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Crypto News February 28: Bitcoin's $ 6k long bottom could be a false bottom with news about ETH, ETC, BCH, LTC, THETA, XTZ, Ripple, Huobi, KuCoin, Coinbase, Binance

    From Bitcoin can drop below $ 6k to an exceptionally high ETHE transaction fee on Grayscale, here are some highlights in the crypto space.

    Bitcoin news

    Since peaking at $ 10,500 two weeks ago, Bitcoin has not performed well. Prices fell to as low as $ 8,520 after millions of dollars of positions were liquidated, marking a 19% decline from the peak.

    With this move, Bitcoin has formed a downtrend. Although there are some people who are certain that prices are about to pop up, citing the possibility of the asset exiting critical technical support at the exponential moving averages of the 200-day EMA, the two analysts warn about the level. A deeper pullback can send BTC below $ 6,000.

    Analyst James on Wednesday shared a chart, showing a clear similarity between Bitcoin's price action in the 2013-2015 bubble and price action over the past year; both periods saw a vertical rise to the peak, one death cross after prices started to retreat and another golden cross when prices began to show signs of recovery.

    Bitcoin traces an explosive boom by its historical price action in 2014 and 2015, which may be due to the similarity of the 50-day and 200-day MA, which will see it decline in the coming months with new lows. under $ 6,000.

    This is not the only factor that worries analysts that the long-term bottom set in December 2019 may be a false bottom.

    Mac Trader emphasized that the market structure on BitMEX suggests that $ 6,000 may not be the final bottom:

    "$ 6k may not be the bottom. OI, Basis, Funding are worse than October 2018 ".

    He mentioned the fact that the aforementioned figures show that the cow is still being overloaded, which means that to balance the market, Bitcoin will need to drop more than where it currently trades.

    CryptoBird analyst has stated that Bitcoin is too cheap at the top of another global recession, when global CEOs once again leave quickly.

    Bitcoin is easier to track than cash

    In a recent episode of the podcast “Life's Tough", Venture capitalist Tim Draper has considered Bitcoin's past and present. He stated that cash is actually a preferred choice of bad actors because it is much harder to track.

    “It turns out if you want to be a criminal, you should use cash.”

    Draper won the first Bitcoin auction conducted by the US Marshals Service in June 2014. Because of his foresight, he was able to pocket 29,656 BTC confiscated from criminals and turn it into a family. Electronic money. Although the owner of the VC did not disclose the magnitude of the BTC fortune, he mentioned that he owned “a lot” in a recent interview with CNBC.

    $ 68 billion is about to be transferred to Bitcoin

    Nick Chong, a journalist and marketer at HTC Exodus, said Millennials will likely transfer a portion of their inheritance assets from their parents and grandparents to BTC, a good change for the long-term prospects of the leading cryptocurrency.

    Cerulli Associates, an asset management research firm, estimate nearly 45 million US households will hand over $ 68.4 trillion in assets to the heirs and charities in the next century.

    Chong cited one report April 2019 from venture capital firm Blockchain Capital, which indicated that millennials' interest in Bitcoin was growing despite the bear market at the time.

    Whales keep moving BTC

    BTC continues to trade below $ 9,000. Bulls are taking that as a sign to buy dip and are reminding the community on Twitter.

    Meanwhile, Whale Alert has reported another huge deal involving the Bittrex exchange.

    A 47,446 BTC transaction was transferred from the anonymous wallet to an address at the Bittrex exchange. After that, the same amount of BTC was sent back from Bittrex to that wallet.

    Tin van crypto 28.2 BTC whale

    Source: Twitter

    Meanwhile, the whale Joe007 has warning two weeks ago that the market was dominated by “phantom money,” on the grounds that it was flooded with trading tactics, such as spoofing, with too little fiat entering the market.

    Since its warning, BTC has plummeted from about $ 10,150 to as low as $ 8,593. In response to a trader's request to stop dump, Joe say He finished short BTC.

