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It’s Birthday Time! Bitcoin Celebrates 12 Years of Mining

Pull out the cake, put on those party hats and blow out the candles! Bitcoin is celebrating a birthday. It was exactly 12 years ago on January 3, 2009 that the very first unit of the world’s largest and most powerful cryptocurrency by market cap was extracted from the blockchain. Bitcoin’s Birthday Is Here And

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Pull out the cake, put on those party hats and blow out the candles! Bitcoin is celebrating a birthday. It was exactly 12 years ago on January 3, 2009 that the very first unit of the world’s largest and most powerful cryptocurrency by market cap was extracted from the blockchain.

Bitcoin’s Birthday Is Here

And what a great way to celebrate this newfound horizon. The asset recently spiked beyond the $33,000 mark, reaching a new all-time high and starting 2021 off on solid ground. Gaurav Dahake – CEO of India-based Bit BNS – claimed in a recent interview that the bitcoin price could potentially hit six-figure territory this year, mentioning:

The move is extremely bullish. This year might see bitcoin touching six digits. This is a birthday gift for holders of bitcoin.

The currency was initially introduced in 2008 though a whitepaper that explained the concept of digital currency and blockchain to many researchers for the first time. Bitcoin was initially designed to replace fiat currency, and while it has not yet reached this pinnacle, the currency has become a serious investing tool for most traders, especially now that it’s trading for such a high price.

In addition, 2020 was the year of the coronavirus pandemic, which caused many people to view the asset as a store of value and as a hedge tool. Something that could potentially keep one’s wealth stable during times of economic strife. Thus far, bitcoin has not disappointed in that department, which is probably why so many people continue to invest and why the price of the asset is striking such monster-sized chords.

James Reilly – a developer behind decentralized hosting firm Ether-1 in Santa Rosa, California – explained in a statement:

BTC is becoming more mainstream. This isn’t a repeat of 2017 when many people were hearing about bitcoin for the first time. Just more people know what bitcoin is or, at the very least, have a vague conception of what it is. It’s a household name, whether or not everyone believes in its value.

Could The Spikes Potentially Be COVID Induced?

Vladimir Signorelli – founder of Bretton Woods Research in Long Valley, New Jersey – believes that the asset, along with several other forms of crypto, are about to become much more legitimate now that companies such as PayPal have paved the way for new customers to get their fingers on digital assets. He explains:

I can’t think of where it’s going next. I’m a little concerned that these valuations are being driven by the pandemic, but every major central bank in the world is signaling they’re going to print as much money as necessary, so as a finite store of value, bitcoin can rise against every major currency because there is a finite amount of bitcoin in the world.

Happy birthday, bitcoin! It’s been exciting to see your rise to the top these past 12 years, and we’re looking forward to seeing where you go in the next 12.

Tags: birthday, bitcoin, bitcoin price Source: https://www.livebitcoinnews.com/its-birthday-time-bitcoin-celebrates-12-years-of-mining/

Blockchain

Cardano Price Analysis: 18 January

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Cardano’s price has surged by a massive 133% in the last 15 days and the rally shows signs of more upward movement. Trading at $0.378 ADA is ranked the sixth-largest cryptocurrency in the world in terms of market cap. The cryptocurrency has witnessed a reduced volatility phase leading to fairly stagnant price movement.

Due to the formation of a bullish pattern, ADA’s outlook is overall bullish and suggests a price surge upwards of 10 -30% in the mid-to-long term.

Cardano 4-hour chart

Source: ADAUSD, TradingView

As seen in the chart, ADA’s price has formed a bullish pennant with the price already breaking out of the pattern on January 16. Since the breakout, ADA has surged approximately 20% to where it currently stands. Although the general outlook is bullish, there might be a retest of the supports at $0.3579 and $0.3455, pushing the price higher.

With the price already surging 20% from the pennant, we can expect another 40% surge on the table. Hence, a long position would better serve the profits that are yet to come.

Source: ADAUSD TradingView

Supporting this is the constant inflow of volume despite the stagnant movement in price as seen in the OBV indicator. Following this, there is the RSI indicator that shows a retreat from the overbought zone due to the recent breakout from the pennant.

Lastly, the MACD indicator showed a dip in both the MACD line and the signal indicating a decrease in buying momentum. It also shows that these lines might undergo a bearish crossover soon.

