The dreaded death cross – the name for when a short-term moving average crosses below a long-term moving average. It’s appearance on the charts of Bitcoin and other financial assets – crypto or traditional – can hint at an extended downtrend ahead.
The dreaded death cross – the name for when a short-term moving average crosses below a long-term moving average. It’s appearance on the charts of Bitcoin and other financial assets – crypto or traditional – can hint at an extended downtrend ahead.
Ethereum (ETH) has been closely tracking the price action of Bitcoin and most other major altcoins over the past several days, but it appears that it is beginning to establish its own momentum as it climbs towards $180.It is important to note that analysts are warning investors to not get too excited about this movement, as a recent bearish technical formation could spell trouble for its near-term price action.Ethereum Surges Towards $180 as Crypto Markets ConsolidateAt the time of writing, Ethereum is trading up over 2% at its current price of $178.20, which marks a notable climb from its daily lows of $172 that were set overnight.It is imperative to note that ETH has been recently facing an extended bout of sideways trading that appeared to stem primarily from Bitcoin’s consolidation within the lower-$8,000 region.Over a one-week period, Ethereum has been trading between range lows of roughly $167 and range highs of $185, with the crypto finding significant support around its range lows, and resistance around its range higher.As it incurs further upwards momentum throughout the day, analysts and traders alike should closely watch to see how it responds to the lower-$180 region, as this has proven to be an area of relative resistance for the cryptocurrency.Bitcoin has been able to climb marginally today but is still hovering right around its critical support level of $8,200, and it is highly likely that Ethereum’s current upwards momentum will be largely or entirely based on Bitcoin’s ability to continue trading sideways or to begin climbing higher.ETH May Face Further Bearishness in Near-TermDespite its current momentum, analysts are still weary on ETH’s near-term price action, as The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she expects the crypto to face some downwards pressure in the near-term as it recently broke below a rising wedge it was trading within.“$ETH Broke down as mentioned last week. Hope you took profits or move SL in profits. With double bottom on support I do expect a re-test to commence,” she noted while pointing to the below chart.$EthBroke down as mentioned last week
Hope you took profits or move SL in profitsWith double bottom on support I do expect a re-test to commence pic.twitter.com/nA6Q7cXCr0— The Cryptomist (@TheCryptomist) October 4, 2019It remains unclear as to whether or not its recent climb to over $178 marks an invalidation of its recent downtrend, but it is highly probable that ETH’s near-term trend will be determined by how it trades going into the weekend trading session.Featured image from Shutterstock.
Bitcoin appears to be looking at a little more downside before it becomes a reasonable buy again, according to a pair of crypto industry commentators. Having recently rebounded from what most traders are considering the ultimate bottom of the 2018 bear market, we could be looking at a further drop then sideways trading for a while.Such price action has been seen in the Bitcoin market numerous times before. If similar happens again, the sideways action will eventually result in a breakout to the upside.A Bigger Drop for Bitcoin?Referencing the work of Civic (CVC) founder and CEO, Vinny Lingham, Nunya Bizniz (@Pladizow) has identified a price of around two times the widely agreed upon December low as a conservative buying opportunity. Based on previous market cycles, a period of consolidation, that might last months, will follow a further drop from current levels:BTC Monthly:As @VinnyLingham pointed out, once BTC has gone 2X from its low – this typically marks a conservative opportunity to buy.However, as marked by the orange boxes, sideways at the 2X level is typical.Looks like what BTC is now doing, is normal. pic.twitter.com/zuxCUmz4wp— Nunya Bizniz (@Pladizow) October 4, 2019The above chart references three other periods of such consolidation. The first is at the end of 2012 to mid-2013. Then a shorter period during the epic run up in price of 2013. Finally, the period just before the 2016-2017 bull run. Lingham has commented on the importance of the market consolidating after dramatic moves such as those witnessed since mid-2017 in previous works.On each of these occasions, Bitcoin reached an ultimate bottom, returned to prices of around two times greater than that bottom, before trading sideways for a period of weeks to months.Currently, the price of Bitcoin is around $8,000. For it to reach the “conservative opportunity to buy”, it will need to drop a little further. The ultimate December low on the chart used by Nunya Bizniz is actually $3,148. For Bitcoin to follow the above patterns, it would need to drop about another $1,700.According to the trends observed by the Twitter-based market commentator, the price will then enter a period of consolidation. Such periods, according to Lingham, are crucial to avoid repeats of the kinds of bubbles seen previously. Prior to the mid-2017, extreme run up, he wrote:“Bitcoin has spent the better part of 3 years recovering from a pretty damaging boom/bust cycle… Yes, Bitcoin is both scarce & valuable, which will lead to the price continuing to increase over time, but if that happens too quickly, we will enter another boom/bust cycle — which is really not an ideal situation if we want Bitcoin to move from a commodity to a store of value.” Related Reading: If In Doubt Zoom Out, Bitcoin Profitable Days Still at 91.5%Featured Image from Shutterstock.
