Leading Crypto Altcoin May Drop 40% If Support Fails
Although Bitcoin has had a stellar year thus far, 2019 has not been a strong year for the altcoin market. Only two out of the thousands of altcoins on the crypto market were able to outperform Bitcoin over the first half of the year.
However, one of those top performers is in trouble of retracing much of the gains it experienced this year, falling as much as 40% if the next support level fails, according to one crypto analyst.
Crypto Analyst: Binance Coin at Risk of a 40% Drop
2019 has been the year of Bitcoin, but also the year of Binance. Or at least the first half of the year was.
During the first half of 2019, Binance made announcement after announcement, debuted a DEX, launched margin trading, and so much more. Between the constant positive media attention, and the Binance Launchpad platform for IEOs utilizing the native crypto token of the exchange, driving up demand, the altcoin called Binance Coin’s value skyrocketed as a result.
Related Reading | Binance Turns Two: A Look Back at The Young Crypto Unicorn
But come June things began to become less rosy for the crypto market poster child. Binance revealed it will soon be closing its doors to United States-based investors – a subset of crypto investors that make up the lion’s share of the market. The move is to comply with global financial market regulators, who do not want American citizens trading certain crypto assets that may be deemed securities or fall under specific regulatory guidelines.
Instead, Binance will close trading and deposits for these customers, and usher them into a new US-based Binance exchange with only 29 altcoins and Bitcoin under consideration for inclusion.
The uncertainty around the future value of Binance Coin, how it is implemented in the US platform, if at all, and many other unanswered questions remain, and it’s causing the value of Binance Coin to drop. One crypto analyst says that if support doesn’t hold in BNB price charts, Binance Coin could fall an additional 40% from current prices.
The Key Indicator That Led Massive Bitcoin Upsurge to $13.8K Just Blinked Again
Tuesday January 21, 2020
A long-term bitcoin price resistance has flipped to become support for what appears to be a potential bullish action. The 50-weekly moving average (50-SMA), which measures the average of bitcoin prices over a 50-week...
The post The Key Indicator That Led Massive Bitcoin Upsurge to $13.8K Just Blinked Again appeared first on 12bitplay - Bitcoin Play.
#binance – $BNB
If you are holding @cz_binance's coin, you sure as hell want to see a bounce from diagonal support + 19.5k area.
Failure to do so, next support is nearly 40% lower
Exchange will close access to USA accounts in 2 days – curious to see this play out pic.twitter.com/ieX2wSoZyQ
— TEDDY (@teddycleps) September 10, 2019
2 Genuine Reasons Why Bitcoin Will Hit $20,000 in 2020
Monday January 20, 2020
Coming into the first quarter of 2020, offbeat asset bitcoin is already proving to be the year’s best investment. The benchmark cryptocurrency’s upside run has returned roughly twenty-fold returns in January. Its rate peaked...
The post 2 Genuine Reasons Why Bitcoin Will Hit $20,000 in 2020 appeared first on 12bitplay - Bitcoin Play.
Binance Coin has been among the strongest performers in 2019, outperforming both Bitcoin and Litecoin to be the best performing crypto asset in the market. Outside of these three crypto-assets, though, the rest of the altcoin market has been bleeding out.
Related Reading | PSA: Only 48 Hours Remain for US Crypto Investors to Trade on Binance
Much of the selloff in altcoins is due to crypto investors no longer willing to take the regulatory risk associated with some of the more exotic altcoins found on Binance and other platforms. The fear is these altcoins cannot be sold in some jurisdictions, essentially rendering them worthless to some investors. Rather than get caught holding permanently heavy bags, investors have been dumping alts in favor of the more regulatory friendly Bitcoin and Litecoin.
The post Leading Crypto Altcoin May Drop 40% If Support Fails appeared first on NewsBTC.
Ethereum Could Be Weeks Away From a 400% Parabolic Rally; Levels to Watch
Tuesday January 21, 2020
Ethereum has been closely tracking Bitcoin and the aggregated crypto markets over the past several days, which means that ETH’s multi-day price action has primarily favored sellers. In spite of this, ETH is still...
The post Ethereum Could Be Weeks Away From a 400% Parabolic Rally; Levels to Watch appeared first on 12bitplay - Bitcoin Play.