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BTC, ETH, XRP — Any Chances for A Short-Term Bullish Dominance?

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The second day of December started with the continuing decline of the cryptocurrency market. Ethereum (ETH), EOS (EOS), and Binance Coin (BNB) are the only three coins currently located in the green.

Below are the current positions for Bitcoin (BTC), Ethereum (ETH), and XRP (XRP):

NameTickerMarket CapPrice Volume (24H)Change (24H)
BitcoinBTC$131,569,146,527$7,277.53$17,763,981,266-0.86%
EthereumETH$16,133,079,464$148.32$6,778,946,3800.41%
XRPXRP$9,514,626,980$0.219738$1,189,376,869-0.73%

BTC/USD 

Our previous scenario for BTC remains relevant, as the current level is around $7,300 and critical in terms of further price movements.

Looking at the 4H chart, one can notice that BTC is almost fixed above $7,355 (61.8%). The next level is $7,581 (78.6%), and this might be achieved by the end of the current week. 

However, the trading volume level needs to increase, or the price will come back to $7,000. If that happens, the short-term rise scenario will be canceled. 

At press time, BTC is trading at $7,317.

ETH/USD

ETH

does not look as positive as BTC because there are fewer chances for the main altcoin to reach $150 and fix above it.

So far, ETH has not managed to break its bearish tendencies. As a short idea, one should consider a move to $140 as the trading volume index keeps declining, confirming the absence of buyers. ETH might attain this level through mid-December. 

At press time, ETH is trading at $148.86.

XRP/USD

XRP has been traded sideways since the last days of November. The coin has fluctuated between the range of $0.215 and $0.23.

According to the chart, XRP is located in bearish territory. This is confirmed by the increasing selling volume. The lines of the Moving Average Convergence/Divergence (MACD) indicator are also moving down. Respectively, traders might expect a return to the $0.215 level soon.

At press time, XRP is trading at $0.2195.

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‘Request for Exhumation’: QuadrigaCX Creditors Ask for Proof That Cotten Is Dead

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A law firm representing users of the now-defunct crypto exchange QuadrigaCX wants investigators to exhume the body of its former CEO.

A letter sent by law firm Miller Thomson to the Royal Canadian Mounted Police (RCMP) asks for the authorities to dig up and examine the body of Gerald Cotten, who reportedly died of complications due to Crohn’s disease at the end of December 2018. Cotten was 30 at the time.

“The purpose of this letter is to request, on behalf of the Affected Users, that the Royal Canadian Mounted Police (the ‘RCMP’), conduct an exhumation and post-mortem autopsy on the body of Gerald Cotten to confirm both its identity and the cause of death given the questionable circumstances surrounding Mr. Cotten’s death and the significant losses of Affected Users,” the letter reads.

Cotten’s death was kept secret for a month after his passing, with the exchange accepting deposits but not allowing at least some customers to withdraw funds throughout that time.

Shortly after Cotten’s death was announced on the QuadrigaCX website by his widow Jennifer Robertson, the exchange went offline, filing for creditor protection and announcing that Cotten was the only individual who knew the private keys to the exchange’s cold wallets, and therefore had been the only person who could access its crypto holdings. 

However, an investigation by Quadriga’s court-appointed monitor, Ernst

& Young, revealed that the exchange’s crypto wallets were empty, with most of the crypto holdings transferred to other exchanges and wallets.

It was later revealed that Cotten had likely used at least some of the crypto taken from Quadriga to margin trade small-cap alternative cryptocurrencies.

Lingering suspicions

Cotten’s death has been under suspicion since it was announced. According to Robertson’s statement, he had died of complications from Crohn’s disease, which is not generally fatal.

A death certificate obtained by CoinDesk from the Indian hospital Cotten reportedly died in misspelled his name, and a doctor who examined Cotten later told Vanity Fair that the actual cause of death – as well as the circumstances around it – remain unclear.

Following his death, Cotten was enbalmed in a medical school and transported back to Canada, where he was reportedly buried in mid-December.

“Enclosed please find a detailed compilation (the ‘Background Material’, at Schedule ‘A’) of publicly available information on the history of Quadriga, Gerald Cotten and others related to Quadriga which, in our view, further highlight the need for certainty around the question of whether Mr. Cotten is in fact deceased,” Friday’s letter said.

