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Bitcoin reaches $29k ‘floor-price’; Where is the next rally headed?

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Bitcoin reached its new-all time high of $42,000 on the 8th of January. The exhilaration associated with the massive bullish was high and certain proponents expected the price to move above $55,000 by the end of Q1 2020. However, after its 2nd re-test at $40,000 on the 14th of January, BTC dropped all the way down below $30,000 over the past day. While the prices may have gone the $30k margin at press time, Bitcoin might be entertaining a radical shift in the market.

Bitcoin loses $36.5k and $33k resistance

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Source: Trading View

According to the analysis, BTC dropped down to $28,880, leading to a 31% drop since the new all-time high value. In doing so, Bitcoin failed to uphold its position over a couple of important support/resistance.

During the past week, BTC struggled to position itself above $36.5k, and over the past 48-hours, the asset has dropped below $33k as well. After dropping down to $29,000, many expected the price to attain another bullish rally, but it is far from certain as on-chain metrics indicated a different scenario.

Willy Woo suggested $29,000 as Bitcoin floor price

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Source: Twitter

Last week, popular on-chain analyst Willy Woo suggested that the reset for the Bitcoin SOPR chart is likely to be followed by a price correction that will shake out weak hands off the market. In terms of finding a bottom, Woo indicated that the worst-case scenario would entertain BTC at a ‘floor price’ of $29,000.

His prediction has held true at press time, but Woo added that even after the asset drops down to $29,000, Bitcoin will rally right back up. Capital injection from HODLers has been strong, considering it has been a Whale Cycle.

Is the bottom definitely in?

According to the CryptoQuant CEO, it might not be the case. In a recent Twitter thread, Ki-Young Ju brought attention to the current Coinbase Premium. The analyst believed that whenever BTC has breached a fundamental resistance like $20k or $30k in the past, huge spot inflows from high net individuals have been observed.

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Source: Twitter

Right now, the investors appeared to under a selling spree and there was not enough premium at press time. It is also important to consider that, Bitcoin’s longs and shorts contract have largely neutralized, indicating a drop in interest from the derivatives market.

Verdict

From a market structure prespective, for Bitcoin to maintain a bullish momentum, its consolidation above $31.5k-$32k would be essential in the next 48 hours. However, failure to do so would improve the possibility for another bearish leg down, as Bitcoin may retrace down to $25,000 in the charts.

Coinbase Acquires Another Company Ahead Of Its IPO

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Prominent cryptocurrency exchange, Coinbase seems to be going all out in terms of acquiring platforms. The San Fransisco-based digital asset exchange recently caught the attention of many after its plans to go public were revealed. As the exchange was seen preparing for its initial public offering [IPO], Coinbase went on to acquire another blockchain platform in less than a month.

Coinbase Bags Bison Trails

The interest the cryptocurrency industry is garnering right now is almost unexplainable. With the value of almost all the assets skyrocketing, people are seen pouring into the industry. As crypto platforms are required to spruce up their games, Coinbase was seen prepping the right way. In a recent blog post, Coinbase revealed that it was teaming up with Bison Trails, a blockchain infrastructure platform.

Blockchain and crypto have moved past their nascent stage in terms of adoption. From being outrightly condemned by officials, to becoming a trillion-dollar industry, the crypto-verse has come a long way. Coinbase, with its latest acquisition, hopes to stimulate the adoption of blockchain technology through an easy to use infrastructure throughout the globe. The blog post further read,

“By joining forces, we aim to bring the advanced technology that the Bison Trails team has developed — and continues to develop — to more projects and more companies around the world. […] Bison Trails will serve as a foundational element within Coinbase’s ecosystem suite of products, powering all participants in the cryptoeconomy.”

Bison Trails spearheaded by Aaron Henshaw and Joe Lallouz entered the blockchain industry back in 2018. The prominent blockchain platform will reportedly function as a standalone product. In its recent post, Bison Trails revealed that the platform had worked with the exchange in the past.

Earlier this month, the crypto exchange announced the acquisition of Routefire to bolster its trading activities. While the capital involved in this acquisition was undisclosed, the exchange hadn’t revealed any financial data of its latest partnership either.

