Bitcoin was facing minor resistance near $50,000 but if this psychological barrier is crossed, a major breakout could occur in select altcoins. Demand and supply metrics determine the price of an asset and data from Glassnode, an on-chain data firm, shows that Bitcoin’s (BTC) liquid supply has been decreasing since June 2020. This signals that traders owning Bitcoin are not selling their holdings.
Privacy coins such as Monero, Dash and Zcash are beginning to show signs of life. The strength of the cryptocurrency market appears to be spreading to privacy-focused coins. The calm price action of Bitcoin (BTC) often sets up an intense period for altcoins to rally, where several groups of coins can start becoming bullish.
The Monero community has raised $150,000 as part of a proposal to add XMR as a payment option on the Tesla website. The Monero community has posted a proposal to add XMR as a payment option on the Tesla website.
Tesla Inc. CEO Elon Musk, responding to a comment on social media, said that the punishment handed down to convicted darknet market operator Ross Ulbricht seemed a “bit high.” What Happened: Ulbricht is serving a double life sentence for his role in creating the infamous Silk Road marketplace on the dark web that accepted Bitcoin (BTC) for payments.
The proceeds of crypto crime fell by more than $5 billion in 2020, due to increasing regulatory compliance by crypto exchanges and declining scams. Revenue from crypto-related crime dropped by more than half in 2020 according to Chainalysis’ annual report on the subject.