Bitcoin may be ready to hit $10,000, U.N. warns the public not to attend North Korea’s crypto conference, and the best day of the week to buy crypto is revealed. Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.Top Stories This WeekBitcoin ready to push above key resistance to hit $10,000The world’s biggest cryptocurrency has started 2020 fighting. For a time on Friday, Bitcoin hit $9,000 — with analysts claiming there are multiple signs that a “bullish transformation” is underway. This weekend also saw the BTC network’s mean hash rate hit new all-time highs, meaning it’s never been harder to mine new coins. Although BTC fell from highs of almost $9,200 on Sunday to hover at about $8,600, analysts believe it is ready to push above the resistance to hit $10,000. Even despite the latest turbulence, which saw prices drop $500 in five minutes, BTC is up 20% year to date — and by more than 5% over the past week. The strong performance will leave crypto skeptics such as Peter Schiff red-faced. Back in November, the gold bug had predicted BTC would imminently drop to $1,000.Research: Binance and Huobi received over 52% of total $2.8 billion illicit BTC in 2019Sticking with the Bitcoin theme, let’s look at some worrying new research that suggests just two exchanges — Binance and Huobi — together received 52% of illicit Bitcoin transfers worth $2.8 billion in 2019. According to Chainalysis, the crypto was moved from 300,000 individual accounts associated with criminal activity — and 75% of the illicit BTC was sent to just 810 accounts. Researchers believe that some over-the-counter brokers may be specializing in providing money laundering services to criminals and taking advantage of loose Know Your Customer requirements. Huobi did not respond to the claims, but Binance said it was committed to tackling financial crime in crypto and continually improving its Anti-Money Laundering measures.United Nations: Stay away from North Korean crypto conferenceThe public is being warned not to attend North Korea’s upcoming cryptocurrency conference, with experts warning it could violate sanctions. Reports suggest that the event, due to take place in February, will include discussions focused on how crypto can be used to evade sanctions and launder money. One British government spokesman said attendance would effectively support the isolated state’s use of this technology and “unavoidably increase” their ability to generate revenue for prohibited weapons programs. Earlier this month, Ethereum Foundation researcher Virgil Griffith was charged with conspiracy to violate the International Emergency Economic Powers Act, amid allegations he attended last year’s conference.New analysis finds Mondays are best days to buy BitcoinMondays are enough to fill many of us with dread, but there might be a bright spot. Research shows that Mondays actually offer the best average daily return for Bitcoin at 0.54%, while Wednesdays attract a loss of about 0.23%. This is based on analysis of the cryptocurrency’s performance from April 2013 to January 2020. Over a shorter time frame — from the beginning of 2019 to Jan. 13, 2020 — Fridays delivered the highest average return at 1.1%, with Mondays coming second with Tuesdays and Thursdays delivering negative returns on average.Singer Akon says world’s first “crypto city” is set for Senegal in 2025Akon says he had finalized an agreement to launch a “crypto city” in West Africa. Akon City is expected to open its doors in Senegal by 2025, and vows to be a “100% crypto-based city with Akoin at the center of transactional life.” The metropolis is being built on 2,000 acres of land gifted to the project by Senegal, and the first phase of construction is scheduled to finish in about five years’ time. It is hoped that Akoin will empower “rising entrepreneurs with digital and real-life tools and services, and enable brands to unlock the power of Africa’s rising economy.” Rest assured, we’ll give you plenty of updates on how the project progresses.Winners and LosersAt the end of the week, Bitcoin is at $8,670.33, Ether at $165.92 and XRP at $0.23. The total market cap is at $236,788,834,292.For more info on crypto prices, make sure to read Cointelegraph’s market analysis.Most Memorable Quotations“The state should become a digital platform that is created for people.”Mikhail Mishustin, new Russian prime minister“We cannot discount the future role of cryptocurrencies in funding acts of domestic extremism, both within New Jersey and across the United States.”Jared Maples, director of the New Jersey Office of Homeland Security and Preparedness“Supporting the DPRK’s use of cryptocurrency and blockchain technology, risks violating the Security Council’s resolutions because it would unavoidably increase the DPRK’s ability to subvert sanctions and generate revenue for its weapons programs.”British government spokesman“Be cautious if considering an investment in an IEO. Claims of new technologies and financial products, such as those associated with digital asset offerings, and