Conclusion

With bitcoin trending sideways, this is the time for altcoins to surge higher. Rightfully so, altcoins are surging without a stop in sight, hitting new all-time highs – especially the DeFi coins. With ADA’s bullish pattern, there is a high chance for it to surge to $0.5333 or 67%. On the other hand, a drop below 0.240 would indicate failure of the uptrend and a continuation of the downtrend.

Source: https://ambcrypto.com/cardano-price-analysis-18-january

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Blockchain

Cardano, Synthetix, Dogecoin Price Analysis: 18 January

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Cardano could lose the $0.36 support and head towards the next barrier if sellers take control. While Synthetix managed to cut losses at $14.63, and the bulls could help maintain the price above this level and Dogecoin traded within a thin channel and a breakout above the upper ceiling seemed unlikely.

Cardano [ADA]

Source: ADA/USD, TradingView

After snapping a local high of $0.399, Cardano’s price stabilized as it traded just below its upper ceiling. At press time, the world’s sixth-largest cryptocurrency was trading at $0.38, up by 1.8% in the last 24 hours. While an extended bullish rally could see the price surge to new local highs, the indicators suggested that buying pressure was losing momentum. A correction could see prices fall towards $0.339 support and confirm a bearish cycle.

The Stochastic RSI moved downwards from the overbought region and signaled a pullback towards the immediate support mark.

The Awesome Oscillator registered a single point of bearishness and suggested that the bullish momentum was losing steam.

Synthetix [SNX]

Source: SNX/USD, TradingView

Synthetix found support at $14.63 after dropping by over 10% since hitting its all-time high. The next few sessions could see the price trade close to its immediate support, barring a broader market pullback. A bearish scenario could see the price test the next line of defense at $13.41.

The Chaikin Money Flow highlighted SNX’s surge since the start of the month, as the index rose in tandem with the price. Currently, CMF stabilized just above the equilibrium mark and indicated that capital inflows could prevent a southbound move on the charts.

On the other hand, the MACD showed that bearishness was on the rise, as the red bars on the histogram increased in length.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

At press time, Dogecoin saw little change as it was trading at $0.0091, up by 0.65% in the past 24 hours. The last few days have seen prices consolidate between $0.009 and $0.008 as momentum shifted between the buying and selling side. The said consolidation could continue in the coming days and a breakout above immediate resistance seemed unlikely unless the broader market pushes DOGE upward on the chart.

The Bollinger Bands showed low volatility in price as the bands were compressed. This also suggested that the price could trade between a constricted channel in the near future.

The Awesome Oscillator was bearish-neutral and sided with neither the bulls nor the bears.

Source: https://ambcrypto.com/cardano-synthetix-dogecoin-price-analysis-18-january

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Russian crypto exchange Livecoin to shut shop after December hack

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Russia-based, hacked crypto exchange Livecoin has decided to close its operations and has asked all its customers to begin withdrawing their funds according to a new announcement.

Through a new domain called Livecoin.news, the firm now stated:

There is no way to continue operative business in these conditions, so we take a hard decision to close the business and pay the remaining funds to clients.

Livecoin servers came under attack in December 2020, damaging the technical aspects of the platform’s services. Due to the hack, on 23 December, prices on the exchange reached more than $450,000. For instance, Ether was trading at $15,000 on the Russian platform in comparison to the actual market price of $600. At the time Bitcoin was trading at $23,000 but on the exchange, it surged to over $35,000.

Livecoin went public about the hack on 24 December 2020; however, by then some crypto users had already noticed the anomaly: 

Since then, the digital assets platform said that an investigation has been underway. Detailing the funds’ withdrawal process, the Livecoin team explained they will accept claims for payments for the next two months and that 17 March 2021 is the last day of accepting these requests. 

Additionally, the exchange warned customers about “fake groups on different messengers and other channels,” who pose as Livecoin team members asking for money. It clarified that customers need not pay in order to recover their funds from the exchange.

Other than Livecoin, UK-based crypto exchange Exmo suffered a hack on 21 December 2020. The attack compromised 5% of its total assets, following which, all withdrawals on the platform were “temporarily suspended.”

Source: https://ambcrypto.com/russian-crypto-exchange-livecoin-to-shut-shop-after-december-hack

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