The working week is coming to an end but yet the relationship between sellers and buyers has not been resolved in the price range of $9,100-9,300. In principle, the situation is natural, as the previous week was quite active and before the movement continuation market participants should recharge. During today and yesterday Bitcoin sellers tried to break through the price range of $9100-9300. Though, as we can see, it ended with two false breakdowns on the 4-hour timeframe.
After the second unsuccessful attempt of sellers, the initiative was intercepted by buyers. Now they begin a new attack with a minimum target of $9,840. It is a very real target which does not imply a global falling trend and it does not require special volumes, because the range from $9,300 to $9,800 is lacking in liquidity and a large number of sellers.
The only reason that can harm Bitcoin buyers is the increased activity of sellers in this range. At the hourly timeframe, we see that during last hour, Bitcoin buyers with relatively large volumes are trying to get out of the yellow price zone. And if we look at the candle closing, buyers will succeed.
Although, the price has not closed on the daily timeframe below $9,100-9,300.
An interesting fact is noticeable in the chart of marginal positions of buyers. In the last 2 days, buyers have confidently closed their positions while sellers tried to lower the price below:
The mood of buyers is not as positive as it was last week.
According to the wave analysis, buyers were only able to touch 0.382 Fibonacci level. Sellers further do not allow to correct the fall wave which began on 26 June:
It is not yet clear whether the current consolidation is preparing for a trend change and breaking the upper blue line, or is there a change in market forces. The critical point of $9,100-9,300 remains neutral. Tomorrow we will see if sellers will be able to change the situation and continue their fall to $8,500.
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Dovey Wan of Primitive Ventures tweeted in a thread about the government of Guangzhou of the People’s Republic of China funding RMB 1 billion (some USD 150 million) dedicated to “blockchain subsidy” for “outstanding blockchain projects”. According to Wan, the project will sponsor two distinct blockchain subsidies per year. These two projects can be either in the public domain or federal based.
Breaking up the usage of funds, Wan said that USD 1.5 million will be invested in a public chain while the federal chain will receive about USD 500,000. About 20 blockchain service companies will all receive a few hundred thousand dollars each and the rest of the money will be used for training in local universities.
An interesting revelation was the compulsion of the public chain to be “without token”. This refers to a blockchain-based system without the usage of cryptocurrencies. While a few regulation issues are prevented by this, the concept of blockchain without token is flawed considering the absence of a model which rewards for miners and nodes of the network which consequently leads to lesser adoption.
Guangzhou’s move to investing in blockchain subsidies comes after Chinese President Xi Jinping endorsement of blockchain. As reported earlier, President Xi Jinping’s endorsement of blockchain technology stirred a resurgence of interest in the domain. The increased Chinese interest in blockchain technology is spurring renewed hype in the industry which had cooled down a bit for a while now.
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Libra Chief David Marcus has claimed that the Anti Money Laundering Standards of the underfire project are superior to any other payment networks on the market today.
Libra Scrutiny Means Its On Track, Says ChiefMarcus is the CEO of Calibra, the corresponding digital wallet of Libra, and previously served as president of PayPal and a member of the Board of Directors at Coinbase. Speaking at the Money 20/20 conference in Las Vegas, he said, “I want to say that the efficacy of sanction enforcing can be much higher on Libra than other payments networks.” He ...
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Bitcoin had another nervy day as Friday approached, with price briefly notching the day’s low at USD 8,954 before quickly pulling its socks up in a frenzied afternoon trading session for Western Europe, to push a new daily high of USD 9,425 (CoinDesk).
Price is now somewhat steady at USD 9,227 as North America tries to make a new direction before the final working day looms for Asia in a few hours. Altcoins are down in general even as Bitcoin makes a tiny move upwards on the day, with Bitcoin SV being the biggest loser, sliding 5.5% amid other mixed fortunes with ETH, DASH and EOS all losing fractions of a percentile, and LTC, BTC and ETC gaining less than 1%.