The domain names stolen from the Ethereum Name Service’s (ENS) auction have been returned.
As CoinDesk reported at the time, the ENS bidding process managed by digital-collectibles marketplace OpenSea was exploited, allowing a hacker to nab 17 domain names for lower bids than other users placed. ENS and OpenSea asked the hacker to return the domain names, promising compensation for finding the bug.
An alternative to Web 2.0’s centralized domain name servers (DNS) system, ENS is built on top of the ethereum blockchain to leverage its immutability and decentralized properties. As it happens, immutability isn’t always a good thing.
Once the hacker claimed the ENS domain names – which included apple.eth – ENS and OpenSea’s only recourse was to blacklist the domains and ask for the hacker to return them.
Fortunately, they were.
Update: the stolen ENS names were all returned successfully to @ensdomains! 🤗Thanks for supporting the community; we’re working hard to restart bidding this week before #devcon5 and will send out emails to bidders when it’s ready
— OpenSea (@opensea) October 3, 2019
The hacker was apparently swayed by an attractive offer: 25 percent of the final bidding price for each of the returned domains once they are re-auctioned. Some domain names have gone for impressively high bids such as coffeshop.eth auctioning off for 100 wrapped ether, worth about $17,000. With 17 domains stolen, the hacker could be in store for a decent payday.
OpenSea says auctions will commence again in the coming weeks.
Speaking with CoinDesk, ENS lead developer Nick Johnson said OpenSea had no direct communications with the hacker before the domains were returned. The company solicited feedback in a Sept. 29 blog post disclosing the bug.
“Evidently the hacker thought 25 percent was a better deal than trying to resell them themselves in the face of blacklisting. Or perhaps they’re just generous – either way we’re grateful.”
Gift image via Shutterstock
Between October 19 and October 20, 2019, The Lightning Conference will turn the city of Berlin, Germany, into the bona fide world capital of the Lightning Network. The event is an opportunity for developers, investors and enthusiastic community members to get together and exchange their experiences with Bitcoin’s second layer payment network. For the first time since its early-2018 Bitcoin mainnet launch, representatives and fans of all four major Lightning implementations (Lightning Labs’ lnd, Blockstream’s c-lightning, ACINQ’s eclair and Nayuta’s Ptarmigan) will get together and discuss their ideas and innovations in a friendly and collaborative way.
The event is a spiritual successor to the Berlin #LightningHackday series and takes place just over a year after the September 2018 event. But unlike the “barcamp” format of the previous developer-centric events, The Lightning Conference broadens its reach to also appeal to businesses and the larger community. This approach is also reflected in the choice of speakers, among whom one can also find podcasters, open-source entrepreneurs and representatives of businesses that use Lightning as a means of payment.
In order to find out more about the significance of this first-of-its-kind event, Bitcoin Magazine spoke with a Lightning executive (Lightning Labs CEO Elizabeth Stark), a researcher (PISA Research CEO Patrick McCorry), an entrepreneur (Wasabi Wallet, World Crypto Net, Nodl and Coldcard Wallet investor Max Hillebrand), a marketer (Bottle Pay Co-Founder and Operations Manager Peter O’Donoghue) and two developers (Satoshi’s Games Co-Founder Carlos Roldan and Bolt-A-Thon Co-Organizer Andrew Yang).
