Bitcoin Breaks $30K: Will Correction Follow or More Upside?

• Bitcoin’s price has seen a massive uptrend over the past week, following a V-shaped rebound from the 200-day moving average located amid the $20K mark.
• The key $30K area is now in sight as a mid-term resistance that, if broken to the upside, could lead to a bullish phase in the coming months.
• However, RSI indicators on both daily and 4-hour charts point to potential pullback or consolidation in the short term.

Bitcoin Price Rally

Bitcoin’s price has seen a massive uptrend over the past week, following a V-shaped rebound from the 200-day moving average located amid the $20K mark and followed by a decent breakout above the $25K resistance level. Currently, Bitcoin’s price is heading towards another critical level of $30K which could push it into a new bullish phase if it breaks through.

Daily Chart Analysis

On the daily chart, Bitcoin’s price had seen a massive uptrend after breaking through its significant resistance level at $25K. However, before it can fully enter into its bullish period, it must break through another important level of $30K. The RSI indicator has entered into an overbought position signaling potential pullback or consolidation in short term. In such case, support will likely be found at around $25K again as it now acts as a support level.

4 Hour Chart Analysis

In terms of 4 hour chart analysis, Bitcoin’s price had been rising almost vertically with clear bullish market structure being seen throughout this time frame. Although it broke through its resistance at $25K before continuing to rise up further – RSI indicator on this time frame also shows bearish divergence between recent highs that may lead to possible consolidation or pullback eventually resulting in further retesting of support levels at around $23k and potentially even lower than that.

RSI Indicators

RSI indicators on both daily and 4-hour charts point to potential pullback or consolidation in short term despite current bullish trends being experienced by Bitcoin so far this week – mainly due to its overbought situation on both these time frames indicating need for some kind of correction before entering into full blown bull run phase again soon afterwards.

Conclusion

In conclusion – Bitcoin’s current rally is still going strong but there are signs of possible pullbacks or consolidations along way due to RSI indicators showing bearish divergence between recent highs on 4 hour chart and reaching into an overbought position on daily chart as well – suggesting need for some kind of corrective action prior entering next wave up towards key mid term resistance levels at around 30k range soon enough before 2021 ends completely .

Binance to Convert $1B Into BTC, BNB, ETH, Bitcoin Price Soars to $22.6K

• Binance will convert $1 billion from the Industry Recovery Initiative into BTC, BNB, and ETH.
• Silicon Valley Bank and Signature Bank have been affected by a bank run and are now closed down.
• The cryptocurrency market has seen an increase in value since the news broke out.

Binance to Convert $1 Billion Into Crypto

Binance announced that it will convert the remaining of its $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including Bitcoin (BTC), Binance Coin (BNB) and Ethereum (ETH). As banks and stablecoins face a tumultuous period, this move signals a shift away from traditional finance towards digital currencies.

Silicon Valley Bank & Signature Bank Shut Down

The past week has seen some unexpected developments in the banking sector; Silicon Valley Bank experienced what was essentially a bank run, forcing authorities to shut it down in order to prevent further panic. The Federal Reserve, US Treasury and FDIC were quick to come up with a rescue plan but at the same time also chose to close Signature Bank – one of the three crypto-facing financial institutions in America.

Cryptocurrency Market Sees Increase In Value

Changpeng Zhao, CEO of Binance revealed their plans for converting funds on Twitter which sent waves through the crypto market as Bitcoin’s price hit an intraday high of $22,600 on Binance – representing an increase of 6% on the day. Ethereum saw similar growth with added gains charted hours before the announcement was made public.

Positive Response To Move Away From Traditional Finance

This move is being heralded as a positive response to current events as it signals Binance’s commitment towards moving away from traditional finance towards digital currencies such as Bitcoin, Ethereum and other altcoins. It is hoped that this will encourage more people to invest in cryptocurrencies as they become increasingly recognised as viable alternatives to fiat money.

Increased Regulation Of Cryptocurrencies?

While these developments bring cause for celebration among crypto enthusiasts there are still questions surrounding how much regulation should be imposed upon digital assets such as cryptocurrencies going forward. With governments across different countries still debating their stance on cryptos it remains unclear what kind of role they will play within society for years to come.

Silvergate Bank Closes Crypto Payments Network; Shares Plunge by over 30%.

• Silvergate Capital Corporation recently announced the closure of its crypto payment service, called the Silvergate Exchange Network.
• The announcement caused shares of the bank to plunge and several major crypto exchanges to drop their services with Silvergate.
• This news also had a negative impact on Bitcoin prices, causing them to slump to a multi-week low.

Silvergate Closes Crypto Payment Service

Silvergate Capital Corporation recently announced the closure of its crypto payment service, called the Silvergate Exchange Network. This service allowed investors to complete 24/7 transfers to crypto exchanges faster than traditional banking wire transfers that could take days.

