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U.S. crypto exchanges have a plan for the travel rule. Now they just have to get along


Quick Take

  • A working group of 25 U.S.-based exchanges released a white paper this week outlining their platform to comply with FATF’s travel rule.
  • The group includes some of the most prominent exchanges stateside, suggesting that the plan has legs.
  • Now, the group has to develop a governance structure.
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Blockchain

Bitcoin Breaks Out but Is Stopped Short of New All-Time High

The price has returned to validate the breakout level since and is expected to continue moving upwards.   Bitcoin Turns On the Heat The BTC price had been trading inside a symmetrical triangle since Nov 18. Yesterday, the price broke out from this triangle, returned to validate it as support (shown with the green arrow … Continued

The post Bitcoin Breaks Out but Is Stopped Short of New All-Time High appeared first on BeInCrypto.

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On Nov. 24, BTC broke out from a symmetrical triangle and proceeded to reach a high of $19,418.

The price has returned to validate the breakout level since and is expected to continue moving upwards.

Bitcoin Turns On the Heat

The BTC price had been trading inside a symmetrical triangle since Nov 18.

Yesterday, the price broke out from this triangle, returned to validate it as support (shown with the green arrow below), and has begun to move upwards.

Both the RSI and MACD support a continued price increase.

A breakout that travels the entire height of the pattern would take BTC slightly above $20,000.

BTC Chart By TradingView

Future Movement

The daily chart shows just how overextended this rally has become. The price has been following a parabolic ascending support line since the beginning of September and is currently nearing the all-time high resistance area of $19,500.

Besides generating numerous bearish divergences, the RSI has been overbought for 36 days without dropping and the Stochastic oscillator is very close to making a bearish cross.

However, as long as the parabolic support line stays intact, BTC is expected to continue increasing.

 BTC Chart By TradingView

BTC Wave Count

The BTC price is likely in the fifth-and-final wave of a bullish impulse (shown in orange below). In addition, it is likely in the fifth-and-final sub-wave (red) of this same impulse.

The most likely area to act as the top is found between $20,855-$21,000. This is an area that coincides with the 3.61 Fib extension of sub-wave 1 and the projection of sub-waves 1-3 to the bottom of sub-wave 4.

BTC Chart By TradingView

If the count is accurate, the minor sub-wave count (shown in black) would be similar to that shown in the chart below. This could indicate that BTC has two more legs to the upside before it reaches a top.

BTC Chart By TradingView

Conclusion

The BTC price is expected to continue increasing and possibly reach a high near $21,000 before beginning a corrective movement.

For BeInCrypto’s previous Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/bitcoin-breaks-out-but-is-stopped-short-of-new-all-time-high/

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Blockchain

Ethereum Becomes One of the Largest Proof of Stake Chains Even Before Launch

With the staking threshold now met, Ethereum 2.0 can officially launch as planned on Dec. 1. This milestone has propelled the blockchain to position itself as one of the world’s largest proof-of-stake networks, even before it has gone live. Staking on the ETH 2.0 deposit contract has surged over 700,000 ETH meaning that the threshold … Continued

The post Ethereum Becomes One of the Largest Proof of Stake Chains Even Before Launch appeared first on BeInCrypto.

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With the staking threshold now met, Ethereum 2.0 can officially launch as planned on Dec. 1. This milestone has propelled the blockchain to position itself as one of the world’s largest proof-of-stake networks, even before it has gone live.

Staking on the ETH 2.0 deposit contract has surged over 700,000 ETH meaning that the threshold of 524,000 has been exceeded and the countdown to beacon chain genesis has now begun. With over 22,000 validators, the launch date of Dec. 1 has been set and the clock is ticking.  

As reported by BeInCrypto, several large companies and organizations have already pledged their support for the next iteration of the world’s largest smart contract network. More than 2,000 unique Ethereum addresses have made deposits into the contract according to Dune Analytics.

Sixth Largest PoS Blockchain

Even before it has gone to mainnet, Beacon Chain is one of the world’s largest proof-of-stake blockchains. Contributing to the latest Defiant newsletter, industry insider Cooper Turley stated;

“For perspective, the number of Eth2 depositors and validators is already higher than validators on some of the top proof-of-stake chains, including Tezos, Cosmos, and Polkadot,”

In the case of rival platform Polkadot, there are over 7,000 nominators who delegate their tokens to validators, but it is unlikely that it will take long for ETH 2.0 to catch up. Turley added that the number will change on next week’s launch, as 900 validators per day can be added after genesis.

A total of 688,000 ETH (about $412 million) deposited into the ETH 2.0 contract would make Ethereum the sixth-largest PoS chain by assets staked according to Staking Rewards.

Turley added that the rapid deposit of almost half the staking requirement over the past two days sends a strong signal;

“With more than 50% of the staked balance deposited in the last 48 hours, this milestone marks a major vote of confidence in Ethereum’s most grueling upgrade to date taking place over the course of at least four phases in what is expected to last at least two years,”

ETH Price Outlook

At the time of press, Ethereum prices were retreating from a high of $620 where there was long term resistance from the 2018 cycle. Prices had dipped below the 50 hour moving average to $590 as the correction appears to be gathering momentum.

It is natural that markets cool off following such intense price action, however, the long term prospects for Ethereum have just got much brighter with a beacon of hope for holders that have endured its two-year bear market.