These six speakers and participants have been asked two fundamental questions:
1. What is the significance of this first-of-its-kind Lightning-centric event?
2. What will you be presenting (if applicable) and which panels get you most excited?
Their answers varied according to their backgrounds and interests, and ultimately revealed the spirit of this first edition of The Lightning Conference.
As CEO of Lightning Labs, Elizabeth Stark has been in the spotlight of the Bitcoin scaling debate for more than three years. Prior to becoming a larger-than-life personality in the Bitcoin space, Stark taught at Stanford University and Yale University and advised young entrepreneurs.
Stark emphasized the importance of meeting people in person and exchanging ideas.
“We’d seen this community emerge online over the past few years, and we decided it was finally time to get everyone together in one place,” she said. In the case of this conference, this “one place” is Berlin: “Berlin was a great choice, as there had already been lots of Lightning Hack Days there, and there’s a strong local community.”
I really believe in the power of getting people together in one place, and the magic that can come along with it.
— Elizabeth Stark
Lightning Network clients are being developed on three continents (Australia, Europe and North America) and there are plenty of enthusiasts all over the world who would like to meet their online contacts. For Stark, this in-person contact is key.
“I really believe in the power of getting people together in one place, and the magic that can come along with it,” she said. “There are a lot of folks I can’t wait to meet (many for the first time in person), and there are plenty of topics we’re excited to discuss with the dev community.”
She is particularly looking forward to the social, human rights and business-focused discussions that are part of the conference programming.
“I’m excited to hear a bunch of the talks we’ve accepted,” Stark explained. “There’s one on the human rights implications of Lightning, we have perspectives from folks in Venezuela … people speaking about privacy and lots of people talking about developing on and deploying Lightning for their business.”
Patrick McCorry was the first person in the U.K. to successfully defend a PhD thesis on the topic of cryptocurrencies, and his research in Bitcoin and cryptography has appeared in many academic venues and conferences (including Scaling Bitcoin 2017 and 2019, as well as Breaking Bitcoin 2017). Before becoming the CEO of PISA Research, he taught as an assistant professor at King’s College London and conducted research at University College London, University of Illinois and Newcastle University.
In accordance with his background, McCorry defined the significance of The Lightning Conference in relation to researchers, developers and investors.
“Off-chain protocols are woefully under-researched, under-developed, under-funded, yet remain the only realistic scalability solution that will let millions of people access cryptocurrencies,” he said. “So, dedicated events like The Lightning Conference are crucial for bringing off-chain scalability to the forefront of minds for researchers, developers and even investors.”
The software is in a condition now where developers can play with it and innovate. So it will be great to see the demos emerge.
— Patrick McCorry
McCorry said he’s looking for interesting innovations and proof-of-concept releases which are emerging at this point in development.
“I’m really excited to see the progress in terms of applications being built on top of Lightning,” he said. “The software is in a condition now where developers can play with it and innovate. So it will be great to see the demos emerge.”
McCorry also has plans to reveal PISA Research’s goals during the event: “At PISA Research, we are tasked with building financially accountable watchers for the Lightning Network. For us, it is really important to highlight the quirks and difficulties of building watchers for Bitcoin (the channel protocol really does need to be changed at some point via a soft fork), and to also demystify what a watching network can and can’t do,” he said.
In a June 2019 podcast, Max Hillebrand revealed that he started reading Keynes at the age of nine and then got into Bitcoin at 16. He has since taken his advocacy so far that he even convinced his grandmother to run a Lightning node, encouraged local farmers to accept BTC in exchange for vegetables and recently started a fiat-free life.
In tandem with his love for liberty and privacy, Hillebrand is also an open-source entrepreneur whose investment portfolio will leave every Bitcoin enthusiast in awe: Some of the projects he backs and supports include BTCPay Server, Nodl and Wasabi Wallet.
Like Stark, Hillebrand reiterated the importance of networking and community building.
“I seek to mingle with all the peers who are thinking, breathing and doing Bitcoin,” he said. “I get to ask some of the many questions I have, and from the conversations with these wizards I learn so much. This is also the place to talk problem, strategy and solution with other entrepreneurs who are providing valid services, and what can be done to further improve. At these brainstorming sessions the brightest business ideas develop, together with the right peers willing to manifest it.”