Share Prices Plummet

The announcement caused shares of the bank to plunge by over 30% in hours, and prompted several major crypto giants such as Kraken and Coinbase to drop their services with Silvergate.

Negative Impact on Bitcoin Prices

This news also had a negative impact on Bitcoin prices, causing them to slump to a multi-week low at under $22,000 in a matter of hours. Additionally, the entire cryptocurrency market cap dropped by $50 billion in a day due to this news from Silvergate.
. . .

Risk-Based Decision

The bank made this decision as part of a „risk-based“ assessment. It stated that all other deposit-related services remain operational aside from this one product being discontinued.

Conclusion

Overall, Silvergate’s closure of its crypto payment service has had far reaching consequences for both traditional finance and cryptocurrency markets alike. Despite all other deposit-related services remaining active for now, only time will tell what further impacts this decision will have on the industry moving forward.

Man Sentenced to 5 Years Probation After Shooting Bitcoin ATM

•A 51-year-old Missouri resident, Matthew Klinger, was sentenced to five years of probation after admitting to shooting a Bitcoin ATM with a handgun.
•Klinger arrived at Vapor Maven on Missouri Boulevard in August last year and fired five rounds into the machine before leaving the scene.
•He pleaded guilty in Cole County to first-degree property damage and was assigned to a law enforcement officer who will monitor his actions for five years.

Missouri Citizen Sentenced To 5 Years Of Probation For Shooting Bitcoin ATM

Matthew Klinger – a 51-year-old Jefferson City, Missouri resident – received five years of supervised probation after admitting to shooting a bitcoin ATM with a handgun.

What Happened?

Klinger arrived at Vapor Maven on Missouri Boulevard in August last year and requested to talk to the general manager of the store (where the ATM was placed). After hanging up, he took out his handgun, fired five rounds into the machine, and left the scene.

When asked about his motives behind the shooting, he said he ravaged the bitcoin ATM „so that it could not take money from anyone else.“

The Punishment

He pleaded guilty in Cole County to first-degree property damage last week and got five years of supervised probation. Such criminals are assigned to a law enforcement officer who monitors their actions and ensures they obey the court’s ruling.

It is an alternative form of jail but could become a prison sentence if any violations are committed during probation period.

Law Enforcement Officer Monitoring Actions

A law enforcement officer will monitor Klinger’s actions for five years after he destroyed a BTC ATM in Jefferson City.

Conclusion


The punishment handed down by the court serves as an example that such criminal acts are not tolerated by society. It is hoped that this will deter future criminals from engaging similar activities.

Sony Network, Astar Network Launch Web3 Incubation Program

• Sony Network Communications has partnered with Astar Network to host a Web3 Incubation Program.
• The program will focus on NFTs and DAOs and will run from mid-March to mid-June.
• Applications are open until March 6, 2023, and the partners will review the inquiries and approve 10 to 15 users.

Sony Network and Astar Network Co-Host Web3 Incubation Program

Sony Network Communications (a tech provider under the umbrella of the Sony Group) has partnered with Polkadot’s innovation hub – Astar Network – to present a Web3 Incubation Program. This program is open to people from all regions across the globe and applications for it can be submitted until March 6, 2023. The selected participants will be given educational sessions with venture capital firms like Fenbushi Capital, Dragonfly, Alchemy Ventures, etc., as well as mentorship from industry leaders in blockchain technology.

Program Details

The Web3 event will run from mid-March to mid-June and its primary focus areas are NFTs (Non Fungible Tokens) and DAOs (Decentralized Autonomous Organizations). Sota Watanabe – CEO of Astar Network – said that he is pleased to participate in this initiative alongside a company with rich experience in the NFT sector: “We hope to share the knowledge and resources of both organizations to provide value to the participants selected for the program and create new use cases and projects.“

Sony Network Exploring Blockchain Field

Sony Network has already started exploring the blockchain field which raises hopes that this partnership will allow them to offer applicable Web3 solutions for consumers. With this collaboration between Sony Network Communications, Astar Networks, Startale Labs, Fenbushi Capital, Dragonfly & Alchemy Ventures; users who apply for this incubation program could get an opportunity like no other!

How To Apply?

To apply for this program one needs submit their inquiry by February 17th via email or using an online form available on either Sony Networks‘ website or Astar Networks‘ website. After reviewing all inquiries received before March 6th , 10-15 applicants would be shortlisted by both partners.

Conclusion

This Web3 Incubation Program offers great opportunities for those interested in learning about decentralized technologies such as blockchain & cryptocurrency related projects like NFTs & DAOs! By collaborating with industry leaders like Sony Network Communications & other Venture Capital firms involved in cryptocurrency investment; this could prove beneficial in furthering research & development of innovative projects through real world use cases!

