Bitcoin, Blockchain & Cryptocurrency News

Bitcoin
%
Ripple
%
Ethereum
%
Show details
Hide details
Market Cap
Volume (24h)
Market Cap
Volume (24h)
Market Cap
Volume (24h)
Bitcoin, Ether, and XRP Weekly Market Update November 11, 2019

Market Update and XRP Price Analysis: January 21, 2019

Total crypto market cap lost $3 billion of its value since January 19, 2019, and fell to $119. Bitcoin declined to $3,590 while Ethereum dropped down to $116.

The much-anticipated Ethereum hard fork has been postponed until late February of this year. This was confirmed by Ethereum developer lead Péter Szilágyi on his official Twitter account.

The Constantinople fork is now set to be implemented at block 7,280,000 and will be a “single fork on mainnet and a post-Constantinople-fixup fork on the testnets to get them back in line feature wise with the main network.” The upgrade was initially scheduled for January 16, 2019, but was canceled the night before after receiving reports for vulnerabilities that might leave it open to a possible “reentrancy attack.”

Huobi, The seventh largest cryptocurrency exchange by trading volume, will relaunch operations in Japan thanks to its merger with BitTrade. According to the official press release, Huobi Japan received one of the coveted 17 licenses issued under the Financial Services Agency (FSA) regulatory regime and is now a fully regulated exchange under Japan law. The platform will offer trading of bitcoin, ether, bitcoin cash, litecoin, ripple, and monacoin, tradable against the Japanese yen.

In the meantime, the trading volume on Huobi DM (Huobi’s derivatives market) peaked at $20 billion. The platform officially launched on December 10, 2018, offering BTC, ETH, and EOS contracts and reached $12 billion of trading volume the same month.

XRP/USD

The Ripple company token was hovering around the $0.335 level at the end of last week. As mentioned in BTCManager’s Weekly Market Outlook, the $0.335 to $0.34 zone proved to be a strong support/resistance line in August 2018. Now it also coincides with the Fibonacci 50 percent retracement level, which makes it extremely important for further movements.

XRP/USD pair closed the trading day on January 18 at $0.3277 right above the 61.80 percent Fibonacci level. The move represented a two percent loss and was followed by a similar candle on January 19. This time, however, it was in the opposite direction as the coin peaked at $0.35 during trading and closed at $0.335.  

The top ten currency could not establish a trend and made another move south on January 20. It closed at $0.321 without being able to break below this line for the second time in the last eight days. The XRP/USD pair ended the seven-day period with no significant price changes.

Ripple reported that the software libraries published before August 2015 rendered private keys which signed multiple transactions vulnerable. According to the announcement, it is not an issue with the XRP ledger but with improperly made ECDSA (Elliptic Curve Digital Signature Algorithms) signatures. The vulnerability comes from defects in signing software that does not properly use unbiased (random or deterministic but apparently random) nonces.

The vulnerability was initially discovered by the DFINITY Foundation and the University of California, which also claimed they have successfully hacked some Bitcoin, Ethereum, and Ripple addresses with the old configuration. The issue, however, has been fixed in the default Bitcoin, Ethereum, and XRP libraries after August 2015 by implementing deterministic ECDSA nonce generation.

XRP Market Movement

Like BTCMANAGER? Send us a tip!
Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4
Join our telegram channel