    Whale say There are some lessons to be learned from Bitcoin's recent pullback. Traders should learn to avoid meaningless stories, such as Bitcoin as a hedge against coronavirus economic collapse.

    BCH news

    The addition of the futures market for cryptocurrencies has allowed many sideline investors to jump into the field. Perhaps the first permanent contract of BitMEX originated for all. Now, since 2020, there are many exchanges offering such products, including Binance, FTX and Deribit, etc.

    Binance's futuristic platform was launched six months ago and has since recorded a significant increase in trading activity. In fact, over the past six months, many properties have been added to this market.

    Binance's latest monthly report outlined Futures performance in January and showed Bitcoin's market value increased by 29.89%. Ethereum, Bitcoin Cash and others also noted a noticeable increase. However, the performance of Bitcoin Cash is the best, far exceeding the growth of the eldest, reaching 84.80% in January.

    Crypto van news 28.2 BCH

    Source: Report Binance

    News ETH

    When the price of BTC surrendered under selling pressure, other altcoins followed its lead. ETH is a highly correlated asset with Bitcoin, having fallen 10.54% within three hours as its value dropped from $ 240 to $ 215. At the same time, BitMEX recorded millions of dollars liquidated during this period.

    According to data from Skew, the large liquidation took place between February 26 and early February 27.

    Source: Skew

    The first liquidation group took place around 16:00 UTC, $ 3 million ETH was liquidated on BitMEX. Seven hours later, nearly $ 2.5 million continued to be liquidated. The total liquidation value was recorded at $ 11 million, while the total liquidation purchased was only $ 594k.

    Trading Ethereum with a premium of 500% on Grayscale

    Grayscale's Ethereum Trust (ETHE) reached a premium of 465% a few days after the spot price climbed to its highest level. ETH's spot price reached a new yearly high ($ 289) on February 15, 2020. Ten days later, the market price of ETHE per share increased to $ 143.75, possibly due to demand. from institutional investors.

    With a premium of 465%, 1 ETH is worth up to $ 1,518. This unusually high premium, especially considering yesterday's collapse, led to the belief that institutional investors are taking a big leap forward in digital currencies.

    News van crypto 28.2 ETH 2

    Source: Grayscale

    ETC news

    In one call online developer core ETC on February 26, the community decided to carry out the Phoenix upgrade, replacing the previously announced Aztlán & Phoenix upgrades, and it will be migrated to ” last call ".

    When Phoenix is ​​moved to “accepted”, this upgrade will be set to activate on the ETC main network on block number 10,500,839, which is expected to occur around June 10, 2020.

    The final client versions for this upgrade will be announced soon by the respective client development teams

    Ripple news

    In episode 19 of 'Ripple Drop', David Schwartz, CTO of blockchain company Ripple, mentioned a lot of improvements to XRP Ledger. According to him, XRP Ledger has changed drastically over the past 9 years.

    (embed) https://www.youtube.com/watch?v=EUa7_uCkl0M (/ embed)

    Ripple SBI partner cooperates with Fukushima

    The remittance service provided by RippleNet, SBI Remit, has made an announcement co-operate with Fukushima Bank. From now on, Japanese banks in this area will be responsible for handling all of the company's international money transfer services.

    SBI Remit stated that they are interested in adopting new technologies, including Ripple's distributed ledger technology. This makes it more convenient and safer to transfer money.

    The partnership with Ripple has allowed Thai citizens residing in Japan to make cross-border payments almost instantly between the two countries.

    News Huobi

    HUSD is a relatively small stablecoin, although it saw an increase in activity in 2020. Earlier this month, many people were surprised to see the $ 5 million HUSD minted at the exchange. Exchange tokens have performed very well in 2020 so far, so some exchanges have decided to go one step further by increasing the presence of stablecoins.

    According to the Whale Alert report, another 1,300,000 HUSD has been minted today and will soon enter the market. While not enough to impact the cryptocurrency market, it clearly signals to investors that Huobi is trying to seriously jump into the stablecoin battle.

    Coinbase news

    Coinbase has tested the Clearview AI facial recognition technology as reported by BuzzFeed News. However, Coinbase has denied that testing involves customer data.

