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Digest: The Main News On The Cryptocurrency Market (December 7-13)

This week has been a bit stressful for Bitcoin and altcoins. Despite the turbulence in the crypto market, Ethereum 2.0. is gaining momentum, Steve Wozniak's token is going “to the Moon”. And so, let's take a closer look at the main events of the week.

Over 1.2 million ETH already locked in E2.0 deposit contract

The launch of the first genesis block of Ethereum 2.0 until the last moment remained an intrigue: only 4 hours before the end of the deadline, the missing 25% of ETH was contributed. The timely launch of the Beacon Chain once again confirmed investor confidence in the network's prospects and gave an impetus for those who wanted to join but doubted.

To date, more than 1.21 million ETH (about $690 million) have been blocked on the deposit contract, which is about 1% of the total emission of Ethereum. If at the time of the launch of the first block, there were 16,384 validators, now the number of active staking participants exceeds 26,900.

Those who were among the first validators were very lucky because they can count on the maximum profitability from staking (up to 15-20% per annum). As the number of stakers increases, the size of the reward will decrease accordingly. The dynamics speak for itself: now, validators add tens of thousands of ETH per day, while in the first week, the total inflow of ETH was measured at several thousand per day.

If you do not have the 32 ETH required to become a validator, there is good news for you: according to preliminary data, large crypto exchanges may launch a delegated staking service in 2021. That will allow Ethereum owners to profit from staking, but through an intermediary in the form of an exchange.


Bitcoin and the first “drug empire” on the darknet

Back in 2013, news broke about the arrest of 26-year-old Ross Ulbricht, a drug dealer who sold illegal substances through the darknet. He created the site “Silk Road”, which was very similar in functionality to Amazon, but differed in the “specificity” of the product being sold.

The site soon became a mecca for drug dealers. More than 350 sellers, thousands of product items, and the lack of control from "Big Brother" made it possible for Ulbricht to hit the big jackpot. What does Bitcoin have to do with it? The fact is that the drug dealer carried out all operations using cryptocurrency. On each order, he received up to 10% commission, which was about $30,000.

If we close our eyes to the specifics of the product, Silk Road became the first platform where Bitcoin payments were regularly accepted. Back in 2011, Ulbricht tried to minimize the risks of Bitcoin volatility for site users. Buyers could pre-fix the price of the product and not worry about fluctuations in the BTC price.

The first "drug empire" on the darknet lasted for about 2 years. In 2013 Ulbrecht was arrested and sentenced to life imprisonment. The secret services confiscated more than 140,000 BTC from a drug dealer and closed the first “marketplace” for selling drugs. Ulbricht's fate is the basis for the film Silk Road, which will hit the big screen in February 2021.

Bondly platform moves to Cardano blockchain

Last week for Cardano ended with a landmark event: Bondly, a decentralized e-commerce platform, officially announced the transition to the Cardano blockchain. It will be the first project to see the world as part of the Goguen rollout phase. According to the developers, this stage will help to improve the system of smart contracts as much as possible and will be able to bring the network to a new level.

Charles Hoskinson, CEO of IOHK, is betting heavily on Cardano's collaboration with Bondly. He noted:

“The partnership between Bondly and Cardano is a logical continuation of both companies' policy of scaling and popularizing DeFi. We are one step closer to transforming the global financial system. ”

The next stage of cooperation will be the addition of BONDLY cryptocurrency to the Cardano ecosystem. It will happen after the deployment of the Goguen phase, which, according to the roadmap, should end in February 2021.

Apple co-founder's WOZX token grows 26 times in 5 days

For whom this week was definitely a take-off, it was for Steve Wozniak and his WOZX token. The co-founder of Apple presented his blockchain project on December 4 and immediately made a splash in the crypto space.

WOZX started trading on the Bithumb exchange on December 9 with a price of $ 0.1. In just 5 days, the price has skyrocketed 26 times and is trading at $ 3.26 at the time of writing. It only took 13 minutes for the “newborn” token to reach a market cap of $950.