Kraken Becomes Latest Crypto Venue To Halt XRP

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Troubled times for XRP continued as San Francisco-based cryptocurrency exchange Kraken becomes the latest to announce its plan to halt the trading of the crypto-asset for U.S. residents by the 29th of January 2021 at 5 pm PT. This comes after the US Securities and Exchange Commission [SEC] brought its lawsuit against blockchain company Ripple last month, which alleged that the sales of XRP qualified as an unregistered securities offering.

Kraken is not the only prominent exchange to have made plans to suspend trading of the token whose value dropped by nearly 50% since the regulator filed the suit. Notably, well-known crypto platforms such as OKCoin, Coinbase, Bittrex, Genesis, Binance.US, and eToro has also suspended XRP trading in recent weeks.

What Does Kraken’s Move Mean For Customers?

The platform notified that it will be implementing the process any time of the said data and the US-based customers will have just two weeks to continue trading the crypto-asset. It also urged its customers to resolve their positions prior to the 29th of January. Despite this, the clients residing in the country will still be able to deposit, hold, and withdraw XRP with Kraken.

According to the official blog post released by the platform, those residing elsewhere will not be affected in any way.

Kraken further noted that the US residents with spot positions on margin must satisfy any outstanding margin obligations latest by the 28th of January or face liquidation. Its post read:

We intend to cancel open XRP orders and liquidate open XRP positions for U.S. resident We are monitoring the situation regarding the SEC’s filing and will adapt according to any new developments.

Should the position regarding holding, depositing, and withdrawal of XRP happen to change in the future, the exchange would make a public announcement accordingly.

XRP Collapses

XRP did not take the news well as it registered a fall of more than 16% over the past 24-hours driving the price to $0.279 at the time of writing. Soon after which DeFi token Polkadot [DOT] blasted past XRP to become the fourth largest cryptocurrency

Coinbase’s Latest Initiative To Spruce Up Listing Process

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The growth in popularity of cryptocurrencies has been forcing crypto exchanges like Coinbase, Binance, and several others to keep up with the demand. While exchanges are venturing into new markets across the globe, a few others have been onboarding different fiat as well as crypto. Recently, Huobi Global revealed that the Russian ruble was the latest fiat currency to enter their platform. Now, Coinbase seems to be steering people’s attention away from the constant outages to its latest initiative.

Coinbase Rolls Out Asset Hub

The San Francisco-based exchange managed to stay relevant throughout the year, with several developments, but the constant outages it faced during Bitcoin’s most volatile stages, caused a commotion. However, the platform is out and about with its latest initiative. Coinbase in a recent blog post announced the launch of Asset Hub. With this program, issuers will be able to list their currencies on to the exchange in a much easier way.

While the platform already entails over 40 cryptocurrencies and 90 cryptocurrencies on Coinbase Custody, with its latest platform, the exchange hopes to onboard more assets.

The Chief Product Officer of the crypto exchange, Surojit Chatterjee further wrote,

“It’s important for issuers to know we want to work with them and that our door is open. With that in mind, we are excited to introduce Coinbase Asset Hub — a simple, streamlined product for issuers to list their assets and do business with Coinbase.”

Retaining the goal to offer a single interface at the platform, it intends to allow issuers to accomplish the full lifecycle of their assets. Furthermore, the exchange reportedly aspires to aid its 35 million verified user base in gaining access to an array of cryptocurrencies.

Listing an asset on Coinbase was considered immensely beneficial. DeFi platform, Compound’s COMP token is a substantial example. Despite the fact that the token had a steep fall, the initial growth or boost the token got from the listing stood out to the community.

Bitcoin Analyst Criticizes Coinbase For Triggering ‘Bearish Havoc’

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Bitcoin’s volatility has heated up and it is not just investors that are having trouble keeping up with the abrupt trends of the market. Several leading cryptocurrency exchanges such as Coinbase has transaction delays. But this time around, it is even more damaging.

