Nevada Governor is looking to develop a special zone in the state, which would promote the development of blockchain technology.

Nevada Big on Blockchain Technology Adoption

According to the Reno Gazette Journal on Monday (Jan.19, 2021) Steve Sisolak, Governor of Nevada in a State of the State address, outlined plans to bring about economic recovery in the state, following the effect of the coronavirus pandemic.

As part of his address, Sisolak looked to develop “Innovation Zones”, which would encourage blockchain-focused firms to thrive in the state. The Nevada governor noted that a blockchain technology company called Blockchains LLC was already looking to invest in a part of the state. The company’s efforts in Nevada would place the state as the focal point for the emerging technology.

Although Sisolak did not elaborate on the proposed Innovation Zones, the Nevada Governor said there would be legislation. Sisolak added:

“It’s a proposal that we’re developing. What you’re going to see is an opportunity for major investment – and when I’m talking about major investment I’m talking about nine-figure investment in these businesses in these zones that will allow for a jump-start.”

Nevada has been known to welcome and encourage the development of distributed ledger technology (DLT). As reported by BTCManager back in 2019, Sisolak signed a number of blockchain-related bills, one of which sought to create a regulatory sandbox for fintech firms. Earlier that same year, Nevada employed DLT to issue birth and marriage certificates.

In December 2020, Nevada’s financial regulator also granted a trust license to major Hong Kong cryptocurrency exchange Huobi.

Apart from Nevada, other states in the U.S. have also adopted blockchain technology and crypto. Wyoming’s legislature set up a blockchain committee in May 2020 that would focus on areas such as digital property rights and digital identity.

Chainalysis, a blockchain analysis firm partnered with the Wyoming banking regulator to combat the use of digital assets for illicit activities such as money laundering. Wyoming also amended its insurance code that would allow insurance firms to invest in bitcoin and other crypto assets.

Another U.S. State Kentucky, also signed a bill back in April 2020 that would see the creation of a blockchain working group.

Source: https://btcmanager.com/nevada-governor-blockchain-technology-development-economic-blueprint/

Ethereum corrected lower and tested the $1,250 support zone against the US Dollar. ETH price is consolidating above $1,280 and it looks set for a fresh increase in the near term.

• Ethereum is holding gains above the $1,250 and $1,280 support levels.
• The price is currently correcting lower from $1,385, but it is above the 100 hourly simple moving average.
• There is a crucial contracting triangle forming with support near $1,275 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could correct again, but it is likely to remain well bid above the $1,250 and $1,275 support levels.

Ethereum Price is Holding Key Support

Yesterday, we saw a downside correction in Ethereum below the $1,350 and $1,300 support levels. ETH price even spiked below the $1,280 support level and the 100 hourly simple moving average.

It tested the $1,250 support zone and recovered steadily above $1,300. There was a break above the $1,350 resistance and a close above the 100 hourly simple moving average. However, ether price failed to surpass the $1,400 resistance zone.

A high was formed near $1,388 and the price is currently correcting lower. It is testing the 50% Fib retracement level of the upward wave from the $1,251 swing low to $1,388 high. There is also a crucial contracting triangle forming with support near $1,275 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

The triangle support is close to the 76.4% Fib retracement level of the upward wave from the $1,251 swing low to $1,388 high. On the upside, the triangle resistance is near the $1,360 and $1,365 levels.

The main resistance is near the $1,385 and $1,400 levels. A successful close above the $1,400 resistance could open the doors for a fresh surge towards the $1,450 and $1,480 levels.

Dips Supported in ETH?

If ethereum struggles to remains stable above $1,300, it could correct further. An initial support on the downside is near the $1,280 level and the triangle trend line.

The main support is now forming near the $1,250 level. If ether fails to stay above the $1,250 support, it could decline further towards the $1,180 and $1,165 support levels.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently close to the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,380

Source: https://www.newsbtc.com/analysis/eth/ethereum-steadies-above-1280/

Overview

• Total spot trading volume at $1.68 billion, 8% higher than the 30-day average of $1.55 billion.
• Total futures notional at $750.6 million.
• The top 5 traded coins were, respectively, Bitcoin, Ethereum, Tether, Polkadot, and Cardano.
• Strong returns today from Curve Dao (+17%) and Mana (+8.9%).

#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset

The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (January 20 2021)



Figure 2: Mid-size trading assets: (measured in USD) (January 20 2021)



Figure 3: Smallest trading assets: (measured in USD) (January 20 2021)

#####################. Spread %. ##########################################

Spread %

Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (January 20 2021)



.

#########. Returns and Volume ############################################

Returns and Volume

Figure 5: Returns of the four highest volume pairs (January 20 2021)

Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (January 20 2021)

###########. Daily Returns. #################################################

Daily Returns %

Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (January 20 2021)

###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Source: https://blog.kraken.com/post/7516/kraken-daily-market-report-for-january-20-2021/