Shortly after Tesla announced that it will allow customers to buy products withBitcoin (BTC), a curious job posting from Amazon suggests that the company could also be working on a platform that will allow customers in Mexico to use digital currencies for making payments.
If Amazon jumps on the crypto bandwagon, it will immensely strengthen the possibility of cryptocurrencies going mainstream across the world. Crypto market data daily view. Source:Coin360
Today Bitcoin price is showing a new spark of optimism after the Bank of New York Mellon announced that it would hold, transfer and issue Bitcoin on part of its... Take a look at the latest cryptocurrency news here https://businessnewsideas.com
Qtum, Status (SNT) and Iota (MIOTA) rally after breaking multi-year downtrend
Shortly after Tesla announced that it will allow customers to buy products withBitcoin (BTC), a curious job posting from Amazon suggests that the company could also be working on a platform that will allow customers in Mexico to use digital currencies for making payments.
If Amazon jumps on the crypto bandwagon, it will immensely strengthen the possibility of cryptocurrencies going mainstream across the world. Crypto market data daily view. Source:Coin360
Today Bitcoin price is showing a new spark of optimism after the Bank of New York Mellon announced that it would hold, transfer and issue Bitcoin on part of its clients. The bank is also said to be developing a platform that will process and custody digital currencies alongside traditional assets like treasuries and stocks.
Bitcoin’s future of becoming a widely accepted medium of exchange and investment vehicle appears to be becoming etched in stone. Meanwhile, several altcoins have been rising, buoyed by strong use cases and protocol upgrades.
Let’s analyze a few of the top performing tokens of this week.
QTUM/USD
Airdrops are an easy way to make some extra money, hence they remain extremely popular with investors. Qtum (QTUM) holders will receive an airdrop of Qi, the native cryptocurrency of the decentralized exchange QiSwap which is built on the Qtum blockchain. With crypto volumes rising and the demand for DEX’s picking up, the proposed airdrop scheduled from Feb. 14 may have attracted fresh buying from several investors.
The protocol has identified decentralized finance as a focus area and is taking steps to attract new DeFi projects. Qtum is planning a hard fork that will reduce its block spacing from 128 to 32 seconds in order to support the faster transaction speeds needed in DeFi.
Qtum is also developing Neutron, an agnostic interface that allows virtual machines to run on Qtum and other blockchains. The aim is to build a low-cost entry platform that is also easy to use. With an eye on DeFi, the Qtum protocol seems to be taking the necessary steps to attract projects and investors alike.
QTUM surged from an intraday low at $3.18 on Feb. 1 to an intraday high at $8.82 today, a 177% rally within two weeks. The breakout of $5.90 has completed a long-term bottoming formation, indicating the start of a new uptrend.
A long base readies a strong launchpad for the start of the next trending move. The longer the base, the stronger is the breakout from it. QTUM/USDT daily chart. Source: TradingView
However, after the breakout from a long basing formation, the price retests the breakout level. The long wick on today’s candlestick suggests profit-booking at higher levels and the deeply overbought level on the relative strength index (RSI) also points to a possible correction.
The price may now dip back to $5.90. If the bulls can flip this previous resistance to support and the price rebounds off it sharply, it will increase the prospects of the resumption of the uptrend. The first target on the upside is $10.30 and then $14.7.
Contrary to this assumption, if the price drops and sustains below $5.90, it will suggest the current rally was a bull trap. The QTUM/USD pair could then dip to the 20-day moving average ($4.46).
SNT/USD
The recently proposed changes in the WhatsApp privacy policy triggered outrage among users and resulted in millions of users switching to other messaging platforms. While a few users shifted to other centralized apps, others who wanted to keep their privacy in their hands opted for Status App.
This app has witnessed a sharp increase in the number of downloads on Android, which crossed above 600,000 recently. The latest update in Status allows users to bookmark their favor...
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