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Chainlink price booms for third weekend in a row

Chainlink, a decentralized price oracle, keeps rising on the weekends.

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The Link Marines have won the battle but not the war. Chainlink, the decentralized price oracle whose hardcore fans number in the thousands, has increased by 10% in the past 24 hours to its current price, $15.59.

A successful skirmish from the basement battalion, and now the third weekend in a row where Chainlink has dramatically increased in price. But before traders celebrate with too much fervor, remember that last week Chainlink almost hit $20, before falling suddenly on Monday. It’s been on a downward trend ever since. Consider this most recent price hike like a boxer smiling up at his opponent, his gumshield still matted with blood.

Still, now the price is back up, the sky’s the limit—the next gong to hit, however, remains $20, which Chainlink has not yet managed to surpass, despite Barstool Sports CEO Dave Portnoy relentlessly pumping the coin this past week before getting out of the crypto game yesterday, calling Link Marines “weak”.

Chainlink is the fifth most popular cryptocurrency by market cap after Bitcoin, Ethereum, XRP and Tether. It really only rose to prominence this summer after it got swept up in the DeFi (decentralized finance) boom. Traders pour another $1 billion into its protocols almost every week.

As a decentralized price oracle, Chainlink ensures that real-world information, like readings from a thermometer, makes its way to decentralized protocols in a trustless manner. The way Chainlink is set up incentivizes its miners not to make up false information.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

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Ethereum appeared to form a strong region of demand around the $500-zone, a bullish development for the crypto’s long-term outlook. In fact, ETH has been climbing steadily over the past few days, something that could be bullish for a part of the altcoin market. And yet, taken individually, some of these coins had a short-term bearish outlook.

Bitcoin SV formed a bear flag, while Maker and Ethereum Classic appeared to exhibit a divergence between its recent gains and trading volume.

Bitcoin SV [BSV]

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Source: BSV/USDT on TradingView

BSV was forming a bear flag, with the ascending channel representing the flag of the pattern and being formed on the back of falling trading volume.

The level at $172 has acted as strong resistance in recent months, with BSV struggling to flip the level to support since losing it in early September.

The short-term momentum was bullish, with the coin forming a series of higher lows over a lower timeframe. If a trading session closes above $177 in the coming days, the bear flag would be invalidated.

A break to the downside on the back of strong volume would see BSV drop to as low as $150.

Maker [MKR]

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Source: MKR/USDT on TradingView

MKR has ranged between $555 and $500 for the better part of November, with a brief breakout to touch $650 facing immediate resistance from the market’s bears.

The momentum was neutral for MKR, and the RSI stood at 50. The 20 SMA (white) dipped sharply under the 50 SMA (yellow), as can be expected from the volatility of the previous week.

It is possible that MKR can rise as high as $555, but it is more likely that MKR would oscillate between $550 and $500, as it has in recent weeks.

Ethereum Classic [ETC]

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Source: ETC/USDT on TradingView

The Fibonacci Retracement levels showed likely places of support for the price. ETC wicked down to the 61.8% retracement level, and even dipped as far down as the $5.59-support level.

Since then, the price has ground its way north on the back of falling volume. While the volume has been greater in comparison to the accumulation phase before 16 November, the volume paled in comparison to the volumes of the previous week.

Hence, while the MACD formed a bullish crossover under zero, the level of resistance at $6.42 and the 38.2% retracement level at $6.5 can offer stout resistance to ETC’s advances and push it back down towards $5.74 in the coming days.

Source: https://eng.ambcrypto.com/bitcoin-sv-maker-ethereum-classic-price-analysis-29-november

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Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

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Bitcoin has a way of surprising people. This week was no exception. A few days ago, almost everyone believed that the cryptocurrency is inevitably headed to a new all-time high. And how could they not? BTC was trading at a few hundred USD below the record from back in 2017. Unfortunately, things took a turn for the worst.

Yesterday was undoubtedly a bad day for bitcoin as it plunged a total of around $3,000 in less than 24 hours. From a high of about $19,500 down to $16,200, the bears poked and showed their faces. The entire market lost around $80 billion of its capitalization as altcoins actually had it worst.

