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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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Price Analysis Feb 24: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, ADA

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The global equity markets are reeling under pressure as the coronavirus outbreak has spread outside China. While gold, the traditional safe haven, has been moving higher, Bitcoin has largely remained range-bound. This again puts focus on the frequently discussed perspective that Bitcoin is a completely uncorrelated to traditional markets. Sometimes it rallies with the equity markets and other times with gold but during certain occasions, such as now, it moves to its own beat.

In other news, Tron founder Justin Sun paid a record $4.6 million in a charity auction to have a meal with legendary investor Warren Buffet. However, it looks like he was not able to change Buffet’s skepticism on cryptocurrencies.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

In a recent interview with CNBC, Buffet said that cryptocurrencies “have no value and they don’t produce anything,” hence, he does not own any cryptocurrency and “never will.” This shows how some traditional players are still not convinced about the advantages of cryptocurrencies.

Sun, however, remains convinced about the long-term prospects of cryptocurrencies. He said that Bitcoin will cross $100,000 in 2025 and will pull the major altcoins also along with it. While we are also positive in the long-term, let’s see what the charts project for the near-term.

BTC/USD

Bitcoin (BTC) is currently trading inside the descending channel. If the bears sink the price below $9,600, a drop to the support line of the channel, which is close to the 50-day SMA at $9,176, is possible.

BTC USD daily chart. Source: Tradingview

BTC USD daily chart. Source: Tradingview

The 20-day EMA has flattened out and the RSI has dropped close to the midpoint, which suggests a range-bound action for the next few days.

If the price breaks out of the channel, the bulls can carry the price to $10,500. If this level is scaled, the uptrend is likely to resume. Above this level, a move to the long-term downtrend line at 11,350 is possible.

We anticipate the bears to mount a stiff resistance at the downtrend line once again. However, if the bulls can push the price above it, the BTC/USD pair is likely to pick up momentum.

Conversely, if the bears sink the price below the channel, the trend will turn in favor of the bears. We do not find any reliable buy setups at the current levels, hence, we remain neutral on the pair.

ETH/USD

Ether (ETH) has been largely stuck between $235.70 and $288.599. We spot a symmetrical triangle, which usually acts as a continuation pattern. With both moving averages sloping up and the RSI in the positive zone, the advantage is with the bulls.

ETH USD daily chart. Source: Tradingview

ETH USD daily chart. Source: Tradingview

If the bulls can push the price above the triangle and the overhead resistance at $288.599, the uptrend will resume. The triangle setup has a target objective of $330. If this level is crossed, the up move can extend to $366.

Contrary to our assumption, if the bears sink the ETH/USD pair below the triangle, a drop to $235 and below it to the 50-day SMA at $200 is possible. Therefore, we suggest traders retain the stop loss on their remaining long positions at $230.

XRP/USD

The bulls are struggling to carry XRP higher. This shows a lack of demand at higher levels. We spot a possible head and shoulders pattern that will complete on a break and close (UTC time) below $0.26362.

This bearish setup has a target objective of $0.18043 on the downside, which is close to the recent lows at $0.17468. However, it might not be a waterfall decline as we expect the bulls to defend the support at $0.21.

XRP USD daily chart. Source: Tradingview​​​​​​​

XRP USD daily chart. Source: Tradingview

Conversely, if the price bounces off $0.26362, the bulls will once again attempt to carry the price to the overhead resistance at $0.31503. Above this level, a retest of $0.34681 is possible.

The XRP/USD pair is likely to pick up momentum on a break above $0.35. For now, the traders can protect their long positions with stops at $0.26.

BCH/USD

Bitcoin Cash (BCH) is stuck between the 20-day EMA at $404 and the 50-day SMA at $368. While the bulls are buying the dips to the 50-day SMA, the bears are selling close to the 20-day EMA.

BCH USD daily chart. Source: Tradingview​​​​​​​

BCH USD daily chart. Source: Tradingview

If the bulls fail to push BCH above the 20-day EMA, the bears will make another attempt to sink the price below the critical support at $360. If successful, a drop to $306.78 is possible.

On the other hand, if the bulls can push the BCH/USD pair above the 20-day EMA, a move to the trendline of the ascending channel is possible. We do not find any reliable buy setup at the current levels, hence, we suggest traders remain on the sidelines.

BSV/USD

The bears are defending the 20-day EMA, which shows a lack of demand at higher levels. If Bitcoin SV (BSV) dips below the 50-day SMA at $277, a drop to $236 is possible. A break below this support will be a huge negative.

BSV USD daily chart. Source: Tradingview​​​​​​​

BSV USD daily chart. Source: Tradingview

Contrary to our assumption, if the bulls can push the price above the 20-day EMA, a rise to $337.80 is possible. A break above this resistance can result in a move to $382.47 and above it to the lifetime highs.

If the BSV/USD pair bounces off the support at $236, we might suggest a long position with a close stop loss. Until then, we remain neutral on the pair.

