Today in our altcoin news, we make a brief analysis of the EOS altcoin and see why it could be the best crypto bet for the month.
The price of EOS surged and remained in the green after the upside correction over the previous period. The blockchain-based asset managed to reach an intraday high at $5.84 which is a 4.46 percent increase after the Wednesday open. On the weekly charts, EOS was trading at 17.97 percent higher than the previous week low. This confirmed that the asset was trending for a higher level on an interim basis. The latest push shows that EOS managed to completely recover from its losses during the Bitcoin Cash Hard Fork in November.
Over the past 24 hours, EOS was trading 5 percent higher than yesterday. The Market cap of the altcoin reached a $32 million price level within the same timeframe. The daily volume of the market cap reached $3.35 billion. The trading activity seemed to be going well since there was not only one exchange responsible for the EOS volume.
The candlestick pattern shows that the short-term moving average is going way past the long-term moving average. The pattern creates the so-called ‘’golden cross’’ which shows that a strong bull market is in the making if the price action gets a boost by the high trading volume. The market confirmed the same ‘’golden cross’’ pattern on the EOS hourly charts.
The relative strength indicator is above 70 which means that the altcoin is in the overbought zone. This correlates with the asset testing the $6 price point. As a matter of fact, the price range above $6 will demonstrate a strong price reversal sentiment. There is a huge chance that EOS will start a small correction before it goes on the ‘’fake breakout range.’’
A breakdown action with a strong selling volume could eventually push EOS towards the $4.18 price point on the bearish side.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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