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🗞 Market Wrap: Bitcoin Recovers to Nearly $24K; Ether Rides Bitcoin’s ‘Coattails’
Bitcoin’s price recovered quickly from Monday’s small market sell-off, approaching a new resistant level at $24,000 Tuesday. Traders and analysts said it is because demand has continued to rise despite minor negative market movement.
- Bitcoin (BTC) trading around $23,433.85 as of 21:00 UTC (4 p.m. ET). Gaining 2.64% over the previous 24 hours.
- Bitcoin’s 24-hour range: $22,384.13-$23,629.40 (CoinDesk 20)
- BTC above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
“The bitcoin market is highly levered at the time and volatility spiked sharply with the $20,000 break,” said macro cryptocurrency analyst Alex Kruger. A “$1,000 move (~5%) under current circumstances is rather ordinary. Expect such price action to continue until leverage and [trading] volumes come down.”
“European and American institutions are bullish, Asian retail investors are bearish,” Simons Chen, executive director of investment and trading at Hong Kong-based crypto lender Babel Finance, told CoinDesk. “Therefore, prices have remained volatile recently. But as traditional institutions continue to enter the market, a new price rally is only a matter of time.”
Ether follow’s bitcoin’s positive trend
Ether “looks to simply be riding the coattails of bitcoin,” Vishal Shah, an options trader and founder of derivatives exchange Alpha5, said. “All said, the ether/bitcoin cross continues to grind in favor of bitcoin, and there’s limited reason to see that derail. Ether could continue to underperform.”
🗞 SEC Files $1.3 Billion Lawsuit against XRP Creator Ripple
The US Securities and Exchange Commission today filed a lawsuit against Ripple Labs, the company that created XRP, as well as co-founder Christian Larsen and incumbent CEO Brad Garlinghouse.
The lawsuit, filed today in a Manhattan court, alleges that Ripple has raised $1.3 billion in unregistered securities offerings since 2013.
"The defendants failed to register their offers and sales of XRP or satisfy any exemption from registration, in violation of the registration provisions of the federal securities laws," the SEC said in a press release.
The SEC further alleges that Ripple's periodic sale of the 48.2 billion XRP it holds in an escrow account constitutes the sale of an unregistered security. Ripple says that it sells this XRP to "increase XRP liquidity and strengthen the overall health of XRP markets."
🗞 Bitcoin Active Addresses Doubled in 2020: Coin Metrics
- The number of active Bitcoin addresses surged this year—by 105%.
- Coin Metrics puts this down to institutional investors getting involved with the cryptocurrency.
- The crypto data site believes 2021 will be a stronger year for Bitcoin.
The number of active Bitcoin addresses has shot up by over 105% this year, according to Coin Metrics’ data.
In its latest ‘State of the Network’ report, released today, the crypto data site said that the number of active addresses this year doubled to hit 1.2 million.
🗞 Visa Issues Principal Membership to Crypto Card Firm Wirex
- Wirex is now a principal member of payments giant, Visa.
- This means they can issue Visa accounts and process transactions.
- The company will soon launch a card in the US.
Crypto-payments platform Wirex is now a principal member of Visa, granting the firm the power to issue Visa accounts and process transactions ahead of its US launch. Wirex is the second crypto-native company after Coinbase to get such a membership.
London-based Wirex allows users to transfer crypto and traditional currencies around the globe.
Wirex launched a Visa card in 2015, which allows users to pay with crypto by automatically converting it into fiat currencies in millions of locations across 130 countries where Visa is accepted.
Its new Visa membership gives it more autonomy: Wirex can now issue accounts by itself, process transactions and provide processing services.
Wirex also has a cashback program, Cryptoback, which rewards users when they hold the Wirex native token, WXT.
🗞 Daily Crypto Calendar, December, 23rd💰
- Bella Protocol (BEL)
"Today we proudly announce that #Bella's smart pool product, Flex Savings, will be launched on Nov 23rd, beating the roadmap by one full..."
- Ankr (ANKR)
"The snapshot will take place on Ethereum block#: 11,513,500... Users will receive 1 ONX for every 10,000 ANKR held."
- Flamingo Finance (FLM)
"DAO Launch"
- Elrond (EGLD)
"Elrond's eGold cryptocurrency will debut in the eToro ecosystem on Wednesday the 23rd of December..."
- Wabi (WABI)
Wabi founders answering your questions and sharing news, announcements in Wabi Telegram group.
- MovieBloc (MBL)
"CBK snapshot date | 2020.12.23 (Wed) 15:00 KST | *snapshot will be taken first block created after December 23 15:00 KST"
- 🗞 Daily Crypto News & Video, December, 22nd💰
- 🗞 Daily Crypto News & Video, December, 21st💰
- 🗞 Daily Crypto News & Video, December, 20th💰
- 🗞 Daily Crypto News & Video, December, 19th💰
- 🗞 Daily Crypto News & Video, December, 18th💰
- 🗞 Daily Crypto News & Video, December, 17th💰
- 🗞 Daily Crypto News & Video, December, 16th💰
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