Geopolitical tensions have been on the rise across the world. However, many are surprised by the swing in Bitcoin’s price such tensions have caused. Alas, this is not the first time Bitcoin‘s price has reacted to global events. The same happened during the U.S- China trade war, a time when Bitcoin’s inverse correlation with Yuan climbed up, according to a report.
At press time, Bitcoin was priced at $8656, with a 24-hour trading volume of $20.6 billion.
At the time of writing, Bitcoin had noted an 11% spike over the week, outpacing most smaller crypto-assets. And while Bitcoin’s rally did cause a ripple effect in the cryptocurrency market, there were some isolated instances of extreme price movement.
Bitcoin Cash SV [BSV] started its climb on 13 January and it has since, managed to record a triple-digit pump of 120.92%. This leap in price made BSV the strongest performer among major crypto-assets, with BSV now the fourth-largest cryptocurrency on CoinMarketCap. According to a report by Coin Metrics, the rise in the price
Following BSV’s lead, the other forked coin, Bitcoin Cash [BCH], grew by almost 24%, while Litecoin [LTC] registered a rise of 13%, reporting the largest gains over the week.
Source: Coin Metrics
The uptick was not just limited to major cryptocurrencies, however, as mid-cap crypto-assets like Dash and ChainLink pumped by over 30% and 25%, respectively. On the other hand, the mid-cap has been ruled by two strong performers for several weeks now, Ethereum Classic [ETC] and ZCash [ZEC]. ETC noted a growth of 14% while ZEC rose by 16%.
Source: Coin Metrics
However, on a three-month rolling basis, most coins were at or were approaching all-time lows; most coins apart from Bitcoin, as its volatility appeared to stabilize and might have been trending upwards. The report attributed this to,
“This reflects the proliferation of leveraged products and how investor interest has become increasingly concentrated in Bitcoin. Volatility for nearly all cryptoassets are now inline with Bitcoin’s.”
Source: Coin Metrics
Crypto Employment Abounds With More Than 8,000 Jobs in 2020
During the last year, the cryptoconomy has picked up pace after a drawn out crypto winter. When market prices were low and startups were short on capital, a bunch of firms laid off employees in 2018. A year later, and digital currency companies are hiring.
Following Thousands of Lay Offs, Crypto Companies Start Hiring Again
Cryptocurrency and blockchain-related jobs are becoming more abundant these days as the industry seems to be recovering from last year’s price lows. During the North American Bitcoin Conference (TNABC), news.Bitcoin.com noted that there were at least six companies hiring in the exhibit halls. Searching online shows a great number of jobs are available on employment listing sites like Indeed, Monster, and Crypto-Careers.com.
While searching worldwide for the term “cryptocurrency,” the job site Monster has 118 roles available. There are even more jobs available on Monster when searching the term “blockchain” – 2,558. The online employment search engine Indeed shows 521 cryptocurrency-related jobs and 1,938 blockchain careers available.
Crypto-Careers.com shows 234 cryptocurrency job opportunities and 409 results for blockchain work. While perusing through all of the aforementioned job sites, the most wanted job within the cryptosphere right now is developers. All kinds of developers are needed from front end to back end, website designers, and engineers who can code with a variety of programming languages.
According to Indeed, Shapeshift is hiring a security engineer to help identify and mitigate risks for the firm. The job comes with full benefits and has a starting pay of around $80,000 to $120,000. Binance is hiring an Android developer to work for the company’s subsidiary Trust Wallet. The EOS-based Block.one is hiring out of Virginia and needs someone who can program in C++ and work on EOSIO blockchain software. The ICE-owned marketplace Bakkt which offers physically-settled bitcoin futures products is also hiring a blockchain developer.
There’s More Than 8,000 Crypto and Blockchain-Related Jobs Available in 2020
On the career website Linkedin, Fidelity Investments is looking to hire bitcoin mining engineers in multiple locations across the U.S. According to Blockchain.com, the company is hiring “numerous roles” and employees can work remotely. For Blockchain.com’s London, San Francisco, and Vilnius offices the firm is looking for an Android engineer, data scientist, and front end developer.
Browsing Crypto-Careers.com, Monster, Indeed, and Linkedin shows there’s a plethora of non-developer jobs. Employment opportunities consist of jobs like analysts, marketers, writers, journalists, product managers and consultants. For instance, the popular tech firm Cisco is hiring a blockchain consultant who understands computer networking technologies. Well known digital currency businesses like Bitgo, Coinbase, Square Crypto, Kraken, and the Bitcoin Depot are also hiring.