Two Thirds of Millennials See Bitcoin as Safe Haven

• A survey by BanklessTimes revealed that 67 % of millennials (aged 27-42) consider bitcoin a safe haven.
• Millennials view BTC as an important asset due to its decentralized nature and fixed supply cap.
• According to the survey, most millennials believe that bitcoin will go mainstream in the following years and is a better monetary tool than traditional fiat currencies.

Millennials View Bitcoin as a Safe Haven

A study by BanklessTimes has revealed that two thirds of millennials aged 27-42 consider bitcoin to be a safe haven. The primary cryptocurrency offers financial freedom and allows them to diversify in times of economic uncertainty due to its decentralized nature and limited supply cap.

Millennials More Open To Digital Innovations

Previous polls have shown that millennials are more active in the cryptocurrency space compared to older generations such as Generation X or Baby Boomers. They also tend to be more open towards digital innovations, making them more likely to deal with BTC than other age groups.

BTC’s Decentralized Nature Appealing To Millennials

The surveyed individuals see BTC’s decentralized nature as one of its main benefits, allowing it to stay out of the central banks’ reach and remain unaffected by governments’ dubious monetary policies. Additionally, they find solace in the asset’s limited supply cap, believing it makes it a better investment instrument than traditional fiat currencies such as the dollar or euro.

Most Believing Bitcoin Will Go Mainstream In Following Years

Most participants believe that bitcoin will continue gaining traction and eventually become mainstream in the following years. This prediction is further bolstered by their assumption that other digital assets may follow suit, offering similar advantages for those looking for alternative investments options outside of fiat money systems.

Conclusion

The survey results clearly show how influential cryptocurrency has become amongst younger generations, particularly among millennials who view bitcoin as an important asset due its decentralization and fixed supply cap features which make it immune from central bank manipulation and thus provide a much needed safe haven for their investments during periods of economic uncertainty.

Crypto Exchange Bitfinex Transfers $8.5M to Alameda Consolidation Address

• Bitfinex has recently transferred $8.5M to Alameda Research’s consolidation wallet
• The transfer was made up of USTD and ETH totaling $13 million from three wallets, with the main source being Bitfinex
• The reason behind this transaction is still unknown, but it has raised questions about the relationship between both firms.

Bitfinex Transfers 8.5 Million USDT to Alameda Consolidation Address

Crypto exchange Bitfinex has recently transferred approximately 6 million USDT and 1,545 ether (ETH), amounting to roughly $8.5 million, to Alameda Research’s consolidation wallet address. Blockchain security firm PeckShield has reported a series of transfers from three addresses, including one from Bitfinex to Alameda’s consolidation wallet.

Value of Transferred Cryptos Amounts To 13 Million USD

According to Etherscan, the address labeled „Alameda Consolidation“ received crypto assets worth $13 million from three different wallets. Aside from the 6 million USDT and 1,545 ETH ($2.5M) transferred by Bitfinex, another unidentified wallet sent an additional $4.6M worth of USDC to the same address.

Reason Behind Transaction Unknown

The reason behind this transaction remains unclear but it has raised questions about the relationship between both firms. It is important to note that Alameda Research’s parent company FTX had filed for bankruptcy in November 2022 and since then they have been trying to reclaim their funds through various means such as suing Voyager Digital last week.

PeckShield Alert on Twitter

The news was disclosed in a tweet by blockchain security firm PeckShield which stated: „#PeckShieldAlert ~$13M worth of cryptos have been transferred to Alameda consolidation-labeled address, including ~6M $USDT & 1,545 $ETH ($2.5M) from Bitfinex, ~4.6M $USDC from 0x7889 Wondering why Bitfinex transferred ~$8.5M worth of cryptos to Alameda consolidation address“.

Conclusion

It appears that there may be some connection between Bitfinex and Alameda Research although its exact nature remains unknown at this time. While speculations are ongoing about what could have caused this massive transfer of funds it will be interesting see if any official statement is released by either party in order shed light on the matter

Beware of ‚Fitz_lol‘ and ‚Radako‘: Popular On-Chain Sleuth Warns of NFT Scams

• ZachXBT warned that two Twitter accounts, @radako and @Fitz_lol, are perpetrating multiple NFT-related scams.
• ZachXBT outlined the timeline of events, including their sudden rise to prominence and the rug pulls they’ve managed to pull off.
• He called out the scammers and urged users to be wary of any NFT-related offers from these accounts.

Recently, ZachXBT a popular on-chain sleuth, warned of scammers using NFTs to con unsuspecting users on Twitter. He called out two accounts, @radako and @Fitz_lol for their malicious activities. He outlined the timeline of events that started at the end of last month, when both accounts began using NFT profile pictures and tweeting about NFTs. This was accompanied by a sudden rise in their follower accounts which soared by tens of thousands in a very short time.

