Blockchain technology won't last long

What's new? Bitcoin price to reach $60,000 in 2018, Satoshi Nakamoto’s real identity is probably known, Mastercard invests in blockchain, George Friedman thinks the blockchain’s days are numbered, EOS and its multiple problems & other news.

  • Philip Nunn remains confident in his January prediction. At the beginning of the year, he set the target for Bitcoin to reach $60,000 by the year's end. Now he's sure that nothing has changed fundamentally.
  • A tech journalist tried to get a response from NSA about Satoshi Nakamoto's real identity. But the request was rejected. However, there's a possibility that NSA has that information.
  • MasterCard has high hopes for blockchain technology. They started hiring blockchain developers and experts to open a new department, even testing Ripple. Visa is also on the same path.
  • George Friedman, a geopolitical forecaster, has an opinion that blockchain technology won't last long. He explains that every encryption technology was cracked in the end, by the USA, China or Russia.
  • Two years have passed since the DAO hack, according to Vlad Zamfir. This hack split Ethereum community and created Ethereum Classic fork, in an attempt to keep the chain immutable.
  • EOS has more and more problems since its launch. The ambitious project has provoked heated debates in the crypto community, about whether it's normal or not for a 4 billion dollar project to stop running after just a few days of uptime.
  • Each month, 50,000 new developers download Ethereum developing tools. The network is growing at an unprecedented rate. The number of Dapps has grown from 900 at the end of 2017 to more than 1,500 by now.
  • Christopher Matta, the head of Crescent Crypto Asset Management, claims it’s better to invest in a basket of cryptocurrencies instead of Bitcoin. Although all altcoins are tied to Bitcoin, in the end, it would be much less risky to diversify.
  • Yoni Assia, the CEO of eToro, a big trading platform, said that 90% of crypto projects will fail. He compared them to the ordinary startups, and it’s widely known that only a small percentage of new startups survive. However, Assia said that it’s still a good investment opportunity, like investing in internet many years ago.

Bitcoin

BTC
Price
3,598 USD 1.17%
Volume, 24h
1,129,132,890 USD
25.48%
Marketcap
62,927,609,992 USD
52%
Emission
83%

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Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600

Over the past two days, BTC has tested once the dangerous zone of $3480 – $3500 and the second slide had produced a hammer type candle (on the 4-hour chart) with a low at $3400 as a long wick. Hammer candles tend to be bullish reversal candles. This is how capitulation candles look like. However, this candle is on the 4-hour timeframe and not on the daily or weekly charts. Following the above reversal candle, BTC had a mini-run to previous resistance at $3600, along with the 50 days moving average line (marked in purple on the 4-hour chart) and a descending trend-line (marked by an orange line). From our previous analysis: “the 4-hour Stochastic RSI had just crossed over around the oversold area. This might lead to a slight correction, maybe to retest prior support that was broken. Possible correction levels could be the $3600.” As of writing this, Bitcoin got rejected by the $3600, and some more indicators support the idea that a break-up of this level won’t be so easy. Looking at the 1-day & 4-hour charts Looking on the bullish side, the next significant resistance is $3600, as mentioned above. Above that level lies the daily chart’s 50 days moving average line (marked in white, currently around $3650), the $3700 and $3800 areas. From the bear side, the next major support area is the $3480 – $3500. Below this crucial level, lies the $3400 (weak support) and $3300 support level. This is before retesting the 2018 low at $3120. The 4-hour chart’s Stochastic RSI oscillator had just crossed over at the overbought zone. This can produce a correction down for the next day or two. The daily chart’s RSI: So far the crucial line at 43 holds up. The trading volume is still pretty dull; even though yesterday’s green candle was highest during the past week (on Bitstamp). But we still seek to see volume entering the market in either way. BitFinex’s open short positions had decreased to 22.4K BTC of open positions. BTC/USD BitStamp 4-Hour chart BTC/USD BitStamp 1-Day chart The post Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600 appeared first on CryptoPotato.
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