Crypto & Blockchain Daily Brief Tuesday, January 14, 2025

The article discusses the decrease in Bitcoin's network activity and its potential impact on the price of Bitcoin. Over the past week, the number of active Bitcoin addresses has dropped significantly, indicating a decline in network activity. This decrease in activity has raised concerns among analysts about the potential for a significant drop in Bitcoin's price. The drop in network activity is seen as a bearish signal for Bitcoin, as it suggests lower interest and engagement from users. Analysts believe that if this trend continues, it could lead to a sharp decline in Bitcoin's price, possibly dropping to $70,000. The decrease in network activity is attributed to a variety of factors, including a general market downturn, regulatory concerns, and a lack of new capital inflows into the market. Despite the negative outlook, some analysts remain optimistic about Bitcoin's long-term prospects. They believe that the current dip in network activity is a temporary setback and that Bitcoin's price will eventually recover and continue its upward trajectory. They point to the increasing adoption of Bitcoin by institutional investors and the growing interest in cryptocurrencies as positive indicators for the future of the market. In conclusion, the article highlights the importance of monitoring network activity as a key indicator of Bitcoin's price movements. While the current decrease in activity has raised concerns among analysts, some remain hopeful that Bitcoin will bounce back from this temporary setback and continue its growth in the long run.

The article discusses the price prediction for Ripple's XRP cryptocurrency for January 13. It starts by mentioning that XRP has been facing a significant resistance near the $0.2350 level and highlights the importance of the $0.2320 support area. The article then delves into technical analysis, indicating that there is a key contracting triangle forming with resistance near $0.2340 on the hourly chart of the XRP/USD pair. The analysis suggests that if XRP breaks the $0.2350 resistance, it could start a strong increase. The next major resistance is seen near the $0.2380 level, followed by $0.2400. On the downside, a clear break below the $0.2320 support might lead the price towards the $0.2280 support area. Furthermore, the article provides insights into the Relative Strength Index (RSI) for XRP, which is currently rising towards the 50 level. It also discusses the hourly MACD for XRP, which is slowly moving into the bullish zone. These indicators suggest that XRP might make an upward move in the near term. In conclusion, the article predicts that XRP price is likely to break the $0.2350 resistance level and could potentially start a strong increase towards $0.2380 and $0.2400. However, a downside break below $0.2320 support could negate the bullish scenario. The technical analysis and indicators presented in the article provide a comprehensive overview of the potential price movements for Ripple's XRP cryptocurrency on January 13.

The article discusses the recent drop in the price of Bitcoin (BTC) after facing rejection at the $10,200 resistance level. The price of BTC fell below $9,800, indicating a bearish trend in the market. Technical analysis suggests that Bitcoin's price could potentially drop to $8,800 in the near future. The market sentiment towards Bitcoin has shifted from bullish to bearish as the price failed to break through the resistance level. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators also support the bearish outlook for BTC. The article highlights the importance of the $9,800 support level for Bitcoin, as a break below this level could trigger further losses. If the price continues to decline, the next major support level to watch is at $8,800. However, if Bitcoin manages to bounce back from the current levels, it would need to break above $10,000 to regain bullish momentum. Overall, the article suggests that Bitcoin's price is likely to face further downward pressure in the short term, with a potential drop to $8,800. Traders and investors are advised to closely monitor the support and resistance levels mentioned in the article to make informed decisions about their Bitcoin holdings.

Scott Bessent, who is set to join the Treasury Department as a special counsel, is required to divest his holdings in the Bitcoin ETF managed by BlackRock before Donald Trump's inauguration in January. Bessent, who previously served as the chief investment officer at George Soros' hedge fund, has been selected to assist the Biden administration in navigating the financial world. As part of the financial disclosures required for his new role, Bessent revealed his ownership of the BlackRock Bitcoin ETF. This disclosure raises concerns about potential conflicts of interest, as the ETF is directly tied to the cryptocurrency market. Bessent's ownership of the ETF could pose a conflict with his new position in the Treasury Department, especially given the volatile nature of the cryptocurrency market. To address these concerns, Bessent has agreed to divest his holdings in the Bitcoin ETF before Trump's inauguration. This move is aimed at avoiding any potential conflicts of interest and ensuring that Bessent can fulfill his duties in the Treasury Department without any bias. Bessent's decision to divest from the Bitcoin ETF underscores the importance of transparency and ethical behavior in government positions. By taking proactive steps to address potential conflicts of interest, Bessent is demonstrating his commitment to upholding the highest standards of integrity in his new role.

Janet Yellen, the Treasury Secretary nominee in the United States, has revealed that she holds between $1.15 million and $2.3 million in assets, including up to $500,000 in BlackRock's Bitcoin ETF. Yellen has stated that she will divest from these holdings to avoid any conflicts of interest once she is confirmed. Yellen has been transparent about her financial disclosures and has pledged to uphold the highest ethical standards as Treasury Secretary. Her financial documents show that she has earned $7.2 million in speaking fees over the past two years, with the highest single payment being $337,500 from Barclays in 2020. Additionally, Yellen has received $810,000 in advance payments for a book she is writing. Yellen's financial disclosures also reveal that she is a member of the Council on Foreign Relations and has received multiple honorariums from various organizations. Yellen's commitment to divesting from assets that could present a conflict of interest demonstrates her dedication to maintaining the integrity of her role as Treasury Secretary. Her financial transparency and willingness to divest from potentially conflicting assets have been commended by experts, who believe that Yellen's actions set a positive example for other government officials.