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The cryptocurrency market has been growing strongly following the successful launch of options on Bitcoin futures on CME. Positive momentum has been increased by technical factors as Bitcoin and may altcoins broke crucial resistance levels and thus attracted new speculative buyers to the market. The cryptocurrency market capitalization increased to $228 billion, while an average daily trading volume reached $99 billion. Bitcoin's market dominance is registered at 68.1%.

The largest cryptocurrency by market capitalization hit the intraday high at $8,587 during early Asian hours and retreated to $8,517 by. press time, The coin has gained over 5% both on a day-to-day basis and since the beginning of the day. Despite the retreat, BTC/USD is still trading above critical $8,500, reinforced by 50% Fibo retracement for the upside move from December 2018 low to July 2019 high. While the short-term trend remains bullish, the intraday volatility has been decreasing gradually.

Ethereums price action took it above $151.00 to an intraday high of $151.61. The strong bullish move was triggered by a decisive breakthrough above $148.00. The prevailing short-term trend is bearish as the coin has been in retreat from the recent high, though the longer-term perspectives look good as long as it stays above $150.00.

Ripple came close to the highest level of $0.2255 and retreated to $0.2200 by press time. The third-largest digital asset has been growing steadily after the resistance of $0.2100 gave way. XRRP/USD has gained 4.5% since the beginning of Monday, moving in sync with the market. The short-term trend is bullish.

Bitcoin SV (+25%) - $204.93

Dash (+23%) - $81.00

Litecoin (+7.6%) - $53.96

Excerpt from:
Cryptocurrency Market Update: Bitcoin and major altcoins start the trip to the moon - FXStreet

Bitcoin set the stage for an impressive price increase throughout the whole market with a positive run to over $8,800 at one point. Amid all this, the popular transaction monitoring resource, Whale Alert, detected a $1 billion transaction carried out with BTC.

The last 24 hours have been nothing short than impressing in the market. The largest crypto was trading at around $8,100 before it skyrocketed to $8,850 on Bitstamp in just several hours. Even though it has slightly retraced since then and its currently trading at about $8,700, its still a 7.5% increase in a day.

Moreover, a specific user has found a massive transaction of 124946.622 BTC, which represents 0.7% of all bitcoins that have been mined so far. To put things into a fiat perspective, with Bitcoins price of $8,700 at the moment, this means that the total value of the transaction exceeds $1.08 billion. The user also says that it originated from a Bitfinex cold storage address, but the recipient is still unknown.

Interestingly enough, the large amount was transferred from one address to another for a fee of just 0.00964, which is $84 at the time of this writing. This may showcase Bitcoins full potential as a peer-to-peer electronic cash system, as no central authority had to be involved in any way.

As it generally happens, Bitcoins price surge didnt stay unnoticed by the rest of the market. Most altcoins recorded staggering increases during the day, as well. Arguably the most significant gainer is Bitcoin SV, which at one point was over 100% up and reached a new all-time high of $413.

Other coins that followed the move include EOS (20%), which was above $4 for the first time since September 2019. Litecoin (15%) was trading north of $60 for a while. Thats a level that LTC hadnt reached since November last year.

Bitcoin Cash and most privacy coins also noted similar impressive gains. As a result, the whole market capitalization increased by almost 10% today from $216 B to upwards of $237.

Its still unclear if this transaction of $1 billion worth of bitcoin is the real reason behind todays price surge. However, its a serious possibility and more importantly, it outlines Bitcoins true power, serving as a decentralized means of payment.

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Whale Alert: $1 Billion (0.7% Of Total Bitcoins) Just Transferred For $80 Fees - CryptoPotato

Dan Romero, former vice president at leading crypto exchange Coinbase, confirms that the US-headquartered trading platform has been able to move billions of dollars into Bitcoin (BTC) through the US automated clearinghouse (ACH) system, which is a large electronic fund transfer system that handles payments in the country.

Romero pointed out that while using the ACH system for Bitcoin transactions may be convenient, its reversible and thus fraud-prone. He notes that Coinbase has been able to use ACH in large part because of what Plaid provides. He adds that this is the underrated part of the crypto adoption story in the US.

Zach Peret, co-founder and CEO at Plaid, revealed on January 13 that the company had been acquired by giant payment firm Visa. Plaid provides firms the tools and access needed to build a digitally-enabled financial system.

Based in San Francisco, California, Plaid is a technology platform designed to make it easier and safer for startups and large financial institutions to develop innovative financial services and applications.

Perret remarked:

Today marks an important milestone for our company and for Fintech. What started with two founders building in a cramped conference room has become an incredible network that enables millions of consumers to interact with over 2,500 digital finance products.