claims that IEOs are vetted by trading platforms, can be used improperly to entice investors with the false promise of high returns in a new investment space.”U.S. Securities and Exchange Commission“So right now, Bitcoin and Ether are the two that we think fall under our jurisdiction.”Heath Tarbert, Commodity Futures Trading Commission chairman“We are looking forward to our joint efforts with Z Corporation/TaoTao in bringing our services to Japan. Foremost, we want to ensure that we work in full compliance with Japanese laws and regulations where local and global standards function as a key role in establishing sustainable development industry-wide and greater public adoption.”CZ, Binance CEO“We're not looking to build a service here, make money and enjoy the revenue, we're looking to create a standard”Eyal Hertzog, Bancor co-founder and product architectPrediction of the Week“Weak hands are out” — Trader who called $20,000 Bitcoin top calls bottomWaiting for prices to dip to $6,000 before you invest in Bitcoin? You’ve missed your chance, according to Peter Brandt. The veteran trader — who successfully predicted in early 2018 that crypto markets would fall 80% from their all-time highs of $20,000 — struck a bullish tone during an interview with Cointelegraph. “The weak hands are out; the strong hands own it,” he surmised. Brandt added that “anybody who is interested in what Bitcoin has to offer” should dedicate 10% to 20% of their portfolio to the cryptocurrency.FUD of the WeekU.S. SEC warns investors that IEOs may be breaking the lawThe United States Securities and Exchange Commission has warned that initial exchange offerings may be breaking the law. After the initial coin offering boom turned into a bust, many projects have taken to launching their tokens directly on exchanges. But the regulatory body says: “Be cautious if considering an investment in an IEO. Claims of new technologies and financial products, such as those associated with digital asset offerings, and claims that IEOs are vetted by trading platforms, can be used improperly to entice investors with the false promise of high returns in a new investment space.” The SEC said that alarm bells should ring if IEO organizers fail to address federal securities laws or mislead investors, adding: “There is no such thing as an SEC-approved IEO.”U.S. SEC charges convict and associates for $30 million fraudulent ICOAnd speaking of the SEC, this week saw the regulator charge a group of criminals who raised over $30 million through a fraudulent ICO. Boaz Manor, one of his business associates and two companies are accused of violating the anti-fraud and securities registration provision of federal securities law. They are accused of marketing and selling securities with a plan to develop technologies for hedge funds and other investors in digital assets. According to the SEC, Manor changed his hair color, grew a beard and used aliases to conceal his identity because he had previously served a year in prison after pleading guilty to criminal charges arising from the collapse of a large Canadian hedge fund.Singapore crypto consultant kidnapped for $1 million ransomA businessman was recently kidnapped in Thailand and tortured for a $740,000 ransom in BTC. Mark Cheng transferred all his available funds of $46,000 to his captors and reportedly made a daring escape as they prepared to murder him. He was on a business trip to Thailand when he was bundled into a truck by masked men. A Thai actor is believed to have owned that pickup truck, and police have now identified him as a person of interest in their investigation. Describing his escape, Cheng said: ”One of them held the gun against the back of my head while the others stepped away. Fortunately, I know martial arts. I reached behind my head and grabbed the pistol, and then I fled.”Best Cointelegraph FeaturesPredictions for 2020Take a look at the biggest and best predictions for 2020. We’ve asked prominent industry experts which altcoins they’ll be keeping a close eye on in the coming 12 months, what Bitcoin’s price might look like this year, what this year’s biggest topics are likely to be, and for their thoughts on the major themes for crypto and blockchain in 2020.Telegram’s legal battle with the SEC heats up over TON recordsJoseph Birch looks back at Telegram’s clash with the SEC, which became one of the crypto world’s most closely followed legal dramas in 2019.Interview with Daniel Marco on the state of blockchain in CataloniaCointelegraph features editor Alex Cohen speaks to Daniel Marco, the director general of innovation and the digital economy in the government of Catalonia, to find out how the region’s ambitious blockchain strategy is taking shape. […]

