BTC is currently trading at ~$7,880, up~4.4% over the last 24 hours. This is the 5th straight green day for BTC - The last time BTC streaked like this was back in early Aug 2019. On the daily chart, it also broke to the upside of its 50-day EMA line over the weekend, a level it has not traded above since early Nov 2019. It is currently contesting its 21-day EMA line. RSI is currently at ~62, indicative of significant bullish momentum. On the weekly chart, BTC is contesting its 50-EMA resistance line. The MACD line looks to be approaching to cross to the upside of the signal line, something we have not seen since early Feb 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: "I believe that companies who do not embrace blockchain now are making a mistake (similar to how businesses who chose not to embrace the internet back then have suffered)"
The state legislature of Virginia, U.S., intends to study blockchain to improve voting and elections.
A new bill, House Joint Resolution 23, was pre-filed on 27 Dec 2019 and scheduled for offering on 8 Jan 2020 in Virginia's General Assembly, asking the Department of Elections to decide "whether blockchain technology should be considered to secure voter records and election results." This bill could change how the 8 million people strong state votes. ☺️
The department will also need to ascertain whether using blockchain technology's costs and advantages will outweigh those of traditional election security and registration measures.
Supply chain transparency ☕
The Consumer Electronics Show in Las Vegas on 6 Jan saw IBM and Farmer Connect demonstrate a blockchain-based application that educates consumers about the coffee beans they purchase.
According to the founder of Farmer Connect, David Behrends, consumers who scan a QR-code on the "Thank My Farmer" mobile application will be brought to a product page that shows details of the coffee they drink.📱
They will also be able to view an interactive map that shows the journey the coffee has taken, made possible with IBM's blockchain technology that creates a permanent digitized chain of transactions that cannot be changed.
One of the application's goals is to "humanize each consumer's relationship with their coffee by giving coffee drinkers visibility into the supply chain, allowing them to better understand the steps involved in creating the product."
Helping the little ones 👐
On 6 Jan, Chinese internet giant Baidu launched a service called "Open Network" (direct Mandarin-to-English translation) to help small and medium-sized businesses build decentralized applications (dApps).
According to a media report by state-owned daily newspaper STCN, the service will allow users to develop and deploy applications without having to build their own blockchain platform. 📰
It aims to attract smaller users with reduced cost and technological barriers, and fits into the Chinese government's embrace of blockchain and use of it by smaller firms throughout China. According to Baidu, the cost for using this new service can be as low as $0.14. It will even facilitate smart contract functionality and other functional components designed to improve efficiency.
Other news 📰
Signature Bank has partnered with its cryptocurrency banking competitor Prime Trust to link its Signet payments platform to the latter's multi-asset settlement platform to allow institutional clients from both firms to make payments to each other anytime without fees. 🤝
China's central bank, the People's Bank of China (PBoC), issued a statement during a working conference in Beijing on 3 Jan stating that it is progressing smoothly with its government-backed digital currency development. 🏦
South Korean advisory body, the Presidential Committee on the Fourth Industrial Revolution (PCFIR), suggested for the government to onboard cryptocurrencies into the mainstream of finance. This is because the global surge of crypto trading is difficult to stop. 🌍
A form of identification for when a certain transaction occurred, usually with date and time of day and accurate to a fraction of a second.
Crypto calendar 📅
11 Jan - CryptoNight 2020 (Chile)
15 Jan - Crypto Finance Conference (Switzerland)
15 Jan - The North American Bitcoin Conference (Miami, U.S.)
20 Jan - Blockchain Economic Forum (Switzerland)
21 Jan - CV Summit Davos (Switzerland)
25 Jan - The Genesis Block Conference 2020 (Bangalore, India)
TBA - Justin Sun's lunch with Warren Buffet
What you said
"How much do you agree with this statement: "The next global recession will be the true litmus test of Bitcoin as a viable store of value""
The average vote was 7.9. 8.1% of y'all voted '1', and 48.6% of y'all voted a '10'!
"Why or why not?"
bitcoin will continue to grow as a currency but it will take a financial crisis to really see how strong it holds up maintaining its value. If Venezuela is a litmus test, it will do just fine. – Yeah, gonna be interesting to see how it performs then! 👀
We are already in a global recession, it is just the US economy is doing great. – That’s true. Apart from the U.S., every where else is doing poorly. 😥
Upsurge due to stubborn hodlers – We r the HODL gang. 💪
it is easier to buy crypto than gold or silver – True. Easier to gain access to it. 😊
as i see the recent events in middle east has triggered price movement in both Bitcoin & Gold.. as i see during next recession Bitcoin will find people who will convert their assets to prevent from eroding. – Well that is in theory! I certainly hope so! 🙏🏻
i think it will definitely compete with gold and silver. i was reading yesterdays answers. you told one reader to check past catalysts for btc bullruns. could you please explain what those passed catalysts where. and in your opinion what future catalysts could start another bull run going forward ? I'm all ears can't wait to hear from you thanks. Happy New Decade!!! – Well, the previous catalyst were the introduction of smart contracts which facilitated easier fundraising via ICOs. It provided a gateway for new money to enter the space and prop up (for better or for worse) prices. I’m not entirely sure what will catalyze the next bull run, but there seems to be a ton of activity going on with the DeFi space at the moment. A huge undercurrent is emerging for sure. My 2c, and not financial advice hahaa. 😄
Yes, I do. However, the question remains, will you sell off or keep hodling for dear life. Although signs point that the next crisis is closing in on us, and I wonder if the general consensus among populations will be BTC. (Suddenly wondering what gran would have said about the great depression and where his money would have gone). But at end of day, when it comes to store of value, I prefer BTC, feel most at ease there. – Same.
"As good as gold". – Correction: “Even better than gold” 😉
I don't think so because it has proven to be a store of value for quite a while now. The next global recession will only continue to prove so, as opposed to bringing this idea/possibility to light and accrediting it to a global recession. I mean, we have had inflation for the last however many years along with a time multiple and it has not only remained a good store of value but also kept increasing in price. – I do hope so! It seems logical to me, but the masses may not see it the same way. 😄
People will look to new wealth – They will look to preserve wealth.
I think global acceptance into the everyday markets by the status quo will be the true litmus test – This is very slowly gaining more traction. 😄
Bitcoin is proving it's worth right now, and the value it bring to the people has been showed in the past 10 years. The next recession will enable a variety of players to interact with it as a means to exchange without all the fiat nonsense. – Personally, it has indeed proven itself. But there is a strong argument that Bitcoin experienced strong price appreciation at a time when the market performed outstandingly well (the past decade). In other words, Bitcoin “survived” in a bull market. Whether it is able to survive in a bear market/ depression has not yet been proven. 🧐
If it can survive the depression test then it will be a confirmed store of value. – one hunnid. 💯
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