Coinbase Causes Bearish Havoc

Many prominent individuals of the crypto space have been voicing out concerns for the platform. The latest one to do so was the famous Statistician and on-chain crypto analyst, Willy Woo who said that buys on Coinbase were not completing which led its to price $350 lower than other cryptocurrency exchanges.

He further noted that the platform failed to exhibit buying demand since buys were not being registered. This, in turn, pulled down the index price that futures exchanges utilize to calculate leverage funding, which triggered “bearish havoc” on speculative markets.

“Coinbase price is used in a basket of exchange prices to get an index price that futures markets trade on. Gives a false bearish signal to algos, which will trigger further sell-off.”

What is even more interesting is that Coinbase registered a record daily volume of nearly $10 billion on the 11th of January. To put things into perspective, the figure is more than the total volume for Q1 2019. In fact, yesterday’s trading volume was also larger than the total volume for January last year.

It can be safely said that Coinbase has experienced astonishing growth this bull run especially at a time when the platform was busy preparing to make its stock market debut.

However, the latest news was a setback for the exchange. As Woo explained, the latest pullback in the Bitcoin and the crypto market started on spot markets, which was then greatly amplified by a single exchange “partially failing”.

The market’s recent touchdown was unlike its previous crashes in the past 2 years, where over-leveraged markets lead by trader liquidation.

This isn’t the first time that the customers voiced their displeasure about technical difficulties on Coinbase that impeded activity at the platform, as it prevented them from taking advantage of the market activity.

Co-founder and CEO of Blockstream, Adam Back also commented,

“sheesh. Brain Armstrong, you’ve got to get a handle on this stuff. First, the continual crashing under load for weeks. Now, this. it costs people money. I had a leverage long liquidation myself, which this may have contributed to. (reopened with small slippage, but still).”

Coinbase Now Has Crypto Start-Up Routefire Under Its Wing

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Cryptocurrency exchange Coinbase made it to the headlines multiple times this year. The bull run following Bitcoin halving nearly destroyed the exchange as several users complained about issues pertaining to its application as well as the webpage. However, the exchange was back on track and was recently in the news after it announced its decision to go public. While that is still under the wraps, the crypto exchange revealed its latest acquisition of a crypto startup.

Coinbase Acquires Routefire For An Undisclosed Amount

Routefire was rolled out to elevate the crypto trading scene. The platform offers a trading tool that aids in the accomplishment of substantial orders with increased speed. While Coinbase has time and again been called out for its “outages” during the high volatility of the crypto assets, the incorporation of Routefire’s trading tool could pose as beneficial to the exchange. In an elaborate blog post, penned down by Jason Victor, the CEO of Routefire, he affirmed that Coinbase had acquired the startup.

He pointed out that the Routefire platform would no longer function and would be teaming up with Coinbase to execute its mission of incorporating “advanced trading infrastructure” to the dynamic cryptocurrency industry. Victor further revealed that Routefire would aid Coinbase Prime. He added,

“After an incredible journey that began in early 2018, it is with pride and a deep sense of gratitude that today we are announcing we will be discontinuing Routefire’s services and our team will be joining Coinbase to continue developing best-in-class execution services for digital assets.”

Additionally, Victor expressed his gratitude and thanked its users for supporting the platform over the years. While the blog post did not reveal the money involved in the deal, the company’s website affirmed that there were only seven employees including CEO Victor in Routefire.

This deal affirmed that the adoption of crypto on an institutional level was surely high as prominent cryptocurrency exchanges like Coinbase were boosting their game.

Coinbase Drowns In Troubled Waters For Discriminative Pay Scale

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Oppression and disparity have been the primary reasons for protests and unrest. Coinbase seems to be overseeing the years of struggle women and people of color had to undergo in order to be treated fairly. Equal opportunities and equal pay mean nothing for some but for a few others both these factors have a huge impact on their lives. While people have believed that the 21st century has paved the way to an array of opportunities for all, cryptocurrency exchange, Coinbase seems to be fending off the fight that women and black people have had to put up for years.

