From a prominent Wall Street analyst’s take on Bitcoin to a spike in XRP transaction volume, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
Tom DeMark, CEO of DeMark Analytics and creator of the TD Sequential indicator, is revealing his latest forecast on Bitcoin.
DeMark, whose firm advises billionaire Steven Cohen’s Point72 hedge fund, tells Bloomberg he believes Bitcoin still has a ways to go before it hits a bottom.
“Currently we’re on a deep countdown and the risk downside is quite a bit, even from here.
We’ve got a downside projection of $6,308 minimum and in a crash decline in this market we got to $5,294.”
The TD Sequential indicator flashed a major bear signal in December of 2017, just before the market’s major crash. It also flashed a sell signal in June of this year, when BTC nearly touched $14,000 before beginning another big reversal.
Ripple and XRP
An XRP influencer says his liquidity tool tracking volume between the Philippine peso and XRP on the crypto exchange Coins.ph has spiked.
Coins.ph, a Ripple partner, signed up to power remittances on Ripple’s XRP-based cross-border payment solution called On-Demand Liquidity (ODL) in August of 2018.
Enthusiasts are constantly tracking volume on the exchange in order to determine the adoption and real-world use of XRP.
Ripple partner MoneyGram is the most high-profile company using the XRP-powered payment solution, and says it is actively using it in Mexico and the Philippines.
Litecoin
Litecoin creator Charlie Lee is backing early fundraising efforts to help implement privacy features on the sixth-largest cryptocurrency by market cap.
Lee, who says he will match every donation to the fund, says 111 LTC and 0.00284 BTC has been donated.
That’s about $5,133 of the $72,000 total that the Litecoin Foundation is looking to raise.