2 minutes reading time (341 words)

Daily Dose: Fair and Square

Bitcoin dropped to around $8,300 after a few days of trading at $8,600, likely with more room to drop as it looks to find support. If bulls fail to hold at this level, key short-term supports are seen at 8,000 and 7,800. If this is mere overselling of the recent bounce, then we could see a push back to 8,600, where the 10-day MA and EMA are at. Looking at the longer term price structure, BTC will still need to turn $9,500-$10,000 into support in order to lock in a trend reversal. 

Global market cap is at $229B, while BTC's market cap is at $152B.

Square has also announced on its blog on Jan. 21, the start of a Lightning Development Kit (LDK). LDK is reportedly larger than a node and would customize experiences for wallet and application developments including API, language bindings and demo apps. One of the issues discussed with regard to lightning is its "shaky" infrastructure but the company said improvements would lead to low-fee bitcoin payments "as common as cash used to be."

On Jan. 21, the United States Patents Office has granted financial services mobile payment company Square a patent for a technology that would enable fiat to turn into crypto in real-time point-of-sale transactions. In a transaction, the said technology would receive a request for payment in the chosen asset of the consumer and approve it for the merchant to get full value in their asset-of-choice in real-time.

Venezuelans are reportedly selling Petros on localbitcoins for half the official price. The government claims to have fixed the value of one PTR at $60 but localbitcoins price was selling around $30. According to a Reddit thread, Venezuelans are using localbitcoins as an alternative to sell their airdropped Petro due to terrible economic conditions.

This Daily Dose is brought to you by SCI News Channel.


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