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Binance Coin Flips EOS After Coin Burn as Bitcoin Continues to Consolidate

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Altcoins are still getting beat up as we enter the weekend. Bitcoin has remained range bound with little movement over the past 24 hours but there has been some position jockeying in the market capitalization charts this morning.

Bitcoin Consolidating Following Trump Tweet

BTC has spent most of the past day or so trading sideways. An intraday high of $11,900 was touched last night but there was no break above $12k and Bitcoin retreated again. Bitcoin is still falling and currently back at short term support just above $11,500. Daily volume is also tailing off and is now back to $20 billion.

bitcoin

BTC price 24 hours. Coinmarketcap.com

The crypto community is still twittering away about Trump’s Bitcoin comments a couple of days ago. Most are of the opinion that is was bullish for the scene as crypto has now become truly mainstream with even the POTUS taking a stance on it.

Naturally governments and banks are going to want to keep things the way they are and a new decentralized digital form of peer-to-peer finance totally undermines their tight grip of control over their populations.

CNBC even hosted a pro-crypto Squawk Box yesterday with achor ‘Joe Squawk’ stating that Trump’s comments were unsurprising since he also seeks to devalue the dollar.

Altcoins In Pain

Elsewhere in crypto land the tide of red is washing across the altcoin markets once again. Ethereum has retreated a couple of percent back to $270 and it remains bearish for the time being. XRP has been dumped and now has

half the market capitalization of ETH which was once below it. The Ripple token has shed another 3 percent today falling to $0.335.

Litecoin halving fomo appears to have totally fizzled out as LTC falls back towards $100, dangerously close to double digits once again. There are now only 22 days to go and the likelihood of Litecoin returning to a new high for the year above $150 is looking slim.

Bitcoin Cash is also weak, falling another 4 percent back below $350. Today’s big move has been Binance Coin which is the only altcoin in the green in the top ten. BNB has only made 1.5 percent but it has been enough to flip EOS which has dumped 2 percent falling to $4.72. The difference in market cap is only $150k but Binance Coin is now the sixth largest crypto asset on the planet. The eighth quarterly coin burn dropping the supply has driven today’s momentum.

There are only a handful of altcoins in the green at the time of writing and they include Cardano and Monero adding a couple of percent. Chainlink, which has been this year’s fomo favorite, has pumped 11 percent today to reach $3.18. LINK is one of the day’s top performers along with Ravencoin which has made over 20 percent.

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Upbit Hackers Attempting to Launder Funds via EOS Tokens

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A new strategy is being tried out by the notorious Upbit hackers. They are attempting to use a decentralized exchange to convert their holdings to an EOS-pegged token.

On-chain analysts and exchanges have been closely monitoring the movement of stolen funds from Upbit since late November. The nearly $50M of stolen ether has been on the move since then. As BeInCrypto reported, the hackers are attempting to cycle the ETH through multiple wallets. However, they are now employing an entirely new strategy.

As Whale Alert (@whale_alert) reported earlier today, a small portion of the stolen ether has been sent to Tokenlon, a decentralized exchange. Likely as a test, the ETH was exchanged for an EOS-pegged token called VEOS.

If successful, we could see the hackers try to employ this strategy to further disperse and eventually cash out their holdings.

Although the hackers would

have likely preferred to cash out through an exchange like Binance, the exchange has committed to freezing their funds if detected on its platform. 

As one user writes, the hackers are attempting to use the lack of oversight on decentralized exchanges to “clean their money.” If successful, we could see ETH converted en masse to EOS-pegged tokens and moved to other decentralized exchanges.

Although the Upbit hack has received significant press, retrieving the funds has proven difficult. Entities have no real control over decentralized exchanges, which potentially opens many new doors for hackers to launder their stolen funds successfully. The fear is that other hackers could easily learn from this strategy and use it again in the future — if proven to work.

In late November, hackers stole a total of $48.7M (342,000 ETH), which they transferred from Upbit’s hot wallet. It was the seventh major exchange hack of 2019 and points to deep-seated problems in the ecosystem. It remains among the largest hacks of 2019.

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EOS Price Analysis: Bears In Action, More Losses Likely

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  • EOS price is declining and it recently traded below the $2.620 support against the US Dollar.
  • The price is now trading above the $2.500 and $2.520 support levels.
  • There is a major bearish trend line forming with resistance near $2.720 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could struggle to stay above $2.500 and it might test the $2.360 support.

EOS price is slowly moving into a bearish zone against the US Dollar and bitcoin. The price is likely to struggle near $2.650 and it might even trade below $2.500.

