Bitcoin [BTC] rigging: Department of Justice initiates probe into alleged price manipulation by Bitfinex and Tether during 2017 rally

Tether and Bitfinex have been under US Securities and Exchange Commission [SEC] and Commodity Futures Trading Commission [CFTC]’s radar for a very long time in relation to Initial Coin Offering [ICO] scams and market manipulation, but nothing concrete was ever established against them. As new findings come to light, according to a report by Bloomberg News, three people familiar with the source claim that CFTC and federal prosecutors are looking into price manipulation of Bitcoin, which is interconnected with Bitfinex and Tether – a popular stablecoin.
It is well-known that Bitfinex and Tether work together as they share the same management team and they have been steeped in rumors surrounding Tether and whether it is actually pegged by the USD in a 1:1 ratio.
The Justice Department’s probe is focused on the exponential rise of Bitcoin’s price last year and if it was purely based on public and investor demands. The sources close to the matter also said that the Justice Department was looking into how Tether creates new coins which enter into the cryptocurrency market and mostly through Bitfinex.
According to Bloomberg, the probe by the Justice Department takes a closer look into the allegations made in a paper authored by John Griffin and Amin Shams.
The paper, ‘Is Bitcoin Really Un-Tethered?’, claims:
“Purchases with Tether are timed following market downturns and result in sizable increases in Bitcoin prices. Less than 1% of hours with such heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies.”
The research, a 66-page long analysis, further added that USDT was used buy BTC at important market positions [when it nosedived], helping it “stabilize and manipulate” the token’s price.
John Griffin, a finance professor from the University of Texas, who has a 10-year track record of spotting financial fraud, declined to comment on the matter when asked whether he was questioned by the government officials, Bitfinex’s CEO J L van der Velde disregarded the findings of the paper.
Tether has tried several times in the past year to clear the air regarding its peg to the USD. Tether recently confirmed that it had established a banking relationship with a bank based in the Bahamas and the latter issued a letter confirming the portfolio value of Tether at $1.8 billion.
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Source: AMB Crypto

EOS, Tron [TRX] cumulatively contribute 82% of all cryptocurrency transactions

Despite a bearish and sideways market, cryptocurrency transactions seem to be on the verge of reaching the previous all-time high. As per the data obtained from Blockchain center, the total on-chain transactions for all cryptocurrencies exceeded 522.119 million and the total number of active users for these transactions add up to 1.357 million.
Source: Blockchain Center
EOS has the most number of transactions as compared to any other cryptocurrencies, even exceeding that of Ethereum [ETH] and Tron [TRX]. The total transactions of EOS as of today is approximately 350.30 million. These transactions are coming from a total of 41,457 active addresses.
The transactions on EOS network peaked at 468.08 million in the second week of August 2018 and has since declined to 350 million. When compared to the big picture, EOS’ transactions are coming from a mere ~3% of the total active users.
Source: Blockchain Center
Tron follows EOS and has ~78.543 million transactions, which is the highest number of on-chain transactions that Tron blockchain has ever witnessed. As compared to EOS, the total number of active addresses for Tron are almost halved, i.e, 21,211.
Source: Blockchain Center
 
Bitcoin’s total transactions in the year 2018 peaked at 24.25 million in the second week of January 2018 and are currently hovering at 17.08 million, but Bitcoin’s total active addresses far exceed that of EOS’ or Tron’s, coming up to 681,779.
Source: Blockchain Center
Ethereum has a total of 33.27 million transactions as of November 11, which is contributed by a total of 247,671 active addresses. Ethereum’s on-chain transactions peaked at 71.48 million in the second week of January 2018 and have since declined.
Source: Blockchain Center
XRP’s transactions have come down to 17.99 million transactions, which are one-quarter of XRP’s peak number of transactions i.e., 72.05 million. The total active addresses as of today add up to 6,924.
Source: Blockchain Center
In conclusion, Tron and EOS together have about 4.5% of the total number of active addresses, while still contributing 82% of all the cryptocurrency transactions.
Bitcoin and Ethereum together contribute a mere ~9.5% of the total transactions but have a cumulative active address contribution of ~68%. EOS contributes up to 67% of the total number of transactions on the blockchain while Tron contributes to 15% of the total transactions. To sum it all up, EOS and TRX control 82% of all the transactions which come from only 4.5% active addresses.
A Reddit user tsMQ commented:
“If only 3% of active addresses is making that many transactions imagine when we hit 10% maybe 15% we will be blowing them out of the water for transactions per 24 hours and usage per user which is what we want, users using their coins/resources not just bag holding and watching the price drop.”
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Source: AMB Crypto

