BITCOIN NEWS AND THOUGHTS
Bitcoin has had a remarkable 2020 and is still on track for for an amazing year, up over 270% this year, currently at 27,030 usd as of time of writing, even raising as high as 28,000 usd.
However, it seems that over the past couple days, Bitcoin has been moving in a sideways fashion, unable to sustain a large rise past the 27k usd range, while not falling beneath it either.
Here at Dark, we do feel that somewhat of a ceiling is beginning to form. It is conceivable that Bitcoin could hit the 30,000 usd mark, but any more than that would be wishful thinking for the time being.
In fact, judging by the sideways action of the past two days, We at DARK would even suggest that a pullback of around 10% may be in the books, therefore we would advise that any speculative buyers of BTC be patient.
Another potential reason for the sideways action of BTC could be related to other news in the Cryptocurrency world. The biggest of which is that the SEC raided Ripple Labs and accused Ripple of “misleading investors”. Since Ripple is the 4th largest cryptocurrency by market-cap and to have been attacked by the SEC in such a fashion has sent “ripple” effects throughout the Cryptocurrency world. The main fear of cryptocurrency is and has always been additional scrutiny, control and regulation.
Additionally, in the wake of the events of Ripple, Coinbase has announced they will be suspending trading of Ripple from January onwards pending the legal case the Ripple team will be bringing against the accusations of the SEC.
We at DARK will be closely following the Ripple story while also keeping an eye on how it effects major cryptocurrencies such as Bitcoin or Ethereum.
However, though there are negative news in that Crypto-world that could be having some effect on Bitcoin’s price, we at Dark still feel that even in a situation of a 10% drop for Bitcoin, the drop will simply be brought up quickly. Bitcoin’s raise has caused attention from both large investors and the general public. As it did during its previous growth period in 2018. We feel that for the moment, there isn’t much that can slow Bitcoin down.
Polkadot News and Thoughts
Polkadot (DOT), one of the biggest competitors to Ethereum and the seventh largest digital asset on Coingecko has jumped in price rapidity over the past week. Since December 28th, the asset jumped from 5.78 usd to 6.74 usd in the same day and has help onto the gains currently as of time of writing is at 6.44 usd.
The reason for the price pump could have something to do with Binance, the largest cryptocurrency trading platform replacing Ethereum with Polkadot on its homepage. Additionally it is reported that Binance will be looking to provide ten million USD worth of developmental funds for projects on Polkadot. This change by Binance has has proven effective in raising Polkadot’s price substantially. Over the course of a week, Polkadot’s price has increased by 31.7%.
On a more technical level, the next price point that it needs to hold will be 6.9 usd with 7 usd the psychological level.If there is sustained bullish momentum after 7 usd, we feel that even higher prices should not be a problem, especially going into 2021 where awareness for cryptocurrencies will be even higher than it is in 2020.
We at DARK feel that Polkadot is a valuable investment target for 2021, as awareness and mass adoption for Polkadot begins, 2021 may be the year that its price will see sustained growth.