Cryptocurrency news for January 10 – BeInCrypto
Read about these and other key events in the cryptocurrency industry over the past 24 hours in our daily digest.
Bitcoin: dominance level will exceed 2019 highs
Bitcoin’s dominance level formed a short-term bullish pattern, a breakthrough of which will send the indicator to the highs of last year. Bitcoin dominance began to decline rapidly on January 7, as the recent cryptocurrency rally did not lead to a rise in altcoins. More details
Halving is not enough to throw Bitcoin to new highs
Many believe that the May Halving will launch a massive bull run, but these predictions are far from reality. Messari experts advise against hasty conclusions based solely on previous experience. The Bitcoin ecosystem is constantly evolving, so it is erroneous to predict its reaction to halving in the future, based on how it was before, the latest study by Messari says. More details
Bitcoin has truly turned into a digital store of value
The term “digital gold” appeared in the list of bitcoin characteristics a few years ago, but it clearly confirmed this cryptocurrency status only with the advent of 2020, showing a close correlation with the yellow metal. Recent events have emphasized this relationship – Bitcoin moved in tandem with traditional defensive assets, which are considered a means of accumulation or savings. More details
Before Bitcoin halving, Bitmain conducts its own halving of employees
The largest manufacturer of mining equipment Bitmain halves its staff in preparation for the upcoming halving of bitcoin. Bitmain, one of the world’s largest manufacturers of ASIC chips for cryptocurrency mining, decided to actively reduce its staff. These measures caused discontent among employees losing their jobs on the eve of the big holiday – the new year according to the Chinese lunar calendar. Messages began to appear on the network about Bitmain employees protesting against layoffs. More details
Bitcoin behaves as if it really is a defensive asset
The Bitcoin exchange rate began a downward correction after US President Trump made it clear that he was trying to de-escalate the geopolitical conflict with Iran. Recently, the markets watched with great interest the rally of the Bitcoin exchange rate, which coincided in time with the escalation of the conflict between the US and Iran. The increasing chaos in the world led to a surge in demand for defensive assets. However, very quickly, both sides of the conflict made it clear that they were trying to defuse the situation. Investors’ interest in risk began to grow, and Bitcoin began to move away from highs. More details
Bitcoin needs drive, shock and awe to grow – Sonny Singh, BitPay
Halving is an important event, but it will not be able to become a catalyst for a new bullish trend in the cryptocurrency market, which needs a cocktail of technical factors involved in the elements of surprise to drive, BitPay Inc Commercial Director Sonny Singh is sure. In the first decade of January, bitcoin overcame an important mark of $ 8,000 and reached maximum levels since November 2019, but the main victories are still ahead. For example, Sonny Singh, commercial director of BitPay, a cryptocurrency payment services provider, is confident that this year Bitcoin will break the $ 20,000 mark and set a new all-time high.