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Bitcoin (BTC) Price Prediction: BTC/USD Retests the Psychological Price Level, Faces Another Rejection at $40k

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Bitcoin (BTC) Price Prediction – January 15, 2021
BTC/USD is facing another rejection at the psychological price level of $40,000. Today, the price is falling and approaching the low of $38,000. On January 8 and 10, when the peak price was first attained, the crypto crashed to $31,327 low. The bulls bought the dips as the BTC price moved up to reclaim the previous high.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

On January 14, the Bitcoin price surged again and retested the $40,000 resistance zone. BTC price reached a high of $39,988 and was repelled. In the previous attempts, buyers pushed BTC above the psychological price level but could not sustain the upside momentum. Consequently, the crypto crashed to $31,327. The reason for the crash was as a result of Bitcoin trading in the overbought condition for several weeks. Analysts believe that vertical rallies increase the risks of a sharp decline.

Nevertheless, for the past 24 hours, the bulls are struggling to reclaim the $40,000 price level. Traders believe that a breakout at the $40,000 price level will cause the BTC price to rally above $45,000. As of the time of writing, the BTC price has fallen to $38,786 after rejection from the recent high.

Programmer Has Two Password Guesses Left Before Losing $266m in Bitcoin
A German-born programmer in San Francisco, Stefan Thomas may lose $266m in Bitcoin. According to the New York Times, Stefan Thomas used a hard drive called an IronKey but lost the paper on which he wrote down the password for the device. The bottom line is that if Thomas fails to remember the password after 10 failed guesses, it will result in the drive encrypting its contents forever.

He has tried eight guesses without any luck. He has two more password guesses to make before losing $266 in Bitcoin. Nonetheless, Thomas has held enough Bitcoin over the years to make a fortune. According to reports, he is wealthy and barely knows what to do with it. He also joined Ripple and acquired XRP, although the company’s legal issues may not affect him over the project’s prospects.

BTC/USD – Daily Chart

Bitcoin has resumed its upside momentum as it retests the $40,000 high on January 14. According to the Fibonacci tool analysis, Bitcoin is likely to move above the psychological price level. On January 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the coin will rise to level 1.272 Fibonacci extension. That is, Bitcoin will rise to a high of $48,371.10.

Source: https://insidebitcoins.com/news/bitcoin-btc-price-prediction-january-15-2021

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Blockchain and crypto will challenge current finance, Nigeria VP says

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Nigeria’s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain. 

“There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine,” Osinbajo said on Friday during the Central Bank of Nigeria, or CBN, Bankers’ Committee Economic Summit. “We need to be prepared for that seismic shift, and it may come sooner than later,” he said.

The Nigerian vice president also noted the broadness of the crypto industry, mentioning decentralized finance, or DeFi, in the mix. “Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermediaries, such as banks or brokerages, is set to challenge traditional finance,” he said. 

Osinbajo’s speech, which included a number of other points, is posted on his YouTube channel. The Nigerian vice president also tweeted out a video clip highlighting of some of his crypto comments from his talk.

“The point I’m making, is that some of the exciting developments we see call for prudence and care in adopting them and these have been very well-articulated by our regulatory authorities,” he said, adding:

“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects, or any of the possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.”

The comments come in contrast to recent developments in Nigeria. Earlier in February, Nigeria forbade banking interactions with crypto exchanges, as per a ruling from its central bank. The CBN’s governor also called crypto assets illegitimate. Bitcoin recently traded at a significant premium in the region.

Source: https://cointelegraph.com/news/blockchain-and-crypto-will-challenge-current-finance-nigeria-vp-says

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‘Bitcoin could reach $1 million or $1, and may do both of those’

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While many analysts predict that either Bitcoin could increase to a million or fall to a dollar, a popular businessman and investor based in the US thinks that the asset could do both!

In a recent interview with Joe Kernen at CNBC’s Squawk Box, Internet analyst Henry Blodget of the dot com era fame said: 

Bitcoin could go to $1 million… it could also go to $1. And in fact it may do both of those

In addition, Blodget, who also served as the head of the global Internet research team at Merrill Lynch, is unconvinced about the asset’s value proposition. He claimed that Bitcoin as an inflationary hedge and the narrative surrounding its value as ‘digital gold’ were “stories”. He further added: 

But the stories that we tell about why relative to the value of gold or other currencies, they’re ludicrous.

In his opinion, Bitcoin can trade just about anywhere because it does not have any fundamental backing. He said that unlike traditional stocks, “which usually does have some relationship ultimately to a fundamental,” of a company, “Bitcoin doesn’t, so that means it can trade anywhere.”

The entrepreneur thinks that crypto exchange Gemini’s CEO Tyler Winklevoss could eventually be “exactly right,” in his forecast that the asset could surge to a million. However, Blodget said:

If people were to decide that for the next couple of hundred years Bitcoin is where you park your money when you take it out of the fiat system, OK, it’s possible.

Interestingly, while crypto Twitter and Bitcoin enthusiasts, in particular, called out the analyst’s criticism, they commended the interviewer’s counter-argument. CNBC’s Joe Kernen seemed to even “speak the language” of the crypto space as one twitter user named @HodlBells noted:  


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Source: https://ambcrypto.com/bitcoin-could-reach-1-million-or-1-and-may-do-both-of-those

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Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

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NetCents, a cryptocurrency payments company, today announced it has signed an agreement with Vesto.io to pave the way for DeFi access in the NetCents platform.

Vesto, is a San Francisco-based company that has created a platform allowing users to choose from multiple DeFi protocols in a virtual supermarket. NetCents (with regulatory approval) intends on enabling a portal to the Vesto infrastructure from the NetCents wallet in order to facilitate user’s adoption of DeFi investing in an efficient and easy-to-understand interface.

“We have seen the DeFi space explode over the past year, but for it to reach the next level – the tools and the process has to be attainable by the novice crypto investor. We will be adding a layer of simplification to the process so that individuals can have their savings actually working for them without the complexity of the current platforms. Individuals have the right to lend their money at market-based rates instead of getting 1% interest on their savings that the commercial banks are offering.”
– Clayton Moore, NetCents Founder & CEO

LOI

The Letter of Intent  (LOI) contemplates a Joint Venture between parties and an option for NetCents to invest in Vesto and hold a significant ownership stake in the company at a future date.

Management of NetCents also informed investors that many of the concepts embraced by these DeFi platforms have not been vetted by the many authorities that regulate financial products. NetCents intends to work together with regulators to navigate this landscape and resolve it with a compliant product.

For Example: Fintech businesses seeking to bring a novel product or service to the market can seek regulatory relief through regulatory sandboxes such as the Ontario Securities Commission’s LaunchPad or the British Columbia Securities Commission’s SandBox.

Furthermore, businesses that distribute, trade, or advise in crypto assets that are securities are required to comply with securities laws (in particular, registration and prospectus requirements), which can be onerous. There are many exemptions for specific types of distributions, trades, and other activities and NetCents intends to research these exemptions rigorously. These exemptions, at a high level, may limit the types of investors that can participate or the investment amounts, or may require the preparation of disclosures to investors and filing of a disclosure document.

Source: https://www.cryptoninjas.net/2021/02/27/crypto-platform-netcents-to-offer-users-access-to-defi-protocols-thru-vesto/

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