return.

Bitcoin is catching momentum following the retesting of support at $32,000. As reported on Wednesday, it was unlikely the lower support at $30,000 would be rested. Simultaneously, the leg up to $40,000 was only possible if BTC/USD closed the day above $36,000.

The largest cryptocurrency has extended its price action above $38,000. The break past the 50 Simple Moving Average must have increased investors' confidence in the uptrend. A daily close above $38,000 may see BTC explode to $40,000 and perhaps reach new record highs.

BTC/USD 4-hour chart

On the flip side, the Bitcoin bullish narrative will be thrown out the window if a correction occurs under $38,000. The 50 SMA might absorb some of the selling pressure, but some of the most formidable support levels sit at $36,000, $34,000 and $32,000. The level at $30,000 is home to BTC's primary support.

Ethereum has just broken above the x-axis of an ascending triangle. This move is occurring after Ether took back the support at $1,100. The plunge to $900 also allowed more investors to join the bullish market.

A horizontal line can be drawn along with the swing highs, while a rising trendline developed along with the swing lows.

A recent spike in the buying pressure behind the largest altcoin allowed it to break above the overhead resistance. At the moment, ETH could shoot up nearly 17%, revisiting the recent yearly high on the ascending triangle formation.

ETH/USD 4-hour chart

On the downside, if the upswing becomes unsustainable, ETH price may retest the x-axis. Breaking under this crucial level would call for more sell orders as some investors prefer to cash out before the price dips further. Overhead pressure could see Ethereum tumble to the $1,100 and $1,000 support areas.

Ripple's upside is still capped under $0.3 as well as the 50 SMA. The cross-border token seems to be embracing another consolidation, as observed using the Bollinger bands. The middle boundary protects XRP from falling to $0.29, as explained earlier.

As the Bollinger bands constrict, XRP/USD nears its ultimate breakout. To ascertain an uptrend beyond $0.3, support at the Bollinger Bands middle boundary must hold. Buying activity is likely to rise once Ripple spikes past $0.3. The target to the upside is $0.35, but the 200 SMA may limit further price action.

XRP/USD 4-hour chart

It is worth keeping in mind that Ripple selling pressure will intensify if the 50 SMA rejects the price. More losses will come into the picture on XRP breaking under the middle boundary. The support areas likely to be tested include $0.275 and $0.25.

reported last week.

Ziaullah Bangash, advisor to the chief minister of KP on Science and Information Technology, said the provincial parliament passed a bill allowing the KP government to use its own money to establish the mining facilities.

The province, which has since legalized crypto mining, will be mining bitcoin (BTC) for profit, BOL News, a local media organization, reported. No details were given about the capacity of the mining farms nor the funds that the state intends to invest in the project. This particular province has previously advocated friendly crypto laws in Pakistan.

According to Bangash, the KP Assembly also passed a separate no-objection certificate allowing individuals to mine cryptocurrency and issue their own digital assets. The development coincided with the launch of a private bitcoin mining farm by Waqar Zaka, a long-time crypto enthusiast who has worked to develop the Pakistani crypto industry.

“After years of struggle, I am launching the biggest crypto mining farm in KPK where you all can invest & earn,” Zaka said in a tweet. He thanked Bangash for his legal backing. Replying, Bangash stated that “in future, the help of Waqar Zaka will be sought” in the KP administration’s crypto mining plans.

Profits from bitcoin mining may help prop-up Pakistan’s ailing economy, but KP must first overcome the country’s long-running electricity crisis. Pakistan is facing severe electricity shortages, with power cuts a common occurrence.

Last Saturday, the entire country was thrown into darkness, the Financial Times reports. Authorities blamed the blackouts on a “technical fault” at one of the country’s main power plants in the south. Pakistan only started to restore power in bits on Sunday.

Now BTC mining — the process by which new bitcoins are created using sophisticated, super-computers — is not only an energy-intensive venture but also one that demands consistent power supply. Situated in north-western Pakistan, a mountainous, cool region along the border with Afghanistan, KP might have the best weather for bitcoin mining. But will it have enough energy to sustain a profitable operation?