Litecoin [LTC] suffers 6% price slip as markets go on a downward spiral

Litecoin [LTC] has slumped 6.18% in the 24-hour time frame, as most cryptocurrencies suffered a strong attack from the bear over the last week. The cryptocurrency market, in general, has been sliding downwards ever since the start of 2018, and it doesn’t come as a shock to see Litecoin and other dominant cryptocurrencies like Bitcoin [BTC], and Ethereum [ETH] falling down as well.
Litecoin, which was trading at $42.68 earlier, has slumped down 6.18% and was trading at a depreciated price of $39.99 at the time of writing. The market cap of Litecoin also fell down by $160 million and is currently at $2.36 billion.
As seen on the one-day chart, the price of Litecoin on November 18 pretty much stayed the same and moved sideways.
The price of Litecoin, which started trading at $42.68, took a steep downward slump at 06:34 UTC on November 19, bringing the prices down to $41.20.
Source: CoinMarketCap
On the seven-day time frame, the prices seem to have suffered a much more traumatic experience as compared to the one-day time frame. Litecoin was trading at $51.22 on November 12, until the ground below the prices collapsed, causing the prices to dip, first to $41.92, then to $40.78.
Source: CoinMarketCap
The total trading volume for Litecoin was $372.29 million and most of it came from Coinbit, which contributed 37.06% of the total trading volume i.e., $248.80 million. Coinbit is a Korean exchange and the volume comes from the trading pair LTC/KRW.
DOBI Trade follows Coinbit and contributes 13.12% of the trading volume. The total trading volume was contributed by LTC/BTC pairing.
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Source: AMB Crypto

Cardano [ADA] 1.4 update to be released by end of November or early December

Cardano’s Charles Hoskinson, the CEO of IOHK did an AMA [Ask Me Anything] on YouTube on November 17. He spoke about the upcoming 1.4 and Shelly update for Cardano 1.4.

Hoskinson said:
“The update 1.4 for Cardano is coming along well and we’re in regression testing right now. We’ve had a few regressions but nothing significant is found yet and it’s a lot of new code. There has been a huge amount of refactoring on the core, and we’ve found new database solutions, so we’ve gone from lots of storage to little storage and become much more efficient.”
He continued saying that the biggest development that has happened is in the wallet backend. Moreover, Hoskinson confirmed that it was the first piece of formally verified code that they’ve had.
Hoskinson further confirmed that the development cut-off was a few weeks ago and that they were working their way through the QA which is being led Alan McNicholas, the head of the QA department at IOHK and his team.
Hoskinson stated:
“The update won’t be taking much longer, I’d say a few more weeks and hopefully we should have the update 1.4 release by end of November or early December. And it’s the most significant update we’ve ever made to the Cardno ecosystem.”
The Cardano 1.4 update is the foundation for the new wallet’s backend. Hoskinson had previously explained that the current Cardano SL code was never meant to be something that is long-term. He also mentioned that the existing code will be heavily changed and refactored to drop dependencies and make architectural changes.
Charles Hoskinson added:
“After the 1.4 update, every update is going to be Shelley related so the first major update will be basically some new code for Ouroboros BFT and that’ll get us all aligned up so that we can start moving towards some variant of Ouroboros.”
He said that there were five different teams that were using the test implementations of Ouroboros in different capacities and that they’ve published a paper on e-print for Ouroboros.
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Source: AMB Crypto

Tom Lee: Bitcoin [BTC]’s dip below break-even point will see cryptocurrency hit only $15,000 by EoY

