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Crypto Market Update: Another Bitcoin ETF Rejection, Bitcoin Facing $10,000

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After particularly tumultuous and volatile few months, this week we saw Bitcoin stabilizing slightly as the trading volume dipped. The SEC rejected yet another pile of Bitcoin ETF requests. Regardless of the small price drop, Bitcoin seems to be keeping its positive trend.

The US-China trade war continues and in the face of the declining capital markets, the price of gold and silver continues to rise. However, unlike major economic crises in the past, this time Bitcoin is also in the picture and if we look at domestic crises in recent years, Bitcoin has responded with a sharp price rise. It is only logical to assume that it may behave the same in a significant international crisis.

Meanwhile, traded Bitcoin volume on popular P2P exchange LocalBitcoin has reached new highs, in response to the downfall of the local peso and the collapse of the country’s stock exchange.

coin-dance-localbitcoins-ARS-volume-9-min
Source: coindance

In the Alts arena, the declines were somewhat halted and after Bitcoin’s dominance almost reached70% Alts has started an upward correction. However, the floor bottom is hard to establish just yet and Bitcoin’s dominance may continue to climb. The correction of the Alts market comes as a result of the ICOS trend that has inflated the market.

However, after regulators clarified their position on the ICO format, the IEO trend that has gained momentum has failed to reach those scales. It is important to remember that against the dollar, not all Alts are in their lows, but against Bitcoin, a lot of them have been bleeding and it takes serious imagination to see how they can get back.

Meanwhile it should be noted that the market is continuing its maturation process and it is no longer a tiny niche of enthusiasts in the wild virtual West, as in recent years large players have entered the market along with regulators who are still trying to understand what is crypto.

In summary, we saw a relatively calm week in the market and it seems the quiet will not last for long. The price of bitcoin is in a critical area and past experience indicates that stability in the market is only the calm before the next storm.

Market Data

Market Cap: $293,4 B24h Vol: $44,9 BBTC Dominance: 68.6% BTC: $11,250 5.4% ETH: $209,9 9.2% XRP: $0.29 6.8%BTC Shorts (BFX): 8.5 K BTC

BTC Longs (BFX): 25.8 K BTC

Crypto News

Market-Update-41-9-min

Bitcoin Mainstream Media Adoption:

CNBC.com Replaces CAD Tracker With Bitcoin. Prominent media mogul CNBC has evidently put a Bitcoin price tracker on its website. According to users, the new tracker replaced that of the Canadian Dollar (CAD), signaling greater publicity and adoption for the largest cryptocurrency.

Bitcoin’s Scarcity: Can It Eventually Catch up With Gold and Silver? Charting a comprehensive Stock-to-Flow model accounting for Bitcoin’s scarcity, popular analyst PlanB thinks that the cryptocurrency will eventually line up with Gold and Silver. The model also puts the price per Bitcoin at $55,000 following its halving event.

New Zealand to Legalize and Tax Bitcoin Salary Payments Starting in September. According to a new ruling, New Zealand is set to allow Bitcoin and cryptocurrencies to be used for salary payments starting from September. The ruling also stipulates that they will be taxed as per the existing PAYE regulations.

Binance Is Investigating a Telegram Group That Might Contain Your KYC. A large number of KYC pictures have been leaked through a Telegram group. Binance stated that the company is already working on the issue and they’ve also announced a bounty of up to 25BTC for everyone who is able to provide them with valuable information on the matter.

Coinbase Sets Out How It Foiled a ‘Sophisticated’ Hacking Attack. US-based cryptocurrency exchange Coinbase described how it was targeted by a sophisticated and targeted hacking attack. It aimed to access their systems and to claim some of the billions it has in holdings.

Goldman Sachs Gets Bullish on Bitcoin With a Price Target of $13,971. International financial giant Goldman Sachs gave a rather bullish forecast on Bitcoin’s price. In a note to customers, the corporation suggested a short-term target of $13,971 which could be the completion of a V wave count from July.

US Federal Reserve Launching Payment System, Crypto Bulls Nonplussed. The US Federal Reserve Board plans to release a system for real-time payments and settlements. The goal is to further boost the payments infrastructure within the country. Dubbed ‘FedNow’, it aims to modernize the existing payment infrastructure and to allow for around the clock payments which could also be done on weekends.

.Source: .cryptopotato:

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Crypto News Roundup and Interviews for Jan. 23, 2020

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In addition to our news roundup, for the next few episodes we’ll also be highlighting select interviews from the CoinDesk crew reporting inside the world economic forum in Davos, Switzerland.  Today we’ll hear from former CFTC Chair Christopher Giancarlo on his proposed Digital Dollar push. We’ll end the show by taking a walk with a modern cypherpunk and senior reporter Leigh Cuen.

