- With most of the altcoins showing positive momentum and reaching new levels for the month, the Binance coin is also on a bullish move.
- However, the cryptoasset still has not managed to cross above the major resistance level of $30.00
- The BNB/BTC pair is also performing negative with the loss of -2.19% bringing the current level to 0.00251625
Binance coin performed positively on Saturday’s trading session with an overall gain of 1.535% bringing the CMP to $28.48. The market capitalization stands at $4,112,932,770 with the 24-hour volume traded of $ 489,975,343.
As the intraday trading chart indicates, the positive momentum in the current market session has taken the price level to a positive extent but the expectations of breaking above the major resistance level of $30.00 were not fulfilled by the crypto asset. However, other major coins like Bitcoin broke above $11k and Ethereum is above the $370 price level. The negative momentum in the BNB/BTC pair is also giving mixed sentiments for BNB.
The technical chart highlights the significant recovery action built by BNB from September in which most of the other cryptoasset was facing decline. In that recovery phase, it was able to break above the resistance level of $30.00 but later faced major profit booking activity among investors and dropped drastically. The current price levels were able to break above 0.382fib level.
The relative strength index has able to recover its levels but now are in a retreating mode which could harm the positive move. The current level stands at 28.29.
Commodity channel index levels are currently in the overbought region which validates the presence of the bulls. However, the negative nature at the tip of the levels may correct the levels to some extent. The current levels stand at 94.11.
The coin must break above the resistance level of $30.00 for capitalizing on the overall bullish sentiment present in the market currently. On the downside, it is backed by the major support level of $25.00. These conditions can result in a price consolidation scenario for the digital asset.
RESISTANCE LEVEL: $30.00 & $34.00
SUPPORT LEVEL: $25.00 & $21.00
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Author: By Vasu Singhal
Crypto Calculated: How Ancient Math Predicts Bitcoin’s Next Top At $270K
As Bitcoin takes out $11,000 and potentially aims higher, renewed talk of the crypto asset’s next potential peak has returned to the market.
Analysts do their best to do more than just speculate, backing up theories with fundamental statistics or technical signals to predict future prices. But could it all be based on mathematics that’s been around for centuries? And if so, could Bitcoin’s next peak be at $270K?
Bitcoin price and what it will be some day is a regularly contested subject. Pundits pronounce the asset dead and claim its ready to go to zero. Others, even the likes of billionaire venture capitalist Tim Draper believe it’ll be worth in the hundreds of thousands.
If Bitcoin follows the same exact trajectory as the last bull market, it is on track for a top at around $325K, top crypto experts have claimed.
However, each peak has brought investors diminishing returns, so it is reasonable to expect that peak to be lower than the last in terms of ROI.
But could an extremely simple mathematical pattern named after a mathematician born in 1170 perfectly predict each Bitcoin top? If it is possible, the formula points to the next peak at $270K according to a chart shared by a leading cryptocurrency analyst.
The cryptocurrency has been peaking at each Fibonacci extension ending in “.272.” Fibonacci retracement and extensions are ratios based on Fibonacci sequence. The next one above is the 4.272 extension, residing at roughly $270K.
Everything about Bitcoin is steeped in mathematics, so it shouldn’t be shocking that math itself is the key to predicting the crypto asset’s peaks.
The remaining piece of the equation is when this peak occurs. The “when” is argued in the crypto market nearly as much as how much Bitcoin price will ultimately reach.
Believers in the stock-to-flow model expect the cryptocurrency to rip any day now into a new bull market, potentially making that peak a lot sooner than anyone is ready for.
Naysayers in that model, expect a lengthening market cycle for Bitcoin – one where the halving doesn’t have quite the impact that experts expect.
It’s hard to argue with the stock-to-flow model, however, because again, it is based on math. Math is one of the most powerful forces in nature, governing space, time, and even the price of Bitcoin.
Featured image from Deposit Photos, Charts from TradingView
Author: By TeamMMG
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Las Atlantis: A New Bitcoin-Friendly Online Casino
Las Atlantis is a new ambitious project developed by Top One Partners, an affiliate program that develops and manages brands. Their casinos are popular around the world due to the crypto-friendly policies, which allow users to deposit funds in BTC.
Earlier this month, Top One Partners introduced a new, BTC-friendly casino. Las Atlantis comprises over 200 diverse and astonishing games with fantastic storylines. On top of that, players have the opportunity to receive a wide range of cool bonuses in exchange for a deposit as low as $10. Therefore, everyone can try their luck at Las Atlantis online casino.