Tom Lee trimmed his Bitcoin end of the year [2018] prediction down to $15,000 from his earlier prediction of $25,000 in a statement recently. Bitcoin is among the cryptocurrencies that took a massive hit due to the recent sell-off that was set-off by the contentious arguments on Bitcoin Cash fork.
Thomas Lee aka Tom Lee is the co-founder of Fundstrat Global Advisors and is one among the people who are known for their wild predictions on Bitcoin [BTC].
Tom Lee explained that this new prediction came as a result of Bitcoin dipping below the ‘break-even” point. Break-even point is the level where the mining costs are equal to the trading price. According to Fundstrat’s data science team, the break-even point has come down to $7,000 as compared to the earlier break-even price, which was predicted to be $8,000. These tests were conducted on Bitmain’s S9 miners.
Based on the break-even price, Tom Lee re-predicted the price that Bitcoin might hit at the end of the year.
He stated:
“While bitcoin broke below that psychologically important $6,000, this has lead to a renewed wave of pessimism, but we believe the negative swing in sentiment is much worse than the fundamental implications.”
Lee said the recent double-digit crash of most cryptocurrencies like Ethereum [ETH], XRP and Bitcoin were triggered by “crypto-specific” events. The most obvious crypto-specific event was the “hash wars” which was due to the forking of Bitcoin Cash to Bitcoin ABC and Bitcoin SV.
Lee first predicted the price of Bitcoin would reach $25,000 by the EoY on July 5, 2018, which sent shockwaves and speculations in the crypto community.
Lee’s had said:
“Bitcoin has historically traded 2.5 times its mining cost, so it’s not out of the question that it could be $20,000 by the end of the year.”
The current price of Bitcoin is $5,530, and for it to reach $15,000 by the EoY, the price has to rally by an excess of 171.24%. The recent sell-off has caused the market cap of Bitcoin to collapse below the $100-billion line and is currently at $96.12 billion.
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Source: AMB Crypto

Lightning Network’s capacity increase by 167% in a month; Network’s collective capacity is now worth $1.64 billion

Lightning Network has gained widespread adoption as the number of nodes on the network have reached 4,073 and the total network capacity [at the time of writing] has reached $1.64 million [281.07 BTC].
As per the data obtained from 1ML, the total number nodes currently up and running on Lightning Network have reached 4,073, which is the highest since its inception. Off the 4,073 nodes, 2,947 are public nodes and the total number of channels created for these existing nodes altogether is at a staggering 12,511 with an average of 12.6 channels per node.
This is an important milestone for Lightning Network because as per the statistics it can be inferred that the Lightning Network holds a total of $1.64 million worth of Bitcoin. The network capacity has increased by a massive 167% in the past 30 days.
To make matters more interesting, this growth of Lightning Network was seen in the past four months [138 days]. Considering that Lightning Network was introduced only a year and a half back this is an exponential increase in the adoption of the network.
Lightning Network is a process of transacting and settling payments off-chain so as to reduce the transaction times and drastically lower transaction fees. Lightning Network is a”second layer” payment protocol that operates most commonly on Bitcoin. It creates nodes between transacting parties to make the payments faster. Lightning Network was introduced to solve Bitcoin’s scalability problems.
A Twitter user @DRIVEMarkets tweeted:
“Lightning network growth has exploded in the last week. Over 224 BTC is now held on Lightning Network channels.  From $649,000 to over $1.2 million in under 5 days.”
Source: Twitter
It must be noted that statistics from 1ML are aggregated and calculated from multiple nodes within the Lightning Network. Due to the decentralized nature of the Lightning Network, the numbers observed are approximations and nodes that don’t broadcast their state are not included.
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Source: AMB Crypto

Stellar Lumens [XLM/USD] Technical Analysis: Bulls have the eyes of tiger in them

Stellar Lumens has resurfaced by 4.73% in a 24-hour time frame after the crash, while the other cryptocurrencies including Bitcoin [BTC], Ethereum [ETH], and XRP are struggling. XLM is currently trading at $0.2427 with a market cap of $4.59 billion. The trading volume has reached $110.79 million a majority [~36%] of which is contributed by Binance.
1 Hour

