Crypto Brief Jan.20: Bitcoin may drop to $ 4000 after halving plus Ethereum, Cardano, Tron, Argo, Bitcoin Cash, EOS, Tezos

By Emma On Jan 20, 2020

From predictions about Bitcoin price drop to Mecon Cash has integrated BCH into the M.Pay payment platform. These are some of the prominent news in the crypto space.

Bitcoin News

If the 7% drop in Bitcoin on January 19 is not enough to disappoint the bulls, there is still another chart that could cause them to postpone buying Lambo this year.

Trader NebraskanGooner has found that Bitcoin’s current price action is similar to the 2014 bear market, in which BTC plunged from $ 931 to $ 310 within a year.

#bitcoin

Interesting to see how price action has developed over the last few months when compared to the start of the 2014 bear market. https://t.co/pyT7DOxRYs pic.twitter.com/vyibnL1F7g

— NebraskanGooner? (@nebraskangooner) January 20, 2020

If Bitcoin followed the same pattern this year, the price could drop below $ 4,000 in November, which could be a big slap in the face for those who believe the upcoming halving event could potentially push the BTC price to new ATH levels.

The scenario for a significant pullback in the short term

Since the end of last month, the price of bitcoin has increased from $ 6,410 to $ 9,200. It achieved a 42% rally in 33 days, recording a large short-term rally that it hasn’t seen since October 2018.

The price of bitcoin is in a critical moment. Depending on how it works over the next ten days, its performance over the next few months can be decided.

If the Bitcoin price fails to recover beyond $ 9,500 until the end of the month and $ 9,200 acts as a short-term peak, it is likely to endure a retreat in February.

Bitcoin Fear and Greed index is at “neutral” 53.
Last time it was at such a neutral state at the beginning of November 2019. Just sayin’.$BTC $BTCUSD #bitcoin pic.twitter.com/ks5aSRK5Te

— CryptoHamster (@CryptoHamsterIO) January 20, 2020

Traders should be worried if Bitcoin hits this level

Analyst Josh Rager says a natural correction is warranted after Bitcoin’s strong start to the year.

Bitcoin began the month at $7,225, and Rager now expects Bitcoin to continue to correct and land at around $8,000 before resuming its uptrend. But if BTC drops down to $7,700, he says traders will have good reason to be concerned.

$BTC pullbacks should be expected

The important thing to keep an eye on is the market structure and the trend change

Price would likely bounce at low $8ks

Unless price made its way down past $7700, I wouldn’t worry

— Josh Rager ? (@Josh_Rager) January 19, 2020

BTC is heading to $100,000

Crypto analyst Nicholas Merten says Bitcoin and the altcoin markets are just getting started. Merten believed Bitcoin will hit $100,000 in its next cycle and will increasingly get exposure in the mainstream as it breaks through its previous all-time high of just over $20,000.

Bitcoin is the most popular cryptocurrency for payments

2gether recently published a report on users’ cryptocurrency spending behavior, including an analysis of how they spend assets like Bitcoin. The report analyzed the data of 2 users from April to December 2019, with a sample set of more than 10,000 users from 19 countries.

According to the report, 31% of cryptocurrency users were sampled between the ages of 36 and 45, with 25% of surveyed users aged between 26 and 35. 23% of the users were female and nearly 16% of 2gether users were lawyers, accountants or economists. Surprisingly, 11.2% of users were students and only 8% of users were computer scientists.

Whales transferred BTC

Whale Alert today reported that 15,000 BTC was transferred from OKEx to unknown wallets. Many users think this action is very suspicious and raises the question that is OKEx exitscamminv?

Source: Twitter

Cardano News

Cardano is arguably one of the most innovative blockchains in the cryptocurrency industry today. When entering the Shelley phase, there will be a proof-of-stake (PoS) algorithm change to Ouroborus’s BFT consensus implementation.

