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Bitfinex Is Down: Fret Not, It’s Just Maintenance… Or Is It?

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  • Thomas Hughes
    📈 Price Predictions

    Bitfinex servers went down and the website displayed the message “Scheduled Downtime – Back Soon”

Bitfinex Is Down: Fret Not, It’s Just Maintenance… Or Is It?
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Monday, Jan. 7, 2019, Bitfinex servers went down and the website displayed the message “Scheduled Downtime – Back Soon”. According to the cryptocurrency exchange, the maintenance was planned, and part of an attempt to upgrade “from the AWS cloud to a self-designed infrastructure optimized to high volume trading”.

However, some voices in trollboxes around the web were quick to speculate that Bitfinex is down for other, more obscure reasons. For now, there’s no evidence that Bitfinex is experiencing any sort of problems and we expect them to be online soon. Although Bitfinex is one of the largest exchanges, the price of Bitcoin hasn’t been affected in a negative manner by the downtime, and it’s even testing the key $4,000 mark.

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Currently trading around $4,030 (aggregate price, CoinMarketCap), Bitcoin has posted gains of more than 4% for the last 24 hours and almost 6% over the last 7 days. Most of the gains came yesterday, in a surge that lasted just a few minutes and took price above the 200 Exponential Moving Average on a 4-hour chart.

The quick move up could be attributed to low liquidity generated by the beginning of the new year or to whales moving large amounts of Bitcoin but either way, a key technical element was broken (200 EMA) and this will likely facilitate additional moves to the upside. Keep in mind that the RSI has already touched 70 (overbought) and is turning down, which means that we may see a pullback.

Support zone: 200 EMA (4-hour chart), 3820, 3700 (depending on your exchange, these numbers could be different, but the charts look almost identical)

Resistance zone: all round numbers above current levels (i.e. 4100, 4200, 4300, etc.)    

Most likely scenario: drop into 200 EMA followed by a move into 4100

Alternate scenario: sideways movement; no follow up to the weekend surge

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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Bitcoin, XRP Receive Massive Exposure in 2019

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    Bitcoin has not only seen a significant rise this year but also got into the global spotlight along with other crypto thanks to bankers and politicians

Bitcoin, XRP Receive Massive Exposure in 2019
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Contents

If 2018 was the year of the crypto winter, in 2019 Bitcoin and altcoins, such as XRP, have come into spotlight. 

Trump mentions Bitcoin and Libra

The major portion of world's attention has been given to Bitcoin by the current US president Donald Trump who has recently cursed BTC on his Twitter account. He mentioned BTC several times on Twitter, criticizing it but still giving it massive attention.

Trump also tweeted about Libra that has faced enormous resistance from the US Congress and bankers not only in the US but globally. This has made the awareness of Bitcoin and crypto in general much bigger on a global scale.

Presidential candidates talk Bitcoin

A US presidential candidate Andrew Yang, who intends to introduce Universal Basic Income (UBI) in the future, should he win, has several times mentioned Bitcoin publicly. He expressed an idea that in years to come UBI could be paid in BTC, making it not Universal Basic Income but Universal Bitcoin Income.

Another presidential candidate, the controversial eccentric John McAfee, who has been on the run since around May – avoiding meet-ups with the IRS and CIA – confessed that he does not actually want to become President. All he wants is to raise crypto awareness and get Bitcoin exposed to masses of people.

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XRP now used by MoneyGram

This year, the crypto giant Ripple bought a large stake at the global remittance service MoneyGram. Now, MoneyGram uses XRP to wire funds to Mexico via the Bitso exchange. The company is planning to add more corridors for XRP utility and instant and cheap payments that the Ripple technology provides. 

Besides, the Ripple CEO Brad Garlinghouse gave an interview to CNN which was crucial not only for XRP investors but for the crypto community overall.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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