As the previous trend is bearish, DOGE could escape from the bottom but there is a relevant demand zone below. The weekly chart indicates that the bulls still dominate, as the rally of previous months overshadows the current decline.

The cryptocurrency market is in trouble as Bitcoin continues to push most altcoins lower. The price of Dogecoin (DOGE) does not escape from that situation, but the following analysis will help see whether it could recover.

After an excellent year, DOGE had a pullback of over 75% after its all-time high of USD 0.75.

DOGE is trading at around USD 0.17 and has accumulated a 0.2% gain in the last 24 hours. Its daily trading volume is above USD 716.74 million, and its market capitalization is about USD 22.62 billion, according to CoinGecko.

Dogecoin Posts Its Roadmap, as the Market Seems Unenthusiastic

The year that has just ended was the best for meme-based cryptocurrencies like DOGE and Shiba Inu (SHIB). However, it seems that investors will hardly regain their appetite for extreme risk after the bubble burst.

The developers behind Dogecoin are looking to regain morale in the memecoin market. For that reason, they posted a roadmap to make that cryptocurrency more than a joke.

After eight years of its inception, the range of use cases of DOGE could start to see progress. Despite that, it seems that investors are not very enthusiastic about investing in that project at the moment.

The roadmap mentions their intentions to create a new website and a wallet and mint NFTs. In addition, it says that they will consult Vitalik Buterin to implement a Proof-of-Stake protocol.

That might promote optimism in the DOGE market, but it has not happened yet. It seems that the price of Bitcoin must first have a rally that generates enthusiasm throughout the cryptocurrency ecosystem.

The Technical Analysis of the Price of Dogecoin

The DOGE/USDT daily chart reveals that the price is sideways, with support at around USD 0.16 and resistance at USD 0.19.

If the price breaks through either extreme, there could be a significant move in the direction where that occurred.

For now, the price of Dogecoin could escape from the bottom, as the previous trend is bearish.

However, below is a relevant demand zone, where holders could slow down sales, and a strong recovery could begin.

The Bullish Force Still Dominates the DOGE Market

The DOGE weekly price chart indicates that the bulls are still the dominant force.

The value of DOGE has fallen by more than 75% from its all-time high. However, when looking to the left, the bullish rally of previous months overshadows the strength of that decline.

Possibly, the price is making a necessary correction before resuming its previous trend.

The price reached the area surrounding the 78.6% Fibonacci retracement tool. From there, it has continued to defend nearby support at USD 0.16.

The current point could be the bottom of the decline before resuming the trend; to confirm that, the price must start to hit increasingly high lows and highs.

Before that happens, Dogecoin will remain at risk. If it loses the support at USD 0.16, it could suffer a quite worrying decline, as the ground will be clear for USD 0.08. However, that scenario is unlikely at this time.

By Alexander Salazar

Laos, a neighboring country, provides electricity to Thailand, which uses to mine BTC. Bitcoin miners from Thailand could earn up to USD 40 daily for each machine.

China’s outpost against Bitcoin (BTC) mining last year awakened a new tidal wave that boosted the activity and made it expand its borders. Thailand, a nation with roots in South Asia, took advantage of the current situation with China and started mining cryptocurrencies relying on the low prices of miners.

A report by the Qatari media Al Jazeera revealed part of what is happening in a country like Thailand. Local entrepreneurs began to purchase mining equipment previously auctioned in China to boost mining activities in Thailand.

While the prices of Bitcoin miners have returned to USD 13,000 on average, Miners continues to sell hundreds of equipment in Thailand, where there are already small investors interested in playing a vital part in the activity that guarantees the existence of the Bitcoin network.

According to this medium, Pongsakorn is one of the businessmen who took advantage of China’s antagonist stance against mining to generate money. The businessman explained that Bitcoin is the gold of the digital world. But a platform intended for mining is more like the shares of gold mining: dividends get paid according to the current price of gold.

Up to USD 120 Million Monthly for Mining Bitcoin

The Thai entrepreneur has contributed to fueling the local mining industry, where most of the participants are simply small investors operating from home. They could earn around USD 40 a day with just a single machine, and there are at least 100,000 Bitcoin miners already active in Thailand.

This situation means that, in Thailand, at least USD 120 million could be generated per month thanks to the mining activity of BTC, assuming that the participants are operating with a single machine.

The interesting fact resides in who are those who work these ASICs. According to the medium, they are those users who look for a stable income; these users get added to investors who believe in Bitcoin.

The Source of this Energy

A close neighbor is the one Thai investors target to pursue mining: Laos; a communist nation, an ally of China, where cryptocurrencies are growing considerably in terms of value.

Although that communist country does not have good internet connectivity, it does have a friendly electrical system. There, electricity is really cheap and gets extracted by dozens of mega-companies distributed throughout the entire national territory.

When Laos authorized the trading and mining of Bitcoin and other cryptocurrencies; such action was more like an experiment of the government of that nation to attract miners from China and other parts of the world in search of cheaper options in terms of energy.

At least six companies have a license to carry out their activities. To access it, mining companies had to pay about $ 1 million in electricity from Laos’ state grid for a year, as well as vast operating fees.

