Welcome to the daily crypto news :
Bitcoin Price Blasts Through Key $7.4K Resistance – Next Target $8.1K;
Ethereum Scaling Fix Cuts Time to Create a Block in Half, Test Finds;
MARKETS DAILY: UpBit Hack Reactions & Crypto Liquidity Insights;
Upbit Is the Seventh Major Crypto Exchange Hack of 2019;
Price Analysis 27/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX;
Bitcoin Price Blasts Through Key $7.4K Resistance – Next Target $8.1K
Since dropping below the descending channel on Nov. 25, Bitcoin (BTC) has reclaimed $7,000, cleared some hefty resistance at $7,400 and now made its way up to above $7,500 by press time.
The 111-day moving average (DMA) and the 128-DMA are currently in the process of converging to form a bear cross, an occurrence which last happened on Apr. 30 when the moving averages crossed at $5,150.
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Ethereum Scaling Fix Cuts Time to Create a Block in Half, Test Finds
BloXroute Labs, a scalability-focused blockchain startup, was successfully able to reduce block propagation time on the Ethereum mainnet in half, according to a third-party tester.
Blockchain advisory firm Akomba Labs ran bloXroute's "Blockchain Distribution Network" (BDN) on an Ethereum node in Singapore between Nov. 11 and Nov. 27, finding that average block propagation time – the time a block needs to be produced and shared throughout a blockchain – dropped to 172 milliseconds, less than half the current average time of 360 milliseconds.
Akomba utilized data from a Chinese mining pool as part of the two-week test.
Akomba’s results indicate BDN could have a modest but potentially cascading effect on block propagation in the Ethereum mainnet, one of the largest public blockchains and one of the more expensive to transact on, with gas prices around 20 cents. It is also a frequent target in the scalability debate.
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MARKETS DAILY: UpBit Hack Reactions & Crypto Liquidity Insights
Welcome to the CoinDesk Markets Daily Podcast, a 10-minute look at what's driving the crypto markets today. The podcast appears daily and we'd love you to subscribe in your favorite podcast app or grab the MP3 here.
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Upbit Is the Seventh Major Crypto Exchange Hack of 2019
The recent Upbit hack is a stark reminder of the danger of storing your crypto on an exchange. We explored seven major hacks that happened this year, each one bolder than the last. The lesson? Not your keys, not your crypto.
Cryptopia went dark on Jan. 15 after it discovered a “security breach” with “significant losses.” It stayed dark, and mostly silent, through the rest of January and deep into February. The site claimed it could not comment during the police investigation of the estimated $16 million hack.
It is not clear how Cryptopia was hacked, but investigators discovered in August that Cryptopia had been pooling users’ funds in a catchall wallet. The New Zealand exchange tried to right its ship after the hack and even briefly reopened trading services in March. But the revival was not meant to be: the exchange went into liquidation in May and 10 days later filed for bankruptcy.
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Price Analysis 27/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX
The theft of 342,000 Ether (ETH) from South Korean cryptocurrency exchange Upbit could have halted the current relief rally taking place in the crypto market. However, Lee Seok-woo, the CEO of Upbit’s operator, Dunamu said that the company will cover for the losses. This erased some of the initial concerns of the market participants and improved sentiment. When sentiment is negative, the markets fall quickly but take a lot longer to rise.
This week a bullish bit of news came from Bitcoin ATM firm Bitstop. The company intends to install Bitcoin ATMs at several Simon Malls locations in the United States. Ahead of the holiday season, Bitstop has already installed Bitcoin ATMs at five locations. Andrew Barnard, Bitstop co-founder and CEO said that the “customers can conveniently buy Bitcoin while doing their Black Friday and Christmas holiday shopping,” as it is the “perfect gift for family and friends.”
While the crypto markets are well below their yearly highs, the US S&P 500 is on a tear, as it has been making new all-time highs for the past few days. As market participants want to end the year on a strong note, they usually follow momentum. They tend to sell the underperformers and buy the outperforming asset classes. This might also be one of the reasons that has been dragging the crypto markets lower in the past few days.
Currently, Bitcoin and numerous altcoins are posting gains as the top digital asset strongly broke above a key resistance at $7,400. Let’s analyze the charts to see which cryptocurrencies are showing buy signals.
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