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Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

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Bitcoin has a way of surprising people. This week was no exception. A few days ago, almost everyone believed that the cryptocurrency is inevitably headed to a new all-time high. And how could they not? BTC was trading at a few hundred USD below the record from back in 2017. Unfortunately, things took a turn for the worst.

Yesterday was undoubtedly a bad day for bitcoin as it plunged a total of around $3,000 in less than 24 hours. From a high of about $19,500 down to $16,200, the bears poked and showed their faces. The entire market lost around $80 billion of its capitalization as altcoins actually had it worst.

During the market dive, Bitcoin’s dominance actually increased, showing that not only altcoins failed to hold their ground, but they dropped harder than BTC. Since then, there has been a slight recovery and at the time of this writing, the primary cryptocurrency is trading at around $17,000.

The move was seemingly propelled by the news that US regulators might seek to require identity verification from crypto wallet providers. Coinbase’s CEO, Brian Armstrong, commented on the matter, expressing his worries that if the new rules are implemented, they would be rather harmful to the users and the industry, in general.

At the same time, the popular cryptocurrency exchange OKEx opened withdrawals for the first time since they were shut down around a month ago, which might have prompted users to cash out the profits that they have been sitting on. In fact, CryptoPotato reported that around $500 million were withdrawn from the exchange as the crash started to take place.

In any case, the results are here, and it remains particularly interesting to see where will bitcoin go from here.

Market Data

Market Cap: $512B | 24H Vol: 181B | BTC Dominance: 62%

BTC: $17,132 (-7.98%) | ETH: $516.86 (+1.71%) | XRP: $0.56 (+74.08%)

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternative. Data shows that users withdrew a total of 29,300 BTC from the popular cryptocurrency exchange OKEx right after it resumed full functionality. This happened just as bitcoin plunged $3,000 in a matter of 24 hours. The exchange also resumed the withdrawals a day earlier than announced and during the Chinese trading hours.

Bitcoin Black Friday 2020: The Sales You Better Not Miss. It’s the end of November, and with this comes the long-anticipated shopping season. For many, this is a time to enjoy massive sales. We’ve taken the liberty of listing a few sales within the cryptocurrency field that aficionados might find interesting.

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version. Libra, Facebook’s long-awaited cryptocurrency project, might be set to launch in early 2021. However, the version that’s potentially hitting the market is scaled-down and specifically intended to abide by the regulations of Switzerland’s FINMA.

Research Suggests Satoshi Nakamoto Launched Bitcoin From London. New research shows that activities associated with Satoshi Nakamoto from 2008 and 2010 might have taken place in London when Bitcoin’s network went live. This brings the experts a step closer to identifying who’s behind the legendary pseudonym.

6 Possible Reasons For Bitcoin’s $3,000 Daily Price Crash. Bitcoin went through a massive crash two days ago when it lost around $3,000 of its value in a sudden red candle. These are six reasons for which this may have happened and a brief outline of what might be next to come.

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration. Brian Armstrong, the CEO of the leading US-based cryptocurrency exchange Coinabse, has said that he’s worried about the rumored regulations concerning third-party wallet providers having to identify their users. He said that this might harm users and the entire ecosystem.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Stellar Lumens – click here for the full price analysis.

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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.

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Source: https://cryptopotato.com/bitcoin-temporary-correction-or-no-ath-this-year-the-crypto-weekly-market-update/

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Optimism ‘Soft Launches’ Ethereum Throughput Solution With DeFi’s Synthetix

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Optimism has “soft launched” its solution to Ethereum’s transaction problem, the Optimistic Virtual Machine (OVM).

The startup announced Friday that OVM is now live, at a time when gas fees have reached near all-time highs for decentralized finance (DeFi) traders. Indeed, the cost to send a single Ethereum transaction has hovered in the low single-digit dollars for the last month – a bit steep for the “internet of money.”

First on the docket is DeFi exchange Synthetix, which has been working on an integration for some weeks now. The platform allows traders to exchange Ethereum-based synthetic contracts of real-world assets including oil futures.

The transition will roll out in four phases to limit risk to the platform, Synthetix co-founder Kain Warwick wrote in a Jan. 14 blog post. Staking the platform’s native token, SNX, is now possible on OVM, the team said.

“We have opted for initiating the transition with the absolute minimum risk to [layer one], and then adding functionality over the course of the next few months as we build confidence in [Optimistic Ethereum],” Warwick wrote.

Optimism, formerly known as Plasma Group, has pioneered one implementation of what are known as Optimistic Rollups (ORs). ORs – or other rollup variants such as ZK-Rollups – are layer two solutions that act as throughput boosters for blockchains. (These are not dissimilar in a general sense from Bitcoin’s Lightning Network.)

A rollup allows a blockchain to settle more transactions across the whole network by sending transactions off-chain, validating them and then settling the lump value on the main Ethereum blockchain. Most dapps have a rollup solution on the agenda.

In conjunction with other technical solutions, the expectation is Ethereum will be able to execute and settle about 100,000 transactions per second (TPS) with rollups.

Source: https://www.coindesk.com/optimism-soft-launches-ethereum-throughput-solution-with-defis-synthetix

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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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