From the claim that Bitcoin could return to the $30,000 region to mining and using the cryptocurrency could soon be banned in Russia. Here are some highlights from the crypto market.
Table of Contents
Bitcoin News
After falling from $43,200 to $38,390 earlier today, Bitcoin is looking for a slight recovery above the $39,000 region.
Gold bug Peter Schiff took advantage of this opportunity, predicting that, after breaking the top of the head-and-shoulders pattern, the leading cryptocurrency can now drop lower than the $38,000 region.
ShiffGold Founder and Euro Pacific Capital CEO took to Twitter to express gloating over Bitcoin’s sudden drop.
#Bitcoin has finally broken the neckline of a head-and-shoulders top. The scary part for the longs is that the pattern projects a move below $30,000. Once that level is breached Bitcoin will have completed a massive double top. From there a crash below $10,000 is highly likely.
— Peter Schiff (@PeterSchiff) January 21, 2022
In his tweet, he wrote that Bitcoin broke the neckline of an inverted head-and-shoulders pattern. According to Schiff, this pattern predicts a possible drop below the $30,000 region.
Schiff added that as soon as BTC drops below the $30,000 region, it will complete a large “double top” pattern, and if this happens, the market is likely to plummet below $10,000.
In another tweet, he switched to mentioning gold. As of now, XAU is up 0.5%. He believes that, compared to the massive drop in equities, gold has proven itself to be a reliable store of value, unlike Bitcoin, which has dropped 18% so far, so BTC cannot be compared with gold in terms of store of value.
He also reminded his followers that Bitcoin is now down 44% from its ATH at $68,789, reached on November 10.
BTC Price Chart | Source: TradingView
Bitcoin Network Difficulty Just Reached ATH
According to a report by Glassnode analytics, the Bitcoin network difficulty has just reached the ATH level after the massive drop in the crypto market.
📈 #Bitcoin $ BTC Mining Difficulty just reached an ATH of 114,431,609,338,089,007,218,688
Previous ATH of 107,573,845,079,077,999,869,952 was observed on 30 May 2021
View metric:https://t.co/uH8dpKhxJ7 pic.twitter.com/jAwYAjcenM
— glassnode alerts (@glassnodealerts) January 21, 2022
Due to the crackdown of the mining and cryptocurrency industry in China, Bitcoin’s hashrate has dropped significantly, resulting in a sharp drop in difficulty.
Although the difficulty and hashrate of the network do not directly affect the price of Bitcoin; but they could still reflect the potential buying power of the market should prices fall further.
News Stader Labs
On Thursday, Stader Labs, a cryptocurrency company focused on DeFi, a product for proof-of-stake blockchain networks, announced that it has raised $12.5 million in a sale. tokens.
.@staderlabs hits $450M valuation in its latest funding round and aims to have $10 billion AUM by year-end
Via @jacqmelinek https://t.co/92GBobJFna
— Blockworks (@Blockworks_) January 20, 2022
The funding round was led by Three Arrows Capital with additional participation from Blockchain.com, Companilice, DACM, GoldenTree Asset Management, Accel, Amber, 4RC, Figment and other investors, helping Staber Labs hit valuation. 450 million USD.
Stader Labs’ two core products are Stake Pools and Liquid Staking. Stake Pools allow retail and institutional investors to earn staking rewards in validator pools. Meanwhile, Liquid Staking allows users to receive LunaX tokens when participating in staking, which can then be deposited into other DeFi protocols to conduct profitable farming.
According to Kyle Davies, co-founder of Three Arrows Capital, there are currently more than 15,000 wallets participating in staking on Stader Labs, with a total locked value of about $500 million.
News Shiba Inu
In a meeting interview recently to Bloomberg TV, Aparna Chennapragada, product manager at Robinhood, said that the company “really appreciates” the Shiba Inu community.
At the same time, she will not comment on whether the Menlo Park-based online brokerage firm intends to list the crypto meme.
The Robinhood app added support for Bitcoin and Ethereum in early 2018. A few months later, it expanded its offering with Litecoin, Bitcoin Cash, and Dogecoin.
In contrast to its competitors, Robinhood did not opt for an aggressive listing policy, but instead opted for “quality over quantity”. The company currently offers only seven cryptocurrencies.
News Cardano
Cardano founder Charles Hoskinson recently tweeted about a new GitHub release that adds compatibility with the Cardano node v1.33.0. Cardano continues to add node improvements to deal with transaction traffic as it launches its DeFi project in the coming weeks.