    Controversial software has become a topic of scrutiny since a New York Times article revealed the company's database with more than three billion images, scanned from websites and platforms. social media without the consent of the user or the publisher.

    Clearview AI has been threatened by the legal actions of several companies and platforms, including Facebook, Google and Twitter.

    Although Clearview CEO Ton That Hoan, an Australian Vietnamese-Vietnamese engineer, has previously declare that the software is only deployed with law enforcement agencies – and its business is focused on the United States and Canada – an anonymous source that reveals the entire customer list with thousands of entities from 26 countries.

    News XTZ

    Tezos had a monstrous and seemingly unstoppable protest. It has reached the top 10 assets after rising more than 200%.

    Much of the driving force behind Tezos has been driven by the fact that it generates passive income for investors involved in staking or trusting Tezos.

    A recent increase in XTZ trust on Coinbase Custody can tell it all.

    According to the data, the trust continues to expand. This shows that whales have bought XTZ's recent decline right from retail investors so they can increase the amount of trust on the platform.

    Binance news

    Binance has partnered with the public blockchain protocol Shyft Network when it is ready to comply with the regulations of the International Financial Task Force (FATF).

    Shyft Network is designed to provide a decentralized solution for players in the cryptocurrency industry to implement global compliance standards, including FATF travel rules.

    In a statement on February 27, Binance compliance director Samuel Lin say, before the Shyft Network came along, there was no infrastructure where companies could adhere to the new FATF rules.

    Meanwhile, Binance has released Web version of peer-to-peer trading platform (P2P). Users can now buy and sell a variety of cryptocurrencies directly in Chinese Yuan (CNY), Vietnamese Dong (VND) or Russian Ruble (RUB) with zero transaction fee.

    News THETA

    On February 14, THETA price broke out of a descending resistance line and reached a high of 1,807 satoshi. It has been decreasing ever since.

    Trader Income Sharks outlined the THETA chart that revealed that the price has reached its target to increase by 16%. However, he believes that prices can continue to rise further.

    News LTC

    Litecoin is becoming a mainstream trend in Korea through relationships co-operate between Litecoin Foundation and MeconCash. The reason is because Korean citizens can now withdraw money in Korean won (KRW) at more than 13,000 ATMs in Korea.

    MeconCash is integrating cryptocurrencies into its M.Pay platform, allowing LTC owners to send overseas remittances to Korea from abroad and access cash quickly. LTC users will also be able to buy products on MeconMash of MeconMash and pay for mobile games with M.Pay to receive rewards.

    The partnership plans to provide more services in the future.

    KuCoin news

    KuCoin's margin trading platform has added the following assets and trading pairs:

    • New margin assets: ZEC, XTZ, DASH, ETC
    • New loan assets: ZEC, XTZ, DASH, ETC

    Other news

    Revolut will provide crypto in 50 states

    Revolut is coming to smartphones with a range of cryptocurrencies before tax day. Just mobilize At $ 500 million on a valuation of $ 5.5 billion, Revolut is one of the largest fintech in Europe.

    Revolut has worked well in Europe. On its home turf, it allows users to buy and sell BTC, ETH, LTC, BCH and XRP for one of 29 fiat currencies. Revolut is expected to begin offering similar services to its customers in all 50 US states.

    Blockchain Technology Partners reveals smart contracts on Amazon AWS

    Now customers can integrated smart contracts on the Amazon Web Services quantum ledger database (QLDB), thanks to technology company Blockchain Technology Partners (BTP).

    BTP has revealed the general availability for its DAML integration, accessible via the Sextant platform for DAML, allowing Amazon QLDB workers to exploit smart contracts on the platform.

    Prior to the launch of Amazon QLDB, STP's Sextant for DAML was proud of its compatibility on Hyperledger Sawtooth and related database services of AWS, Amazon Aurora.

    Amazon QLDB caters to people who want to build on an immutable ledger but are not necessarily decentralized.

    Annie

    Bitcoin Magazine

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