— Max Hillebrand
Because of his personal interest and projected takeaways from the event, Hillebrand gravitates toward sessions at the conference that will focus on privacy-centered technologies in Lightning.
“Specifically for my attendance at LN Conf, I seek to gain more understanding of the nuances of how privacy can be better defended in Lightning,” he said. “I’m also interested in tips for developing a new protocol implementation, one that prioritizes privacy first and foremost. This is especially useful because these are some of the future goals of Wasabi, so lots to learn and do.”
As a presenter, Hillebrand will talk about privacy and the technical means that can maximize it on both Bitcoin’s base layer and Lightning.
“The talk will explain some nuances about atomic swaps and CoinJoins to open channel factories, zero knowledge proofs to exit a factory, rendezvous trampoline atomic multipath routing and whatever other crazy magic happens in the rabbit hole in the meantime,” he explained. “Assuming that we get Taproot and Sighash no input activated in the protocol, I claim that we have ‘perfect’ privacy in Bitcoin, and I seek to defend that claim.”
Bottle Pay is one of the most successful Lightning-powered tipping services on social media, and the company’s co-founder and operations manager Peter O’Donoghue is very much aware of the need for collaboration. Bottle, which is presented as a project whose mission is to make Bitcoin accessible to everyone, stands out as a jack-of-all-trades which allows integrations with all of the popular social media platforms (including Instagram, Telegram, Reddit, GitHub, Twitch, YouTube, Mixcloud and Twitter). The dedicated plug-ins for Firefox, Chrome and Brave also extend the ease of use, so that anyone who has no prior knowledge or understanding of Bitcoin or Lightning can participate in the circular economy.
“When we reflect on the fact that the first Lightning implementation developed by Lightning Labs launched in beta just 18 months ago, to see the first ever conference dedicated entirely to Lightning happening like this is really exciting,” O’Donoghue told Bitcoin Magazine.
It’s important to remember how crucial collaboration is for such a nascent technology.
— Peter O’Donoghue
The Bottle Pay co-founder emphasized the need for collaboration in the Lightning space, especially among developers.
“It’s important to remember how crucial collaboration is for such a nascent technology,” he said. “Because we are all learning and using the tech in different ways, this conference will be a great opportunity to share knowledge, compare notes and see how we can move things forward together.”
“I’m also very interested in the work of the Human Rights Foundation, so I can’t wait to see the presentation of Eric Wall, whose writing on Medium I enjoy,” he concluded. “Jack Mallers is fresh from unveiling Olympus, which should make for a great presentation.”
Andrew Yang, the director of marketing at Alto Financial successful organizer of the Bolt-A-Thon online conference earlier in 2019, regards the event as a demonstration of community and technology growth.
“It shows that the Lightning ecosystem is large enough in order to have its own conference,” he said. “Plus, it’s a great way for Lightning pioneers to share, collaborate, encourage and get inspired by one another. Hopefully it’ll be the first of many to come.”
… it’s a great way for Lightning pioneers to share, collaborate, encourage and get inspired by one another.
— Andrew Yang
At the upcoming conference in Berlin, Yang will focus on the the Bolt-A-Thon, along with his co-host Patrick Walters.
“We’ll touch on how our unique format of being an online conference reached and empowered people to get involved in a way they couldn’t before,” Yang said. “Patrick will also dive into the technical details of how we implemented Lightning Payments on our website.”
Indeed, one of the most important aspects about Lightning is its ability to be easily implemented in various applications that require fast and cheap payments. In this regard, it’s crucial for the entire community and for the long-term sustainability of the technology to attract developers from a variety of interesting projects.
Among these developers is Carlos Roldan, best known as the lead developer and founder of Satoshi’s Games, a video game platform where users can actually earn small BTC fractions by virtue of their skills. The concept is novel thanks to the integration of Lightning microtransactions, and the ever-growing selection of games should help the service grow while also popularizing Bitcoin’s second layer payments system.
We all know what LN is in generic terms, but each individual has a different conception about it and it’s important to exchange ideas.
— Carlos Roldan
At the event, the Satoshi’s Games founder will introduce new developments and creative video game ideas that are designed to help improve his project.
