From the perspective that Bitcoin is starting a new bull cycle, Ethereum will reach $ 186 after adjusting to $ 174. Here are some news in the crypto market.

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Bitcoin news

In report In his latest weekly, legendary trader Peter Brandt explained why he thought Bitcoin might be at the beginning of another strong rally.

Brandt said that Bitcoin is still in a huge uptrend channel starting in 2013. He noted that the “king” recently started identifying another parabolic rally, reminiscent of the previous bull market. .

The chart shared by Brandt shows that Bitcoin has finally broken out of the downtrend channel after forming a reversal head and shoulders pattern on the daily chart.

The $ 6,500 level, tested in December, could finally be bottom for a long time.

The Bitcoin bull still has the technical advantage after a pullback

Bitcoin's price has recently fallen to its intraday low of $ 9,195, which has led many traders to question whether the bull will continue to dominate the market.

Jim Wyckoff, Kitco's principal analyst, said People don't need to be so worried. Wyckoff described the recent drop in BTC as a “normal pullback” after prices had a rising chain earlier this week.

Bitcoin has risen nearly 12% in just 5 days and surpassed the critical $ 9,500 level, which is why such a correction is expected by traders.

Bitcoin was one of the top investments in the 2020s

On Friday, a Wall Streeter explained why the asset he was most optimistic about in the 2020s was Bitcoin.

In a comment, Pal said that Bitcoin is the perfect asset to hold over the next decade because it encompasses all the larger macro views, the previous statements he made suggesting the world would be switch to an alternative financial system, and that would be digital. (Previously, the CEO of Real Vision said that Bitcoin is basically an option for the future of the financial industry.)

“If I could only own one asset in the next 10 years, that would be Bitcoin. It covers all my macro views and this is where we are headed in the future, in some form or form. Like gold and many other things the risk / reward ratio of BTC beats them all. ”

Bitcoin has started a bull run, which could skyrocket to $ 100,000

Speaking during a market discussion on January 31, YouTube bloggers, The Moon (Carl Runefelt) and DataDash (Nicholas Merten) said Bitcoin has started a bull market for some time. During that time, BTC / USD increased by more than 30%, making Bitcoin the second largest investment opportunity in 2020, just behind Tesla stock.

Recognizing that time frames play an important role in determining the characteristics of Bitcoin's up or down markets, however, Moon and DataDash have shared some doubts about the overall trajectory of the market.

“Until the price reaches $ 20,000, we won't see parabolic activity similar to previous cycles, like when prices went from $ 1,000 to $ 20,000 dollars in 2017.”

Merten added that the target for the next bull run is from $ 80,000 to $ 100,000.

(embed) https://www.youtube.com/watch?v=70Dc2SBmEH8 (/ embed)

Only 100 days left until the Bitcoin halving event

Bitcoin halving will takes place in the next 100 days. From then on, the BTC volume of each block became double scarcity. That means Bitcoin is about to become a lot scarier and will likely be more valuable.

This topic has been discussed many times. Analysts have made a lot of controversy about whether the price of BTC will increase sharply before or after the halving takes place.

A debate has erupted over whether this is possible or not, with many arguing that positive movement will only occur after halving. Some people even give declare Bold that Bitcoin could hit $ 400,000 after halving based on historical trends. However, past performance is not equal to future performance so we should be wary when making simple comparisons.

Whale moves Bitcoin

Whale Alert announced that the whale has moved 49,852 BTC (about 466,458,607 USD) between unknown wallets.

Bitcoin mining and hashrate difficulty continues to peak

READ  Golden cross Ethereum appeared when the DAI savings rate doubled

The difficulty and hashrate of BTC are two important factors that represent the state of the network and the miner. This index is still ongoing peaked in the last 90 days.

According to a recent report, mining difficulty has been delayed for a short time at the end of December, but the increase in hashrate over the past 3 weeks has also made BTC's difficulty also increase and is currently at its highest level. all time is 15.4 TH / s.

The CME BTC futures premium shows that institutional investors anticipate BTC price increases

The premium for CME Bitcoin futures that are about to expire in January has changed constantly with the value of BTC. The contract in March seems less volatile. Despite the fact that BTC prices fell in the middle of January, premiums in March contracts continue to rise. June contracts within the same time frame have the same pattern.

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Change the Bitcoin CME futures premium for contracts expiring in January, March and June | Source: CME

While Bitcoin's price has risen last week, premiums have fallen for March contracts, further widening the premium gap. With CME premiums consistently higher than other derivatives trading platforms, institutional investors are becoming more optimistic about assets. In the third week of January, Bitcoin averaged around $ 8500 and CME reported an opening interest of about $ 235 million. The last time Bitcoin was at this price, the open interest rate was lower at around $ 100 million.

