Here are the top stories from cryptocurrencies for the week of January 13 to January 19.
Bitcoin Surge It seems that Bitcoin is ready to push above the key resistance point in order to hit the $10,000 value mark. For a short time on Friday, January 17, Bitcoin reached $9,000. Analysts think that it has several signs that suggest a bullish transformation is about to take place. The weekend also saw that the Bitcoin network's hash rate hit an all-time peak. It has never been more difficult to mine a new coin. Although it fell from $9,200 to $8,600 on Sunday, analysts think that Bitcoin is ready to make a move against the resistance and reach $10,000. There has been a lot of turbulence, with its value dropping $500 in five minutes. Bitcoin is up 20 percent for the year and 5 percent for the week. Research also shows that Mondays are the best days to buy Bitcoin.
Huobi and Binance Fraud
There is some worrying information suggesting that Binance and Huobi, which account for 52 percent of illegal Bitcoin transfers amounting to over $2.8 billion in 2019, are about to be prosecuted. Researchers think that some of the brokers are laundering money for criminals and taking advantage of low "know your customer" information. Huobi did not respond to questions, but Binance commented that it is committed to taking on financial crimes and improving its security.
United Nations Warning
Members of the public are being warned to not go to the upcoming cryptocurrency conference in North Korea. Experts say that attending it could violate sanctions against the rogue nation. Some reports suggest that the February 2020 conference will include details on how cryptocurrencies can be used for avoiding sanctions and laundering money. Ethereum Foundation researcher Virgil Griffith was recently charged with conspiracy to violate the International Emergency Economic Powers Act by attending the cryptocurrency conference last year.
Singer Akon Is Working on a Crypto City
Akon City is expected to open in Senegal by 2025. It will be a 100 percent crypto city on 2,000 acres donated by the government.