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Tezos gains 3.25%, recording a high at $1.31 as Binance extends staking support for the cryptocurrency.

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The 50-Day moving average crosses the 100-period moving average, this is a bullish signal. Moreover, it is also en route to another golden cross with the 200-Day MA. The price of XTZ at 5: 00 hours UTC on 4th December 2019 is $1.25

Binance added support for Tezos (XTZ), staking on its exchange, offering zero fees staking. This is in contrast to the hefty staking fees of 33% to 25% on Coinbase and Gate.io. The share of both exchanges is currently under 4%. Coinbase Custody has a node that stakes about 2.5 million Tezos (about $3.75 million)

xtzusd trading view
XTZ/USD 1-Day chart on Bitfinex (TradingView)

Other popular staking providers like Tezzigator and Coinone Exchange charge about 10%. Binance has vowed to change the game entirely by offering zero-free staking.

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Meltem Demirors, the CSO at Coinshares notes,

and so fee compression begins in the game of stakes 👀

Competition for Staking Lead to Centralization?

Ethereum [ETH] is expected to roll out its PoS version next year. The exchanges are expected to compete for the largest share of staking volume.

While Ethereum is down 60% from its yearly high, Tezos has lost only 33% from its high at $1.81. Much of the positive trend can be attributed to the increasing support for the staking of Tezos. Leading crypto exchanges like Coinbase have added support for it. Moreover, Swiss-based SIX Exchange also launched an ETP based on it.

Staking provides periodic rewards on cryptocurrency holdings. Currently, Tezos provides an annual return of about 6-7%. Nevertheless, due to the price fluctuation in XTZ, the actual ROI fluctuates with the market. Moreover, it also reflects on the future of the crypto markets with staking.

According to the current holdings in the market, six of the top ten ETH addresses belong to crypto exchanges and custody platforms. Hence, it is likely that these platforms will carry out the staking for customers as well.

top ethereum addresses
Top 10 Ethereum Addresses by Amount (Source)

As reported on CoinGape yesterday, the cost of setting up baking nodes would also be cheaper for exchanges than start-ups. Hence, the providers will face tremendous barriers from the leaders.

Do you think that centralization in PoS is good for crypto? Please share your views with us. 

Summary

Tezos [XTZ] Price Heads towards a Bullish Golden Cross as it Gains 3.25%

Article Name

Tezos [XTZ] Price Heads towards a Bullish Golden Cross as it Gains 3.25%

Description

Tezos gains 3.25%, recording a high at $1.31 as Binance extends staking support for the cryptocurrency. 

Author

Nivesh Rustgi

Publisher Name

CoinGape

Publisher Logo

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Nivesh Rustgi , 2019-12-04 07:12:52 ,

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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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