For some expert traders and analysts, the price of Bitcoin could reach $30.000 USD per unit, while Binance Pool reveals its support for the activation of Taproot on the Bitcoin network. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍 Will it close? Bitcoin (BTC) 2020 with a new high of $30.000 USD? This is the question on everyone’s mind right now. After such an exciting week, it’s no wonder the crypto community is wondering if Bitcoin will hit $30.000 USD by the end of the year.
Well, analysts point out that the bullish sentiment continues to be present in the cryptocurrency, and even more so now that society is living with a dollar weakened by the crisis and economic uncertainty in the markets. In fact, the International Monetary Fund has just published a report indicating that the dominance of the dollar, as the main reserve currency in global markets, is decreasing. This is one of the main reasons for the exponential growth of Bitcoin, which has caused many renowned institutional investors to join the cryptocurrency to protect their capital. And, as institutional participation in Bitcoin continues, several analysts point out that yes, the cryptocurrency can reach this value, and even surpass it. Recently SkyBridge Capital notified the creation of a new investment fund for Bitcoin before the SEC in the United States.
📍 The report of the International Monetary Fund (IMF), notes that several of the world's central banks are reducing the percentage of dollars held in favor of other fiat currencies, such as the euro, the pound and the Japanese yen. Even so, the US dollar remains the world's main reserve currency so far.
📍 tap root, one of the most anticipated updates in the community of Bitcoin, it seems that it will finally see the light for this 2021. A few days ago, Poolin started a poll among miners to find out what is the level of acceptance and approval of Taproot in the Bitcoin protocol; a survey that so far has yielded very positive results. As of today, nearly 91,1% of miners agree with the approval and implementation of Taproot in Bitcoin. The mining pool that most recently voted in favor of this activation was Binance pool, adding 11,23% to the sum of % of hash rate of the network.
Taproot is one of the most anticipated updates for Bitcoin, as it promises to exponentially improve the security and privacy of the network, as well as allowing the creation and implementation of smart contracts complex, thanks to the integration of firms Schnorr within this protocol. Several of the most important mining pools, which control a large part of the Bitcoin hash rate, are in favor of Taproot, such as: F2Pool, BTC.com, AntPool, Huobi Pool, ViaBTC, and of course, Poole'sBinance's vote in favor makes it possible to activate this update; now it remains to be seen which mechanism miners will choose to add it to the network.
📍 Two others exchanges cryptocurrency exchanges suspend trading operations with XRP (Ripple). Coinbase y OKCoin announced to their clients and users that starting January 2021, spot trading operations, margin operations and deposits with XRP will be suspended indefinitely. In the case of OKCoin, the measure will start from January 4, while in Coinbase, it will be on January 19. In this way, exchanges can guarantee protection for their users, after the SEC filed a demand against the cryptocurrency issuing company, Ripple, and two of its top executives.
📍 Following in the footsteps of Bitcoin, Ethereum (ETH) just broke through $700 USD again, with a new value of $735 USD per unit at the time of writing this note. The rise occurred recently on December 28 in the early hours of the morning. Faced with the rise, the well-known Amsterdam trader, Michael van de Poppe, noted that the cryptocurrency can move much closer to its all-time high if it holds the key $470 USD level as support.
The rise of ETH to a new value of between $1.200 and $1.300 USD can be expected in the first quarter of 2021, the expert noted. The all-time high price of ETH was $1.448,1 USD, reached in January 2018.
📍 Bitcoin, which is trading at the time of this writing at $26.900 USD, has a market capitalization of $499 billion, surpassing electronic payments giant Visa, whose market cap is $497 billion.
The comparison of Bitcoin and Visa stock performance is also quite surprising. While Visa showed a growth of only 13% in the value of its shares, which started the year at $188 USD, and almost ended at $213 USD, Bitcoin grew by almost 280%, going from being worth $7.300 USD at the beginning of the year, to almost $27.000 USD at the time of writing.
Continue reading: Bitcoin exceeds $28.000 USD and triples its price in 2020
