Bitcoin Cash – ABC – Gives up $300
Bitcoin Cash ABC slid by 2.1% on Wednesday. Following on from a 1.48% from Tuesday, Bitcoin Cash ABC ended the day at $297.61.
A bullish start to the day saw Bitcoin Cash ABC rise to an early morning intraday high $306.45 before hitting reverse.
Falling well short of the first major resistance level at $308.53, Bitcoin Cash ABC slid to a late afternoon intraday low $290.24.
The sell-off saw Bitcoin Cash ABC slide through the first major support level at $297.02 and second major support level at $291.78.
Finding support late in the day, Bitcoin Cash ABC broke back through the support levels to limit the downside on the day.
At the time of writing, Bitcoin Cash ABC was down by 1.05% to $294.49. Another bullish start to the day saw Bitcoin Cash ABC rise to an early morning high $299.86 before falling to a low $294.49.
Bitcoin Cash ABC left the major support and resistance levels untested early on.
For the day ahead, A move back through to $299 levels would support another run at the first major resistance level at $305.96.
Bitcoin Cash ABC would need the support of the broader market, however, to break out from this morning’s high $299.86.
Barring a broad-based crypto rebound, resistance at $300 would likely pin Bitcoin Cash ABC back in the day.
Failure to move back through to $299 levels could see Bitcoin Cash ABC slide deeper into the red. A fall through to Wednesday’s low $290.24 would bring the first major support level at $289.75 into play.
Barring an extended sell-off, Bitcoin Cash ABC should steer clear of the second major support level at $281.89.
Litecoin Holds onto $70
Litecoin fell by 1.29% on Wednesday. Reversing a 1.19% gain from Tuesday, Litecoin ended the at $69.81.
A bullish start to the day saw Litecoin rise to an early morning intraday high $71.7. Falling short of the first major resistance level at $72.79, Litecoin fell back to a late morning low $69.94.
Steering clear of the major support level at $69.17, Litecoin recovered to an afternoon high $71.33 before hitting reverse.
The second reversal saw Litecoin slide through the first major support level at $69.17 to a late afternoon intraday low $68.21.
Finding support late on, Litecoin recovered to $69 levels to cut the deficit on the day.
At the time of writing, Litecoin
In spite of the choppy start, Litecoin left the major support and resistance levels untested early on.
For the day ahead, a move back through the morning high would be needed to bring the first major resistance level at $71.6 into play.
Sentiment across the broader market would need to materially improve, however, for Litecoin to move back through to $69 levels.
In the event of a rebound, Wednesday’s high $71.7 and first major resistance level at $71.6 would likely limit any upside.
Failure to move back through to $70 levels will leave Litecoin in the red on the day. A fall back through the morning low $68.44 would bring the first major support level at $68.11 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$67 support levels on the day.
Ripple’s XRP Sees Distance Widen from $0.26
Ripple’s XRP fell by 1.21% on Wednesday. Following on from a 0.21% decline on Tuesday, Ripple’s XRP ended the day at $0.25568.
Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.26144 before hitting reverse.
Falling short of the first major resistance level at $0.2639, Ripple’s XRP slid to a late afternoon intraday low $0.25108.
The reversal saw Ripple’s XRP fall through the first major support level at $0.2537.
Steering clear of sub-$0.25 support levels, Ripple’s XRP found support from the broader market to limit the day loss.
At the time of writing, Ripple’s XRP was down 1.29% to $0.25239. A bullish start to the day saw Ripple’s XRP rise to an early morning high $0.25660 before falling to a low $0.25162.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead, a move back through to $0.2560 levels would support a run at the first major resistance level at $0.2611.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.2566.
In the event of an afternoon rebound, Wednesday’s high $0.26144 and first major resistance level would likely limit any upside.
Failure to move back through to $0.2560 levels would see Ripple’s XRP struggle through the day.
A fall through the morning low $0.25162 would bring the first major support level at $0.2511 into play.
In the event of an extended sell-off through the day Ripple’s XRP could test the second major support level at $0.2457 before any recovery.
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Bitcoin Cash (BCH/USD) forecast and analysis on January 24, 2020
Cryptocurrency Bitcoin Cash (BCH/USD) is trading at 340. Cryptocurrency quotes are trading above the moving average with a period of 55. This indicates a bullish trend on Bitcoin Cash. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.
Bitcoin Cash (BCH/USD) forecast and analysis on January 24, 2020
As part of the Bitcoin Cash forecast, a test of level 324 is expected. Where can we expect an attempt to continue the growth of BCH/USD and the further development of an upward trend. The purpose of this movement is the area near the level of 400. The conservative area for buying Bitcoin Cash is located near the lower border of the Bollinger Bands indicator strip at 322.
Cancellation of the option to continue the growth of the Bitcoin Cash rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below the area of 270. This will indicate a change in the current trend in favor of the bearish for BCH/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Bitcoin Cash (BCH/USD) forecast and analysis on January 24, 2020 implies a test level of 324. Further growth is expected to continue to the area above level 400. The conservative buying area is located near area 322. The breakdown of the growth option for cryptocurrency will be the breakdown of level 270. In this case, we should expect a further fall.
