Crypto News Blocks

Bitcoin Price Could Fall To $27,000 In Possible Bearish Scenario
  • Some analysts believe the price of Bitcoin could drop to $27,000 in a bearish scenario if it falls through the $30,000 support area.
  • The potential drop to $27,000 is contingent in that BTC would have to break down below $30,500, where it strongly bounced from on Jan. 11.
  • There are three key technical levels to watch for Bitcoin in the immediate future: $34,500, $30,500, and $27,000.
  • If $34,500 breaks, the next major support level is $30,500. This is where Bitcoin recovered from in the big correction on Jan. 11, when $2 billion worth of futures contracts were liquidated.
  • Similarly, another popular trader known as “Mayne” said that losing $33,000 would likely result in $27,000. He added that altcoins would likely get “obliterated” with 30% to 50% corrections if Bitcoin falls back down to $27,000.
  • Altcoins are typically less liquid and have a much lower volume than Bitcoin. Hence, during a bear cycle, altcoins often see steeper pullbacks compared to BTC.
  • Bitcoin is slowly recovering from the $34,500 support level, which is a positive trend. It also marks a whale cluster support level, meaning that whales are likely to protect that level with buy orders.
  • Read the full story here.
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Posted on Jan 18, 2021
Posted: Jan 18, 2021
AC Milan To Launch ACM Fan Token On Chiliz Blockchain
  • European football club AC Milan has jumped on the blockchain bandwagon. Announcing the impending launch of the $ACM fan token on the Chiliz (CHZ) blockchain.
  • ACM token holders will be able to use their tokens to redeem various exclusive rewards. Also taking part in interactive activities with the club and players.
  • Chiliz tokens are accessible through the Socios.com app. Reportedly the app has been downloaded 450,000 times. Generating token sales exceeding 14 million in number.
  • Binance cryptocurrency exchange has listed many of the Chiliz tokens. Initially launching a staking program for various tokens. Before opening up direct trading against Bitcoin and Tether (USDT).
  • AC Milan is the latest sports organization to join the Chiliz blockchain. Joining European football heavyweights FC Barcelona, Paris Saint-Germain, AS Roma and Atletico Madrid, various e-sports teams and the UFC.
  • Read the full story here.
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Posted on Jan 18, 2021
Posted: Jan 18, 2021
Could Chainlink Test $25 Amid Strong Uptrend
  • Chainlink continues to gain strength after breaking the $18 and $20 levels. The price rallied above $22.00 and traded near a yearly high at $23.76. It has since started a downside correction below $23.00.
  • The price even broke the 23.6% Fib retracement level of the recent rally from the $19.41 swing low to $23.76 high. However, it is finding a strong support near $21.50.
  • There is also a key bullish trend line forming with support near $21.55 on the 4-hours chart of the LINK/USD pair. The trend line is close to the 50% Fib retracement level of the recent rally from the $19.41 swing low to $23.76 high.
  • If chainlink’s price stays above the $21.50 zone and the trend line area, it could start a fresh increase. An initial resistance on the upside is near the $23.00 level.
  • A clear break above the $23.00 level could open the doors for more upsides above the $23.50 zone. If this happens, the price could surge above the $25.00 level.
  • Read the full story here.
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Posted on Jan 18, 2021
Posted: Jan 18, 2021
Russian Crypto Exchange Livecoin Shuts Down After Alleged Hack
  • Russian cryptocurrency exchange Livecoin has announced a full shutdown following an alleged hack in December 2020.
  • The purported attack caused financial and technical damages that will prevent the exchange from continuing operations.
  • Livecoin is looking to “pay the remaining funds” to its clients. Asking users to contact the exchange via email to complete verification. In order to initiate the procedure, Livecoin users have to send their usernames and the registration date on the platform.
  • The exchange promises to provide detailed instructions in a reply. Noting that reimbursement claims will be accepted until March 17, 2021.
  • Livecoin also warned users about unofficial Livecoin chat groups that may be spreading false information and trying to defraud users.
  • Read the full story here.
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Posted on Jan 18, 2021
Posted: Jan 18, 2021
Owner Of Australian Bitcoin Exchange Accuses Banks Of Discrimination
  • Allan Flynn, a Bitcoin trader in Australia, has taken legal action against two commercial banks in the country. ANZ and Westpac, accusing them of discriminatory practices.
  • According to a report by the Australian Financial Review. Flynn is seeking compensation in the range of 250,000 Australian dollars (about $192,000 USD).
  • Flynn claims he has been the victim of discriminatory practices with banks allegedly threatening to shut down his accounts.
  • Speaking to AFR, Flynn revealed that no fewer than 20 banks have closed accounts operated by his exchange. The reported account closures come despite the fact that his crypto exchange service is registered with the Australian Transaction Reports and Analysis Centre.
