Crypto analysts are reacting to Bitcoin’s drop below the psychological $10,000 mark.
A popular analyst on Twitter known as the Crypto Panda told his 15,000 followers he believes Bitcoin remains in a symmetrical triangle, which happens when an asset’s price consolidates while creating two converging trend lines with similar slopes.
The analyst believes BTC will break out of the triangle to the downside, triggering a major drop in price – an outlook that was quickly countered by Adaptive Capital’s CIO Murad Mahmudov.
Meanwhile, The Crypto Dog told his 159,000 followers on Twitter that BTC may be on course to drop below $8,000.
“It isn’t a good gut feeling seeing BTC lingering at support. That being said, I have no interest in shorting support. A close below $10k and I start to think we see the $8000s. Yesterday I got chopped longing too early. For now, sitting on my hands and holding long term spot.”
The director of digital currency research at TradeBlock cites the Fear & Greed Index from Alternative.me, which remains in the “extreme fear” zone at 11. John Todaro told Forbes he believes several recent events in the news may be placing pressure on the market.
“Sentiment has drifted lower as a sustained push higher has been halted, while alt-coin sentiment has been low for several weeks now as alt prices continue to decline.
[In addition], Ethereum founder Vitalik Buterin commented how rising transactions costs could slow adoption of ether, US regulators hit companies in the space including ICOrating, and Facebook’s stablecoin project is facing probes in Europe.”
Meanwhile, the CEO of crypto hedge fund BitBull Capital points to low volume is the key technical factor behind the dip. But despite the pullback, Joe DiPasquale says the leading crypto’s long-term fundamentals are looking up.
“This is a technical pullback due to Bitcoin’s failure to cross $11,000 amidst low trading volumes. On the fundamental front things are looking up, especially with Bakkt cleared for launch next month.
What Bitcoin currently needs is higher volume and new capital, which is likely to enter markets once Bakkt starts offering its physically settled futures contracts.”
CoinMarketCap Introduces New Tool To Fight Manipulation
- CoinMarketCap has been infected by manipulation since its early days.
- The cryptocurrency data source recently revealed an introduction of a handy new tool that will provide “real trading activity”.
- This new tool from the firm looks to help users find out the most liquid markets in the crypto industry.
The leading cryptocurrency data source – and one of the favourites we use here at CryptoDaily – CoinMarketCap has been infected by manipulation since its early days. This has resulted in CoinMarketCap making waves towards a crypto market that could one day be free of manipulation.
The cryptocurrency data source recently revealed an introduction of a handy new tool that will provide the “real trading activity” of most of the cryptocurrency platforms in the space.
CoinMarketCap is launching a new metric dubbed Liquidity that aims to combat fake trading volumes in the cryptocurrency industry. Liquidity will serve as the default criteria for ranking cryptocurrency pairs and exchanges.
CoinMarketCap is getting ready to release a new tool called Liquidity that is going to focus on fighting off fake trading volumes in the cryptocurrency space.
This new tool from the firm looks to help users find out the most liquid markets in the crypto industry.
Given that there are over four thousand digital assets listed on the platform, transparency can get a bit clouded and the company are well-aware of this. Therefore, as per CCN, “liquidity takes into consideration order-book depth changes and distance from mid-price.”
Carylyne Chan, Chief Strategy Officer at CoinMarketCap said:
“We believe our adaptive methodology will make our metric very difficult to ‘game’ as orders would need to be placed close to the mid-price, or risk being counter-productive to the Liquidity metric scoring.”
Crypto Today: “The answer is out there, Neo”, and the virus is spreading
Here’s what you need to know on Wednesday:
– The top 3 cryptocurrencies have been extending the trend of low volatility. Bitcoin is dropping by -0.84% ($8,737), Ethereum is losing -0.64% ($185.9) while XRP is sideways, edging up +0.12% ($0.2725).
– Among the Altcoin, STORM/USDT stands out once again. Leaping by +6.29%. NEO/USDT is jumping with a remarkable +14.36%. QTUM/USDT is joining today’s bullish group at 4.35%.
– On the downside, there are only a few price intense movements, with the most notable declines being that of the MATIC/USDT pair at -2.88%. Stellar Lumens is taking it today with a cry after many days in the lead, and XLM/USDT is falling by -2.08%.
Among Bitcoins hunters, Ethereum continues to do its job and increases its relative value in Bitcoins by 0.27%. The ETH/BTC cross has a challenge at 0.025, from which it could open up a strongly bullish scenario.
Chart of the day:
-The adoption of cryptocurrencies as a payment system continues. The FOLD app may be used to pay for Airbnb reservations. The platform has a rebate program by which it returns a percentage of the user’s expense also in Bitcoins. Users can pay at Amazon, BestBuy, Burger King or Southwest Airlines.
-China’s leading newspaper, Xinhua, publishes a cover story declaring Bitcoin as the world’s first successful model of Blockchain technology. It also highlights the possibilities of use for fraudulent activities as a weak point.
– Bakkt, the platform sponsored by ICE, is the first to obtain a license for trading Bitcoin Futures backed by the same cryptocurrency. Bakkt competes with the CME Bitcoin futures market, in this case with a model backed in physical dollars.
Quote of the day:
The Block (@TheBlock_),
“China’s digital currency will provide required anonymity in transactions, says official.”
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Libra Crypto Crumbles as Facebook Launches Alternative Payments Platform
Most of the angst against the crypto industry this year has been instigated by one company. The major economies of the world have collectively given the bird to Facebook and its plans on crypto domination through its own centralized digital coin. The social media giant is now scrambling to launch an alternative payments platform.
Facebook Pay, Not Crypto
It was clear from the start; Facebook’s crypto ambitions were way too lofty considering its appalling track record. The simple lack of trust for the social media giant was enough for regulators and bankers across the globe to slam its Libra crypto project.
The result was a mass exodus of Libra Association partners including the payments heavyweights on which the company hinged its plans. Today Libra barely makes the news as the company appears to have moved on by launching an alternative payments platform.
According to a company blog post, Facebook Pay will be launched this week, starting in the US. The platform claims to provide people with a ‘convenient, secure and consistent payment experience’ across Facebook, Messenger, Instagram and WhatsApp.
On first glance the Facebook Pay app is no different to PayPal or Alipay or any of the hundreds of payment apps out there. Users need to enable the app, when it gets rolled out to the masses, add a payment method which is usually a credit card, and use it to send or receive dollar payments.
There is no crypto currency or blockchain involved and the company included the reminder that this is not Libra;
“Facebook Pay is built on existing financial infrastructure and partnerships, and is separate from the Calibra wallet which will run on the Libra network.”
General Consul at Compound Finance, Jake Chervinsky, noted;
Facebook Pay sounds an awful lot like an admission that Libra is dead in the water.”
The press release mentioned the words secure and security no less than seven times so it is clear that they know this is a major concern for Facebook users. The bottom line is that if the platform cannot be trusted with data, it shouldn’t be trusted with money whether it is crypto or any other payments platform.
China The New Threat
According to billionaire Zuckerberg, Libra is not the threat anyway. In his opinion, China’s proposed crypto yuan launch will do more damage to global finances and dollar domination.
According to MarketWatch the real challenge for US regulators is the imminent rise of a Chinese crypto currency which could undermine overall dollar dominance. This in addition to the fact that the FED is printing them unashamedly, and president Trump wants to devalue them even further, is another nail in the greenback coffin. CNBC recently reported that China’s new Digital Currency Electronic Payment, or DCEP, could be launched within a few of months adding further fuel to the financial fire. Source:newsbtc