The traditional financial system has been reshaping from its very core — the concept of trust — through blockchain, decentralized in nature. In an industry built on an ethos of decentralization and the empowerment of individuals, where the key idea is that each and every person should have control of their own wealth and begin acting as their own bank, we’ve seen centralized custodial exchanges lead the charge up until now. Now, as the industry continues to develop ethos, we’re seeing centralized exchanges beginning to adopt more properties of decentralization.Decentralization advances the protection of funds, transparency, economic inclusion and regulatory clarity while empowering each individual to become the custodians of their own funds. As centralized exchanges begin to recognize the benefits of decentralizing, the end result is a stronger, more trusting consumer and industry.TrustTrust is the foundation on which all relationships are built — with partners, family, friends and businesses — all are rooted deeply in trust. But trust isn’t given freely, it must be earned. Trust is more than an asset, it is the lifeline that dictates the longevity of a relationship.The loss of trust in centralized entities has given birth to blockchain, a technology based on decentralization, in the hopes of redefining the concept of trust for the next wave of financial systems.Blockchain technology has the potential to turn financial systems upside down by redefining trust. However, we mustn’t be misinformed. Just because an organization or business claims to employ blockchain technology, this doesn’t automatically make them more trustworthy. The trustworthiness in blockchain stems from the design choices businesses make when employing them.We are reminded from time to time of the consequences of these design choices. This includes over $4 billion in stolen funds from crypto-related cyberattacks in 2019, with some of the biggest exchanges targeted by cybercriminals. Most notable this year are the incidents on Coinbase, Binance and BitHumb. These are all reminders of how people’s trust in blockchain has been tarnished. The foundations of the technology looking to disrupt the financial systems are still fragile.Related: Crypto Hacks: Crypto Exchange Hacks & Cryptocurrency HackersBut it doesn’t have to be this wayAnd for this reason, leaders in the industry are making design choices that entirely change how trust is handled. These leaders are decentralizing key business functions to strengthen their foundation. This can be seen first and foremost with exchanges and custody solutions that are transitioning to non-custodial solutions. On an exchange that uses custodial solutions, users need to deposit their funds into a centrally controlled wallet in order to trade. Non-custodial solutions, however, allow users to fully interact with the exchange without requiring deposits into a centrally controlled wallet. Access and control of funds never sits with a third-party, only with the owner of the funds, and counterparty risk is completely removed.To illustrate this point, imagine the following scenario with centralized, custodial solutions. John wants to buy one BTC with another digital currency, such as EOS. To buy this Bitcoin, John must first transfer his EOS onto an exchange. Once the EOS enters the exchange, he can then interact with the exchange and trade his EOS for the one Bitcoin. At this stage, John is essentially trusting the exchange to hold custody over his assets. During this time, his assets are exposed to several risks. His assets are vulnerable to hackers, exchange shutdowns, flight risks, insolvency or freezing of his account. In all cases, John may lose access to his funds forever.The scenario is quite different for non-custodial solutions. Non-custodial solutions eliminate the need to trust a third-party with precious assets. Assuming again that John wants to buy one BTC with his EOS, he would go on a non-custodial exchange and initiate a trade for one Bitcoin directly from his wallet. John does this through a trustless smart contract, a transparent computer protocol which enforces the performance of a contract when certain conditions are met. In this case, John agrees to the actions being taken on his funds, and that there are no errors in the transaction. The smart contract recognizes that John has deposited enough EOS to receive one Bitcoin, and the trade is executed, resulting in one BTC being deposited directly into John’s wallet. At this stage, John can do whatever he wishes with his new Bitcoin, as it is already in his possession. He has avoided all the risks of entrusting a central intermediary with custody of his assets.Decentralizing the element of custody — a small change in business models — ultimately leads to the decentralization of trust. By redefining how trust is handled through a trustless system, exchanges are slowly rebuilding some of the lost reputation with consumers while paving the way for new relationships, where the element of trust is no longer an obstacle in doing business.Decentralization redistributes power and trustAs centralized entities shift their focus toward decentralization, the end result is beneficial to both consumers and the industry. Decentralization promotes security, transparency, financial inclusion and regulatory clarity, and empowers the