This project is positioned as “the first energy-saving blockchain platform” and is a continuation of the global trend towards reducing social consumption. Apart from Wozniak, the co-founders of the startup are Jacopo Visetti and Jacopo Vanetti. The company is headquartered in Malta.

According to the project, the commission from the sale of the WOZX token will be directed to the development of the so-called “green projects”. Enterprises will receive financial assistance to implement solutions to modernize the energy-saving system.


Some DeFi tokens soar amid Bitcoin falling below $19,000

In the middle of the week, the dynamics of the crypto market was seriously excited: almost all crypto assets were colored red. Bitcoin rolled on a roller coaster, showed a decline of 9.5%, and was able to rebound from the level of $17,600 only with the onset of the weekend.

The leading altcoins also partially sank: some got stuck in the price range, while others entered a correction. But for some DeFi tokens, this week has been a runaway. In particular, WAVES was among the lucky ones. Altcoin has risen from $6.2 on December 1 to $9.3 on December 7. As of today, the altcoin is in an upward channel and, if the bulls maintain their strength, it could test the $10 level. If WAVES overcomes this indicator, the next target will be the resistance level at $13.4.

Another DeFi token, COMP, has seen exponential growth. The token price soared 78% in 7 days from $100.32 to $179.48. Today, the relative strength index (RSI) of the token has entered the overbought zone, which signals the pressure of the bulls. If the token can overcome the critical level of $200, the COMP/USD pair could jump to $260 and meet serious bearish resistance at this level.

German bank launches euro-stablecoin

Bankhaus von der Heydt (BVDH), one of the oldest banks in Europe,  announced the launch of the EURB stablecoin. The value of the coin is pegged to the euro exchange rate in a 1: 1 ratio. This decision was the result of a collaboration between the German bank and the fintech company Bitbond.

EURB is based on the Stellar blockchain, which already has successfully implemented stablecoins. It will be impossible to see EURB on the exchanges, since the withdrawal of the coin to the trading floors is complicated due to the presence of strict requirements from the European Commission. Today, stablecoin is considered as a tool for fast transactions between developers of financial applications.

According to the director of BVDH bank, the clients of the crypto company SatoshiPay will be the first to use the new stablecoins. Also, BVDH does not exclude the possibility of using cryptocurrency to work with other banks.

For several years in a row, the EU has been trying to take under "its wing" cryptocurrency and retain control over digital assets through the introduction of regulatory norms. The launch of the EURB stablecoin is quite an expected event, since in 2020, more than ever before, the issue of digitalization of the traditional financial system has been sharply raised.

BTC/USD 14.12.20

BTC will soon come out of the wedge, on the 15-17th, the only question is how this will happen. A flat channel begins to emerge, this is also not bad. If Bitcoin is held in a channel between USD 18,000 and USD 19,000, we will see the rise in altcoins.
It is still not worth opening positions. We are waiting for the development of events.

BTC/USD 09.12.20



Support for 4H candle, delayed the BTC price, but on the 1H, we have already dropped under it. On the one hand, it may be a small corrective movement, but on the other, the formation of a falling channel. As before, it is better to refrain from buying or selling, the situation is not very clear. Two event options:
- we go to the price of 18 800 and fix above, and then a continuation of a more global growing trend is possible;
- we go even below the current support zone of 18,000 - 18,200 USD and we get a formed falling channel.
Below the price of 18,000 short positions will prevail, so you need to be careful and watch the market.

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BTC/USD  07.12.20



For those who want to buy Bitcoin , there is no urgency in buying yet, it is locked in a wedge . According to technical analysis , we should break through the 20,000 price and go up, since BTC is still in an upward channel, but what is obvious is not always true in our market. Therefore, for now, it is better to refrain from buying and wait for the development of the situation, this will happen in the coming days and weeks. We can change the channel to a falling one if we break the price of 18,500 USD. If we break through the price of 20,000, then we can think about buying an asset.

If you want to know more about cryptocurrencies or keep abreast of news, use our platform Binaryx.com, here you can not only exchange cryptocurrency, but also trade in our terminal.