Between the top four online employment websites, there are more than 8,000 cryptocurrency and blockchain jobs available today. There’s a wide variety of different employment opportunities but the developer job is by far the most in-demand and the highest-paid as well. The large number of crypto companies and financial institutions willing to hire right now is a stark contrast to the thousands of lay-offs during the crypto winter.
Tim Draper Issues Warning Against Governments Trying to ‘Mess With Technological Advancements Like Bitcoin’
Tim Draper is sending a passionate message to Prime Minister Modi and the Indian government. The 1,027-word open letter, published on Wednesday, conveys Draper’s formula on how to foster prosperity.
The billionaire venture capitalist writes,
“There is a simple formula for wealth in a nation. It is freedom, fairness and frictionlessness. Each of these tenets bets and work to their fullest potential when unfettered – freedom is maximized when there is minimal regulation; fairness without bias in government, and frictionlessness without trade barriers.”
In line with these three values, Draper calls out three moves by the Indian government, one of which was restricting Bitcoin as a currency.
“Bitcoin, the Blockchain and smart contracts have the potential to transform some of the biggest industries in the world and the next 40 years will be defined by what happens today. Governments that mess with technological advancements like Bitcoin run the risk of being left behind.
Imagine what would have happened to countries that didn’t allow the internet. Bitcoin promises to be 10 times as big as the internet.”
In April 2018, the Reserve Bank of India banned enterprises and citizens from engaging in Bitcoin and crypto-related activities.
The country is also considering a bill that proposes a 10-year sentence to anyone caught mining, generating, holding, selling, transferring, issuing, dealing, or disposing cryptocurrencies.
The venture capitalist, who made early-stage investments in companies that have revolutionized industries, such as Skype, Tesla, SpaceX and Robinhood, points out that he has had his finger on the pulse of change throughout his career.
“I tend to be a bellwether for VCs, as I was the first Silicon Valley VC to invest in China, and many VCs followed my lead after the successful public offering of Baidu.”
Despite his appreciation for India and the ties he built there through his father, who invested venture capital in the country’s local businesses, Draper cautions that the world’s second-most populous country will get left behind if the government isn’t forward-thinking and opts instead to overlook powerful tech.
“If you want your people to thrive, you create simple fair rules for everyone, and then you set them free. Freedom is a big thing for venture capital. More rules and restrictions create more corruption, more friction. Whereas fewer restrictions allow people to innovate and create.”
Draper plans to be in India in early March for his networking event where he’ll vet startups and meet with Modi to discuss his plans for the country.
What’s Next For Bitcoin’s Price? Analyst Who Predicted 35% Crash Says This
Earlier this year, in late-September, prominent Bitcoin analyst Filb Filb posted this chart below, showing that he expects for BTC to jump by dozens of percent to near $10,000, then collapse by 35% to the low-$6,000s to interact with the “miners bottom range.”
While some laughed this off as pure bearish sentiment at the time, Filb Filb’s prediction was proven to be nearly 100% accurate, with Bitcoin surging past $10,000 in a temporary vertical relief rally, then crashing the mid-$6,000s just earlier this month.
He managed to predict Bitcoin’s trajectory months in advance, something quite difficult for any trader due this market’s volatility.
The same analyst is back again, issuing his latest forecast for the leading cryptocurrency.
Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week
Bitcoin to Hit $9,555 Soon
Filb Filb recently noted that Bitcoin is preparing to make a raid on the previous resistance level of $9,555, noting that this is where the price of the cryptocurrency topped in October and early-November in the wake of the now-infamous 40% “China pump.”
BTC reaching this level, which would satisfy textbook market trends of assets visiting support and resistance levels multiple times before establishing a direction, would require it to rally by 7% from the current price of $8,850.
Not the Only Bull
Filb Filb isn’t the only prominent analyst who is bullish on Bitcoin.
Aside from Filb Filb, there are few traders that have been as accurate on
Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion
Dave recently issued his next prediction, saying that BTC is preparing to break higher than it already has, drawing attention to the below chart which shows BTC is trading in a clear uptrend. Per his analysis, the cryptocurrency’s price will likely surge another 32 percent to $11,500 by the middle of February—just four weeks away.
Backing this prediction, Dave looked to a confluence of factors:
- Bitcoin recently broke above a descending channel that has constrained price action for more than six months, marking a large win for bulls.
- BTC rallying to $11,500 would satisfy a historical chart pattern.
- The weekly Moving Average Convergence Divergence (MACD) is starting to trend higher once again, which was a signal seen in 2015/2016 as BTC moved from a bear market to bull.