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Tron, Ethereum Classic, IOST Price Analysis: 15 January

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Tron faced resistance from a horizontal level, as well as from a Gann fan line, and was likely to see a rejection at the level of resistance. Ethereum Classic dipped towards $7.5, but can defend it and register a northbound move while IOST was poised to surge past a level of resistance following strong bullish momentum on the price charts.

Tron [TRX]

Tron, Ethereum Classic, IOST Price Analysis: 15 January

Source: TRX/USDT on TradingView

Using the 1-hour charts for more clarity on TRX’s price action, it can be seen that the 2:1 Gann fan line has been respected as a level of resistance for TRX.

Alongside the $0.03-horizontal level of resistance, TRX was trading right at the doorstep of a confluence between the horizontal and the fan line resistance. This increased the likelihood of rejection. Conversely, a climb above $0.031 over the next 24 hours will indicate rising bullish strength.

The MACD showed a bearish crossover and was on the verge of crossing beneath zero. Based on the evidence at hand, further downside was likely for TRX, with $0.0287 to serve as support.

Ethereum Classic [ETC]

Tron, Ethereum Classic, IOST Price Analysis: 15 January

Source: ETC/USDT on TradingView

Ethereum Classic enjoyed two very important regions of support that ETC bulls would have to defend – $7.5 and $7. ETC has been on an uptrend throughout the month of January.

The OBV affirmed the trend as it noted a consistent rise in buying volume day after day. Even the most recent drop from $9.5 did not see a huge volume of ETC sold.

A successful defense of the $7.5-level over the next few hours would pave the road for ETC to rise toward the 27% extension level at $8.68.

IOST

Tron, Ethereum Classic, IOST Price Analysis: 15 January

Source: IOST/USDT on TradingView

The RSI and the Stochastic RSI showed that IOST was overbought and a correction was due. However, this does not necessitate a pullback for IOST.

The resistance at $0.0177 will have an impact on IOST prices in the short-term. A rejection at this level will see the price retrace to some of the important Fibonacci levels such as 23.6% and 38.2%.

A surge past this resistance would see the price climb, then retest $0.0177 as support and possibly, consolidate for a few days before another move upwards.

Source: https://ambcrypto.com/tron-ethereum-classic-iost-price-analysis-15-january

Blockchain

Bitcoin Whales Started Selling as BTC Dipped to $37,000 (Market Watch)

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Bitcoin continues to gradually lose value with another price slump to around $37,000. Most alternative coins are also suffering, with ETH dipping beneath $2,400 and BNB close to dropping below $350.

Bitcoin’s Struggles Continue

Just a few days ago, the situation with the primary cryptocurrency seemed significantly more promising. The asset was riding high above $40,000 for the first time in nearly a month and even spiked to north of $41,000.

However, it failed to maintain such a high price line and started to lose traction somewhat rapidly. It dropped below $40,000 initially, but the bears kept the pressure on, resulting in another slide to about $38,000 as reported yesterday.

Although the cryptocurrency bounced off at first and reclaimed $39,000, it has reversed its trajectory once more. This time the dip was even worse as BTC slipped to just over $37,000.

Despite recovering a few hundred dollars since then, bitcoin’s market capitalization struggles to remain above $700 billion, but its dominance stands still around 45%.

Data from CryptoQuant suggests that Bitcoin whales have started to dispose of some of their holdings. This has made the market “very uncertain,” and the company’s CEO warned traders to be highly vigilant in similar situations.

Bitcoin Whale Capitulation Index. Source: CryptoQuant
Bitcoin Whale Capitulation Index. Source: CryptoQuant

ETH Dips Below $2,4K, BNB at $350

The alternative coins have mimicked their leaders’ relatively adverse movements lately. Ethereum had risen above $2,600 on Tuesday but has lost roughly $300 since then. Consequently, ETH is well below $2,400 as of writing these lines.

Binance Coin was also performing well days ago by reaching $380. Nevertheless, BNB is down to just over $350 now.

On a 24-hour scale, red dominates the rest of the altcoin market was well. ADA (-3%), DOGE (-3%), XRP (-1.5%), DOT (-6.5%), UNI (-5%), BCH (-3.6%), LTC (-3.5%), SOL (-4%), and LINK (-6.2%) have also lost chunks of value since yesterday.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More fluctuations are evident from the lower- and mid-cap alternative coins. From one side, XDC, FTM, TFUEL, and CELO have jumped by double-digits. From the other, though, AMP has plummeted by 30% after its recent streak, followed by Quant (-15%), THORChain (-12%), Kusama (-11%), OMG Network (-10%), and Enjin Coin (-10%).