One big item developing today is the most recent publication by the United States Internal Revenue Service (IRS), which gives taxpayers two new sets of guidelines to follow when paying tax on transactions involving crypto.
One is the Revenue Ruling 2019–24 and FAQs, which will guide readers on identification methods in virtual currency. The other is a new draft for form 1040 Schedule 1, that includes a broad declaration for crypto holdings or trading.
Importantly, the new guidelines differentiate between airdrops (a crypto term for distributing free crypto) and hard forks (that the IRS does not automatically assume to be an airdrop). For now, any person receiving new currencies through a hard fork will be considered to have received them via an airdrop. They are then required to report it to the IRS as gross income.
The other big update in the new guidelines is that the tax agency has finally given clarification on its preferred method of calculation for cryptocurrency. The IRS advises to use what it calls the “specific identification” method. Here, the exact unspent output transaction (UTXO) must be identified, if all the assets occupying wallets owned are sold. This means calculating tax liability based on the sale of the actual Bitcoin UTXO.
Crypto tax lawyer Or Lokay Cohen writes for CoinTelegraph:
“To get a complete and accurate report, taxpayers are encouraged to use the specific identification method. This method is used to track individual units of virtual currency. It is applicable only when individual units can be clearly identified to provide a complete report of crypto-asset movements, including addresses, wallets, exchanges, etc.”
The other news of the day of course is that the Bitcoin white paper marks 11 years since it first made rounds on a cypherpunk mailing list. With such simple terms dominating the milestone document, including “peer-to-peer”, “electronic cash”, “double-spending” and “proof-of-work”, Satoshi Nakamoto innocently unveiling what is still blockchain’s greatest modern solution: solving the Byzantine general’s problem of trust.
Crypto has changed in the decade that has gone, with idealist views and cypherpunk origins now all but forgotten in a slew of corporate drama brought on by the most visible proponents of crypto, such as John McAfee and Anthony Pompliano.
Not that we should begrudge them their success, but that we should always pay homage to Bitcoin’s original ideas and remember that Bitcoin (and some crypto) always intended to be a useful solution, and a timely intervention into a broken system of corruptible finance and banking.
But before we embark down the rabbit hole of sentimentalism, let us quickly take a look at some sentiment views from today’s dip below USD 9,000, which was viewed by some traders as a consolidatory period that was still trying to even out volatility of the week. Many do feel that a fall to USD 8,500 or below would trigger sell offs, and swing sentiment firmly back into bear territory.
However, trader Michaël van der Poppe argues that even if price drops to mid USD 8,000s, the bullish sentiment would still be intact according to an influential 200-day moving average (MA) price. He summarizes:
“Still hanging on the 200-Day MA. Even a retest of USD 8,600 or USD 8,800 wouldn’t be bearish after a USD 3,000 candle. Stuck in this trend, but overall ranging it is.”
Seeing that everyone is getting bearish, is an interesting view on this beautiful morning.
Still hanging on the 200-Day MA. Even a retest of $8,600 or $8,800 wouldn't be bearish after a $3,000 candle.
Stuck in this trend, but overall ranging it is. pic.twitter.com/d4Ym17CZdJ
— Crypto Michaël (@CryptoMichNL) October 31, 2019
If we need reminding, a year ago today, as Bitcoin white paper turned ten, price was below USD 6,600. Still in profit after a year?
Bitcoin Price Analysis: $9,000 Not Enough Support For A Rally But What About $8,800? from Coingape – #BitcoinBTC #BitcoinPriceAnalysis #Coingape #CryptocurrencyNews #PriceAnalysis – Read more at https://t.co/KD6vVBAklO pic.twitter.com/CmQN3Oj8kD
— Criptalk (@criptalk_com) October 31, 2019
Other technical analysts think that the weak USD 9,000 support may not even be the right level to support a rally, while USD 8,800 could very well be. It is argued here that as investors now realizes that false breakouts to USD 10,500 keep happening, Bitcoin needs to find a bottom first before it can go parabolic.
