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Peter Schiff, a gold bug that has always been critical of Bitcoin, lost access to his crypto wallet. He had bought apparently one BTC, but now he claims he cannot access and sell it anymore. He blames Bitcoin, but the crypto community fights back, accusing him of staging an accident to influence the market negatively.
The BTC hash rate, the amount of power required to mine a Bitcoin, has reached 119 quintillion hashes per second. It means 199 billions of billions of special math operations per second. The network has never been so secure, and it translates to higher values. Now market analysis suggests that BTC is aiming toward $10K of value.
A new crypto derivatives trading exchange, Phemex, has published on Twitter a picture puzzle that contains information to recover the value corresponding to 2.1 Bitcoin. People are still trying to solve it; therefore, you might take a chance here.
Agustin Carstens is the head of the Bank for International Settlements (BIS), which acts as the bank of central banks. He laments that Bitcoin took them by surprise. Now he and his “friends” wont to fight back: “We are trying to avoid being surprised by innovation, as we were with Bitcoin and Libra.” “Events with Libra have been a wake-up call for central banks. We central bankers were in a comfort zone, but Libra showed we needed to change.” BTC market value near $ 9,000, while the overall crypto market is rising.
BTC just reached a $46 billion trade volume in 24 hours. It’s a major jump from the previous $ 20 billion. It is also much higher than the volume reached in December 2017 when Bitcoin’s price was around $ 20,000. The Senegalese-American rapper Akon is launching Akon-City, a crypto-based town in the coastal village of Mbodiène, West Africa. The city will use a cryptocurrency created by the rap star.
The average trading volume for BTC in 7 days has increased by 126%. On January 8, only, almost $1.5 billion exchanged hands. The market fear/greed index is a neutral position, meaning the sentiment toward Bitcoin is fairly balanced. Venezuela on track to become the country with the leading merchant adoption of Bitcoin.
The recent international turmoils show that Bitcoin moves in alignment with gold and oil, and opposition to stock exchanges. It is another test that confirms Bitcoin’s capability to offer an edge against the problems that affect traditional finance. Bobby Lee, an opinion leader in crypto, has shown his Ballet wallet at CES. The product allows us to store multiple cryptocurrencies safely and off the network. It doesn’t contain any electronic components. It has the shape of a credit card, but it is built completely of stainless steel.
The demand for Bitcoin is growing considerably while the World Bank warns that the debt crisis is getting out of hand. BTC miners have just reached 120 quintillion calculations as second for the first time ever. This 120 billions of billions! The demand could come from different sources: isolated governments that want to use it to bypass the banking system, miners who want to accumulate Bitcoin reserves, people in financially weak countries that want to protect their hard-earned savings. What Is A Debt Crisis?The World Bank has published a short public document explaining it all. Government and private debt accumulate way beyond the capability of local economies to absorb it. It is spurred by low-interest rates and other financial mechanisms that facilitate borrowing money recklessly. There have already been three major debt waves in the last 50 years, all resulting in widespread financial crises: 1970-89, 1990-2001, and 2002-09. These crises triggered global recessions and downturns and were followed by reforms aimed at preventing them from recurring again. We are currently in a new debt wave, which started in 2010 and which has “already seen the largest, fastest, and most broad-based increase in emerging and developing economies than any of the previous waves.” Can Bitcoin Be A Useful Antidote?Bitcoin’s stable monetary policy, which independent from political whims and private lobbying, can be a lifeline for individuals who are looking for more security. Despite its volatile price, it maintains a generally positive trend in the long run. The massive and ever-growing mining infrastructure can protect it effectively from outside influences and attacks. As compared to other cryptocurrencies, it has also shown to be resilient to manipulation by developers, individual investors, or miners. Single players can influence it marginally in the short term, but they have never been able to hijack its control; despite expensive and massive attempts to do so.
Bitcoin pricing is targeting $8,800 amid normal fluctuations after reaching $ 8K. The main spike provoked by the US-Iran tensions subsided after the calming down of the situation. But the market is energized for a bullish run. Oklahoma City miner Riot adds 3,000 S17 Pro units to its facility. Its aggregate mining power should reach 248 petahash.
Remittances have a faster and cheaper way to go from the US to Mexico. It takes 90 seconds to send money with crypto, versus the traditional 3 to 5 days. And the fees are substantially lower. Bitso is a Mexican crypto exchange offering digital remittance services using Ripple technology. They are now processing 2.5% of the approximately $ 35 Billion flowing from the US to Mexico. Bitcoin is back in the $8 range, and the market looks bullish.
Telegram, the creator of the Telegram Open Network, just gave a significant blow to its investors. Probably responding to the investigation started on TON and its token GRAM by the SEC, the company has decided to remove the future crypto wallet from the Telegram client. It is a massive reduction of value for the project because Telegram, a privacy-oriented alternative to Facebook Messenger, was supposed to be the primary dissemination vehicle for the wallet. Now the wallet will be a separate app. Curious about which celebrity supports Bitcoin? Look here.
The Altcoin HEX, developed by Richard Hearth, loses over half of its value in one day. The current price is so low that it can be considered virtually zero. Richard Heart (@RichardHeartWin), the founder of HEX, has been promoting it as “the first high-interest blockchain certificate of deposit”. Heart promised it would “go higher, faster, and retain its value.” It looks like it is going in the wrong direction right now. The San Francisco based company Omni has ended its operations. It was founded in January by Ripple with a $ 25M fundraising round. The idea was to provide a blockchain-based rental platform to allow people to rent stuff one from another.