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Why Has Binance Just Bought a Chinese Dapps Analytics Platform? 101
Source: Instagram, Binance

Major crypto exchange Binance has continued its seemingly relentless acquisitions drive with the purchase of analytics service DappReview, an information resource for blockchain-powered decentralized applications (dapps).

In a Binance blog post, the company said that it intends to “support DappReview to further develop the dapps ecosystem and foster greater blockchain adoption.”

After snapping up the American-based wallet provider Trust Wallet in summer last year, Binance had appeared to cool its M&A plans.

But since September this year, the company has made a spate of acquisition deals, buying up Seychelles-based exchange JEX in early September, followed by the purchase of India-based WazirX trading platform in November.

The latest M&A deal would, at first glance, appear to buck the Binance trend of buying smaller exchanges – in favor of data-providing services.

DappReview, which is based in China, claims to provide data analytics, user insights and dapp information for over 3,900 dapps across thirteen public blockchains.

But readers may recall that back in September Binance also made an undisclosed investment in Mars Finance, another Chinese blockchain media and data company – an indication perhaps that Binance wants to develop data and media resources, particularly in East Asia.

DappReview provides services in Chinese and other East Asian languages, such as Korean.

DappReview has also been active in the world of blockchain gaming, another potential avenue for Binance expansion plans. DappReview co-organized a global “blockchain gaming eco-conference” in Shanghai in August, along with Cocoa China.

Binance’s Binance Labs subsidiary earlier this year held a gaming hackathon in Shanghai – a hint that gaming dapps could be another avenue for possible future Binance expansion plans.

Tim Alper , 2019-12-03 13:57:55 ,

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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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