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In a major turn of event at crypto startup Circle, Sean Neville will be stepping down from his role as the Co-CEO of the company. In an email secured by CoinDesk, Neville notified his decision during a quarterly meeting among the Board of Directors.

Neville found this Boston-based peer-to-peer payments technology company in partnership with Jeremy Allaire, in 2014. While Neville decided to step down from the role of Co-CEO, he will continue as the company’s independent director.

Neville has not explicitly stated the reason behind his decision. However, in the email, he mentions that the company’s recent sale of Poloneix exchange which was one of the factors for him to opt for this transition. The good news is by staying on Circle’s board, Neville will continue working with CENTRE. CENTRE is a collaboration between Coinbase and Circle and the issuer of USDC stablecoin. In his email, Neville wrote:

“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. As always, I remain stubbornly optimistic about our ability to devise and execute well-crafted things that improve our collective future.”

But before starting with his new role, Neville will be on a sabbatical for some time. Over the last few years, under the leadership of Neville and Allaire, Circle has made massive progress. It was one of the first companies to receive the toughest BitLicense from the New York Department of Financial Services in the year of 2015.

Last year in February 2018, Circle had acquired the popular Poloniex exchange for around $400 million. However, within a year, it decided to part way and sold it following the launch of its new exchange platform.

Circle announced its new platform “Polo Digital Asset” specifically to serve U.S. customers. The blog post mentioned that U.S. customers will no longer be able to create an account on Poloniex. Explaining the reason behind its decision, Circle said: “The spinout will free us to focus on the needs of global crypto traders with new features, assets and services”.

It will be interesting to see that who will be filling Neville’s shoes or will the company work under Allaire’s single leadership ahead.

Let us also remind you that as the year is getting closer and closer to its end, this news is not the first one about changes in the companies’ management. Just yesterday we reported about huge changes within Google and Alphabet structure. Now Google CEO Sundar Pichai is a new Alphabet CEO as well while Google co-founders Larry Page and Sergey Brin will serve more as the company’s advisors.

Bhushan Akolkar , 2019-12-05 11:44:47 ,

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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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