“The Lightning Conference is a significant event because it acts as a central point of meeting where the developers, researchers and companies get together to talk about their passion for the Lightning Network,” said Roldan. “We all know what LN is in generic terms, but each individual has a different conception about it and it’s important to exchange ideas.”
Bitcoin has prolonged its bout of sideways around its key near-term support level at $8,200 and has continued showing some signs of underlying bearishness as BTC’s bulls fail to push it higher in the near-term.Importantly, analysts are noting that Bitcoin is currently building significant support just below its current price level, which could mean that its bulls are building strength and will lead the crypto higher in the coming days and weeks.Bitcoin Trades Flat as Bulls and Bears Remain Locked in BattleAt the time of writing, Bitcoin is trading down marginally at its current price of $8,200, which marks a slight rise from its daily lows of $8,100.It does appear that Bitcoin is currently caught within an incredibly tight trading range between roughly $8,100 and $8,300, which is the price range that the crypto has been trading within for the past several days.It does appear that the $8,100 region has become a critical support level for BTC in the time since it bounced from its recent lows of $7,800, with Big Cheds, a popular crypto analyst on Twitter, pointing to this support in a recent tweet, saying that wicks below it can provide ideal short-term long opportunities.“$BTC #Bitcoin 1 hour – testing recent support on LTF – recent psuedo hammer with dip below lower BB may provide a scalp entry,” he said while pointing to the below chart.$BTC #Bitcoin 1 hour – testing recent support on LTF – recent psuedo hammer with dip below lower BB may provide a scalp entry pic.twitter.com/uA191bungo— Big Cheds (@BigCheds) October 4, 2019BTC Begins Building Robust Support Around Current Price Levels This aforementioned support level appears to be incurring increased strength as of late, as buyers are beginning to move their bids up from the mid-$7,000 region into the lower-$8,000 region.Josh Rager, a popular crypto analyst on Twitter, spoke about this in a recent tweet, noting that BTC’s volume profile appears to be pointing to the fact that it is building notable buying volume around its current price levels, despite its lack of upwards momentum.“$BTC – clear levels I’ll continue to watch. Volume profile seems to be showing heavy support currently on the daily chart,” he said while referencing the chart seen below.$BTC – clear levels I’ll continue to watchVolume profile seems to be showing heavy support currently on the daily chart pic.twitter.com/lcPnOYN8ad— Josh Rager 📈 (@Josh_Rager) October 4, 2019If Bitcoin continues incurring growing buying pressure at its current price levels, it is highly likely that it will soon begin climbing higher, and that $7,800 may have marked a long-term bottom.Featured image from Shutterstock.
PayPal has withdrawn from the Libra Association, the company announced Friday.
A PayPal spokesperson told CoinDesk in a statement that the payments firm “made the decision to forgo further participation” in the Facebook-initiated crypto project, to instead “continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations.”
The statement continued:
“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”
“We can confirm that PayPal has notified us and intends not to join,” a Libra Association spokesperson told CoinDesk via email.
Facebook unveiled Libra in June, announcing that it would launch a stablecoin meant to bring financial services to unbanked individuals worldwide. The project was met with immediate regulatory backlash, with policymakers in multiple countries claiming that Facebook might run the risk of destabilizing the global monetary order. Ministers from France and Germany promised to block the project, while U.S. Rep. Maxine Waters called on Facebook to halt all development.
The social media giant explained that it would work with 27 launch partners to oversee the governance of the Libra token, using its partner Libra Investment Token as a voting tool. The association is supposed to meet on Oct. 14 to sign a charter formally creating this governing council.
On Friday, the Libra Association’s head of policy and communications, Dante Disparte, said in a statement that “building a modern, low-friction, high-security payment network that can empower billions of financially underserved people is a journey, not a destination. This journey to build a generational payment network like the Libra project is not an easy path.”
“We recognize that change is hard, and that each organization that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that Libra promises. We look forward to the first Libra Council meeting in 10 days and will be sharing updates following that, including details of the 1,500 entities that have indicated enthusiastic interest to participate.”
