• Bloomberg analyst expect that Bitcoin price will reach $100,000 in 2025
• Litecoin's MimbleWimble launch on a testnet
• Ripple’s Swell 2020 conference will be held virtually on October 14 and 15
• Litecoin's MimbleWimble launch on a testnet
• Ripple’s Swell 2020 conference will be held virtually on October 14 and 15
Cryptocurrency market started this week in slightly negative moods following news that the CFTC accused four founders and executives of BitMEX, one of the world's largest cryptocurrency derivatives exchanges, of evading rules designed to stop money laundering. Also President Trump’s decision to halt stimulus talks until after the November’s election affected the market negatively this week, but it is slowly starting to recover again. Bitcoin's market dominance increased to 58.5%. The capitalization of all digital assets in circulation increased to 344 billion, while an average daily trading volume is registered at $90 billion.
Bitcoin could reach $14,000 in 2020 and $100,000 in 2025, according to a Bloomberg analyst
According to recent Bloomberg report Bitcoin is in a period of low volatility and could reach $14,000 in 2020 and $100,000 in 2025. Mike McGloone, Senior Commodities Strategist for Bloomberg Intelligence expects that Bitcoin will continue the “historical trend” .McGloone believes that Bitcoin’s fundamentals have remained strong. Specifically, the increase in the hash rate that has reached a new all-time high and the number of active Bitcoin addresses “is equivalent to a price of about $15,000”.
BITCOIN – price bounced of the upward trendline and is currently testing major resistance level at $10,900. If buyers manage to break above it, an upward impulse towards $11,175.00 could be launched. On the other hand, once sellers regain control, the support at $10,600 may be at risk. Source: xStation5Litecoin launches MimbleWimble testnet
Litecoin's MimbleWimble went live on testnet last week, according to the information published on the project's official website. Phrase MimbleWimble comes from the Harry Potter books, where it was a curse that tied the target's tongue in a knot, preventing them from making coherent speech. In the cryptocurrency industry, MimbleWimble means that the protocol can hide transaction data. From a technical point of view MimbleWimble is a protocol based on Proof-of-Work (PoW) consensus algorithm with high scalability in increased privacy features. According to David Burkett, the creator of the cryptocurrency Grin, which has been working on the MimbleWimble project since October 2019, the testnet supports several connected nodes and blocks mining functionality. Currently the protocol is tested by the community and the developer plans to improve the project to make it more user-friendly. The launch of MimbleWimble tetsnet takes LTC a step closer to the status of a privacy-focused coin.
Litecoin has been trading in a sideways move with some upside recently. If sellers will manage to break above the upper limit of the range at $47.39 then the upward move towards $50.25 is possible. On the other hand, breaking below the support at $43.60 could pave the way for a bigger decline. Source: xStation5Ripple’s Flagship Event will take place next week
Ripple’s annual Swell conference will be held virtually on October 14 and 15. Event first took place in August 2017 and its aim is to bring together the top figures in the digital currency and blockchain worlds. The two keynote speakers announced for the event are Sheila Warren - Head of Blockchain, Digital Assets, and Data Policy for World Economic Forum - and Mahesh Uttamchandani - the Practice Manager for Financial Inclusion, Infrastructure & Access in the Finance, Competitiveness, and Innovation Global Practice at the World Bank Group. Investors will pay attention to this event as Ripple price tends to drop during and after the Swell conference.
RIPPLE is testing the key resistance levele at $0.25 which is additionally strengthened by 50 SMA (green line). If sellers manage to halt advance here, the downward move into $0.23 is possible. However, in case of a break higher, the next resistance to watch is located at $0.2681. Source: xStation5FCA bans offering cryptocurrency derivatives to retail customers
UK’s Financial Conduct Authority announced a ban on selling cryptocurrency-related derivatives to retail customers. The regulator believes that these instruments are ill-suited for the retail customers due to the high amount of risk. The ban comes into effect on January 2021.
