From a bearish Bitcoin prediction to new stats on Ripple’s use of XRP and a bird’s-eye view of Cardano, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
A prominent Bitcoin analyst has surfaced after a nearly two-month hiatus, sending a warning to his fellow traders.
In a new viral tweet, the self-proclaimed “whale whisperer” AngeloBTC tells his 138,000 followers that he believes Bitcoin is facing another major drop to around $6,000. After that, he expects a turnaround.
“Patiently waiting for $6k BTC levels, where I will add to long-term holdings. Good luck homies.”
Fellow analyst DonAlt is also alerting his 122,000 followers of potential danger in the short term. He says BTC needs to cross $8,750 to trigger a sustainable shift in momentum.
“Still no close above $8,750. Still looks pretty shitty.
I’m bearish until BTC starts reclaiming levels instead of getting rejected by them.
Next resistance: $8,200. Next support: $7,700. Next support that I’d trust to trade on the long side: $7,000.”
Analyst Alistair Milne sees the potential for a bit more optimism.
He sent a chart out to his 66,000 followers noting that BTC may be breaking out of a descending triangle that began in September when the price was around $10,500.
According to the chart, Bitcoin may be poised for an uptrend if it can stay above $8,050.
At time of publishing, Bitcoin is up 3.55% at $8,258, according to CoinMarketCap.
Ethereum
A new edition of the Week in Ethereum blog post is out.
The post covers the latest on the transition to Ethereum 2.0 and includes a number of updates on Ethereum-based platforms such as Nightfall, MyCrypto and Compound.
Meanwhile, Ethereum co-creator Vitalik Buterin is highlighting his research on building a two-way bridge between eth1 and eth2.
Ripple and XRP
Ripple says the number of its customers using its On-Demand liquidity option, which utilizes XRP to power cross-border payments, rose dramatically in the third quarter of this year.
In its new XRP Markets Report, Ripple outlines the latest numbers on the payment solution, formerly known as xRapid.
“Ripple customers live with ODL, including MoneyGram and others, increased by 75% last quarter and dollar volume on ODL increased more than five times from Q2 to Q3.
In addition, Ripple announced its acquisition of team Algrim to support the ongoing development of ODL.
To keep up with strong customer demand, Ripple is rapidly expanding its team on a global scale—Iceland will serve as one of Ripple’s engineering hubs with plans to bring on more technical talent in Europe.”
Cardano
In a new ask-me-anything, Cardano creator Charles Hoskinson explains why he believes the proof-of-stake blockchain network, codenamed Shelley, will change the world.
“I’ll tell you very succinctly.
We will prove it that you can run a global-scale financial system that can support potentially millions of users and be 250x more decentralized than Bitcoin, with mechanisms to make it more decentralized over time on about 10 kilowatts of power. The power of a large home.”
IOHK, the company behind Cardano, launched the Shelley testnet on September 30th.
It plans to begin testing staking and community voting by the end of the year.