The cumulative market cap of all crypto assets is down by $60 billion since yesterday and is well beneath $1.6 trillion.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-whales-started-selling-as-btc-dipped-to-37000-market-watch/

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Blockchain

Paraguayan Official Confirms: In July We Legislate Bitcoin

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Paraguay’s Deputy of the Nation, Carlos Antonio Rejala Helman, has confirmed that new legislation in regards to Bitcoin will arrive in July. This comes amid growing adoption in Latin America led by El Salvador, which could be followed by Panama as well.

  • CryptoPotato reported last week when Rejala Helman said his country planned to start working on an “important project” that included Bitcoin and PayPal
  • Although he provided little-to-no information at the time about the precise nature of the project, the official confirmed it’s coming in a more recent tweet.
  • Commenting on news indicating that one of Paraguay’s largest entertainment organizations has started to accept various digital assets, Rejala Helman emphatically asserted, “This is Paraguay. July we legislate! #Bitcoin.”
  • This comes shortly after Gabriel Silva, a Panamanian congressman, laid out plans to present a bill on cryptocurrency adoption as a legal tender as well.
  • He believes Panama should not trail other nations from the region that have already taken steps to legalize Bitcoin.
  • Naturally, he meant El Salvador. The small country located in Central America has been the leader in terms of BTC adoption.
  • As reported recently, the nation officially voted in favor of a new rule making Bitcoin a legal tender within its borders. El Salvador’s President, Nayib Bukele, further outlined his support for the asset and even urged miners to mine BTC with the thermal energy of the country’s volcanoes.
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/paraguayan-official-confirms-in-july-we-legislate-bitcoin/

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Blockchain

U.K’s crypto-users are growing in number, but do they even understand the asset class?

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The United Kingdom’s approach to cryptocurrency regulations has been measured, but it has matured in the post-Brexit financial landscape. Even though the U.K didn’t ban the whole crypto-sector, there were still some hiccups on the way, however. Looking at how things currently stand, did the crypto-community in the U.K evolve?  Here’s a recent study to highlight the same.

The country’s main regulatory body, the FCA, recently published an in-depth report to provide an overview of cryptocurrencies and their use in the U.K. The research note titled “Crypto asset consumer research 2021” incorporated various factors to account for the current market frenzy. As per this report, various attributes recorded an uptick whereas there were a few concerns as well.

Crypto-holdings  

Talking about the former first, around 2.3 million adults in the U.K currently hold crypto-tokens in their portfolios, a significant hike from 1.9 million in 2020. The number of current owners too surged from about 3.9% to 4.4% of adults.

Source: FCA

What’s more, the ownership volume findings too painted a similar picture. As per the study, the average median holdings rose to 300 British pounds ($420) from 260 pounds ($370) in 2020. Out of these holdings, Bitcoin had a majority share, with 82% of the respondents recognizing BTC, compared to 78% last year.

Public awareness

With respect to the latest boom in crypto-developments in the U.K, it’s natural to witness the roaring demand in the crypto-space. This parameter, likewise, noted a surge as 78% of adults were up to date, a significant incline from 2019 and 2020.

Source: FCA

Quite the contrary now.

However, roaring awareness doesn’t always equate to understanding the underlying asset. Such is the case here.

“Only 71% of those who had heard of crypto correctly identified its definition from a list of statements. This was a statistically significant decline of 4% from 2020.”

According to the FCA,

“This suggests there may be a risk of consumers engaging with cryptocurrency without a clear understanding of it.”

Can this be one of the reasons?

Looking further, traditional media (TV, newspapers, radio, etc) are still the most common source (27%) for the U.K residents to take the first step in this domain. Does this imply that many still rely on the different broadcasts to directly jump onto the crypto-frenzy bandwagon instead of understanding its core? Well, certainly the data points in the said direction.

Here’s what Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, said in a recent discussion regarding the same.

“It is important for customers to understand that, because these products are largely unregulated, if something goes wrong they are unlikely to have access to the FSCS (Financial Services Compensation Scheme) or the Financial Ombudsman Service.”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/u-ks-crypto-users-are-growing-in-number-but-do-they-even-understand-the-asset-class

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