When looking at good old Relative Strength Index (RSI), which is now almost in oversold territory, it becomes obvious that USD 9,000 is not strong enough to push price above USD 10,000. On the other hand, a previous resistance level, USD 8,800, is reached during extremely oversold RSI conditions, could trigger a heavy recovery.
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The Bitcoin network was started in 2009 by Satoshi Nakamoto based on his white paper which he had published a year earlier on 31 October 2008. 11 years later, as we still marvel at the creation of such a revolutionary system and currency, it is important to count the years and see the progress that has been made.
The paper, titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’, was the original title of the cryptocurrency paper that outlined a tamper-proof, decentralized consensus-based P2P protocol that could track and verify transactions securely.
The paper itself came amidst the 2008 global financial crisis that showcased the wide cracks beneath the current financial and banking system of the world. While the subsequent bailout by the US government cleared things up even for a little while, it is important to see how Bitcoin eventually became a disruptive technology that it has become now.
In addition to presenting the idea of a blockchain network, the paper also outlined the role of miners, nodes and other cogs of the decentralized Bitcoin wheel.
Bitcoin price has increased from barely 10 cents to around USD 9,200 in these 11 years after touching an all-time high of USD 20,000 while other factors like hash rate, transaction fees accumulated and the number of stakeholders, have increased exponentially and still increasing to this day.
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The price stop above the upper black wedge trend line continues to intrigue Ethereum connoisseurs. Like the Bitcoin chart, this week was not particularly interesting in terms of Ethereum price movement. As we can see on the daily timeframe, the daily candle has a chance to close with a pin down today. It means that sellers are now too weak to turn the price inside the black wedge. So, the growth continuation to the price mark is now more likely.
At the 4-hour timeframe, we see that sellers are successfully updating the local lows. But to achieve a sharp price break down until they could not. This local falling trend is more like a correction than the dominant movement of sellers.
Ethereum sellers have managed to break the triangle in their favor. However, they have not got the special result and buyers continue to resist.
Though, the mood of buyers is not good. It is evidenced by the chart of their marginal positions:
As we can see the positions are at the top of the trend line of the growth channel. And the current update of the local high does not look so confident.
For all that, sellers continue to feel consistently bad and not for the first time have closed their marginal positions:
The mood of market participants indicates more that the test and the attempt to break $200 should be.
Globally, on the weekly timeframe quite small volumes and quite uninteresting candle. If there are no large volumes during the weekend and the situation is identical, then the growth continuation next week is very probable:
So let’s meet on Saturday and hope that we can more clearly analyze the week and give a weekly forecast for the next.
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The fourth day of the price movement in the narrow range about 7%, keeps Ethereum buyers and sellers on tenterhooks. On the one hand, buyers were able to look beyond the black wedge. On the other hand, they saw an even more difficult target, namely the price mark $200. As you can see from the chart, on the daily timeframe starting from 26 September, the market is actually for a month in consolidation between the price marks $155-200.
Despite the fact that buyers on 26 October have already tested its upper limit, they do not want to give the initiative. Now, they are making a new attempt to break $200.
On the 4-hour timeframe it is noticeable that the price for some time scrambled on the local trend line of buyers. This is not a sign of strength and during the unsuccessful attempt of buyers to break $200, we think that the next blow the blue trend line will not stand:
Speaking of volumes, they remain average over the month. At smaller timeframes only single blazes are noticeable, which immediately die out.
The chart of marginal positions shows that Ethereum buyers have a good mood. And despite pushing the price to a critical point, for today buyers have been actively increasing their positions:
According to the wave analysis, the situation remains stable. After a failed attempt to update the local low and the test of Fibonacci level 0.618, sellers gave the chance to buyers:
If Ethereum buyers allow to lower the price below $172, the next stop is the test of $155, with the probability to continue the fall below.
