Can BTC reach $22,000?
On January 19, Bitcoin began a downward correction, posting a price drop earlier today $20,845 down 1.8% from yesterday. The movement for Ethereum is even broader, a down 3% in one day to $1,530.
Bitcoin, the world’s largest and most popular cryptocurrency, failed to extend its 14-day uptrend and fell as sharply as it has all-time. the global cryptocurrency market is down almost 4% in the last 24 hoursFrom $999 billion to $969 billion.
A few recent facts may explain this correction:
- Most cryptocurrencies have seen a sharp decline due to the market reaction to the US ban on the Bitzlato exchange.
- A monthly negative purchasing power index of -0.5 had a negative impact on the financial and cryptocurrency markets. Although Bitcoin (BTC) and other cryptocurrencies initially gained in value, their rise did not last because the US Federal Reserve did not make major adjustments to monetary policy.
- On the positive side, so-called “whale” investors in the cryptocurrency market have not sold any of their holdings since the beginning of the year. This is considered to be one of the main factors preventing future losses in the cryptocurrency market.
- Another factor affecting Bitcoin prices was the drop in Bitcoin mining stock prices. Most of the 18 Bitcoin mining stocks in his portfolio are down: only one stock remains.
US accuses Bitzlato exchange of money laundering
The US Department of Justice and the Ministry of Finance have accused Bitzlato Ltd. money laundering and kept the company’s founder in Miami, according to officials from those departments.
Deputy Attorney General Lisa Monaco recently announced the shutdown of the Hong Kong-based Bitzlato platform and the arrest of its founder, Anatoly Legkodimov.
This It will specifically prevent Bitzlato from serving criminals with ties to Russia.
The United States launched the campaign against Bitzlato as the most comprehensive crackdown on crypto-criminal activity to date. Its ripple effect caused the global cryptocurrency market to slow down and undermine investor confidence.
How is the US Economic Data Collapse Affecting the Crypto Market?
As US economic statistics show, there may already be a recessionas industrial production and retail sales fell by 0.7% and 1.1% in December compared to the previous month.
Meanwhile, the Producer Price Index (PPI), which rose 7.3% earlier, rose at a lower annual rate of 6.2%.
This indicates a decline in purchasing power, which has mixed effects on financial markets. But, the emergence of a real recession will have a lasting impact on financial marketsno matter what.
The growth of the second layer of Ethereum
The Ethereum 2nd or second layer networks have been expanding rapidly in the last few monthsand this trend is expected to continue in 2023.
Tier 2 core networks have seen an increase in the number of daily active users, leading to increased costs for the respective ecosystems. This is seen as a positive factor that could help limit ETH’s continued value losses in a cryptocurrency bear market.
Currently, the price of bitcoin is stable $20,845 After decreasing by 1.80% in the last 24 hours with a trading volume of $29 billion.
In the 4-hour period, Bitcoin has an immediate support level near $20,630, which is extended by the 23.6% Fibonacci retracement. If Bitcoin breaks below the $20,630 level, the price may be exposed to the next support level of $19,985this marks the 38.2% Fib level.
However, Bitcoin formed a candlestick pattern with potential will lead to an upward trend in the coming days.
On the upside, BTC could rise to $21,200 and further buying could take Bitcoin towards $21,600. There is a switch in this level the potential to push the price towards the seemingly impossible $22,000 mark over the next two weeks.
The price of Ethereum
Ethereum price fell by 3% price in the last 24 hours 1530 dollars With a turnover of $10 billion. Despite this, this digital asset continues to be one of the leading cryptocurrencies in terms of value and trading volume.
Ethereum is currently ranked #2 on CoinMarketCap and boasts a market capitalization of $187 billion. There is an active circulation of 122,373,866 ETH coins, and the maximum supply has not yet been specified.
ETH/USD failed to cross the double resistance barrier of $1,600, causing its value to fall above $1,500 due to strong bearish sentiment.
Ethereum’s most important support level is currently $1,500. And if it passed downwards, selling pressure is likely to increase until the price reaches $1,440 based on its 38.2% Fibonacci retracement. If this threshold is breached, ETH may fall further to $1,350 and remain in distress.
The $1500 support level though It may rise to the level of $1,660 it currently serves as a resistance level and remains a very reasonable ETH price hypothesis.
Get a head start: 3 cryptos to watch before the sale
Investing in pre-sale cryptocurrencies can be a very rewarding experience for investors. By researching carefully and following our recommendations, you can be in a great position to invest in the potential of these tokens.
Fight Out (FGHT)
It works in the same way as the Fight Out Platform (FGHT). personal sports trainer, except that the FGHT badge is an award for training periods. All activities are recorded and can be used to improve the stats of his metaverse avatar. opportunity Earn FGHT tokens It adds an extra incentive for people to stay healthy and exercise while taking advantage of blockchain technology.
Despite the general lack of liquidity in the cryptocurrency market, Fight Out was successful and attracted investors. Thanks to the token sale that started last week, it already is It has collected more than 3 million dollars. Current sale price 60.06 FGHT for 1 dollar (FGHT can be bought with ETH or USDT) for another 5 days and 20 hours before increasing as sales progress.
C+Charge (CCHG) a Binance Chain-based peer-to-peer payment system for electric vehicle charging stations (VE). Due to launch in the second quarter of next year, it aims to increase access to carbon credits by rewarding consumers who charge their electric vehicles at their terminals.
According to forecasters, the project has the potential to benefit from the expected significant development of the carbon credit market. Coherent Market Insights believes so the market will exceed $2.4 trillion by 2027About $211.5 billion in 2019.
The ability to obtain carbon credits for C+Charge is an additional incentive to accelerate the already rapid transition to electric vehicles. The voluntary credit market (VCM) is expected to reach $100 billion by 2030, and analysts believe startups like C+Charge will play a major role in that expansion. Till now, the presale has raised $310,000 so far.
Meta Masters Guild (MEMAG)
The presale for the Meta Masters Guild starts today, a mobile oriented gaming guild This will create a mix of Web3 games and win-win games. Its Ethereum-based games include playable NFTs and redeemable incentives MEMAG, the company’s native token, can then be staked and sold. He will be available in seven stepsthe first of which he now offers MEMAG for $0.007.
Even before MEMAG’s IPO, this price will gradually increase to $0.023, a 228.5% increase for early investors. Meta Masters Guild is expected to grow rapidly when the platform’s first game (Meta Kart Racers) is released in the second quarter of this year.
Don’t miss this opportunity: Phase 2 of the sale has started and MEMAG has raised $553,390 of the total of $1,120,000.