1ST FEBRUARY LATEST CRYPTO NEWS DIGITAL MAGAZINE

Veteran trader Peter Brandt hinted in a tweet that it may be time to buy Bitcoin. He said when everyone is uber bullish and expecting a massive surge in prices, it is usually a time to sell and when the same bulls turn into bears and predict a crash, it could be time to buy. However, JPMorgan analysts had a differing view about the recent price crash.

They believe the heightened volatility in Bitcoin could hinder institutional adoption. The analysts who had previously projected a target of $150,000 for Bitcoin, assuming “that the Bitcoin to gold volatility ratio will fall to around 2x later this year” have revised their targets lower.

“Our fair value for bitcoin based on a volatility ratio of bitcoin to gold of around 4x would be 1/4th of $150,000, or $38,000," JPMorgan said, Business Insider reported

We had said in our previous analysis that Bitcoin was oversold and could be ready for a bounce to the breakdown level of £29,000 and that is exactly what happened. The BTC/GBP pair has been facing stiff resistance at £29,000 but a positive sign is that the bulls have not ceded ground. This indicates that traders expect a break above £29,000.

If that happens, the pair could rally to the 50-day simple moving average (SMA), which may again act as a stiff resistance. A break and close above this resistance will signal a possible change in trend. Contrary to this assumption, if the price turns down from the current level, the bears will sense an opportunity and try to pull the pair to £26,000 and then retest the January 24 intraday low of £24,450.

If the next dip holds above £26,000, it may signal that a bottom is in place. We suggest traders wait for the confirmation of a bottom before jumping in to buy.

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!


 
 
 

The burgeoning market of non-fungible tokens or NFTs is attracting new stakeholders every day – from artists to billionaire investors – more so, because of the surging prices of some of the popular NFTs that have helped churned out new millionaires.

What is different and new is that the significant price surges of some of the NFTs are happening within days and weeks of their public launches instead of months and years earlier. One such NFT project is the Phanta Bear NFT project that is not even a month old but prices of some of their 10,000 NFTs have already zoomed several times from their floor prices.

The Phantabear project was jointly launched by Jay Chou’s PHANTACi and Ezek. It is a collection of 10,000 algorithmically generated digital collectibles that double up as membership to the Ezek Club. Each Phantabear has a unique set of traits and unlocks varying levels of access and perks for the owners. Read more

Per a survey conducted by investment firm Capitalize, Bitcoin and cryptocurrencies have been gaining relevance as retirement investment options. Digital assets, once synonyms with speculation, and gambling, have acquired prestige as one of the best ways to secure people’s future. The firm interviewed 821 employees and 203 financial experts in the United States.