JPMorgan predicts Bitcoin could return to $60,000 this year with news IOTA, Unique Network, USDC, Stacks, Bitfinex, Ark Invest, Convergence Finance, TRON, Gemini, MoonRiver

From the perception that Bitcoin is likely to hit the $60,000 region this year to Bitfinex stopping providing services to customers in Ontario. Here are some highlights from the crypto market.

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Bitcoin News

JPMorgan conducted a customer survey regarding year-end Bitcoin price predictions. The global investment bank released its results earlier this week.

The survey was conducted from December 13 to January 7 as part of the macroeconomic outlook report for 2022. In which, 47 JPMorgan customers participated in the survey.

About 41% of customers have predicted Bitcoin will end the year at around $60,000. 23% expect a $20,000 price, while 20% expect Bitcoin to hit the $40,000 mark.

Additionally, 9% believe the price of BTC will hit $80,000, 5% think it could be $100,000 or more, while 2% think it will drop to $10,000 or less.

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Survey Results | Source: JPMorgan

Nikolaos Panigirtzoglou, JPMorgan strategist and author of the study that included the survey, said Bitcoin’s fair value is between $35,000 and $73,000, depending on what investors assume. determine its rate of volatility relative to gold.

Bitcoin Forms Weakness Signal

Veteran trader, Tone Vays, disclosure he remains bullish on Bitcoin (BTC) despite the leading cryptocurrency’s momentum signaler showing weakness.

Vays thinks that Bitcoin’s convergence/divergence (MACD), Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators all look “terrible.”

“MACD is very bearish. The RSI is a bit off right now, I don’t even want to talk about it and the CMF is in a bad shape.”

Despite all bearish indicators, Vays said that he remains bullish on the top digital asset by market capitalization as it has yet to fall below the level he fears.

IOTA News

The IOTA Foundation will receive support from the European Infrastructure Research and Development Commission for future EU blockchain services.

The project has recently been selected as a contractor for Phase 2 of the EU blockchain pre-commercial procurement. They will now develop improvements to future versions of the European Blockchain Services Infrastructure (EBSI).

IOTA will be competing with four other contractors to explore how to make EBSI more scalable, interoperable, secure, and energy efficient.

EBSI is a collection of nodes that use blockchain technology to improve cross-border services across Europe. It was created in 2018 after the EU commission and its member states established an organization to fund blockchain development in Europe.

News Unique Network

Unique Network, the NFT chain built for Polkadot and Kusama, raised over $11.2 million from 7,900 backers in their public sale.

The token sale has been launched to the community and participants need to complete the KYC process. The sale starts on January 12 and ends on January 13.

Unique Network is a group of experts that provides cutting-edge technology to users and ecosystems for the development and distribution of NFTs. It has a solid reputation in the blockchain field with backing from major investors in the market.

USDC News

The total supply of stablecoin USDC on the Ethereum blockchain has surpassed the supply of Tether (USDT) for the first time.

According to data from Etherscan, the current total supply of USDC on the Ethereum blockchain is 39.92 billion, while the USDT side is 39.82 billion.

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USDC and USDT Supply on Ethereum blockchain | Source: The Block

The supply of USDC overtaking USDT on the Ethereum blockchain is a very important event, as Ethereum remains a major contributor to the growth of the stablecoin market. USDC and USDT have also launched on several other blockchains, including Solana and Algorand.

News Stacks

On the 1 year anniversary of the launch of the Stacks (STX) blockchain, which seeks to make Bitcoin (BTC) programmable, the network has achieved over 350 million monthly API requests, 40,000 downloads Hiro wallet (development tool for Stacks to build apps on Bitcoin), and 2,500 Clarity smart contracts.

Follow report of Electric Capital, a venture capital firm focused on crypto and fintech, these statistics make Stacks the largest Bitcoin project.

Over 11,000 users have been earning over 100 BTC per month rewards on Stacks due to its unique proof-of-transfer or PoX consensus mechanism. Miners bid BTC to verify transactions, execute smart contracts, and mine new blocks on the STX blockchain and receive STX tokens. Meanwhile, BTC bids are sent to STX holders as rewards for performing tasks like operating nodes. To date, the mechanism has yielded more than $50 million in rewards and exceeded $1 billion in total locked assets.

News Bitfinex

In Notification On Friday, Bitfinex said it would immediately close accounts for customers in Ontario with no balance on the platform.

