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Payments company Circle will install a new CEO at the start of 2020 after one of its original co-founders steps down from the position. 

According to cryptocurrency media outlet CoinDesk on Dec. 5, co-founder and co-CEO Sean Neville will transition to a post on the company’s board of directors in January.

Sean Neville becomes board member

Neville launched Circle with Jeremy Allaire in 2013, and has presided over its metamorphosis in the ensuing years, including a pivot away from Bitcoin (BTC) and the acquisition of cryptocurrency exchange Poloniex last year. 

As Cointelegraph reported, Circle is now selling Poloniex, Neville describing the current events as forming an appropriate time to switch roles.

He will additionally continue his activities with Centre, the project between Circle and cryptocurrency exchange Coinbase which produced the company’s native stablecoin, USD Coin (USDC). CoinDesk quoted him as stating in an email:

“I also expect to propel the mission forward through CENTRE and other new complementary paths that traverse worthwhile challenges in infrastructure, regulatory policy, economics, and product design.” 

Neville has yet to confirm the move, and at press time had not updated his personal information on resources such as LinkedIn to reflect any changes.

All change at Circle

Circle’s sale of Poloniex, which it originally acquired for $400 million, has not gone without controversy. As part of the spin-out, United States traders will no longer be able to use the platform at all.

This week, executives announced that those who do not withdraw their funds from Poloniex before a Dec. 16 deadline would face various recriminations, including potential confiscation of their entire balance. 

Last month, several former executives at Circle launched their own cryptocurrency trading firm. CMS Holdings is headed by Daniel Matuszewski, the former head of Circle’s over-the-counter, or OTC, trading arm.

Cointelegraph has reached out to Circle and Neville for comment, but had not received a response at press time.

Cointelegraph By William Suberg , 2019-12-05 10:00:00 ,

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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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