NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

EOS Price Hit after Getting a C- in Decentralization by Weiss

Yashu Gola
Yashu Gola
5 years ago
2 mins read
EOS, EOS price

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-.

Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain.

That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain.

1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon):

— Weiss Crypto (@WeissCrypto) December 6, 2019

EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC.

Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion.

Ascending Channel

The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term.

The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade.

EOS, EOS price
EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase

On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance.

Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support.

A Consideration

From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities.

Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice.

EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits.

One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Investor Sentiment Back To ‘Very Bullish’ — What This Means

The Bitcoin price action was largely sideways rather than strongly bullish for most of June. As of early July, the...

Opeyemi Sule 7 hours ago
Chainlink price

Chainlink Price Continues To Struggle Below $15 — Levels To Watch

The Chainlink price has impressed at times this year, but it has struggled to mount a sustained bullish run over...

Opeyemi Sule 10 hours ago
Solana Tests Rising Channel Support – Breakdown Could Send Price To $128.50 Level

Solana Tests Rising Channel Support – Breakdown Could Send Price To $128.50 Level

Solana is facing a critical test this week, consolidating in a tight range between $145 and $160 since Monday. The...

Sebastian Villafuerte 11 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

XRP

Pundit Predicts XRP Price Will Surge 35,000% When These Two Things Happen

Scott Matherson 1 hour ago
Ethereum

Ethereum Price Stuck At $2,500: Analyst Says Don’t Trade Until This Happens

Scott Matherson 5 hours ago

What FunToken movement towards a 500% spike says about the scarcity market psychology

News BTC 7 hours ago

Premium Sponsors

Press Releases

  • XRP Cryptocurrency × Dogecoin Mining: HASHJ launches...

    2 hours ago
  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    6 hours ago
  • 3 altcoina koje vrijedi pratiti u prvom tjednu srpnja 2025

    6 hours ago
  • XRP Bulls Are Soaring — FINDMINING Rides the Wave to...

    12 hours ago
  • $AIN Expands to 7 DEXs as AI Network Activates Omnichain AI...

    13 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.