During the market dive, Bitcoin’s dominance actually increased, showing that not only altcoins failed to hold their ground, but they dropped harder than BTC. Since then, there has been a slight recovery and at the time of this writing, the primary cryptocurrency is trading at around $17,000.

The move was seemingly propelled by the news that US regulators might seek to require identity verification from crypto wallet providers. Coinbase’s CEO, Brian Armstrong, commented on the matter, expressing his worries that if the new rules are implemented, they would be rather harmful to the users and the industry, in general.

At the same time, the popular cryptocurrency exchange OKEx opened withdrawals for the first time since they were shut down around a month ago, which might have prompted users to cash out the profits that they have been sitting on. In fact, CryptoPotato reported that around $500 million were withdrawn from the exchange as the crash started to take place.

In any case, the results are here, and it remains particularly interesting to see where will bitcoin go from here.

Market Data

Market Cap: $512B | 24H Vol: 181B | BTC Dominance: 62%

BTC: $17,132 (-7.98%) | ETH: $516.86 (+1.71%) | XRP: $0.56 (+74.08%)

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternative. Data shows that users withdrew a total of 29,300 BTC from the popular cryptocurrency exchange OKEx right after it resumed full functionality. This happened just as bitcoin plunged $3,000 in a matter of 24 hours. The exchange also resumed the withdrawals a day earlier than announced and during the Chinese trading hours.

Bitcoin Black Friday 2020: The Sales You Better Not Miss. It’s the end of November, and with this comes the long-anticipated shopping season. For many, this is a time to enjoy massive sales. We’ve taken the liberty of listing a few sales within the cryptocurrency field that aficionados might find interesting.

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version. Libra, Facebook’s long-awaited cryptocurrency project, might be set to launch in early 2021. However, the version that’s potentially hitting the market is scaled-down and specifically intended to abide by the regulations of Switzerland’s FINMA.

Research Suggests Satoshi Nakamoto Launched Bitcoin From London. New research shows that activities associated with Satoshi Nakamoto from 2008 and 2010 might have taken place in London when Bitcoin’s network went live. This brings the experts a step closer to identifying who’s behind the legendary pseudonym.

6 Possible Reasons For Bitcoin’s $3,000 Daily Price Crash. Bitcoin went through a massive crash two days ago when it lost around $3,000 of its value in a sudden red candle. These are six reasons for which this may have happened and a brief outline of what might be next to come.

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration. Brian Armstrong, the CEO of the leading US-based cryptocurrency exchange Coinabse, has said that he’s worried about the rumored regulations concerning third-party wallet providers having to identify their users. He said that this might harm users and the entire ecosystem.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Stellar Lumens – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoin-temporary-correction-or-no-ath-this-year-the-crypto-weekly-market-update/

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Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

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  • The San Francisco-based payment protocol has filed a document on Friday with the US Securities and Exchange Commission (SEC). It reads that Ripple Labs has entered into an agreement with MoneyGram, which entitles Ripple to sell up to 4,000,000 shares of common stock.
  • Ripple’s option to sell these shares will expire “upon the earliest of March 31st, 2021, the time at which the maximum amount shall have been sold, or the occurrence of certain other customary events affecting the issuer.” 
  • CryptoPotato reported last year that Ripple and MoneyGram announced a strategic partnership. The initial term of the agreement was for two years. Ripple had agreed to provide a capital commitment amounting to $50 million in exchange for equity through the two-year period.
  • As per the SEC filing, Ripple owns 6.22 million shares of the giant money transfer company (or 8.6% of shares outstanding). However, the blockchain company has a warrant to buy up to another 5.95 million shares, amounting to a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding).
  • With the initial investment in 2019, Ripple purchased the MoneyGram shares at 4.10 per stock, which was a significant premium to the market price. 
  • Nevertheless, MoneyGram’s stocks (MGI) have surged in 2020, closing Friday’s session at $7.42. As such, Ripple can cash out with an 80% profit, despite the initial premium.
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Source: https://cryptopotato.com/ripple-plans-to-cash-out-33-of-its-moneygram-stake-with-a-significant-profit/

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