Joy to the world, Bitcoin bounces back
MOVERS
8am EST 23rd December 2020
Crypto: Biggest price rise
ZIL
15.98
Equities: Biggest price rise
ADBE
0.84
Bitcoin
$23,568.46
Crypto: Biggest price loss
XRP
20.47
Equities: Biggest price loss
C
-2.40
XRP
$0.37
Crypto: Biggest vol increase*
UPEUR
2,212.59
Equities: Biggest vol increase*
TSLA
215.57
Tesla
$636.80
*Volume bought in USD over the past 24 hours on the Uphold platform
WHAT'S UP
BTC, $24K, Lockdown Together; ZIL Rages Onward
Bitcoin went as high as $24,050 on Tuesday, recouping losses from the early part of the week. As if spitting up rancid eggnog, BTC wiped its chin and bid a brisk adieu to the awful tasting-sub-$22,000 mark. By Wednesday morning (EST), the most dominant crypto was bobbing just below $24,000, slightly up in the sixty minutes ending 8:30 a.m.
Zilliqa, meanwhile, kept its holiday party going strong with the announcement that Crypto.com was listing it today.
Traders quickly bid ZIL up by more than 20% (Decrypt).
The phrase "surpassing six cents" is expected to become part of the Zil-lexicon as the now-42nd largest crypto by market cap just in one hour rose 6% to $0.0595.
WHAT'S DOWN
Not At All Surprising SEC Action Leaves XRP In Lurch
The U.S. Securities and Exchange Commission and Ripple Labs have locked horns over the status of XRP for seven years.
The crypto world was notified by Ripple that a legal challenge was coming from the agency.
Nevertheless, when the SEC formally announced that it had filed an action, XRP sank stone-like as various exchanges took a variety of steps to immunize themselves from any fallout should the SEC succeed in getting a federal court to rule that XRP is a security. A relatively small exchange, CrossTower, for example, delisted XRP.
The odds that XRP gets mass delisted as a result of the SEC developments are low, said trader and analyst Alex Kruger (CoinDesk).
"The news represents, in my opinion, short-term noise as far as price goes,” Kruger said.
“I do think it should underperform for a while longer. Market participants are very concerned about the XRP-SEC news and possible delisting.”
WHAT'S NEXT
Bitcoin Indicators Light Up Like A Christmas Tree
Not long after BTC's nauseating spin-out into a dark and muddy ditch, below $22,000, Cointelegraph went looking for signs of a coming crash – and couldn't find any.
CT examined four key indicators: options put-to-call ratios (bullish); social network activity (peaking); perpetual futures funding (steady); and institutional investor accumulation (accumulating).
The Chicago Mercantile Exchange, in a decidedly indisputable institutional indication, has now surpassed $1.3 billion worth of futures contracts tied to BTC.
Dubai-based financial advisory firm deVere Group's BTC prediction for next year: $46,000.
BTC this morning suddenly shot to just under $24,000. The Santa Claus rally looks to be on.