  • Flynn lodged a complaint against Westpac last year with the Australian Financial Complaints Authority. However, AFCA ruled that Westpac had every right to close his account.
  • Westpac offered Flynn 250 Australian dollars at the time as restitution for the sudden account closure which the complainant says he is yet to receive. Flynn also says that Westpac has previously attributed his account closures to ongoing cryptocurrency fraud investigations.
  • Read the full story here.
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Posted on Jan 18, 2021
Posted: Jan 18, 2021
Bitcoin Bulls Buy BTC’s $35,000 Re-test To Prepare For Another Push To $40,000
  • Calls for a Bitcoin to rally above $40,000 were dashed as the top cryptocurrency hit a wall of resistance. Which sparked a sell-off in the early trading hours. Bitcoin’s lower support retest was bought up by bulls, preparing BTC for another push to $40,000.
  • It’s possible that the excitement surrounding the announcement of a $1.9 trillion stimulus bill. Announced by the incoming Biden administration quickly morphed into a buy the rumor.
  • Bitcoin’s dip also comes after renewed criticism from global regulators as European Central Bank President Christine Lagarde recently stated that the top cryptocurrency is “totally reprehensible money laundering activity.”
  • Tough words from government officials weren’t the sole cause of the downturn in the cryptocurrency market as a scan of the global financial markets shows signs of mounting pressure.
  • Despite increased sell pressure across the market, several altcoins showed strength. Chainlink experienced an overnight surge and is up 13.9% in the 24 hours while Cosmos has gained 21.62%.
  • Read the full story here
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Posted on Jan 17, 2021
Posted: Jan 17, 2021
True Altcoin Season As Bitcoin Drops Has Some Traders Cautious
  • The recent “altcoin season” playing out over the last several days while Bitcoin downtrends, has traders “cautious” about what could be next. Namely an altcoin-led blow-off top that sends crypto back into the troughs of a short-term bear phase.
  • Ever since the peak of the 2017 bull market. Crypto investors have been awaiting an altcoin season to bring enormous gains in a matter of days.
  • Bitcoin passing $20,000 was supposed to be the spark for that, but it came and went with nothing happening. Altcoins are only just now popping up as Bitcoin began to downtrend.
  • Bitcoin and altcoins tend to uptrend together, the handful of times when the two asset types diverged, it signaled that a top was in. Altcoin price action continuing to fly while Bitcoin dives, could be a repeat of the conditions that caused the 2017 peak.
  • If this is the top, it might be bad for Bitcoin, but altcoins could have another two more weeks left of momentum and gains before the blow-off top is complete and the rest of the crypto market turns around.
  • Read the full story here
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Posted on Jan 17, 2021
Posted: Jan 17, 2021
Analyst Expecting Bitcoin Price Consolidation Following 15% Drop
  • Bitcoin faced a strong flash drop on Friday, falling as low as $34,000. The drop was odd as Bitcoin was strongly underperforming altcoins and normally during corrections, altcoins fall against the U.S. dollar and BTC.
  • One crypto-asset analyst recently suggested that Bitcoin has a good likelihood of consolidating in the short term, which could end up resulting in an altcoin rally.
  • Data shows that BTC is currently rubbing up against a key support level and against a number of key moving averages. This formation led the analyst to suggest that the cryptocurrency will end up consolidating throughout the weekend.
  • Leading altcoins are starting to break higher in a serious fashion, largely leaving Bitcoin behind. The BTC dominance metric has dropped from 67.5% to 66.5% over the past day.
  • Altcoins such as Aave, Chainlink and others are surging higher as Bitcoin enters some form of consolidation. This trend is likely to continue as long as BTC respects key support levels in the near term.
  • Read the full story here
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Posted on Jan 17, 2021
Posted: Jan 17, 2021
Bitcoin Future Leverage Reset By This Week’s Price Swings
  • The leverage used in the Bitcoin futures market has fallen significantly in the past several days. Indicating that traders are generally uncertain about where BTC is heading in the near term.
  • During uptrends, traders tend to overleverage their positions because they anticipate bigger upside price movements, but when the market becomes choppy and extremely volatile, traders become fearful.
  • There are a few reasons why traders could be fearful in the current phase of the market. Bitcoin rejected the $40,000 resistance level after $42,000, the US Dollar index is recovering, and there is high selling pressure coming from Asia.
  • Pseudonymous Bitcoin trader Flibflib: “Today’s sell-off was high IQ play. Embrace the dump dont ignore the dump, you must embrace it. DXY gave momentum, bulls bought it all the way down. They kept selling, DXY provided momentum, Tether FUD provided fear, you couldn’t escape to USDT too scared. Embrace the dump.”
