3 minutes reading time (501 words)

Daily Dose: A Ripple in The Market

Bitcoin was moving sideways for most of the day after managing to pull off a bounce around 9,100 support, and has since continued to rise, now up to around 9,450. In the daily, 10 EMA is still acting as a trail support, with BTC looking break 9,500 with a strong push. Looking into the 4H chart, price is now above 50 MA, but remains within range with support around 9,100 and resistance around 9,600. Continuous momentum towards 10,000 will validate bulls, while another rejection at 9,500 will send the price back into range. 


Global market cap is at $266B, while BTC's market cap is at $172B. 


Cryptocurrency exchange Gemini has added Tradingview integration to its features. Users can now execute trades directly through Tradingview's platform. Aside from this, other features such as charting, screening tools, watchlists and community trading forum will also be able to Gemini users once they connect their account to Tradingview. The exchange has a how-to guide available on its website on how users can connect their Gemini account to Tradingview.

​XRP, the "cryptocurrency" made by Ripple, will underperform again in 2020, according to Galaxy Digital CEO Mike Novogratz in a recording that was supposed to be forbidden but leaked anyway. The fund manager is a heavy investor in Ripple, but seems to believe that the 3rd largest cryptocurrency in the world will have another bad year in 2020.

Ripple responded by saying, "These statements make clear that Mike doesn't understand how Ripple manages its stake in XRP and didn't take time to read what we make publicly available every quarter," said Madigan. "The increase of circulating supply from Ripple distributions of XRP is actually lower than the increase in circulating supply of BTC, BCH, ETH, etc. "


Hong Kong-based blockchain remittance startup Bitspark has announced its closure, citing internal restructuring issues. CEO George Harrap emphasized that their closure comes despite seeing a 400% month-over-month growth in its new remittance service Cash Point - rather, due to internal restructuring not working out after co-founder and then COO Maxine Ryan stepped down. Their official announcement also added that while the Hong Kong protests and recent outbreak of coronavirus didn't affect the firm, they certainly did not help either.

Bitspark, which serviced mainly the Asia-Pacific including countries like Vietnam, Indonesia, and the Philippines, will shut down services on March 4, 2020. Users will be able to withdraw their cryptocurrencies from Feb. 3 to Mar. 4, after which user accounts will be disabled for a period of 90 days, with users being able to withdraw their funds via Bitspark customer support.


This Daily Dose is brought to you by SCI News Channel.

 

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