Connect with us


Bitcoin Suffers Another Fall; Shaves Off $5,000




Bitcoin is ending the week with another dip added to its roster. The currency – which less than 24 hours ago was trading in the low $40,000 range again – has fallen by about $5,000 at the time of writing and is now trading for just over $35,000.

Bitcoin Has Experienced Another Major Slip

With the first few weeks of January in the books, it appears bitcoin is having difficulty making up its mind about where it wants to be for now. Initially, the currency hit a new all-time high of roughly $40,000 during the first moments of the month, though for the most part, it’s had a hard time retaining this position, with several major dips now under its belt in the new year.

This is rather discouraging to most traders and analysts alike, with many members of the latter category claiming that 2021 would somehow remain a bullish year for bitcoin. To be fair, we are still early in the year, so it would be incorrect to assume that the patterns of the last few days would somehow be reflective of the currency’s coming weeks, though it’s never a good sign to see bitcoin so indecisive regarding its place on the financial ladder.

This is now the second major dip that bitcoin has experienced in recent days, with the first taking bitcoin down by roughly $7,000. Following that slip, the asset didn’t take much time to recover, so it’s certainly possible that bitcoin will follow suit after this fall, though now it’s a matter of waiting and watching.

Some industry experts are claiming that the recent price swings have to do with Wall Street’s sudden involvement in the crypto space. They claim that many Wall Street firms are beginning to fawn over companies and startups that are somehow involved in digital assets, though the fact remains that many of these firms understand little when it comes to crypto. They are getting involved simply because it’s the thing to do, and this is not giving the crypto space the real support it needs.

Michael Every, a global strategist at Rabobank, explained in a recent interview:

Wall Street just drools over the word ‘crypto’ any time it sees it without understanding any of this at all. It’s not a surprise Wall Street does so, as anything that shows an exponential price increase would get their interest.

In addition, many technical analysts are having a hard time predicting if bitcoin will fall further or potentially rise in the coming weeks. Only recently, they claim, did signs appear on many technical charts suggesting that bitcoin was being overbought.

Let’s Not Drop Below This Level…

Craig Erlam, senior market analyst at Oanda Europe, states:

While $35,000 may provide an interesting test, the only level that really matters is $30,000. A break of this could trigger a much sharper correction.

Tags: , , Source:


NEXT Chain: New Generation Blockchain With Eyes on the DeFi Industry




[Featured Content]

The cryptocurrency industry is booming throughout the past year, and the increase in the total market capitalization is definitive proof.

The market is, at the time of this writing, valued at about $1.5 trillion. The same can be said about the DeFi industry. The total value locked in various protocols exceeds $39 billion, and the direction has been up only for quite some time.

However, this has also brought certain inefficiencies in different solutions, including Ethereum. Transaction fees on the network surge as it’s clogged by new participants. This is the reason we’ve seen plenty of alternative solutions being developed to tackle these issues.

NEXT chain is a new-generation blockchain that allows the tokenization of various assets, making them instantly tradeable at quick speeds and low fees.

What is NEXT Chain?

NEXT Chain is a blockchain that allows anyone to create and maintain their own digital assets in a manner that’s easy and rather similar to the ERC20 protocol standard running on Ethereum. All assets are tradeable directly as the team’s aim is to deliver transparent liquidity to existing and new projects.

The capabilities of the network include but are not limited to:

  • Issuing digital fungible assets such as bonds, stocks, and other securities
  • Creating non-fungible tokens (NFTs)
  • Creating and managing sovereign and decentralized identities
  • Design and run other types of arbitrary-complex smart contracts

It’s also worth noting that the blockchain is up and running since April 2019. It already has almost 200 master nodes, and, as the team reports, it doesn’t have a single failed transaction.

Additionally, the team aims to deliver the most profit for its community by taking advantage of different financial activities while also putting real-backed assets on-chain such as company stocks or commodities like gold, for example. It will also be connected to a fiat gateway, so there’s no middleman if the user decides to swap to EUR or USD, for instance.

The team has implemented a combination of Proof of Work and Proo of Stake consensus algorithms with master node validators acting as a Layer 2 technology. This allows the network to achieve high transactional throughput, typical of PoS networks, while also keeping the PoW principles to guarantee that miners calculate hashes with strong encryption.

Some of the advantages of these integrations include low transaction fees, high speeds, and scalability.

What Are the Benefits for Projects and Investors?

Teams are incentivized to build on NEXT Chain through a variety of different mechanisms, mainly through the capabilities of the blockchain itself.

They can create assets quickly and easily and also take advantage of crowdfunding opportunities. The transactions are quick, and the fees are comparatively lower. The team reports that the blockchain can handle up to 10,000 transactions per second (TPS) which is considerably more than Bitcoin or Ethereum’s chains.

