From Bitcoin's outlook towards $ 50,000 and $ 100,000 goals, XRP liquidity reached a record high on the Australian exchange. Here are some highlights from the crypto market.


Bitcoin news

Trader Bitcoin Macro believes that a lot of newcomers in the cryptocurrency community don't realize the rate of increase Bitcoin can achieve, when it hits $ 20,000.

He predicted that BTC's next target would be the $ 50,000 threshold, then $ 100,000. It happens, as soon as a full bull market is reached.

In addition, trader CryptoWolf posted a series of tweets about BTC price showing that the “king” is forming an ascending triangle pattern. This may cause BTC to increase in price.

The uptrend of BTC continues

As expected, Bitcoin ended January with a high price, after rising more than 30% this month, indicating that the uptrend is likely to continue.

Trader Scott Melker quickly made a comment on Bitcoin's excellent performance in January, describing BTC's latest monthly candle as “great thing”. He explained that Bitcoin managed to rise sharply compared to the previous two candles while breaking two key resistance levels in just a month.

“The BTC price has risen sharply and broke through two major resistance levels. The previous hammer pattern is also followed by this green candle. Therefore, the uptrend is confirmed. “

Melker seems certain that a new uptrend has been confirmed at this time. Meanwhile, analyst Big Cheds thinks that BTC may have formed a morning star candle pattern, often signaling a new uptrend.

The Bitcoin network is at risk due to the high level of concentration

One report only elucidates the risk that the Bitcoin network may face. A London-based blockchain analysis startup found that five mining pools in China controlled 49.9% of the network's total hashing power.

China's holding of a large percentage of Bitcoin's hashrate is nothing new. As of December 2019, it is responsible for 66% of the total hashrate, an increase of about 6% in just six months.

This is an alarming trend for those who strongly believe that Bitcoin is a decentralized digital currency. However, the problem is even more serious – if these five pools merge into one, they can execute a 51% attack on the Bitcoin blockchain.

Bitcoin price could drop to $ 2,000 if the following Elliott wave analysis is correct

After months of price drops, BTC seems ready for another rally as the halving is about to take place.

However, there are traders who think that BTC will plummet despite its recent high price. Henrik Zeberg conducted an Elliot Wave analysis and suggested that the leading cryptocurrency could drop to as low as $ 2,000 before the $ 10,000 threshold was yet to be reached.

“Wave C of Bitcoin in the 5th phase will bring the price down to nearly 2000 USD. The trend line is usually set by waves 2 to 4, creating the bottom of wave 5. I will eventually buy Bitcoin but not now. ”

Bitcoin will have a strong year of growth

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Bitcoin closed in January with a strong growth (more than 29%) from $ 7,150 at the beginning of the month to $ 9,250. This positive growth cycle seems to indicate the development of Bitcoin in 2020.

Investors survey global news, starting to retreat from their positions in the stock market. Corona viruses, political tensions and Brexit have all played a huge role in rocking stock market stability.

When investors leave stocks, they tend to look for safe-haven assets and Bitcoin is one of those asset types. Along with gold and other precious metals, Bitcoin offers investors a hedge against global economic instability.

With the stock market showing signs of weakness, it's no surprise that Bitcoin is showing strength and Bitcoin bulls will probably be active in the rest of 2020.

The community “engineered” photos and objects with Schiff's tweet about Bitcoin

Schiff, CEO of Euro Pacific Capital, is also the founder and President of SchiffGold. He is also an extremely optimistic person about gold and skeptical about Bitcoin.

Interestingly, earlier this week, Tim Copeland, Deputy Editor-in-chief of News at Decrypt, posted a humorous notice about the community “making” Schiff's tweets into fun decorations.

Bitcoin price may exceed $ 100,000 by 2021

Peter Brandt, a trader who previously thought that Bitcoin could rise to $ 100,000 in the long-term cycle, said that BTC is still in the historical growth trend and is creating initial signs that it can grow. even exceeded $ 100,000.


Bitcoin price analysis chart | Source: TradingView

“We can use the recent bottom in December, compared to December 2018. This shows that the parabola may be in development.

I do not want to make predictions too far because I am not sure they will happen that way, however, the price of BTC may rise above $ 100,000, and this will happen before 2021 ″.

Bitcoin ETFs will not be approved in the United States this year

The majority of participants in the 2020 Survey believe U.S. regulators will not approve any Bitcoin exchange-traded funds (ETFs) this year.

Of the 106 survey participants in the venture capital world, financial services and digital asset ecosystem segments – 82 people, accounting for 77.4% answered “no” when asked: “Will the bitcoin ETF be approved by the US in 2020?” While only 24 people or 22.6% chose to have.

The SEC has commented on its position in a letter from October last year, in which it rejected a proposal from property manager Bitwise due to concerns about manipulating the spot market price will affect ETF pricing data.

Bitcoin Cash news

In a recent tweet, Ethereum network co-founder Vitalik Buterin said that Bitcoin and Bitcoin Cash are not the same.

Buterin said: “Bitcoin Cash is not Bitcoin” in a tweet on February 1, in response to Brad Mills' allegations of self-promotion for Bitcoin Cash.

Ripple news

Xpring will launch the website of the developer

Ripple's Xpring will launch a developer website and developer forum, or DevRel, for its platform developers.

Follow post On the blog, Xpring mentioned communicating with the builders through content, events, and support.

Xpring is aiming to introduce useful documents such as code and tutorials to developers. The article also discusses the organization of conferences and technical assistance, all of which are aimed at attracting and building communities around the Xpring platform.