He adds that when Plaid was first launched, nobody had heard of Fintech, or financial technology. Today, the Fintech ecosystem has become significantly larger than what it was just a few years ago, Peret reveals. This has significantly improved the way that consumers live their financial lives, he argues.

He goes on to mention that consumers now depend on convenient Fintech services to pay utility bills, send funds to their friends, help them save, manage educational loans, and create budgets to achieve their financial goals.

Perret said:

Joining forces with Visa, a brand that is trusted by billions of consumers, and financial institutions in over 200 countries and territories, represents an incredible opportunity to continue to scale our products.

Plaid aims to leverage the Visa brand, company resources, and international presence to better serve its clients and business partners, Perret adds.

He also notes that Plaids management was quite impressed by the Visa team because both companies share the same vision when it comes to developing the future of financial services. Perret confirms that Visa wants Plaid to function as an independent business so they can continue to focus on what theyre already doing so well.

More here:
Former Coinbase VP: we moved billions of dollars into Bitcoin in large part because of Plaid - CryptoSlate

For the first time since 2013, the U.S. is no longer the top recipient of Bitcoin (BTC) as valued in USD, as Singapore took the lead over the course of 2019.

As of Dec. 5, 2019, global users sent BTC valued at $8.58 billion to Singapore in 2019, according to analytics site Crystal Blockchain. Users in Singapore received more dollars via Bitcoin last year than anywhere else in the globe.

The U.S. held the top spot from 2014 to 2018 but slipped to 2nd place, receiving $7.46 billion in BTC, per Crystal Blockchains data.

Singapore, however, did not send the most money via Bitcoin last year. Island country and BitMEX host site the Seychelles sent the greatest USD amount of Bitcoin in 2019, valued at $10.07 billion and holding the second spot on the list for overall transaction volume, according to Crystal Blockchains data.

The U.S. came in third overall on the list of Bitcoin transaction volume a tumble for the country considering it previously held the top spot for five consecutive years. In 2013, the United Kingdom saw the most money flowing in and out via Bitcoin.

Many top exchanges in the crypto space have found homes in countries outside the U.S. and the European Union, which host notoriously stringent regulations.

Crypto derivatives giant BitMEX operates its headquarters out of the Seychelles, the site of the most Bitcoin value outflow in 2019. Binance is also located in Malta.

Still, several large exchanges have retained their position on U.S. soil, including Coinbase, Kraken and Gemini, with Binance also setting up a regulation-sensitive branch in the country.

Earlier this month, Singapore-based crypto exchange Bibox announced plans to delist crypto asset XRP from its platform, according to Cointelegraphs reporting.

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2019 Bitcoin Transaction Volume Moved Away From US in First Since 2013 - Cointelegraph

Bitcoin equivalent of the $4.7 trillion US debt that was signed into federal law by President Trump would put the price of a single BTC at $260,000.

In a drive for expansion, US President Donald Trump has signed $4.7 trillion into law, since his inauguration in 2017. Those debt levels have been prepared to serve the US economy until 2029, with matching tax and spending policy changes.

The US President was faced with several debt ceiling situations, leading to eventual new agreements to borrow more. The US debt to GDP ratio has kept growing, with more borrowing scheduled in the coming years.

The $4.7 trillion of debt signed into law by President Trump is on top of the current $17.2 trillion debt held by the public and the $9.2 trillion we were already expected to borrow over the next decade absent these proposals. Debt is projected to be about 97 percent of Gross Domestic Product (GDP) in 2029, compared to 82 percent if none of this debt-increasing legislation had been passed, showed analysis from the US Committee for a responsible budget.

The growth in US debt has sparked a discussion on what would happen in an event of hyperbitcoinization. Bitcoin (BTC) could hypothetically map any economy, and at current prices, its valuation matches the size of a small countrys money supply.

But if all BTC in circulation, which is a bit above 18 million, were mapped to the current US debt figure which was added to the next budget, the fair price for BTC would be above $200,000. To be more exact, the price could reach well above $260,000 if debt reached all its targets. This level is relatively small in comparison to prices that could match the global economy, and are far from the $1 million valuations.

The $200,000 hypothetical price range is rather close to the predictions of BTC reaching $100,000 within the coming few years. BTC has no way to predict prices exactly, but may have the potential to spike to higher levels.

BTC is moving around 00, finding new powers to expand from Decembers lows, and move into the new year. But for now, institutions are more cautious, with hedge funds shedding crypto assets for now, due to periods of extremely bad performance. Still, BTC adoption has grown over the last decade, sparking expectations the leading coin will be much more than a fad.

What do you think about the chances of bitcoin jumping to higher valuations? Share your thoughts in the comments section below!

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Bitcoin Equivalent of $4.7 Trillion Added to US Debt is $260k per BTC - Bitcoinist