The Bitcoin (BTC) price initiated a breakout attempt on Jan. 29, but was promptly pushed down and is now trading well below resistance.

Bitcoin is likely still correcting and is expected to eventually drop towards $26,000. After two consecutive bearish weekly candlesticks, BTC managed to create a neutral Doji candlestick last week, which also had a slightly bullish close. Nevertheless, it left a long upper wick in its wake — a sign of selling pressure. more info

According to the findings of a study by Ark Investment Management (AIM), the value of bitcoin can potentially increase by $40,000 if all S&P 500 companies allocate 1% of their cash holdings to the crypto. Similarly, if all these companies were to convert 10% of cash holdings into bitcoin, the value of the crypto asset will potentially rise to $400,000. more info

January 2021 will remain in crypto history with multiple bitcoin records, including ATHs for the BTC price, hash rate, and mining difficulty. Moreover, recent data indicated that the number of unique addresses transacting on the network had also surpassed the previous record from three years ago. more info

Average transaction fees for Bitcoin on Friday hit $17.206, data from BitInfoCharts shows, surpassing its previous 2021 high of $17.086 set on January 12.

Friday's average fees are also the highest since January 2018, when traders were furiously trying to cash out before Bitcoin’s price collapsed completely.

Transaction fees cover the utility cost of the vast computing power needed to process blockchain transactions. To process a transaction, miners must race to solve complicated math puzzles. For doing so, the Bitcoin network rewards them with freshly minted Bitcoin, still warm from the oven.


High transaction fees indicate high demand. Fees rise when the demand for processing transactions outstrips the supply of miners willing to process them. To make it worth their while, miners hike up their fees so that network participants process only the most important transactions. more information

Crypto venture capitalist Spencer Noon is forecasting an Ethereum rally that will launch the asset well above its new all-time high.

The general partner at crypto venture capitalist firm Variant says that the number of users and the amount of capital deployed in decentralized finance (DeFi), which Noon calls Ethereum’s “biggest use case,” is a bullish sign.

“There are now more than 1.25 million DeFi users, a figure that continues its parabolic uptrend – a sign that Ethereum’s biggest use case is on a path towards product-market fit.

There is now more than $25 billion dollars locked in DeFi, with 21 different projects having more than $100M TVL (total value locked) – a sign that the ecosystem is maturing rapidly and becoming institutional-grade. More info

XRP is trading at $0.293 and has taken some interesting turns today. It started the day with a range-bound trade between $0.284 and $0.287, and slowly moved to $0.294 by mid-morning – a 5.27% increase during the day itself. It fell by 1.50%  and has again risen by 3.99% at the time of writing. more information

Is billionaire investor Ray Dalio finally going to invest in Bitcoin after spending so long slating it? If his latest newsletter is anything to go by, it could be a possibility.

In a note published today, “What I think of Bitcoin,” Dalio, who runs the world’s biggest hedge fund, Bridgewater Associates, said the cryptocurrency is “one hell of an invention.” He also said that the fact that investors are still interested in the currency, 10 years after it was conceived, is “an amazing accomplishment.”

Dalio added: "... I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets, and Bitcoin won't escape our scrutiny. more info

In a Jan. 28 interview with Bloomberg, Eric Peters, founder and CEO of One River Asset Management, revealed that every big institution was having discussions about Bitcoin:

Almost every big, creditable institution in the U.S. is having discussions about this.

He also opined that Bitcoin is a much better bet than gold because of its novelty and its penchant for transformation:

Digital assets are really interesting in the sense that they are new—it is a new asset class altogether.

Unlike Bitcoin, gold is incapable of rolling out a software upgrade, which Peters believes puts it at a disadvantage:

It is a technology platform. It [Bitcoin] will look different tomorrow, and next year, and in a decade to come relative to how it looks right now. That makes it unique to gold.

He adds that one has to be "a real pessimist" to think that cryptocurrencies will not become more interesting, useful and valuable compared to the yellow metal. more info