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London-based crypto data provider CryptoCompare has updated its crypto Exchange Benchmark, removing Binance cryptocurrency exchange from the list of the top 10 exchanges. Binance, the second biggest crypto exchange by daily trade volume to date, is not included in the CryptoCompare’s list as the rankings do not rely on aggregate volume data in its analysis, the firm said in a press release to Cointelegraph on Nov. 19.

In order, the top 10 crypto exchanges in CryptoCompare’s second Exchange Benchmark are: Gemini, Paxos’ itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer and Bitfinex.

Binance was ranked seventh in the first Exchange Benchmark

CryptoCompare’s first Exchange Benchmark was published in mid-June 2019 with the purpose of ranking around 100 crypto spot exchanges worldwide.

At the time, the benchmark ranked Binance as the seventh top exchange, while Gemini, the top exchange of the just-issued Exchange Benchmark, followed Binance in eighth place. Meanwhile, United States-based Coinbase led the list.

CryptoCompare removed Binance due to security concerns related to the hack in May

Binance is now ranked in 12th place on CryptoCompare’s list. Charles Hayter, co-founder and CEO at CryptoCompare, told industry news outlet The Block that Binance dropped out from the top 10 list following the hack of the exchange in May 2019. Hayter reportedly said:

“Our new Benchmark includes a category for recent hacks for which we penalize exchanges. As Binance was recently hacked, it is marked down in the security category.”

On May 7, Binance experienced a major security breach, in which hackers managed to steal more than 7,000 Bitcoin (BTC) worth around $42 million at the time of the hack. Binance subsequently noted that it will use its emergence insurance fund, Secure Asset Fund for Users, to cover the incident.

New Exchange Benchmark adds 60 new spot exchanges

In a press release, CryptoCompare said that the new rankings now include over 160 active spot exchanges. In its Q3 2019 Exchange Benchmark report, CryptoCompare found that only 8% of analyzed exchanges use a custody provider to store user assets, while only 4% of exchanges offer third-party insurance in the event of a hack.

The company also pointed out an increase in margin trading offerings since June, noting that exchanges offering such trading now account for 62% of total volume, against 52% in June.

As reported, CryptoCompare launched its Exchange Benchmark in response to a study claiming that 95% of volume on unregulated exchanges is fake. In mid-November, major crypto data site CoinMarketCap launched a new metric comparing exchanges and token pairs based on liquidity. Hayter reportedly said that liquidity alone is an “insufficient” metric and that exchanges need to be rated holistically. He told The Block:

“We have always incorporated a liquidity metric in our scoring system for each exchange, using depth and spreads across top markets.”

Cointelegraph By Helen Partz , 2019-11-20 03:20:00 ,

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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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