Day: December 24, 2020

Ethereum tumbles below $600 as XRP debacle takes a toll on altcoins

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XRP has been showing massive weakness as the cryptocurrency is being sued by the SEC. Its price tumbled significantly from $0.65 to $0.21 in four days, a crash of 67%. Meanwhile, other altcoins also corrected significantly in the past 24 hours as investors probably fear that XRP may not be the only coin on the SEC’s radar. Ether (ETH) dropped by 14% on Dec. 24 and then bounced at $550. While Chainlink corrected 38% toward a recent low of $8. Sushiswap (SUSHI) saw the largest correction and flash crash dropping from…

Waves Enterprise and Conflux partner to promote hybrid blockchain adoption

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Corporate blockchain solutions provider Waves Enterprises has partnered with Chinese decentralized ledger technology (DLT) startup Conflux Network to boost hybrid data transactions in permissioned networks. The collaboration, announced on Thursday, will see Waves Enterprise using its anchoring technology to allow companies to facilitate data transfer across private and public blockchains. Anchoring is a hybrid data storage method that places hashes of private data into public blockchains, thus ensuring its validity without revealing the input information itself. The announcement also noted that such a system allows public chain consensus validation for…

Ethereum 2.0 Deposit Contracts Hold More Than 2M ETH Worth Over $1B

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Within three weeks of the launch of Ethereum 2.0 Beacon Chain, the Ethereum deposit contracts have seen over 2 million ETH inflows which is 380% more than the threshold value. Within three weeks of the launch of Ethereum 2.0 Beacon Chain, the deposit contracts are now holding over 2 million ETH valued at over $1 billion. This also happens as the users reported nearly 45,000 transactions to the ETH 2.0 deposit contracts. The staked quantity of ETH is also 380% more than the minimum threshold needed to kick Ethereum 2.0…

Stock Market Indices Ended Flat on Wednesday, Trump Threatens to Veto Stimulus Package

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The uncertainty about the relief measures puts the market on the edge. President Trump has noted that the $900 billion package isn’t suitable and has called for increasing direct payments from $600 to $2000. On Wednesday, December 23, the market ended the trading session on a flat note. After gaining good momentum during the day, the S&P 500 lost steam in the final minutes. The policy uncertainty and the threat from Donald Trump to veto the stimulus has lowered the market sentiment. The S&P 500 (INDEXSP: .INX) gained less than…

$500M in Bitcoin leaves Coinbase as institutions buy more than miners sell

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Bitcoin (BTC) saw fresh rejection at $24,000 overnight on Dec. 24, but data shows that appetite for big buy-ins is only increasing. As recorded by on-chain analytics resource CryptoQuant, institution-focused exchange Coinbase Pro alone saw two large withdrawals of more than 12,000 BTC ($278 million) each this week. Coinbase outflows top $550 million As Cointelegraph reported, while not proven, single large outflow spikes suggest that a buyer has purchased a large amount of BTC and the proceeds are being moved to a single storage wallet. “Another big Coinbase outflows a…

No Reason to Short Bitcoin, On-Chain Analyst Explains Why

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Those who plan to short the ongoing bull run must think twice, as per on-chain analyst Kim-Young Ju. The chief executive of CryptoQuant, a data analytics firm, said in a Thursday tweet that traders have no reason to place bets on Bitcoin’s potential fall. He explained that despite the cryptocurrency’s short-term downside correction from its record high of $24,300, institutional investors buy it at local lows. Mr. Ju highlighted that with a so-called “Coinbase Pro Outflow” indicator. The metric measures the amount of Bitcoin getting transferred from the US exchange’s…

Bitcoin News: Bull Run to End ALL Bull Runs (Max Target $500k)

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▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Bitcoin is the Rocky Balboa of the financial world and we are heading to the last round of a championship bout. The Bitcoin news in the past few days has made me more bullish than ever before. As we are getting closer to Bitcoin all-time highs, can we keep this momentum going? Will Bitcoin keep going up? Find out why you should buy BTC while you still can. As we enter the fourth Bitcoin cycle, we have seen the previous three all…

23rd December: BTC/USD Balancing between $23,000 and $24,000

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Konstantin Anissimov, Executive Director at CEX.IO, shares his insights about the Bitcoin (BTC) and Ethereum (ETH) daily price movements. BTC/USD On 23rd December 2020, BTC/USD opened at 23,838 and reached 24,023 in the next two hours. Being pressured down by the local resistance level, the pair was sent down to 23,478 at 05:00 UTC. In the next five hours, the pair was mainly trading sideways, keeping above the 23,460 level. At 10:00 UTC, the pair increased the falling traction and broke down below 23,460 at the close of the day’s…

3 reasons why XRP price can continue to fall after a 63% crash in four days

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XRP price dropped steeply below $0.3 on Dec. 24, hitting as low as $0.2138 on Binance. The selling pressure on XRP has intensified in the aftermath of the high-profile lawsuit filed by the United States Securities and Exchange Commission (SEC) against Ripple. There are three main factors behind XRP’s sharp price drop, namely the SEC lawsuit, likely delisting by exchanges and worsening market sentiment. XRP/USD daily candle chart (Coinbase). Source: TradingView.com Ripple lawsuit is worse than EOS and KIN, investor says This isn’t the first high-profile lawsuit or settlement the…