The price of Bitcoin continues fluctuating around 3,460 USD, defending the support level. Bitcoin price struggled to surpass the 3,500 USD resistance and declined sharply against the US Dollar, but upsides are likely to face sellers near 3,440 USD or 3,475 USD.
The cryptocurrency failed to gain strength above 3,480 USD and started a fresh decline. It declined below the 3,440 support USD and the 100 hourly simple moving average (SMA). Moreover, there was a break below the 50% Fibo retracement level of the last leg from the 3,345 USD swing low to 3,493 USD high. It opened the doors for more losses below the 3,400 USD support level.
More importantly, there was a break below a connecting bullish trend line with support at 3,420 USD. The pair traded as low as 3,389 USD and it is currently correcting higher.
Meanwhile, Ripple (XRP) has lost a full percentage point over the last 24 hours up until press time and trades presently at 0.303 USD. This is lower than the start of the week when it was 0.316 USD but not by much. At mid-week, it hit a high of 0.33 USD on January 31.
Ethereum (ETH) only fell by less than a quarter of a percent over the last 24 hours. After a mid-day high of 110 USD ether is trading at about 107 USD. However, over the week ETH has dropped more than 7% as it was at 115 USD at the beginning of the week.
The total value of the cryptocurrency market slid slightly to 113.75 billion USD.
Twitter CEO with bold prediction about Bitcoin
Twitter’s Chief Executive Officer, Jack Dorsey, confirmed his positive position on Bitcoin and cryptocurrencies as a whole.
He considers that the Internet would ultimately have its own currency, and Bitcoin was at the top of the race to be the one. Jack Dorsey does not necessarily believe that its mass acceptance is inevitable but soon will be used a global cryptocurrency.
“Not now. I believe the internet will have its own currency and I do not know if it will be a Bitcoin. I think it will be, given all the tests it has passed through and the principles behind it, and how it was created. This is something that is born on the Internet, developed on the Internet, tested on the Internet – it’s part of the network”, said Jack Dorsey.
Already in June, Twitter CEO talked about the potential of the internet currency at Consensus 2018 in New York in a very similar way.
“I just get closer to the principle that the Internet deserves a local currency. And there will be. I hope it will be the Bitcoin. I’m a big fan of it”, said Jack Dorsey.
He is also the CEO of Square, which allows immediate purchase and sale of Bitcoin via Cash App. He mentioned that the company was initially entering the world of cryptocurrency in an experimental way. Jack Dorsey explained that decentralized currency can become a global standard that makes everything faster, but big financial institutions fear the technology might make their services obsolete.
The largest Canadian crypto exchange lost everything
QuadrigaCX, the largest Canadian crypto exchange, has lost 190 million USD losing access to cold portfolios.
A declaration filed on January 31 by the Nova Scotia Supreme Court revealed that 190 million USD in BTC, BCH, BSV, BTG, Litecoin, and Ethereum, have been lost.
The first statement received by CoinDesk was filed by Jennifer Robertson, the widow of the founder and CEO of QuadrigaCX Gerald Cotten.
According to the death certificate included in the declaration, Gerald Cotten died in India from Crohn’s disease. Gerald Cotten’s death was revealed by the stock exchange in early January.
Jennifer Robertson said her husband was the only person who controlled the storage of consumer funds in the wallets. The cold storage refers to a wallet that is not connected to the internet and stored offline. The Chief Executive Officer was the only one responsible for overseeing the funds, and as he died, no one could gain access to them.
Typically, major digital asset exchanges such as Binance and Coinbase keep much of their money in cold storage to prevent hacking and security breaches.
However, infrastructure often exists in the form of a system with many signatures to ensure that the exchange can still withdraw funds under the most extraordinary circumstances.