Bloomberg Issues Bitcoin (BTC) and Crypto Alert – Plus Ripple, XRP, Litecoin, Ethereum and Stellar Updates
From the aftermath of Bitcoin’s big rebound to new adoption for Litecoin, here’s a look at some of the stories breaking in the world of crypto.
Bloomberg says a historical analysis of Bitcoin’s prior price action indicates that the king of crypto is likely to retreat in the short term, pushing the broader crypto market down along with it.
“The largest digital currency gained nearly $2,500 at its peak this week following positive comments regarding blockchain technology from Chinese officials. But it hit a ceiling at $10,000, indicating that tougher times could lie ahead.”
According to daily analyst Josh Rager, BTC now needs to break resistance at about $9,550 to continue its recent uptrend and crack $10k.
“Lower time frame chart shows price in a few hundred dollar range. Daily support below, while overhead is the weekly and monthly open (resistance) with a break and close above these areas on higher time frames will likely be a signal to move up in the $10ks.”
A new edition of the Week in Ethereum blog post is out.
The post covers the latest on the scalability upgrade known as Ethereum 2.0 and details a number of updates on Ethereum-based platforms such as Maker and Compound.
You can check out the full post here.
Ripple and XRP
Ripple’s global head of government relations Michelle Bond and director of the Blockchain Association Kristin Smith talked about global regulation of the emerging technology at the 2019 UBRI Connect conference in Berkeley, California.
The two talked about the role of digital assets like XRP and the need for smart laws in the US and abroad.
Smith says she’s concerned US lawmakers and policymakers are forcing companies to move their operations overseas.
“I’m very worried and I don’t think that is an irrational or paranoid viewpoint to take. Companies, even within members of the Blockchain Association, are moving their operations overseas… because there are strong consumer protections in place and certainty in those regulatory frameworks.”
The Swiss crypto ATM company Bity just added support for Litecoin.
The addition allows people to buy LTC with cash, in addition to Bitcoin, Ethereum and Monero. The ATMs support the Swiss franc and the euro.
The crypto exchange Binance says a recent upgrade to the Stellar network has removed staking.
The move means holders of XLM can no longer stake their coins, which essentially gives holders voting power and the ability to earn dividends by locking up their funds.
“Binance will distribute staking rewards earned from Stellar earned up until the time of the upgrade, which occurred at 2019/10/28 4:00 PM (UTC).
Users will still receive the October XLM distribution in the first 5 days of November. Moving forward, users will no longer receive any Stellar rewards.”