ZachXBT also provided evidence that supported his claims. He highlighted a few of their recent activities, such as the use of fake NFT giveaways, where users were promised free NFTs but instead had their ETH sent to the scammers‘ wallets. He also noted that the scammers had pulled off a few rug pulls, where they used the money they had collected to purchase NFTs and then used those NFTs to create fake giveaways and lures to entice more users to their schemes.

He urged users to be wary of any NFT-related offers from these accounts, and to not trust any offers that appear too good to be true. He also recommended that users do their own research before investing in any NFTs, as there are many scammy projects out there. He concluded by warning users to stay vigilant and not to be fooled by any of these schemes.

: Charles Hoskinson Eyes Potential Acquisition of CoinDesk, Reviews Financial Data

• Charles Hoskinson, CEO of Input Output Global, is interested in potentially acquiring the crypto news website CoinDesk.
• CoinDesk’s Kevin Worth has stated that the publication has received “numerous inbound indications of interest.”
• Hoskinson believes that there needs to be a way to achieve journalistic integrity, and is looking into reviewing the financial data of the potential acquisition before making a decision.

Cardano’s Charles Hoskinson, the CEO of Input Output Global, has recently expressed his interest in potentially acquiring the renowned cryptocurrency news website CoinDesk. The news outlet has been exploring a potential sale due to its sister firm, Digital Currency Group, filing for bankruptcy.

CoinDesk’s Kevin Worth recently stated that the website has been receiving “numerous inbound indications of interest.” This statement has piqued the interest of many, including Charles Hoskinson. On a recent livestream, Hoskinson said that he is looking to broaden his media interests and find out how to “get to journalistic integrity again.”

The Cardano CEO has been in the crypto industry for a long time, and has a firm grip on the industry’s core values of decentralization and transparency. He believes that finding a way to achieve journalistic integrity is necessary, and is looking into the financial data of the potential acquisition before making a decision. Hoskinson said, “I think any media entity should be self-sustaining and have an independent business model.”

CoinDesk is one of the most trusted news outlets in the crypto industry, and its potential sale has caught the attention of the entire crypto space. The website has been around for over a decade, and offers up-to-date news and analysis about the cryptocurrency market. It is trusted by millions of people in the industry, and its potential sale is a major event.

Overall, Charles Hoskinson is interested in potentially acquiring CoinDesk and is looking into reviewing the financial data of the potential acquisition before making a decision. He believes that there needs to be a way to achieve journalistic integrity, and is looking forward to seeing how the situation will play out. If Hoskinson does decide to purchase CoinDesk, it could be a major event in the crypto industry and could lead to interesting changes in the news outlet.

Cryptosat and DoraHacks Launch First Cryptographic Trusted Setup in Space

• California-based crypto-satellite developer Cryptosat and global hackathon organizer DoraHacks recently ran the first-ever cryptographic trusted setup for zero-knowledge in space.
• The experiment took place on the International Space Station (ISS) and involved taking a set of pre-uploaded open source programs to the ISS and outputting a file containing the Common Reference String.
• This helps in protecting the security and privacy of the sensitive data used in the ZK-proof driven voting program.

Cryptosat, a California-based crypto-satellite developer, and DoraHacks, a global hackathon organizer, recently collaborated to launch an ambitious space experiment – the first-ever cryptographic trusted setup for zero-knowledge in space. The experiment took place on the International Space Station (ISS) and involved taking a set of pre-uploaded open source programs to the ISS and outputting a file that contains the Common Reference String.

This Common Reference String is an important element of DoraHacks’ ZK-proof driven voting program, and its successful deployment in space is a major step forward in protecting the security and privacy of sensitive data used in the voting program. This is rooted in the fact that the Common Reference String is a “cryptographic primitive”, and its trustworthiness is essential to the success of any secure communication or transaction.

The experiment faced its share of challenges. One of them was the challenge of getting the required hardware up to the ISS – a feat that was accomplished with the help of the NanoRacks-SpaceX mission. The experiment was also complicated by the need to be able to communicate with the hardware on the ISS and the fact that the hardware had to operate autonomously in space, without any direct human intervention.

In order to ensure the success of the experiment, Cryptosat worked closely with the ISS team to develop a secure communication protocol, which allowed them to transmit the necessary data to the ISS, and receive the output from the experiment. Additionally, a set of safety protocols were also implemented, which allowed for the uninterrupted operation of the experiment in space, even in the event of a power failure or other system malfunction.

The successful completion of this experiment is a major milestone for both Cryptosat and DoraHacks, and is a testament to the power of collaboration and innovation. The experiment has paved the way for future experiments in space, and has set the stage for further advancements in the use of cryptography in space. With the help of this experiment, Cryptosat and DoraHacks hope to provide a secure and reliable platform for the safe execution of sensitive transactions and communications in space.