With Las Atlantis, players have no reason to worry about the security and safety of their data and funds, as the casino employs 256-Bit SSL encryption technology, leaving no chance for fraudsters. Additionally, the casino website is 100% cross-browser compatible and supports all mobile devices, such as tablets and smartphones. So, one can enjoy playing with wonderful characters and winning mind-blowing prizes practically anywhere! All Las Atlantis users have to do is open the casino’s website on their mobile device and the whole Las Atlantis world is right at their service!
First and foremost, it’s worth mentioning that Las Atlantis was created from scratch by the talented Top One Partners team, who spent a lot of time planning and designing the website. The casino represents a city “prospering deep in the Bermuda Triangle, hidden from public view.” And it’s so advanced in its development that it looks like a city of the future, where every citizen is happy and wealthy. But adventurous players have the chance to become citizens of Las Atlantis and live happily ever after. All they have to do is to find the way to the secret city and spin that wheel!
Las Atlantis is a highly progressive city, and therefore it supports not only standard payment methods, such as Visa, Mastercard, IGC, Neosurf and POLi, but also the most popular cryptocurrency in the world. Bitcoin is a great alternative to traditional methods of payment as it has many perks. Players can deposit from $20 to $2500 (the largest amount allowed for depositing per transaction in BTC). Also, crypto withdrawals are processed within the shortest period of time (1-3 business days), while the same procedure takes up to 3-4 days for Visa and Mastercard and 5 business days for bank wire. It’s also worth mentioning that the casino takes no extra fees for carrying out the transaction.
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Ripple Executive Says SEC Gave Bitcoin and Ethereum a Pass, but Other Crypto Assets Unwelcome in the US
Chris Larsen, the executive chairman of Ripple’s board of directors, says the US is stifling the growth of crypto assets that are not named Bitcoin (BTC) or Ethereum (ETH).
Speaking at the LA Blockchain Summit, the Ripple co-founder worries that the US is in danger of losing its position at the helm of the global financial system.
“Unfortunately, I just think the US is woefully behind in kind of stepping up to what is going to be the next generation of the global financial system. We’ve been in this incredibly fortunate position where the US has been the steward of the global system. We’re 20% roughly of the global GDP but the dollar makes up 80% of all trades, probably even more than that.”
Both Larsen and Ripple are large holders and proponents of the crypto asset XRP. He says the US needs to recognize it’s in a tech cold war with China, with the economic giant investing trillions of dollars in the tech industry.
“That goes across the spectrum – communications, surveillance, big data, AI, but also blockchain and digital assets. The reason is because China has recognized that those technologies are the keys to who’s going to control the next-gen financial system.
We all know that the financial system we have today is creaky. It’s old. It’s from the 70s. Swift and correspondent banking is not going to be the system that we’re going to be living with in the next two decades – way too slow, error-prone. It’s too closed off. It’s too expensive.
China is just itching to be the one that designs this next system. They’ve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.”
Specifically, the Ripple executive says the Securities and Exchange Commission (SEC) is failing to fan the flames of innovation in the blockchain space.
“I just have to say it, in the US, all things blockchain, digital currency, they start and end with the SEC… Instead of pivoting to encouraging US innovation to keep up, they’ve done the opposite. They gave Bitcoin and Ethereum a pass – proof-of-work systems that benefits China, weirdly.
Everything else is still in limbo or worse, kind of being regulated through enforcement. The message there is ‘Blockchain, digital currencies are not welcome in the US.’ You want to be in this business, you probably should be going somewhere else…
We’re going to have to change up here or we’re going to lose our leadership, stewardship of the global financial system. That would be a tragedy.”
Bybit CEO Ben Zhou on Crypto Derivatives and Market Predictions for 2020 | Exchanges Bitcoin News
12 months ago, crypto derivatives platform Bybit officially launched. The Singapore exchange, which also has offices in Hong Kong and Taiwan, has enjoyed a fruitful first year, attracting users from North America, Europe, Russia and Asia. With products including BTC, ETH, XRP and EOS perpetual contracts, and a matching engine capable of handling 100,000 tps, Bybit is looking to carry its success into 2020 and beyond. CEO Ben Zhou spoke to news.Bitcoin.com about its successes, challenges, and aspirations.
