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Bitcoin Price Breaks Above Key Resistance Levels as Bulls Target $8.6K

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Bitcoin (BTC) price has at last crossed above the $8,300 resistance, setting the digital asset up for a run at $8,500 and restoring bullish momentum to the current uptrend which has seen the price rise from $7,655 to $8,483 over the past week. 

Cryptocurrency market weekly overview. Source: Coin360

For the second time in a week, the price rose above the oft-referenced descending channel trendline which has served as a long term resistance for the last 7 months. While there are some traders who will have bought the breakout above resistance, cautious traders will closely watch the 4-hour close to see if the digital asset sustains above the trendline as previous price action shows Bitcoin repeatedly unable to hold above this level. 

BTC USD daily chart. Source: TradingView

At the time of writing, Bitcoin continues to push higher, setting a daily higher high for the first time since the Jan. 8 run up to $8,464 and clearing the $8,500 resistance level. Earlier in the day, Cointelegraph contributor filbfilb suggested that: 

“Bitcoin price is currently consolidating above resistance and the most significant volume node on the visible profile visible range, or VPVR. If Bitcoin can complete bullish consolidation above $8,000, a measured move to the upside would take the price of Bitcoin to the top of the previous range at $9,500 and possibly as high as the next high volume node of $10,100.” 

Currently, Bitcoin price is above the 200-day moving average and the most recent price action suggests that $8,000 will function as strong support. Traders will now observe to see whether $8,300 will flip from resistance to support. 

Bitcoin weekly price chart. Source: Coin360

The overall cryptocurrency market cap now stands at $223.8 billion and Bitcoin’s dominance rate is at 68.1%. Notable altcoins that moved alongside Bitcoin’s price increase were Bitcoin SV (BSV) with a surprising 22.87% gain, Bitcoin Cash (BCH) with a 6.46% gain, Litecoin (LTC) at 6.46% and Dash (DASH) which surprised investors by continuing last weekend’s rally to gain 14.32%.

Keep track of top crypto markets in real time here

Source: https://cointelegraph.com/news/bitcoin-price-breaks-above-key-resistance-levels-as-bulls-target-86k

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Deutsche Bank Sees How The Internet Compares To Blockchain Technology

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An interesting graphic compiled by Deutsche Bank compares the early-stage evolution of the Internet and blockchain technology. It shows that the two have relatively similar difficult beginnings, but ultimately the former receives more mass adoption than the latter.

Internet Vs. Blockchain Adoption Rates

Nowadays, it’s hard to imagine living a normal life without constant access to the world wide web. The Internet was one of the most disruptive and ingenious creations of the 20th century.

Blockchain, on the other hand, has been touted as similarly disruptive and intelligent technology in the 21st century by many. Deutsche Bank recently published a graphic that shows how the two have started, the middle ground, and the projected future adoption. On the left, one can see the number of internet users in millions and on the right – the number of blockchain wallet users (again, in millions).

Internet&Blockchain Adoption Rates. Source: Deutsche Bank
Internet&Blockchain Adoption Rates. Source: Deutsche Bank

The graphic indicates that both had a sluggish start, particularly in the first few years. It reveals that after eight years of existence, the Internet was at around 500 million users, while during the same timeframe, blockchain is at approximately 50 million. This whole 10x difference is projected along the entire graph.

The Internet also required less than 25 years to reach over four billion people around the world. Deutsche Bank’s forecast for blockchain mass adoption suggests that after a quarter of a century, it will be used by around 350 million.

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Even though the Internet appears way more dominant, Changpeng Zhao recently offered a different opinion. The CEO of the largest cryptocurrency exchange by volume, Binance, said that “blockchain is going to have a bigger impact on our society than the internet.”

Difficult Beginnings

Despite the Internet’s undeniable impact on the world, it had a difficult initial period of adoption. The history books reveal that it was created somewhere in the 1960s in a widely different form of what it is today. However, it wasn’t until the late 80s and early 90s before it started gaining adoption in Europe, Australia, and eventually Asia.

But even after so many years of existence in some forms, it was expensive to use and frequently unreliable. The largest U.S. internet provider in the 90s charged $9.95/month for 5 hours of unlimited access, and every additional hour cost $2.95.

With all improvements such as the introduction of DSL, 3G, 4G, etc, the Internet became a much better version of itself in the next two decades. A recent report reveals that today’s speed is 136 faster than what it was back then. Moreover, internet access is over 90% cheaper.

How what does this have to do with blockchain? Well, simply put, the latter is at its primary stages, where the promise of its future developments and disruptions is more significant than its actual usage, at least according to some non-believers. Similarly, there’re challenges with costs and scalability that ultimately prevent it from mass adoption.