The uptrend for Stellar ranges from $0.2173 to $0.2454, while the downtrend spans from $0.2856 to $0.2510. The price has broken two supports at $0.2531 and $0.2301 and has set up a support at $0.2173. New resistance points set up at $0.2413 have been broken by the price on November 15, 23:00 UTC. Resistances are also set up at $0.2597, $0.2747 and $0.2858.
The Parabolic SAR shows a bullish trend occurring as the markers are below the price candles.
The MACD indicator is showing a bullish trend in play as well, with the MACD line crossing over the signal line. The histogram is covered with green bars indicating a bullish presence in the market.
The Awesome Oscillator spikes are forming above the zero line, which indicates that the short-term trend momentum is higher than the long-term long momentum indicating a bullish buying opportunity.
1 Day

The one-day chart shows a small uptrend ranging from $0.2227 to $0.2413, while the downtrend is spread from $0.4305 to $0.2775. The support points at $0.2227 and $0.17668 are holding strong and so are the resistance points at $0.2813, $0.3336 and $0.3693.
The Bollinger Bands are undergoing an expansion indicating that the volatility is being injected into the market. The prices, however, have dropped after touching the upper limit and are currently bouncing on the simple moving average.
The Aroon Indicator is giving out mixed signals as the Aroon up and the Aroon downlines have both hit the 100 line and are moving down in unison and in a parallel fashion.
Stochastic Indicator has undergone a bearish crossover after hitting the overbought ceilings.
Conclusion
The one-hour chart has indicators showing a strong bullish opportunity indicated by SAR, MACD and the Awesome Oscillator. In the larger time frame i.e., the one-day chart shows mixed emotions as indicated by the Bollinger Bands and Aroon indicators. The Stochastic, however, is showing clear bearish signs.
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Source: AMB Crypto

Bitcoin [BTC] has served its place in the market says Stellar’s first Head of Growth

Recently, Tammy Camp, the co-founder of Stronghold and the first Head of Growth at Stellar gave her opinion on cryptocurrencies and compared Bitcoin [BTC] to Friendster, a social media website; Ethereum [ETH] to MySpace and Stellar to Facebook.
Tammy Camp, in the interview with Breaker, she compared Bitcoin to Friendster because it was the first of its kind in the space as it got everybody’s attention. She further added that the transaction time for Bitcoin is very slow as compared to Ethereum or Stellar. She continued:
“Bitcoin does not crash and it is very stable, but the downside is you can only do three transactions per second and then it takes up to an hour for it to confirm. Bitcoin has served its place in the market. And it’s not that it’s a bad solution; it’s just not scalable for payments.”
She continued to talk about her analogy and then compared Ethereum to MySpace as Ethereum is very popular among developers and is faster than Bitcoin in terms of transactions. Since Ethereum paved ways for smart-contracts, there have been many more blockchains built on top of Ethereum’s using these contracts.
To conclude her analogy she compared Stellar to Facebook and weighed in by stating:
“Stellar is actually more scalable and secure than any product. And you can do 3,000 transactions per second, and 300,000 transactions with fees costing less than one penny. And the confirmation times are three to five seconds, so you can actually use it at Point of Sale [PoS].”
Tammy Camp, got into cryptocurrencies while graduating from Singularity University, and started building mining rigs for a short duration of time. She later went on to become the first Head of Growth at Stellar.org.
She also co-founded the Stronghold, a digital asset exchange network/platform that represents Bitcoin, Ethereum and Stellar Lumens on the Stellar Network. A stablecoin called Stronghold USD was developed in partnership with IBM blockchain.
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Source: AMB Crypto

0x [ZRX]’s price ascends by 7.2% while other cryptocurrencies struggle to stay afloat in the massacre

