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Bitcoin Might See A Final Bullish Wave

Bitcoin Might See A Final Bullish Wave

Bitcoin is expected to see another retest of $9.7k despite all the temporary bearishness. The larger trend is bearish and will continue to remain bearish until we see a higher high and a higher low which would mean BTC/USD climbing above $10,500. That appears to be a long shot at this point but a retest of the trend line resistance is very likely which means BTC/USD has room to shoot back to $9.7k or slightly higher. This would shake out more retail bears and discourage them from going short just when the market is ready to crash again.

The price is currently trading within a descending broadening wedge which means that the market makers and whales probably want to lead traders into thinking that if this wedge can be broken to the upside, the larger descending broadening wedge that we see on the daily chart can also be broken to the upside. We have seen them resort to such antics in the past before key market movements and this seems like the perfect setup to trap retailers once again. For now, the S&P 500 (SPX) is also struggling to break higher and it might succeed near-term.

Most of these markets work in tandem. The Dow Jones Industrial Average (DJI) has printed a bearish monthly candle which could signal another downtrend if we close below the 21-month moving average. The EUR/USD forex pair also shares a bearish outlook and could see significant losses near-term. Meanwhile, the Dollar Currency Index (DXY) is getting ready to surge higher. If it holds the trend line support, we might be looking at a major uptrend in this index which would signal more blood to come for Bitcoin and other cryptocurrencies once this final bullish wave is over.

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BitTorrent Arrives in Huawei’s App Store Following Latest TRON Partnership

BitTorrent Arrives in Huawei’s App Store Following Latest TRON Partnership

TRON, the crypto network whose architects seem to never sleep, is back with another partnership announcement. Its latest, a deal with telecoms titan Huawei, is sure to get tongues wagging, not just within the cryptosphere, but the broader tech industry. Four of BitTorrent’s apps have been added to Huawei’s native app store, making them accessible on up to 3 billion Android devices.

BitTorrent is already the world’s largest file-sharing network, boasting 100 million users who access the service via desktop and mobile. The addition of the app to Huawei’s AppGallery extends the reach of the file-sharing network, placing it in the hands of potentially billions of users. Given the difficulty of having crypto-related apps admitted into Apple’s App Store, the deal will be welcomed by Asian smartphone users seeking a simple way to torrent files and interact with crypto.

No other company manufactures more telecommunications equipment than Huawei, the Chinese tech company that was founded in 1987. Today it has over 194,000 employees and a presence in 170 countries. It is China’s largest tech firm and maintains a strong presence all across Asia.

TRON Enters Another App Store

TRON, which owns BitTorrent network, and whose founder Justin Sun is the company CEO, has already gained admittance to Samsung’s Galaxy Store. Earlier this year, a number of TRON-based dApps were listed there and connected with the built-in TRON crypto wallet. Huawei’s decision to partner with TRON can be seen as further evidence of how crypto is permeating every vertical it touches. While no knowledge of cryptocurrencies is required to use the BitTorrent app, its tokenized ecosystem – powered by the BTT token – creates an economy for rewarding file sharers, who provide network bandwidth.

With payment platform PayPal recently adding support for cryptocurrency, which can now be used as a means of payment with online merchants, digital assets are enjoying a rip-roaring end to 2020. It’s a year that has tested the crypto market, and indeed the entire world, as a series of macro forces including economic and biological crises have buffeted society and impacted the markets. Now, with the worst ravages of the pandemic appearing to have passed, and multiple vaccines on the verge of being rolled out, the stage is set for a remarkable recovery.

As TRON’s mission to expand into every major entertainment ecosystem accelerates, so does the case for TRX and BTT being supported by more leading platforms. Coinbase and PayPal are likely to be the next to bow to the inevitable and invite the TRON family into the fold. Those are rumors for another day, though. This week, all that matters is that TRON has entered the Huawei app store via BitTorrent, and it won’t be relinquishing its place in a hurry.

“This is another huge milestone for TRON and BitTorrent to be listed by one of the largest Android manufacturers in the world,” enthused Justin Sun. “We are excited to see the blossoming universe of distributed networks grow via Huawei devices and technology.”

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Two of the biggest economies in the Middle East have teamed up to create a joint CBDC

Two of the biggest economies in the Middle East have teamed up to create a joint CBDC

Quick Take

1 minute read

  • Could a dual CBDC be viable?
  • Two of the biggest economies in the Middle East have joint forces to test a partner CBDC.

A report was released earlier this week from two of the most powerful economies in the Middle East that looked into a year-long joint project for a central bank digital currency and the results are very positive.

