Crypto Brief – January 21st 2021
News
Massive news. BlackRock—the multi-trillion dollar asset manager—opens door to possible bitcoin futures allocation for certain funds it manages, according to recent filing. https://t.co/w3UzWrr6Ht
— Frank Chaparro (@fintechfrank) January 20, 2021
NEW: @Michael_S_Barr, a former @USTreasury official and onetime @Ripple board member, is likely to become the next banking regulator running the @USOCC.@nikhileshde reportshttps://t.co/GyQHFMV31g
— CoinDesk (@CoinDesk) January 21, 2021
"#Cryptocurrencies are a particular concern. I think many are used … mainly for illicit financing," said incoming Treasury Secretary Janet Yellen. #bitcoin #btc https://t.co/Bb4HCEj8TX
— Bitcoin News (@BTCTN) January 20, 2021
Bitcoin’s increasingly illiquid supply could be bullish for its price, with new retail and institutional traders vying for an increasingly diminishing supply. Glassnode estimates that nearly 80% of the 18.6 million circulating Bitcoin are currently stored in “illiquid” wallets.
— Cointelegraph (@Cointelegraph) January 21, 2021
Fundamental Analysis
According to an excerpt from Chainalysis’ 2021 report, in 2019, criminal activity represented 2.1% of all cryptocurrency transaction volume (roughly $21.4 billion worth of transfers). https://t.co/B5nrFjgHGK
— Alpha Trades (@the_alphatrades) January 21, 2021
Never have we seen so many active addresses on the Bitcoin blockchain.
The number of active addresses (7-day average) surpassed 1.24 million on Jan 8th, marking a new record high.
Read more in our weekly report: https://t.co/mVvbr73ieA
Data: @glassnode pic.twitter.com/OUKG6BYHmy
— Arcane Research (@ArcaneResearch) January 21, 2021
Charts
#bitcoin| Bitcoin Optix sentiment index by @sentimentrader : extreme pessimism level in sight. pic.twitter.com/aoSKXDFfxX
— Jean-Charles GAND (@jeancharlesgand) January 21, 2021
Technical Analysis
#bitcoin| Bitcoin is trading cleanly below its 504-hour (3 weeks) moving average for the first time in well over a month,meaning most recent buyers are offside on their purchases. Momentum is rapidly dissipating from the most recent price surge. Momentum is a key factor. pic.twitter.com/cMyEthZEOo
— Jean-Charles GAND (@jeancharlesgand) January 20, 2021
#bitcoin | trading below 34K. Next ‘obvious’ support level stands at $30324. pic.twitter.com/unyYfcUmFW
— Jean-Charles GAND (@jeancharlesgand) January 21, 2021
#Ripple bearish bias is back: https://t.co/twS5nRykS5#XRP has just broken below an ascending trendline, targeting $0.27 immediate support level, $XRPUSD technical indicators presenting opportunity for a quick bullish turnaround thoughhttps://t.co/sAettKk8Mr pic.twitter.com/4jO5UHsqUB
— FXScrypto (@FxScrypto) January 21, 2021
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