individual.The decentralization of custody means that we are no longer trusting a single entity to have authority over deposits, withdrawals, and the storage and security of funds. Customer funds will no longer be centrally located, giving birth to an entirely new paradigm. Institutions and exchanges will no longer be a central point of attack, eliminating the lurking fear of victimization by cybercriminals, who will no longer be in a position to engage in foul play with funds.Decentralization redistributes power and trust back to the individual. Gone are the days where customers can’t withdraw or access their funds due to an exchange becoming hacked or insolvent. Customers can instantly interact with multiple exchanges without waiting to transfer funds from one exchange to another.Decentralization is more secure by design, and in an industry expecting $5 trillion in losses due to cybercrime in 2021, it’s important that industry leaders innovate to meet this challenge. Losses and exchange hacks are some of the biggest concerns of regulatory authorities, but decentralization can relieve most of them.The hurdles faced in adopting decentralized solutionsWhile decentralizing certain business aspects has clear benefits, there are several obstacles businesses must overcome before they can deliver the same user experience as their nondecentralized counterparts and achieve wider adoption. Three of the biggest hurdles to the widespread use of decentralized financial systems are:Liquidity: Exchanges that are based on decentralization have significantly less liquidity compared to their centralized counterparts. The widespread use of these exchanges has yet to reach the majority of users, as there is an entirely new learning curve in getting accustomed to such platforms. Users need to learn how to keep custody of their own funds while connecting their wallets to the platform. The lack of users equates to a lack of liquidity, so it’s important for exchanges to attract more users or to provide liquidity from other sources.Throughput and speed: Throughput and speed are limitations of decentralized exchanges. These exchanges often rely on a blockchain network for settling trades. So, exchanges that are built on Ethereum for example are at the mercy of Ethereum’s maximum transaction throughput of about 15 transactions per second. Even if millions of users were to switch to a decentralized exchange today, some exchanges wouldn’t be in a position to adequately handle the demand. Exchanges need to be able to handle hundreds, if not thousands, of trades their users make each second. A low transaction throughput limit can cause major delays in transactions or even prevent them from being executed and can lead to millions of dollars in losses.User experience and features: With decentralized exchanges still in the early stages of development, they are often lacking in features, putting limitations on users’ trading experience. Different order types, from basic limit orders to more advanced order types like Immediate or Cancel orders, and Fill or Kill orders are often missing on decentralized exchanges. Other users may need to margin trade or connect with the exchange’s API to get real-time financial data for analysis. The truth is, users won’t make the transition to a platform that is lacking features that are critical to their trading strategies.Instilling trust today for the financial systems of tomorrowThe financial systems of tomorrow will be responsible for the trade of real estate, gold, money, securities, cryptocurrencies and other assets, digitally. With trillions of dollars flowing through these systems, the design choices we make today are more important than ever in instilling trust in these systems — trust that our assets are always in our possession; trust that our assets are secure; trust that the companies we do business with are being honest and fair.Decentralization, when executed properly, results in systems that offer more transparent, secure and higher-performing solutions. It is an essential building block for systems to build trust. Successful implementation of decentralized technology means empowerment for millions of people, whereas failure will result in the loss of all its benefits.For the greater good of financial systems and their participants, conscious steps toward decentralization need to be taken.The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Steven Quinn is a product manager at Eosfinex and Bitfinex. He focuses on the EOSIO ecosystem of blockchains and communities, blockchain technologies such as smart contracts and non-custodial wallets, and global trends toward decentralization and financial sovereignty. […]

