While the market is in a bearish trend, QTUM, a leading cryptocurrency, won the battle against the bull and experienced a massive surge.
According to CoinMarketCap, at press time, the coin was trading at $2.65 with a market cap of $263.95 million. It recorded a trading volume of $395.08 million, with a hike of over 36% in the past one-hour and over 47% in the past seven days.
More so, the price movement of the coin in the past 24 hours was pictured to be 37% upwards. This has also pushed the coin ahead in terms of market cap placement, as it was seen in the 25th position rather than its usual 30th position.
The highest trading volume for the cryptocurrency was pouring in from LBank for QTUM/ BTC trading pairs. The second was also recorded on the same exchange but for QTUM/ETH trading pairs. The other top exchanges on the list were UEX, ZB.com, and UpBit.
The price of the coin could have gained momentum because of its recent announcement pertaining to QTUM integration on Zeux Payment platform.
The blog statement read:
The blog also stated that Zeux “reduces the friction” in terms of using QTUM in the real world, and that it “sticks to the nature” of cryptocurrency by enabling zero-fee transactions. This integration would allow QTUM users to use their tokens on any store available on Apple Pay or Samsung Pay.
Miguel Palencia, Chief Information Officer at Qtum Foundation said:“We’re excited that Zeux has added QTUM to its app. This adds a tremendous amount of additional utility for our valued community who can now use QTUM for all point-of-sale payments with merchants that accept Apple Pay, and Samsung Pay […]”
Cryptonia’s disappearance throws shade at darkweb’s DNM
Darknet in the 1970s was simply referred to as networks that are isolated from the mainstream that was ARPANET [The Advanced Research Projects Agency Network], known so for various security reasons. However, with time, it has become a more ominous word. Despite that, many people in the cryptocurrency space, many of whom believed in privacy, took the darknet route to use the crypto-market, with several well-known projects later introduced on the darknet.
The dark history of the DNM
Dream and Wall Street were once well-known darknets leading DNM (Dark Net Market). However, as Dream decided to close shop, even Wall Street decided to move out. Alas, not before allegedly pulling off an exit scam, with many accusing it to have absconded with millions.
Soon after such reports broke out, Deeptoweb added over six new dark markets to its DMN list, a list which included names like Cryptonia, Empire, Nightmare, and Yellow Brick Road. While many projects gained prominence in the crypto-market, the fear of yet another shattering Dream has kept everyone alert. This was until Cryptonia suddenly became inactive.
One of the DMNs running on Deeptoweb, Cryptonia is now reportedly inactive. While the forum remains accessible, users and vendors have been unable to log in for two to three days. A worried user posted on the Cryptonia forum on 20 November, stating,
According to the user, while this may not be an exit scam, “it’s not looking good, and I don’t see it coming back.” Another user who echoed the sentiment informed the community that alternative links provided by the page have not been working either. The user, Vanya, said,
“I’m sorry to be the bearer of bad news, but none of the links on this forum, the one you provided nor any of them on dark.fail are working. Tor was rest. Tor was restarted. No links to Cryptonia working. Not even the earlier faulty login page.”
Several other users have also raised concerns over the inactive status of Cryptonia, with many speculating that their nightmare might be coming true.
Dark.fail on Twitter highlighted this issue faced by the users and posted a warning on its site over Cryptonia’s inactivity. It read,
“WARNING: Cryptonia Market, the darknet’s second largest, has been offline for over 24 hours with no explanation by its admins. Cryptonia admins: Contact me, your community wants to know what is going on.”
With the community continuing to be hassled, dark.fail concluded its post by talking about it how previous projects had disappeared.
“This does not yet feel like an exit, it eerily reminds me of how previous arrests played out. Be safe.”
Selling pressure across the board
Bearishness continues in all cryptocurrencies, as everybody seems to call for more slides. Bitcoin (-0.33%) is mostly unchanged, but Ethereum (-1.43%), Ripple (-1.61%), and Litecoin (-2.65%) are showing signs of selling pressure. Among this red sea, EDC Blockchain (+29.7%), Horizen (+9.4%), ALGO (+7,5%), Nano (+2.8%) and Tezos (+1.67%) are the exceptions.
The Ethereun token sector is also tinted with red, with some exceptions. The best performers are Foam (+54.24%), Jewel (+45.3%), Elitium (+33.5%) and CarTaxi Token (+26.7%).