Coinbase Underpays Black and Woman Workers

In an elaborate report, the New York Times revealed that prominent cryptocurrency exchange, Coinbase was treating its Black employees as well as women of the company differently. The article pointed out that women workers at the San Fransisco-based company were paid 8 percent lesser than the men with similar ranks in the platform. Black workers were paid about 7 percent which is about $11,500 less than the other workers in the company with comparable roles. While Coinbase has argued this discriminative pay scale in the past, suggesting that only some of them had an issue with it. However, over nine employees of the crypto platform affirmed the credibility of the data.

Despite the onset of COVID-19, the entire globe joined hands to battle discrimination against black people. However, in many sectors of various industries discrimination against black people and women continues to prevail. It was further revealed that disparity in pay at Coinbase between black and white employees had surged up to 11 percent after the stock options of the exchange’s workers were factored.

Sadly, Coinbase isn’t the only company that has been following inequality in pay. Google as well as Oracle have reportedly been slapped with lawsuits with regard to the same. However, it was noted that the pay disparity at the crypto platform was far worse than other tech companies. James Finberg, the advocate preceding the case against pay discrimination against Google and Oracle commented about Coinbase and said,

“This certainly looks like a company with a problem.”

Coinbase

In response to this New York Times article, the Chief People Officer, L.J. Brock, wrote a blog post clarifying that the crypto company has a transparent compensation framework. Brock wrote,

“Since Q1 2019, we’ve put in significant work to ensure our pay-for-performance philosophy is transparent and fair. I’m proud of everyone on the Employee Experience Team who has driven this work, and I’m committed to ensuring our comp structure remains fair and transparent as we continue to grow.”

Additionally, he pointed out that during the market review process, that the platform hadn’t increase pay targets. However, with regard to the shift in roles, the company intends to surge the pay targets. Furthermore, all the “impacted employees will be notified of any base salary increases in mid-January”, he wrote.

XRP Temporarily Waves Goodbye To OKCoin And Coinbase As SEC Lawsuit Prevails

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The last couple of days have been tremendously beneficial for the crypto-verse. However, it turns out, XRP was the only asset that encountered a major impediment while all the other coins were tapping new highs. Bitcoin proved to be unfettered as the king coins price soared up to a high of $28,288, just yesterday. Ethereum [ETH], Binance Coin [BNB], and several other assets were also seen following the footsteps of Bitcoin. XRP was still dealing with the repercussions of its tiff with the Securities and Exchange Commission [SEC] of the United States. As Bitstamp, went ahead and halted trading of XRP, various other prominent crypto exchanges were seen the following suit.

XRP Temporarily Loses Spot In OKCoin and Coinbase

The SEC went on to slap Ripple with a lawsuit for engaging in the sale of unregistered securities which was touted as illegal by the financial regulator. This time the SEC went big and called out Ripple Labs for acquiring over $1.3 billion in the sale of unregistered securities. This lawsuit posed to be immensely detrimental for XRP as several exchanges decided to temporarily pull the plug on the asset. Bitstamp was one of the first exchanges to go about it while Coinbase and other exchanges were still processing the entire situation.

However, it seems like crypto exchanges have been jumping onto the bandwagon as OKCoin as well as Coinbase revealed that they would temporarily suspend trading of XRP. In a recent blog post, OKCoin affirmed that it would put a hold on trading and deposits of XRP starting from 4 January 2021. The platform announced that it intended to steer clear of XRP trading until the situation reached a judgment.

Coinbase took to Twitter and revealed that it would stop XRP trading from 19 January 2021. The tweet read,

The exchange, however, clarified that it would continue aiding XRP on the Coinbase Wallet as well as Coinbase Custody.

The SEC hasn’t been kind to anyone in terms of innovation, especially the crypto-verse. Time and again, the crypto industry had been hit by the SEC with several regulations that weren’t quite friendly to the cryptocurrency market. Alarmed by the lack of regulatory climate and inclination towards cryptocurrencies, several platforms including Ripple were considering closing shops in the country. Just last month, Brad Garlinghouse along with the former CEO of Ripple, Chris Larsen revealed that the limitations that the regulators have been imposing on the crypto-verse have made it rather difficult for platforms to function in the country.