On the other hand, investors can benefit from liquidity farming, staking rewards, master node rewards, mining, as well as from master node governance.

The NEXT Exchange

Another important part of NEXT’s ecosystem is the NEXT Exchange. It’s built on the proprietary blockchain, and it’s fueled by master nodes that allow it to reach a very high transactional throughput.

Each user retains full custody over their funds and gains access to their own private keys. It’s also worth noting that the team is building an alternative to Uniswap and PancakeSwap as the leading decentralized exchanges on Ethereum and Binance Smart Chain, respectively.

In addition to that, there are other initiatives that the project has in store, such as:

  • New and updated desktop wallet
  • Upgraded block explorer
  • A mobile app
  • Integrating smart contracts on NEXT chain
  • Atomic swaps
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan

Continue Reading


This Bitcoin Metric Shows Just How Far Away The Top Could Be





Bitcoin price is still more than 10% away from the highs set last month, and bulls have been struggling to regain the powerful momentum they had on the way up. However, while price action is feigning signs of being exhausted, blockchain data shows that growth in actual Bitcoin adoption is still on a steady, parabolic incline and is nowhere close to peak levels historically.

According to a top cryptocurrency market researcher, this suggests the current uptrend has nowhere near concluded, and a new record in a key metric will be reached before it is all said and done.

Blockchain Data Shows When Retail Arrived, User Adoption In Action

As Bitcoin price action soars, the cryptocurrency making headlines and becoming the subject of water cooler talk and online chatter once again, has also lured new users to the technology en masse.


Technically, Bitcoin’s current uptrend has been the most powerful in its history, but fundamentally, as healthy as things are, it hasn’t reached the user growth rates seen at the last major peak.

bitcoin metric top Willy Woo

On-chain data shows user growth hasn't peaked yet, compared to last cycle | Source: glassnode

According to data shared from glassnode by crypto analyst and Bitcoin researcher Willy Woo, the 365-day net growth moving average of Bitcoin “entities” or users, hasn’t reached the same highs as 2017.

Until user adoption catches up with the former peak set back then, Woo says the top is still a far ways off.

Bitcoin Adoption Rate Suggests Trend Is “Just Warming Up”

Woo not only expects the current cycle to reach that previous growth rate, but exceed it. Which is why he claims the current “bull market is just warming up.”

Retail, as Woo points out as arriving in January, suggests the second-phase of the crypto market uptrend has begun according to Dow Theory. The public participation phase can last for some time, but eventually things get over extended and correct.

bitcoin metric top

How far does the leading cryptocurrency go from here? | Source: BTCUSD on

Before that happens, however, the leading cryptocurrency by market cap is expected to reach prices of $100,000 or more per coin. If price discovery has already taken each coin to a price of more than $50,000 each and the trend is just “warming up” as Woo claims, how far do things actually go?


No one knows for sure, but Woo’s user adoption metric could be a key tool in timing when to exit any positions in the cryptocurrency, or to consider the trend as changed and to start turning strategies toward shorting bounces instead of buying the dip.

Featured image from Deposit Photos, Charts from

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan

Continue Reading


Here’s the one thing CEOs of Ripple, Coinbase, and Square all agree on




Regulatory action against cryptocurrencies has always had an impact on markets, and that will be the case for the foreseeable future too.  Or, as MicroStrategy’s Michael Saylor puts it, over the next decade, “regulatory FUD,” would be the most “logical challenge” for investors in the crypto-community. 

With Bitcoin becoming more popular, officials have begun calling for global regulations to monitor the asset. This includes U.S Treasury Secretary Janet Yellen who thinks cryptocurrencies facilitate illicit financing. In fact, she wants to examine ways to curtail their use in order to prevent anti-money laundering through Bitcoin. 

Meanwhile, the United States’ Securities and Exchange Commission is also taking a strict approach. To date, it has not approved the many crypto-tracking ETFs proposed by investment firms, with New York-based fund manager VanEck applying for registration of its upcoming Bitcoin Trust with the SEC in December 2020. 

This was a month after VanEck listed a Bitcoin-focused exchange-traded note on Germany’s Deutsche Borse Xetra exchange.

Does this indicate that regions outside the USA have taken positive steps? For instance, the European Court of Justice (ECJ) mandates that citizens in E.U member states do not need to pay value-added tax for gains on crypto-investments. Across the region, government agencies in Swiss Cantons of Zug accept digital assets as a means of payment too. 

Post-Brexit, UK’s HM’s Treasury has proposed a detailed regulatory approach to digital assets and stablecoins for 2021. The British government wanted to “ensure its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers and stability.”

