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Nordea Employees Banned From Buying Bitcoin + 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.

Regulation news

  • Nordea Bank is free to prevent its employees from investing in Bitcoin (BTC) and other cryptocurrencies in their own time, Bloomberg reported, citing a verdict by a Danish court. The risks associated with cryptocurrencies justify the restriction, the court ruled, despite Denmark’s union for financial industry employees said that the ban interfered with employees’ personal lives. However, the restriction didn’t cover financial instruments tied to cryptocurrencies that Nordea had sold to clients; nor did it apply to any cryptocurrencies that employees might have owned before the ban, according to the report.
  • The Crypto Valley Association (CVA), a global blockchain and cryptographic technology ecosystem, said it has released its Asset Tokenization Paper , which defines the tokenization process for Swiss companies, addresses legal and technical questions relating to asset tokenization, and provides guidance to those engaging with security tokens.

Adoption news

  • Venezuela says that it is developing closer ties with Russia in the field of cryptocurrencies. Per an official release from the Vice President’s office, Caracas says it is forging ever-closer ties with Moscow, and made specific mention of what it called the “increasingly close financial relations” in “the sector of international fiats and cryptocurrencies.”
  • Murcia, Spain, will host an end-of-year blockchain and cryptocurrencies awards ceremony, reports Extra The event, the nation’s first of its kind, is the brainchild of a Murcia-based association of blockchain and cryptocurrency firms and will see individuals and projects awarded in three categories: Best Startup, Best Project and Most Influential Person.
  • A consortium of Japanese tech companies has teamed up with Japan’s Muroran Institute of Technology and four other universities on a project that will allow graduates to obtain proof of their degrees at convenience stores. Job seekers will be able to use the platform as part of their employment processes. The project will roll out in FY2020, reports Nikkei.
  • Rootstock says it will stump up USD 200,000 worth of funding to dapps (decentralized applications) developers using the Bitcoin blockchain. In an official announcement shared on Twitter, the company says it will provide grants and mentorship to selected developers, who will need to pass through a four-stage application process, including a feedback round, with pointers from in-house experts.

Exchanges news

  • Bitfinex has launched support for the Lightning Network. Their clients can now deposit and withdraw Bitcoins on Bitfinex via the Lightning Network. The platform is running its own Lightning Network node, which users can connect to and open a payment channel with the exchange.
  • Decentralized exchange Waves DEX has rebranded itself as a hybrid platform and migrated its operations to the Waves.Exchange domain. “All the exchange services are now fully operational,” the platform confirmed yesterday.
  • Huobi Japan is mulling an initial exchange offering (IEO), reports media outlet Coin Post. The same media outlet also reports that rival Japanese exchange Coincheck is also looking into the possible benefits of launching an IEO, and says that the regulatory Financial Services Agency’s recent decision to grant the c0ban platform with an operating license is likely to help galvanize the Japanese crypto scene.

Mining news

  • The Monero (XMR) network has been successfully upgraded to a new mining algorithm, or PoW (proof-of-work) algorithm, called RandomX, which aims to be ASIC (application-specific integrated circuits)-resistant, according to the November 30 Monero community workgroup YouTube livestream.

Trading news

  • WisdomTree, the exchange-traded fund (ETF) and exchange-traded product (ETP) sponsor, launched its first cryptocurrency product – a physically-backed Bitcoin ETP. It will track the spot price of Bitcoin (BTC), with WisdomTree purchasing Bitcoins and creating smaller sized shares, which can then be traded and redeemed on exchange. The WisdomTree Bitcoin ETP (BTCW) is listed on SIX, the Swiss Stock Exchange.

Investment news

  • Singapore-based startup MVLLABS, the company behind TADA, a blockchain-based zero-commission ride-hailing service, has secured a Series A investment of USD 5 million led by South Korean VC firm SV Investment, and with the participation by two of South Korea’s largest car parts manufacturers, Central and SIMWON Inc., the company said in an emailed announcement. The financing will be used to fund MVL’s continued expansion within its existing markets and the development of the mobility ecosystem built on MVL’s blockchain protocol.

Tim Alper , 2019-12-03 16:25:00 ,

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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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