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Ethereum whales move $530M as staking on deposit contract gains steam

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It has been a good few days for crypto-proponents. Not only Bitcoin, the world’s largest cryptocurrency, surged to height unseen since the heydey of the bull run, but the market’s altcoins have rallied too. Ethereum, the world’s largest altcoin, was among the cryptocurrencies to surge on the charts, with ETH climbing over $500 yesterday.

However, dramatic price movements often are an invitation for whales to move funds around. According to data compiled by Whale Alert, within few hours of the aforementioned breach, some of the market’s ETH Whales moved over $530 million worth of ETH between unknown wallets.

In fact, the said funds were moved in a series of consecutive transactions, each amounting to somewhere between 60K and 80K ETH. At the time of writing, ETH was valued at $512, its highest price level since June 2018, and many analysts have predicted that ETH is only going to rise further. Ergo, more whale movements can be expected.

Ethereum’s price movement comes at a good time for the community, especially since until recently, it seemed that the deposit contract was getting filled at a rate slower than expected.

In fact, as reported by Dune Analytics, there is now over 180K worth of ETH in the deposit contract, with the last two days seeing deposits of over 40K each.

Source: Dune Analytics

Considering the opportunity cost of staking ETH 2.0 in the deposit contract, ETH Whales were always expected to begin staking closer to the deadline of 24 November. One might argue that the aforementioned ETH transactions had something to do with this, especially since the deposit contract has now met 33.85% of its target.

In fact, in light of the capital being unlocked from Uniswap earlier, data from Nansen suggests that Whales might have withdrawn a significant amount of ETH from Uniswap pools to send it to the ETH 2.0 deposit contract.

The same was pointed out by developer Anthony Sassano who tweeted that a huge amount of ETH had been staked in the last 24 hours.

As these recent developments suggest, the community can expect a huge amount of ETH to be sent to the deposit contract again in the next few days. As was seen with ETH withdrawals from Uniswap, it is likely that other protocols may see an exodus of ETH as well as users that were waiting for the last possible moment to stake their ETH begin to do so.

Source: https://eng.ambcrypto.com/ethereum-whales-530m-deposit-contract

Blockchain

Litecoin price prediction: LTC to fall towards $57 ahead?

TL:DR Breakdown Litecoin price prediction expects a possible fall in price. Strong resistance found at the $76 level. Strong support found at the $68 level. The Litecoin price prediction by Vince Prince shows that the LTC price will eventually fall to the $57 level. The cryptocurrency observed a descending trend on the 27th of November. […]

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TL:DR Breakdown

  • Litecoin price prediction expects a possible fall in price.
  • Strong resistance found at the $76 level.
  • Strong support found at the $68 level.

The Litecoin price prediction by Vince Prince shows that the LTC price will eventually fall to the $57 level. The cryptocurrency observed a descending trend on the 27th of November. Bitcoin price is still shaky amidst the new market movement marking uncertainity in altcoin market as well.

1-Day Litecoin price analysis

The LTC price was marked at $68.86 at the time of writing. The cryptocurrency rose to a day’s high of $73.67, while it fell below the $66 mark in the evening and approached a day’s low of $65.38. The overall trend by LTC on the 27th of November was bearish.

Litecoin price prediction: Fall to $57 ahead?

We can see that the cryptocurrency in ascending inside an up-channel and the analyst suggested that the cryptocurrency will see a pullback from the upper boundary and fall towards the lower boundary of the ascending channel.

The cryptocurrency had crossed an important descending trend line on the 14th of November, after which it saw major ascending movement on the charts and rose to the upper boundary of the channel. The LTC price was suggested to fall below the midline after seeing a rejection at the upper boundary. On the 26th and the 27th of November, the price has been able to move towards the midline of the channel. The next target price lies near the $56 to $58 range.

Per the analyst, there will be some sideways movement ahead which will follow another fall towards the lower boundary. The price is expected to meet support near the bottom of the channel where the black descending trend line intersects it. This back-up cluster should provide enough support to the cryptocurrency for it to bounce upwards and rise towards the upper boundary again.

What to expect from Litecoin?

The analyst believes that the LTC price will follow the BTC price movements and move towards the $60 mark next, which is where the nearest support level is located.

The technical indicators shows a bearish move ahead, and the cryptocurrency was rejected by the $94 resistance recently. Looking at the chart, we can observe multiple red candles that have caused the price to fall towards the $60 range. The nearest support lies between the $58 to $62 range from here, which was confirmed during the price run from the 15th of November.

What’s next for LTC?

An inverse head and shoulders formation was observed inside a triangle pattern and the price is now expected to ascend towards greater heights. The price is expected to rise above the $250 level as a part of a long-term trade setup.

The inverse H&S is a bullish indicator and the cryptocurrency has recently broken above the 3-year long triangle shown on the chart above. The price is expected to retest the recently broken trend line. A retest of the support will cause the price to fall next before it can see an uptrend. The eventual ascension that the cryptocurrency is supposed to see to complete the inverse H&S pattern will allow the price to rise across the $250 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Breaking Down the Effect of Bitcoin’s $3,000 Drop on the Futures Market

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  • Bitcoin has undergone a strong drop since peaking at $19,500 just days ago
  • The coin currently trades at $17,000 as of this article’s writing
  • Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges
  • This was accompanied

How the Strong Bitcoin Drop Affected the Futures Market For BTC

Bitcoin has undergone a strong drop since peaking at $19,500 just days ago. The leading cryptocurrency currently trades for $17,000, far below the highs.

The drop came in a short period of time, with liquidations pushing Bitcoin dramatically lower in a wave. The issue was that many market participants were overleveraged, meaning that a small correction triggered liquidations and stop losses, resulting in a rapid cascade lower.

Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges.

This was also marked by a spike in trading volume, of $66 billion on futures exchanges and $7 billion on spot exchanges.

These two data points in tandem suggest that the recent correction marked a needed correction in the Bitcoin market to ensure that derivatives players were not getting too far overleveraged.

After the strong correction, the funding rates of top Bitcoin futures markets have reset. The funding rate is the rate that long positions pay short positions on a recurring basis to make sure the price of the future stays in line with the spot market.

According to ByBt, a crypto derivatives tracker, the funding rates of most leading exchanges have reset to the baseline of 0.01% per eight hours. Further, on OKEx in particular, the funding rates of many pairs have actually trended into a negative region, suggesting an increasing number of short takers.

Bitcoin may revert higher if there continues to be low and even negative interest rates and if consolidation takes place.

Par for the Course

Many say that this correction is par for the course in that it should be expected.

Bob Loukas, a long-time Bitcoin investor and macro analyst, recently pointed out that the previous bull run was punctuated with drawdowns similar to the one taking place now:

“Most have a short memory. Remember in Jan 2017 just shy of #Bitcoin ATH’s, boom 34% decline. The 2 months later a sharp rally, new ATH’s, and double boom 34% decline. Never a one way street.”

Countless others in the space have corroborated this, arguing that it is actually healthy for bullish markets to pull back.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k

Source: https://bitcoinist.com/breaking-down-the-effect-of-bitcoins-3000-drop-on-the-futures-market/?utm_source=rss&utm_medium=rss&utm_campaign=breaking-down-the-effect-of-bitcoins-3000-drop-on-the-futures-market

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Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

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  • Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
  • Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
  • CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins. 
  • The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
  • Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
  • Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
  • In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.

Featured Image Courtesy of AlJazeera

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Source: https://cryptopotato.com/facebooks-libra-could-reportedly-arrive-in-january-2021-in-a-scaled-down-version/

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