The State of The Market — December 11, 2018BTC: $3,412.12 (-4.22%)XRP: $0.300217 (-2.19%)ETH: $88.36 (-5.06%)
After yesterday’s bounce-back, the market is once again in red today. Bitcoin is once again testing its support at $3,400, and Ethereum has fallen below $90. All of the top 25 cryptocurrencies are in red today. Bitcoin Cash SV (BSV) and EOS lost the most, going down by 10% and 9% respectively. However, Bitcoin is expected to surge in the coming weeks as its 14-week relative strength index (RSI) has fallen to a new low of 29.80. An asset is considered to be oversold if the RSI is below 30.
In other news, Wirex, a British fintech startup that offers cryptocurrency debit cards, has fully integrated Iban (international banking account number) support for all EUR accounts. This enables users in the European Economic Area (EEA) to fund their accounts by bank transfer and receive euro payments. Also, according to BitMEX research, the Bitcoin network has fallen by about 31% in November. This represents around 1.3 million Bitmain S9 miners being switched off [and] the mining industry may, therefore, be under considerable stress right now.
1) According to a Diar report, the trading dominance of Bitcoin on Binance platform has dived. Binance still dominates the crypto trading scene, but its BTC/USD(T) trading volume has dropped to 32% of the total BTC/USDT volume in the market. This is a drop from 47% recorded in June. This decline has also been experienced in other exchanges. The BTC/USD pair at Bitfinex has declined to 27% from 2017’s 51% whereas Bittrex and Polniex account for 2.7%. Despite this decline, a report by A.T. Kearney states that Bitcoin’s dominance in the crypto market will increase to 66% in 2019. OKEx has now overtaken Binance to become the top exchange by daily volume. (Read More)
2) Coinbase has announced an initiative that will see the company make an important announcement for the next 12 days leading up to the holidays. According to a purpose-built “12 Days of Coinbase” web page, every day at noon (PST), Coinbase will reveal an assortment of surprises like support for a new cryptocurrency or new platform features. The first announcement from Coinbase was a new program called WeGift. The program allows users to buy e-gift cards with cryptocurrencies from a handful of well-known companies, including Nike and Uber. Previously, the program was only available in the UK and EU. But it has now been launched in the United States. (Read More)
3) The United Nations International Children’s Emergency Fund (UNICEF) has announced that it would invest $100,000 in six blockchain startups in order to “solve global challenges using blockchain technology.” The initiatives are part of a larger program consisting of 20 technology startups, and the new startups are located in Argentina, Mexico, India, Tunisia, and Bangladesh. UNICEF Innovation principal advisor Chris Fabian said that “financing, technical support, and focus on vulnerable populations can help a technology grow and mature in the fairest and equitable way possible. Each company is expected to deliver an open-source prototype of their project over the next 12-months. (Read More)
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