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Ethereum Goes On A Steep Downtrend As Technicals Suggest Breakout

Ethereum goes on a steep downtrend as the technicals suggest a crucial breakout pattern while the price could continue to move lower if it breaks the $300 support zone as we are reading more in our Ethereum latest news. Ethereum si down by more than $150 from the previous $490 swing high against the US […]

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Ethereum goes on a steep downtrend as the technicals suggest a crucial breakout pattern while the price could continue to move lower if it breaks the $300 support zone as we are reading more in our Ethereum latest news.

Ethereum si down by more than $150 from the previous $490 swing high against the US dollar. Ethereum goes on a steep downtrend as the price is back into the bearish zone below the $400 and the $350 support level against the US dollar. It traded to a new multi-week low at $309 and settled below the 100 simple moving average. With a crucial bearish trend line forming close to $350, the pair will likely go lower if there is a close below the $300 support in the near-term.

eth price
Ethereum price trades below $320. Source TradingView.com

Over the past few sessions, there was a strong drop for the price below the $400 level against the US dollar. The ETH price broke the $350 support level and dragged Bitcoin with it, lower than $10,200. The decline was such that the ETH price broke the $230 support and traded below the $100 simple moving average. ETH traded close to the $300 support with a multi-week low of $309.

The price is now consolidating losses and trading above the $320 level while facing hurdles close to the 23.6% fib retracement level of the downtrend move from 400 swings high to $309 low. The first biggest resistance on the upside is close to the $340 level. There’s a crucial bearish trend line that is forming close to the $340 level on the charts for the ETH/USD pair. The next major resistance is close to the $350 level followed by the 50% fib retracement level of the downward move from $400 high to the $309 low.

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ethereum daily chart
ETH 24-hour Chart (Source: Coingecko)

To go into the positive zone, ETH has to climb above the $340 resistance level and gain pace above the $355 resistance zone in the upcoming sessions. If ETH fails to clear the $440 resistance zone it could continue to go down even more. The initial support is close to the $410 level or the $309 low. The next major support is getting close to the $300 level so the daily close below this level could start another drop and the price could dive to the $260 level.

As for the recent ETH news, MetaMask launched its Ethereum wallet for iOS and Android users after one year of beta testing by public users.

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Source: https://www.dcforecasts.com/ethereum-news/ethereum-goes-on-a-steep-downtrend-as-technicals-suggest-breakout/

Blockchain

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternatives

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Users withdrew a record 29,300 BTC from OKEx after the Malta-based cryptocurrency exchange resumed withdrawals yesterday. This comes after bitcoin (BTC) price kickstarted its epic freefall dropping to levels near $16,500 before bouncing back up again. But what is the reason behind the massive bitcoin exodus out of OKEx?

OKEx Sees Significant BTC Withdrawals And Deposits

As per the latest update from on-chain and market analysis firm Glassnode, OKEx users have withdrawn a record 29,300 bitcoins after the exchange gave the green signal for resuming withdrawals yesterday. These BTC transactions amount to roughly $5 billion (considering the current spot rates).

Glassnode also observed a deposit of 21,600 BTC on OKEx. Withdrawals and deposits together had a depreciating effect on the exchange’s overall bitcoin balance which reduced to around 212,000 BTC.

The potential cause behind the massive exodus of bitcoin holdings could be a result of users leaving OKEx in search of other alternatives. Binance, Huobi, and some third party wallets were at the receiving end of the initial bitcoin transfers from the exchange.

Users Dissatisfied With OKex; Seek Other Alternatives

OKex announced the resumption of withdrawals on November 19. Few folks welcomed the developments, but most of them seemed miffed with the exchange’s recent bitcoin and crypto withdrawal suspension, with a lot of users demanding compensation else they make their move to other platforms.

Large BTC Deposits Point To ‘Centralized Failure’ Risks

As reported by CryptoPotato, OKEx had more than 200,000 BTC stored in their wallets during the ‘withdrawal lockdown.’

Although OKEx CEO Jay Hao assured users that their funds are safe and that there’s no “cause for alarm,” the vastness of the above bitcoin stash is pretty alarming. Especially because it is controlled by one single organization.

What’s more disappointing is that the official who had access to the private keys was ‘out of touch’ with the management. The OKEx personnel wasn’t able to reach out to him. This is not desirable since it poses huge risks to these BTC stashes falling prey to coordinated attacks that target centralized points of failure.

