A massive 789,525 ether (ETH) transaction noted by transaction tracking Twitter bot @Whale_alert is making headlines, since it originated from PlusToken's wallet. The value works out to about $105 million.
PlusToken was an alleged cryptocurrency ponzi scheme disguised as an investment program, reportedly offering 9 percent to 18 percent monthly returns in its PLUS token, which traded on popular exchanges including Huobi and Bithumb.
The high yield attracted 180,000 bitcoin (BTC) and around 6.4 million ETH, of which the alleged scammers moved 800,000 ETH and 45,000 BTC to their own addresses, Chainalysis reported on Dec. 16.
Further, the blockchain intelligence firm said 790,000 ETH were sitting untouched in another wallet. Some of that ether may have been moved today.
PlusToken blamed for recent sell-off
Bitcoin fell below $7,000 earlier this week and hit fresh seven-month lows below $6,500 on Wednesday.
A few traders associated the price drop with the Chainalysis report, stating that PlusToken affiliates hold significant amount of BTC and ETH and could dump those into the market. |
 
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Bitcoin Logs Biggest Single-Day Gain in Seven Weeks
BTC: Price: $7,180 | Market cap: $130 billion | 24-Hr Volume: $33.83 billion
Short-term trend: Neutral
Bitcoin jumped more than 10 percent on Wednesday – the biggest single-day gain since Oct. 25, based on CoinDesk's Bitcoin Price Index.
With the sharp rise, the cryptocurrency erased losses seen in the eight days prior and neutralized the short-term bearish setup.
A bull reversal, however, would be confirmed only above the Nov. 29 high of $7,870. That would invalidate the most basic of all bearish technical patterns – a lower high.
A rise to $7,870 cannot be ruled out as the 14-day relative strength index is now reporting a bullish divergence. It occurs when the indicator prints higher lows, contradicting lower lows on price. It's considered an early warning of an impending corrective bounce.
The RSI divergence would be invalidated if prices drop below $6,428, although that looks unlikely at press time. Long-term trend: Neutral
Bitcoin's monthly MACD histogram has dropped below zero, signaling a bearish reversal. The cryptocurrency is trapped in a five-month bearish channel.
Even so, the outlook remains neutral, as the MACD is a lagging indicator. Further, the miners’ reward halving, usually a price-bullish event, is due in May 2020.
With BTC looking oversold after a 50 percent drop from June highs above $13,800, a notable recovery ahead of the supply-cutting event can’t be ruled out – more so, as the 50-week MA has crossed above the 100-week MA, confirming the first golden bull cross since May 2016.
After all, the previous bull cross had marked the start of a long-term bull market. The cryptocurrency picked up a strong bid near $430 following the bull cross confirmation in May 2016 and charted its way a record high around $20,000 in December 2017.
That said, the outlook as per the weekly chart would turn bullish only if and when prices break higher from the five-month long bearish channel.
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Tomochain Takes A New Leg Up TOMO: Price: $0.53 | MCAP: $38.01 million | 24-Hr Volume: $36 million
Short-term trend: Overbought
TOMO is up 14 percent on the day and riding high on some of the strongest levels of daily trading activity, represented by 24-hour volume bars, since Nov. 4.
The rise in value can likely be attributed to a number of fundamentals including a NEO Blockchain Workshop in which TOMO will be featured, set for Dec. 21, as well as an announcement made Dec. 16 that declared a partnership with Wadz, a cross border payments platform based in South East Asia
A pullback, evident from an overbought daily RSI, is likely to stall bullish aspirations in the short-term, however. Holding above $0.46 (Dec. 16 daily close) will prove vital for a bullish continuation in its price.
TomoChain is a public ethereum virtual machine (EVM)-compatible blockchain. Compared with other classic blockchains, advantages include low transaction fees and faster confirmation times, according to a white paper from the company.
Long-term trend: Cautiously bullish
TOMO has broken through its long-term down trend, beginning Dec. 15, when it rose above a prior candle close high of $0.50 on Nov. 3.
The bullish market structure shows promise but will need to defend the aforementioned region of around $0.46 in order to shore up investor confidence for a long-term continuation in bullish price movements.
Closing below $0.45 runs the risk of falling back within a long-term bearish range.
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| | | Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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