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Bitcoin Cash, Cosmos, Algorand Price Analysis: 01 December

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Bitcoin inched toward $20k and altcoins posted moderate gains in the past week and undid much of the damage that Bitcoin’s dip to $16,400 wrought. At press time BTC was trading at 19,507 with a 24-hour trading volume of $31.8 billion.

Source: CoinStats

Bitcoin Cash performed strongly and rose above the psychological $300 barrier once more. Cosmos and Algorand also had strong bullish momentum behind them on their path to recovery.

Bitcoin Cash [BCH]

Bitcoin Cash, Cosmos, Algorand Price Analysis: 01 December

Source: BCH/USDT on TradingView

The cyan arrow shows a hammer candlestick formed and the price subsequently bounced strongly off the $288 support and was trading at $312 at press time.

The RSI showed an uptrend in progress and indicated bullish momentum with a value of 66. Trading volume was also significant over the past few sessions and gave credibility to the rise in price.

BCH could see a pullback toward $300 in the coming hours and can be expected to ascend toward $326 resistance in the near-term.

Cosmos [ATOM]

Bitcoin Cash, Cosmos, Algorand Price Analysis: 01 December

Source: ATOM/USD on TradingView

Fibonacci Retracement levels were drawn for ATOM’s drop from $6.48 to $5 and highlighted some important levels of resistance for ATOM on its recovery.

The price tested resistance at the 50% retracement level ($5.69) a few hours ago but sellers pushed the price back down to support at $5.45.

The MACD was climbing and could rise above the zero line in the coming hours, following the recent days of steady gains for ATOM. The price was also above the 20 SMA (white), and further gains can be expected over the coming days.

Flipping the $5.69 level to support would indicate that a move to psychological resistance at $6 was imminent.

Algorand [ALGO]

Bitcoin Cash, Cosmos, Algorand Price Analysis: 01 December

Source: ALGO/USD on TradingView

The price crossed above the EMA ribbon a couple of days ago, but the ribbons themselves were quite tightly bunched together. The volatility of the past week has hurt ALGO’s performance.

Algorand was recovering with some strength. The trading volume saw some healthy spikes on certain sessions. While ALGO saw some indecisive candles in recent sessions, its short-term trend remained bullish.

Source: https://eng.ambcrypto.com/bitcoin-cash-cosmos-algorand-price-analysis-01-december

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Kraken Latest Exchange to Suspend XRP Trading

It joins Coinbase, Binance.US, and others in suspending XRP trading after the SEC sued Ripple Labs.

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Kraken will suspend XRP trading for US residents on January 29, the San Francisco-based cryptocurrency exchange announced on Friday.

While US users will still be able to deposit or withdraw XRP after that date, they have just two weeks to continue trading the beleaguered digital asset.

“We may begin implementing this process at any time on January 29, 2021, so all U.S. clients are strongly encouraged to resolve their positions prior to that day,” the exchange wrote.

Ripple Labs, along with CEO Brad Garlinghouse and Executive Chairman Chris Larsen, were sued by the US Securities and Exchange Commission for $1.3 billion in December for their role in selling XRP. Several Ripple founders created XRP in 2012.

The price of XRP has dropped by roughly half since the SEC announcement. On December 21, it was brushing up against $0.60. It’s currently at around $0.28.

Other exchanges have already moved to suspend XRP trading, including Binance.US, Coinbase, and Bitstamp.

As for whether trading might continue, Kraken noted: “We are monitoring the situation regarding the SEC’s filing and will adapt according to any new developments.”

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Six-Figure Bitcoin Price Predictions Back on The Table

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This has resulted in the renewal of six-figure price predictions for this market cycle, with some suggesting a top of $300,000 this time around.

At the time of writing, Bitcoin was trading at $37,900 after reaching an intraday high of $40,000 according to Tradingview.com. The asset had started to fall back during the Asian trading session on Friday and had failed to break its previous high of $42,000 but the sentiment is still very bullish.

Total crypto market capitalization has topped a trillion dollars again as some of the altcoins, such as Polkadot, make monumental 24-hour gains.

