Cryptocurrency Market News: OMG Network spikes 100% in 24 hours as Bitcoin stalls under $12,000

Here is what you need to know on Friday, August 21, 2020.

Markets:

Bitcoin price is settling for consolidation after recovery stalled under $11,900. Short term support has been formed at $11,800. Other lower support areas include $11,700 and $11,600. If the technical picture continues to improve, we can expect a breakout above $12,000 during the weekend session.

Ethereum is teetering at $414 following a minor retreat from intraday highs at $418. On the downside support at $410 is important to the bulls because it continues to accord them the anchor needed to plan for the next run-up above $420 and $430 respectively.

Ripple has not been able to recovery above $0.30 after the second retreat from highs above $0.32 in the month of August. For now, resting upon the support at $0.28 is vital to the bulls as it allows them to gather strength for a third breakout past $0.30 in the same month.

NEO is among the best-performing cryptoassets in the market, ignoring the bearish wave. The digital asset has rallied over 7% on the day and continues to build momentum for a run-up above $20.

Consequently, there are some altcoins also performing well. They include Monero (10.44%), IOTA (15.03%), OMG Network (108%), NEM (12.08%), Ontology (20.06%), Basic Attention Token (16.28%) and Ox (41.09%).

Chart Of The Day: OMG/USD 1-hour

Market:

A report by Grayscale Investments says that the prevailing BTC market structure mimics “that of early 2016 before it began its historic bull run.” The fund management company says that demand for Bitcoin is set to skyrocket amid rapidly increasing inflation. Using on-chain metrics, the report found that there has been a significant increase in long term holders as compared to short term speculation even during historic lows. Moreover, BTC daily active addressee has hit levels not seen since the all-time highs in 2017.

Industry:

Ethereum is dealing with a blowback following news said its final testnet in the journey leading to the launch of ETH 2.0 flopped massively. However, Raul Jordan, an editor at Prysmatic Labs reckons that the claims are ridiculous and in spite of the drawback will not delay the launch date for ETH 2.0. The drawback happened on August 14 where a bug purged most of the validators on the testnet, sending them offline. Critics of the Ethereum network such as Bitcoin SV blog CoinGeek jumped on the opportunity saying, “you can expect significant delays in the launch of ETH 2.0.”

Regulation:

INX exchange is set to launch its much-anticipated initial public offering (IPO) on August 24, 2020. The IPO will see the exchange front the tokens in the market at $0.90 in a bid to raise $111 million minus the expenses as per the filing with the Securities and Exchange Commission (SEC).

The token is making history by being the first to be registered with the SEC and giving regular investors a legal opportunity to participate. The INX tokens are now regarded as hybrid because they bring forth features of security and utility tokens. In addition, they are also regarded as shares in the company.

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