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Bitcoin price (BTC) kicked off 2020 with an incredible 37% gain in the month of January. Aside from that, support was found at $8,200 earlier this week. This support test resulted in a continuation of the upward momentum, leading the price towards $9,500. Is the price of Bitcoin ready to face $10,000?
It is February 1 and bitcoin is up by a modest 0.52 percent. The benchmark cryptocurrency left an impressive month behind in January, returning 30.27 percent in profits against an otherwise gloomy global market outlook. The wild move upside marked bitcoin’s best January close in seven years, convincing traders that the gains could grow further heading into February.
Bitcoin has been doing quite well as of late. Over the past month, it has entered and stayed within bearish territory, and it’s currently trading for approximately $9,300. Analysts are suggesting that bitcoin is above the “upper-band limit of the GTI Vera Band Indicator.” This has happened twice already over the past year, and a correction immediately followed each time. Thus, could bitcoin potentially fall back a few steps?
They also use the following classic economist joke to illustrate their point: "Two economists walking down the street see a $20 bill lying on the sidewalk. The first economist says, ‘Look at that $20 bill.’ The second says, ‘That can't really be a $20 bill lying there, because if it were, someone would have picked it up already.’ So they walk on, leaving the $20 bill undisturbed.”
After three and a half years of a deadlock, the Britain-Brexit breakup is official. The UK officially left the European Union at 11 pm on Friday, January 31, 2020, making it the first member state to ever depart from the bloc. While this political separation is a huge feat for the UK, it raises so many questions about the economy of the country post-Brexit. In particular, the UK has departed without a deal which is likely to reduce investors’ confidence in the pound. As such, these investors will be looking to hedge their depreciating currency with non-correlated assets like bitcoin.
Historical precedent suggests an NFC Super Bowl victory is better for the stock market than an AFC win. That’s even more crucial this year as the San Francisco 49ers (NFC) face off against the Kansas City Chiefs (AFC). After a volatile week on Wall Street, some NFL fun is just what the doctor ordered.
“We can use this recent low that we’ve seen back in December that connects back to December 2018 as kind of now redefining the parabolic advance that could be in the process of developing now. And that has implications. I don’t want to get too far ahead of myself because I can make an argument here that I’m not sure really can be made yet – that we’re going a lot higher than $100,000, and it won’t be until 2021.”
It is important to note that although many altcoins have been able to post notable gains over the past several days and weeks, Bitcoin still has significant dominance over the aggregated market, suggesting that it will have to cede some of this control in order for altcoins to incur any notable upside in 2020. BTC’s dominance does, however, appear to be at a critical level, and which direction it goes next could provide insight into where the altcoin market in general is heading next.
Twitter user Meni Rosenfeld tweeted, “It has been one year since BCH split off from Bitcoin, and it is now clear that it has failed to gain traction as ‘the’ Bitcoin.” Rosenfeld added, “It was given its chance but now it should cease confusing the market with the inappropriate name ‘Bitcoin Cash.'” Buterin responded:
The rise of bitcoin and its increasing popularity along with its ability to dominate the cryptocurrency world has led to a barrage of altcoins. Among these King Coin aspirants, recent debates have revolved around the role of stablecoins and CBDCs regarding their pitfalls and innovations that they bring to the table. While bitcoin provided a counter-narrative to traditional finance and currency usage, altcoins have tried to make improvements to various aspects of bitcoin. Some altcoins focus on privacy while others on better scalability and larger transaction speeds.
Of the 106 survey participants – drawn from the worlds of venture capital investing, financial services, and segments of the digital asset ecosystem – 82 respondents or 77.4% said "no" when asked: "does a bitcoin ETF pass in the US in 2020?" Twenty-four responders, or 22.6 percent of the survey pool, said yes.
Microsoft recently released the first full version of its chromium-based browser Microsoft Edge with several design improvements. For example, it brings new security features to protect users from automatically downloading unwanted apps, such as adware and other malicious programs that harm a user’s PC. Aware of “the increasing threat of cryptocurrency miners,” the new Microsoft browser has been designed to block this type of malicious scripts.
Bitcoin (BTC) was the best performing asset of the decade according to a recent report by Cointelegraph and earlier this week Morgan Creek Capital CEO, Mark Yusko, said that every investment portfolio should have a minimum 1% Bitcoin allocation. Yusko made the comments during an interview with Max Keiser on the Keiser Report, published on Jan. 30. Keiser also noted that portfolios with a 1% allocation to Bitcoin have also outperformed nearly all other investments of the past five years.