Bitcoin Dump Cycle Looming, Warns Crypto Analyst – BTC, Ethereum, XRP, Ripple, Cardano Newsflash
From a bearish Bitcoin prediction to new adoption for XRP, here’s a look at some of the stories breaking in the world of crypto.
A popular crypto analyst says Bitcoin is likely on the verge of another major breakdown.
The analyst, known in the industry as Rampage, tells his 31,000 followers on Twitter that BTC appears to be caught in a cycle that’s happened a couple of times in the past.
“Bitcoin is a repeating history lesson immediately forgotten by pumps. Dump cycles matter.”
The pattern begins with a parabolic rally. Soon after, BTC retreats and enters a period of consolidation. Then, a second rally to a lower high begins, followed by a long-term collapse and bear market.
If the analyst is right, BTC could be trending toward $6,000.
“Can’t find one single bullish argument on any of the time frames for BTC. We’re getting a dead cat in my opinion and at this stage next area of interest for longs is $6,000. Net short and chill holiday gang.
— Rampage (@Thrillmex) December 14, 2019
In a new interview with The Block, Tom Jessop, president of Fidelity Digital Assets, says the investment giant will support Ethereum in 2020.
“We’ve done a lot of work on Ethereum. We intend to support it in the New Year. We’re very led by our clients.
And again, coming back to the fact that we’re speaking to a lot of traditional institutions, Bitcoin is sort of like the gateway product, right? It’s the thing that’s got perhaps the longest track record, the most observable data points across multiple exchanges around price activity.”
Fidelity Digital Assets officially rolled out its Bitcoin custody platform for institutional investors in October of this year.
Ripple and XRP
Ripple is spreading the word on Twitter about new adoption for the digital asset XRP.
Salt Lending now supports XRP for clients who want to use their digital assets as collateral to secure a USD loan.
“We’ve added XRP as our latest collateral type for a crypto backed loan. Check out our website to see how you can utilize XRP with Salt.”
Salt also supports Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, Dogecoin, TruUSD, USD Coin, Paxos Standard Token and PAX Gold.
IOHK, the technology and engineering company that developed Cardano, says it has enabled staking on its incentivized testnet.
Staking allows investors to earn rewards on their holdings of the cryptocurrency ADA in return for helping to power the network and process transactions.
“The launch sequence has begun… destination? Staking! This afternoon we’ve successfully spun up and tested the Shelley Incentivized Testnet network. We’re now inviting our Cardano Stake pool operator partners to get set up over the weekend.
Next, we’ll do final confirmatory testing. Once operators are ready – and everyone’s happy – we’ll prepare new Rewards wallets for download. ETA Mon/Tues. Sign up to alerts and we’ll tell you once the wallets are ready. See you after the weekend!”Featured image: Shutterstock/NextMarsMedia