BTC broke its slow trickle downward trend of the week as we head into the weekend, and is currently trading at ~$7,340, up~2.4%over the past 24 hours. On the daily chart, BTC continues to be trading below its 100-day EMA line, and RSI currently stands at ~44 (it has been in this region for the past 2 weeks). On the weekly chart, BTC is testing its 100-EMA line, a level it has been trading above of since early April 2019.
BTC is still trading within its lower highs and lower lows trading pattern/ channel/ zone it has been trading within since late June this year. It is currently testing the lower bound. 👀
Poll of the Day
How much do you agree with this statement: "DeFi will be the cause of the next bull run"
A former MakerDAO contributor and Carnegie Mellon alumnus has committed 10,000 MKR ($4.3 million) to his alma mater, Carnegie Mellon University to develop a research program for decentralized applications.
The contributor, developer Nikolai Mushegian, stated on his website that the purpose of the donation was to "establish a research program for decentralized applications/ protocols and game-theoretic mechanisms". 😁
Mushegian will be releasing a more detailed agenda in the coming weeks.
Blockchain financing platform 💰
According to a media report from Sina Finance, the Guangdong government has launched a blockchain-based financing platform, Ant Blockchain Open Alliance, that will help small firms in the region get loans faster from commercial banks.⚡
The project is backed by Alibaba's Ant Financial and Ping An Insurance's OneConnect, and intends to streamline the loaning process for commercial banks with more detailed and reliable profiles like credit ratings offered through its blockchain network.
The new platform could also be part of a government initiative meant to create a blockchain financing platform to link with Hong Kong and Macao. It will also enable small businesses to use their intellectual property and export-import trading records to apply for funds and to match companies with over 319 financial products.
Monetization for influencers 💰
Venture capital company Andreessen Horowitz speculated that Bitcoin (BTC) may be central to the monetization mechanisms used by future online influencers.
The company stated in its 30 Dec vignette last year that by 2030, the influencer "can reach hundreds of her fans instantaneously," with fans being able to receive instant payments in a cryptocurrency of their choice like Bitcoin, Libra or in its hypethetical "Influencer Coin". 🤔
It regards the role of private digital assets like its hypothetical "Influencer Coin" as a means for online fans to get a stake in an influencer's growing popularity, just like how employees of start-up take part in their startups' growth via equity.
Other news 📰
Electra (ECA) will start beta testing its flagship product, "ElectraPay" this month, which works as a financial management system that allows merchants to be paid in ECA directly in their ElectraPay account. 👏
Former Barclays Head of Technology Mark Hipperson is planning a Q1 2020 launch of his newest digital banking venture Ziglu. It allows multiple fiat and digital currencies to be held in the same account, and enables funds to be freely transferred between them. 💵
MetaMask revealed that Google has allowed The MetaMask mobile app back on the Google Play (Android) store, with the experience making them more resilient and stronger. 💪
A token standard for non-fungible Ethereum tokens. An Ethereum Improvement Proposal introduced in 2017, it enables smart contracts to operate as tradable tokens similar to ERC-20 tokens.
Crypto deep dive: Stratis
Market Capitalization Rank: 96th (~$33.6 million)
Consensus: Proof-of-Stake (PoS)
What it’s about ⚙️
It is a blockchain-as-a-service provider that supports C# and .NET development.
Through the platform, enterprises are able to build their own private blockchains, which can be integrated with the main Stratis blockchain.
Why people love it
Stratis is a partner of Microsoft, of which Stratis is part of the Azure cloud program that seeks to avail full functionality for companies wanting to develop blockchain applications.
It is easy to develop applications on the Stratis blockchain as it uses the C# coding language.
Stratis' Private Chains (side chains) grant developers the ability to make tailored changes according to their needs while keeping the parent blockchain intact enough to provide users the confidence of security.
Why people doubt it
Adoption on the Stratis platform has been slow. The download count on their repository is not high.
Stratis faces stiff competition in the blockchain-as-a-service provider space, such as Ethereum (ETH), EOS (EOS), VeChain (VET) and Ardor (ARDR).
What you said
"How much do you agree with this statement: "We will see BTC surpass the $20,000 mark in 2020""
The average vote was 5.9. 18.8% of y'all voted '1', and 27.7% of y'all voted a '10'!
"Why or why not?"
It appears to me that all too often people are too optimistic and are prone to major disappointment when things don't work out. If you go by historic cycles, 2020 should be a good year but 2021 will be better. – I think it’s even further out. My guess is that we have yet to even hit capitulation levels, which might be triggered by the disappointment from little-to-no price action from the upcoming halving that people are placing so much emphasis on. 😂
There will be large amounts of institutional money purchasing crypto. The halving event in May alone could be the cause also. - I doubt the second point, but its possible! 😄
Big crash is coming soon - I think we have yet to see capitulation, unfortunately. 😔
Institutional money flowing in. Global regulations coming into effect. – True.
Obviously, there are plenty of wealthy BTC whales out there waiting for the right time to push the price up and to me, it makes sense that if they were planning something like this, they would wait until the new year so as to avoid reporting their crypto activity for this calendar/fiscal year. I’m not entirely in the know about the increasing amount of regulation, but I know there has been recent official tax guidelines specifically with respect to “Sells.” It would follow that this year especially, these large holders who may or may not have the kind of power to use the early part of this year to come to the table to influence and ultimately compromise on reasonable tax legislation. If that happens, prices will begin to rise in conjunction with another strong upward trend: anticipation of the halvening in May. This is my prediction anyway. I think it’ll come down to the BTC whales, trends and sentiment about Digital Asset tax regulation these next couple of months, and timing; using the halvening as an after-burner catalyst for another large spike in BTC price. I don’t think $20,000 is far fetched at all. - 😊
Hello, before May, Bitcoin will fall to a range of $3500. to $4500. Starting mid-June It will relaunch to beyond $20,000 by mid-fall. - Possible!
The halving in May 2020. More mass crypto adoption in 2020 (Bakt, Fidelity, others, etc.). More real-world usage of cryptos including smart contracts. – I do agree with the increased participation from institutions. However, don’t you feel people are placing too much hope on the halving event? I mean, the stock-n-flow model makes sense in theory but whether it conceptualizes is another thing. 👀
My magic eight ball says yes, however, I been paying a lot of attention to everything happening around halving and my gut tells me we going to go low before we achieve new ATH. It not what most people want to hear, but I think it healthy to keep BTC save and not to sell. And reaching 20k USD might only happen in early next year. – I agree w this.
It’s been manipulated. They will tell us when. By then they have made big money and us small folk get the crumbs - Ain't this always the case in any market? That's why the best thing to do could be to DCA.
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