With that being said, blockchain has come a long way for its relatively short period of existence. Users can safely assume that the improvements will continue with cost reductions, more scalability, and faster transactions.

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Source: https://cryptopotato.com/deutsche-bank-sees-how-the-internet-compares-to-blockchain-technology/

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Crypto and Blockchain Firms Pitch In to Help Coronavirus Victims

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Some blockchain and cryptocurrency firms have pledged to help victims of the coronavirus in Wuhan, China. Cryptocurrency exchange Binance pledged to donate 10 million Chinese yuan ($1.44 million) to the effort.

In a tweet on Jan. 25, Binance CEO Changpeng Zhao said that Binance made the pledge but did not make any announcements after a Twitter user tagged him in a news article about cryptocurrency donations being accepted for the cause:

“For #Wuhan, not realistic to do crypto to end beneficiaries. Binance pledged 10m RMB ($1.5m USD) to help #coronavirus victims. We didn’t make any announcements. But [Binance Charity Foundation] BCF/Binance team has been busy for the last few days. Still need help to arrange logistics locally.”

According to a Jan. 25 WeChat post by blockchain marketing service firm Krypital, the firm also launched a charity donation effort to acquire medical supplies for Wuhan coronavirus victims.

Krypital also announced that it will create a blockchain-based donation system that allows for greater transparency and efficiency. The firm accepts Tether (USDT) on the Ethereum blockchain.

The company is also recruiting volunteers for group administration, material purchase, sorting and transportation management, media announcements and graphic designers.

As Cointelegraph reported, yesterday Bitcoin (BTC) slumped 6% on the Chinese New Year as uncertainty surrounding the spread of the coronavirus. On Jan. 26, Fox News reported that the current death toll of the virus is 56.

Source: https://cointelegraph.com/news/crypto-and-blockchain-firms-pitch-in-to-help-coronavirus-victims

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Cryptocurrency News From Japan: Jan. 20–24 in Review

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This week’s headlines from Japan include several central banks collaborating on digital currency research, Binance removing the Japanese yen from its platform, Japan’s Liberal Democratic Party investigating digital assets, comments from Japan’s Deputy Prime Minister on digital currency research importance, and Coincheck paying out its first Lisk staking reward. 

Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan.

Japanese political party proposes digital currencies

Japan’s ruling Liberal Democratic Party aims to propose a national digital asset in spring of this year, according to some reports. A parliamentary group of 70 lawmakers will reportedly submit their proposal in February and will note how the currency will act with regard to concerns about individual data security and money laundering. 

Bank of Japan and several other central banks evaluate digital currencies

News of action from Japanese lawmakers coincides with the debut of a research group of global central banks — including the Bank of Japan (BOJ) — that will study the possibilities and limitations of central bank digital currencies, or CBDCs.

The Financial Stability Board, among others, will also participate in the effort. Bank for International Settlements Innovation Hub director Benoit Coeure will sit as the group’s co-chair, alongside the Bank of England’s Deputy Governor Jon Cunliffe.  

Binance deletes Japanese yen currency pairings

Binance reportedly removed the Japanese yen from its exchange, just days after seemingly adding support for the fiat currency. While the option initially appeared on the exchange’s list of fiat spending options, it was subsequently removed.

A Binance spokesperson told Cointelegraph Japan that the yen will be restricted on the platform until support for the fiat eventually launches through a partnership with transaction processor Simplex.

Japanese Finance Minister says no digital assets on the horizon

While policymakers are showing clear signs of interest in CBDCs, Japan’s Minister of Finance and Deputy Prime Minister Taro Aso said that the immediate issuance of such an asset is not an immediate priority.

Ato noted the importance of the CBDC collaborative group’s research efforts, adding that a digital currency must have convenience and credibility. However, he added that, “There are no plans to issue digital currencies at this time.” 

Coincheck crypto exchange doles out first Lisk staking reward

Tokyo-based crypto exchange and wallet Coincheck settled its first Lisk (LSK) staking payout this week, totalling 2,251.9 LSK ($1,800). The exchange first announced Lisk staking capabilities on Jan. 9.

Staking rewards are a byproduct of the proof-of-stake consensus algorithm, that was first introduced by Sunny King and Scott Nadal via the  Peercoin (PPC) white paper in 2012.

Within such a system, token holders can “stake” their assets to help maintain the network, and in return, receive interest on their holdings.

Source: https://cointelegraph.com/news/cryptocurrency-news-from-japan-jan-2024-in-review

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