Looking ahead and analyzing again the weekly analysis, we want to add that it is difficult for buyers to recapture the August fall, which happened in one candle:
With such obvious Ethereum sellers aggression, the price is likely to fall again to $155. Though, if sellers are not so aggressive, it will signal about their weakening and ultimately a full transition of power from sellers to buyers. So, let’s follow the test of $200 and see if sellers have a chance to finish their game. Meet you on Friday!
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The United States Securities and Exchange Commission (SEC) has been in an intense court battle with Kik messaging company over the USD 100 million Kin initial coin offering (ICO) that occurred in 2017. Apparently Kik spent so much money on the court battle that they had to close down their messaging app, which was the meat and potatoes of their business. Despite spending so much on this court case, Kik is now on their last stand, betting everything on the void for vagueness defense.
Essentially, Kik claims that its ICO does not count as a security, and therefore is not under SEC jurisdiction. However, the Howey Test, which is the rule that determines if something is an investment contract, states that if an investment is made in expectation of profit then it is an investment contract and therefore a security.
Now Kik is saying that the Howey Test should be voided because it is too vague, and allows the SEC to regulate the crypto space in an arbitrary and discriminatory manner.
That being said, it seems unlikely that Kik will be able to nullify the Howey Test since it has been the law since 1946. The SEC calls Kik’s void for vagueness claim “untenable”.
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Bitcoin price is now retreating from mid USD 9,000 levels, as we now see it descending to daily lows of about USD 9,014, just as North American traders enter the fray.
This means Bitcoin has dropped about USD 400 from its high (CoinDesk) of USD 9,485. Altcoins are also, predictably, shedding value off their previous days of gains, with all but a handful of alts partaking in the sea of red charts.
Peter Schiff, probably the most famous and covered gold advocate of recent times, will be one of the happier people with this development. This only a day after we found him taking out his frustrations on so-called Bitcoin whales, whom he accuses of using manipulative tactics on the crypto markets to squeeze out retail investors.
Schiff, who swears by the yellow precious metal and has dismissive ideas of Bitcoin, ranted on Twitter that Bitcoin holders will not sell for as long as they continue to believe that Bitcoin will “moon”:
“Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don’t lose faith and cash out so that they can cash in!”
This week, Bitcoin gained an impressive 30% gain in just two days over gold, amid an incredible growth trend for the entire market, on the way recording its highest ever intraday gain since 2011 at 42%. Schiff would have been one of the people most disappointed by this development, since he is waiting for Bitcoin to fall from its current position.
Bitcoin hodlers won't sell as they believe they'll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don't lose faith and cash out so that they can cash in!
— Peter Schiff (@PeterSchiff) October 29, 2019
Comments came in thick and fast, as per usual, with Twitter followers noting that Bitcoin wasn’t the only asset to demonstrate this kind of behavior, while others more cynical said gold was the only one immune to market manipulations.
The day of his Tweet, gold lingered in a 1-week low with investors diversifying out to wider markets, with many banking on a new trade deal between the US and China. Of course, if the Federal Reserve does what most expect, cutting interest rates, gold could benefit from this via reduced opportunity costs.
Meanwhile, Schiff may have more to complain about as bullish news emerges from the speculator space. In response to weeks of supposed “death cross” indicators appearing on Bitcoin charts, famous crypto analyst filbfilb shared an indicator appearing on short term charts. He says that the notion that Bitcoin coming down from its recent highs above USD 10,000 is bearish, is not true. Instead, based on moving averages in the short term, technical signals are giving an overall indication of bullish trends. He says:
“Sure the 50/200 DMA $btc death cross is getting everyone super bearish but End of Nov/ Start of Dec the 50/100 WMA is due to cross which is far more significant.”
Referencing his yearly outlook shared earlier, he also said that everything regarding Bitcoin price action was going “according to plan“, since he said from now until May next year, Bitcoin would trade between a range of USD 7,500 and USD 10,000. After that, most analysts believe that Bitcoin would be ready for yet another parabolic era, as halving of block rewards for the Bitcoin network also occurs during that time, prompting demand and scarcity to boost price upwards.
