After reclaiming the $130 level earlier this past week, Ethereum (ETH) is currently struggling to hold above this level as bears attempt to take full control of the aggregated cryptocurrency markets.
It is important to note that ETH’s current bearishness could cut deeper in the near-term, but analysts are noting that the cryptocurrency’s current price action looks strikingly similar to that seen by Bitcoin when it was trading within the lower-$3,000 region in late-2018 and early-2019.
If this similarity is valid, Ethereum could be on the verge of incurring a significant amount of upwards momentum that potentially leads the crypto into a multi-month bull market throughout the early part of 2020.
Ethereum’s Bulls Struggle to Hold ETH Above $130 as Selling Pressure Ramps Up
At the time of writing, Ethereum is trading down marginally at its current price of $131, which marks a notable decline from its multi-day highs of over $137 that were set this past weekend.
It is important to note that although the cryptocurrency was rejected in the upper-$130 region concurrently with Bitcoin’s rejection at $7,500, ETH is still trading up significantly from its weekly lows of $125.
The $120 to $125 area is a key support region for the cryptocurrency, as $120 is where it bounced during its recent capitulatory sell off, and $125 is a level that bulls ardently defended for the past couple of weeks.
HornHairs, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes today’s slight ETH sell-off may be fleeting, as it swept its range lows and was able to post a bounce at this level.
“$ETH short update: May have gotten shaken out here, more setups to come. Closed for the same reason as the BTC short. The correlation with BTC and ETH led me to believe we’d push up after Monday’s low getting swept on BTC. +1.24R (before fees),” he explained while pointing to the chart below.
Could ETH Be Bound for a Massive Multi-Month Rally?
Gat, a popular crypto analyst on Twitter, explained in a recent tweet that he believes Ethereum’s price action over the past couple of months looks strikingly similar to that seen by Bitcoin in late-2018 and early-2019 when it was trading in the lower-$3,000 region.
“As much as I hate $ETH, it is giving $BTC 3k kinda vibes,” he explained while pointing to the two charts seen below.
If this correlation does prove to be valid, Ethereum could see some strong upwards momentum in the early part of 2020, potentially allowing it to post massive gains.
Ripple blockchain’s native token XRP registered one of its worst performances in 2019. And it is likely to extend its losses in 2020.
The XRP-to-dollar exchange rate is down by circa 49 percent on a year-to-scale. At the same time, the token’s price against the benchmark cryptocurrency bitcoin has plunged by more than 72 percent within the same timeframe. The performance alone shows that investors are leaving the XRP market en masse.
Ripple’s native asset spent 10 out of 12 months in red territory | Source: TradingView.com
Latest Ripple-Related “FUD”
XRP’s downside moves came amidst a series of scandalous so-called “Fear, Uncertainty, and Doubt” (FUD) that has plagued its issuer Ripple Labs.
The San Fransisco-based cross border payment company uses XRP as a settlement token. It originally issued 100 billion XRP units and sold a portion of them to obtain funds for the development of its blockchain platform. However, Ripple Labs retained control over 61 percent of XRP tokens, which brought them on the driving seat of pricing the token.
“XRP isn’t mined like typical cryptocurrencies. All 100 billion ripple coins have already been created. Ripple plans to release about half of them on to the markets while keeping the other half. Currently there are about 39% of ripple in the open markets, while 61% are kept by Ripple Labs.”
The latter half of 2019 saw what Coinmotion had envisioned. Ripple Labs released a financial report wherein it declared that it had sold about $1.2 billion worth of XRP tokens to fund its operations.
Live Streaming Platform Dlive Joins Bittorrent Ecosystem
Live streaming platform Dlive will soon be joining the Bittorrent ecosystem and begin migrating to the Tron blockchain. The Twitch alternative will no longer support the Lino blockchain after the transition to Tron is complete.
Bittorrent has announced that Dlive, a blockchain-based content sharing platform, will be joining its ecosystem and begin a migration to the Tron blockchain. Last year Justin Sun, the founder of “decentralized web” crypto Tron, has taken over Bittorrent Inc, the San Francisco-headquartered company founded in 2004 to manage the ongoing development of the Bittorrent peer-to-peer file sharing protocol.
As part of the deal, Dlive will advertise its products and services on Bittorrent as well as using its newest service for storage. The two sides explained that Dlive and its blockchain development team will collaborate with the Bittorrent team to bolster its products and services. Blive, the live streaming platform introduced by Bittorrent in early 2019, will be merged into the Dlive platform, and their team will join the Dlive team. Dlive will begin utilizing the Bittorrent File-Sharing System (BTFS), a distributed file sharing and storage system, and will also merge its account systems with Bittorrent’s to further integrate each community with the other.
“We are ecstatic to have the opportunity to be part of the Bittorrent ecosystem,” said Charles Wayn, CEO of Dlive. “I’ve watched them pioneer the digital peer-to-peer space. Dlive’s goal of empowering creators and rewarding communities is one step closer with the amplification of this new venture.”
