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  •  Zcash has just donated $40k to a private Canadian messaging developer.
  • The Open Privacy Research Society has just recently received more than 1k ZEC tokens from Zcash.
  • The organisation announced the news earlier this week on December 3rd. 

The company behind privacy-based cryptocurrency Zcash, has just donated $40k to a private Canadian messaging developer. A decentralised metadata-resistant messenger, The Open Privacy Research Society has just recently received more than 1k ZEC tokens from Zcash.

The organisation announced the news earlier this week on December 3rd. 

As per CoinTelegraph and as described by Open Privacy:

“Cwtch is a platform for building decentralized infrastructure based on metadata-resistant communication applications. Derived from a Welsh word meaning ‘a hug that creates a safe space,’ Cwtch is an extension of the metadata-resistant protocol Ricochet to support ‘asynchronous multi-peer group communications via discardable, untrusted, anonymous infrastructure.’”

Anonymous payments 

On top of this, Open Privacy is also going to be providing users on the Cwtch platform with anonymous payment options. With this in mind, the company has integrated a prototype, beta-like system that relies on Zcash Foundation’s crypto wallet, ZecWallet.

The announcement continues saying that Open Privacy wrote that Zcash is one cryptocurrency that can directly provide a way to transmit some significant data along with payment and wouldn’t compromise the metadata goals of Cwtch. 

That being said, the Zcash-based prototype doesn’t give users the ability to spend tokens as it was only written to demonstrate Zcash implementation as Open Privacy highlighted.

Price

In terms of price, the privacy coin is currently priced at $27.16 following a 0.11% decrease in value over the last 24 hours. The Zcash token is still placed as the 33rd biggest cryptocurrency in the world.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

Adrian Barkley , 2019-12-04 14:00:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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