And now, even the corporate institution is bullish on crypto, or at least, for central bank versions of them called central bank digital currency (CBDC).
According to IBM, in a joint research statement with the Official Monetary and Financial Institutions Forum (OMFIF), global central banks are conceding that CBDCs would actually be a better alternative to cash in some use cases, such as where point of sale merchants face trouble with network connection.
The ‘Retail CBDCs: The next payments frontier’ report apparently took data and respondes from 13 “advanced economies and 10 emerging markets” during the third quarter of 2019. It concluded:
“Central banks are responding to the reality that digital currencies, either privately or publicly issued, will soon be part of the global monetary system, and that it is in their interest to ensure they are neither left behind nor displaced.”
The belief is so strong, they think that we will even see the first CBDC by 2024, saying that this pioneer would either be “a complement to or as a substitute for notes and coins”. It even believes that a G20 central bank will be unlikely to be the first. Instead, “a smaller and less complex economy” will be choosing CBDCs to drive resilience to a national payments system or to promote financial inclusion.
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October 30th, 2019, Willemstad, Curacao – EarnBet (formerly EOSBet), the original dapp casino, first launched in March 2018. The platform provides a decentralised, provably fair gaming experience where players are generously rewarded for their engagement. All players receive BET tokens, which entitle them to a share of game profits. A full 100% of game profit is distributed to these token holders.
The cryptocurrency market was hungry for a functional, professional project – one that successfully highlighted the benefits of blockchain technology: immutability, transparency, decentralisation and tokenisation. EarnBet filled that void and has not looked back since.
Growing Achievements & Features
EarnBet quickly became one of the most successful dapp launch of all time, surpassing the entire Bitcoin network and every Ethereum dapp in terms of transaction volume within the first month of launch on the EOS mainnet.
Barely into its first year, EarnBet has experienced numerous achievements and milestones. The company was the first commercially successful platform built on the EOSIO blockchain, and also the first on-chain casino to acquire a Gaming License.
A guiding principle for the platform is ease of use and user experience. EarnBet offers all the benefits of blockchain technology without any of the traditional hassle. All deposits and withdrawals occur instantly, and the platform offers an extremely easy on-boarding process. In late 2018, the platform released its decentralised account system, allowing players to sign up in just a few clicks. No need to deal with wallets, 3rd party software, transaction fees, or staking resources. Best of all, all funds still remain 100% under the user’s control.
The platform is rapidly expanding outside of the EOS ecosystem, and now offers betting in BTC,BCH, LTC, and ETH, with more currency integrations planned. The company will be releasing its sixth game by the end of the year and continues to push the boundaries of what’s possible for a fully blockchain-based platform.
Recently, the company changed their name from EOSBet to EarnBet, a transition that reflects the platform’s rapid expansion outside of the EOS—and even cryptocurrency—communities.
A Win-Win Market for EarnBet.io
With an industry-leading house edge, EarnBet.io has recorded more than 27,000,000 million bets since 2018 and has paid out over $377,000,000 million to its winning bettors.
Perhaps most notable about EarnBet is its profit sharing mechanism, whereby the platform distributes 100% of company profit to BET token holders. To date, EarnBet has paid out over $4 million to BET token holders, who receive instant dividends directly to their account every second of every day.
Initially, BET tokens could only be obtained through gameplay or promotions. However, EarnBet recently reached another milestone by listing on Binance DEX and Newdex, allowing the greater cryptocurrency ecosystem access to its token. The platform is currently running a perpetual buyback, with over half a million tokens already burnt (about 1.5% of circulating supply).
Future Developments
After a highly-successful first year, the EarnBet team remains extremely motivated to take the platform to new heights. Two new games will be added by the end of the year, as well as an affiliates page where community members can keep track of their referral payouts. The team will also be announcing plans to add additional revenue streams and functionality to the BET token, resulting in even more rewards for token holders.