  • The funding rate of the Bitcoin futures market also briefly reset, hinting that the number of long contracts significantly decreased after the drop. With the derivatives market cooled off, the probability of a reversal to the upside has increased.
  • Read the full story here
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Posted on Jan 17, 2021
Posted: Jan 17, 2021
Following Massive Surge Over The Past Week, Can Polkadot Reach $20?
  • Bitcoin has made significant moves this year, but altcoins are catching up. Once Bitcoin’s price starts to stabilize the market environment becomes better for altcoins to begin their run and one of the strongest performances in 2021 so far has been from Polkadot.
  • Polkadot’s price has rallied by 85% in 2021 so far and 75% in the last seven days alone. The altcoin has even surpassed XRP in market capitalization.
  • The primary question now is whether DOT has finished its current run. If that is the case, areas of interest for support/resistance flips are found at the 0.35-0.382 and 0.618-0.65 Fibonacci levels.
  • Polkadot will most likely only correct when Bitcoin starts to drop significantly, otherwise Polkadot and many other altcoins are in good position for more upside.
  • The daily chart of Polkadot in the BTC pair shows a massive surge in recent days, but it is approaching a significant resistance zone. The price will likely fail to break upward and in that scenario a healthy correction is possible.
  • Read the full story here
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Posted on Jan 17, 2021
Posted: Jan 17, 2021
Digital Asset Manager 3iQ’s Bitcoin Fund Reaches $1 Billion
  • Canadian regulated digital asset manager 3iQ has recorded another massive milestone. As its public Bitcoin fund recently hit the $1 billion mark.
  • The accomplishment demonstrates QBTC’s parabolic growth after 3iQ launched the fund in April 2020. QBTC is now up 900% from its previous milestone of $100,000 recorded in October 2020.
  • QBTC is Canada’s first public Bitcoin fund listed on a major stock exchange, the Toronto Stock Exchange. As of Jan. 15, it was trading at $48.63, which is up 330% from April 2020.
  • 3iQ is one of the largest cryptocurrency firms in Canada. In January 2018, 3iQ reportedly became the first crypto fund regulated by the Ontario Securities Commission and the Canadian Securities Administrators.
  • In February 2020, 3iQ also partnered with blockchain startup Mavennet to launch a stablecoin pegged to the Canadian dollar. The Stablecoin will be regulated by the Financial Transactions and Reports Analysis Centre of Canada.
  • Read the full story here.
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Posted on Jan 15, 2021
Posted: Jan 15, 2021
Bitcoin Investor Says High Risk Altcoins Likely To Follow Ethereum
  • Bitcoin investor Raoul Pal believes higher risk alternative cryptocurrencies are likely to follow Ethereum, which rose 60% in the first two weeks of 2021.
  • Ethereum is one of many altcoins that performed strongly following Bitcoin’s rally above $42,000. The rally of altcoins has in part been led by the momentum of Ethereum.
  • After ETH surpassed a major resistance level at $600, it continued to rally above $1,000. ETH is now close to reaching its all-time high above $1,400, rising 60% in the first two weeks of 2021.
  • Meanwhile, large-cap altcoins such as Polkadot (DOT) and Cosmos (ATOM) have seen large gains against both Bitcoin and the U.S. dollar so far in January.
  • At the same time, decentralized finance (DeFi) tokens such as Aave, Yearn.finance, and SushiSwap have heavily outperformed both Bitcoin and Ether in the last two weeks.
  • The Ethereum blockchain network has become increasingly congested as of late. As the user activity on DeFi protocols significantly rose to push up fees in the process.
  • Although there is no specific correlation between Ether and the rest of the altcoin market. Major projects developed on top of Ethereum could grow proportionally if Ether becomes a trillion-dollar blockchain protocol.
  • Read the full story here.
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Posted on Jan 15, 2021
Posted: Jan 15, 2021
New Crypto Anti-Terrorism Bill Introduced In U.S. House Of Representatives
  • U.S. Representative Ted Budd (R-NC) has introduced a new piece of legislation. The new legislation is aimed at creating an agency tasked with combating the use of cryptocurrencies to finance terrorism.
  • The bill – H.R. 296 – is co-sponsored by Warren Davidson (R-OH), Stephen Lynch (D-MA), Byron Donalds (R-FL) and Darren Soto (D-FL).
  • It seeks to “provide rewards for information leading to convictions related to terrorist use of digital currencies. To establish a Fintech Leadership in Innovation and Financial Intelligence Program to encourage the development of tools and programs to combat terrorist and illicit use of digital currencies, and for other purposes.”
  • Following the introduction, the bill was referred to the Committee on Financial Services and the Committee on the Budget for preliminary deliberations.
