Crypto News April 12: Silk Road tycoon said Bitcoin could plummet to $ 1,200 with news of Ethereum, Ripple,, Coinbase

From the Bitcoin price that could fall to the $ 1,200 threshold, plans to start staking and voting on EOS initiatives. Here are some highlights from the crypto market.


Bitcoin news

Ross Ulbricht, founder of the dark web market Silk Road, discovered 'a strong signal' that made BTC prices move lower.

According to its new analysis, based on the Elliott Wave theory, the price of BTC may drop to as low as $ 1,200.

Ulbricht stated that BTC is currently at the end of a bear market. Wave II consists of three main waves, with C being the largest. It is unclear how wave II can move, but Ulbricht noted that the previous two bear markets have led to a 86% and 94% reduction, which means prices can continue to plummet. Therefore, he noted that a similar drop could bring Bitcoin back to $ 1,200.

According to Ulbricht, it's hard to estimate the timing of this bear market, but, based on historical data, it could end in June.

Bitfinex moves 146,500 Bitcoin

Trader and cryptocurrency analyst, Krisma, discovered that whales have moved 146,500 Bitcoins in one transaction, worth more than $ 1 billion.

As traders tried to determine the reason for the transfer, Bitfinex chief technology officer Paolo Ardoino revealed that the Hong Kong-based leading exchange was behind the transaction.

According to Ardoino, Bitfinex is transferring money between hot and cold wallets. The exchange transferred 15,000 BTC to its hot wallet and the rest was transferred back to Bitfinex's original cold wallet. The total cost of the billion-dollar transaction is only 69 cents.

Bitcoin carries the mission of gold, but in the digital age

No matter how many altcoins participate in the market, Bitcoin is still able to maintain its "king" status. In fact, even after the sharp decline in the market in March, Bitcoin was still considered a leading cryptocurrency. Dan Held, Head of Business Development at the Kraken exchange, is the latest to comment on this.

According to Held, Bitcoin was the ultimate development of money, he called it the leading "predator" in the currency world. Continuing to compare Bitcoin with gold and fiat, Held asserted that BTC was built to overthrow the government's control of money, despite the fact that the latest market crash has made many people suspicious of the money space. electronic.

Recalling the 2008 gold price decline, Dan Held said that Bitcoin's sharp decline only made it stronger day by day, he asserted that Bitcoin was continuing the gold's mission, but in the technical age. number

“I think digital gold is a good way to represent Bitcoin. It represents why it was created and also the value it brings to the world. ”

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Ethereum News

Over the past week, Ethereum made a few attempts to hit the $ 175 and $ 180 resistance levels, but it failed. The ETH price forms a new monthly high at $ 175 and has recently started a new round of discounts.


ETH price chart | Source: TradingView

The price has broken below the $ 165 and $ 162 support levels to enter the short-term bearish zone. The price is even trading below the 50% Fib retracement level of the up move from $ 141 to $ 175.

Currently, ETH is trading below the support of $ 160, but still holds the SMA 100 (4 hours). More importantly, it currently has support near $ 155 on the 4-hour chart.

The 61.8% Fib retracement level also acts as a support level. If the price falls below the $ 155 support level, ETH can plunge even deeper. The next strong support is near the $ 145 level. If the bulls fail to hold this level, the price could slide further to the $ 132 support level.

If ETH can still sustain above the $ 145 support level and the 100-hour (4-hour) SMA, it could start a new rally.

The first key resistance is near the $ 168 level and the downtrend line. If ETH successfully closes above this level, the price could continue towards the resistance levels of $ 175 and $ 180.

  • The 4-hour MACD indicator is about to return to the bullish zone.

  • The 4-hour RSI indicator is currently just above the 40 level.

  • Major support: $ 145

  • Major resistance: $ 168

Ripple news

Yesterday, the bears dominated the XRP market. Although it has grown by about 1% in the past 24 hours, the price reduction scenario still dominates the price increase.


XRP price chart | Source: TradingView

Last night, XRP could recover above $ 0.187, but to return to the upside, buyers need to surpass the average price threshold. If this cannot be done today, then by the end of the week, the price could drop to a high liquidity area at $ 0.18.

In larger time frame, the market will have more positive signals when the uptrend channel has not been broken. In this case, it is unlikely that the price will drop too sharply.


XRP price chart | Source: TradingView

In addition, the convergence / divergence of the moving averages (MACD) is in a sideways trend and there is no signal for moving down. In short, the long-term target for XRP is in the range between $ 0.21 to $ 0.23 and it can reach this level by the end of the month.

News Block.One, EOS's blockchain protocol manager, plans to start staking and voting for EOS initiatives in May.

Follow notification Recently, the company said its involvement was to "ensure network security and build capacity to the fullest".

"We will probably start voting in May to help promote alignment and progress within the EOS community and set the framework for the way we engage with more public blockchains in the future."

Coinbase news

The cryptocurrency market collapsed last month before the coronavirus pandemic began to sweep across the United States. The coin price has stabilized, although the coin price is now stable, the recent flash crash caused higher interest rates in the crypto loan market.

Coinbase has explain on this issue in the article "Around the Block" on Friday, in which cryptocurrencies are much more volatile than cash and riskier than other forms of capital. Therefore, lenders of cryptocurrency require much higher interest rates from borrowers. And with the global financial crisis, this ratio is even higher.

In particular, the increase in interest rates is partly due to the increased demand for stablecoins that are tied to fiat money. Stablecoins are traded easily and quickly, so when the market collapsed, stablecoins were traded at high prices; Many stablecoins have been issued to meet demand; and used by traders to move assets between exchanges.

Coinbase expects interest rates to "eventually decline as the cryptocurrency is widely accepted". The more places that accept cryptocurrency as collateral, the more stablecoins will grow and DeFi will be able to enter the mainstream market as well as better protection against risks.

Other news

Gibraltar discusses new regulations to address market manipulation in the field of DLT

Gibraltar's digital and financial services minister, Albert Isola, has announced upcoming regulations to reduce market manipulation among blockchain companies.

In an attempt interview On April 10, Isola also discussed the government's decision to abandon the development of the legislature regarding the ICO bubble.

The minister described the manipulation as a growing risk among distributed ledger technology companies (DLT), emphasizing that a new regulatory principle (10th regulation) will help solve this problem. .

Gibraltar claims to be the first regulatory body to regulate and license DLT companies when the Gibraltar Financial Services Commission (GFSC) introduces revised fintech licenses to blockchain companies on January 1, 2018. .

The regulations include nine core principles, including directives that help solve problems related to risk management, cyber security and financial crime.

The Corona pandemic is opening up opportunities for email scammers

In report was published by Chainalysis on Friday. According to blockchain analysis company, since the beginning of March, when the COVID-19 epidemic began to sweep the Western world, the average weekly amount collected from these scams has dropped by 33%, from 4.2 million USD to only 2.9 million USD.

These numbers seem to contradict earlier reports that COVID-19 is opening up opportunities for scammers. If cryptocurrency scammers have so many new opportunities, why are they making less money?

According to Chainalysis, the answer is that pandemics primarily provide opportunities for "trivial" scams via email, which never make a lot of money.

In those plans, crooks use pandemics to create new stories to try and trick people into sending them money. For example, a crook asked the victims to donate cryptocurrencies to help CDC fight the pandemic. Another claimed to be sick and threatened to spread to the victim's family unless they deposited Bitcoin. But most people don't believe that.

Viet Cuong

Bitcoin Magazine

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