After the strong short-term rally that was previously reported in our altcoin news, the overall valuation of the crypto market reached $130 billion from the previous $141 billion.
Analysts believe that Bitcoin being unable to break out of the $4,200 mark is the reason why most of the crypto assets retraced. DonAlt believes that the cryptocurrencies are now in their last phase of retracement:
“All the bearish altcoins setups we’ve been discussing on stream for the last week are finally starting to play out. One more leg down should finish their retracements and make them attractive again. Staying hands off due to their weakness paid off. Patience is key.’’
He also stated that the investors could be probably extremely excited about breaking the resistance level which led the market to retrace:
‘’I’d argue the main reason why this happened was due to the entire crypto sphere getting overly excited into technical (Weekly & daily) resistance combined with the fact that there’ll probably be a lot of ‘sell the news’ coming the closer we get to the ETH fork.’’
Despite the decline in the price of Bitcoin, the fundamental factors still remain strong. The drop may have surprised investors because the number one cryptocurrency was struggling to overcome the resistance level for months. Bitcoin was close to going past the $4,200 resistance level which meant a possibility for the asset to breach the $5,000 price range.
Smaller assets tend to go under an intensified price movement when Bitcoin surges but they also tend to retrace by large margins when BTC drops.
Most of the tokens recorded losses from 10 to 25 percent against the US dollar as BTC dropped by more than 9 percent.
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“The concept of thoughtful regulation itself was first developed out of the lessons learned in these [E.U. and U.K.] markets over centuries. Our ethos — to ask permission, not forgiveness — was a first in the crypto industry and both honors and continues to build on Europe and the UK’s tradition of thoughtful regulation,” Cameron Winklevoss said in a blog post in December 2019.At the time, one senior Gemini executive also noted that the firm believes crypto investors "deserve the exact same protections" and standards as people in traditional markets.
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“Having only outbound unidirectional communication and then building the rest of the cryptographic protocols around it using multi-party computation, validation protocols, the transmission of policies to the environment, all while preventing the injection of malicious inputs from the internet back into the cold wallet," the developer said.In an industry where it is always need to be one step ahead of potential threat vectors, bug bounty programs like these from the wallet creator GK8 and others serve as a useful "stress test" for cryptocurrency firms which are probing the security of their solutions.In December 2019, we saw that the AirSwap decentralized exchange protocol also announced the launch of its bounty program with rewards up to 20,000 in DAI, without setting a time limit for the bug holders.
Deutsche Bank Researchers: Crypto Won’t Kill Cash Soon
“Cash is unlikely to disappear anytime soon. However, a real digital payment revolution has been underway for the past ten years. Cash is losing ground as a payment method. Several countries have recently removed large notes worth $100 or more and implemented policies to replace traditional payment methods with digital solutions.”In Asia, electronic payments are the norm, gaining this status only in recent years, with platforms like Alipay and WeChat pay experiencing massive transaction numbers. For the Peoples Republic of China, the war on cash is coinciding with the efforts of the government in Beijing to gain more surveillance and bigger control of the financial dealings of its population.As it was reported in a previous occasion by DC Forecast, other nations like Malaysia and Australia are set to limit cash transactions. According to the report, the drives for decreasing cash payments by various states have the aim to take out of circulation large currency notes which are supposedly used widely for black market deals.But Deutsche Bank researchers claim that the end for cash is not in the near future as few reports show people still prefer to have cash as a security instrument in the eyes of expanding uncertainties and dangers in the financial and political world. It appears that even billionaires like Warren Buffet are increasing their cash holdings. Reports emerged in the second half of 2019 that Berkshire Hathaway which is owned by Buffet, is sitting on a $128 billion cash pile, the largest cash bucket the company ever had since before the 2008 crash. While rejecting the argument of cryptocurrency surpassing cash, the Deutsche Bank report claimed that private digital currencies pose certain risks to global financial and political stability. After the publication of Libra, the digital currency of Facebook, few governments started to consider the creation of their own central bank digital currencies (CBDCs).
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