Cryptocurrency market news: Twitter bans posting of cryptocurrency addresses, Bitcoin at risk of dropping below $9,000

Here is what you need to know on Friday 17, July 2020

BTC/USD is still trading at $9,155 while its volatility continues dropping. A move below $9,000 is definitely in the cards for Bitcoin price.

ETH/USD continues dropping after losing both daily EMAs and is at risk of sliding below $230 and plummeting to $200.

XRP/USD has defended the daily 26-EMA two days in a row now but it is slowly descending towards $0.19.

Orion Protocol is the biggest gainer in the last 24 hours with a 700% price increase over its initial $0.1 value after the DYCO. Next in line is Aurora which is up 469% in the last seven days. Ampleforth continues with its strong short-term bull rally but it is down 16% in the last week.

Chart of the day: XRP/USD daily chart

Market

After getting hacked by a group of hackers, Twitter decided to ban any publication that involved cryptocurrency addresses. The hackers used a Bitcoin address to scam people into sending money. They managed to steal around $120,000 in Bitcoin after getting access to numerous accounts like Elon Musk’s Twitter account, Jeff Bezos, and even Obama. 

Whenever someone tries to post an address, the following message appears: 

This request looks like it might be automated. To protect our users from spam and other malicious activity, we can’t complete this action right now. Please try again later.

According to recent data by Skew, the Bitcoin open interest is actually rising again despite the massive drop in volatility. Unfortunately, the current market sentiment for Bitcoin is more bearish than bullish and the digital asset is fairly close to $9,000 which could mean a spike below this crucial level can happen at any time. 

However, in the long-term, this rise in open interest signifies a clear increase in the interest of investors. Ben Zhou, co-founder of Bybit states: 

When there is market volatility, volume spikes. However, when more users enter the market, open interest would naturally increase. Recently, we have seen more users registering and I do believe that this is a clear indicator that a bullish market is upon us.

Industry

Nem (XEM) is making a comeback after launching NEM Hub to increase the adoption of blockchain technology. The Hub was launched with the help of DaoMaker Social Mining Platform. 

Social Mining is a  blockchain-agnostic community engagement SaaS that allows the token holders of a particular project to collaborate on work, ranging from development tasks, business development, marketing, sales, and virtually anything else that helps improve the project ecosystem.

Quote of the day

The reason we are all here is that the current financial system is outdated.

– Charlie Shrem