The project will also increase its marketing reach, expanding into other cryptocurrency communities and executing a number of new campaigns focused on bringing in new users. The platform is currently running a limited-time promotion where new users receive 50 free BET tokens for signing up.
As cryptocurrencies continue to grow in adoption and the demand for better, more equitable gaming experiences increases, EarnBet, and its BET token are well-positioned for significant growth.
Media Contact Details
Contact Name: Frej Andersen
Contact Email: frej@earnbet.io
Visit the Official Site – https://earnbet.io/
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EarnBet is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.
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The second day of the new week was not marked by activity or aggressive behavior of one or the other side of the market. After a sharp price growth by almost 45%, buyers and sellers lock horns in battle within the new local triangle, which is clearly visible on the 4-hour timeframe. As we can see, the situation is in favor of Bitcoin buyers now. This is because they manage to keep the price above the price zone $9,100-9,300, which we mentioned in the previous analysis.
However, looking at the chart, we see that there is enough space between the local black trend line and the global blue line for consolidation by the end of October. So, there is high probability that we will have a surprise at the beginning of the new month.
On a daily timeframe, we see that sellers do not let buyers above without a significant increase in volumes. And as a result, the pins are created upwards:
Yesterday’s candle closed in favor of Bitcoin sellers, but today they refused to continue their attack. Because they could not fix themselves below the price range of $9,100-9,300.
Buyers marginal positions again reached an important purple zone, but immediately after its test began to decrease:
According to the wave analysis after sellers correction of local growth by 50%, the price is now struggling with the new Fibonacci level 61.8%. So far, Bitcoin buyers manage to keep the price higher:
Globally, the fall continuation to the price mark at $8,500 is still more likely for us than breaking the global trend line of the falling channel. Although, the price is now above the critical point of $9,100-93,00. The fact is that buyers are still unable to go above and any attack ends with a test of $9,100-9,300.
Nevertheless, the alternative scenario of the growth continuation is also worth to keep in mind. Because, miracles often happen in such triangles. Therefore, we look forward to the continuation of price trading in consolidation and exit at the end of the week!
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Bitcoin has stayed stubbornly strong throughout the day as the end of October approaches, returning now to a somewhat narrow trading range between a daily low of USD 9,211 and a high of USD 9,555 (CoinDesk).
After yesterday’s swings it suggests a return to some normalcy. But it does hide some volatility under that seemingly stable price range, however, with wild fluctuations still happening especially in Asian markets when price dipped steeply from above USD 9,450 to the low, reminding us of how quickly things can change with Bitcoin markets.
For now, however, price action is telling us little, except that it could be consolidating for a renewed push to retake USD 10,000, or it is dwindling in bullish steam to return to the bearish trends witnessed for most of the month. Some increased volume will be a welcome indicator for traders, though.
Nice to see we've had a strong bounce in volume to go along with the price. #bitcoin #coinbase #coinbasepro #btc #btcusd pic.twitter.com/lTEgHtFuWU
— Patrick Rooney (@patrickrooney) October 29, 2019
Total market capitalization for Bitcoin has now dipped just below USD 170 billion, but altcoins are still enjoying residual impact in general, with Ether slowly climbing back up above USD 185 and Tron (TRX) still managing to record 0.21 cents today.
With China news still reverberating around the industry (regardless of its actual impact and effect, if any on the current boom in Bitcoin price), the latest now to come out is state media now issuing warnings that Chinese citizens should definitely embrace blockchain, but not fall to the speculator hype surrounding crypto and digital assets.
Earlier today, BitcoinNews.com reported how online searches for “blockchain” and blockchain firms on popular Chinese messaging app WeChat had skyrocketed on the back of bullish comments from Chinese premier Xi Jinping, urging the nation to support the development of blockchain technology.
And now, it seems the intense public interest, and other major headlines the world over indicating that it was Xi’s comments that had spurred the latest boom in Bitcoin, may have triggered some knee jerk reactions from the official state media.
