Crypto Brief Jan.14: Bitcoin may soon pullback from $ 8500 plus Ethereum, Ripple, EOS, Litecoin, USDT, Zcash, Kraken

From predictions about Bitcoin’s potential pullback to Travala integrated USDT. These are some of the prominent news in the crypto space.

Crypto Brief Jan. 14

Bitcoin News

Today, Bitcoin witnessed buyers making a decision, pushing BTC to a high of $ 8580 set for a few minutes before reversing to $ 8510 at the time of writing.

While this move has pushed Bitcoin above the critical resistance of $ 8,400, analysts are concerned that a pullback may soon occur.

Trader CryptoISO noted that BitMEX’s sponsorship rate had gone deep into positive territory, with long position holders currently paying a relatively large fee for short position holders.

Former Wall Street analyst Tone Vays said in a recent YouTube video that the negative sponsorship ratio in the BTC market made him worried about potential pullbacks.

Recent movements have seen BTC approach both horizontal and diagonal resistance around the range of $ 8,400 to $ 8,600.

BTC is currently on some major resistance levels that have constrained price action over the past few months. However, Bitcoin’s price is still below some levels, and it takes time for it to convert these resistance levels into support.

Moreover, Trader Cryptoroulette has noticed a liquidation of $ 38 million in shorts on BitMEX and thinks that the price may soon undergo a pullback.

Although the price reversal to normalize the inevitable sentiment, Bitcoin can still increase before the potential pullback occurs.

Trader Cold Blooded Shiller noted that this latest move has allowed Bitcoin to exit the pennant chart model decisively. This breakout shows that BTC will increase another 3% in the coming days at $ 8,800 in the best case.

Joe McCann agrees with the bullish view. He noticed that with BTC breaking upon an ascending triangle and with the two major moving averages completing a bullish cross, the price could turn to $ 8,800.

Another analyst also caught up with the price action, saying the recent spike is the precursor to a stronger move.

The Bitazu Capital partner, Mohit Sorout, noted that BTC had broken two major trend resistance levels that have been holding back price action for the past seven months.
Not to mention, the RSI and OBV one day broke the similar downtrends, indicating that there are more upward trends.

Murad Mahmudov, CIO of Adaptive Capital, said that the cryptocurrency market is about to enter a bull phase. He drew attention to the textbook chart that applies to any financial market, including cryptocurrencies. It shows trends in asset volume, OI, and price, signaling the future trajectory of assets.

Bitcoin, over the past few weeks, has seen prices, volumes, and OI rise at the same time, showing no signs of weakness. This means the cryptocurrency market is on track to enter a formidable uptrend for the first time in months.

CME Bitcoin options trade $2.3M in debut

Bitcoin Futures futures options from the CME Group saw volumes over $ 2.3 million on the first day of the product’s public trading, according to data from the exchange’s official website.

The enemy exchange witnessed 55 contracts of changing owners. Each contract corresponds to 5 BTC, meaning that at the current price, 55 contracts are worth $ 2.34 million.

Crypto Brief Jan. 14 BTC 2

Source:  CME Group

ZCash News

Zcash is one of the first altcoins designed with some of Bitcoin’s basic cryptocurrency features, but with plugins to make it appealing to another group of users who are particularly concerned about privacy.

Like Bitcoin, Zcash only has a fixed supply of 21 million ZEC and also uses proof-of-work algorithms to keep the network safe.

According to the theory of a cryptocurrency analyst, each time Zcash experiences a breakout and rally from each new low, Zcash miners are dumping to maintain enough revenue for the fund’s operations. The analyst said that each new major rally ended abruptly, retreated, and altcoin set a new low.

Kraken News

Kraken Futures has hired the first Russian representative to boost operations in the world’s largest country.

Crypto Facilities, a regulated future provider, was acquired by Kraken last year, hired Andreassey Bragin last month, and is currently intending to expand its presence in Russia.

The London-based subsidiary currently offers bitcoin, ether, bitcoin, Litecoin, and XRP futures contracts and records about $ 17 million in daily volume for Bitcoin futures alone.

Meanwhile, FMZQuant has added Kraken Futures to its quant trading platform. 

Ripple News

Payment giant American Express, one of many Ripple’s partners, has applied for operations in China. American Express wishes to receive a license from the Central Bank of China (PBOC) to bring Ripple’s technology to this large market.

The Chinese central bank has accepted an application from American Express for review but has not published any specific time.

USDT News

USDT is now integrated into the payment system of Travala, the cryptocurrency-friendly hotel reservation giant.

Travala said that USDT is currently a valid form of payment, available for payment on the extensive presence of Travala.com in 230 countries and territories.

In addition to Tether, Travala also accepts payments in Bitcoin, Ethereum, XRP, Litecoin, Binance Coin, Bitcoin Cash, Stellar, and Cardano, as well as its own coin, AVA.

Ethereum, EOS and Litecoin News

Major cryptocurrencies like EOS, Litecoin, and Ethereum have recovered quite strongly against the USD since the first weekend of January. However, the price chart of the three assets against BTC tells a different story.

Since January 2019, Ethereum has dropped about 57% against BTC. Litecoin has fallen 45% in the same period compared to BTC, and EOS has dropped 47% compared to BTC since the beginning of last year.

Crypto Brief Jan. 14 ETH

Source: Trading View

While EOS, Litecoin, and Ethereum have appreciated against the USD in the past week, they have also been significantly oversold. For example, Ethereum hovered at $ 200 in November 2019, less than two months ago. Since then, it has fallen 40% to $ 115.

Major crypto assets are overdue to see some recovery or recovery from low support. Historical data indicates that it is too early to determine that altseason is starting, and with most assets significantly depreciating against BTC, It is also difficult to see if their recent price hike is large enough to position the market for a potential bull run.

Other News

Visa acquired Plaid

Visa acquired financial technology company Plaid for $ 5.3 billion, according to a press release published on January 13.

Plaid has developed a network that allows users to easily connect their financial accounts to the applications they use to manage their financial lives.

The notice states that 75% of internet-enabled consumers worldwide have used fintech applications to transfer money. As a result, this has become increasingly important to enable fintech applications to be used by consumers.

Dixintong Technology Group entered the blockchain space

Dixintong Technology Group, a subsidiary of China’s largest smartphone retailer D.Phone,
participated in the blockchain space by buying a minority stake in an American startup, Monsoon Blockchain.

The purchase agreement was signed on January 7, but no terms have been disclosed.
However, according to some sources familiar with the matter, the deal valued the startup at more than $ 100 million.

The cooperation between the two companies took place at a time when China was encouraging enterprise blockchain application as well as developing emerging technologies.

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