Altcoins rally while Bitcoin bulls are thwarted by resistance at $34K

Bitcoin’s (BTC) tumble below $30,000 was short-lived as the top cryptocurrency found a new wave of support, including a $10 million ‘buy the dip’ moment from MicroStrategy.  Data from Cointelegraph Markets and TradingView shows the strong inflows have helped lift BTC 4.92% to a daily high at $33,866. As the prospect of the Biden administration passing massive stimulus packages to help get the United States economy going again, conversations about Bitcoin becoming a reserve currency are beginning to pop up again. Although Bitcoin’s recent volatility has some analysts saying BTC…

DeFi surge, rising TVL and new partnerships underpin Ren’s 100% rally

Interoperability between blockchains is rapidly becoming one of the buzz phrases being thrown around when discussing decentralized finance and the coins most likely to rally during an altcoin bull run.  The rapid growth of DeFi, its ever expanding total value locked and soaring ETH gas fees further highlight the sector’s need for a layer 2 option that also supports the ability to transact value across different networks. REN’s open protocol is designed specifically to fill this need by providing interoperability and liquidity between the top blockchains including Bitcoin, Ethereum and…

Wen? Now! BadgerDAO’s synthetic rebasing Bitcoin, DIGG, goes live

After weeks of anticipation and a closely-watched series of preparatory steps, BadgerDAO’s synthetic rebasing Bitcoin, DIGG, is now live and claimable for qualified addresses on Ethereum mainnet.  The release will be eagerly welcomed by a perhaps-overzealous community, one which has been lighting up Twitter with “wen DIGG” for weeks. For all the memes and excitement, however, there’s some serious technical heft behind both the distribution and the maintenance of the newest Bitcoin asset on Ethereum. Ultimately, however, now that DIGG is in the wild market forces are what will determine…

Tezos Price Recovers Following DAO Announcement

Key Takeaways More than 5.37 million Tezos-related engagements were registered on social media over the past 24 hours. The spike in social interactions seems to be related to a new set of features that will support Tezos-based DAOs. XTZ’s market value was able to rebound by more than 33% after a steep correction and could be poised for more upside momentum.  Share this article Tezos (XTZ) appears to be leading the recovery in the cryptocurrency market after a team of developers announced that users will soon be able to create…

Senate committee votes unanimously in favor of Yellen as Treasury Secretary

Janet Yellen, the former Chair of the Federal Reserve, is one step closer to earning the nomination of Treasury Secretary.  The Senate Committee on Finance voted unanimously to approve Yellen’s nomination Friday morning, setting the stage for a full Senate vote. Republican Senator Chuck Grassley said he hoped the GOP’s backing would signal “bipartisan” support under the new Democratic administration. Fellow Republicans said they backed Yellen despite disagreeing on several of her policy stances. The general consensus was that she was exceptionally qualified for the job. Committee members hoped for…

Bitcoin Traders Expect Volatility as Options Expire

Key Takeaways Bitcoin’s price dropped below $30,000 yesterday, raising concerns of further price volatility. Options traders bought put orders at strike prices of $30,000 and $28,000 to hedge against further short-term downfall. Market data shows heightened volatility expectations ahead of options volume expirations worth $3.5 billion next week. Share this article Bitcoin traders are preparing for an extended short-term correction, as options contracts of 118,000 BTC ($3.5 billion) expire on Jan. 29. Bitcoin Price Volatility Ahead Bitcoin’s price fell by a record percentage of 13.1% on Thursday. The price carnage…

Harvard crypto skeptic calls Bitcoin a ‘hedge against dystopia’

Often touted as a store of value or hedge asset, Bitcoin (BTC) has gained significant mainstream adoption over the past several months. Kenneth Rogoff, a public policy and economics professor at Harvard University, doubts the asset’s success, however.  “I can see Bitcoin being used in failed states,” Rogoff said in a Bloomberg interview on Thursday, adding: “It’s conceivable, you know, it could have some use in a dystopian future, but I think the governments are not going to allow pseudonymous transactions on a big scale. They’re just not going to…

Bank payments going global with stablecoins and CBDCs, Jan. 15–22

Editor’s note It may be too late for resolutions and too early for Lent, but lacking any discrete occasion I would still like to give up U.S. political news for a while, or at least for the duration of one Law Decoded.  Fortunately, in the spirit of going international and leaving the bonkers election cycle of the U.S., blockchain technology and stablecoins are playing a major role in the latest developments in cross-border payments and settlements. It’s long been one of the most talked-about applications of blockchain technology. Diplomatic scheming…

NFT boom and platform upgrades back Decentraland’s (MANA) 100% rally

In the past year non-fungible tokens (NFT) have been gaining ground as the digital art market exploded and developers experimented with a variety of use cases. Data from NonFungible shows that over the past 30 days there were 58,400 NFT sales and $12.7 million worth of volume. In the same time period, MANA, the token behind the blockchain-based virtual world Decentraland, totaled $636,000 in NFT trades. The virtual reality platform is built on Ethereum blockchain and provides a digital landscape where players can explore, interact with other players and purchase…