SundaeSwap launched on January 20, marking a major milestone in the ADA ecosystem by becoming the first DApp to use the network’s smart contracts.
SundaeSwap currently allows traders to do swaps and add liquidity, but network congestion has slowed transaction processing.
ADA technical analysis
Cardano has seen a strong move on lower time frames over the past week as it rose from $1.23 to $1.63 and appeared to be breaking out of the downtrend. However, at the moment, the price has dropped and is below the trendline resistance since late November.
ADA Price Chart | Source: TradingView
The market plunged from $1.63 to the $1.2 support. The short-term bounce from $1.069 to $1.63 is used to plot the Fibonacci retracement levels (in white). The 70.7% retracement at $1.23 has now been retested as resistance.
However, the price is in the long-term demand zone. Therefore, a bullish reaction, even if it is short-lived, is possible.
NFT News
On Thursday afternoon, Twitter announced that it would be rolling out iOS support for NFT, with a hexagonal avatar. Currently, only paid subscribers of Twitter Blue using iOS, priced at $2.99 per month, can access this feature.
gm!
You asked (a lot), so we made it. Now rolling out in Labs: NFT Profile Pictures on iOS pic.twitter.com/HFyspS4cQW
— Twitter Blue (@TwitterBlue) January 20, 2022
According to the video tutorial, users can connect their wallet, including Coinbase Wallet, Rainbow, MetaMask, Trust Wallet, Argent or Ledger Live and set it as their cover photo.
Users can also learn more about each other’s NFT avatars, such as owner, creator, description, and verify authenticity on third-party platforms like OpenSea.
Tin tức Binance
US-based crypto exchange, Binance.US, which operates separately from the global Binance platform, has officially opened its trading services to Connecticut residents.
https://t.co/AZwoBOgsqS is officially live in Connecticut!
If you live in the Constitution State, you can now buy and sell crypto quickly and securely at https://t.co/AZwoBOgsqS, or on our iOS and Android apps.
Read more: https://t.co/PQ6chuDTmy pic.twitter.com/dnRrLtwt3o
– Binance.US 🇺🇸 (@BinanceUS) January 20, 2022
Starting January 20, Connecticut residents can register to buy, sell, and trade digital assets like Bitcoin (BTC) and Ether (ETH) on the Binance.US platform. Residents will also have access to the Binance.US mobile app on Android and Apple devices.
Binance.US was launched in 2019 to provide regulated cryptocurrency trading services to the people of the United States. Currently, the trading platform is approved to operate in 44 states, with plans to expand across all 50 states and territories.
News a16z
Andreessen Horowitz (a16z) will raise $4.5 billion for its new crypto funds.
Follow Notification, Andreessen Horowitz (a16z), one of the leading venture capital firms, is looking to raise $4.5 billion for its new crypto funds, including $3.5 billion for the venture fund. Cryptocurrency and another $1 billion for the fund will invest in seed funding rounds of digital asset startups.
It will be the largest crypto fund in the industry, surpassing the $2.5 billion Paradigm raised in November.
News 1inch
On Wednesday, 1inch Network was announced plans to implement 1inch Aggregate Protocol on Avalanche and 1inch Limit Order Protocol on Gnosis Chain, formerly known as xDai Chain. In a statement, 1inch expressed its aim to expand the market in the DeFi industry.
“The main goal of 1inch is to provide users with the best transactions in the blockchain space, providing users with more choices, with cheap and fast transactions,” said Sergej Kunz, co-founder 1inch Network, said.
According to the statement, several protocols will be available immediately via 1inch on Avalanche, including 1inch Limit Order Protocol, Aave, Baguette, Canary Exchange, Pangolin, SushiSwap, and Trader Joe.
Other news
Mining and Using Cryptocurrencies May Soon Be Banned in Russia
In report On Thursday, Russia’s central bank said that cryptocurrencies are volatile, have the characteristics of pyramid projects, and are widely used for illegal purposes.
The 37-page report also argued that cryptocurrency mining harms Russia’s environmental agenda, endangers the country’s energy supply, and makes it impossible to maintain a maximal monetary policy. advantage becomes more difficult.
As such, the Central Bank of Russia suggests that the country needs new laws and regulations that could effectively ban all crypto-related activities in the country. Specifically, the bank has proposed a ban on all cryptocurrency exchanges, including measures against domestic cryptocurrency exchanges, OTC exchanges, and peer-to-peer platforms.
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Viet Cuong
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