Cryptocurrency Market News:  Bitcoin slumps under $9,000 as Ethereum 2.0 testnet staking gains traction


Here is what you need to know on Friday:

Markets

Bitcoin struggled to stay afloat above $9,000 during the Asian session even after opening at $9,060. As we head into the European session, the price has slipped back under $9,000. BTC/USD is trading at $8,979 amid heightened selling activities across the cryptocurrency market. If the bulls fail to reclaim the support at $9,000 soon, the expanding volatility could force Bitcoin to test Thursday support at $8,750. It is apparent that a breakdown to $8,000 is not out of the picture because BTC/USD already dived to $8,100 earlier in May before the attempt to break the resistance at $10,000.

Read more: Bitcoin Price Analysis: Why BTC/USD is tumbling despite COVID-19 uncertainty – Confluence Detector

Ethereum, on the other hand, is trading 0.58% lower on the day. Like Bitcoin, it is facing a stronger bearish grip. The low volatility hints that downward price action could be limited during the European session. Meanwhile, Ether has a market value of $197.37 at the time of writing.

Ripple commenced the session at $0.1942 but adjusted to -$0.1919 (intraday low). Recovery is non-existent at the moment. The actual trend is strongly bearish even as XRP/USD exchanges hands at $0.1930. If the resistance at $0.20 is not broken soon, sellers could gain momentum and push XRP to test current May lows at $0.1750.

Among the top one hundred, the worst-hit cryptocurrencies include DeviantCoin (down 65.92%), HEX (down 13.77%), THETA (15.62%), BitBay (down 17.78%), MimbleWimbleCoin (down 17.79%), Advanced Internet Blocks (down 64.91%), and Electroneum (down 12.46%). Intriguingly, some cryptoassets have increased in value over the last 24 hours and they include Hyperion (up 3.01%), OmiseGo (up 36.39) and DigiByte (11.23%).

Chart of the day: BTC/USD 1-hour 

BTC/USD price chart

The launch of Ethereum 2.0 has been a topic of interest among cryptocurrency enthusiasts. The exact date of its launch is still unknown, however, the testnet continues to gain traction especially with the staking feature. The testnet is being executed by Prysmatic Labs on their very own Topaz prototype. According to a tweet by Terence Tsao, the testnet has hit the 1 million mark in staked Ether. According to Etherscan, there are currently 32,800 active validators while 2,772 are pending. The eligible Ether has hit 1,048,481 with the voted Ether accounting for 89.47%.

fxsoriginal

Staking on the soon to launch Ethereum 2.0 mainnet is one feature that could greatly impact the network in terms of transaction capacity, security and price performance. Moreover, investors have already shown immense interest in the staking which could help push Ethereum to new 2020 highs. With Bitcoin halving already gone, Ethereum 2.0 remains the single most massive catalyst for the cryptocurrencies’ prices this year.

Also read: Ethereum Price Analysis: ETH/USD breakdown eyes $190, ETH 2.0 staking the ultimate store of value

Industry

Messari, a cryptocurrency data research and analysis platform has announced the addition of ten new exchanges to its list of “real volume” in a bid to renew the methodology. The new development would allow Messari to rank exchanges without the interference of wash trading that caught people’s attention following a report by Bitwise. The report claimed that 95% of all exchange volume was fake.

The exchanges that have made to the new metric include Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken and Poloniex. The exchanges that made it to the top ten on the account of the new metric include Huobi, OKEx, Bithumb and UPBit. Malta-based Binance remains in the number one spot.

Regulation

Officials in China are proposing a regional stablecoin for the East Asia region in order to stimulate trade among countries such as China, Japan and Korea. The proposal was first mentioned by Shen Nanpeng, a member of the Chinese People’s Consultative Conference during a national session on Thursday. Backing the stablecoin would be a basket of currencies including the yen, yuan, Korean won, and the Hong Kong dollar.

 

 

 

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

Ethereum price aims for new yearly highs ahead of ETH 2.0 upgrade

Like the majority of cryptocurrencies, Ethereum has managed to recover from its 23% crash and it’s aiming to hit higher highs on Monday. There seems to be very little opposition above as bulls are eying up $720.

More Ethereum News

Cardano Price Forecast: ADA sits in a no-trade zone while momentum builds up

Cardano had an early recovery on November 28 ahead of Bitcoin’s last move toward $20,000. The digital asset is now consolidating and trading sideways as indicators show it is ready for another breakout in the short-term.

More Cardano News

Ripple Price Prediction: XRP sits on the verge of an explosive breakout

XRP traded as high as $0.78 on November 24 before a brief period of a correction down to $0.456. Ripple price is trading at $0.655 at the time of writing, notably recovering from the dip and aiming to set higher highs.

More Ripple News

Yearn.Finance Price Prediction: YFI may take a hit before a massive rally to $35,000

YFI has managed to see a 47% bounce in the past four days after hitting a low of $18,228 on November 26. Bulls are looking to establish a higher high on the daily chart and break $29,890. However, some indicators suggest the digital asset might need to retrace first.

More Yearn.Finance News

BEST CRYPTO BROKERS/EXCHANGES




Gold Weekly Forecast: XAU/USD tumbles to multi-month lows on risk flows, technical selloff

Bitcoin has lived through a roller-coaster week. The pioneer digital currency hit another multi-year high of $19,500 and got really close to the all-time high on Wednesday. 

Read the weekly forecast

BTC

ETH

XRP