0x is ranked 26 largest cryptocurrencies by volume and has been gaining a lot of traction due to the active and responsive team behind the project.
At the time of writing 0x was soaring by 7.2% with a total market cap of $324.1 million, while cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], XRP are struggling to climb out of the enchanted bear-urn. The cryptocurrency is currentlytrading at $0.5932 with trading volume at $15.29 million.
Source: CoinMarketCap
0x is steadily gaining momentum as it keeps hitting higher highs. The price peaked at two points [$0.5975 and $0.5980] on November 16.
0x is an open protocol that provides a peer-to-peer exchange of digital assets on the Ethereum blockchain. In a recent blog post published by 0x team updates the development happening in the project. The Counterfactual project received an update, as the 0x teams [L4] have collaborated with teams from Prototypal, Celer, and Magmo.
Counterfactual is an open-source project that moves blockchain applications off-chain using “State Channels”. They aim to increase performance and scalability by moving it off-chain. The team wants to set a standard in the community for the foreseeable future for all Dapp developers to use the existing framework provided by Counterfactual to quickly build scalable apps on Ethereum.
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Source: AMB Crypto

Bitcoin [BTC] can become a major global currency in the future, says Atlantic Financial CEO Bruce Fenton

Bruce Fenton, the CEO of Atlantic Financial, a cypherpunk, and a member of Bitcoin Foundation, spoke about his entry into the cryptocurrency and blockchain ecosystem in a recent interview with Naomi Brockwell.
He explained that the most exciting technology to emerge out of the blockchain technology was Bitcoin, and said that it has the potential to disrupt global money. He further stated:
“Bitcoin, as a currency, has the potential to disrupt global money and become a new major form of money maybe even some sort of global reserve currency. I think that really has very far-reaching impacts. I’m excited about other applications, like from Wall Street, you know tokenization of securities and that kind of thing is pretty interesting as well”
He continued saying that he has invested a lot of his time in Bitcoin and added that Bitcoin or “Bitcoin-like” technology has the power to become a global currency. However, he advised caution as it was still too early to determine what the future would look like.
Fenton said that Bitcoin is probably his most favorite implementation of the blockchain technology, but added that he is fascinated by a lot of projects, which are very risky as well. The crypto enthusiast said:
“In the case of Bitcoin, you could lose everything that you put in, and all of these projects could go down to zero they are very risky so I’m always very cautious about any of these projects.”
The CEO also spoke about other projects that he is interested in, including Ethereum, Ethereum Classic, and Ravencoin. He shared his interest in Monero and MimbleWimble, saying that he was intrigued by the privacy aspects that cryptocurrencies have to offer. Fenton said that he is very active with Ravencoin because of its use-case i.e., tokenization. He commented:
“I co-authored one of the Whitepapers; I have been involved in it and working with community…I think…it’s a very cypherpunk type of project, and it has those aligns incentives as there was no pre-mine or founders shares or developers shares or ICO—- or fundraising of any type.”
Fenton said that he was always interested in free-market economics and emerging technologies due to his job at Wall Street. He added that the merging of technology and economics attracted him to the cryptocurrency community. Fenton explained that in 2012, even though he was in Wall Street, nobody was interested in cryptocurrency until he met Barry Silbert.
 
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Source: AMB Crypto

Monero [XMR] will be ‘cracked down’ by Feds soon, says Nouriel Roubini

Nouriel Roubini, popularly known as Dr. Doom in the crypto-space, recently tweeted stating that cryptocurrencies do not provide anonymity and it is only a matter of time before the Federal Bureau of Investigation “cracks down” on the privacy coin Monero [XMR].
The statement was made in response to an article, which mainly concentrates on a statement made by Peter Szilagyi, a core developer of Ethereum. Szilagyi, in an interview, had stressed about the information that is exposed through the blockchain technology, sometimes in “complex and unpredictable” ways.
Commenting on an article on Coin Desk about how Ethereum reveals user location, Roubini tweeted:
“So much for privacy, anonymity & censorship resistance: there is NO anonymity in crypto. Law enforcement authorities prefer transactions on crypto because it is easier to trace transactions & who is behind them than in banks. Wake up crypto zealots. & Feds will crack Monero too”.
This is not the first time Roubini has showed his dissent towards Ethereum and the Foundation members. The war started when Roubini equated Bitcoin to North Korea and Vitalik Buterin as the dictator. The joust has been going on ever since, with Roubini standing against the very concept of cryptocurrencies.
Nonetheless, this statement, like all his other statements, has riled up the whole community. Some of the members stated that this was the best part about blockchain and cryptocurrency and that this could be used to eradicate corruption.
A user, DogKick commented:
“Exactly why crypto can be such an effective tool at cracking corruption. Imagine if all public spending was this transparent.”
Another user, NimaBeheshtian made a witty remark which said:
“Feds want crypto to succeed. It’s to their best interest to have a system which tracks transactions. The ones who have been involved knew about this 10 years ago hence why the, “BTC is used to hide drug money” was such a stale and ignorant argument.”
Moreover, Roubini also commented on the financial crisis, which is believed to be the next catalyst for the adoption of cryptocurrencies. While most people in the space are propagating that when the economy and governments are going to fail, the predictor of the 2008 financial crisis still believes otherwise. He said:
“I warned about US fiscal issues well before most crypto zealots were born. So I DO NOT join forces with them on this matter. And my view is that fiscal issue will NOT lead investors to go into crypto assets that are worth LESS THAN ZERO”
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Source: AMB Crypto

