The head of the Minneapolis Federal Reserve Bank clarified that some investors do not completely comprehend their crypto investments, which is why he sees bitcoin as a “consumer protection issue.” Furthermore, he issued a warning, saying that certain people could be put in danger due to the volatility of cryptocurrencies. Neel Kashkari said, “There’s a lot of fraud, hype, and confusion, so I am worried from a consumer perspective.”

Gladstein defends Bitcoin

Many people disagreed with Kashkari about the applications of Bitcoin. Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, wrote on X: “Aside from the staggering ignorance (there are dozens of legitimate use cases for Bitcoin in an advanced democracy ranging from power grid management to sending money abroad to saving for your family’s future to micropayments to multisignature treasury management to turning waste energy into profit to reducing methane emissions to building a surveillance-resistant digital commerce experience to donating to charity, and I could literally keep going for a long time),”

Kashkari, a long-time bitcoin critic, was more positive about cryptocurrency five or six years ago. However, he has become more critical of the asset class as a result of extensive fraud, hype, noise, and confusion in the market. He has cautioned against the proliferation of “garbage coins,” labeling some as outright fraud and Ponzi schemes aimed at defrauding investors.

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The post Neel Kashkari of the Federal Reserve on Bitcoin: No Valid Use Case in a Developed Democracy appeared first on Coin Engineer.

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There was no significant price movement in Bitcoin this week, and prices generally followed a sideways trend. However, current technical indicators suggest that a move is possible in the coming days. In particular, a “Dead Cross” formation is observed on the 4-hour chart. This is usually interpreted as a harbinger of a downtrend.

Bitcoin and Cryptocurrencies Market Update! – January 18th

In the current situation, we can evaluate the possible scenarios for Bitcoin prices. As in previous similar cases, this Dead Cross formation could signal a downtrend. However, sometimes a short-term uptrend can also occur before this decline. In other words, Bitcoin prices could rise for a short period before falling.

• Bitcoin (BTC): BTC/USD pair is trading at $42,834 as of the writing of this article, up 0.11%. Resistance levels for BTC are in the range of $43,200-$44,300, and support levels are in the range of $42,600-$41,800.
• Ethereum (ETH): ETH/USDT pair is trading at $2,532 as of the writing of this article, up 0.08%. Resistance levels for ETH are in the range of $2,540-$2,710, and support levels are in the range of $2,375-$2,145.
• Dydx (DYDX): DYDX/USDT pair is trading at $3.19 as of the writing of this article, up 1.46%. Resistance levels for DYDX are in the range of $3.45-$4.18, and support levels are in the range of $3.09-$3.00.
• Jito (JTO): JTO/USDT pair is trading at $2.46 as of the writing of this article, down 3.75%. Resistance levels for JTO are in the range of $2.85-$3.11, and support levels are in the range of $2.36-$1.97.
• Arbitrum (ARB): ARB/USDT pair is trading at $1.95 as of the writing of this article, down 3.87%. Resistance levels for ARB are in the range of $2.07-$2.17, and support levels are in the range of $1.86-$1.74.

The post Bitcoin and Cryptocurrencies Market Update! – January 18th appeared first on Coin Engineer.

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Bitcoin has not yet shown a breakout and continues its sideways movement as we said. In general, we can see prices moving up on the charts after such a sideways movement in the market. However, it is difficult to speak clearly without a breakout now.

There were two manipulations in Bitcoin, and both of them were aimed at liquidating the liquidations in the lower band of the sideways trend. It now needs to start an uptrend for the liquidations that have accumulated above. For this, it is important to rise above the $43,200 band and make closings.

• Bitcoin (BTC): BTC/USD pair is trading at $42,755, up 0.55% as of the time of writing. BTC resistance levels are between $43,200 and $44,300, support levels are between $42,600 and $41,800.
• Ethereum (ETH): ETH/USDT pair is trading at $2,536, up 0.98% as of the time of writing. ETH resistance levels are between $2,540 and $2,710, support levels are between $2,375 and $2,145.
• Klaytn (KLAY): KLAY/USDT pair is trading at $0.238, up 23.23% as of the time of writing. KLAY resistance levels are between $0.241 and $0.262, support levels are between $0.227 and $0.20.
• Rose (ROSE): ROSE/USDT pair is trading at $0.118, up 3.10% as of the time of writing. ROSE resistance levels are between $0.124 and $0.133, support levels are between $0.115 and $0.110.
• Arkham (ARKM): ARKM/USDT pair is trading at $0.59, up 3.10% as of the time of writing. ARKM resistance levels are between $0.61 and $0.66, support levels are between $0.56 and $0.53.

The analysis of Bitcoin and Cryptocurrencies

Bitcoin is still in a sideways movement, but it is showing signs of strength. The price has been rising for the past few days and is now approaching the $43,200 resistance level. If Bitcoin can break through this level, it could start a new uptrend.

Ethereum is also in a sideways movement, but it is showing even more strength than Bitcoin. The price has been rising for the past few weeks and is now approaching the $2,540 resistance level. If Ethereum can break through this level, it could start a new uptrend that is even stronger than Bitcoin’s.

Klaytn, Rose, and Arkham are all showing signs of strength as well. Klaytn is up 23.23%, Rose is up 3.10%, and Arkham is up 3.10%. These altcoins could continue to rise in the coming days if Bitcoin and Ethereum continue to move higher.

The cryptocurrency market is looking strong as we start the new year. Bitcoin and Ethereum are both showing signs of strength, and altcoins are also rising. If these trends continue, we could see a strong uptrend in the cryptocurrency market in the coming months.

The post Bitcoin and Cryptocurrencies Market Status – January 16 appeared first on Coin Engineer.