- IOTA price rallies above $1
- Bitcoin is making the Naira “valueless”
- Avalanche servers down
Trending News: Bitcoin is making the Naira Valueless, IOTA Price Soars Above $1
The effects of Bitcoin is reverberating across the globe. Tesla got in, citing their need to diversify and increase their sources of income.
While at it, two commercial banks are now allowing their clients to trade Bitcoin at their ATMs, and second, custody the digital asset.
In the latter case, America’s oldest bank will use a prototype solution enabling transfer and custody of securities.
Bitcoin “Destroys” Nigeria’s Naira
Meanwhile, with inflation (and sometimes hyperinflation) concerns, the Nigerian government’s attempts to regulate crypto by banning the trading of Bitcoin and other digital assets is forcing the Naira lower.
Meanwhile, with the central bank directing commercial banks not to process crypto transactions, Naira versus BTC trading is now shifting to P2P platforms. It is an alternative for millions in Nigeria, negatively affecting the Naira.
Avalanche Servers Down
Days after activating the Avalanche–Ethereum Bridge (AEB), the latest news on Feb 11 indicate that Avalanche servers are down, affecting operations.
Avalanche describes its platform as a smart contracting protocol for reactive, high demand dApps.
Although developers are hard at work to enable the resumption of services, it highlights the importance of complete decentralization to guarantee 100 percent reliability.
Since its launch, Ethereum—like Bitcoin and other fully decentralized networks, has never shut down and remains in operation.
IOTA Price Rise 162%, Traders Targeting $2
IOTA/USD is rallying above crucial resistance levels, halving losses of the 2018 bear market. Investors are banking on the activation of Chrysalis, the intermediate phase before complete decentralization via Coordicide.
They are optimistic of further price gains above $2. Ahead of this shift and community control, creators are launching the IOTA Oracle.
Typical of other oracles, the solution links external machine data to the IOTA ecosystem to activate smart contracts.
IOTA/BTC Price Prediction
The IOTA/BTC is on an uptrend. Week-to-date, IOTA has doubled versus BTC, adding 108 percent.
As a result, with the trend set and buyers in charge, technically, every retracement in lower time frames provide an opportunity for traders to load the dips.
For instance, already the IOTA/BTC is within a bullish breakout above Nov 2020 highs at 1900 Sats in the daily chart.
The surge is also with high trading volume suggesting buyers are in control. Already, this uptick in trading volumes shows with bull bars banding along the upper BB. It points to high participation and resilient buyers.
A retracement to Nov 2020 highs may provide another opportunity for traders aiming at 3700 Sats or H2 2020 highs.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.