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The Binance – TheBlock Saga has yet another twist to it.  A recent tweet by Primitive Crypto Founder, Dovey Wan has cleared the air about the Binance office shutting down in Shanghai. Interestingly, Binance CEO, Cz has responded with a thumbs-up sign on the post. 

Binance – Block Saga Continues 

Source- Twitter

Binance Shanghai office is an outsourced customer rep team, under Babi Finance (a Binance investment). The post then saw Cz thanking Dovey Wan for tweeting this. 

Source- Twitter

On November 21, The Block published an article which stated that Binance’s Shanghai office had been raided by the police and shut down.  Interestingly, in the statement, there was no mention of the police raid.  

Cz then responded that there was no fixed office in Shanghai. Following the news, top coins fell down in double digits. Binance CEO, Cz was expecting an apology from The Block. However, the latter decided to stand by its claim and refusing to apologize. Also, the Block published another detailed article in which it shared information about the addresses of Binance’s Shanghai offices, thereby refuting CZ’s claims of  “no office”.



Larry Cermak Claims Dovey Wan Is Not Being Honest 

Interestingly, the tweet also saw Larry Cermak, data researcher at The Block commenting on the post. He said that the news mentioned that the Binance Shanghai office was visited in person and it was closed. Moreover, Binance hired people through Babi Finance and that the office didn’t belong to Babi itself.

Source- Twitter

He further alleged that Dovey was not being honest in her tweet. 

Source- Twitter

Mike Dudas, a coveted team member of The Block also refuted the clarification provided by Wan and said it was inaccurate. 

Source- Twitter

Another Twitter user, Matthew Graham commented that Babi Finance had been shut down for quite a long time and there was further some mystery to this controversy. 

Source- Twitter

Will The Block eventually apologize to Binance? Let us know, what you think in the comments below!


Binance - The Block Saga Continues, Dovey Wan Reveals Key Facts

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Binance – The Block Saga Continues, Dovey Wan Reveals Key Facts


The Binance – TheBlock Saga has yet another twist to it.  A recent tweet by Primitive Crypto Founder, Dovey Wan has cleared the air about the Binance office shutting down in Shanghai. Interestingly, Binance CEO, Cz has responded with a thumbs-up sign on the post. 


Supriya Saxena

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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.

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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Supriya Saxena , 2019-11-25 20:38:50 ,

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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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