Read top crypto market events on Bitcoin, Ethereum, Ripple, and Altcoins.
Bakkt CEO Gavin Michael has announced plans of adding new cryptocurrencies to their list. The company is set to soon go public by merging with SPAC Victory Park Capital. During the interview, they skied around the question of whether XRP would be one of the cryptocurrencies listed.
Blockstream added six more members to the federation that governs Liquid, the firm's Bitcoin sidechain for inter-exchange settlement network. The firms include Coinos, Komainu, Vulpem Ventures, Nym, Watchdog Capital, and Sideswap. The Federation now spans 59 members, including Bitfinex, BitMex, Huobi, and others.
In other news, Paypal has hit a new record number on the volume of crypto payments made on the giant payments provider's platform.
Data from Nomics shows that PayPal doubled its previous volume record of $129 less than a week ago on January 6th. The surge in volume tallies with the increase in popularity of the payment platform with retail Crypto Traders. There is some debate on whether this increase in volume is a result of buying or selling pressure. There is some speculation that the recent correction of Bitcoin was pushed by retail investors rushing to cash out on their profit.
Although ethereum has been trending on Google, yesterday, it declined by almost 30% to dip almost below the $900 level. Luckily, the bulls defended it at the $900$-920. The price has risen by over 15% as of today and is currently above the $1,100 level.
On the Fibonacci, there was a break above the 23.6% Fib retracement level from the $1,352 swing high to $912 swing low where we saw a downside correction. Above $1,130 the next major resistance is expected close to the $1,200 level.
During yesterday's decline, Litecoin formed a short-term top near $185 before it's price started to drop.
On the 4-hours chart, there was a break below a key ascending channel with support at $165. It has recovered and is now close to the $150 resistance level and the 100 simple moving average (4-hours). If it clears the $150 level, it would move into a positive zone and could move higher to the $165 and $170 level.
Despite its current problems with the SEC, ripple has hired a former Amazon executive to lead its engineering team. The CEO, Brad Garlinghouse announced that they hired Devraj Varadhan,
former vice president of delivery experience at Amazon. Ripple's token fell roughly 9% in the last 24 hours despite the news.
In conclusion, cryptocurrencies are already rallying from the recent decline and there's a strong chance that the market would turn bullish again. Now might be the time to invest in cryptocurrencies.