From Coca-Cola and Maersk to the giant gaming industry and government: Technology that stands behind crypto has become more and more usual. As Bitcoin enters its twelfth year, the past eleven offer a meaningful amount of time to identify key trends that have emerged around cryptocurrencies and blockchain technology. These trends provide insights that are helpful in projecting the future of the digital asset space and how it will take shape over the next decade.In reflecting on the history of cryptocurrencies over their lifetime, there’s one pattern that immediately jumps out. Each successive wave of interest in the cryptocurrency space has been galvanized by new developments in the ecosystem. In particular, two significant catalysts were the rise of crypto exchanges and the initial coin offerings craze.Rapid accelerationThese days, crypto users are spoilt for choice when it comes to exchanges, so it’s easy to overlook the seismic impact that these platforms had when they first emerged. Although Bitcoin launched in January 2009, it was over a year before Bitcoin Market — the first cryptocurrency exchange — opened its doors in February 2010. Other exchanges swiftly followed, including the now infamous Mt.Gox. It took less than eleven months from the opening of Bitcoin Market for Bitcoin to achieve parity with the United States dollar.Fast-forward to 2016, Ethereum unleashed its ERC-20 token standard to the world, which quickly evolved into the 2017/2018 ICO boom. Whether people loved it or loathed it, the ICO craze was probably the biggest moment in the industry’s history. Once tech entrepreneurs became aware of how easy it is to create their own token, the blockchain scene — and the price of Bitcoin — exploded.Related: ERC-20 Tokens, ExplainedEven before Bitcoin hit its peak price of $20,000 in December 2017, there was talk of the ICO bubble bursting. In a nascent sector where so many companies claim to offer a unique value proposition that is often a carbon-copy of its peers, it’s inevitable that many of them would eventually fizzle out.However, the crypto sector is unusual in that the value of the underlying technology is often perceived in line with market capitalization. Once the crypto winter hit, it hit hard. Once the crypto winter hit, it hit hard. As the prices remained low from the beginning of 2018 all the way until the spring of 2019, the perceived value of blockchain also went down, along with the value of the vast majority of tokens that had been issued during the boom. One study reported that less than half of the projects were still active a mere five months after their token sales.Crypto cannot live by hype aloneSince the 2018 crash, it’s become increasingly evident that hype alone cannot sustain the industry. The vast majority of firms that promised to “revolutionize” existing industries through the introduction of a token have failed, leading to criticisms that blockchain is “a solution in search of a problem.”Despite the critics, Bitcoin and many altcoins have survived well. But what’s clear is that many of the initiatives that survived the crypto winter did so by keeping their promise and offering a real-world use case. There are several examples that illustrate this point well.Related: What’s Next for the Industry as ‘Crypto Winter’ Thaws?Proving provenanceSupply chain was one sector where blockchain appeared to have a lot to offer, promising transparent proof of provenance from factory to end consumer. In mid-2019, Gartner reported that over 90% of blockchain-based supply chain projects were failing. This is allegedly because the technology was failing to live up to the hype.However, there are several notable examples of multinational firms using blockchain in supply chain and logistics, indicating that the tech’s use case does indeed hold value. Maersk implemented its TradeLens blockchain solution in 2018, which now boasts 90 partners and was adopted by the Thai customs agency in August last year. Coca-Cola is another case in point, having expanded its pilot solution from two to 70 partners late last year.GamingGaming is another example of a use case where blockchain is adding real value. In-game assets are big business, with the virtual goods market worth over $50 billion. However, without blockchain, the assets themselves have no underlying value and are under the control of the game developers and publishers. Non-fungible tokens may well be set to transform the gaming sector, enabling users to take full ownership of one-of-a-kind assets, as pioneered by games like CryptoKitties.There are other applications in the gaming sector. Royalty payments have been an ongoing challenge, with Microsoft Xbox developers working to resolve payment delays of up to 45 days due to difficulties in manual calculations and distribution. The company partnered with Ernst & Young to develop an automated, blockchain-based solution for its royalty payments, creating a more efficient, streamlined process.Related: Gaming Is Key to the Mass Adoption of CryptoCreating interest in interestEver since the 2008 financial crisis, it’s been virtually impossible to earn decent returns from good, old-fashioned savings accounts. Now, interest-earning accounts for cryptocurrency are opening up new avenues of passive income that doesn’t involve pure speculation on the volatile crypto markets or an active investment strategy.One of the