David Marcus, CEO of Facebook’s Calibra subsidiary. House Financial Services Committee, July 17, 2019, image via House Financial Services Committee
European NGOs have launched a petition against Facebook’s recently-detailed crypto asset-like digital currency, Libra. The effort seeks to make EU policy makers aware of apparent public resistance to the plans.So far, more than 55,000 individuals have signed the petition. However, any attempt to outright ban an entirely voluntary alternative to a jurisdiction’s official currency could serve to endanger the rest of the crypto asset industry.NGOs Decry Facebook’s “Crypto”: “Power of the Big Tech Giants is Already Almost Uncontrollable”The petition appealing to the European Union to ban Facebook’s efforts in the crypto asset industry is addressed to Ursula von der Leyen, President-elect of the European Commission; Mario Draghi, outgoing President of the European Central Bank; and Christine Lagarde, incoming ECB president. It was launched by Finance Watch and Finance Watch Deutschland, two non-government organisations researching financial regulation.Accompanying the petition is a post explaining the potential dangers that the NGOs perceive with the yet-to-be launched digital currency. It opens by reminding readers of previous incidents involving Facebook’s scant regard for users’ privacy, such as the recent Cambridge Analytica scandal:“Facebook has already breached our privacy countless times. Now, the big tech giant is preparing to invade one of our last areas of privacy: our money.”Finance Watch references the petition on Twitter with regards another recent Libra development a few days ago. Some of the big name backers of the project are apparently shying away from publicly supporting it. However, it’s not immediately clear from the petition when the NGOs launched it. That said, the rate at which new signatures are being added is rapid. During the hour between pitching and finalising this article, the count has risen by more than 1,500 names.Wary of regulatory scrutiny (but what did they expect?!), key partners shy away from publicly supporting Facebook’s #Libra project! 📢 Let’s keep increasing pressure ✍ sign our petition to #StopLibra https://t.co/FOSQ9AehOb https://t.co/BYUTIiuOwZ— Finance Watch (@forfinancewatch) October 2, 2019Curiously, the post’s authors make direct reference to other crypto assets that are not backed by such corporate interests:“Despite recent scandals, Facebook and its corporate partners unveiled their plans to deeply transform our monetary system with the introduction of a new global ‘digital currency’ to be called Libra, which is vastly different from the decentralised and open digital currencies currently available.”Market Watch makes no direct comment on any similar threat from Bitcoin et al., yet its clear distinction between what Facebook is planning and “decentralised and open digital currencies” is certainly notable.Although the NGO is careful to make such a distinction, there is no saying that regulators will be as considered in their approach to policing other essentially voluntary currencies. Any such regulatory action against Facebook’s Libra might have unintended consequences for the entire crypto asset industry.Even without the petition, global regulators are already putting the pressure on Facebook over its foray into the crypto asset industry. Already this year, lawmakers from the EU, US, and other jurisdictions have expressed doubts about the potential threat to national currencies posed by the social media company’s financial ambitions. Related Reading: ECB President Recognises Future Potential in Crypto Assets as a Means of PaymentFeatured Image from Shutterstock.
Bitcoin’s bounce from lows of $7,714.70 on September 30th gave bulls a solid reason to be optimistic.
At that point, the number one cryptocurrency shed over 44% of its value from the 2019 top of $13,880. To some traders, this price action is not out of the ordinary. More importantly, they expect bitcoin to resume its uptrend soon.
Trader Rekt Capital is unfazed by the current bitcoin pullback. | Source: Twitter
Unfortunately, the bounce was short-lived and bitcoin resumed its bearish trend. While this move caught many retail investors off guard, one experienced analyst anticipated the move. In fact, the full-time trader believes that there’s more blood to come.
The dominant cryptocurrency became bearish after it broke down from a large descending triangle on Sept. 24. While it did bounce less than a week later, bitcoin failed to take out resistance of $8,500. That’s a bearish signal to technical analyst TraderSZ.
The full-time trader shared a chart with CCN and said,
That’s my thoughts…I believe we [are] head[ed] lower.
The roadmap to $7,400.| Source: TraderSZ
Looking at the analyst’s chart, he predicted that bitcoin will dive below $8,200 and then convert the support into resistance. That call has actually taken place. Bitcoin is currently trading close to $8,000 and falling rapidly despite oversold conditions.