Beijing media the People’s Daily, controlled by the Communist Party of China, was quoted by Reuters as saying that people should not read Xi’s words as support for crypto, but merely the underlying technology. It urged to be calm and collected:
“Blockchain’s future is here but we must remain rational… The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”
Yesterday, China’s signing of a new piece of crypto legislation that would come into force in January 2020, governing several blockchain technology aspects, seemed to only fuel Bitcoin’s price rise action even more. As we have pointed out, however, China’s blockchain approaches are not new and many states have already begun trials into blockchain use in public services, with legal courts also recognizing the place of blockchain.
But crypto trading — Bitcoin specifically usually — is still banned in the world’s second-largest economy, and despite talks of digital yuan, there is little to suggest that this will change.
Meanwhile, crypto mining giant Bitmain is reportedly undergoing some seismic internal power struggles, as news emerged that the company had let go of a senior executive. If reports are true, the big boss himself, ex-CEO, current chairperson and co-founder Wu Jihan had ousted fellow co-founder Micree Ketuan Zhan.
An internal email translated by CoinDesk reads:
“Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately.”
As Bitmain’s biggest shareholder, supposedly holding a majority 60% stake in the company, the sacking of Zhan is a major piece of news and suggests that there could be a shift in power, and perhaps direction for the equipment manufacturer.
Wu himself had suddenly stepped down as CEO almost a year ago in November 2018, and he warned in the internal email that existing employees should no longer recognize any authority from Zhan, on threat of expulsion: “Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.”
WOW THIS IS MORE DRAMATIC THAN I THOUGHT
Got this internal email from Bitmain where Jihan sent to the whole company, this is INTENSE
”Micree Zhan is dismissed from all operating positions from the company immediately. No one should take order from him or attend his meeting"👀 pic.twitter.com/aguM5Rzg1b
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 29, 2019
Private investor Dovey Wan, after reading the original email, suggests that Wu is returning to his company to “save this ship (from sinking)”
The resulting difference of opinion led to the hard fork and the creation of Bitcoin Cash, which today gained 10% after the news of Zhan’s departure from the company.
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Over the past few years, a whole new ecosystem has emerged due to the staggering growth enjoyed by Bitcoin, and one of the more well-known constituents of that ecosystem is Bitcoin miner maker Canaan Creative. In a new development, it has emerged that Canaan has decided to go public in the United States.
Listing on NasdaqThe company wants to be listed on NASDAQ, and according to the documents filed by Canaan, it wants to raise $400 million from the listing. Bitcoin mining is the backbone on which the entire cryptocurrency market is dependent, and Canaan ...
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The struggle of Ethereum buyers to change the trend and fix the price above the black wedge trend line moved into next week. Today, we will analyze the price movement of the previous week and forecast the targets for this one. The price range last week was 30%. The volatility of this coin was less than the volatility of Bitcoin and the weekly candle looks less certain:
If we compare the weekly candle from 23 September and the candle last week, we can see that buyers failed to counteract this aggressive fall. In fact, everything looks like a continuation of consolidation. However, in the case of Bitcoin, the chart clearly shows that buyers showed a practically identical response to sellers:
At a more local timeframe, we see that buyers have enough to keep $180 to consider the price fixing over the black wedge successful. However, buyers are in no hurry and have stopped in consolidation because the advantage is already on their side, though it is uncertain:
We would like to test the advantage of buyers on the attack of sellers which would be on increasing volumes. In order to make sure that buyers actually have the power to both raise and keep the price.
Over the past week, buyers have been trying to increase their marginal positions:
As we can see from the wave analysis, when the price goes beyond the wedge, the global target of buyers is in the price range of $260 with a possible temporary stop at the level of $220. Nevertheless, fixing above the price mark $200 is more important for us than the price exit from the wedge. As much as this is true, in this mark is high liquidity and since August 2019, buyers have not been able to cope with this price.
Therefore, we will be following whether Ethereum buyers will be able to test $200 this week and fix above this price to continue moving toward our targets. Meet you on Wednesday!
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