Ripple Exposé: Potential Coinbase Delisting Haunts XRP

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Christmas 2020 might not be something that the blockchain firm Ripple and the XRP investors would want to remember.

Needless to say, XRP has been on a downward spiral for the last two days. In yet another blow to the now 4th largest crypto-asset, Coinbase was reportedly considering delisting it. This was revealed by Cinneamhain Ventures partner Adam Cochran who went on to speculate that the SF-based cryptocurrency exchange was in discussion with a Counsel regarding the process.

His tweet read,

“Sources suggesting that Coinbase has already had discussions with counsel about the delisting of $XRP. It seems two potential plans are forming, one which puts the delisting on Friday. Unclear which Coinbase products it will impact but most likely Coinbase and Pro.”

Over the past week, XRP’s price fell by more than 51%. The coin incurred a loss of 30.39% over the last 24-hours alone. The sell-off was bolstered after Ripple and its two executives, received formal charges from the U.S. Securities and Exchange Commission [SEC].

Things worsened as several small crypto exchanges such as OSL, Beaxy, and CrossTower have paused XRP trading following the lawsuit. Coinbase is one of the most reputed and recognized crypto platform to exist. While there has been no official release regarding any potential delisting talks, if it does go ahead as speculated, it would be a huge blow to the already downtrodden coin market. It is important to note here that every exchange that has listed the token is at risk if XRP is considered security as alleged by the watchdogs.

According to SEC’s official lawsuit, Ripple allegedly entered into agreements with at least ten crypto trading platforms in 2017 and 2018. None of these platforms were registered with the SEC and at least two of them have principal places of business in the US, providing for listing and trading incentives in terms of XRP. SEC further went on to allege that Ripple paid these platforms a fee, typically in XRP, to permit the buying and selling of the crypto-asset and sometimes incentives for achieving volume metrics.

If found to true, these allegations alone would not only cause significant damage to Ripple but will also drag names of 10 cryptocurrency exchanges along with it to face severe consequences.

Coinbase Pre-IPO Tokens Makes An Entry Into The Crypto Industry Through FTX

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Coinbase has been time and again making news. The San Fransisco based exchange’s recent announcement of going public had got the entire crypto-verse looking at the platform. This was soon followed by the exchange’s interest in involving the banking giant, Goldman Sachs in its IPO. Once again the news is making headlines after prominent cryptocurrency exchange, FTX rolled out tokens related to the San Fransisco-based exchange.

Coinbase Pre-IPO Tokens Rolled Out By FTX

Earlier today, the cryptocurrency exchange FTX made an announcement revealing the launch of the Coinbase Pre-IPO tokens [CBSE]. These tokens were rolled out as part of the Tokenized Stocks product line of FTX which tracks the price of prominent equities. The CEO of FTX went on to tweet about the contracts. The tweet read,

These contracts would permit traders to bet and predict the amount that the Brian Armstrong led exchange would list on the stock exchange. FTX further suggested,

“Coinbase (CBSE) is a pre-IPO contract. It tracks Coinbase’s market cap divided by 250,000,000. CBSE balances will convert into the equivalent amount of Coinbase Fractional Stock tokens at the end of Coinbase’s first public trading day.”

The contracts managed to secure a total trading volume of over $2.1 million just hours after FTX listed the contract. While the exchange was estimated at $8 billion back in 2018, the exchange’s value could surge up to $28 billion after its IPO, a recent report from crypto analytics platform, Messari suggested.

Furthermore, the exchange suggested that if the CBSE balances will reportedly cash-expire to $32 if the exchange fails to list itself by 1 June 2020. The contracts would turn into fractional tokenized stocks. Germany-based FTX partner CM-Equity AG would act as the service provider of the Coinbase contracts. Additionally, FTX in its announcement categorized CBSE tokens under high-risk investment, suggesting that there was a hazard of comprehensive or partial loss with the investment.

The exchange recently unveiled that it was urging Goldman Sachs to lead its Initial Public Offering.