Nov. 28 Mars Market Recap: BTC Surged by 8%, Breached $4000; Tether Restored the Legal Tender Recharge and Withdrawal Service, but the High Service Fee for New Accounts Caused Controversy

Nov. 28 Mars Market Recap: BTC Surged by 8%, Breached $4000; Tether Restored the Legal Tender Recharge and Withdrawal Service, but the High Service Fee for New Accounts Caused Controversy

Nov 28th 2018| Investment By:Mars Finance
The daily MACD index remains bullish, the divergence has been corrected, and the DIF line has a bottom rebound trend.

Topic in Discussion

Bitfinex announced last night that it will cancel the fixed 1:1 withdrawal and recharge ratio between USDT and USD, and replace it with two new trading pairs: USDT/USD and EURT/EUR. This means that the USDT on Bitfinex will lose its original value protection, and will fluctuate with its real market price, that is, the USDT on Bitfinex will normally decline to less than $1. In the previous USDT crash, the global market price of USDT fell by nearly 8%, but in Bitfinex exchange, users can still withdraw and recharge with 1 USDT to 1 dollar, which ensures that users in the exchange can withdraw at any time, but also increases the risk of USDT held by the exchange itself. In addition, Bitfinex promises in the announcement that the existing USD account balance and recharge before 27th will not be affected by this adjustment.

According to the announcement, Bitfinex users can convert the legal tender with USDT on the Tether.to platform directly, without the need for a third party, but the Tether then announced its impressively high fees for new accounts: withdrawal service fee of $1000 or 0.4% of the total amount for $100,000-$999,999; withdrawal service fee of 3% of the total amount for $1,000,000 - $10,000,000; and withdrawal service fee of as much as 3% of the total amount for more than $10,000,000. According to Mars Finance (WeChat: hxcj24h), Tether's high service fee has caused outrage in related communities on Twitter and Reddit. However, Tether dare to open the legal tender withdrawal of USDT, which also proves that there is no big problem with the legal tender support behind USDT, and the high fees and transaction limit also restrain some users from withdrawing money, which will not have a great impact on USDT in the short term.

Market Overview

As of 6p.m. on Nov 28, according to CoinMarketCap data, the total market value of digital money market is $130.83 billion, an increase of $9.94 billion from the total market value yesterday, an increase of 8.22% month-on-month. Total market turnover was $17.93 billion, $330 million less than yesterday and 1.82% lower than the previous month.

Today, the major stable currency changes are as follows, USDT current price of $0.987697, up 0.62%; TUSD, USDC and PAX all fell slightly to $1.01. GUSD rose 2.51% to $1.02. TUSD, USDC and GUSD all increased the circulation of money, while PAX continued to decrease the circulation of money.


Mars Finance (WeChat: hxcj24h) monitored 93 of the top 100 digital currencies by market value, and 43 of them rose within the range of 5% to 10%. The 100 digital currencies rose by an average of 8.38%. Bitcoin Private led the way with a 31.78% increase, followed by Verge with a 21.09% increase. Factom was the worst performer, down 9.22%, followed by Bitcoin SV, down 8.37%.


Market Forecast

BTC

BTC bounced back after repeatedly testing $3,700 for several times, and the protection strength of multiple parties within the range of $3,600-3,700 was obvious to all. The 4-hour level showed a trend of increase and expansion, but it was blocked below $4,200. MACD index maintained a strong upward trend, and will probably continue to challenge the upper resistance of $4,200 in the short term. 

The daily MACD index maintained bullish, the divergence has been corrected, and DIF line has a bottom rebound trend; But BTC current price is under 7-day average pressure, and the rebound trend can be maintained only after breaking through and stabilizing the upper pressure level, if not, the price will drop, and then make range volatility.


ETH

ETH continues to follow the market trend, just like BTC. The strength of the rally today is just ok, and the volume continues to rise, but ETH does not have an independent trend on the basis of the rebound with the market, and the later stage of the rebound is weaker than BTC. Currently ETH is under resistance of $120 with weak momentum, the market later still lies in BTC market.


XRP

The trend of XRP is weak, and it is still suppressed by its resistance of $0.38. The strength of the rally with the market is weak. Failure to break through at this position in the short term will restrict the strength of the rally with the market in the later stage. The trend later will still go with the market. technical indicators on the temporary have no improvement signal.


EOS

EOS trend is still in the downward channel. Today's rebound can be almost back to the top of yesterday's big negative line, and blocked at $3.2. EOS weakness has been for a long time, and it cannot lead the market in a short term. The market after continues to be weak.


Industry Overview

As of 6p.m., 26 out of 27 blockchain industry sectors of 5 categories went up, according to TokenInsight. Among them, "entertainment and gaming applications" sector saw the best performance with an average increase of 15.86%, followed by "storage technologies or protocols" sector with an average increase of 13.80%. The "energy and mining applications" sector saw the worst average decline of 5.91%, followed by the "anchors and reserves" sector with an average decline of 0.86%.