  • Rep. Budd is a known supporter of crypto and blockchain in Congress. In 2019, he called for greater clarity in the country’s crypto tax laws and introduced a couple of bills to the house aimed at improving the regulatory standard of the industry in the U.S.
  • Read the full story here.
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Posted on Jan 15, 2021
Posted: Jan 15, 2021
Former CEO Of Coinnest Gets 18 Months In Prison For Accepting Bitcoin Bribes
  • South Korean court has sentenced former CEO of the defunct crypto exchange Coinnest Kim Ik-hwan to 18 months in prison. The court also fined him over $61,000, who also was charged for fraud in 2020.
  • An investigation against Ik-hwan and other executives unveiled that they received almost $771,270 worth of BTC.  For arranging the listing of an unnamed altcoin — referred to by the court as “S” coin.
  • Although the Supreme Court, chaired by judge Noh Jeong-hee, didn’t reveal details on the “S” coin, prosecutors said the altcoin was issued by K Group.
  • The prosecution also accused Coinnest’s executives of receiving 110 BTC in bribes for the purpose. Jo Mo’s sentence is still pending confirmation by the Supreme Court.
  • The former CEO of the now-defunct crypto exchange has additional sentences on his CV. Alongside two unnamed executives, Ik-hwan was found guilty in February 2020 of fraud and embezzlement.
  • A South Korean court gave him a three-year prison sentence, but it was suspended for four years. Moreover, the appeals court sentenced Ik-hwan to pay a $2.5 million won fine and also to serve 100 hours of community service.
  • Read the full story here.
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Posted on Jan 15, 2021
Posted: Jan 15, 2021
Famous BTC Critic Expects Bitcoin Bubble To Burst
  • A longtime BTC critic Anatoly Aksakov argues that Bitcoin is not backed by anything and will see its bubble burst sooner or later.
  • Aksakov also urges for stricter regulations on Bitcoin, suggesting that global jurisdictions should ban it as a payment method. Russia has already barred crypto-powered payments effective Jan. 1, 2021. 
  • Aksakov believes cutting off Bitcoin would help prevent drug trafficking, terrorist operations, money laundering and corruption schemes.
  • He emerged as one of the biggest Bitcoin critics in 2020, expressing confidence Bitcoin “has no future”. Adding that crypto payments would destroy the global financial system.
  • Aksakov is not alone in maintaining that Bitcoin is a bubble. Michael Hartnett, chief investment strategist at Bank of America Securities, recently opined Bitcoin looks like “the mother of all bubbles.”
  • Read the full story here.
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Posted on Jan 15, 2021
Posted: Jan 15, 2021
Coinbase Ventures Invests In US Based Mining Firm Titan
  • Coinbase Ventures, the investment arm of the major crypto exchange, has invested an undisclosed amount into Titan. Titan is a developer of software and services targeted at industrial Bitcoin mining.
  • According to Titan’s announcement, the investment will help continue development of the company’s products. Helping to improve efficiency and profitability of Bitcoin mining companies.
  • Titan offers advanced pool and mining software targeted specifically for professional U.S.-based miners. Its network of nodes and mining dashboards allows miners to better compete on a global scale.
  • China currently accounts for the majority of Bitcoin hashrate. China’s dominance can be attributed to the combination of electricity costs and a localized supply chain. The mining supply chain also sees a much stronger dominance of Chinese companies. As mining hardware manufacturers are almost exclusively based in China. 
  • Interest in diversifying the mining industry away from China’s dominance appears to be high. Although full independence is unlikely to occur until ASIC manufacturers from other countries step in.
  • Read the full story here
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Posted on Jan 14, 2021
Posted: Jan 14, 2021
Bitcoin Stall Could Be A Good Thing Before Challenging Record Highs
  • After rising past $40,000 Bitcoin immediately corrected. Almost dropping all the way down to $30,000. But Bitcoin has already rebounded and again briefly surpassed $40,000.
  • Trader and podcaster Brian Krogsgard suggested that Bitcoin stalling before jumping back up past highs near $42,000 could be good for the asset.
  • Krogsgard: “Bitcoin’s correction was healthy in a strong bullish environment, mean reverting back to the 20 day moving average. With a strong bounce now, it is time to see if it will immediately continue upward, or spend longer in prolonged consolidation, which I believe would be healthy.”
  • Surpassing the $36,000 mark was an important move for the asset, according to comments from trader and analyst CryptoWendyO. The asset then pushed past that mark with conviction. Now Bitcoin’s 4-hour price chart shows a higher low.
  • Krogsgard sees a correlation in Bitcoin’s recent price action to one of the mainstream market’s Bitcoin products. “It appears the GBTC’s closing and re-opening for deposits had a real impact on demand for coins, as the re-opening of their market marked the bottom.”
  • Read the full story here
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Posted on Jan 14, 2021
Posted: Jan 14, 2021
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