Based on the chart, we might be seeing the prelude to the dive to $7,400.
It is not all gloom and doom for the king of cryptocurrencies. We spoke to Todd Butterfield, the owner of the Wyckoff Stock Market Institute. He believes that bitcoin is creating a higher low setup. He said,
I am still of the opinion that Bitcoin is making a MAJOR low here and will begin a move to all-time highs very soon.
When asked about the chances of the cryptocurrency to dump to $7,400, the top Wyckoff expert replied,
My current preferred count is that we rally from here. Worse case I think we have quick dunk to $7,400 then straight up.
Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
Last modified (UTC): October 4, 2019 7:01 PM
Yesterday, San Francisco-based crypto exchange, Coinbase, announced that they would be increasing their fees for the lowest volume tier of traders on their Coinbase Pro platform, effectively helping the rich get richer, and the poor stay that way.Not only did the increase only impact the lowest wealth users on the platform upset the cryptocurrency community at large, but it’s got many clamoring for a Coinbase killer to emerge, and unseat the market leader from its throne.Coinbase Pro Raises Fees, Sparking Crypto Community OutrageCoinbase, it’s a name that became synonymous with cryptocurrencies like Bitcoin, Ethereum, and Ripple at the height of the crypto hype bubble. The company’s flagship retail smartphone app skyrocketed to the top of Apple’s App Store charts and cemented the brand as a crypto industry leader.Related Reading | Coinbase Crypto Milestone: Amasses 30M Users, 5M in Last 10 Months But times have changed, and Coinbase has found itself amidst stiff competition elsewhere in the marketplace. It’s trading volumes have suffered – as has others in the space due to the lack of interest in the market as a whole – and to keep revenue performance strong, the company has opted to raise the fees on its Coinbase Pro platform, under the guise of increasing “depth and liquidity” on the platform.Coinbase showed us today that they never really cared about the little guy… very telling, & probably the beginning of a suicidal direction.Reputation takes years to build, but can be lost in an instant. Honestly, this was some very disappointing news.— Omar Bham (Crypt0) (@crypt0snews) October 4, 2019Fees were raised by as much as 50% on the lowest tier of trading volume, essentially only hurting those with the least amount of capital to trade. The crypto community was quick to point out that significantly hiking fees in such a manner, would have the inverse effect, as users flee the platform to more affordable options.Market Leader Finds Itself Vulnerable To CompetitorsAll businesses need to adjust cost structures from time to time, whether is income or expenditures, things often need changing depending on the natural ebb and flow of any industry.However, Coinbase’s fee hike comes at a time when it exceptionally vulnerable, and should instead be capitalizing on Binance losing market share through a regulator-forced blockage of US users from its flagship platform. Binance has since opened a US-based platform for only US-investors, posting an enormous threat to Coinbase’s comfy spot at the top of the crypto market throne in the United States.Coinbase will charge higher fees for lower volume traders on Monday.Ethos where were you to punish these guys?Giving away control, vision and leadership to another company.Hopefully one day there will be an actual Coinbase killer.— Suppoman 🔥₿🚀 (@MichaelSuppo) October 4, 2019Following the news circulating that Coinbase Pro would be raising fees, the community began calling for a “Coinbase Killer” to emerge. Binance, being arguably the most successful exchange globally, could give Coinbase a serious run for its crypto dominance in the coming months if Coinbase continues to upset its user base.Related Reading | Can Coinbase Capitalize On Binance Becoming Less Attractive To US Crypto Investors? Binance was quick to respond to what they likely viewed as an opportunity, offering a month of zero trading fees for users who register for the new US-based crypto platform Binance US.Who made the fees lower? And who benefits? 👀😂😝 https://t.co/c05uGhIPF7— CZ Binance (@cz_binance) October 4, 2019But where Coinbase is failing with fees, they may still have an edge over Binance – beating them at their own game. Binance US only offers a small amount of the altcoins that the flagship site does, while Coinbase continues to scale its offering and is now eyeing some exciting, new and exotic altcoins to woo Binance users unhappy with the US experience.Coinbase may have shot themselves in the foot, and squanderer what would otherwise be the perfect opportunity to gain an edge over Binance.