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Although 2019 will go down as a successful year for Bybit according to Ben Zhou, is has not been all plain sailing up to this point. While undoubtedly a cause for celebration, a growing user base presents its own difficulties – particularly since Bybit prides itself on no overloads or downtime, plus round-the-clock multilingual customer support.
“Keeping up with the growth both from a technical standpoint and internal management is the biggest challenge that we have faced,” admits Zhou, co-founder and CEO of Bybit. “Because we’ve experienced over 100x growth from March ’18 to November ’19, we have had to constantly upgrade our systems to make sure we have no overloads and system lags.
“We’ve also had to stay on top of recruitment, sourcing the right talent to make sure we provide the best customer support and localization to our various markets. Thankfully, our efforts have paid off: we haven’t had any server downtimes, no overloads during volatility and low latency trading.”
In a bid to attract yet more day traders to its platform, Bybit has recently added Korean as a supported language, with English, Chinese, traditional Chinese and Japanese already in place. This internationalist outlook is very much at the heart of the business, which is looking to expand into new foreign markets in the New Year.
“We’re planning to move into the Thai, Vietnamese and Spanish markets as well as Turkey in 2020,” says Zhou, who spent seven years managing the Greater China region at Forex brokers XM before launching Bybit. It’s experience which makes his view on China’s attitude towards blockchain all the more interesting. In October, President Xi said the country had to “seize the opportunities” presented by blockchain. And that’s exactly what it appears to be doing, with over 500 blockchain projects already registered with the government.
“China is going full force with blockchain technology and will soon openly embrace the technology in many public channels,” Zhou predicts. “At the same time, the government is cracking down on illegal ICOs and scams, which is a positive thing for the whole space in China. The purge will get rid of the scam projects and leave the ones that are actually contributing to the space.
“Bybit has never had an ICO and doesn’t accept any fiat currency. We also banned Chinese IPs in compliance with the government until we get clear indicators that the laws and regulations have changed.”
If 2019 was the year of defi lending, 2020 could well be the year of defi derivatives. The Synthetix protocol has already gained traction, being described as a decentralized iteration of the popular derivatives exchange BitMex. Does Zhou see decentralization as a path Bybit may go down?
“We plan to commission our research team to delve into blockchain technology and brainstorm how we may apply it to the derivatives market. This is an exciting new initiative that could bring about some really novel changes. The team will conduct in-depth market analysis and report on the whole industry to provide more value to the space. Who knows, we might even decentralize part of the exchange or wallet to start with.”
Taking such steps could be a necessity rather than a luxury; while the crypto derivatives market is still relatively new, it is heating up. Binance recently took an equity stake in FTX exchange, having acquired JEX back in September. Huobi and Okex are also looking to cement their positions in the market. In the year to come, Zhou intends to add functionality and promote education to ensure Bybit stands out from the crowd.
“One of the main things we are excited about pushing in the first quarter of 2020 is a linear contract. That would be in addition to our current inverse trading contracts. The linear contracts will be settled in USDT with portfolio margin functionalities to allow full account-wide usage of the available margin, and allow users to utilize the unrealized PnL as margin for more positions.
“On top of this, we’ll also offer the ability to hedge within the position area. So instead of merging the long and short as is the case with our inverse contract, we’ll separate the long and short positions and allow traders to have both at the same time.”
Although blogs about crypto derivatives are easy to come across, Zhou says full-fledged educational resources don’t exist – and it’s an oversight he intends to rectify.
“Honestly, I haven’t seen any systematic programs that focus on derivatives traders from Beginner to Advanced, and this is something we’d like to offer our traders so that everyone has the opportunity to learn and grow.
“We’ll soon be launching a space where expert traders, thought leaders or just savvy crypto enthusiasts can share and educate fellow traders in one space. In the long term, we want to create value for our traders beyond just trading, and we hope to create a community that is actively engaging and educating one another.”
Audacious predictions are par for the course in the crypto space, but given the many famous fails we’ve witnessed in the past decade, the focus for CEOs like Zhou must be on getting the basics right: growing their user base, keeping funds and data safe and providing outstanding customer service. This is something he appears to acknowledge, while issuing solid predictions for the coming year:
BTC will once again be the strongest in 2020, whereas altcoins will continue to rely on BTC’s price stability to see any significant growth. Tokenized securities will need a massive breakthrough if they are to live up to the hype while shitcoins will continue to fade into oblivion. Ultimately, I am very bullish about crypto in the long run.
What are your crypto predictions for 2020? Let us know in the comments section below.
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