Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 23

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The market data is provided by the HitBTC exchange.

Adena Friedman, president and CEO of Nasdaq Inc., believes that cryptocurrencies will have an important role to play in the future, if they can integrate into the economy and find greater practical utility. Clarity on regulations and governance can provide the necessary boost to the nascent asset class.

One country that could be at the forefront of retail adoption of cryptocurrencies is Japan. Currently, most transactions in Japan involve paper bills and metal coins, however, the nation is attempting a shift towards a cashless society.

The top banks in Japan are working on the development of blockchain-based payment networks that can be operational in time for the Summer Olympics in Tokyo by 2020. If successful, the third largest economy of the world could bring about a change that will force other economies around the world to take notice.

Several smaller countries are also trying to gain leadership in this space. Georgia has migrated most of its land registry to blockchain and the tax system might soon follow.

The country also subsidizes local crypto companies via various means, such as discounted electricity rates, tax-free zones and land at nominal prices. Georgia hopes to beat the other crypto-friendly nations like Malta and Bermuda and become an international leader in crypto.

While the fundamental factors are improving by the day, the price is not following suit. However, a Bloomberg analyst expects Bitcoin (BTC) to rally in the short term, based on a study of technical indicators. What does our study forecast? Let’s find out.

BTC/USD

The volatility in Bitcoin (BTC) has shrunk over the past few days. This period of low volatility will eventually lead to a range expansion. The longer the time spent in a tight range, the stronger will be the breakout or breakdown from it.</