Bitcoin and Crypto Markets
Bitcoin is currently trading at $3,630 with the crypto markets holding steady on Saturday. Most digital assets, including Bitcoin, are up a small percentage. Here’s a look at the latest data at time of publishing from crypto price tracker Coin360.
With the price of Bitcoin trending sideways and slightly down over the past week, technical analysts are looking for signs of a breakout. According to new analysis from Crypto Daily, a decreasing number of shorts indicates a big move is on the horizon.
“The daily chart also shows that BTCUSDShorts is trading within a descending channel and a rising wedge at the same time, both of which are extremely bearish setups. So, the most likely scenario at this point is that BTCUSDShorts will have to break below the rising wedge and continue trading within the descending channel.
Considering that this is something that has not happened in more than 14 months, we believe that a break below the trend line support in BTCUSDShorts will shatter the bearish resolve and a lot of bears would close their short positions which would see Bitcoin (BTC) rising towards its previous market structure around $6,000.”
Meanwhile, NewsBTC is seeing the opposite when it reads the crypto tea leaves.
“Lower highs have been made all week indicating that BTC is likely to turn bearish soon, especially if it falls below the key $3,600 level.”
Cointelegraph is taking a wait-and-see approach and will “wait for the price to sustain above both the moving averages and the downtrend line before proposing a trade in it.”
Binance Begins Delisting Coins
Leading crypto exchange Binance is starting to delist coins that it says don’t live up to the platform’s standards.
The first five coins that will be removed from the exchange are CloakCoin (CLOAK), Modum (MOD), SALT (SALT), Substratum (SUB) and Wings (WINGS). On February 22nd, users will no longer be able to trade these coins on Binance but they can continue to withdraw their tokens.
“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all of our users. When we conduct these reviews, we consider a variety of factors.”
Binance says it’s using five criteria to determine which coins to delist.
• Commitment of team to project
• Level and quality of development activity
• Network/smart contract stability
• Level of public communication
• Responsiveness to our periodic due diligence requests
• Evidence of unethical/fraudulent conduct
• Contribution to a healthy and sustainable crypto ecosystem
Tron Outlines Progress on Decentralized Applications
Tron has released its latest report on the platform’s decentralized applications (DApps).
According to Tron, there are now more than 160 DApps running on the network. The report also takes a look at some of the latest decentralized apps on the platform, including TronVegas, Planetcrypto and HOX.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.