LTC/USD

Litecoin (LTC) is struggling to climb above the overhead resistance at $80.2731. This shows that the bears are still active at higher levels. If the price dips below the 20-day EMA at $73.60, it can again decline to the support at $66.1486. This will keep the altcoin range-bound for a few more days.

LTC USD daily chart. Source: Tradingview

LTC USD daily chart. Source: Tradingview

The LTC/USD pair will turn negative on a break below the support at $66.1486. If this support cracks, the next level to watch out for is $50.

Conversely, if the bulls can propel the price above the overhead resistance zone of $80.2731-$84.3374, the pair is likely to pick up momentum. The target levels to watch on the upside are $100 and above it $125.

Therefore, the traders can buy on a breakout and close (UTC time) above $85. We shall suggest a close stop loss after the trade triggers.

EOS/USD

The bears are again attempting to defend the 20-day EMA. This is a negative sign as it shows that the sentiment is changing from buy on dips to sell on rallies. If EOS drops below the 50-day SMA at $4.00, it is likely to drop to $3.50.

EOS USD daily chart. Source: Tradingview​​​​​​​

EOS USD daily chart. Source: Tradingview

With the 20-day EMA sloping down and the RSI dipping into the negative territory, the advantage is shifting in favor of the bears.

However, if the bulls defend the support at $4, the EOS/USD pair might again attempt to move up to $4.40 and above it to $4.8719. The pair is likely to pick up momentum on a break above the overhead resistance zone of $4.8719-$5.50.

BNB/USD

Binance Coin (BNB) is currently stuck in a tight range between $21.80 and $23.5213. The 20-day EMA has flattened out and the RSI is just above the midpoint. This points to a balance between the buyers and sellers.

BNB USD daily chart. Source: Tradingview​​​​​​​

BNB USD daily chart. Source: Tradingview

The advantage will tilt in favor of the bulls if the price breaks out and sustains above $23.5213. Above this level, a move to $27.1905 is possible.

On the other hand, if the BNB/USD pair drops and sustains below $21.80, it would signal an advantage for the bears. The next support on the downside is the 50-day SMA at $19.52 and below it $18.

XTZ/USD

Tezos (XTZ) is currently witnessing profit booking that can drag the price to the 20-day EMA at $3.014, which is just above $2.9204864, the 38.2% Fibonacci retracement of the most recent rally.

XTZ USD daily chart. Source: Tradingview​​​​​​​

XTZ USD daily chart. Source: Tradingview

If the price rebounds off $2.9204864, the bulls will once again attempt to push the price above the lifetime high at $3.9499.

Nonetheless, if the support at $2.9204864 cracks, the XTZ/USD pair can drop to $2.6025, which is the 50% retracement level of the rally. We do not find any reliable buy setups at the current levels, hence, we are not proposing a trade in it.

ADA/USD

Cardano (ADA) has once again climbed back into the top ten list of cryptocurrencies by market capitalization, hence, it has been included in the analysis. The bulls are currently attempting to keep the price above the critical support at $0.0560221, which is just below $0.0570183, the 38.2% Fibonacci retracement level of the most recent rally.

ADA USD daily chart. Source: Tradingview​​​​​​​

ADA USD daily chart. Source: Tradingview

If the support holds, the ADA/USD pair might remain range-bound between $0.0560221 and $0.0652290 for a few more days. The flattish 20-day EMA and the RSI close to the midpoint also suggest a range formation.

A break below $0.0560221 can drag the price to the 50-day SMA at $0.0517. Alternatively, a break above $0.065229 can push the price to $0.0722722.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-feb-24-btc-eth-xrp-bch-bsv-ltc-eos-bnb-xtz-ada

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Polkadot Will Feature Layer Two Scaling Thanks to Celer Network

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Celer Network will develop its layer-2 solutions for Polkadot, an upcoming blockchain network developed by Web3 Foundation and supported by Parity Technologies. The sidechain scaling solution is positioned to improve performance beyond what is possible with layer one scaling.

As announced on Feb. 20, Celer Network and the Web3 Foundation have partnered to port Celer’s State Channel Network technology to Polkadot’s development environment. Cointelegraph interviewed Mo Dong, co-founder of Celer Network, to learn more about the planned integration.

Layer Two Benefits

Celer Network focuses on providing a blockchain-agnostic scaling solution based on layer two scaling. It is part of a class of sidechain scaling projects such as Plasma, Optimistic Rollup or Lightning Network. Though their purposes are often different, all such solutions rely on the security of a particular blockchain network.

For Celer, generalized “State Channel Networks” are key, as Dong explained:

“The first branch of our technology is the State Channel. It’s extremely good at reducing the latency of the user interaction, and reducing the cost of the interaction so that the cost will be almost zero. And in terms of the transaction latency, we can do real time transactions.”

In many ways, Celer works like the Lightning Network, with Dong saying that “Celer is to Lightning what Ethereum is to Bitcoin.”

