Crypto Today: Remaining in the red after the Binance raid, NEO tumbles, Tezos shines


Here is what you need to know on Friday, November 22

China cracks down on Binance, pushing prices lower

The sell-off in crypto markets is unrelenting, with further falls across the board. China's raid of Binance's offices in Shanghai has weighed on the mood.  

Cryptocurrency markets

- Bitcoin down but not out, BTC/USD remains on the back foot but has also been able to recapture the $7,500. It dropped below $7,400 on Thursday, trading at the lowest in a month. $7,296 was the October 23 trough, and a fall below this line would send the granddaddy of cryptocurrencies to the lowest since May.

- Ethereum is also attempting to recover from the lows, as ETH/USD battles $160. It has now created a triple-bottom at around $153. 

- Ripple has also been falling, but its drop is more gradual. Around $0.24, XRP/USD is still shying away from the mid-October low of $0.22.

- NEO/USD is suffering a more substantial fall of 2.5% and continues standing out. See chart below

- Tezos stands out with a 5% gain despite issues with the French police. 

Bitcoin Confluence: Substantial support may support a bounce:

The confluence chart has been improving for BTC/USD, with a massive support line around $7,320:

Bitcoin confluence analysis November 22 2019

Chart of the Day: NEO/USD loses critical 200-day SMA

NEO/USD drops below the SMA 200 curve – the 200-day Simple Moving Average is one of the most considerable technical indicators in fall financial markets. Moreover, The Moving Average Convergence/Divergence (MACD) indicates increasing bearish momentum.

NEO/USD daily chart: 

 

fxsoriginal

Industry News: Scams and bridges

- Binance crackdown: Chinese authorities have raided Binance's offices in Shanghai, shutting down the offices. Authorities in the world's second-largest economy have extended their crackdown on crypto-related activities. 

- Bakkt, the International Exchange owned venture, is set to tap into Singapore's digital asset market. Expanding into the Asian financial hub is positive news for the industry.

- Ethereum Foundation is offering details on the Istanbul Hard Fork upgrade, which is due on December 7. Investors are awaiting the next leap forward – Serenity. 

- The OneCoin saga continues, with Mark S. Scott, the lawyer that allegedly received $50 million from Ruja Ignatova, known as the "cryptoqueen", has claimed that he was unaware that OneCoin was a scam. The infamous Ponzi scheme and other scandals have been weighing on the prices of digital coins.

Libra: A new bill aims to have US Securities Law responsible for regulating Facebook's stablecoin The initiative is bipartisan and so likely to advance. 

Quote of the Day: Dave the Wave offers advice

Some trading advice from Dave the Wave, in this tweet

You wouldn't want to wait for price to dip below the channel - it was red last time. You'd want to be averaging in, if you've dry powder, with price in the channel now that is green.


More Bitcoin price prediction: BTC/USD prominent buy zone lies with $7,200

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

ETH/BTC on retreat, BTC recovery gains traction

Gold prices spiked above $2,000 amid growing concerns about the economic recovery. Geopolitical tensions and the prospect for further monetary and fiscal stimulus mitigate the financial consequences of COVID-19 drive investors to safe-haven assets. 

More Bitcoin News

XRP/USD under $0.3000 after Ripple announces the investment in XRPL Lab

Ripple's XRP dropped below $0.30 after a failed attempt to settle above $0.3200 during early Asian hours. The coin has lost over 4% in the recent 24 hours and stayed mostly unchanged since the beginning of the day. 

More Ripple News

ETH/USD back on recovery track, $400.00 in focus

Ethereum, the second-largest digital asset came close to $400. If this psychological barrier is cleared, the price may retest the recent high of $415 and continue the recovery towards $450.

More Ethereum News

Altcoin Market Update: ETC and XLM face continual bearish correction

ETC/USD bears stayed in control for the fourth straight day. ETC/USD is currently priced at $7.13. The sellers are looking to get the price below the $7-level.The RSI is trending horizontally around 59.46.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast

BTC

ETH

XRP