We have the latest cryptocurrency news for you. Today, read about how the cryptocurrency market began a negative wave during this week, after the CFTC accused the founders and managers of BitMEX, one of the largest cryptocurrency derivatives markets, of violating money-laundering rules. The market was also affected by the US postponement until the November presidential election. Bitcoin dominance in the cryptocurrency market increased to 58.5%. The capitalization of all digital currencies in circulation has risen to 344 billion. Daily trading volumes climbed to $90 billion. Let’s see the latest cryptocurrency news.
According to a Bloomberg analyst, Bitcoin could reach $14,000 in 2020 and $100,000 in 2025
According to the latest Bloomberg report, Bitcoin is in a period of low volatility and could reach $14,000 in 2020 and $100,000 in 2025. Mike McGloone, a senior commodity strategist, expects Bitcoin to continue this historical trend. He believes that the fundamentals remain strong. He said the hash rate’s growth has reached a new all-time high, and the number of active bitcoin addresses is equivalent to a cost of about $15,000.
Bitcoin’s price has continued its rising trend line. It is currently testing the main resistance level at $10,900. If buyers manage to overcome it, the attack could start at the level of $11,175. Conversely, if resellers take over, the support at $10,600 could be at risk. Source: xStation5
Litecoin launches the MimbleWimble testnet
According to official information, the cryptocurrency Litecoin started working last week on a testnet with its MimbleWimble protocol, as the latest cryptocurrency news show. The name MimbleWimble comes from a series of stories about Harry Potter, where this curse can entangle the affected subject’s tongue in a knot. The subject’s intelligible speech is then impossible to descipher. MimbleWimble in the crypto world is a protocol that can hide transaction data. From a technical point of view, MimbleWimble is a Proof-of-Work (PoW) protocol based on a consensual algorithm, with a high degree of privacy settings.
According to David Burkett, the founder of Grin, who has been working on MimbleWimble since October 2019, the testnet supports several functionalities of mining nodes and blocks. The community is currently testing the protocol, and developers plan to improve the project to make it more user-friendly. The start of the MimbleWimble testnet brings LTC one step closer to a currency that focuses on user privacy.
The virtual Ripple conference will take place next week
Ripple’s annual Swell Conference will be held virtually on October 14 and 15. The conference was first held in August 2017, and its goal is to bring together the leading figures of the cryptocurrency world. Investors pay attention to the conference and its lectures. In the past, the price of Ripple has been shown to fall during and after the conference.
RIPPLE is testing the critical resistance level at $0.25. This level is additionally enhanced by 50 SMA (green line). If buyers manage to stop growth at this level, a drop to the $0.23 level is possible. Conversely, in the event of a breakthrough, additional resistance is at $0.2681. Source: xStation5
The FCA bans the sale of cryptocurrency derivatives to retail customers
The UK financial regulator has announced a ban on the sale of cryptocurrency derivatives to retail investors. According to the FCA, these instruments are not suitable for retail customers due to their high risk. The ban takes effect in January next year.
These were the latest cryptocurrency news you should know about. See you next time with more information.