to require a hard fork to be made. From the top 30 block producers, 29 of them were already committed to the upgrade at the time of this report, meaning that the process could be considered a success.

Tron Is Also Expected To Have A Major Upgrade Soon

EOS is far from the only company expected to have a major upgrade soon. One of its main competitors, the Tron (TRX) network, is also upgrading this month. The Sun Network, which was launched back on August 11, is set to be the next network for Tron, so the upgrade is set to be made soon.

Right now, Justin Sun, the founder of Tron, claims that this upgrade will lead the platform to have an unlimited scaling capacity. He also talked recently about new proof of stake mechanism, which is set to be implemented soon to increase the participation of the users on the network.

NEO is also set for a major upgrade soon. NEO 3.0, which is set to take the platform to the next level, was announced this month and will be made on Q2 2020. The new upgrade will allow smart contracts to be deployed in a cheaper and easier way and the blockchain to become faster.

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Author: Hank Klinger