What do you think about the Khyber Pakhtunkhwa government’s bitcoin mining plans? Let us know in the comments section below.

Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.

Binance launched a new project called the bitcoin standard hashrate token (BTCST), a coin that represents 0.1 terahash (TH/s). Furthermore, the mining operation Poolin has also revealed a hashrate token called pBTC35A and each token represents 1 TH/s hashrate with pre-determined SHA256 processing power.

With bitcoin mining showing significant upside potential, a couple of crypto industry heavyweights have introduced tokens backed by PoW hashrate. Last week, Binance unveiled a new project called the bitcoin standard hashrate token (BTCST), a coin that’s claimed to be backed by 0.1 terahash (TH/s).

“BTCST sets off to solve the problem of limited exit options by bringing exchange-grade liquidity to Bitcoin mining, and in secondary trading,” Binance announced last Wednesday. “BTCST will perform as a leveraged Bitcoin token free from liquidation risk. BTCST will create an efficient market for Bitcoin’s mining power in ways similar to how Grayscale Bitcoin Trust creates institutional liquidity for Bitcoin.”

The crypto trading exchange added:

BTCST is collateralized by 0.1 TH/s of real-world Bitcoin mining power, which is historically proven to be positively correlated to the performance of the digital gold, and hence the value of BTCST climbs along with the current skyrocketing Bitcoin market.

However, Binance is not the only business looking to offer a PoW mining token as the mining operation Poolin has also introduced the Mars Project. On January 11, 2021, Poolin tweeted “Join the first Ethereum-based standardized hashrate protocol, earn wBTC and LP reward. Infinite possibility when PoW mining steps into [an] Ethereum smart contract,” the mining pool further said. Currently, Poolin is the fifth largest bitcoin pool capturing around 9.4% or 14 exahash per second (EH/s) today.

The Poolin minted ERC-20 token is called pBTC35A and the company says each coin is backed by the firm’s PoW hashrate. “The protocol consists of pBTC35A tokens and [the] MARS token,” Poolin’s announcement explains. “Each pBTC35A token represents 1TH/s hashrate with a pre-determined power ratio, mining rigs would be in Poolin Superhashrate’s custody during life cycle. While net profit on wBTC would be distributed per block.”

Poolin says the first batch will be “50,000 pBTC35A (approximately 50PH/s) tokens for Bitcoin (output with wBTC) mining in this protocol and locks up more than 50PH/s machines physically.” Poolin notes that people can obtain the tokens using the inhouse shop (basic KYC needed) or via the token’s Uniswap contract. The company further detailed that Ethereum and other PoW mineable coins will be also created, but Poolin doesn’t have a confirmed schedule.

According to Binance Launchpool, the PoW token (BTCST), the organization recently launched has also passed an audit from the blockchain security company Certik, and scored a “98 out of 100 in a security audit.” Users will be able to stake BNB, BUSD, and BTC in separate pools in order to farm BTCST tokens, Binance Launchpool also said.

“Compared to conventional cloud mining, BTCST portrays the decentralized spirit of blockchain, with all mining rewards distribution done by smart contracts that are onchain with full transparency,” Alex Zhao, the cofounder, and CTO of BTCST said last week.

What do you think about the new tokens backed by PoW hashrate? Let us know what you think about this subject in the comments section below.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin faced a strong dip last weekend and early this week.

Since charging onto the crypto scene late last year, MicroStrategy CEO Michael Saylor has become something of a Bitcoin poster boy.

On January 12, the day the price of Bitcoin dropped from $41,000 to $30,500, over $2.5 billion worth of futures contracts were liquidated.

Bitcoin bounces at $30k support to allay fears of a complete capitulation.

It’s been a bloody past day for the Bitcoin and broader crypto market.

Thursday.

