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Bitcoin analyst ‘highly doubts’ return to $50K — Will the weekly close spark a correction?

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Bitcoin (BTC) challenged brand-new support levels on Oct. 14 after overnight successes took the market past $58,000 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin “dips” to near $57,000

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it reversed towards $57,000 after hitting highs of $58,540 on Bitstamp.

The moves mimicked the first time Bitcoin had attacked $58,000 in February — several attempts interspersed by consolidation, followed ultimately by a run to April’s all-time highs.

Despite on-chain indicators showing that Bitcoin is a different beast in Q4, however, the mood was just as bullish this time around.

“Bitcoin is most likely just continuing this grind towards the all-time highs,” Cointelegraph contributor Michaël van de Poppe wrote in his latest Twitter update.

“Great bounce from $54K. Highly doubt we’ll see a retest at $50K happening.”

Cementing $50,000 as support — albeit for a second time in 2021 — would form a clear signal on the market trajectory as pundits gear up for what they expect to be an explosive end to the year.

For trader and analyst Rekt Capital, however, there was potential cause for concern this week. Zooming out, BTC/USD has failed to close a weekly candle above $60,000, and a repeat performance could likewise spell a copycat correction

That leaves bulls until Sunday to crack a historical watermark, something which may still be helped before Monday’s approval decision on a futures-based exchange-traded fund (ETF).

Polkadot breakout headlines altcoin return

Altcoins meanwhile saw brief respite from weakness in the face of “Bitcoin Season.”

Related: Price analysis 10/13: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LUNA, UNI

The exception was Polkadot (DOT), up 28% in a week on news that its auctions would finally begin next month — a key original feature five years in the making.

DOT/USD 1-hour candle chart (Kraken). Source: TradingView

The largest altcoin Ether (ETH) managed 5.3% daily gains, with all of the top ten cryptocurrencies by market cap trading higher on the day as Bitcoin slowed.


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Source: https://cointelegraph.com/news/bitcoin-analyst-highly-doubts-return-to-50k-will-the-weekly-close-spark-a-correction

Blockchain

SEC helped Ether Surpass XRP, Ripple CEO

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Ripple CEO Brad Garlinghouse has said that Ether (ETH) overtook the company’s XRP token by market capitalisation because of the US Securities and Exchanges Commission (SEC).

According to Garlinghouse, the US regulator’s approach towards ETH largely encouraged investors, giving it a free pass that enabled the smart contract platform’s native token to overtake XRP in the market.

 “Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped,” he said.

Ripple’s XRP currently occupies the seventh spot among the largest cryptocurrencies, with a market cap of $52 billion according to data from CoinGecko. Ethereum has held the second spot for the last four years after deposing XRP during the 2017 bull run.  The Ether (ETH) cryptocurrency currently has a market cap of over $490 billion after its price surged to set a new all-time high above $4,000.

In comments made on Thursday 21 October at the DC Fintech Week, the Ripple exec also claimed that the SEC’s approach was based on “outdated” laws. He also wondered why a former official at the agency had found it easier to say Ethereum was not a security, yet SEC Chair Gary Gensler cannot make the same pronouncement.

Garlinghouse’s comments come at a time Ripple is battling the US watchdog’s charge that XRP is a security illegally sold by Ripple Labs and the company’s top brass. The company has also faced class-action lawsuits before.

Despite these events, more XRP holders feel the SEC has unfairly targeted Ripple, a view Garlinghouse also holds. According to him, there almost 50,000 holders of the token “are trying to sue the SEC for ‘protecting them‘.”

The tussle has seen the court allow XRP holders to become amicus curiae or friends of the court. However, the same judge handling the Ripple vs. SEC case ruled that token holders cannot join the proceedings as defendants.

XRP has lost about 67% of its value since touching an all-time high of $3.40 on 7 January 2018. However, its current price of around $1.11 means its value is up more than 27% in the past 30 days and more than 340% up since this time last year.

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Source: https://coinjournal.net/news/sec-helped-ether-surpass-xrp-ripple-ceo/

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THORChain Jumps 35% on Ethereum Trading Restart 

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Source: https://cryptobriefing.com/thorchain-jumps-35-on-ethereum-trading-restart/?utm_source=main_feed&utm_medium=rss

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Cryptoeats Disappears After Raising £500K From Token Sale

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Cryptoeats, a company that reportedly raised 8 million in a Series A funding round to build a crypto-based Ubereats alternative, disappeared after launching its token. According to estimations, the startup might have taken more than £500K from investors after the launch of its official token dubbed “eats.” The alleged scam was promoted by UK influencers and manufactured related apparel, and even hosting a launching party in London.

Cryptoeats Initiative Vanishes After Token Launch

Cryptoeats, a company that proposed to build a crypto-based Ubereats alternative, vanished from the internet just minutes after launching its official token. The company, which had an official website and claimed to have raised funds to build their proposal, stated it had run a public beta of the service, partnering with food chains like Nando’s and McDonald’s.

Furthermore, the startup claimed it had already onboarded more than 100,000 customers, who have signed up to download the app and use it on launch day. But the developers of eats, the native token of the platform, emptied the wallet holding the funds coming from the initial token sale, stealing more than £500K from investors, according to reports. Soon after this, all of the social media accounts of the startup disappeared, along with its website.

Cryptoeats Looked Legit

Cryptoeats worried about looking legitimate before disappearing. The company first outed a PR statement where it claimed it had raised $8 million in its series A funding round in 2020. The PR statement, that was published on October 16, declared the company was “set to take a large slice of the $16.6 billion delivery app market.” The statement was issued using Globenewswire and was featured on Yahoo Finance’s website, but both references have been eliminated now.

At a local level, Cryptoeats also did its work bringing U.K. influencers to promote the new initiative among their fanbase. Joey Essex, a reality TV celebrity that promoted Cryptoeats, stated to local media he lamented the situation. Essex stressed:

I’m fuming. This company used my name to dupe lots of people into investing money. It’s disgusting and I feel bad for anybody in that situation.

But Essex was not the only local celebrity that promoted Cryptoeats. Lots of other influencers attended a launch party last week in London, where Cryptoeats apparel was shown and worn by some of the assistants.

What do you think about the whole Cryptoeats fiasco? Tell us in the comments section below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: https://news.bitcoin.com/cryptoeats-disappears-after-raising-500k-from-token-sale/

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