Alleged BTC-e Operator Will Be Extradited to France After Greek Supreme Court Ruling
Alexander Vinnik, the alleged operator of the BTC-e exchange, will be extradited to France following a ruling by Greece’s supreme court.
Vinnik will be sent to France on allegations of money laundering following a ruling from Greece’s Council of State, the country’s supreme administrative court, reported Greek news outlet Ekathimerini on Thursday. He was arrested in July 2017 by Greek authorities after Russia, the U.S. and France all issued international arrest warrants on charges of laundering at least $4 billion through BTC-e, which he allegedly set up.
Vinnik has maintained he is innocent of all charges, claiming he was just one of the exchange’s employees.
The court ruled that a decision by Greek justice minister Constantinos Tsiaras to extradite Vinnik to France, then the U.S. and
A Greek court had initially ordered Vinnik’s extradition to France in 2018, where he is wanted on charges of cybercrime, money laundering, membership in a criminal organization and extortion. Thursday’s ruling from the Council of State, Greece’s supreme administrative court, means Vinnik will no longer be able to appeal the extradition ruling.
The Greek government turned down a request from Russia’s Prosecutor General for Vinnik to be extradited directly to the country in late December. Russian president Vladimir Putin had reportedly raised the issue with the then Greek prime minister Alexis Tsipiras in December 2018, according to Russian media.
Bitcoin Cash Miners Propose Controversial Soft Fork for Zcash-Style Development Fund
A group of bitcoin cash miners is preparing a soft fork to redirect some of the block rewards into a new zcash-style development fund.
In a Medium post Wednesday, Jiang Zhuoer, CEO of mining pool BTC.TOP, said that a group of some of the largest bitcoin cash mining pools were preparing to soft fork the network to implement a “short-term donation plan” that would cut block rewards by 12.5 percent in order to fund network development.
“Investment in software and commons is crucial to secure a bright future for Bitcoin Cash,” the post reads, arguing that neglect can have a “damaging” effect on the network. “We can avoid these problems by providing an adequate level of stable funding, allowing Bitcoin Cash to thrive and succeed.”
Signed by Jihan Wu of Antpool/BTC.com, Roger Ver from Bitcoin.com and ViaBTC’s Haipo Yang, Zhuoer’s post argues there are “significant problems” with the current funding mechanism. Donations are made on a voluntary basis, making it difficult to finance long-term projects and giving corporate donors “an undue influence” over developers.
Many community members, Zhuoer writes, don’t currently contribute anything at all, creating a “tragedy of the commons” situation where the self-interest of individuals is contrary to the common good of the network. It may be controversial, but redirecting block rewards is “undoubtedly a far better solution” than the current funding system, the post reads.
Many of the same miners included in the post had previously pushed to introduce a “development tax” during a CoinGeek BCH conference back in 2018. A report by crypto investment firm Electric Capital found bitcoin cash lost more than 30 percent of its developers between December 2018 and June 2019, the largest drop of any major blockchain network.
Because bitcoin cash uses the same SHA-256 hash algorithm as bitcoin, most of the block reward costs will, according to the post, be carried by the dominant bitcoin miners, who constitute approximately 97 percent of the hash ecosystem. Assuming bitcoin cash stays at around $300, Zhuoer calculates the new mechanism could raise more than $6 million in
“It’s a clever proposal, with good intent,” tweeted Emin Gun Sirer, adding that a marginally lower hashrate for steady developer funding was a good trade-off as “empirically more attacks have been due to underfunded devs than to malicious hashrate.”
But the proposal is not without controversy. Zhuoer’s post says BCH blocks that don’t follow the soft fork “will be orphaned,” meaning they won’t be accepted by the five mining pools and risk not receiving any block reward whatsoever.
Funds will also be directed into an unnamed “Hong Kong corporation” that will coordinate and pay for network development. It’s not certain whether this new corporation will pay third-party developers or if it will do most of the work itself, like the Electric Coin Company (ECC) on zcash.
In an ask-me-anything (AMA) Reddit session Thursday, Zhuoer clarified that miners would “ensure the transparency and effective use of all funds” by the Hong Kong corporation. Antpool’s Wu added in the same AMA that many of the details for how the corporation would be governed and how development projects would be prioritized were still “under discussion.”
“There are many underspecified aspects to the proposal,” Sirer said. “Specifically, who will manage the collected funds and how will they be distributed?” That the proposal was sprung on members of the BCH community “was terrible PR and community management,” he continued, while the threat of orphaning dissenting blocks risks alienating much of the mining community.
It’s also disputed whether the five mining pools will be able to force the community to accept their soft fork. At press time, the signatories had a combined BCH hashrate of just under 28 percent, way below the required majority needed to push the soft fork through by themselves.
“They can’t enforce this coercive soft fork unless they come up with a lot more hashrate. And it would likely lead to many forks,” tweeted Charlie Lee, creator of litecoin. “Adding such a centralizing feature in this coercive manner sets such a bad precedent.”