Fig 1 – 24H Crypto Heat Map
The current market capitalization of the sector dropped to $220.944 billion (-0.7%), and the volume traded in the last 24H also descended to $24.27 billion (-13.9%). The Dominance of the Bitcoin holds at 65.96%.
Binance has acquired 100% of Indian crypto exchange Wazirx. This acquisition will allow Indians to trade cryptocurrencies with their local currency INR. The purchase comes at the time when the Indian government recently introduced a draft bill outlawing cryptocurrency trading.
The Rand Corporation, the Police Executive Research Forum, and the University of Denver released a report on Illicit Transactions on the Dark Web. The report identified 46 possible solutions, among which include the improvement of training for the investigators. The report points to the anonymity of the dark web as the main challenge for investigators, as users are able to trade using anonymous cryptocurrencies.
According to an article by cryptonews.com, China currently holds 60% of the blockchain patents, which means it has three times more blockchain patents than the US. The Chinese companies and government organizations, according to the article, registered over 7,600 patents related to blockchain technology between 2009 and 2018. South Korea is placed second with about 1.150 patents.
Technical Analysis – Bitcoin
Chart 1 – Bitcoin 4H Chart
Bitcoin continues consolidating near $8,100, but the buying strength is not coming. BTC seems poised to challenge the $8,000 support again, as the consolidation brought the price to the mid-Bollinger band and strongly bounced off of it. The traded volume is increasingly low. The critical levels to observe ($8,000 and $8,200) are the same as were yesterday since the price action in the last 24 hours did not change much.
Chart 2 – Ripple 4H Chart
Ripple has moved from oversold to touch the mid-Bollinger line and is now stepping down near the -1SD line. The MACD is in the negative side, although moving upwards, which just shows a consolidation period. XRP’s outlook continues to be bearish, as everything still points to a continuation of the downward trend.
The price is now at the $0.249 level, and if pierced, it will seek to test the recent bottom at $0.245. On the other hand, a close above $0.26 would be very good for buyers.
Chart 3 – Ethereum 4H Chart
Ethereum is also consolidating its action on the lower side of the descending channel. The price moves between $172.5 and $177 on diminishing volume. ETH has got out of the oversold region marked by the -3SD line of the Bollinger bands and moves toward’s the Bollinger mean. The following hours are critical to see if Ethereum is creating a bottoming floor or is just a pause in the trend. A close above $177 would be good news for bulls, while a drop below $172 .5 would mean more downsides and a possible visit to the lows made at the end of November.
Chart 4 – Litecoin 4H Chart
Litecoin is behaving more bearish than its peers today. The price has broken down the small flag made yesterday with an increasing volume. The price is now at the $54 critical level and moving below its -1SD Bollinger line. LTC is controlled by sellers, so it is poised to visit $53 and below. That said, there are a number of times when the triangle makes a fake breakout to, then turn around and head in the opposite direction. Therefore, if that happens and ETH breaches the $55.8 level, it would change the outlook of the altcoin.
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Cryptocurrency market update: Bitcoin slumps under $8,000, Ethereum defends $170 support
- Bitcoin refreshes the lows under $8,000 after breaking from the falling wedge pattern.
- Ethereum tests $170 but bulls barricade the zone leading to a reversal above $172.
The crypto market is back in the red with the majority of cryptocurrencies erasing the progress made during the Asian period. Most analysts have remained bearish especially for Bitcoin and believe that a bottom is yet to found. This means that the downtrend momentum is likely to stay intact across the crypto market.
Bitcoin price updated
As reported, Bitcoin dived under $8,000, in turn, pulling the majority cryptocurrencies down with it. BTC/USD is trying to hold above $7,800 as a drop below the same level could refresh the lows around $7,300. The technical picture remains to be largely bearish especially with the RSI diving under 30. Moreover, the widening gap between the 50 SMA on the 4-hour chart and the 200 SMA suggests that a stronger bearish grip will take center stage.
BTC/USD 4-hour chart
Ethereum price update
Ethereum continues to explore how deep the rabbit hole goes within a descending channel. The declines on the day seem to have found support at $170. Ethereum has adjusted to $172 while the upside is limited by the 50 SMA on the 1-hour chart at $175 and the 100 SMA at $178.
ETH/USD 1-hour chart
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