Ethereum News

Ethereum Futures may be coming soon

The chairman of the Commodity Futures Trading Commission (CFTC) recently reaffirmed that he believes Ethereum futures will likely be launched soon.

In an attempt interview with Bloomberg, CFTC Chairman Heath Tarbert mentioned the current state of the cryptocurrency and blockchain industry. He hopes the United States can take the lead in this area.

Tarbert points out that both Bitcoin and Ethereum are under the CFTC's jurisdiction, as both cryptocurrencies are considered commodities. He later added that the agency is paying attention to the cryptocurrency space, especially the futures market.

Ethereum will reach $ 186 after correcting to $ 174

The price of Ethereum has risen from $ 170 to $ 186. The primary resistance at $ 175 has been broken. Currently, Ethereum continues to consolidate above $ 180 but the chart has pullback signs.

tin-van-crypto-01-02 Ethereum price chart of 1 hour | Source: TradingView

The model indicates that a pullback is imminent for Ethereum, after which the price will reach the $ 186 threshold with the objective of retesting the $ 173 level.
The VPVR index shows that higher trading volume has taken place on Ethereum and the long-term support level at $ 168. The 100-day moving average has acted as a strong support level after the price crossed this level on. January 14.

A short correction to $ 174 to $ 168 is likely in the next few days. With the continuation of the upward momentum, the $ 184 level is likely to be the next target for Ethereum.

Ethereum miners are hoarding large amounts of Ether

Report Point out that the amount of ETH the miners are holding almost reaches an all-time high. Across the entire Ethereum mining ecosystem, miners have conducted a steady and uninterrupted accumulation over the past three months.

The cumulative balance of all Ether mining pools is currently near the all-time high of 1.69 million ETH, about $ 300 million. The last time Ethereum miners held such a large amount of Ether was in October 2019, just before the price of ETH dropped below $ 170 causing some sellers to sell their stakes. The accumulation of ETH shows that miners have confidence in the growth of Ethereum.

Ripple news

Ripple has announced, a growth of 550% thanks to the on-demand liquidity (ODL) platform in the last two quarters of 2019. Ripple's USP was also brought to light when U.S. Treasury Secretary Steve Mnuchin talked about the benefits of the systems. cross-border payment system at the World Economic Forum in 2020.

After a positive statement from the Minister, Ripple declare that its global network, RippleNet, has contributed to promoting the use of XRP.

“Banks and payment service providers are joining RippleNet to promote on-demand liquidity for cross-border payment services, as an alternative to traditional money transfers and improve efficiency. processed fruits ”.

VNDC news

VNDC is about to launch the OPENING OF SPOT'S SPRING, HAPPY PLAY, WIN THE FINISHING GIFT with a prize of up to VND 5,000,000.

READ  Bitcoin price continued to plummet to $ 4,800, adding $ 120 million to the Long liquidation

Accordingly, VNDC will organize 03 Mini Quiz at Telegram of VNDC at 19:30 starting from February 1, 2020 to February 3, 2020. 03 correct and quickest answers will receive VND 300,000 for each question.

In addition, 06 users with the most outstanding activities on VNDC's Telegram from February 1, 2020 to February 7, 2020 will receive VND 2,300,000. To participate, VNDC says members must register Verification to ensure transparency and clarity of the event.

🔊 EXTREMELY PLAY – WINNING GIFT 🔊 __________________________________ 🎇VNDC – GETTING STARTED SPRING AND RECEIVING VNDC eVoucher…

Submitter: VNDC Stablecoin to enter Friday, January 31, 2020

Binance news

In a recent retweet, Zhao promoted Binance's Affiliate Program, where people can earn up to 40% of the transaction fee. Friends that you invite to the program also receive a 10% discount on the fees. As Zhao said, this opportunity is perfect for those who are looking to “make money from their friends”.

News BitFlyer

On January 30, bitFlyer, a Tokyo-based crypto exchange launch Free commission campaign for BTC / USD trading pairs for US clients.

The company said the no-charge feature is only available for BTC / USD trading pairs and has been implemented on the BitFlyer pro trading tool, bitFlyer Lightning. The campaign is automatically applied to all old and new customers of bitFlyer USA. bitFlyer noted that, if there is any change, they will notify users 2 weeks in advance.

In addition, the exchange BitflyerUSA also announced that it will carry out system maintenance from 10:00 PM to 10:15 PM on Sunday, February 02. The Buy / Sell Direct service will work as usual. .

Bitcoin Cash news

The Bitcoin Cash network takes over 5 hours to create new blocks

The Bitcoin Cash network took almost five and a half hours to produce a block. According to data from the Blockchain browser, the block 620,025 was produced at 2:00 AM (UTC) on January 30, while the next block, 620,026, will be found nearly 5 hours and 30 minutes later.

