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'Watch and Learn': Justin Sun Co-owned Poloniex Kicks DigiByte Out 101
Tron founder and CEO Justin Sun. Source: Tron

U.S.-based crypto exchange Poloniex, recently acquired by Justin Sun, CEO of Tron (TRX), among other investors, announced it will delist DigiByte (DGB) hours after the founder of DigiByte, Jared Tate, criticized both Tron and Poloniex.

“BTW, after careful review, we decided #DigiByte is not qualified for our listing standard. We will delist $DGB soon. Details to be announced,” the exchange replied to the founder earlier today.

Currently, Poloniex is responsible for 5% of the DGB trading volume and is 6th by this measure among exchanges that list DGB, according to Coinpaprika. DGB is ranked 59th by market capitalization.

At pixel time (06:55 UTC), DGB trades at c. USD 0.0066 and is down by 1.6% in the past hour and by 2% in a day.

A few hours before the announcement by the exchange, Tate posted a thread criticizing Tron and Poloniex.

“I’m disgusted by all these Tron trolls/bots attacking me & hyping a 100% premined & completely centralized network like its the most decentralized gift from god. Now Poloniex has turned into a TRX shill factory after making off w/ US customers sensitive data,” Tate said before going into details, such as:

  • “Extremely misleading platforms like #TRON masquerading under the flag of #decentralization.”
  • “Nothing about Tron is unique other than a few gambling apps and the marketing hype and paid Twitter bots. They even copied most of the white paper.”
  • “And then @CircleApp sold #Poloniex to Sun. I am royally pissed my personal data, my friends and families data and other US #DigiByte customers most sensitive data is now in the hands of this circus that is now #Poloniex. Or the $TRX shill factory as we should now call it.”

Many members of the crypto community expressed their disappointment in Poloniex.

“Imagine delisting a coin just because its founder spoke “badly” about you – this industry in a nutshell,” said Twitter user @teddycleps.

However, Meltem Demirors, Chief Strategy Officer at CoinShares, reminded that “exchanges are privately owned companies and are under no obligation to list or trade any asset.”

Meanwhile, Bitcoiner and developer Udi Wertheimer, stressed that “Poloniex was a completely irrelevant exchange up until a few months ago. No one remembered it existed.”

“Now with a new eccentric owner, and an aggressive social media strategy, it’s everyone’s favorite topic. Watch and learn plebs,” he said.

In related news, Poloniex announced on Wednesday that they’re considering listing more assets from PoloniDEX, a “decentralized exchange” under Poloniex, and PoloniDEX “would love to offer free listing to all Tron based assets.”

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Linas Kmieliauskas , 2019-12-05 09:16:00 ,

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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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