Though Lightning can only work with payments, Celer fully supports smart contract functionality. He explained the system in more detail:

“It’s a virtual smart contract that is agreed between you and me, basically saying: ‘Ok, we agree we’re going to play this chess. This is the EVM code of chess. And this is an initial state of chess. And whenever I make a move, I will send out my move proposal to you, always with my signature saying that this is a move I made, and this is the most recent state.’ You will then add your own signature.”

“We progress the state of the program by mutually signing the transactions between just you and me,” he concluded. He proposed some groundbreaking uses for this technology, including “Pay by Byte,” which could be used to pay for streaming services in real-time. Celer focuses on mitigating the delays in executing a smart contract, where each change of the state needs to be confirmed on the blockchain at a steep cost.

But scaling solutions are also being worked on for layer one, such as Ethereum’s (ETH) sharding proposal. When asked how Celer will work in a world where Ethereum 2.0 is up and running, Dong replied:

“There is a fundamental limitation with a decentralized-enough blockchain in terms of its scalability, throughput and cost and latency. Layer 2 is always going to be better at that.”

Why Polkadot

Polkadot is a new blockchain project that is currently under development, with a beta release announced in February.

Like Ethereum, it will be a blockchain platform based on sharded chains that support smart contracts. But Polkadot is designed with a focus on interoperability and advanced development functionality thanks to Pallets.

Celer will build a “Pallet” on Substrate, the blockchain framework developed by Polkadot. While they can be compared to smart contracts, Dong explained that there are major differences:

“It’s not exactly writing a smart contract, it’s more about writing your own chain with some basic constructor or basic abstractions of accounts, balance and all that stuff. It looks and feels like smart contracts, but at a lower level.”

Dong elaborated further on the platform:

“The way I look at Polkadot is that it’s very different from all the generic smart contract platforms. All the other platforms that exist today are providing an interface to build smart contracts on a single blockchain. But what Polkadot provides is the capability to build a blockchain with a set of primitives.”

This is proving important to maintain flexibility in an interoperable environment. Instead of trying to make one system that accommodates everyone, developers build their own custom chains, which communicate through the Polkadot protocol.

Dong provided an example where the capabilities of Polkadot shine:

“For a state channel, one thing that needs to be heavily optimized is the communication between layer one and layer two, for whenever a dispute happens. In Ethereum, we need to write a Solidity parser to parse the ProtoBuf data structure that we defined [for communicating]. But in Polkadot, because it’s building on Rust, which has its native ProtoBuf decoder, it becomes much easier to just use that [native parser].”

Nevertheless, Dong emphasized that neither Ethereum or Polkadot is better than the other, as each provides different tools for different uses.

Though the cooperation has been announced, there are no estimates available on when the integration between the two will be live.

Source: https://cointelegraph.com/news/polkadot-will-feature-layer-two-scaling-thanks-to-celer-network

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Litecoin Price Prediction: LTC/USD May Drop to $70 If the Price Breaks Below the Moving Averages

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LTC Price Prediction – February 24

Litecoin (LTC) is still trading well inside a rising channel formation, which shows that the bulls are in control.

LTC/USD Market

Key Levels:

Resistance levels: $88, $90, $92

Support levels: $66, $64, $62

LTCUSD – Daily Chart

The February 21 rebound has made LTC/USD to record a high at $80.85 after relying upon strong support at $66. Since February 15, the price of LTC has been trading below $83 due to the recent bearish surge. For this reason, the market has currently dropped by -6%, which may become more severe if we see immense selling pressure. However, the market is showing weakness but still looks bullish in the short-term.

Looking at the market structure, we can see that LTC/USD is still sitting at $75. If the price level can hold well, we may see a buyback at $78 resistance before breaking up to $80 and above. But as it stands now, the RSI (14) nosedives the bears are attempting to visit close supports once again before climbing higher to the nearest resistance at $88, $90 and $92 levels.

On the daily chart, Litecoin is caught in a rising channel pattern since the year started as the bulls gain control of the long-term market. Meanwhile, the short-term trend is still projecting a bearish outlook for the LTC market. Considering the latest price drop, the market is likely to fall at $66, $64 and $62 support levels, meeting the channel’s lower boundary.

Against Bitcoin, LTC fell lower as it breaks beneath the 7700 SAT. However, LTC/BTC is currently trading at 7663 SAT as the bulls are trying to prevent it from heading further lower. From above, the nearest level of resistance lies at 8300 SAT. Higher resistance is expected at 8500 SAT and 8700 SAT.

LTCBTC – Daily Chart

In other words, the nearest level of support lies at 7400 SAT. Beneath this, support is located at 7200 SAT and then at 7000 SAT. The trading volume has increased during the latest round of selling. The RSI (14) is poised for a bearish movement as the signal line nosedives towards the south.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Source: https://insidebitcoins.com/news/litecoin-price-prediction-ltc-usd-may-drop-to-70-if-the-price-breaks-below-the-moving-averages/251959

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