XLM climbs up on Binance’s list to become the fourth most-traded cryptocurrency

Stellar Lumens has overtaken Ripple’s XRP to become the fourth most-traded asset on Binance. XLM has been consistently on the news last week with a barrage of announcements as it overtook EOS and became the fifth-largest cryptocurrency [by volume].
Source: Trading View
XLM is now the fourth most-traded asset on Binance, just after Bitcoin [BTC], Bitcoin Cash [BCH] and Ethereum [ETH]. However, XLM’s current trading volume on Binance exchange for XLM/BTC pair is $27.21 million, while XRP’s trade volume for XRP/BTC pair is $19.65 million. Moreover, the XLM/USDT trading volume is $12.76 million while that of XRP/USDT is $13.79 million. Cumulatively, the XLM trading volume comes up to $40.33 million while that of XRP is $33.06 million.
Bitcoin Cash [BCH] is currently the number one against the BTC trading pair, with trading volume of $62.29 million, and has a trading volume of $38.99 million with USDT pair. Bitcoin paired with USDT has a trading volume of $62.14 million and contributes a total of 11.40% of the total trades on Binance, while BCH contributes a total of $101.14 million in trading volume which is 18.59% of the total trades.
Ethereum [ETH] has a total of $48.22 million in trade while, which is 8.85% of the total trading volume. The Ethereum ETH/BTC pair contributes $20.054 while that of ETH/USDT contributes $28.16 million.
Stellar Lumens recently overtook EOS, which was at the fifth spot for the longest time. The trade volume of XLM, in a seven-day time frame, increased by an astronomical 125% to reach $121.88 million from a mere $54.07 million, while EOS’ market cap reduced to $4.89 billion.
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Source: AMB Crypto

Litecoin [LTC] was a natural fit for Coindroid game. says cryptocurrency game creator

Litecoin has been trying to expand their reach and has received massive adoption lately, with the latest being used an integral part of the Coindriod game. The cryptocurrency game has raised a lot of eyebrows in the crypto-community due to its creativity and adoption of various cryptocurrencies in-game like Litecoin [LTC], Dogecoin [DGC] and Bitcoin [BTC].
The Coindroid creator Josh, in a podcast, said that he was inspired by SatoshiDice, a Bitcoin game, and decided to develop a game like SatoshiDice, but by taking it further and making it skill-based.
He said that they were researching a lot of cryptocurrencies that would fit the ideas they had for the game. He continued:
“Litecoin just seemed like the natural fit. It’s got a really nice fast block time, great fees, it just made a lot of sense for our game in our in coin droids. And you’re transactions in the game are about 13 – 14 cents, So doing that inside Bitcoin didn’t really make sense for fees perspective, but also 10-minute blocks ends up being almost a little bit too slow for the game”
In a spat between Roger Ver, Jihan Wu and Craig Wright on BCH fork, Charlie Lee weighed in supporting the latter saying:
“Bitcoin Satoshi Vision is the real Bitcoin Cash. Karma’s a BCH”
Litecoin is gaining traction as it is being used for payments at various restaurants across the US. Furthermore, a place called Sendai Sushi is accepting payments in Litecoin.
Lite.IM is a project that was launched by Zulu to enable SMS payments. With Lite.IM Litecoin transactions can be done using Facebook messenger. The integration of Lite.IM allows access to cryptocurrency over 2 billion people on Facebook.
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Source: AMB Crypto