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Martin Young

Martin has been writing on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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Source: https://beincrypto.com/ethereum-becomes-one-of-the-largest-proof-of-stake-chains-even-before-launch/

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Blockchain

Dormant Ripple Whale Linked to Genesis Address Moves 40 Million XRP to Bitstamp

An unidentified XRP whale has transferred 40 million XRP tokens worth over $29 million from a previously dormant address to the Luxembourg-based crypto exchange Bitstamp. The transaction, which was tracked by Whale Alert on Nov 24, has generated a great deal of speculation regarding its origin. Speculation Over XRP Transaction Origin According to Whale Alert, … Continued

The post Dormant Ripple Whale Linked to Genesis Address Moves 40 Million XRP to Bitstamp appeared first on BeInCrypto.

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An unidentified XRP whale has transferred 40 million XRP tokens worth over $29 million from a previously dormant address to the Luxembourg-based crypto exchange Bitstamp.

The transaction, which was tracked by Whale Alert on Nov 24, has generated a great deal of speculation regarding its origin.

Transaction Details (Source: WhaleAlert.io)

Speculation Over XRP Transaction Origin

According to Whale Alert, the transfer originated from an address that had laid dormant for around seven years.

Whale Alert claims that the address is linked to the genesis block of the XRP blockchain.

A genesis block is the first-ever block mined on a blockchain, which then becomes the basis of the distributed ledger system. In the case of Bitcoin, the genesis block was mined by its pseudonymous creator Satoshi Nakamoto.

This has led to speculation that the unnamed whale involved in the 40 million XRP transfer is likewise a founder of Ripple. This, however, is impossible to establish conclusively as in theory, because a genesis block can be mined by any node on the blockchain network.

Possible Theories

On Nov. 23, BeInCrypto reported that XRP has outperformed even Bitcoin and Ethereum significantly over the past seven days, gaining an incredible 150 percent from $0.27 to $0.68 as of Nov 24.

Bitcoin, by comparison, has risen 18.3 percent from $16,125 to just over $19,000 over the same period.

XRP YTD performance (Source: TradingView)

Some speculate that the transfer is a Ripple founder effectively dumping XRP on the market after taking advantage of the crypto market bull run. The upcoming Spark token airdrop to XRP holders, which has also boosted investor interest, may also be playing a part.

Others, however, point out that the group of addresses linked to the genesis block has been sending funds to Bitstamp for at least three years.

The impending airdrop of Spark tokens is credited with driving the XRP frenzy to heights not seen since March 2018.

This airdrop of 45 billion Spark tokens will give XRP users a 1:1 ratio, which provides an incentive to hold as much as possible.

Also fuelling the speculation is the fact that the airdrop is supported by RippleX and that Bitstamp has announced that it will support the Spark token airdrop.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on ‘The Other News,’ Nigeria’s answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary ‘Larry Charles’ Dangerous World of Comedy.’ In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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Source: https://beincrypto.com/dormant-ripple-whale-linked-to-genesis-address-moves-40-million-xrp-to-bitstamp/

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Blockchain

Will TRON (TRX) Finally Break Out Above $0.04?

TRX is expected to eventually be successful in breaking out from this area and begin moving towards higher resistance levels.   TRX Long-Term Resistance The TRX price has been trading below the $0.04 resistance area since July 2018. While the price has moved above this level three times since, it has failed to reach a … Continued

The post Will TRON (TRX) Finally Break Out Above $0.04? appeared first on BeInCrypto.

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The TRON (TRX) price was recently rejected by the $0.04 resistance area for the fourth time since July 2018.

TRX is expected to eventually be successful in breaking out from this area and begin moving towards higher resistance levels.

 

TRX Long-Term Resistance

The TRX price has been trading below the $0.04 resistance area since July 2018. While the price has moved above this level three times since, it has failed to reach a weekly close above it, creating long upper wicks each time.

TRX again reached the $0.04 level yesterday but was rejected and is currently in the process of creating a long upper wick.

The Stochastic oscillator has made a bearish cross, suggesting that a downward move is in store. The RSI has not confirmed its bearish divergence but is overbought.

If the price were to break out, there is almost no resistance until $0.09.

TRX Chart By TradingView

Will TRX Break Free?

A look at the daily time-frame shows that the $0.04 resistance area is also the 0.618 Fib retracement level of the entire previous downward move, further strengthening its significance.

Despite the rejection, technical indicators are bullish and support a continued increase, which could lead to a breakout from the $0.04 level.

TRX Chart By TradingView

Cryptocurrency trader @mesawine1 outlined a TRX chart, stating that the price is likely to increase, suggesting a movement similar to that of THETA, which created a cup-and-handle pattern.

Source: Twitter

The readings from technical indicators in the daily time-frame make this likely.

However, the resistance line for the pattern would be expected to fall at $0.040 instead of the wick highs at $0.050, since the area has acted as resistance over the past two years.

Wave Count

The wave count for TRX suggests that the price began a bullish impulse after the Sept. 3 low and has currently completed wave 3 (shown in black below).

While it is not yet certain whether wave 4 has already been completed, TRX is expected to increase and break out after doing so.

TRX Chart By TradingView

Conclusion

The TRX price is expected to break out from the $0.04 resistance area and move towards $0.05.

For BeInCrypto’s latest Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Source: https://beincrypto.com/will-trontrx-finally-break-out-above-0-04/

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