Buying opportunities near $30,000—a level Bitcoin touched after its decline from $41,986—renewed traders’ short-term bullish bias. The BTC/USD exchange rate leveled a sharp retracement against the downside outlook caused by the appearance of a Head and Shoulder bearish pattern, instilling hopes of a broader upside move towards $40,000.

Two of the most brighter market outlooks came from CryptoQuant, a blockchain analytics platform that tracks BTC movements across the exchanges. Its CEO Ki-Young Ju asserted amid Wednesday’s choppy price moves that institutional investors purchased Bitcoin between $30,000 and $32,000. That gave the cryptocurrency a natural defense against short-term dumping sentiment.

“Speculative guess, but if these guys are behind this bull-run, they’ll protect the 30k level. Even if we have a dip, it won’t go down below 28k,” Mr. Ju added.

Meanwhile, Nuggets News AU’s co-founder/CEO, Alex Saunders, highlighted another CryptQuant chart that showed an increase in stablecoin deposits across all the crypto exchanges. For speculators, the inflow of dollar-pegged tokens into trading platforms equates to a potential boom in buying behavior.

Recent strength in the US dollar was a likely contributing factor to weakness in the Bitcoin market.

Meanwhile, rising bond yields also added to the downside pressure on the cryptocurrency. Many speculators agree that investors jumped into riskier assets like Bitcoin in 2020 because of negative-yielding debt in shorter-maturity bonds and below 1 percent returns in the longer-dated Treasuries.

The newfound sentimental correlation between Bitcoin and yields proved troublesome as the percentage-returns on the US 10-year Treasury note surged above 1 percent for the first time since March. The recovery started after Democrats won key Senate run-offs last week, sparking hopes that the incoming Joe Biden administration will bring additional stimulus to boost the US economy.

That improved growth and inflation expectations, leading both the dollar and the benchmark yield higher. Bitcoin turned lower in response.

The last 24 hours witnessed yields correcting lower, which, in turn, prompted Bitcoin to pare its early-week losses. As of Wednesday, the US10Y was rising all-over again, signaling potential downside correction ahead for the cryptocurrency.

Felipe Villarroel, a portfolio manager at TwentyFour Asset Management, sees the yields rising to 1.5 percent by the end of this year on revised US growth expectations. That would drive up the US Treasury supply higher than anticipated, driving prices lower and yields higher.

whether the range will eventually turn into another buying opportunity, as proven in the recent past.

The long-term weekly outlook is still very much bullish. The recent correction has skewed the medium-term outlook towards the bears. A combination of geopolitical crisis and a strong dollar is building a negative Bitcoin trend analysis.

The BTC/USD pair went down south on Wednesday after a massive rally took it to fresh new all-time highs. Profit-taking and a rising US Dollar saw the price plummet below the $30,000 level as bulls struggled to understand what was happening. The quick bout made Bitcoin trend analysis negative, which was expected after technical indicators turned excessively overbought.

At the time of writing, the price is hovering near a crucial pivot point of $35,000. On the daily and hourly charts, the $35k pivot point means a lot as it is a crucial support level built to withstand extended selling bouts in Bitcoin trend analysis. After many days of heightened volatility, the long-term support levels have risen following an ascending price channel. So, any break below this level can mean weakening bullish resolve on the daily timeframe.

Other altcoins like Ethereum and Cardano are also experiencing similar volatility and consolidation phase. In the past five months, the BTC price has gone up by almost 230 percent, and the cryptocurrency market is experiencing a massive boom. Thus, talks of speculations and bubbles are also propping up rapidly in Bitcoin trend analysis.

After an approximately 11 percent price drop, Bitcoin trend analysis is now stabilizing, albeit in a tight range. The trendline support is waning fast, and the price is moving lower towards the $33,500 support level. Currently, the price is near the 23.6 percent Fibonacci retracement, close to the $35,700 level, and well above the support region.

A zone of resistance near the rising price channel on the hourly charts between $36,000 to $38,680 may prove a tough spot in the short term. The 20-day SMA is providing support to the price. The ‘Relative Strength Index’ is comfortably beneath the 70 reading, indicating that a bull run is sustainable. The MACD is giving mixed signals since the price is unable to break to either side. Also, the Bollinger Bands are closing in on the range-bound price.

