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25TH JANUARY LATEST CRYPTO NEWS DIGITAL MAGAZINE

Risky assets across the world are witnessing a complete bloodbath and crypto markets have been the worst affected. Bitcoin and several major altcoins have dropped more than 50% from their respective all-time highs, indicating that panic has gripped traders. The total crypto market capitalisation dropped below $1.5 trillion on January 24, a 50% fall from its lofty highs of near $3 trillion in early November of last year.

However, CNBC host Jim Cramer had a different view based on the chart's analysis by popular technician Tom DeMark. Cramer said that “Bitcoin and Ethereum could be looking at downside trend exhaustion bottoms this week.” He also added that it “might be too late to sell and you need to consider buying. I know I am, especially if we get a final leg down,” CNBC reported.

Bitcoin attempted a recovery on January 20 but could not rally above the overhead resistance at £32,382.23. This may have attracted selling from traders which pulled the price below the critical support of £29,000 on January 21.

The sharp fall of the past few days sent the relative strength index (RSI) near to 20 levels indicating that the selling had been overdone in the short term. Usually, deeply oversold levels are followed by a minor relief rally or consolidation. The BTC/GBP pair could rise to the breakdown level at £29,000 where the bears may again mount a strong resistance.

If the price turns down from this level, it will suggest that sentiment remains negative and traders are selling near overhead resistance levels. The bears will then make one more attempt to resume the downtrend. A break and close below £24,450 could open the doors for a possible drop to £21,462.10. Conversely, if bulls drive and sustain the price above £29,000, it will suggest that the markets have rejected the lower levels. The pair could then attempt a rally to the 50-day simple moving average (SMA).

The pair could soon bottom out but we would wait for the price to sustain above £29,000 before recommending fresh long positions.  

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

Enjoy the issue!


– Solidus
– Onino
– Meld
– Mine Network

– Digital Arms
– World Mobile Token
– Hubble Protocol

CRYPTO TRADE OPPORTUNITIES

BITCOIN – BTC/GBP

Bitcoin attempted a recovery on January 20 but could not rally above the overhead resistance at £32,382.23. This may have attracted selling from traders which pulled the price below the critical support of £29,000 on January 21.

The sharp fall of the past few days sent the relative strength index (RSI) near to 20 levels indicating that the selling had been overdone in the short term. Usually, deeply oversold levels are followed by a minor relief rally or consolidation. Read more

ETHEREUM – ETH/GBP

Ether plunged below the £2,165 to £2,000 support zone on January 21, indicating the resumption of the downtrend. The ETH/GBP pair dropped to £1,603 on January 24 where buying emerged as seen from the long tail on the day’s candlestick.

The buyers will now attempt to start a recovery which could reach the downtrend line. This level could again act as a strong resistance.  Read more

RIPPLE – XRP/GBP

XRP turned down and broke below the strong support of £0.51 and the December 4 intraday low of £0.46 on January 21. This indicated the resumption of the downtrend.

The bulls have been defending the £0.40 support for the past few days but have not been able to achieve a strong rebound off it. This suggests a lack of aggressive buying at higher levels. Read more

CARDANO – ADA/GBP

Cardano turned down from £1.20 on January 18 and plunged below the 50-day SMA on January 19. The bulls tried to push the price back above the 50-day SMA on January 20 but failed.

This may have attracted aggressive selling by the bears and profit-booking by short-term bulls. The ADA/GBP pair continued its downward move and declined to £0.68 on January 22.  Read more

BINANCE – BNB/GBP

Binance Coin broke and closed below the 200-day SMA on January 20. That was followed by another sharp fall on January 21 which pulled the price below the psychological support at £300.

The BNB/GBP pair dropped close to the strong support at £247 on January 22 and the bulls have held the level since then. The bulls will have to push and sustain the price above £289 to signal the start of a sustained recovery.   Read more

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MELD Protocol to Integrate EGX Token

MELD Protocol to integrate with the EGX Token (Enegra), Allowing EGX Holders to Borrow Crypto and Fiat Currencies.

SINGAPORE and KUALA LUMPUR, MALAYSIA – MELD (Singapore) today announced it has been working with Enegra Group Ltd. (Kuala Lumpur) to create a unique DeFi application based on a credit security token market for borrowing fiat and cryptocurrencies against security tokens. Through this, EGX token holders will be able to use their EGX tokens on the MELD protocol as collateral to borrow both fiat and cryptocurrencies.  Read more

 

MINE Network: Mining crypto with a hash-rate-based protocol

Introduction to MINE Network  

MINE Network helps you own real hash-rates without owning mining equipment. It is the first hash-rate token protocol that addresses the liquidity issues miners face on multi-chains, thereby promoting the flow of cash in the mining industry. The network also lowers the barriers present to the entry of retail miners.  