By: Jenson Nuñez

The company of Michael Saylor announced that they invested USD 94.2 in 1,914 BTC this month. The Panamanian authorities are increasingly interested in Bitcoin, which led them to draft a bill to recognize it as an alternative payment method.

Business intelligence software company MicroStrategy, which has been accumulating Bitcoin, recently increased its holdings in the cryptocurrency. They announced they now have 1,914 more BTC, which they bought for about USD 94.2 million between December 9^th to 29^th.

The firm raised funds to purchase Bitcoin by selling some shares. In the third quarter of 2021, they added nearly 9,000 BTC to their holdings, an average of 3,000 coins per month.

The CEO of MicroStrategy, Michael Saylor, has made acquiring bitcoins a second mandate for his 32-year-old company.

Data Indicates that the Dominance of Bitcoin Has Dropped

According to data from TradingView, the dominance of the Bitcoin market has continued to decrease, bottoming out below 40% this week.

In that sense, Bitcoin critic and Europac chairman Peter Schiff tweeted about the recent drop to USD 46,000. He said that this indicates that BTC is losing its first-move competitive advantage.

A study by TradingPlatforms stated that the data might signal that an altcoin season is about to occur. The dominance of altcoins has grown three times, going from 21% in 2014 to close to 60% in the last seven years.

Panama Will Install 50 Bitcoin ATMs in 2022

The government of Panama wants to keep pace with the bitcoinization process of El Salvador. For that reason, they plan to install 50 Bitcoin (BTC) ATMs next year.

Panama will acquire the new devices from Santo Blockchain, and other countries in the region will do the same. Colombia and Costa Rica are the following nations on the list.

The interest in Bitcoin in the Central American country has grown considerably, making it a pro-cryptocurrency jurisdiction. In September, the authorities drafted a new bill to recognize BTC as an alternative payment method. That might allow greater freedom for citizens when they use cryptocurrencies.

Users Will Have to Verify their Private Wallet Addresses on South Korean Exchanges

Upbit, Bithumb, and Korbit, among other leading South Korean cryptocurrency exchanges, will follow the lead of Coinone. According to analysts of the sector, they will also ban all transfers to unverified wallets.

Coinone recently announced that it would reject deposits from unverified private wallet deposits from January 24^th to minimize the risk of money laundering. More than twenty Korean exchanges may apply similar or identical measures before March 25^th. The government of that Asian country has set a deadline for them to track the cryptocurrency transactions of their users.

The relevance of cryptocurrencies in the current economy has led many people to remain interested in them regardless of the market decline. Leading companies like MicroStrategy continue buying Bitcoin because they believe the price will resume the bearish trend. More Latin American countries are planning to acquire cryptocurrency ATMs, and a growing number of exchanges require private information from users.

By Alexander Salazar

The same owner could have moved the first 1,000 BTC, as the creation of the addresses occurred on the same day in 2011. The researchers believe that the transfers could relate to Coinbase since leading exchanges always want to acquire old bitcoins.

Two Bitcoin addresses created on July 10^th, 2011, recently transferred all their coins for the first time in almost 11 years. Each wallet withdrew 500 BTC, for a total of 1,000 BTC, worth above USD 23 million at the time of the operation.

On the same day, a third Bitcoin address, created on August 12^th, 2011, transferred all its coins for the first time in over a decade. That wallet contained 40 BTC, equivalent to USD 1.8 million, as Bitcoin was trading at USD 47,500 at the time of transaction. Therefore, the total transfers of 1,040 BTC exceeded USD 49 million.

The first 1,000 BTC might come from the same owner, as the creation of both addresses occurred on the same day. Besides, the wallet that withdrew the other 40 BTC could have belonged to the same person since they created it about one month later.

Researchers Believe an Exchange Might Have Bought the Bitcoins

One of the transfers of old bitcoins could relate to a wallet associated with the leading cryptocurrency exchange Coinbase. The other transaction of 500 BTC indicated that the receiving address also belongs to the platform, according to Bitquery.io.

The recently withdrawn 1,040 BTC follow a very similar pattern, according to researchers from the Telegram channel GFIS and the creator of Btcparser.com. They said that leading exchanges always seek to acquire old bitcoins, for which they might want to own them.

GFSI researchers believe that the ownership of those old bitcoins could allow those exchanges to purify a group of coins of illegal origins. They explained that various anti-money laundering and risk analysis robots could screen them by mixing all of the latter with those from 2010-2011.

According to statistics from amlbot.com, each of the wallets sending 500 BTC had low-risk assessments. The transfer of 40 BTC came from an address that once stored 31,723 BTC and then withdrew the last 101 BTC on May 11^th, 2012.

The data on the transaction reveals that the owner of the address paid 0.05437193 BTC in fees. They might have sold the bitcoins in the open market or through over-the-counter (OTC) transactions.

The owner of those coins may have moved them, seeking to disperse them in addresses with lower amounts of funds. Until now, no one knows who acquired the old moved bitcoins.

The relevant role of Bitcoin in the world economy is increasingly evident, as many people view it as a long-term store of value. Regulators from several countries have their sights on the pioneering cryptocurrency because they link it to illegal activities like money laundering. For that reason, they usually hire specialists to track the origin of those crypto assets moved suspiciously.

By Alexander Salazar