According to the Bitcoin Cash browser, the block creation time within 10 minutes of the network does not occur often. On January 30 alone, some cases had block creation time of up to 1 hour.

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Bitcoin Cash block production time on January 30 | Source: Blockchair

European banks support Bitcoin Cash custody

Bank Frick has finally added Bitcoin Cash to the list of crypto tokens it supports, including BTC, ETH, XRP and LTC. Currently, customers will be able to buy BCH in Swiss Franc, Euro and USD. Stefan Rauti, Blockchain Banking Manager at Bank Frick, commented on the new partnership:

“By adding Bitcoin Cash, we will offer our customers another way to diversify their portfolio. We are delighted to be able to provide this attractive cryptocurrency, helping to affirm our position as Europe's leading blockchain bank. ”

News Ledger

Hardware wallet provider Ledger has put up a digital billboard on London's Canary Wharf financial center that says “regain real control”. It was a blow to Brexit's declaration of support from British Prime Minister Boris Johnson on the day the UK officially left the European Union (EU).

Financial independence has been the central theme of the Brexit debate since the 2016 referendum when a majority voted that the United Kingdom should leave the EU.

News BitTorrent

BitTorrent Speed ​​has tweeted the data this week. Accordingly the network has reached 520,000 monthly active users and 150,000 are using it every day.

News Blockstack

Blockstack – decentralized computing network and application ecosystem – has notification in a recent blog post that they have reached a major milestone, having 1 million users on the platform, allowing them to unlock $ 6.8 million in funding, under CTO terms in 2017. .

It is important to note that this shocking news is related to the over-growth of the platform, which has attracted skepticism among industry analysts.

READ  Warren Buffett continued to criticize Bitcoin but still support Blockchain

News THETA

THETA price is trading very close to the support line of the descending wedge pattern. The price is expected to move towards the resistance line and could possibly breakout bringing prices to the resistance areas of 1,350 and 1,550 satoshi.

Trader Devchart has drafted the THETA price chart that the current price provides an opportunity for some investors to join long because the price is at a horizontal support level and the bullish divergence is growing.

“Let's see if we can see some models from THETA.

1 day TF: Supporting above the 200 MA + Horizontal support

TF 4 hours: Can produce bullish divergence

The forecast will become invalid if the price closes below the 200-day MA on the daily time frame. ”

News BitBerry

Korea's crypto wallet application, BitBerry will close the door On February 29, 2020 at 3:00 pm, all support for the application will also be terminated.

Bitberry has been a significant attraction in the cryptocurrency community because it allows users to login with Kakao Talk ID.

Kakao Talk is one of the most popular messaging apps in Korea, and BitBerry simplifies the complexity of sending and receiving coins, allowing users to receive payments in cryptocurrency via mobile phone numbers. . The company's CEO said:

“We decided to close the business due to the market downturn and the uncertainty of the blockchain industry.”

News Dash

In one post On the blog, Eduardo Morrison, business developer at IntoTheBlock, explained the various blockchain models, based on statistics. He said Dash recently has been a remarkable increase. He stated that the price fluctuation of the cryptocurrency seems to be directly related to its increasingly used network.

According to Morrison, the main goal of the Dash Foundation is to make Dash a vehicle for everyday transactions. He argues that the Dash Fund appears to be moving closer to its goals, especially in emerging or struggling economies, where Dash is now considered a reliable payment method. and is a valuable storage asset.

News Cardano

According to data taken from the Cardano blockchain, almost no one uses it. The blocks of Cardano are completely empty. When not empty, they contain only a handful of transactions.

When looking at Cardano blockchain, through Blockchair.com, the network is facing a shortage of users. 66 of the last 100 blocks had no transactions. Other blocks contain only one or two transactions. None of the previous 100 blocks has more than 10 transactions.

News Bitpanda

Four years of debate and three terms of prime minister who want to get out of Europe finally have their way. At 23:00 tonight, the UK will no longer be a member state of the EU. Of course, the departure will greatly affect the way that European companies do business in the UK and UK companies do business in Europe.

European cryptocurrency asset exchange Bitpanda is among those companies that face regulatory uncertainty. To mark the UK's official exit date from the EU, the exchange recently launched a provocative digital advertising campaign.

The message, appearing one day before the official Brexit UK, reads:

“Millions of people can make mistakes. Unless they are British. ”

Other news

Cambodia launches Blockchain payment platform in 2019

Cambodia Central Bank (NBC) has ready launch a blockchain-based peer-to-peer monetary platform in the next few months.

Chea Serey, general manager of NBC, shared this week that the central bank is developing a “national payment gateway for Cambodia” in the form of a blockchain-based peer-to-peer platform with specially designed CBDC. She hasn't disclosed the specific date for the CBDC launch.

Viet Cuong

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