Crypto Today: Bitcoin now has big task of breaking back above $8500


Here's what you need to know on Friday

Markets

BTC/USD is currently trading at $8,400 (+1.40%) in the afternoon in U.S. hours, the price remains vulnerable underneath $8500 barrier.

ETH/USD is currently trading at $161.58 (-0.30%), a critical daily support at $160 at risk of being breached by the bears. 

XRP/USD is currently trading at $0.2235 (-0.90%), narrowing nine-day range block is being breached by the bears. 

Among the 100 most important cryptocurrencies, the best of the day are CENNZ $0.082038 (+22.95%), LSK $0.792217 (+13.49%) and CKB $0.0069531 (+11.27%) and The day's losers are KMD $0.576252 (-12.50%), BCH $316.92 (-5.49%) and XLM $0.539637 (-5.30%).

Chart of the day: BTC/USD 60-minute chart (price action fell below the breached pennant pattern and now struggling to break back above $8500 barrier).

Market

TRON (TRX) is now the second most used DLT protocol for the development of decentralized applications (dApp), after Vitalik Buterin’s Ethereum, according to the Dapp.com 2019 Annual dApp Market Report.

Ripple Labs, the San Francisco-based blockchain startup, secured the highest funding in comparison to other peer blockchain companies in 2019. The latest report from CB Insights shows that Ripple raised $200 million in the Series C round last year.

Ripple’s XRP sales continued to drop in the second half of 2019, with sales of the token reaching a historic low in Q4. Total XRP sales in Q4 2019 accounted for $13.08 million, down more than 80% from the $66.24 million reported in Q3 2019.

Stablecoin issuer Tether has announced the launch of Tether Gold (XAU₮), a new stablecoin that is pegged to physical gold, in response to “growing demand for a digital asset that provides exposure to the world’s most enduring asset and a geopolitical need for an alternative financial system.”

Ray Dalio is the founder of Bridgewater Associates, which is among the biggest hedge funds on the globe. He was speaking and noted Bitcoin in Davos: “There’s two purposes of money, a medium of exchange and a store hold of wealth and Bitcoin is not effective in either of those cases now.”

Regulation

Ruling party lawmakers in Japan are suggested to be working on a proposal to issue a national digital currency, according to Reuters reports. The proposal is worked on by a parliamentary group comprised of 70 Liberal Democratic Party lawmakers. The group plans to submit the proposal to the government some time in February.

A fully regulated tokenized real estate fund has been approved by officials in Liechtenstein. The AARGOS Global Real Estate Fund was approved as an alternative investment fund (AIF) by Liechtenstein’s Financial Market Authority (FMA), the company announced. 

Industry 

Ukrainian authorities will be able to “block crypto wallets” in order to seize illegally obtained assets, a notice on the country’s Ministry of Finance says. Oksana Markarova, Ukraine’s Finance Minister, reportedly said that the State Financial Monitoring Service of Ukraine (SFMS) will be the responsible authority for tracking the sources of origin of the funds on citizens’ crypto-wallets.

Quote of the day

There are two purposes of money, a medium of exchange and a store hold of wealth and Bitcoin is not effective in either of those cases now.”

Ray Dalio

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Having dropped BTC/USD below $10,000, will the bears now aim for $9,500?

BTC/USD has fallen from $10,197.35 to $9,617 so far this Wednesday, going below the key $10,000 psychological level. The bears will now aim to take the price below the $9,500, but to do that, they will need to conquer ...

More Bitcoin News

Ripple Price Analysis: Ripple finds support at important Fibonacci level

All the major cryptocurrencies fell on Wednesday in the US session. The price of XRP/USD is down around 6% so far in the session. Support has been found on the trendline which confluences with ...

More Ripple News

Litecoin Price Analysis: LTC/USD falls below SMA 20 following Wednesday’s bloodbath

LTC/USD fell from $77.40 to $70.72 this Wednesday as the bears took full control of the market. The buyers were able to bring back the price up to $71.15 in the early hours of Thursday. Following this Wednesday’s bloodbath ...

More Litecoin News

EOS Price Analysis: EOS/USD dips below the $4.50-level

EOS/USD has dropped sharply from $4.59 to $4.38, going below the $4.50 psychological level in the process. While the price is still hovering above the SMA 50 and SMA 200 curves, the SMA 20 curve ...

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP