The world’s first truly digitized currency plunged almost 14.18% over the past 24 hours as buyers failed to keep up the momentum.
#Bitcoin plunging lower after failing to breach the 300% Fibonacci (41729)
— Daniel Moss (@DanielGMoss) January 11, 2021
A daily close below $35K could pave the way for price to retest former resistance-turned-support at the Symmetrical Triangle's implied measured move (28108) #BTC #BTCUSD pic.twitter.com/mB5mrRAvkT
While some analysts say that institutional buyers now have the upper hand in determining Bitcoin’s next big move, others claim that the increasing unemployment rates are pulling the price towards a bearish trend.
Source: coinmarketcap.com
Although the outlook for the world’s most favorite digital currency appears dour and gloomy, COO of OKCoin crypto exchange, Jason K Lau, invites us all to look at the bigger broad picture claiming: “The minor pullback today is normal and healthy,”.
Altcoins
Ethereum (trading $1,076 at press time) also followed Bitcoin’s corrective trend falling almost 17.64% in a day.
The world’s second-largest cryptocurrency by market cap, Ether, battled the pullback trend as it leapfrogged last week to its record highest price since January 2018.
Ripple’s XRP (Trading $0.2726 at press time) is still struggling. Although XRP price doubled during the week the bearish movement also affected the already troubled coin.
The data from Google trends, a barometer used to gauge general interest in trending topics, showed an increase in interest rates in Ethererum more than ever.
Google Trends Worldwide Search Interest for #Ethereum projected to reach an all-time high: pic.twitter.com/oisOk9HhoD
— Michael Vincent (@mmichaels_21) January 7, 2021
This interest indicates that more people want to know more about Ether as the world’s second most famous coin rallied to $1,432.88.
According to reports at Intezer Labs, a new trojan malware, called ElectroRAT, capable of exploiting windows, Mac, and Linux to steal users’ cryptocurrencies.
[1/7] Operation #ElectroRAT is a new campaign that takes sizable measures to steal crypto wallets. For more information about the operation - https://t.co/CWLnOevKir
— Avigayil Mechtinger (@AbbyMCH) January 5, 2021
The following is a technical analysis->@IntezerLabs
The attacker lures users on social media to download trojan apps like, “Jamm” “eTrade” and DaoPoker”, to target and locate crypto private keys to access their wallets and transfer their crypto.
Last month, Bitcoin miners' revenues increased 33% from November making $692 million in revenue according to Coin Metrics data analyzed by Coindesk.
Experts say that tripled in the past three months as more people were interested in mining and exiting miners added more machines online to take advantage of bitcoin’s price soaring.
European Blockchain Conference Barcelona 2021 (Jan 25, 2021 - Jan 26, 2021) in Catalonia, Spain
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Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.