In fact, the U.K’s FCA recently detailed the nation’s approach to the Fintech sector, based on the recommendations of Ron Kalifa who urged authorities to set up a Digital Economy taskforce. In this report, Kalifa reasoned that the U.K could become a global center “for the issuance, clearing, settlement, trading, and exchange of crypto and digital assets.”

And yet, it remains to be seen whether the U.S Treasury Department will attempt to take similar steps. 

Ripple effect

The U.S has never been candid about regulating cryptocurrencies. At least, this is what heads of crypto-focused companies believe. In fact, Brad Garlinghouse, CEO of Ripple, even considered moving the company’s headquarters to London over the lack of clear regulations on cryptocurrencies in the United States.  

The CEO had previously called the state of U.S regulations on crypto “unfortunate.” He emphasized the lack of a single national regulatory framework, something that was putting U.S companies, such as Ripple itself, at a disadvantage. According to Garlinghouse, Ripple has been yearning for a “level playing field” 

Now, some argue that U.S regulators clarify their laws on a case-to-case basis. This could not be more true in the Ripple v. SEC case, which could result in a clear definition of cryptocurrencies, and whether XRP, in particular, is a security or not. 

While Ripple itself maintains that XRP is not a security, the lawsuit inspired SEC Commissioner Hester Pierce to claim that U.S federal agencies are not aligned in their views, stating,  

“…We have this very open-ended category called an ‘investment contract…So something might be characterized as one thing by another agency, yet still be a security under our rules, and that can be frustrating for people.”

She added,

“That’s why I have called for more clarity, because I actually think it can be difficult to determine whether something fits within the security bucket or not, and we could do more to provide some guideposts for what that would be.”

In a nutshell, Ripple executives claim that XRP does not meet the Howey test, as opposed to the SEC’s allegations that it does and is, therefore, a security. Ripple claims that it does not enter into investment contracts with XRP buyers, who apparently do not receive the company’s revenues. In fact, the laws of the U.K, Singapore, and Japan, deem XRP as a currency.

Coinbase’s dilemma

Crypto-firms have their own separate demands from regulators, with Coinbase also coming to the fore. The leading exchange, which is registered as a Money Services Business with the FinCEN, recently published a “transparency report.” This showed 1,914 “legitimate government” requests it received in 2020 that mainly came in the form of subpoenas and sometimes included search warrants and court orders. Agencies in the U.S alone sent a bulk of it with 1,113 requests or 60% of the total. 

Although, the Coinbase team noted that the exchange had an “obligation to respond” since the requests were “valid under financial regulations and other applicable laws,” the exchange made an interesting statement in this regard and said, 

“Yet we do not hesitate to push back where appropriate, even when it is inconvenient or costly to do so.” 

On 5 January 2021, Coinbase submitted “formal comments” to U.S Treasury’s FINCEN that highlighted their concerns about new regulations on user-controlled wallets proposed right before the new year began. Citing it as “unreasonable proposed crypto regulations,” Coinbase alleged that Treasury’s proposed rule would have a significant impact on users’ privacy.

With Coinbase going public soon, regulators may call for more scrutiny, keeping such companies in mind. This could initiate standards for crypto-exchanges such as collecting and reporting data, which, in turn, could lead to imposing taxes. However, Coinbase seems to welcome at least some regulations as it said in its IPO prospectus, 

If the world economy ran on a common set of standards, that could not be manipulated by any company or country, the world would be a more fair and free place, and human progress would accelerate.

A cause for unnecessary friction?

Meanwhile, FINCEN’s proposals have influenced another prominent voice in the crypto-economy, Jack Dorsey, to state his rather unhappy views. The CEO of Square and Twitter believes that upon enacting the rule, his firm would face unnecessary friction from investors. He argued, 

“The burdensome information collection and reporting requirements [from Treasury] deprive US companies like Square of the chance to compete on a level playing field to enable cryptocurrency as a tool of economic empowerment.”

“Delays in modernizing old regulations, or issuance of new regulations that are not risk-based […] creates a drag on innovation, economic growth, and American competitiveness. “

Dorsey also alleged that the proposal would diminish FinCEN’s responsibility to protect the financial system. However, according to him, FinCEN “has an opportunity to lead” with regulations that “support American-grown innovation.”

Even Argo Blockchain PLC, a mining company has similar expectations. Peter Wall, CEO of the mining firm that is up 1,400% in the past year, said,

“Like any sector, there will be a dance with regulators, a push-and-pull. We think some guardrails are good.”

What next?

Ergo, it wouldn’t be surprising if “tensions between innovation and regulations” persist, as noted by former Chairman of the Commodity Futures Trading Commission Timothy Massad who said,

“The basic, overarching issue is that digital asset innovation has outpaced our regulatory framework…Regulation won’t stop innovation…unless it’s done badly.”