In this topic, we plan to give forecasts and analytics on crypto assets and not only. Comment and ask questions about the predictions you would like to consider.
Today we will look at the ETH / USDT pair
Ethereum, globally, is still in a growing channel. Quite large volumes for sale are noticeable, this suggests that some of the holders of this coin have already decided on their choice and sold the asset. Ethereum 2.0 still fuels the expectations of market participants and they hold their positions, hoping for continued growth.
Anyone who doubts the further growth of the asset, you can fix a part of the profit and wait for a more interesting entry point.
If we talk about prices, then we can clearly see the resistance at 600-620 USD, the approximate movement of the asset is shown on the chart.

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yes, this is and general growth of market capitalization

You are right, in terms of technical analysis, we are likely to cross the 20,000 mark

Ethereum saw explosive gains yesterday, with the main altcoin rising about 10% from its daily low of $515 to hit $570 at the time of writing. Ethereum can be congratulated on reaching a new 2020 high. But this may be only the beginning of the rally, and Ethereum will show new growth points more than once before the end of the year.

The optimism about Ethereum price dynamics is reinforced by several positive factors. The first is the market behavior of Bitcoin. After peaking at $18,488 in the last trading week, the flagship crypto price has dropped to $17,500. One of the reasons for the price pullback was the decline in institutional investor activity over the weekend. Bitcoin may be now approaching a correction phase, so market participants are switching from BTC to altcoins.

Secondly, we see a general recovery in the DeFi market, which is accompanied by a new influx of funds. Leading DeFi tokens also cheered up after falling in November and closed last week again.


Ethereum faces a strong resistance level

Ethereum surpassed the $500 level for the first time since June 2018. Despite the optimistic forecasts of traders, Ethereum will struggle for the critical resistance level of $600 in the short term. In the specified price region, the asset will face strong selling pressure, since this point became a "springboard" for bears two years ago.

"According to technical analysis, we can slightly adjust from the current price to the level of 560-570 USD, but Ethereum is gaining momentum and does not plan to stop yet; the limit of 600 USD does not seem so impassable. Most of the market participants are set for growth now, and until we see protocol 2.0, the increase will continue with small corrective movements."

If the bulls push Ethereum above $600, another victory may appear on the account of the crypto asset – a price increase of 350% per year. Overcoming this resistance level can bring Ethereum into a new price range of $ 700 and above.

Ethereum 2.0 “heats” the price of ETH

The launch of the deposit contract was one of the catalysts for the current surge in the price of Ethereum. As we approach the deployment of the new phase of Ethereum 2.0, this trend can only intensify.

Vitalik Buterin, is convinced that at this stage the foundation is being laid for the successful integration of the Ethereum ecosystem into the global economy. He also added:

“Now it is important for us to build a reliable ecosystem so that in 2 years our main task is narrowed and consisted only in supporting the functionality of the network. Our team is following the Ethereum 2.0 roadmap, and upon completion of the upgrade process, we are confident that we will reach the point where our network becomes an integral part of the global economy. "

In general, analysts give positive forecasts regarding the dynamics of the price of Ethereum in the long term, and the launch of Ethereum 2.0 may play a decisive role in this.

In November, the upward trend in institutional investment in Bitcoin also intensified, which has been stable at a high level for several months in a row. In particular, large investors are showing an increased interest in buying Bitcoin. It is the large investors who show an increased interest in buying Bitcoin. In particular, billionaire Stanley Druckenmiller publicly talked about his investments in Bitcoin this week.

Open interest in Bitcoin futures on CME is close to $1 billion. In October alone, this figure rose by 169%. It is noteworthy that the number of large futures holders (contracts from 25 BTC) increased by 126% compared to 2019. According to Arcane Research, it is the new entrants who have entered the crypto market amid the current surge in Bitcoin and the growing fear of lost profits that fuel the open interest in Bitcoin.

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This is generally good for the market, advertising of cryptocurrencies to a wide range of people. Many companies that work in the industry accept cryptocurrency already as a means of payment, market giants will only accelerate the adoption trend.

While Bitcoin confidently closes new highs, Litecoin also does not graze the hind ones and, under pressure from bulls, has shown an extreme increase since the beginning of November. But will the bulls be strong enough to overcome the huge resistance ahead?