OBFT is billed as the first PoS protocol to match the security provided by Proof-of-work (PoW) protocols. In a recent AMA session, Charles Hoskinson, CEO of IOHK, revealed that the Cardano ecosystem is promoting an OBFT hard fork in mid-February. Hoskinson said that the company negotiated with its exchange partners to ensure that the necessary infrastructure was lined up for hard forks.

Tron News

TRX mortgage lending platform is available for public test on TRON’s Nile Testnet. The core functionality allows users to obtain USD-like stablecoin by mortgage TRX without trading TRX directly for USDT.

#TRX mortgage lending platform is available for public test on #TRON’s Nile Testnet. The core functionality allows users to obtain USD-like stablecoin by mortgage $TRX without trading TRX directly for #USDT in their hands. More details & guides?https://t.co/bYvnYq7Sdy

— Justin Sun (@justinsuntron) January 20, 2020

Ethereum News

Mythos Capital founder Ryan Sean Adams outlined a case where Ethereum market capitalization reached trillion dollars. And that’s all about decentralized finance (DeFi).

DeFi refers to decentralized applications or platforms that allow investors to engage in traditional financial services using Ethereum as collateral.

Users can receive loans, derivative transactions, payments and more in a peer-to-peer manner without the need for centralized entities.

The trillion dollar case for ETH

A bullish case for ETH as economic bandwidth powering a trustless economyhttps://t.co/fbzClLCAVi @0x_Lucas crushed it on this thought experiment

Thread:

— Ryan Sean Adams – rsa.eth (@RyanSAdams) January 16, 2020

Argo News

Argo Blockchain said it lost 10x revenue in 2019 compared to the previous year.

Argo said that in its first year of operation, it generated £ 8.5 million (more than $ 11 million) in revenue, compared to £ 760,000 ($ 985,720) in 2018, according to a press release posted on the London Stock Exchange website.

The company is listed on the London Stock Exchange Main Market in August 2018. The figures have not been checked, with the company expected to file audited earnings in April.

According to the announcement, in Q4 2019, Argo had mined 432 BTC – compared to 426 BTC in Q3. However, the last quarter saw revenue fall to £ 2.66 million from £ 3.63 million in Q3.

Bitcoin Cash News

South Korean crypto company Mecon Cash has integrated BCH into the M.Pay payment platform following a partnership agreement with Bitcoin.com. BCH can now be used to withdraw Korean won through M.Pay in over 13,000 ATMs in South Korea. Mecon Cash, meanwhile, ensures that BCH users in Korea can always conduct small and emergency transactions wherever they do not directly accept cryptocurrencies.

EOS News

Some users are having issues with EOS transactions getting reverted even though executed. This causes problems especially with deposits and withdrawals from exchanges.

Some users are having issues with EOS transactions getting reverted even though executed. This causes problems especially with deposits and withdrawals from exchanges.

中文版: https://t.co/KP9SVIP7Wv https://t.co/6czNsmNTDJ

— EOS Go (@go_eos) January 20, 2020

KuCoin News

KuCoin has enabled margin trading for Cardano, Cosmos, Tron, Bitcoin Cash and Bitcoin SV. Both USDT and BTC markets are available as of January 19.

KuCoin has enabled margin trading for Cardano $ADA, Cosmos $ATOM, Tron $TRX, Bitcoin Cash $BCH and Bitcoin SV $BSV. Both $USDT and $BTC markets are available as of January 19. KuCoin has introduced margin trading on its platform in October 2019.https://t.co/QDG6ypQiot pic.twitter.com/4kaBnFgtqb

— ICO Analytics (@ICO_Analytics) January 20, 2020

Tezos News

The Tezos Foundation announced the release of a faucet for the Tezos mainnet, one that allows developers and users to request XTZ tokens for development and testing purposes. The faucet will release 0.01 XTZ every 10 seconds, with the addresses registered added to a queue with a maximum length of 10.

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