  • Bitcoin finally breaking out of a range where it’s held over the past week, but it’s bad news for the bulls
  • During an 18-hour deposition, Telegram CEO Pavel Durov pushed back against a U.S. Securities and Exchange Commission
  • In a separate case tying together two recent scandals, former QuadrigaCX users want information about the recently indicted ‘Shadow Bank’ Crypto Capital
  • US Exchange Gemini completes accounting firm Deloitte’s
    SOC Type 2 evaluation, their highest security rating.
  • In Virginia, a lawmaker is pushing the state government to study how blockchain might be used to secure elections and how it might impact the economy moving forward.
  • In Nevada, a former beauty queen turned bitcoin-friendly entrepreneur is running as a Republican for a U.S. congressional seat
  • Amun, a Swiss digital-asset issuer has launched a new vehicle for traders who want to bet on a drop in bitcoin’s price
  • In Tokyo, two men have been accused of stealing 78 million yen (roughly $712,000) from blockchain project VIPSTAR
  • GreekReporter.com said Thursday that Greece’s Council of State approved Alexander Vinnik’s extradition to France where he will face charges of money laundering.

Today’s interviews:

  • Ex-CFTC Chair Christopher Giancarlo on why he launched Digital Dollar Project
  • Why is a Cypherphunk in Davos?

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Law Firm Representing Quadriga’s Ex-Users Want Info About ‘Shadow Bank’ Crypto Capital

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Miller Thomson, the court-appointed legal counsel for former users of the QuadrigaCX cryptocurrency exchange, is asking for help identifying any records related to Crypto Capital, which may be holding some of the exchange’s funds.

In a letter emailed to the exchange’s former customers and posted to its website, Miller Thomson wrote that Crypto Capital Corp., a “shadow bank” registered in Panama, “may have been a payment processor” for the exchange and is asking any customers who have emails or other documents which might be related to Crypto Capital to forward the communications to the legal firm.

“Representative Counsel has been investigating, since its appointment, whether any Quadriga funds were potentially retained by Crypto Capital,” Wednesday’s letter said.

An archived snapshot of Crypto Capital’s website lists QuadrigaCX as a client.

The letter referenced the ongoing court case between the U.S. Department of Justice and Crypto Capital, noting that the shadow bank’s operators are currently under indictment. Reginald Fowler, one of the alleged operators of the company, is in court

and may be heading to trial on charges of bank fraud, operating an unlicensed money transmitter and conspiracy.

Fowler intended to plead guilty to one charge of operating an unlicensed money transmitter, but negotiations between his attorneys and the prosecutors have yet to be concluded. He is now scheduled to appear in a New York courthouse in late April.

Wednesday’s letter also referenced the fact that Bitfinex, another crypto exchange, has claimed to be defrauded by Crypto Capital and is seeking information and rights to seized assets in the shadow bank’s possession in the U.S., Portugal and the U.K., three jurisdictions which have reportedly frozen Crypto Capital’s assets.

“As you are aware, Ernst & Young Inc. (the ‘Trustee’) has been unable to locate QuadrigaCX’s basic corporate records or accounting records. As a result, Representative Counsel is asking Affected Users for assistance on this matter to uncover whether Crypto Capital held Quadriga funds,” the letter said.

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TOP 3 Price Prediction: BTC, ETH, XRP — Uncertainty in Market Continues

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TOP 3 Price Prediction: BTC, ETH, XRP — Uncertainty in Market Continues

The cryptocurrency market has partially restored its position. Meanwhile, the altcoin market today is mixed. Some of the top 10 coins are located in the green zone, while others are in the red. 

Top 10 coins by Coinstats

Top 10 coins by Coinstats

The key data below for Bitcoin (BTC), Ethereum (ETH), and XRP indicate what’s to come.

NameTickerMarket CapPrice Volume (24h)Change (24h)
BitcoinBTC$157 602 979 990$8 671,44$24 584 873 2460,23%
EthereumETH$18 419 910 476$168,40$9 910 073 6690,11%
XRPXRP$10 305 414 349$0,235952$1 623 122 240-0,19%

BTC/USD 

The technical picture of Bitcoin (BTC) has not changed much since Monday. For a moment, there was an attempt to break the $8,550 level. 

BTC/USD chart by TradingView

BTC/USD chart by TradingView

However, the downward movement under pressure from the bears fit into the framework of the current volatility and it was bought back quickly enough.MUST READBitcoin (BTC) Price Skyrocketed to $14,000 Last Time This Indicator Turned Green – 

Over the past three days, local consolidation has formed. All in all, the strategy does not change, since for a longer time period, the trend has persisted and the line of least resistance is still directing upwards.

Bitcoin is trading at $8,649 at press time.

ETH/USD

Ethereum (ETH) quotes remain trading

sideways. Based on an analysis of the trading activity of participants, it can be assumed that interest in purchases is held by small speculators, while large buyers still prefer to stay away.

ETH/USD chart by TradingView

ETH/USD chart by TradingView

On the hourly chart, the chief altcoin is likely to decline in the short-term. The line of the RSI indicator is going down, confirming the ongoing dominance of buyers. Regarding the nearest price forecast, traders might expect the coin to be located at around the $165.50 level.

Ethereum is trading at $166.96 at press time.

XRP/USD

XRP is trading without significant changes. After a rebound from the support level, quotes have remained sideways.

XRP/USD chart by TradingView

XRP/USD chart by TradingView

Even though XRP has continued a sideways trading trend for a few days, it will face a decline shortly. The rate of the coin has decreased by almost 2% over the last day. What is more, the MACD indicator has just switched to a bearish trend. Summing up, the more likely scenario is a drop to the closest support of $0.23.

XRP is trading at $0.2344 at press time.#Bitcoin Price Prediction#Ethereum Price Prediction#Ripple Price Prediction


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