If bulls can gather liquidity to build volumes, the price can cross the present resistance channel. The bull run must also strive to close the price above $37,670 resistance soon if they want to sustain the long-term bull run and retest $40,000 soon. However, there is strong opposition lined up near the $38,000 level.

When famed investors like Mark Cuban compare crypto with the 2000’s Dot Com bubble, his comments will undoubtedly reverberate through the investor community. The current meteoric rise does raise eyebrows, especially considering the overbought technical indicators. Traders and investors are worried about the extremely bullish daily charts and hoping for a healthy correction with minimal volatility.

The present correction saw the price decrease from $42,000 highs to the current $35,000 level within just four days. Such a volatile move does raise questions about the bubble bursting phenomenon. However, unlike 2017, crypto markets are now much more mature, and regulations are in place globally. Even if a catastrophic bubble bursting event occurs, Mark Cuban believes some coins will come out unscathed while the weaker counterparts may not survive.

Profit-taking and lack of confidence in price action may spark another bearish run on the BTC price. However, the downturn may prove short-term since the financial markets are already pricing in some correction post the December rally.

As the BTC price retreats to $35k, the technical charts paint a critical picture. The current Bitcoin trend analysis reveals that a weekly close above $38,000 is needed to rekindle a bull run. Remember, the long-term Bitcoin bull rally is very much alive on the daily charts.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

investment firm, and if approved, will be listed on the Toronto Stock Exchange under the ticker “BIT.U.”

Owned by the Winklevoss twins, Gemini is well-known in the crypto space for offering one of the largest selections of digital assets in its exchange. Moreover, it also offers custody services, under Gemini Custody, since 2015. As it turns out, Arxnovum has listed Gemini as sub-custodian of all its assets held outside Canada, in its Bitcoin ETF filing. Notably, the crypto custody platform is also approved by the New York State Department of Financial Service (NYDFS).

The ETF was filed on Monday, January 11, 2021, at Canada’s Ontario Securities Commission. The filing will, however, have to receive approval from the Toronto Stock Exchange (TSX), as well as fulfill all its listing requirements. And even if Arxnovum successfully does all that, there is still no guarantee that the Bitcoin ETF will be listed. 

But if successful, the ETF will be traded against the U.S. dollar on the TSX, which would include BTC, BTC Futures, as well as other derivatives. The Bitcoin ETF will also “hold cash, cash equivalents and/or other fixed-income securities”.

Speaking on the announcement, Arxnovum CEO Shaun Cumby disclosed that he has great confidence in the successful listing of the ETF, while also noting that the volatile nature of cryptocurrencies could still, however, result in a negative verdict.

Cumby, prior to serving as Arxnovum’s CEO, worked at 3IQ Corp. It is important to note that 3IQ was the first firm to list the first-ever Bitcoin ETF in Canada. Furthermore, Gemini also provides custody services to 3IQ’s Bitcoin ETF, QBTC.U, as BTC Manager previously reported.

Several crypto firms have tried obtaining approval to list a Bitcoin ETF in the US, such as VanEck, SolidX, Bitwise, Wilshire Phoenix, and many more. In fact, SolidX had sued VanEck over ETF plagiarism. But all bickerings aside, the U.S. SEC has rejected every single ETF application.

This is why US-based crypto enthusiasts look forward to the first  SEC-approved Bitcoin ETF in the country this year, considering all the pending applications. However, JPMorgan, in a recent report, pointed out that listing a Bitcoin ETF may cause more harm than good.

will be able to regain the same bullish pressure. The king started off the day with a low of $32,640 and on a upward trend hiked to a 24-hour high of $38,100. At the time of writing, the king was priced at $37,287.

Out of the 28 technical indicators, 16 are giving out a signal of buy with ten neutral indications and two sell indications. Nine of the total oscillators are neutral with two sell indications and zero buy indications. The majority of the moving averages are at buy indications with one neutral and zero sell indications. 