When Will Bitcoin Top $100K?

Popular traders and analysts are back in the game of predicting prices and they’re largely in agreement that this market cycle will result in six figure Bitcoin prices.

Josh Rager said that he thinks Bitcoin will see a six-figure price by early 2022;

He added that at this peak, the name of ‘Bitcoin’ will be mentioned on every TV, phone, and tablet around the world.

“This could certainly be the cycle that leads to Bitcoin becoming a household name along with serious adoption from those who once mocked peer-to-peer digital money,”

Fellow trader ‘TraderKoz’, who has 28k followers on twitter added that at a guess he would say that this cycle takes us to $250k to $350k.

“From there, we have 3 years of accumulation in the $60-90k range before Bitcoin takes over the entire financial system. That bull run will take us to over $1,000,000,”

Michael Saylor, who’s institutional investment firm MicroStrategy has been buying up large swathes of Bitcoin, continues to post bullish tweets about the asset to his 330k followers;

The Institutional Effect

Aggregated derivative exchange data provider Bybit reported that Bitcoin institutional inflows are showing no signs of slowing down, adding that there may be a new round of buying by Grayscale.

Grayscale itself reported an assets under management (AUM) figure of $27.7 billion in its most recent update. The company has also just released its fourth-quarter report revealing that there was record investor demand in the period, with approximately $3.3 billion in inflows.

The story made such an impact that even Reuters picked it up.

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Source: https://cryptopotato.com/six-figure-bitcoin-price-predictions-back-on-the-table/

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$500K Bitcoin Donation Funneled to Groups Involved in US Capitol Riot: Analysis

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Blockchain intelligence firm Chainalysis has tracked simultaneous Bitcoin (BTC) donations to wallets associated with right-wing extremist groups in the U.S., which might have helped fund the recent riot at the U.S. Capitol. The news marks yet another pivot towards pseudonymous money transfer means by alt-right groups in the U.S.

Alt-Right Agitators Received $500K in Bitcoin Prior to US Capitol Riot

Publishing its findings on Thursday (Jan. 14, 2021), Chainalysis revealed that several notable alt-right personalities who were present at the Jan. 6 riot in the U.S. Capitol received substantial Bitcoin donations.

According to Chainalysis, a single donor funneled 18.15 BTC to addresses belonging to entities with right-leaning affiliations on Dec. 8, 2020. At the time, this figure was worth over $500,000.

In its report, Chainalysis also revealed that popular far-right political commentator Nick Fuentes received 13.5 BTC. There are a few photographic pieces of evidence placing Fuentes at the riot with a megaphone in hand though Fuentes has denied entering the building itself.

Apart from him, alt-right podcaster Ethan Ralph and VDARE — an anti-immigration organization — also received BTC sums from the donor. While Chainalysis did not reveal the identity of the person responsible for funneling the Bitcoin, the crypto forensics outfit did mention that there strong evidence that the donor is a French computer programmer.

An examination into the donor’s wallet shows that the person is likely an early Bitcoin adopter. Further investigation into the donor shows a history of donations to extremist causes with an alleged suicide note referencing known alt-right talking points.

Based on these findings, U.S. law enforcement officials are reportedly investigating possible links between the donations and the assault on the Capitol. Prosecutors also say that they are approaching the investigations from a counterterrorism and counterintelligence standpoint.

Financial Censorship Triggering Crypto Adoption

Alt-right groups receiving donations in Bitcoin is only the latest example of political and social groups with dissident ideologies embracing cryptocurrencies. Indeed, Bitcoin’s early history is somewhat intertwined with WikiLeaks especially after the establishment was cut off from mainstream funding sources.

Even countries facing economic sanctions are also adopting cryptocurrencies. Venezuela is a popular example, with the Maduro administration even creating its own oil-backed Petro “coin.”

Nations like Iran are actively supporting Bitcoin mining with tax breaks for BTC miners. As previously reported by CryptoPotato, the output from three power plants has been offered to miners in the country.

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Source: https://cryptopotato.com/500k-bitcoin-donation-funneled-to-groups-involved-in-us-capitol-riot-analysis/

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