Bitcoin SV Jumps

Bitcoin's offshoot hits record high with increased network activity

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Sponsored by   January 15, 2020 Bitcoin SV's (BSV) network witnessed solid activity on Tuesday as prices doubled to record highs. While the cryptocurrency jumped from $173 to $458, more than 100K new addresses were created, according to blockchain intelligence firm IntoTheBlock. A rise in the number of addresses does not necessarily imply increased adoption. After all, an individual can have multiple addresses.  About 2.66 million BSV changed hands in transactions with a value of $100,000 or greater. The number of transactions with a value of $100,000 or greater rose to a record high of 1.21K.  Due to the sudden surge in both prices and the network activity, some analysts say the market is being manipulated.  SPONSOR SECTION Nexo is the world’s leading crypto banking institution. With $1B processed, the company aims to maximize the value of digital assets by offering tax-efficient ‘Instant Crypto Credit Lines,’ high-yield ‘Earn Interest’ products and ‘Send & Pay’ features to our 500K+ users across 200 jurisdictions. Learn More   Eyes 200-Day Average BTC: Price: $8,850 | Market cap: $160 billion | 24-Hr Volume: $46 billion Trend: Bullish Bitcoin's low-volume pullback to levels below $8,600 seen during the Asian trading hours has been reversed. The cryptocurrency now looks set to test the widely-followed 200-day moving average (MA) at $9,100, as suggested by Tuesday's high-volume break above $8,463 – passing the resistance of a lower high created on Jan. 8. A UTC close above the 200-day MA would expose key resistance levels at $9,400 and $10,350.  Popular analyst Josh Rager expects a potential break above $10,350 to set the tone for a major bull run for months to come. Bitcoin reversed sharply lower from $10,350 in October, so a move past that level could attract keener buying. The short-term bullish view would be invalidated if prices find acceptance under Tuesday's low of $8,105. Indicators, however, are reporting strong bullish momentum, so a drop below $8,100 looks unlikely. Read Analysis In this new feature of the Markets Daily newsletter, we aggregate news, reports, ideas and tweets relevant to crypto traders and investors.   Rapper Akon kicks off construction for world's first "crypto city" (Decrypt) Africa is to get the world’s first “crypto city.” Musician and entrepreneur Akon tweeted on Monday that he now has official approval to build “Akon City” in Senegal, a 2,000-acre metropolis that will trade exclusively in a digital currency called Akoin.   Can Central Bank Digital Currencies Displace The Dollar? (Medium) In the six months since social media giant Facebook announced its plan to launch Libra, a sponsored cryptocurrency that would be backed by the U.S. dollar and other government currencies, there's a renewed focus on the search for a global reserve currency.  Why Bitcoin Won’t Be Dethroned As Crypto Market King (Forbes) The altcoin market as a whole has performed rather poorly against bitcoin over the last couple of years, notes Forbes, with the case for bitcoin remaining strong especially as a perceived digital store of value. Ripple CEO calls the XRP lawsuit “outrageous” (FXStreet) The next phase in a lawsuit over sales of Ripple's XRP token is just days away, and CEO Brad Garlinghouse describes the case as “outrageous.”  Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. Copyright © 2018 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list