Dlive is mainly an alternative to video live streaming platform Twitch. It claims to have over five million monthly active users and is available online at Dlive.tv as well as via its Android and iOS apps. Content creators and viewers can earn rewards for their participation in the form of Lino points, the native tokens of the network. For users outside the U.S. it is also possible to buy Lino points with cryptocurrency including bitcoin cash (BCH) as well as BTC, ETH and LTC. The platform got a big boost to its brand earlier this year when Pewdiepie, the leading Youtube star with over 100 million subscribers, started streaming with Dlive.
Lino Abandoned After Blockchain Migrating to Tron
Dlive also explained that by joining the Bittorrent ecosystem, it will no longer support the Lino blockchain after the transition to the Tron blockchain is complete. The Lino blockchain technical infrastructure will be integrated into Bittorrent, however the Lino coin will no longer be the fundamental unit of value or utilization in the new ecosystem. To facilitate the integration of BTT into the existing Dlive ecosystem, Dlive is expected to offer various benefits and rewards to existing users to transition from the Lino blockchain into the Bittorrent ecosystem. Once the migration to the Tron blockchain is successfully completed, Dlive will no longer utilize the Lino blockchain.
Regarding the Lino blockchain mainnet, the foundation of the Lino Network has announced that they have entered into a strategic partnership with the Bittorrent foundation. In conjunction with the partnership, the foundation will no longer support the Lino blockchain mainnet and the Lino coins. The foundation is currently working with the Bittorrent foundation on a plan to introduce the Bittorrent protocol and the BTT tokens to the Lino community. Further details are expected to be provided on January 15, 2020 for Lino coin holders and Lino blockchain validators.
“Dlive is one of the best real-world examples of what is possible when you combine blockchain and digital media,” said Justin Sun, CEO of Bittorrent. “Dlive is a great solution for live media producers. Think of how valuable live streaming content is already to centralized social media platforms who take ownership and advantage of their users’ hard work. We look forward to Dlive bringing value to the entire world with the addition of Tron and Bittorrent’s global community of passionate creators.”
The Dlive migration comes at a very good time to help Tron get new people onboard. Only recently the Google-owned video sharing website Youtube removed content and banned channels that promote or otherwise analyze the digital asset markets. The company has since claimed this was done by mistake and reinstated some channels but it already drove many in the crypto community to look for ways to back up their content or even migrate to alternative platforms.
What do you think about Dlive joining the Bittorrent ecosystem? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.
The aftermath of Bitcoin’s recent rally up to highs of $7,500 – and subsequent rejection – has been grave for bulls, as BTC has been caught within a strong downtrend that is leading the cryptocurrency down to its key support region that exists around $7,000.
It is important to note that one key factor is currently showing signs that this current sell-off may be weaker than it appears, which may mean that it will be short lived and followed by a bounce that leads the crypto back up to its resistance within the mid-to-upper $7,000 region.
Bitcoin’s Bears Roar as They Spark an Intraday Sell Off
At the time of writing, Bitcoin is trading down just under 1% at its current price of $7,270, which marks a notable decline from its daily highs of $7,400 that were set during an early morning rally attempt that resulted in it dropping to its current levels.
This latest rejection comes closely on the heels of the one seen last week, when BTC surged to highs of over $7,500 before facing insurmountable resistance that sparked the ongoing downtrend.
It is important to note that Bitcoin’s bulls have made many attempts to rally over the past several weeks, with each attempt resulting in strong and swift rejections that lead the cryptocurrency back to its support within the lower-$7,000 region.
HornHairs, a popular crypto analyst on Twitter, explained in a tweet from earlier this morning that the buying pressure the crypto has found despite its recent break below its swing high signals that it may soon see further upwards momentum.
“$BTC short: Flipped short upon a break back below the swing high, already bouncing hard and back above Monday’s low, might flip long again,” he explained while pointing to the chart seen below.
This Key Factor Signals That the Current Sell-Off May Be Short Lived
Cantering Clark, another popular crypto analyst on Twitter, explained that active and passive sellers are not currently working cohesively, which means that shorts will be caught off guard if BTC’s bulls ardently defend this level.
“Cumulative Volume Delta showing heavier selling into this low, yet less follow through than previously around 7200. Wouldn’t be surprised to see shorts caught offside right here temporarily. Active and Passive not working together right now,” he explained while pointing to the chart seen below.
As BTC inches lower to its key support level at $7,000, how buyers respond to this level will be imperative for determining which direction the crypto will trend in the first days and weeks of the new year.
Tom Shaughnessy is a co-founder of Delphi Digital as well as the host of the Chain Reaction podcast. Jordan Clifford is managing director of Scalar Capital.
In this end of year interview for The Breakdown, Tom argues that the big story of 2019 was actually the fact that it was all about “quiet” building. When it comes to 2020, however, watch out for fireworks.
Tom predicts we’ll see a major increase in the Layer 1 smart contract platform wars, as well as growth in the perceived importance of token economic design. Meanwhile, Jordan argues that the crypto industry is likely to see a shift back to development at the application layer.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
You probably already know that Nouriel “Dr Doom” Roubini is no fan of Bitcoin. The professor and economist has frequently sounded off against the crypto asset space in recent years.
