The State of The Market — November 28, 2018
BTC: $4,036.63 (+8.44%)
XRP: $0.373892 (+7.37%)
ETH: $114.36 (+9.40%)
Bitcoin is now moving horizontally between $3,600 and $4,000 over 24-hour periods. After yesterday’s fall to $3,600, it is now trading slightly above $4,000. However, expect the bears to pull the price down once again. Bitcoin is expected trade range-bound for the next few days before a clear winner between the bears and bulls emerge. If the bears win, Bitcoin could go to a low of $1,500. If the bulls win, Bitcoin could nearly double itself to $7,400. With Bitcoin in green, the rest of the market is also in green today. Bitcoin Cash SV is the only coin among the top 50 cryptocurrencies that is down today.
In other news, BitTorrent now accepts TRX, BTC, and BNB for its premium products. BitTorrent, which is behind a peer-to-peer communication protocol and products, boasts more than 100 million users and is known for its “popular Pro and Ads Free products.” It was acquired by the Tron foundation early this year. Also, China’s Center for Information and Industry Development (CCID) has revised its ranking list of crypto projects, with EOS still occupying the top spot, followed by Ethereum. However, the center upgraded BTC from the 19th place in the previous month to the 13th place. BCH, which endured a contentious hard fork on Nov. 15, dropped one position to the 29th place.
- Coinbase has launched its over-the-counter (OTC) trading desk for its prime institutional customers, with plans to incorporate delayed settlement and Coinbase custody. OTC trading mitigates slippage and prevents scalping, front-running, and other volume-related losses. Consequently, this move would reduce the cost of purchasing cryptocurrency for institutions and reduce overall market volatility. Speaking about Coinbase’s developments in an interview with Cheddar, Christine Sandler, the firm’s head of sales added their USDC stablecoin is ‘one of the most liquid stablecoins that are trading right now.’