EOS Price Analysis

This week, there were mostly bearish moves in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price failed to surpass the $2.750 and $2.800 resistance levels.

As a result, there was a fresh decline and the price broke the $2.650 and $2.620 support levels. Moreover, there was a close below $2.620 and the 55 simple moving average (4-hours).

It opened the doors for more downsides and the price traded as low as $2.524. It is currently consolidating above the $2.520 and $2.500 support levels. An initial resistance is near the $2.585 level.

Besides,

the 23.6% Fib retracement level of the recent decline from the $2.785 high to $2.524 low is also near the $2.585 level. The first key resistance is near the $2.620 level (the recent breakdown area).

The next major resistance is near the $2.650 level. Additionally, the 50% Fib retracement level of the recent decline from the $2.785 high to $2.524 low is also close to $2.650.

More importantly, there is a major bearish trend line forming with resistance near $2.720 on the 4-hours chart of the EOS/USD pair. An intermediate resistance is near $2.670 and the 55 simple moving average (4-hours).

Therefore, the bulls are likely to face a lot of hurdles, starting from $2.620 and up to $2.750. A successful daily close above the $2.750 level is needed for a strong recovery above the $3.000 level.

On the downside, the main supports are near $2.520 and $2.500. If there is a downside break below the $2.500 level, the price is likely to accelerate lower towards the $2.320 level.

EOS Price

EOS Price

Looking at the chart, EOS price is clearly trading below a few key hurdles near $2.620 and $2.650. Thus, there is a risk of more losses below the $2.500 support in the near term.

Technical indicators

Hourly MACD – The MACD for EOS/USD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently well below the 40 level.

Major Support Levels – $2.500 and $2.320.

Major Resistance Levels – $2.650 and $2.750.

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EOS News Today – Headlines for December 10

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  • CCID rates EOS the best smart contract platform
  • Ethereum and Tron came after EOS as the second and third respectively
  • China is still hard on digital currencies despite its strong support for blockchain technology

EOS News Today – A new digital currency rating index from China’s Center for Information and Industry Development (CCID) is out. The CCID is sponsored by the government, and the agency ranks the top digital currencies based on three vital factors, creativity, technology, and applicability.

The Index Rates EOS the Number One Smart Contract Platform

The government-sponsored index places a premium on smart contract platforms with EOS taking the first position, Ethereum taking the second position, and Tron taking the third position. Other top digital currencies by market cap are further down the list.

EOS Price Today – EOS / USD

NamePrice
EOS$2.64-3.34%

Bitcoin (BTC), which is the largest digital currency by market cap, is at the ninth position. Stellar Lumens is holding the 10th position. Whereas, the third-largest digital currency by market cap, XRP, is holding the 18th position.

Bitcoin Cash and Litecoin are much further down the list. Litecoin is holding the 27th position while Bitcoin Cash is in the 32nd position. The 8th and 9th largest digital currencies by market cap, Binance Coin and Bitcoin SV, did not make it to the list.

EOS was at

the top of the ranking for this month with basic-tech points of 104.6, applicability point is 21.6, and the creativity point is 25.2. The total index of EOS is 151.4. Whereas, the total index of Ethereum is 138.0 and that of Tron is $137.8, which is very close to that of Ethereum.

China Continues to Draw a Hard Line against Digital Currencies

The President of China – Xi Jinping – has shown strong support for blockchain technology over the past year. Despite that, the nation continues to draw a hard line against digital currencies. China seems to be stepping up its support for enterprise support for blockchain while also rebooting a strict bank on China-based digital currency trading platforms, which started back in September 2017.

In late November, the central bank of China published a statement outlining the strong stance of the government against digital currency. Dovey Wan – Primitive Ventures partner – also pointed out a couple of vital points form the release.

“1. ICO, IFO, IEO, STO are all unauthorized illegal public offering and securities issuance, and potentially illegal fund-raising, financial fraud, pyramid schemes, and other illegal crimes.

  1. Shanghai law enforcement agency will conduct ‘Special rectification of cryptocurrency-related trading platform, which can be registered overseas, shall be immediately rectified and retired’.
  2. They will further regulate trading platform whose servers are outside the mainland but providing virtual currency trading services to domestic residents and will continue to strengthen the clean-up [of] the fiat payment and settlement channels and gateways.
  3. Investors should be careful not to mix blockchain technology with cryptocurrency, and there are multiple risks in cryptocurrency financing, issuance and trading (again, Blockchain not crypto).”

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