Signs of a steady Bitcoin (BTC) price recovery emerged earlier this week as investors shifted away from the U.S. dollar on weaker-than-expected economic data. In detail, Bitcoin's drop last week to below $33,000 met with a healthy buying sentiment that pushed its per token rate to as high as $39,300 on Feb. 1. As of Thursday, BTC's price dipped below $37,000 but was still up 13% from its local bottom. Meanwhile, the U.S. dollar index (DXY), which measures the greenback's strength against a basket of top foreign currencies, rose to 97.441 last Friday, logging its best level since July 2020. …
WazirX exchange's native token WRX benefited the most from India's latest u-turn on crypto this week. WRX price jumps on India tax news WRX price surged nearly 30% to over $1, hitting a three-week high after the Indian government announced a new tax regime for the regional crypto sector, reversing entirely from its earlier strict stance that even contemplated an outright ban on the emerging industry. $WRX - Up on news! https://t.co/Ln504eUZzm pic.twitter.com/zN3pW84DPY — Yo! Crypto ₿ (@YoCrypto) February 1, 2022 In her budget speech on Tuesday, Finance Minister Nirmala Sitharaman said that they plan to tax the income from …
Bitcoin analyst and co-founder of software firm Hypersheet Willy Woo believes that on-chain metrics show that BTC is not in a bear market despite observing “peak fear” levels. Speaking on the What Bitcoin Did podcast hosted by Peter McCormack on Jan. 30, Woo cited key metrics such as a strong number of long term holders (wallets holding for five months or longer) and growing rates of accumulation suggest that the market has not flipped the switch to bear territory: “Structurally on-chain, it’s not a bear market setup. Even though I would say we’re at peak fear. No doubt about it, …
The Bitcoin (BTC) daily price chart seems to be making a steady recovery pattern, but some concerning indicators are coming from derivatives markets. At the moment, the futures and options markets are showing a lack of confidence from Bitcoin pro traders, but there's a positive spin to the data. The road to $40,000 seems uncomfortably predictable, and cryptocurrency traders usually call it "manipulation" when such price movements happen. If you #bitcoin around that region, just be careful. A picture speaks a thousands words and I think mine says it all. Make it or break it time around the corner for …
In 2020, newly launched NFTs projects experienced costly gas wars that are gas priority auctions where buyers battle to secure their spot on the next block, potentially losing ETH to failed transactions. In 2021 digital scarcity and utility drove the NFT hype in the constantly surging markets and toward the end of the year, how much attention any collection received seemed to be at the mercy of influencers’ opinion. I feel you. It’s frustrating especially when tons of good projects with actual value and hardworking teams that don’t just disappear on their community are still so undervalued. Influencer culture invading …
“The Market Report” with Cointelegraph is live right now! In this week’s show, Cointelegraph's resident experts discuss which play-to-earn games have the potential to dethrone Axie Infinity. But first, market expert Marcel Pechman carefully examines the BTC and ETH markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Marcel is here to break it down. Next up, join Cointelegraph analysts Benton Yaun, Jordan Finneseth and Sam Bourgi as they debate which play-to-earn games are best (other than Axie Infinity). Will Sam’s pick of DeFi Kingdoms beat the rest with it’s nostalgic …
Ethereum's native token Ether (ETH) looks ready to continue its ongoing rebound move toward $4,000, according to a technical setup shared by independent market analyst Wolf. Classic bullish reversal pattern in the works? The pseudonymous chart analyst discussed the role of at least three support levels in pushing the ETH price up by nearly 30% from its local bottom of $2,160. These price floors included a 21-month exponential moving average, the 0.786 Fib level of a Fibonacci retracement graph drawn from $1,716-swing low to $4,772-swing high, and the lower boundary of an ascending triangle pattern. Wolf noted that the triple-support …
Cryptocurrencies had a volatile week after Bitcoin's (BTC) sudden crash to $33,000 on Jan. 24. However, the sharp 9% drop fully recovered within 8 hours after BTC price regained the $36,000 support. On Jan. 26, Bitcoin rallied to $38,960 but it could not sustain the level and corrected by 8.8% in the following 8 hours. When factoring in the recent ups and downs, Bitcoin managed to only gain a meager 1.6% over the past seven days. Even with the considerable price swings, the aggregate futures contracts liquidations were relatively low. Longs (buyers) had $570 million futures terminated, while shorts (sellers) …
The past couple of months have not been kind to cryptocurrencies. The sector's aggregate market capitalization plunged 50% from a Nov. 10 peak at $2.87 trillion to the current $1.44 trillion. Solana's (SOL) downfall has been even more brutal, presently trading at $88 after a 66% correction since its $260 all-time-high. Pinning the underperformance exclusively to the recent network outages seems too simplistic, and it doesn't explain why the accelerated decoupling over the past week, so let's take a look at what might be going on. The Solana network suffered four incidents in the span of a few months. According …
NFT projects have seemed to divert from what once was traditional minting, to now requiring potential buyers to join whitelists to access the pre-sale before the collection goes public. This means investors keen on obtaining a sharper edge aim to get on as many whitelists as possible to potentially increase their return-on-investment when the NFT is eventually sold on the secondary market. CryptoBatz are being minted today on their website for their whitelist holders today for 0.088 ETH ($283.55 USD). Their current floor price on Opensea, 1.99 ETH ($6,412.04 USD). ROI = 2,261.34% What a time to be a whitelister. …
Solana (SOL) looks poised to paint its first “death cross” this week, raising fears that its ongoing selloff would continue further into February. Real selloff threat Notably, the SOL price's 50-day exponential moving average (50-day EMA; the red wave) will eventually close below its 200-day EMA (the blue wave), signaling a bearish crossover, called death cross, that typically prompts traders to sell. The threat surfaces as SOL looks to close January at nearly a 50% loss — as of the month's final day, the Solana token was down by over 2.50% to nearly $91, compared to almost $180 at the …
Ethereum's native token Ether (ETH) will extend its 30% slump this year to the lowest price level since July 2021, if a textbook technical indicator plays out. Ethereum chart paints bearish pattern ETH's price fell to its six-month low of $2,159 on Jan. 24, 2022, only to rebound sharply to as high as $2,724 days later. However, this created a so-called "bear flag" chart pattern that suggests the price could drop to $2,000 or a 17% drop from current levels. A bear flag appears on the chart when the price consolidates higher after a strong momentum downwards but eventually moves …