beehiiv-import

⚡Bitcoin Bounces Back⛹️

Croxroad

29 Jan 2024 — 4 min read

In partnership with

Data brokers play a shady game — harvesting your personal data online, and selling it to the highest bidder. No informed consent required.

In fact, every time you accept cookies or download an app from a bad actor, your data could be at risk. Opting out is possible of course — but made difficult by design.

It’d take the average person 304 hours to manually complete all the data removal requests needed to secure their privacy. That’s why the VPN specialists at Surfshark created Incogni: The data removal service that takes care of wiping your personal info from hundreds of databases, reducing the threat of robocalls, scams, and fraud.

Safeguarding your data shouldn’t take up your spare time. Leave it to Incogni — Our readers get 60% off the Incogni annual plan at this link with code PRIVACY.

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🌤️ Bitcoin at $42,445

On Sunday, the cryptocurrency market had a good run, and its overall value increased by 1.9%, reaching an impressive $1.72 trillion. At 10:00 AM GMT, Bitcoin, the oldest and most valuable cryptocurrency, saw a boost, reaching $42,445 with a 2.2% increase in the last 24 hours. This surge pushed Bitcoin's total market capitalization to $832.4 billion. However, it's worth noting that Bitcoin had experienced a 2% dip over the past week, causing some fluctuations in the market.

During the same period, Ethereum (ETH), the second-largest cryptocurrency, had a 1.2% uptick, reaching $2,285. Despite this increase, Ethereum lost 7.5% of its value over the past seven days, contributing to the overall market turbulence caused by Bitcoin's recent decline.

Interestingly, market experts are optimistic about Ethereum's future prospects, particularly due to expectations surrounding BlackRock's spot ETH exchange-traded fund (ETF). Unfortunately, the approval of this ETF has hit a snag, facing a delay from the US Securities and Exchanges Commission (SEC). If and when approved, it is anticipated to trigger a bullish trend for Ethereum.

In a similar fashion, Binance Coin (BNB) followed the positive trend, witnessing a 1.2% price increase to reach $307 during this period.

👀 Navigating the 'Most Important' Period

At the beginning of the year, Bitcoin enters a crucial period that often sets the tone for the rest of the year. This time is marked by heightened volatility, making it a strategic phase for traders to plan their moves carefully.

The yearly opening, or the price at which Bitcoin starts trading on the first day of the year, plays a pivotal role. It acts as a psychological benchmark for traders, providing a reference point to gauge market sentiment and performance throughout the year. Pullbacks to this level are particularly significant as they test the strength of the ongoing market trend. A bounce off this level reinforces a bullish market, potentially leading to increased buying pressure. Conversely, a breakdown below the yearly open signals bearish sentiment, potentially leading to further declines.

Analysing the Bitcoin chart reveals significant volatility, with prices swinging between bullish surges and bearish pullbacks. The converging moving averages suggest a period of consolidation as the market decides its next major move. Currently hovering around $42,507, the yearly opening serves as a critical pivot point.

In a bullish scenario, if the price finds solid support at the yearly opening and shows a strong bounce-back, it signifies underlying market strength. This could lead to a rally toward the first major resistance level, around $44,000, aligning with the 50-day moving average. Breaking above this level might propel Bitcoin toward the $46,000 mark, near the 200-day moving average. With sustained trading volumes and positive sentiment, Bitcoin could target the psychological level of $50,000, representing a significant recovery and potentially attracting more investors to the market.

⛔ Non-Bitcoin Halvings

In 2024, both BitcoinSV and Bitcoin Cash are gearing up for their next halvings, following the model set by Bitcoin. However, it's important to note that various blockchains operate on different halving schedules, not necessarily aligning with Bitcoin's four-year cycle.

Take Litecoin, for instance. Launched in 2011 as a modified version of Bitcoin with a faster 2.5-minute block processing time, Litecoin's block reward halves every 840,000 blocks, maintaining a four-year schedule despite its quicker processing time. The first Litecoin halving occurred in 2015, reducing the reward from 50 LTC to 25 LTC. In 2019, the second halving further cut the reward to 12.5 LTC. The upcoming Litecoin halving is scheduled for August 2023, aiming to lower the reward to 6.25 LTC. Interestingly, Litecoin is currently trailing two years behind Bitcoin, and its block reward is anticipated to reach zero by 2142.

Turning to the Dash blockchain, its halving mechanism operates differently. Every 210,240 blocks, Dash experiences a halving, resulting in a yearly reduction of the mining reward. This unique schedule distinguishes Dash from other cryptocurrencies, including Bitcoin and Litecoin.