Analyst Trader PH has identified a symmetrical triangle break out in their Bitcoin price prediction. Per the analyst, the break out will only be confirmed if Bitcoin was able to break the strong resistance of MA 75, which it was able to. The break out from the triangle indicates that upward pressure has taken over, and Bitcoin is gaining bullish momentum. The analyst is also expecting a 51 percent move from the low of $30,200. Per the analyst, the 51 percent move is likely because the all-time high that Bitcoin established was a 51 percent move – from $27,000 to $42,000.

Secondly, the current break-out has been confirmed with the MA 75 level breaking and indicates strong bullish momentum. And finally, the recent 3-wave Elliot correction of Bitcoin means that the cryptocurrency is safe from a correction for a while. The analyst also stated similar patterns in the historical price action of Bitcoin that indicates a 51 percent move. As per the analyst’s Bitcoin price prediction, BTC will peak in three days, and then a sharp correction to the ascending trend line can be expected. 

Analyst Jacob Thames has identified two possible trajectories for the king of cryptocurrencies in his Bitcoin price prediction. If Bitcoin can hold the $37,000 level, then the first target price can be $39,025, followed by $40,100 and ultimately $41,990. However, if Bitcoin cannot sustain its current support level, the price can take a downturn. The first target price, in that case, can be $36,317, followed by $34,000. The MACD appears to have taken a downturn, but the analyst is optimistic that the upper targets will be reached. 

Analyst Greenfield Analysis has established Bitcoin to be operating inside two ascending parallel channel lines. The lower line of the channel will be providing crucial support to the cryptocurrency, which will help it continue its bullish divergence. Per the analyst, if Bitcoin continues inside these two channel lines, then Bitcoin can be expected to retest major resistance levels soon and possibly break out to the upside. However, if Bitcoin broke out of the formation to the downside, per the analyst, it will enter a “Danger zone.” 

However, not all analysts are so hopeful for Bitcoin price action. Analyst Galice has identified a bearish butterfly pattern in their Bitcoin price prediction, which indicates the onset of bearish momentum. 

are no limits that are not set by whatever the miners are willing to do,” Kurt Wuckert Jr. shared in a recent interview.

The CoinGeek chief historian joined Helmuts Meskonis on his HostMaria YouTube channel to talk about Bitcoin SV and what sets it apart from all the other implementations. He delved into the Bitcoin Civil War, educated the audience on how small blockers have derailed Satoshi’s original vision, how the Crypto Crime Cartel has focused their attacks on Dr. Craig Wright and what the future holds for Bitcoin.

— HostMaria (@hostmariacom) December 17, 2020

Kurt recounted the struggles within the Bitcoin community, starting in 2017, between those inclined towards the Satoshi vision of big blocks and the small blockers who were led by selfish interests. This eventually led to the November 2018 hard fork that finally restored the original Bitcoin vision. The hard fork led to a civil war, one in which there was serious foul play by a cartel led by Roger Ver. However, eventually, Bitcoin SV emerged and has outgrown all the other implementations.

Over the years, the small blockers have managed to stamp out any effort to raise the block sizes. In one of the earliest instances, celebrated Bitcoin programmer Mike Hearn developed Bitcoin XT in 2014, a new node implementation capable of accepting 2MB blocks. At the time, he garnered a lot of support, especially from miners who saw a profitable opportunity. However, the small blockers went out of their way to conduct DoS attacks on Hearn, as well as other miners, pushing the narrative that Bitcoin XT was insecure.

On what sets BSV apart, Kurt pointed to the big blocks as one of the key differentiators. While BSV blocks are sometimes just a few megabytes, it has recorded 370MB blocks, and consistently clocks in 20-30MB blocks on regular basis.

The fees are also among the lowest in the industry, now currently at “1/100 of a penny.” In addition, miners on BSV are willing to offer lower fees to specific clients, Kurt pointed out. He cited Mempool, led by Lin Zheming, which has pioneered the direct negotiations for lower fees with BSV-powered businesses.