Ripple was mentioned in a congressional hearing

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US Congress had a hearing on cashless payment technologies yesterday. During the discussion, Tom Emmer, Chairman of the Republican National Assembly Committee, mentioned Ripple along with a host of other projects and cryptocurrencies.

Emmer talked about the current level of technological innovation in the field of blockchain, referring to Bitcoin, Ethereum, EOS, Monero, Zcash, Plastic Bank and M-Pesa, offering exciting innovations in technology. digital payment. He also expressed concern that too many existing regulations may be stifling these creative projects.

XRP liquidity reached an all-time high on the Australian exchange

According to the Liquidity Index Bot, XRP liquidity has recently reached an all-time high on Australia's leading cryptocurrency exchange. This shows the interest and user base of XRP is increasing.

The report noted with snapshot data showing new developments, with an average growth of 92% on the day.

Liquidity measured on BTC Market is of the XRP / AUD trading pair. The previous record high was 3,094,260, while it recently reached the threshold of 3,262,467.

News Litecoin

David Burkett, Grin ++ developer and lead developer in the proposal to integrate MimbleWimble (MW) into the Litecoin network, has disclosure Some interesting information. The official blog site, Burkett, says he has found a way to support non-interactive transactions on MW.

“The biggest news in January was I found a way to support non-interactive transactions on MW. The biggest difficulty when using MW is the communication between the sender and the receiver, this requires the recipient to be online when sending money. My proposal, along with the updated version that will be released soon, will eliminate that requirement. ”

According to Burkett, his proposal eliminates a major UX obstacle and not only limits long-term maintenance requirements but also supports the receipt and deposit of cold wallets, helping to support hardware wallets. should be easier.

News ZCash

According to the voting results were announced On Thursday, the Zcash community agreed to continue funding the development of ZEC, led by Electric Coin Company (ECC) and the Zcash Foundation.

The decision marks the end of a months-long and controversial campaign, aimed at addressing losses for both organizations.

In order for ECC and the Zcash Foundation to continue developing Zcash, especially as it faces increased scrutiny from international regulators when it is labeled as a private coin, funding is indispensable. to recruit talents.

News Cardano

As network stability remains the focus of the Cardano ecosystem, Dimitris Poulopoulos, Project Manager of Testnet Incentivized Shelley, has mentioned some of the network's key updates.

This week, the Cardano community witnessed the release of two versions of Jormungandr Node 0.8.8 and 0.8.9. According to Poulopoulos, version 0.8.9 essentially helps solve bootstrapping issues that were observed during e2e QA testing of version 0.8.8. He also advised users to install version 0.8.9 directly, including the latest fix.

According to the Product Manager, version 0.8.8 focused on providing small improvements for bootstrapping logging and some temporary repairs to the CPU.

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Justin Sun has retweeted statistics from dApp decentralized apps. Accordingly, the number of Tron's decentralized applications has finally surpassed EOS.

As of January 31, 2020, EOS has stored 675 dApps while Tron has 688 Dapps (2% higher than EOS). Ethereum is still the leader in this race.

READ  Bitcoin price unexpectedly dropped $ 300 in 1 hour after failing at $ 10,500

Besides, Sun has just publicized his Twitter account in China and urged the community to follow this account.

Binance news

The exchange announced that it will launch the twelfth phase of the Binance Loan Product at 12:00 PM (UTC) on February 3, 2020, in which the exchange will provide lending products with duration of 30 days.

The trading floor will serve on the principle of “First come first served” with the registration time from 12:00 PM (UTC) on February 3, 2020 to 12:00 PM (UTC) on 04 / 02/2020. The time for calculating interest is from 12:00 PM (UTC) on February 4, 2020 to 12:00 PM (UTC) on March 5, 2020. Interest will be paid as soon as the loan is due.

Upbit News

The southern court in Seoul acquitted senior executives at the Upbit exchange for fraud.

Given decision In this regard, Deputy Judge Oh Sang yong has dismissed 30 counts of fraud and market manipulation against Upbit directors for lack of evidence. The court stated that the operation of the Upbit system was not sufficient to seriously affect the spot price of Bitcoin.

Prosecutors previously argued that Upbit was dealing with its customers, setting up fake accounts to manipulate market prices. According to prosecutors in the case, the Upbit hierarchy is creating fake buy orders to enhance fraudulent trading activity for cryptocurrencies.

Other news

Stablecoins depend on the collapse of the bank

In the latest What Bitcoin Did video, Nic Carter, a partner at Castle Island has discuss about stablecoins and its relevance to the current market. The news of stablecoins has been quite dense lately as many countries are planning to issue their own digital currencies and CBDCs, which act almost like a normal currency.

He said the idea of ​​stablecoins that existed before bitcoin was born, as we have seen with Liberty Reserve and e-gold, is basically stablecoins.

Commenting on Tether, Carter said that the biggest weakness even for the most stable stablecoins today is that “they always depend on the bank's collapse.”

The potential of stablecoins

In an attempt interview Recently, within the framework of the World Economic Forum 2020, CEO Circle said:

“When stablecoins operate on a public internet network, it has access to the internet and therefore, anyone with a smartphone, can download digital wallet software that supports the open protocols of blockchain, can connect them to other aspects of the market. ”

According to Allaire, the long-term impact of stablecoins does not stop at the ability to move money easily. It will allow individuals to understand the deeper aspects of the potential of blockchain technology. Individuals and companies will be able to enter into economic contracts with each other when the contracts are fully enforced and run reliably on the internet.

Viet Cuong

Bitcoin Magazine

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