Crypto Brief Jan.22: Bitcoin is targeted to break above $ 10k plus Bitfinex, Binance, Huobi, GBTC, Tron
From potential to break the important psychological level of Bitcoin to Bitfinex added a new feature to create up to 100 accounts in one main account. These are some of the prominent news in the crypto space.
The bitcoin bulls could witness significant gains as one of the weekly MACD indicators is about to turn green.
In February 2019, when the weekly MACD turned bullish, BTC surprised investors with an impressive increase to an annual high of nearly $ 14000.
According to trader YORK780, the indicator turned green after buyers entered to protect the support at $ 8,600. This small green bar could mean that Bitcoin is ready for another rally.
$BTC MACD 1W flipping green for the first time since $3772.
Is this gentlemen? pic.twitter.com/WeCuPDHlbA
— YORK780 (@YORK780) January 21, 2020
However, it is worth noting that there are four more days this week. With the unprecedented level of volatility that BTC tends to show, another market turnover should not be excluded.
A case for Bitcoin price breaks above $ 12500
Bitcoin has established itself in the range of $ 7,600- $ 9,000 and is gradually regaining momentum. Trader Filbfilb confirmed that we would see BTC break above $ 12,500 before the upcoming halving event.
Filbfilb discusses the possibility of establishing a bullish head and shoulders pattern that appears on the Bitcoin chart. He predicted the top target for this pattern could cross the $ 12,500 mark after falling to the 20-week moving average.
However, he mentioned that the new highs would mainly depend on the moving averages of 20 and 50, providing solid support.
Binance has invested an undisclosed amount in Taiwan’s blockchain startup Numbers. The Numbers team has developed a fully open-source application that assures data traceability and digital evidence, thus allowing individuals to own and monetize their personal data.
The investment from Binance will help Numbers explore more use cases and expand business and technology development efforts, said Bofu Chen, Numbers co-founder and CTO.
#Binance Announces Investment in Open Data Framework @numbersprotocol
The Numbers team has developed a fully open-source application that assures data traceability and digital evidence, thus allowing individuals to own and monetize their personal data.https://t.co/25tIVf7U7s
— Binance (@binance) January 22, 2020
Bitfinex has added a new feature on the platform, allowing institutional traders to create up to 100 accounts in one main account.
?Bitfinex Introduces Sub-Account Feature
Whether you are already testing multiple trading strategies or just thinking to start, the new Master and Sub-account feature is what you need to trade like a Pro!
Discover all the advantages https://t.co/dDLBL1cocH pic.twitter.com/OcKYlL0xz7
— Bitfinex (@bitfinex) January 20, 2020
The sub-account feature has been activated due to growing organizational demand and will allow users to deploy different trading strategies at the same time, Bitfinex said.
The new feature will also give users a discount on transaction fees, as the exchange will use the combined trading volume of all linked accounts, the exchange added. Notably, this feature is not available to US residents because they are not authorized to use Bitfinex.
Tron CEO Justin Sun tweeted that he had lunch with Steve Wozniak, the legendary investor and entrepreneur who founded Apple together with Steve Jobs.
Woz himself spread the word about this lunch two days ago. It took place in a restaurant in Cupertino, California, US.
It was an honor meeting the legendary Woz, @Apple co-founder! Looking forward to our partnership! https://t.co/Y1faA9UCcy
— Justin Sun (@justinsuntron) January 22, 2020
Grayscale’s GBTC draws attention to the relatively large gap between stock prices and Bitcoin spot prices. Narrowing the gap can become a signal for BTC development in the future, as the stock price is currently converging with BTC positions.
Currently, there is still a small gap, which shows that GBTC buyers are not willing to pay more for the stock. Bitcoin analyst Timothy Peterson believes that this gap has a historical record of closing, so the current situation shows a price movement on both sides.
This gap in $GBTC vs. $BTC must close. Either $GBTC up or #bitcoin down. @GrayscaleBTC pic.twitter.com/uelpbJfWnX
— Timothy Peterson (@nsquaredcrypto) January 20, 2020
Huobi is launching its first licensed digital asset broker, Huobi Brokerage.
Huobi is the fifth-largest cryptocurrency exchange by daily trading volume as of the time of writing. It will now provide brokerage services to its institutional clients in an announcement at the annual World Economic Forum in Davos.
Huobi Brokerage provides simultaneous access to other OTC exchanges and desks via smart ordering routing. This is the first product to be launched as Global Institutional Business (GIB), a service-focused division founded by Huobi in November 2019.
According to the announcement, Huobi Brokerage will initially support a total of six cryptocurrencies and stablecoins for block trades upon launch,
The stablecoins include USDT, PAX, TUSD, USDC and also the stablecoins of Huobi, HUSD.
Meanwhile, other major cryptocurrencies, including ETH, XRP, BCH, EOS, and LTC, are expected to be available on Huobi Brokerage by the end of January 2020.
Uzbekistan is about crypto tax exemptions
Uzbekistan has legalized cryptocurrency trading and introduced licensing for cryptocurrency exchanges with a decree signed by President Shavkat Mirziyoyev in the fall of 2018. An earlier decree issued by the President that summer laid the legal basis for related activities to develop the country’s digital economy.
Uzbekistan is currently preparing to exempt income tax for cryptocurrency operations. A draft containing terms for this was published last week for public discussion.
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