• Bitcoin’s first Monday of 2020 starts strong and trades within striking distance of USD 7,600
  • A Bitcoin price bet between Civic CEO Vinnie Lingham and crypto influencer Ronnie Moas is the subject of an ongoing Twitterstorm
  • China claims its digital yuan trial is progressing well

 

Bitcoin price had a strong first Monday of the year, after briefly dipping to a daily low of USD 7,314 — still higher than yesterday and well above USD 7,200 support — before charging to a sustained level above USD 7,500 to a high just within touching distance of USD 7,600 (CoinDesk).

Bullish sentiment is abound, despite technicals still somewhat firmly in bearish territory, so while it is definitely within expectations, it is so far proving the optimists correct. Analyst Keith Wareing thought yesterday that USD 7,600 would still need to be overcome and never revisited in the weeks ahead to completely remove any doubt of a recovery. He believes that a Bitcoin futures gap in the CME market is key here, saying:

“Should the price bounce back after the CME gap fills, it could mean that the bottom is behind us. I’m personally doubtful whether this is the case. However, the key resistance to break would be USD 7,600.”

While waiting for that to unfold, there’s plenty of drama to be found on the cryptosphere, as always. And if crypto bets are anything to go by, they’s always going to be sore losers, and people who don’t fulfil promises made in heated moments.

Right now, investor Ronnie Moas is in hot soup for having made his promise in 2018 that he would donate some USD 20,000 worth of Bitcoin to the FreeRoss.org charity, which campaigns for the release of jailed ex-owner of Silk Road, Ross Ulbricht. Then, Moas had made the bet with Civic CEO Vinny Lingham that he would lose if Bitcoin was not worth USD 28,000 by the end of 2019.

Lingham reminded Moas to confirm the payment promised on New Year’s day, as price continued to dwindle around a long-term support of  USD 7,200 (CoinDesk).

But Moas declined to provide the proof of payment.

A war of words soon ensued, when the friendly banter quickly turned hostile, with Lingham described in less than savory tones. The Civic boss was also asked to explain why his company’s native token, CVC, had all but lost its entire value.

Moas did make a promise of keeping his earlier promise, however, saying:

“I will keep my word and distribute $20,000 in 2020 to organizations highlighted at my… website… Read my last three posts … and the ones preceding from the last 24 hours you f*cking jackass … stop making a fool out of yourself in a public forum.”

Once the Twitter crypto community joined in, most people, as expected, sided with Lingham, since a bet made in Vegas is a bet honored. But crypto people being crypto people, are we really expecting guys like them to fulfil their promises? Maybe John McAfee will redeem crypto influencer reputations when his bet fails this year!

Bet or no bet, China continues to pick up steam over blockchain development. The country’s central bank, which has promised to continue trials of a digital yuan this month after starting in December 2018, has said publicly that testing of the new central bank digital currency (CBDC) is “progressing smoothly“.

A press release issued by the People’s Bank of China (PBoC) read [translated from Mandarin] only mentioned the CBDC as a fifth agenda item, but said:

“The fintech development plan was released and pilots of fintech applications were launched. The number of global legal person identification codes (LEIs) was significantly increased. Successfully issued the 2019 version of the RMB and the 70th anniversary coin of the founding of New China. The development of fiat digital currencies is progressing smoothly.”

Further information on the development of the digital yuan said that the next focus was on standardizing management of large tranches of money, with state treasury withdrawals optimized to ensure dividends on tax reduction policies could be implemented in small and micro enterprises.A plenary of the Financial Action Task Force (FATF) was said to be reviewing the country’s anti-money laundering and anti-terrorist financing mutual assessment report. This would be followed by the establishment of a coordination mechanism to protect financial consumer rights and interests.

Bullish week? Certainly seems to.

 

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