most popular ways is lending, allowing holders to deposit their funds on a loan platform so other users can take a loan, providing interest to the lender. However, staking offers another way of generating returns, where proof-of-stake blockchains distribute the equivalent of mining rewards to network participants.Regardless of which lending solution crypto holders opt for, the returns are generally far higher than one would get from placing funds into a traditional bank savings account. Of course, the risks may also be more significant, depending on the type of investment and the chosen platform.Store of ValueThe original use case of Bitcoin was as a store of value, and it remains one of the biggest growth drivers today. Over recent years and throughout the crypto winter, citizens in countries including Venezuela, Argentina and Iran have turned to Bitcoin as a means of protecting their wealth from the effects of hyperinflation. Global or political events may also have an impact on the appeal of cryptocurrencies as a store of value.Related: Global Economic Crises Show Idea of BTC as Store of Value Catching OnThe real-world use case of blockchain as a reprise from hyperinflation demonstrates the bridge being established between the emerging technology and a current economic problem.Related: Is Bitcoin a Store of Value? Experts on BTC as Digital GoldMore room for improvementDespite the progress, there is still plenty of room for improvement. In particular, the barrier to entry for new users remains a major issue for the cryptocurrency space. Even now in 2020, owning digital currency often still means navigating unfamiliar technologies and platforms. This can be off-putting to the less technologically capable users, however, organizations such as Skrill are working to eliminate the barriers to entering the crypto space.Reputation is a separate challenge. In 2019 alone, there were 12 high-profile attacks on exchanges. Scams are also still all too common. It’s an unfortunate reality that the biggest stories about crypto tend to be scandalous, and therefore make headlines in the mainstream media. For example, the BBC’s Missing Cryptoqueen podcast, covering the disappearance of OneCoin’s Dr. Ruja Ignatova, was a major viral hit.The reality is that for many people uninitiated to cryptocurrency, stories like this will probably form the basis of their perceptions.Building the reputation of cryptoNone of this is to detract from the efforts of key players in the industry to establish a more reliable reputation for cryptocurrency. Coinbase has always worked hard to hold itself up as an example of how exchanges can operate in compliance with regulators. It was the second company to win the coveted New York Bitlicense, followed by others such as Xapo and Bitstamp. In the United Kingdom, Kraken Futures operates under the supervision of the U.K. Financial Conduct Authority.However, the entry of existing reputable payment firms and banks into the crypto space is critical to increasing adoption among new crypto users. This serves several purposes.Firstly, their entry creates a concrete link between the existing financial world and the new world of digital assets. As outlined above, creating a real-world bridge between any particular industry and blockchain is a proven recipe for success in the space of emerging technologies. Furthermore, reducing the barriers to entry for new users is critical if crypto is to attain widespread adoption.A less tangible benefit — but one that is no less important — is to further bolster the reputability of cryptocurrencies among the uninitiated. This reputational problem can be solved by creating a bridge between established, trusted financial services and cryptocurrencies.The eleven years since Bitcoin’s launch have been a rollercoaster ride for anyone involved in the space. But during that time, the token has grown from its cypherpunk roots to becoming a credible investment vehicle. Meanwhile, the potential of the underlying technology has only just started to make its mark on industry and the economy. Further removing the barriers to entry will go a long way toward allowing cryptocurrencies to settle into their niche among the existing financial infrastructure. Once that happens, widespread adoption should soon follow. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.Lorenzo Pellegrino is the CEO of Skrill, Neteller and Income Access, at Paysafe Group. Prior to his current role, Lorenzo was the executive vice president for digital development at Optimal Payments plc from 2012 to 2015. Before joining Optimal Payments, he held executive level positions at Skrill (previously known as Moneybookers); first as vice president for sales and account management in the U.K., and then as vice president of business development in the U.S. Lorenzo earned his degree in public administration and international institutions management from Bocconi University, located in Milan. He also attended the University of Westminster in the U.K., where he completed a business English certificate and diploma, with a focus on marketing. […]