Additionally, the exchange plans to restrict access to users who do not have open positions in peer-to-peer financial markets or open margin positions.

Users who have a balance or open position on Bitfinex and are one of the approximately 15 million residents of Ontario, which includes Toronto and the capital city of Ottawa, will no longer have access to any services as of March 1. Bitfinex also advises customers to withdraw capital from the exchange as soon as possible.

Ark Invest News

Cathie Wood’s Ark Invest is said to be bought 6.93 million shares of the company SPAC, merged with Circle, for $70.6 million through the company’s ARK Fintech Innovation ETF. This purchase would represent a new ETF position, according to MarketWatch.

Ark Invest ETFs have a history of buying boldly in the tech industry, having bought $80 million in Robinhood stock after the price drop in October 2021. Wood is also bullish on crypto despite the move. buy the first Bitcoin ETF futures.

Circle is the primary operator of USD Coin (USDC), currently the second largest stablecoin by market capitalization. Circle announced its intention to go public in July 2021, via SPAC, with Concord Acquisition Corp in a merger with a valuation of up to $4.5 billion.

Convergence Finance News

Convergence Finance (CONV) has announced support for Swap Pools and Liquidity on the Moonbeam Network (GLMR).

Follow Notification, Convergence Finance now supports swap pools and liquidity on Moonbeam Network, the first Ethereum-compatible smart contract on Polkadot.

The expansion of Convergence to the Moonbeam network will facilitate the interoperability of the project, with the same technical advantages and good performance as parachain on Polkadot and Kusama.

TRON News

TRON has been facing selling pressure since mid-November. This downtrend was briefly interrupted by slight rallies. A similar upside move is possible for TRON in the next few days.

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TRX Price Chart | Source: TradingView

Above the $0.069 resistance, TRON did not encounter too much resistance on the low time frames. In the coming week, if Bitcoin can find some upside momentum, TRON could also follow suit and head towards the $0.076 and $0.0779 regions.

According to the Volume Profile Visible Range, the price at the Price level is in the low value area. It is also trading on a high volume node, meaning the $0.068 to $0.069 area will be a resistance on the way up. This area could also reject TRX bullish momentum once again. The point of control lies at $0.076, with $0.077 as a resistance area.

OBV has made a higher low in recent days. However, OBV has been in a long-term downtrend, suggesting that TRX is facing steady selling pressure in recent weeks.

TRX could retest $0.066, but unless $0.069 is transformed from resistance into a demand zone, TRON will not make any significant gains. Above the $0.069 and $0.0715 areas, there isn’t too much resistance that can stop TRX from reaching $0.076 again.

Gemini News

On January 13, Gemini announced an agreement to buy financial management company Bitria for an undisclosed amount. Bitria is a digital asset platform and provides wealth management tools for financial advisors.

Gemini’s director of global business development, Dave Abner, said that the move makes the exchange one of the first digital asset custodians to offer full-service advisors. .

Gemini plans to combine its custody and exchange services with Bitria’s portfolio management programs. This, Abner adds, will allow financial advisors to perform more advanced operations such as tax loss collection. Other services will include portfolio rebalancing, fee collection and payment, planning and data connectivity.

News Moonriver

Moonriver is now available function new, cross-chain token addition, when conducting the launch of XC-20s for Kusama, a new type of interactive token that is ERC-20 compliant but is also the native asset of Substrate.

The first XC-20, xcKSM, now available on Moonriver, can be generated by transferring KSM from the Kusama Relay Chain.

These tokens generated in the XC-20 format will be transferable to other Kuasama parachains and tokens from the parachains are transferable to Moonriver as XC-20.

In the future, this function will be added to Moonbeam Network

Other news

London Coffee Shop Accepts 7 Cryptocurrencies

Chai Ada, the newly opened coffee shop in West London, is on track to accept seven cryptocurrencies.

The list of accepted coins will include Bitcoin, Ethereum, XRP, Litecoin Horizen and other options.

Tayyab Shafiq, cafe owner, said he wants to offer more cryptocurrencies. Both Bitcoin and Ethereum have the highest market cap but they also have high gas fees, so the store wants to make sure that users get the best out of their service.

He believes that cryptocurrencies and the Metaverse hold a lot of promise, predicting that they will become mainstream in the future.

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Viet Cuong

Bitcoin Magazine

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