Meanwhile, the outlook for regulations in the U.S remains uncertain, but perhaps a light-handed approach could provide companies the reassurances they seek. Such an environment may even attract more institutional investors and benefit the overall market.

Sign Up For Our Newsletter

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan

Continue Reading
Blockchain5 days ago

MicroStrategy Adds More Than $1 Billion in BTC to Its Asset Stash

Blockchain5 days ago

DEX aggregator 1inch expands to Binance Smart Chain

Blockchain5 days ago

Cardano (ADA) Adds Glow to its List of Development Languages

Blockchain5 days ago

Mask Network is About to Airdrop $30 Million Worth of Tokens 

Blockchain5 days ago

Coinbase Hints Token Issuance, While ADA Goes Up (Feb. 27, 2021)

Blockchain4 days ago

Dubai Crypto Funds Backing Helps Cardano (ADA) Unsettle Binance Coin (BNB) As The Third Largest Crypto

Blockchain5 days ago

Veteran Analyst Explains Why is Bearish on Bitcoin Right Now, Says $100K ‘Years Away’

Blockchain5 days ago

This was avoidable – The lost Bitcoin fortunes

Blockchain5 days ago

Bitcoin Bull Run is Far From Over as FOMO Hasn’t Set in Yet, Analysis Suggests

Blockchain4 days ago

Grayscale eyes alts such as Cardano, Aave, Chainlink for new investment products

Blockchain4 days ago

Crypto can be lucrative, but make sure you’re ready for the taxman

Blockchain4 days ago

Large Swiss Bank To Offer Crypto Trading to Customers

Blockchain5 days ago

Komodo’s AtomicDEX stress test proves success as a scalability solution

Blockchain4 days ago

US SEC releases framework for future crypto regulations.

Blockchain4 days ago

Binance to Support Cardano (ADA) Upgrade and Hard Fork

Blockchain5 days ago

Why Is Cardano Pumping While Other Cryptocurrencies Are Slumping?

Blockchain4 days ago

Why Are Blockchain Oracles the Life-Blood of Smart Contracts?

Blockchain5 days ago

Polkadot price prediction: DOT to decline to $25

Blockchain5 days ago

Here’s how IOHK’s glow will simplify smart contract writing for Cardano

Blockchain5 days ago

Will Chainlink find enough momentum for a recovery run?

Blockchain11 hours ago

Ethereum’s Top 10 Whale Addresses Add 1 Million ETH In A Day, Evolve Files for Ether ETF

Blockchain4 days ago

Ethereum Update: ‘Berlin’ Hard Fork, EIP-1559, ETH 2.0 Beacon Chain, First ETH ETF

Blockchain5 days ago

‘Bitcoin could reach $1 million or $1, and may do both of those’

Blockchain5 days ago

CFN Enterprises Inc. Launches Cannabis News Series to Broadcast on Bloomberg, Newsmax & Fox Business

Blockchain5 days ago

‘UK could become a global leader for issuance, trading and exchange of crypto’

Blockchain4 days ago

Bitcoin Witnesses 10% Tumble As Market Crash Intensifies

Blockchain5 days ago

Coin Bureau: How to Avoid Getting Burned in Altcoin Market

Blockchain4 days ago

Will the EU Class Spot FX Contracts Under Market Abuse Regulation?

Blockchain5 days ago

Market Roundup: Bitcoin Bearish Run Still Holding Firm

Blockchain5 days ago

Blockchain and crypto will challenge current finance, Nigeria VP says

Blockchain4 days ago

Explaining Binance Coin’s (BNB) Surge Past DOT, XRP, and Litecoin

Blockchain21 hours ago

Alt Season 2.0: Analyst Claims It’s “Showtime” For Ethereum

Blockchain12 hours ago

SEC Chair Nominee Gary Gensler Calls Bitcoin (BTC) “A Catalyst for Change”, Is Bitcoin ETF Coming Soon?

Blockchain5 days ago

Investing in the New Memeconomy: How Meme Stocks Work

Blockchain14 hours ago

Rarest Pepe — ‘most important NFT in art history’ — sells for 205 ETH

Blockchain20 hours ago

Multiple assets can ‘behave like ADA’ through Cardano’s Mary upgrade

Blockchain18 hours ago

Mainnet launch and NFT sale lift Aavegotchi (GHST) to a new all-time high

Blockchain13 hours ago

Bitcoin Price Forecast: BTC elevation to $52,000 catches momentum

Blockchain4 days ago

Ripple Woes Hit Our Bottom Line, Says Moneygram CFO