Bitcoin (BTC) continued its broad downtrend towards $7,000 support on Dec. 12, failing to break out of a behavioral pattern that has left traders uninspired.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin could face “significant drop”
Data from Coin360 showed BTC/USD trading down around 1.2% on the day, with only a brief spike to $7,265 punctuating the otherwise lackluster performance.
The sudden uptick met with selling pressure within minutes, markets tanking to local lows of $7,107 before recovering to current levels around $7,150.
Bitcoin seven-day price chart. Source: Coin360
Bitcoin has nonetheless lost over 3% since last week, with traders’ hopes for a retest of resistance closer to $8,000 so far going unanswered.
Now, regular Cointelegraph contributor Michaël van de Poppe said that if fresh energy did not appear, Bitcoin could be in line for a “significant” drop.
“Boring & fragile markets here,” he summarized in his latest Twitter update on Thursday.
Downside potential could see BTC/USD bottom out at previous lows around $6,500, he added, while a boost to the upside would place $7,500 levels back into the equation.
“Overall I am bullish pre halving its just a matter of trying to micromanage the mid term optimal entry,” he added.
As Cointelegraph reported, concerns over Bitcoin’s performance before May’s block reward halving have spread rapidly through analytical circles.
Statistician Willy Woo previously said bearish price action made the run-up to Bitcoin’s third halving unlike any other, while Keith Wareing warned BTC/USD could dip as low as $2,500 in analysis for Cointelegraph over the weekend.
Altcoins continue to lose ground
Altcoins meanwhile saw broadly negative progress in line with Bitcoin on Thursday. The top twenty cryptocurrencies by market cap generally saw losses of 1-2%.
Ether (ETH), the largest altcoin, performed worse, losing 3.6% to trade at $141.
Ether seven-day price chart. Source: Coin360
The overall cryptocurrency market cap was $195 billion at press time, with Bitcoin’s share at 66.7%.
Published at Thu, 12 Dec 2019 09:36:00 +0000
Coinbase Custody selected by 21Shares for Bitcoin ETP
Today we’re proud to announce that 21Shares AG has chosen Coinbase Custody to store its digital assets for its Bitcoin ETP. 21Shares AG is listing its 21Shares Bitcoin ETP (ISIN: CH0454664001 — WKN A2T64E) on the Deutsche Börse’s Xetra electronic venue on Thursday July 2nd 2020. Coinbase Custody will serve as custodian for the underlying assets of their Bitcoin ETP.
21Shares selected Coinbase Custody after reviewing our institutional-grade offline storage solution, which includes world-class security, regulatory compliance and insurance coverage. Coinbase is committed to serving a wide spectrum of institutional clients and we are excited to be the chosen custodian for the 21Shares Bitcoin ETP, Europe’s first physically-backed bitcoin ETP.
Hany Rashwan, CEO at 21Shares AG, says, “21Shares is delighted to bring this historic product to Europe. We are honored to give investors access to the best performing asset class of the last decade and we believe the next ten years as well, through our simple, transparent, and regulated crypto ETP product suite.”
Coinbase Custody is the world’s largest and most trusted crypto custodian. To learn more about Coinbase Custody click here.
Compound (COMP) is now available on Coinbase Earn
Earn COMP while learning how to borrow crypto and earn interest with Compound
Coinbase’s mission is to create an open financial system, where anyone in the world can participate on equal terms from their computer or smartphone. To bring this vision to life, we’ll need to make blockchain technology more accessible, both in the sense of making cryptocurrencies easier to obtain and easier to understand.
Coinbase Earn is a trusted source where customers all around the world can educate themselves about new developments in crypto and earn assets as rewards. Starting today, Coinbase customers can start earning Compound (COMP) by watching lessons and completing quizzes about the Compound protocol and its governance token COMP.
Compound (COMP) is an Ethereum token that governs the autonomous Compound protocol. The protocol allows anyone to borrow and lend Ethereum tokens through a decentralized market. Lenders earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.
The ability to earn crypto assets has become an increasingly important function in the crypto ecosystem — alongside buying, staking, voting, and mining — especially when paired with education.
Since the launch of Coinbase Earn in 2018, we’ve announced nine different assets, including 0x, Basic Attention Token, Zcash, Stellar Lumens, EOS, Dai, Tezos, Orchid and now Compound. In less than a year, asset issuers offered over $100M in crypto to distribute to our customers, and we have launched Earn internationally. As we expand globally, millions of people are gaining access to a trusted, secure, and legal bridge to the crypto economy — even if they don’t have a credit card or bank account with which to buy crypto.
Check out all Coinbase Earn campaigns through our homepage or access them directly through the Coinbase mobile app.
Coinbase receives a servicing fee from the participating asset issuer. Consideration for Coinbase Earn is wholly independent of our digital asset framework for new listings. Click here for our Earn FAQ and terms.
Compound (COMP) is now available on Coinbase
Starting today, Coinbase supports Compound (COMP) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, convert, send, receive, or store COMP. COMP will be available for customers in all Coinbase-supported regions, with the exception of New York state.
Compound (COMP) is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it.
One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We published a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see COMP here), as well as a new section of the Coinbase website to answer common questions about crypto.
You can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store COMP today.
Coinbase owns COMP tokens as a result of a 2018 investment in Compound. Coinbase intends to maintain its investment in Compound for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including COMP tokens.
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