Bulls control the price of Litecoin, but there is one "but"

Litecoin, the sixth-largest cryptocurrency, followed Bitcoin with parabolic growth. In just 2 days, the crypto asset increased by 23% and reached just under $80. Despite strong bullish momentum, Litecoin has pulled back and is trading at $74.4 at the time of writing.

A rollback with an accompanying correction is a completely natural scenario for bulls. It is imperative for Litecoin right now to turn the resistance levels between $68 and $75 into its support line. However, Litecoin continues to stay within the upward channel. According to analysts, buyers who purchased about 2.6 million LTC at a support level between $68 and $70 played a significant role in this.

For today, the key resistance level for Litecoin remains the $75 mark. That is a critical price region, after a breakdown of which Litecoin opens the way to a new high of $80 and above.

LTC/USD 4-hour chart

Despite the bullish momentum, Litecoin may suspend its upward movement in the short term. That is signaled by the 4-hour LTC/USD chart, on which a rising wedge pattern has formed. This model can lose out for Litecoin in the form of the onset of a consolidation phase between $68 and $75 and a decrease in pressure from buyers.
 
If Litecoin does not receive support from the market at $75 or the monthly high of $77, the indicator SMA (Simple Moving Average) could retrace to $65.

On the other hand, the IOMAP IntoTheBlock pattern signals the continuation of Litecoin's bullish dynamics. The cryptocurrency could close the gap to $80 by breaking the key resistance area between $75 and $76.6. Earlier in this price region, about 52,800 addresses bought about 2.1 million LTC.

Thus, before the breakout, Litecoin may enter a consolidation phase and trade in the $68 to $75 range for a while. After the completion of the correction, the cryptocurrency may make a rally and reach new highs.

LTC always "goes" for BTC, before there was such a correlation: if BTC costs 10,000 USD, then LTC is 100 USD. To date, the increase in BTC capitalization is overtaking LTC, but this is not a reason for the holders of this coin to worry; now Litecoin is in a growing channel, and until Bitcoin goes into a correction, LTC will continue to increase its price.

Just imagine, to pay for ads on Facebook, you can choose any cryptocurrency instead of the US dollar, and using Google Play service, you can pay for purchases with Bitcoins. If earlier it could seem like something empyreal, today it is quite an expected decision. Will Google and Facebook change their crypto policies?

Is PayPal first, then Google and Facebook?
The cryptocurrency is rapidly acquiring new supporters, including large companies, funds, institutional and retail investors. It is obvious that the global economy is moving at full speed towards digitalization, and its transformation is only a matter of time. The leading players in the financial market have already jumped in, as evidenced by the multi-billion dollar investments in Bitcoin in the context of 2020.



Top corporations are unlikely to observe this process from the outside and will soon join the support of the cryptocurrency. Jason Janowitz, the founder of BlockWork Groups, is convinced of this. He believes that large companies such as Google and Facebook may significantly change their corporate policies towards crypto shortly.

The question of the need to introduce cryptocurrency into the ecosystem of large companies is hanging in the air. Of course, PayPal gave a powerful impetus to this process: the news of the launch of the support service for Bitcoin, Ethereum, Ethereum, Bitcoin Cash, and Litecoin for US citizens has already been dubbed by analysts as a turning point for the crypto industry as a whole. Given that the payments giant plans to scale this feature to all users, the outlook is more than optimistic.

Cryptocurrency use will become ordinary
Analysts are convinced that PayPal’s support for the cryptocurrency will be a powerful signal for massive crypto adoption by businesses and individuals. That could radically affect the value of cryptocurrency as a means of payment. Especially, the PayPal initiative should be appreciated by millennials who are increasingly interested in digital currencies.

A lot of the large companies have already become convinced that cryptocurrency is behind the future of the payment system. While government agencies are deciding how to settle the issue of regulating the freedom-loving crypto, corporations are developing strategies to integrate cryptocurrency into their ecosystems. An example is the same Facebook, which has been working on the launch of its own cryptocurrency Libra since 2018.

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