The background material was not shared.

“Representative Counsel respectfully requests that this process be completed by Spring of 2020, given decomposition concerns,” the letter states.

Source: fxstreet

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Vitalik Buterin & Crypto Commentators Can’t Agree On The Success Of Zcash

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  • Vitalik Buterin has come to help Zcash this week following one commentator dubbed the project a “failure.”
  • The commentator in question said that the failure by Zcash to increase its market cap of over $250 million.
  • The crypto influencer also refers to the contentious Zcash founder’s reward.

Vitalik Buterin has come to help the privacy coin, Zcash this week following one big crypto commentator dubbed the project as a “failure.”

Digging into Zcash

@WhalePanda was the Twitter crypto commentator in question who said that the failure by Zcash to increase its market cap of over $250 million and deliver a return to investors render is why the project hasn’t worked. The crypto influencer also refers to the contentious Zcash founder’s reward. With this in mind, the projects creator Zooko Wilcox-O’Hearn would receive more than 2,000 ZEC tokens on a monthly basis.

“When do you consider your project a failure? Is it when after a funding round, 3 years of founder’s rewards & a request for an extension of these rewards the marketcap of your

coin is still smaller than DOGE? A silly meme project that hasn’t gotten an update in 5 years.”

The co-founder of Ethereum and an advisor to Zcash, Vitalik Buterin made comments on WhalePanda’s assessment of Zcash.

He said:

“Zcash has been doing cutting-edge research and deployment of privacy tech and at the same time exploring uncharted terrain in blockchain governance, and the platform keeps getting better. No idea how one can consider it a failure.”

The crypto commentator is confident that investors in the privacy coin have been ‘footing the bill’ for a continuous experiment over the past few years, as he went onto add: 

“How much value has all that “cutting-edge research and deployment” given to the actual investors in the coins? Or well instead of “investors” lets call them “duped idiots that got dumped on for 3 years.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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Stablecoins Recognized by President of European Central Bank

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After the President of the ECB Christine Lagarde recognized the demand for stablecoins, market players started commented on her words. Tuur Demeester is among the first!

Tuur Demeester, Founding Partner of Adamant Capital, published a Twitter video of the President of the European Central Bank (ECB) Christine Lagarde speaking publicly on the demand for stablecoins.

Entering the Business
Mr. Demeester, a Bitcoin (BTC) advocate who is well-known for his “Bitcoin Reformation” theory, commented on the words of Christine Lagarde about cryptocurrencies:

Looks like the ECB will be entering the stablecoin business

Thus, Mr. Demeester treated Ms. Lagarde’s speech as a sign of political will by the ECB to implement stablecoins into EU monetary policy.

However, the attention of his audience was drawn to another regulatory statement. While answering a journalist’s question, Ms. Lagarde says that the ECB “only knows of one” stablecoin at the moment. This left commentators and the audience guessing, and whether she was referring to USDT, Facebook’s Libra, or the Central Bank Digital Currency (CBDC), the much-anticipated European state-backed stablecoin known.

Bitcoin Doesn’t Have to Ask for Permission
Christine Lagarde also spoke on developments in the “Bitcoin segment” with a suggestion of skepticism in

her voice. This has not gone unnoticed. Anthony “Pomp” Pompiliano, Co-Founder and Partner at Morgan Creek Digital Assets, commented on the evaluation by the ECB President:

It should be noted that on December 12, 2019, the President of the ECB Christine Lagarde presented a new monetary policy for the EU. During her debut press conference, Ms. Lagarde said that in the stablecoins sphere, central banks better be in a position that was ‘ahead of the curve’.

It should also be noted that billionaire investor Ray Dalio recently said that there will be much greater demand for stablecoins than Bitcoin.

It should be noted that on December 12, 2019, the President of the ECB Christine Lagarde presented a new monetary policy for the EU. During her debut press conference, Ms. Lagarde said that in the stablecoins sphere, central banks better be in a position that was ‘ahead of the curve’.

It should also be noted that billionaire investor Ray Dalio recently said that there will be much greater demand for stablecoins than Bitcoin.

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