Peter Schiff claims he has lost access to his crypto wallet, claims having BTC “was a bad idea.” On Jan. 19, famous crypto skeptic and gold bug Peter Schiff claimed on Twitter that he has lost access to his Bitcoin wallet and that his password is no longer valid.Schiff added that his BTC is now intrinsically worthless and has no market value. He also added that:“I knew owning Bitcoin was a bad idea, I just never realized it was this bad!”Getting to the bottom of the issueAfter Schiff tweeted about his loss, the crypto community was quick to jump to the rescue. For example, co-founder and partner at Morgan Creek Digital Anthony Pompliano responding by asking if he forgot his password, to which Schiff has responded that, “My wallet forgot my password.”Pompliano then asked Schiff to email him directly:“The software just executes the commands that humans give it. It can’t ‘forget’ anything. Email me and I’ll try to help you recover the lost Bitcoin.”However it looks like the BTC may indeed be gone for good, as Schiff responded:“Eric Voorhees set up the wallet for me and even he thinks there is nothing I can do. But you're welcome to try if you have any ideas.”BTC price skepticismSchiff is known for being an outspoken critic of cryptocurrencies. Just before the New Year, he claimed that unlike every other asset class, BTC was not rising toward the end of the calendar year.In late November, Schiff claimed in a Twitter debate that the price of BTC would drop to $1,000 to “complete the pattern.&rdquo […]

After the recent run-up, most top crypto performers of the past week are showing signs of entering a minor correction or consolidation. Most major cryptocurrencies have started the new year on a positive note. However, in the past 24 hours, the crypto markets are witnessing a sea of red. This shows that the rally has hit a roadblock, which could result in a minor correction or consolidation for the next few days.Such a move will be healthy for the crypto markets because it will shake out the weaker hands. The next dip will also give an idea about the cryptocurrencies that have bottomed out and have started a new uptrend.Acclaimed veteran trader Peter Brandt believes that Bitcoin has bottomed out and is unlikely to drop to $6,000. In a market discussion with Cointelegraph, Brandt said that the fall in Bitcoin’s price has driven the weak hands out of the market and the strong hands have accumulated at the recent lows. Brandt also advised crypto traders not to aim for short-term gains but position themselves for long-term gains in Bitcoin.Crypto market data weekly view. Source: Coin360With China moving closer to launching a digital yuan, the US Securities and Exchange commissioner Hester Peirce said that a lot of innovations are happening in China as the government there recognizes the potential of the technology. She called upon the US to learn from it.While cryptocurrencies have generated huge wealth for traders, they can also be used to give back to society. Over the past few weeks Australia has experienced some of the worst wildfires in history which are estimated to have caused irreparable damage to the environment. To help in the rebuilding process, Cointelegraph has partnered with the ecological preservation organization Oxygen Seven to raise money for the Australian Wildfire Fund. Donations can be made here.BSV/USDThe news flow about the ongoing legal battle between Craig Wright, who may or may not be Satoshi Nakamoto, and the estate of his former business partner Dave Kleiman has again helped Bitcoin SV (BSV) become the top performer of the past seven days.In the early part of the week, the price of Bitcoin SV surged to a new lifetime high on the speculation that Wright had received a list of public keys for $8.9 billion worth of Bitcoin held with the Tulip Trust.However, later in the week, it came to light that Wright had not submitted any information regarding private keys. That led to a crash in the price of Bitcoin SV. After the hugely volatile week, what is the way forward? Let’s analyze its chart to find out.BSV USD daily chart. Source: TradingviewThe price of the BSV/USD pair shot up from a weekly low of $158.69 to a high of $458.74, which is an increase of 189%. Such vertical rallies are rarely sustainable. The bulls could not hold on to the higher levels and the pair has corrected over 45% from its lifetime highs.A new lifetime high is a positive sign but the failure to hold on to the highs indicates profit booking by the bulls. The long wick on the weekly candlestick shows that traders quickly booked profits at higher levels.The drop from the highs is finding support close to the previous highs at $255.62, which is just below $267.972, the 50% Fibonacci retracement level of the recent rally from $77.203 to $458.74.If the price sustains below $255.62, a drop to $222.95 is possible. Though a relief rally is possible, we anticipate the pair to consolidate for the next few weeks before making its next move.DASH/USDDash (DASH) made the list of top performers for the second successive week with a rally of about 50% in the past seven days. It gained sharply in the early part of the week and then gave back some of its gains in the latter part of the week. There was no specific news that could be attributed to the rally. After a volatile week, what can the traders expect in the next few weeks? Let’s study its chart.DASH USD weekly chart. Source: TradingviewThe DASH/USD pair rallied from a low of $63.7104 to a high of $142.3419 in the week, which is a gain of 123.42%. The pair picked up momentum after crossing above the overhead resistance at $77.7262, as suggested in our previous analysis.After the sharp rally, the bulls are attempting to defend the zone between $102.581 and $90.2989, which is 38.2% and 50% Fibonacci retracement level of the recent rally from $38.2558 to $142.3419. If this zone holds, it will indicate that the bulls are using the dips to buy.We anticipate the pair to consolidate for a few weeks, after which the up move is likely to resume. On a break above $142.3419, a move to $180 is possible. Our bullish view will be invalidated if the bears sink the price below $77.7262. After the recent rally, we suggest traders wait for a few days, for a new buy setup to form before jumping in to buy again.ETC/USDEthereum Classic (ETC) was the third-best performer of the past seven days with a rally of about 45%. When the sentiment turns positive, the market participants buy on every bit of favorable news. ETC picked up momentum on the announcement that leading cryptocurrency exchange Binance would launch ETC futures trading from Jan. 16. After the recent run-up, can it build upon its gains or will it succumb to a correction? Let’s analyze its chart to see what does its technicals project for the next few days.ETC USD daily chart. Source: TradingviewThe rally in the ETC/USD pair carried it above the overhead resistance at $10, however, the bulls could not hold on to the gains. This shows profit booking at higher levels.Currently, the price has again dipped back into the $3.40 to $10 range. We anticipate the pair to consolidate in the top half of the range for the next few weeks, similar to how it had done in June of last year.Thereafter, if the bulls can scale and sustain the price above $10, we expect the pair to start a new uptrend that has a target objective of $16.60. However, if the bulls fail to push the price back above $10, the pair might extend its stay inside the range for a few more weeks.The traders can wait for the consolidation to end and the price to resume its uptrend before buying again.IOTA/USDIOTA (MIOTA) has been among the top performers after a long gap. Research company Fundstrat released a bullish report on IOTA on Jan. 16. While fundamental reports are a good read, they should not be the sole reason to take a trade. Let’s study the technicals of the chart to see if we spot a bottom and a buying opportunity.IOTA USD daily chart. Source: TradingviewWith the recent rally, the IOTA/USD pair has re-entered the $0.207622 to $0.5410 range. This is a positive sign as it shows that the market has rejected the breakdown from the range.The bulls might face resistance at $0.244553 but if the next dip finds support at $0.207622, it will signal a likely bottom. Both moving averages have flattened out and the RSI has risen to just below the 50 level, which points to a range-bound action for a few days.Our view will be invalidated if the bears sink the price below $0.207622. If this level breaks down, a retest of $0.151096 will be on the cards. The traders can watch the next dip and initiate long positions after the price breaks out and sustains above $0.244553.BCH/USDBitcoin Cash (BCH) made it to the list of top performers with a rally of about 23% in the past seven days. This is the fourth successive week that BCH has been among the top performers. During the week, it was overtaken by Bitcoin SV as the fourth largest coin in terms of market capitalization but it quickly reclaimed back its position. After its stellar run in the past few days, can it extend its up move further or is time for a correction? Let’s analyze its chart.BCH USD daily chart. Source: TradingviewThe BCH/USD pair broke out of the overhead resistance at $360 and made a high of $403.88 during the week. However, the bulls could not sustain the price above $360, which shows profit booking by short-term traders.Though the price has dipped back below $360, the bulls are attempting to keep the price above $306.78, which is just below the 38.2% Fibonacci retracement level of the recent rally from $169.62 to $403.88. If successful, the pair is likely to consolidate between $306.78 and $360 for a few days.Contrary to our assumption, if the bears sink the price below $306.78, the decline can extend to $270.15. The traders can wait for the correction to play out before initiating long positions once again.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.The market data is provided by the HitBTC exchange. […]