Crypto News Jan 21: Bitcoin likely to return to $30,000 region with news from Stader Labs, Shiba Inu, Cardano, NFT, Binance, a16z, 1inch
From claims that Bitcoin could return to the $30,000 region, mining and use of the cryptocurrency could soon be banned in Russia. Here are some highlights from the crypto market.
After falling from $43,200 to $38,390 earlier today, bitcoin is looking for a slight recovery above the $39,000 region.
Gold bug Peter Schiff took advantage of this opportunity and predicted that the leading cryptocurrency could now dip below the $38,000 region after breaking the top of the head and shoulders pattern.
The ShiffGold founder and Euro Pacific Capital CEO took to Twitter to express his glee at Bitcoin’s sudden drop.
#Bitcoin finally broke the neckline of a head-and-shoulders bodice. The scary part for the longs is that the pattern is forecasting a move below $30,000. Once this level is broken, Bitcoin will have completed a massive double top. From there, a crash below $10,000 is very likely.
— Peter Schiff (@PeterSchiff) January 21, 2022
In his tweet, he wrote that Bitcoin broke the neckline of an inverted head and shoulders pattern. According to Schiff, this pattern predicts a possible drop below the $30,000 region.
Schiff added that once BTC falls below the $30,000 region, BTC will complete a major “double top” pattern and when that happens, the market is likely to dip below $10,000.
In another tweet, he switched to mentioning gold. So far, XAU is up 0.5%. He believes that gold has proven to be a reliable store of value when compared to the massive drop in stock prices, unlike Bitcoin, which is down 18% so far, so BTC cannot compare to gold in terms of store of value.
He also reminded his followers that Bitcoin is now 44% below its ATH of $68,789 hit on Nov. 10.
BTC price chart | Source: TradingView
Bitcoin network difficulty has just reached ATH
According to a report by Glassnode Analytics, Bitcoin network difficulty has just hit ATH levels after the massive crypto market crash.
The previous ATH of 107,573,845,079,077,999,869,952 was observed on May 30, 2021
— Glassnode Alerts (@glassnodealerts) January 21, 2022
Due to the crackdown on the mining and cryptocurrency industry in China, Bitcoin’s hashrate has dropped significantly, leading to a sharp drop in difficulty.
Although network difficulty and hashrate do not directly affect the price of bitcoin; but they could still reflect the potential buying power of the market should prices fall further.
News from Stader Labs
On Thursday, Stader Labs, a cryptocurrency company focused on DeFi, a product for proof-of-stake blockchain networks, announced that it had raised $12.5 million in a token sale.
.@staderlabs is valued at $450 million in its latest funding round and is targeting $10 billion in assets under management by year-end
— Blockworks (@Blockworks_) January 20, 2022
Led by Three Arrows Capital with additional participation from Blockchain.com, Companice, DACM, GoldenTree Asset Management, Accel, Amber, 4RC, Figment and other investors, the funding round helped Staber Labs reach a valuation of $450 million.
Stader Labs’ two core products are Stake Pools and Liquid Staking. Stake Pools allow retail and institutional investors to earn staking rewards in validator pools. Meanwhile, Liquid Staking allows users to receive LunaX tokens when participating in staking, which can then be deposited into other DeFi protocols for profitable farming.
According to Kyle Davies, co-founder of Three Arrows Capital, more than 15,000 wallets are currently staking on Stader Labs with a total locked value of approximately $500 million.
News Shiba Inu
in a meeting interview Recently, Aparna Chennapragada, product manager at Robinhood, told Bloomberg TV that the company “really values” the Shiba Inu community.
At the same time, she declined to comment on whether the Menlo Park-based online brokerage firm intends to list the crypto meme.
The Robinhood app added support for Bitcoin and Ethereum in early 2018. A few months later, she expanded her offering to include Litecoin, Bitcoin Cash, and Dogecoin.
Unlike its competitors, Robinhood didn’t opt for an aggressive listing policy, instead opting for “quality over quantity”. The company currently only offers seven cryptocurrencies.
Cardano founder Charles Hoskinson recently tweeted about a new GitHub release that adds compatibility with Cardano node v1.33.0. Cardano will continue to add node improvements to handle transaction traffic as its DeFi project launches in the coming weeks.
