BITCOIN Could Hit $10K, ‘Stay Away from North Korea,’ Akon City: Hodler’s Digest, Jan. 13–19

 

Top Stories This Week Bitcoin ready to push above key resistance to hit $10,000 The world’s biggest cryptocurrency has started 2020 fighting. For a time on Friday, Bitcoin hit $9,000 — with analysts claiming there are multiple signs that a “bullish transformation” is underway. This weekend also saw the BTC network’s mean hash rate hit new all-time highs, meaning it’s never been harder to mine new coins. Although BTC fell from highs of almost $9,200 on Sunday to hover at about $8,600, analysts believe it is ready to push above the resistance to hit $10,000. 

Even despite the latest turbulence, which saw prices drop $500 in five minutes, BTC is up 20% year to date — and by more than 5% over the past week. The strong performance will leave crypto skeptics such as Peter Schiff red-faced. Back in November, the gold bug had predicted BTC would imminently drop to $1,000. Sticking with the Bitcoin theme, let’s look at some worrying new research that suggests just two exchanges — Binance and Huobi — together received 52% of illicit Bitcoin transfers worth $2.8 billion in 2019. 

According to Chainalysis, the crypto was moved from 300,000 individual accounts associated with criminal activity — and 75% of the illicit BTC was sent to just 810 accounts. Researchers believe that some over-the-counter brokers may be specializing in providing money laundering services to criminals and taking advantage of loose Know Your Customer requirements. Huobi did not respond to the claims, but Binance said it was committed to tackling financial crime in crypto and continually improving its Anti-Money Laundering measures. 

 The public is being warned not to attend North Korea’s upcoming cryptocurrency conference, with experts warning it could violate sanctions. Reports suggest that the event, due to take place in February, will include discussions focused on how crypto can be used to evade sanctions and launder money. 

One British government spokesman said attendance would effectively support the isolated state’s use of this technology and “unavoidably increase” their ability to generate revenue for prohibited weapons programs. Earlier this month, Ethereum Foundation researcher Virgil Griffith was charged with conspiracy to violate the International Emergency Economic Powers Act, amid allegations he attended last year’s conference. 

 Mondays are enough to fill many of us with dread, but there might be a bright spot. Research shows that Mondays actually offer the best average daily return for Bitcoin at 0.54%, while Wednesdays attract a loss of about 0.23%. This is based on analysis of the cryptocurrency’s performance from April 2013 to January 2020. Over a shorter time frame — from the beginning of 2019 to Jan. 13, 2020 — Fridays delivered the highest average return at 1.1%, with Mondays coming second with Tuesdays and Thursdays delivering negative returns on average. Akon says he had finalized an agreement to launch a “crypto city” in West Africa. 

Akon City is expected to open its doors in Senegal by 2025, and vows to be a “100% crypto-based city with Akoin at the center of transactional life.” The metropolis is being built on 2,000 acres of land gifted to the project by Senegal, and the first phase of construction is scheduled to finish in about five years’ time. It is hoped that Akoin will empower “rising entrepreneurs with digital and real-life tools and services, and enable brands to unlock the power of Africa’s rising economy.” 

Rest assured, we’ll give you plenty of updates on how the project progresses. Winners and Losers At the end of the week, Bitcoin is at $8,670.33, Ether at $165.92 and XRP at $0.23. The total market cap is at $236,788,834,292. PREDICTION OT THE WEEK CLICK AMSADAD.COM creat cointelegraph.com
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