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China's Region Targets Miners; Binance Blocked on Weibo + More News 101
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Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

China news

  • Despite China’s U-turn on Bitcoin mining, Chinese local governments are strengthening regulation of the crypto mining industry and its aspect such as speculation and illegal fundraising, with North China’s Inner Mongolia Autonomous Region seeing tightened mining management, the Global Times reports. Crypto mining companies in the local cities will be receiving a joint inspection unit to inspect the clean-up and rectification. This move could force mining companies to switch to other businesses or move altogether, according to the report.
  • The official Weibo (a popular Chinese microblogging website) accounts of the major cryptocurrency exchange Binance and the Tron Foundation have been blocked and all content removed. The page says: “The account has been blocked due to violations of laws and regulations and the relevant provisions of the Weibo Community Convention.” According to China Times, citing insiders, in the case of Binance, the reason may be stricter penalties or the upcoming launch of fiat gateways through Chinese giants WeChat and Alipay.

Regulation news

  • The operators of South Korea’s Busan Blockchain Regulation Free Zone – a government-designated blockchain initiative – say they intend to continue drafting initial coin offering (ICO) guidelines. Seoul imposed a blanket ban on all forms of ICO in 2017, and confirmed it would not be changing its position earlier this year. However, Busan has long maintained its intention to push for regulated ICOs within the zone. Per Paxnet News, Busan authorities claimed they believe Seoul’s “mood” on ICOs is “changing little by little.”

Adoption news

  • Mori Energy, an energy provider in Nagano Prefecture, Japan, is set to begin a blockchain-powered energy trading platform pilot in February 2020. Per Nagano Nippon and Nikkei, the provider will conduct a demonstration in early December and is looking for some 30-40 volunteer participants in the region, with a view to building a blockchain-based P2P trading platform for the prefecture.
  • Japan’s Kyoto University has begun to operate a Ripple node in a first for a Japanese university, reports media outlet Crypto Watch. The university also hosted a lecture by Ripple’s CTO David Schwartz earlier this week. The University of Tokyo is also working with Ripple, as are a number of other major East Asian universities.
  • Walmart Canada has launched an automated blockchain-powered network for freight tracking and payments. In a press release, the company stated that it had teamed up with DLT Labs on what it described as “the world’s largest full-production blockchain solution for industrial application.” Walmart has been working with IBM on a number of blockchain-powered food and drug safety solutions for several years.
  • Decentralized AI marketplace SingularityNET partnered with an online payments giant PayPal, the network announced on November 14th. This move will enable “globally democratizing access to AI,” they said. This opens the door for SingularityNET to 286 million active registered user accounts.
  • Ingenico Group, a French-based payment solutions provider, partnered with Singapore-based fintech Pundi X. The announcement explains that Pundi X has integrated their XPOS software with the point-of-sale (POS) APOS A8 devices (portable POS solution that runs on Android) by Ingenico, which will allow merchants globally, who are using APOS A8, to accept various cryptocurrencies as payment “and provide consumers with more secure and seamless transactions experience, powered by blockchain technology.”
  • The saga of the Tunisian digital fiat continues. After the central bank of the country denied reports that it is developing a central bank digital currency, the CEO of Universa Blockchain, a company that reportedly partnered with the bank for the digital fiat project, now claims that Tunisia’s uDinar digital dinar has been launched, but it hasn’t yet received a CBDC (central bank digital currency) status.
  • Crypto platform unveiled its lending desk from Blockchain Markets. The announcement says that, since the launch to a select group of clients in August, their “institutional clients have lent, traded, or borrowed over USD 1.6 billion in cryptocurrencies” and that the platform became “one of the top five lenders in crypto.”

The OneCoin case received an update: Konstantin Ignatov, the brother of the missing co-founder of the Bulgaria-based organisation, Ruja Ignatova, pleaded guilty to several charges, including money laundering and fraud. BBC reports that the investigators on this case believe as much as GBP 4 billion (USD 5.1 billion) was raised globally in “what is said to have amounted to a Ponzi scheme.” OneCoin Ltd is still in business and denies all wrongdoing.

Tim Alper , 2019-11-15 13:17:00 ,

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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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