Project Aber was first announced in January of last year and is an effort between the United Arab Emirates and Saudi Arabia to help create a “proof of concept“ designed to “contribute to the body of knowledge in CBDC and DLT technologies.“

This is the first project of its kind where two central banks have worked collectively on such a project. The report highlights that the name choice of Aber was particularly chosen as it relates to the core mission of the project.

“The name Aber was selected because, as the Arabic word, for “crossing boundaries”, it both captures the cross-border nature of the project as well as our hope that it would also cross boundaries in terms of the use of the technology.”

The report highlights that the project used a digital currency backed with real money in order to force more research and consideration into issues that surround securities and payment systems that are currently existing.

On top of this, the report ends noting that a dual issued central digital currency was not only possible for cross-border payments but that it can even provide a significant improvement over centralised payment systems.

“The key requirements… were all met, including complex requirements around privacy and decentralization, as well as requirements related to mitigating economics risks, such as central bank visibility of money supply and traceability of issued currency.”

 

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Sino Global Capital CEO believe there is no need for FUD just yet

Sino Global Capital CEO believe there is no need for FUD just yet

Quick take

1 minute read

  • Over the past few weeks, the leading cryptocurrency and many alternative digital assets have seen fluctuations in the price value. 
  • There have been numerous price dips last week and many traders seem to be experiencing a lot of uncertainty and doubt.

Over the past few weeks, the leading cryptocurrency and many alternative digital assets have seen fluctuations in the price value. There have been numerous price dips last week and many traders seem to be experiencing a lot of uncertainty and doubt. But the head of research at the blockchain investment company Sino Global Capital, Dermot McGrath, has said that the firm prefers to look long-term.

Last week, the Chinese government had seized $4.2 billion worth of crypto assets as a part of the Plustoken pyramid scheme and the court proceedings relating to it. After news broke on this, rumours were flying around the industry that these tokens were getting ready to be dumped on the open market and as a result, prices crashed further.

On Twitter, the chief executive officer of the blockchain investment company, Matthew Graham said the following on the Ponzi scheme:

Furthermore, McGrath spoke in an interview recently with CT saying that investors should look outside of the immediate headlines going on to note:

“In the crypto and blockchain ecosystems it is important to be able to ‘cut through the noise. We are long term bullish on Bitcoin and we continue to see the industry professionalize and mature as an asset class."

McGrath went on to discuss the topic of Chinese crypto miners saying that many have predicted that these individuals could conduct a 51% attack on the network for bitcoin but rejects this saying:

“Some of the reason that “Chinese miners” have been a “boogeyman” to western traders is simply a lack of understanding. In theory, of course we know that 51% attacks can occur, but the level of centralization/coordination and incentives simply does not exist among the Chinese miner community for top cryptos.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Bitcoin critic Mark Mobius still bearish on the leading coin, compares bitcoin to a “casino operation”

Bitcoin critic Mark Mobius still bearish on the leading coin, compares bitcoin to a “casino operation”

Quick take

1 minute read

  • There are many critics of the leading cryptocurrency out there. Peter Schiff, a well-known naysayer of the digital asset has been very vocal in the past on his opinion on the King coin. 
  • Others include Mark Mobius, a founding partner of Mobius capital partners who has recently said that he is still bearish on bitcoin.

There are many critics of the leading cryptocurrency out there. Peter Schiff, a well-known naysayer of the digital asset has been very vocal in the past on his opinion on the King coin. Others include Mark Mobius, a founding partner of Mobius capital partners who has recently said that he is still bearish on bitcoin. Last week, Mark spoke in an interview with FN where he said that bitcoin investment is like investing in a casino operation. He highlighted that the spike in the price for bitcoin is a “casino operation based on all sorts of rumours and speculation.“ 

On top of this, Mark highlighted that there is no trustworthy information and data that can be used to predict the next move for any cryptocurrency, specifically bitcoin. 

“Trying to predict the price of Bitcoin is a loser’s game.” 

Many people are well aware by now that bitcoin and other alternative coins are known for their volatility. Not being able to predict the next move that to bitcoin makes could arguably be part of its charm.

Earlier this year in March, bitcoin took a 50% drop in just one day to then slowly recover quickly over the next few months. It is now with over $18,500. A big impact for the coin was the 2020 United States presidential elections between Joe Biden and Donald Trump. During the hectic week of the elections, as everyone waited for the result, bitcoin was quietly improving its price.

But as many people start to come around to the coin and the advantages that it can bring, Mobius still criticises bitcoin at every turn. In the past, Mark has said that bitcoin is more like a religion than a currency to invest in.

More recently, Mark said that the coin has yet to prove itself as a safe haven as it is backed by nothing more than faith and hope. A gold-backed cryptocurrency could be what the world needs instead, as he went on to argue:

“If there is a cryptocurrency that is really backed by gold and there is a meaningful agreement and some kind of modern thing connection, then this could be quite interesting.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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