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Source: https://cryptopotato.com/bitcoin-worth-5-billion-withdrawn-from-okex-as-users-look-for-other-alternatives/

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Blockchain

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

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Bitcoin has a way of surprising people. This week was no exception. A few days ago, almost everyone believed that the cryptocurrency is inevitably headed to a new all-time high. And how could they not? BTC was trading at a few hundred USD below the record from back in 2017. Unfortunately, things took a turn for the worst.

Yesterday was undoubtedly a bad day for bitcoin as it plunged a total of around $3,000 in less than 24 hours. From a high of about $19,500 down to $16,200, the bears poked and showed their faces. The entire market lost around $80 billion of its capitalization as altcoins actually had it worst.

During the market dive, Bitcoin’s dominance actually increased, showing that not only altcoins failed to hold their ground, but they dropped harder than BTC. Since then, there has been a slight recovery and at the time of this writing, the primary cryptocurrency is trading at around $17,000.

The move was seemingly propelled by the news that US regulators might seek to require identity verification from crypto wallet providers. Coinbase’s CEO, Brian Armstrong, commented on the matter, expressing his worries that if the new rules are implemented, they would be rather harmful to the users and the industry, in general.

At the same time, the popular cryptocurrency exchange OKEx opened withdrawals for the first time since they were shut down around a month ago, which might have prompted users to cash out the profits that they have been sitting on. In fact, CryptoPotato reported that around $500 million were withdrawn from the exchange as the crash started to take place.

In any case, the results are here, and it remains particularly interesting to see where will bitcoin go from here.

Market Data

Market Cap: $512B | 24H Vol: 181B | BTC Dominance: 62%

BTC: $17,132 (-7.98%) | ETH: $516.86 (+1.71%) | XRP: $0.56 (+74.08%)

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternative. Data shows that users withdrew a total of 29,300 BTC from the popular cryptocurrency exchange OKEx right after it resumed full functionality. This happened just as bitcoin plunged $3,000 in a matter of 24 hours. The exchange also resumed the withdrawals a day earlier than announced and during the Chinese trading hours.

Bitcoin Black Friday 2020: The Sales You Better Not Miss. It’s the end of November, and with this comes the long-anticipated shopping season. For many, this is a time to enjoy massive sales. We’ve taken the liberty of listing a few sales within the cryptocurrency field that aficionados might find interesting.

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version. Libra, Facebook’s long-awaited cryptocurrency project, might be set to launch in early 2021. However, the version that’s potentially hitting the market is scaled-down and specifically intended to abide by the regulations of Switzerland’s FINMA.

Research Suggests Satoshi Nakamoto Launched Bitcoin From London. New research shows that activities associated with Satoshi Nakamoto from 2008 and 2010 might have taken place in London when Bitcoin’s network went live. This brings the experts a step closer to identifying who’s behind the legendary pseudonym.

6 Possible Reasons For Bitcoin’s $3,000 Daily Price Crash. Bitcoin went through a massive crash two days ago when it lost around $3,000 of its value in a sudden red candle. These are six reasons for which this may have happened and a brief outline of what might be next to come.

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration. Brian Armstrong, the CEO of the leading US-based cryptocurrency exchange Coinabse, has said that he’s worried about the rumored regulations concerning third-party wallet providers having to identify their users. He said that this might harm users and the entire ecosystem.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Stellar Lumens – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoin-temporary-correction-or-no-ath-this-year-the-crypto-weekly-market-update/

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Blockchain

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

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  • The San Francisco-based payment protocol has filed a document on Friday with the US Securities and Exchange Commission (SEC). It reads that Ripple Labs has entered into an agreement with MoneyGram, which entitles Ripple to sell up to 4,000,000 shares of common stock.
  • Ripple’s option to sell these shares will expire “upon the earliest of March 31st, 2021, the time at which the maximum amount shall have been sold, or the occurrence of certain other customary events affecting the issuer.” 
  • CryptoPotato reported last year that Ripple and MoneyGram announced a strategic partnership. The initial term of the agreement was for two years. Ripple had agreed to provide a capital commitment amounting to $50 million in exchange for equity through the two-year period.
  • As per the SEC filing, Ripple owns 6.22 million shares of the giant money transfer company (or 8.6% of shares outstanding). However, the blockchain company has a warrant to buy up to another 5.95 million shares, amounting to a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding).
  • With the initial investment in 2019, Ripple purchased the MoneyGram shares at 4.10 per stock, which was a significant premium to the market price. 
  • Nevertheless, MoneyGram’s stocks (MGI) have surged in 2020, closing Friday’s session at $7.42. As such, Ripple can cash out with an 80% profit, despite the initial premium.
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Source: https://cryptopotato.com/ripple-plans-to-cash-out-33-of-its-moneygram-stake-with-a-significant-profit/

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