What you might not know is that Roubini also has something of a musical side. His most recent offering sees him take on and rework Taylor Swift’s hit “I Knew You Were Trouble”. Well, kind of…
Dr Doom’s Most Memorable Anti-Bitcoin Rants Immortalised on Hilarious New Tune
New York University economics professor and all round Bitcoin hater Nouriel Roubini has become the star of an auto-tune cover of Taylor Swift’s 2012 hit single “I Knew You Were Trouble”. Titled simply “Bubble”, the track is the work of the blockchain startup Harmony.
NewsBTC has reported on Roubini’s Bitcoin hating numerous times over the last twelve months. The economist has used just about every common critique to bash the digital currency. These include its apparent lack of scalability and decentralisation, as well as its supposed use for criminal activity.
Harmony’s tune, posted to YouTube earlier today, looks back at some of Roubini’s most infamous rants against Bitcoin. Those behind it have autotuned Dr Doom’s outbursts and set them, rather hilariously, to the Taylor Swift chart topper.
Standout lyrics include a particularly foul mouthed appraisal of the digital currency industry, as well as the track’s pull-no-punches refrain:
“Cos I like shouting ‘bubble’ when I’m on TV. So shame on me now. Tell me the facts, I will disagree. Cos I’m old and out of touch.”
Somewhat bizarrely, the lyrics also have Roubini declaring himself to be the creator of Bitcoin, Satoshi Nakamoto. However, after apparently working on the protocol more than a decade ago, he has since started cooperating with the US Securities and Exchange Commission to bring down the digital currency. Whilst this seems about as plausible as some other claims on the title of Bitcoin inventor, it would make for serious plot twist in the story of the most popular digital currency if it turned out to be true!
The video concludes with Roubini coming to terms with the fact that he is probably missing out on the greatest transfer of wealth in human history since he isn’t invested in any digital asset. Presumably, he no longer has access to the coins he claims to have mined shortly after Bitcoin’s creation:
“But the reality of it, I’m not gonna make a penny. Because I don’t hold any coins. Not Bitcoin, Ethereum, or XRP”
A Tor-Integrated Cashfusion Build for Bitcoin Cash Is Coming
On Monday, Electron Cash developer Jonald Fyookball updated the Bitcoin Cash (BCH) community in regards to the Cashfusion protocol. Fyookball revealed that Tor integration is currently in the works. The Tor-integrated Cashfusion build is “the big piece” the development team needs to get from alpha to beta stage, Fyookball detailed.
Bitcoin Cash proponents are excited to hear that developers are relentlessly working on the Cashfusion protocol. A number of BCH users already utilize the Cashshuffle protocol, which mixes Bitcoin Cash-based UTXOs in a pool with other shuffling participants. Millions of dollars worth of BCH ($41.2M) have been shuffled since the platform’s official release in March. Cashshuffle adds a greater layer of privacy but the concept can be improved. For example, if a shuffling participant mixes their BCH and eventually consolidates the UTXOs, it’s possible the transaction can leave behind some clues for blockchain analysis. “We need a method to coordinate Coinjoin transactions with multiple inputs per user,” explains the Cashfusion specifications.
In November, Electron Cash (EC) developer Jonald Fyookball told the BCH community that the privacy-enhancing BCH tool was working behind the scenes. That week Fyookball and independent software developer Mark Lundeberg shared a couple of mainnet Cashfusion transactions as examples. A month later on December 30, Fyookball revealed the “alpha software Cashfusion already works, and we do fusion transactions on mainnet on a daily basis.” “Axel Gembe is working on Tor integration [and] this is the big piece we need to get from alpha stage to beta stage,” Fyookball added. The EC programmer also shared an update from Gembe which said:
I had to abandon the idea of using tor as a dynamic library due to recent glibc changes. They basically disallowed loading pie executables with dlopen, even though it works well for some situations. Now I have the build system work done (except macOS, I’ll need likely need help with that). And the plan is to use stem to control tor using the control port — It should be finished in a few weeks.
Enhanced Bitcoin Privacy
The BCH community on social media and forums enjoyed Fyookball’s update. “Bundling Tor with EC sounds great,” one person wrote on Reddit. “Once this is fully functional this will be a game changer for BCH — I wouldn’t be surprised to see more darknet markets accepting BCH alongside BTC and monero,” another individual commented. BCH fans were pleased to hear the creator of Wasabi compliment Cashfusion after he listened to Mark Lundeberg’s recent interview with Naomi Brockwell. Then on December 27, Wasabi wallet developer @nopara73 commended Cashfusion again on Twitter. “I am not convinced if this is true, but if it is, it’s a game changer in Bitcoin privacy,” the engineer tweeted.
Overall the news of Cashfusion’s progress has BCH fans excited and a number of Cashshuffle users look forward to the advanced update. Fyookball thanked Axel for this “amazing and critical work” and told the community the developer can be tipped. “If you want to send him a tip, you can do so at ichundes#102 cashaccount,” the EC programmer concluded.
What do you think about the Cashfusion progression helping bolster BCH privacy? Let us know what you think about this subject in the comments section below.
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Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.