Launched on January 20th, SundaeSwap marks a major milestone in the ADA ecosystem by becoming the first DApp to leverage the network’s smart contracts.
SundaeSwap currently allows traders to perform swaps and add liquidity, but network congestion has slowed transaction processing.
ADA technical analysis
Cardano has seen a strong move on lower timeframes for the past week as it surged from $1.23 to $1.63 and appeared to break out of the downtrend. For now, however, the price has fallen and has been trading below the trendline resistance since late November.
ADA Price Chart | Source: TradingView
The market tumbled from $1.63 to the $1.2 support. The short-term jump from $1.069 to $1.63 is used to plot the Fibonacci retracement levels (in white). The 70.7% retracement at $1.23 has now been retested as resistance.
However, the price is in the long-term demand zone. Therefore, a bullish reaction is possible, albeit short-lived.
On Thursday afternoon, Twitter announced it would be rolling out iOS support for NFT with a hexagonal avatar. Currently only paying subscribers to Twitter Blue with iOS can access this feature at $2.99 per month.
You asked (a lot), so we made it. Now available in Labs: NFT Profile Pictures for iOS pic.twitter.com/HFyspS4cQW
— Twitter Blue (@TwitterBlue) January 20, 2022
According to the video tutorial, users can connect their wallet including Coinbase Wallet, Rainbow, MetaMask, Trust Wallet, Argent or Ledger Live and set it as cover photo.
Users can also learn more about each other’s NFT avatars, e.g. B. Owner, creator, description, and verify authenticity on third-party platforms such as OpenSea.
US-based crypto exchange Binance.US, which operates separately from the global Binance platform, has officially opened its trading services to Connecticut residents.
https://t.co/AZwoBOgsqS is officially live in Connecticut!
If you live in the Constitutional State, you can now buy and sell crypto quickly and safely at https://t.co/AZwoBOgsqS, or on our iOS and Android apps.
— Binance.US ???????? (@BinanceUS) January 20, 2022
Beginning January 20, Connecticut residents will be able to register to buy, sell, and trade digital assets such as Bitcoin (BTC) and Ether (ETH) on the Binance.US platform. Residents also have access to the Binance.US mobile app on Android and Apple devices.
Binance.US was launched in 2019 to provide regulated cryptocurrency trading services to the people of the United States. Currently, the trading platform is licensed to operate in 44 states and there are plans to expand it to all 50 states and territories.
Andreessen Horowitz (a16z) will raise $4.5 billion for his new crypto funds.
Follow notification, Andreessen Horowitz (a16z), one of the leading venture capital firms, intends to raise $4.5 billion for its new crypto funds, including $3.5 billion for the venture fund, cryptocurrency and another $1 billion Dollars for the fund will invest in seed funding rounds from digital asset startups.
It will be the largest crypto fund in the industry, surpassing Paradigm’s $2.5 billion raised in November.
News 1 inch
Wednesday was 1inch Network announced plans to implement the 1-inch aggregate protocol on Avalanche and the 1-inch limit order protocol on the Gnosis chain, formerly known as the xDai chain. In a statement, 1inch expressed its goal of expanding the market in the DeFi industry.
“The main goal of 1inch is to provide users with the best transactions in the blockchain space and give users more choices with cheap and fast transactions,” said Sergej Kunz, co-founder of 1inch Network.
Per the statement, multiple protocols will be immediately available through 1inch on Avalanche, including 1inch Limit Order Protocol, Aave, Baguette, Canary Exchange, Pangolin, SushiSwap, and Trader Joe.
Cryptocurrency mining and use could soon be banned in Russia
In report On Thursday, the Central Bank of Russia said cryptocurrencies are volatile, have properties of pyramid schemes, and are widely used for illicit purposes.
The 37-page report also argued that cryptocurrency mining harms Russia’s environmental agenda, jeopardizes the country’s energy supply and makes it impossible to maintain maximum monetary policy.
Hence, the Central Bank of Russia is proposing that the country needs new laws and regulations that could effectively ban all crypto-related activities in the country. In particular, the bank has proposed a ban on all cryptocurrency exchanges, including measures against domestic cryptocurrency exchanges, OTC exchanges and peer-to-peer platforms.
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