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Even Binance and Tron CEOs Joined Hot PornHub Debate 101
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The Cryptoverse, including CEOs of Binance and Tron, is advising Pornhub, a major porn website, and their performers on how to deal with their payment conundrum after PayPal stopped model payouts: use more crypto.

“We are all devastated by PayPal’s decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods,” the adult website stated in their urgent announcement.

The Cryptoverse has been lending a hand, suggesting to the performers to abandon the “puritanical” payment processors, as one Twitter user described them, and to try crypto. SetProtocol product marketing manager Anthony Sassano commented that “stablecoins are a much better choice than Bitcoin (BTC)” if one want to hold those coins for even the smallest amount of time. Some commentators agree that the most liquid crypto is the best choice if a person wants to receive crypto, covert it to fiat and send it to their bank account right away.

On the other hand, Jeff Garzik, the CEO of blockchain startup Bloq, asked: “What cryptocurrency technology is realistically up to the challenge of handling all of the payment flows from BigSite to Paypal right now, today?”

Even CEO of major cryptocurrency exchange Binance, Changpeng Zhao, joined the conversation:

Another CEO, this time Justin Sun of Tron (TRX), said that Pornhub accepts TRX payment. “We need to add USDT-TRC20 supports too,” he tweeted.

Many other provided their opinions too:

Under their current method of payments, the site lists Paxum wallet, check, direct deposit and Verge (XVG) cryptocurrency that needs to be accompanied with a Verge wallet for the recipient to accept a payment. “We’ll use the Verge > USD conversion rate from 12:00PM EST on the 6th of each month,” the site explains.

Pornhub claims it averages over 100 billion video views a year, with 20 million registered users, as well as over 100 million daily and over 36 billion yearly visits. It started accepting Verge in April 2018 in order to follow community’s privacy and payment preferences. And though XVG dropped at the time of the announcement of the partnership with Pornhub, it’s now seeing a rise.

At the moment of writing (9:14 UTC), the price of XVG is USD 0.0038. It appreciated 2.91% in the last 24 hours, though it saw a drop of 4.64% in a week.

Meanwhile, as Beijing found it more difficult to spread the anti-Hong Kong-protests narrative after thousands of such accounts have been removed from major sites YouTube, Twitter and Facebook, it turned to Pornhub as a new platform for propaganda videos, writes Quartz. The article mentions three separate accounts with eighteen videos in total at the time.

Sead Fadilpašić , 2019-11-14 10:14:47 ,

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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.

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

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