Litecoin [LTC/USD] Technical Analysis: Bulls just don’t have what it takes

Litecoin [LTC] is one of the coins which was hit the hardest by the cryptocurrency massacre that has been occurring over the past 10 months, with the coin recently testing its lowest resistance level at $48.45.
However, the coin seems to be looking for a comeback, as shown by the technical indicators.
1-hour
Source: Trading View
The one-hour graph shows a downtrend evolving slowly from $55.67 to $51.82. Although the uptrend is getting more linear as each day passes, it ranges from $50.71 to $51.27 after which it broke up and ended up at $51.59.
The trend lines indicate that the prices, after a brief journey upside, lost their strength and are spiraling down under the pressure of bears.
The Parabolic SAR shows a bullish trend since the markers have stopped and reversed to the bottom of the price candles.
The Awesome Oscillator indicates the bearish trend is dissipating, however, it is not completely lost since the candles are still being formed below the zero line and are green.
The RSI has crossed the 50 line, indicating a slightly bullish trend emanating since the buyers have slowly taken control of the market.
1-day
Source: Trading View
On the one-day chart, the downtrend is ranging from $177.74 to $55.98, while there seems to be no uptrend in sight in the long-term trend. The support is holding strong at $48.45 while the resistances are not getting tested due to the bear trend holding steady. The imminent resistance is set up at $68.35, while subsequent resistances are set up at $89.02, $125, and $177.74.
The Bollinger Bands are showing a bearish trend while the bands are undergoing a contraction. The prices are holding steady on the exponential moving average, which shows that the market is in a bearish mood.
The Aroon up line has hit the top indicating that the uptrend has reached a maximum strength while the Aroon downline has crossed over to the bottom, indicating that the downtrend line has lost its significance.
The MACD indicator shows an overall bullish trend as the MACD line is undergoing a bullish crossover after the MACD line crossed over the signal line.
Conclusion
The one-hour charts are showing a rather bullish move except for the AO indicator which is still bullish. The one-day chart, however, is showing a bullish as well except for Bollinger band that indicates otherwise.
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Source: AMB Crypto

Ethereum [ETH] network will help countries with emerging economies, says creator of Burner wallet

The release of the new Burner wallet developed by Austin Griffith, Director of Research at GetGitcoin, was announced today, November 10, on Twitter. The open-source project supposedly aims to help drive mass adoption of Ethereum using the xDAI sidechain.
Austin Griffith, a software engineer, and a Bitcoin enthusiast, said that the project would help countries with emerging economies become decentralized using the Ethereum network. He stated in a blog post:
“These emerging markets are where we should focus our onboarding efforts. This is where Ethereum has the most potential to impact the world now.”
He substantiated his aim by noting that it is hard to find important goods in emerging currencies with traditional currencies due to the fact that the value of their currencies fluctuate violently. He further stated that the exchange of value is one of the best aspects of the Ethereum space.
The wallet is called “Burner Wallet” and works using the PoA [Proof of Authority] protocol on the xDAI sidechain to convert tokens from one chain to another. The transaction happens in under five seconds and gas costs are virtually zero. The post quoted:
“One mobile phone can send DAI to another in 5 seconds with a simple QR code scan without any wallet download, this works on web browsers. Users can even send value through messaging services like WhatsApp with a simple link!”
The wallet is meant for transferring or exchanging values in day-to-day transactions because a burner is generated automatically upon visiting the official website “https://xdai.io”. Since the private key is stored in a cookie, it’s not secure, so it is recommended to sweep the remaining cash into a private key and burn the private key.
A Twitter user, Matt Garnet, commented:
“Are the private keys encrypted in the cookie?”
Austin Griffith replied to the comment saying:
“Nope. These are burners. Don’t put very much money in them and burn them when you’re done. It’s all about ease of use.”
The post Ethereum [ETH] network will help countries with emerging economies, says creator of Burner wallet appeared first on AMBCrypto.
Source: AMB Crypto