Kurt also debunked the myth that Calvin Ayre, founder of Ayre Group and CoinGeek, controls the majority of the BSV hashing power. This narrative has been used to misleadingly depict BSV as insecure and centralized.

“In fact the last I checked, Huobi, out of China, was the biggest miner on BSV. Also Binance, ViaBTC, Antpool—they all mine blocks on BSV. Calvin is not even a majority miner on BSV.”

On the other blockchain projects in the industry, Kurt was clear that he considers most as either illegal securities or outright scams. He listed Ripple’s XRP and Binance’s BNB tokens as illegal securities. The U.S. Securities and Exchange Commission (SEC) shares his view on the former, having filed an illegal securities lawsuit against XRP in December 2020.

“I tend to think every altcoin project is at best a hobby project, and at worst, and unfortunately most commonly, a blatant scam. I think Ethereum, Cardano, DASH are scams. TRON is the biggest scam in crypto in my opinion.”

Watch Kurt’s full interview here.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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submit several documents explaining its legality to the New York Prosecutor’s Office tomorrow, Jan. 15, before the deadline expires.

It is believed to contain information about Tether’s business practices, its issuance, its supposed one-to-one peg with the US dollar, and other information regarding Tether Limited. 

Stablecoins are one of the biggest use-cases of cryptocurrencies. They are usually pegged on a 1:1 basis with a fiat currency (or algorithmically controlled) and are said to be backed by a certain amount of reserve at all times.

But stay silent when it comes to Tether doing the exact same thing to Bitcoin.

I love #Bitcoin, but this is not sustainable. Wake up people. pic.twitter.com/k8d0sD7XHm

— CryptoWhale 🐳 (@CryptoWhale) January 8, 2021

USDT is among the first such stablecoins and the most widely used one. It was founded in 2014 as “realcoin”) by Reeve Collins, Brock Pierce, and Craig Sellers, before rebranding to its current form and stating that “every Tether+ token is backed 100% by its original currency, and can be redeemed at any time with no exposure to exchange risk.”

However, for a few years, several critics have questioned the reserve of Tether, given the company has not yet provided a verifiable audit of its dollar reserves or allowed a third-party auditor to reveal their findings to the public. This has resulted in people questioning the very existence of Tether.

But how does it matter? It’s because USDT’s issuance has reached over $23 billion in recent times, and with daily volumes exceeding even Bitcoin’s, some crypto users are ringing the alarm bells.

That said, however, the January 15 deadline is only the delivery of the required documentation to New York courts. No judgment or judicial charges are expected or levied tomorrow, meaning any fear in the market is likely a result of overreaction.

Tether’s problems started after the Panama Leaks papers linked the executives of Bitfinex, Philip Potter and Giancarlo Devasini, to Tether Limited in 2015. This caused controversy at the time.

The second controversy came after USDT supply grew from $10 million to over $2.8 billion from January 2017 to September 2018. The rise was questioned by many, and by mid-2018, Tether accounted for over 80% of the overall Bitcoin volume.

Research suggested that an alleged price manipulation scheme involving tether accounted for about half of the price increase in Bitcoin in late 2017. However, that has not unfazed its backers yet. 

— Samson Mow (@Excellion) January 14, 2021

What 2021 holds for USDT is a guess at best. But crypto fanatics are likely praying the critics don’t turn out right.

USDC, a stablecoin developed by the Circle, is the second-largest USD-backed stablecoin on the market according to data from Skew.

Tether (USDT) has seen extreme growth since the start of the year.

Decentralized finance (DeFi) has seen a massive explosion over recent weeks and months, reaching a total value locked of $7.13 billion according to DeFi Pulse.

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The price of Bitcoin has recovered strongly overnight, rising from around $34,000 to $38,500.

Bitcoin bounces at $30k support to allay fears of a complete capitulation.

It’s been a bloody past day for the Bitcoin and broader crypto market.