MINE Network issues pTokens that are standardized hash-rate tokens. This is done by tokenising the mining power from PoW based cryptocurrencies such as Litecoin, Ethereum, Filecoin, Bitcoin, and others. Each hash-rate token is a synthetic token that represents a fraction of mining power from a unique mining blockchain. Read more

How Blockchain-Based World Mobile Token is Revolutionising the Telecom Sector

The Role of Blockchain in Telecoms

What is the first thing that comes into your mind when you think of blockchain? Bitcoin! That’s where it started. Bitcoins were transferred through blockchain before other use cases of blockchains were imagined and developed. And now, blockchains are disrupting the way transactions are being processed all over the globe; users are being authenticated and payments are being executed. What started purely as a peer-to-peer network of digital cash has now laid the foundation for a technology that has the potential to disrupt how industries work. Read more

Pioneering Cash For Crypto Loans, MELD Is The “Buzz” Right Now

The concept of borrowing and lending is nothing new in the financial market, especially in centralised finance. However, many individuals can relate to it from the fiat currency point of view. The good news is that crypto enthusiasts now have reason to invest more in cryptocurrency and crypto assets. Initially, many individuals have had the fear of venturing into the crypto sphere because of its volatility as well as due to fiat currency declining buying power. Therefore, there is a high risk involved in trading in cryptocurrency for fiat, especially during an emergency. For example, with the ongoing global pandemic, individuals and businesses are facing financial strain. As such, borrowing and lending is becoming a crucial yet sensitive matter.  Read more

 

Russia’s Central Bank to Ban on Crypto Mining and Trading

Russia, one of the world’s most crypto influential nations, announced its intentions to regulate these digital currencies. The Russian Central Bank recently proposed a ban on crypto mining and trading within its borders. Citing threats that could affect financial stability and citizens’ wellbeing. The global cryptocurrency craze has gone too far. Governments are getting scared of how privately operated and highly volatile digital currencies could challenge their control over financial systems with all those crazy price fluctuations from Asia to America.

Solana User Experience ‘Not What It Should Be’, Says Co-Founder as Network Struggles

The rising blockchain network is experiencing “growing pains” amid degraded performance, says co-founder Anatoly Yakovenko. SOL’s price is down 42% in a week. In brief Solana has seen degraded performance in recent days, including sluggish and failing transactions. Solana Labs CEO and co-founder Anatoly Yakovenko acknowledged “growing pains” as increasingly complex transactions affect the network.

Goldman Sachs Sees the Metaverse as $8 Trillion Opportunity

Global investment bank Goldman Sachs has predicted that the metaverse could be an $8 trillion opportunity. Several others have similarly predicted that the metaverse is a multitrillion-dollar market. Goldman Sachs Says the Metaverse Could Be an $8 Trillion Opportunity Global investment bank Goldman Sachs

Global NFT Sales Explode in Last 30 Days Despite Correction Across Crypto Markets

Global sales volume of nonfungible tokens (NFTs) is hitting new alltime highs despite the crypto market’s latest sell-off. According to NFT data aggregating site CryptoSlam, global sales of NFTs are breaking previous records with $8.6 billion worth of sales in January, shattering the previous high of $4.5 billion set in August. New data from blockchain research platform Dune Analytics reveals that leading NFT marketplace OpenSea has also broken transaction records as well.

Robinhood Launches Crypto Wallet Beta for Bitcoin, Ethereum and Dogecoin Transfers

The company has long promised the feature was coming. For months, executives at trading app company Robinhood have been promising that cryptocurrency wallets were coming. Today, they’re finally here—well, for the first 1,000 people on the waitlist, 

46% Bitcoin miners employ renewable energy sources to mine Bitcoin: BMC

A recent survey conducted by the Bitcoin Mining Council reported improved sustainable power metrics and usage of renewable energy resources while mining Bitcoin. Bitcoin Mining Council (BMC), recently announced the results from its quarter fourth survey highlighting how Bitcoin mining is steadily adopting sustainable power usage. As per the latest Q4 survey report, the percentage of the global Bitcoin mining industry deploying renewable resources to mine Bitcoin has increased from 1% to a notable 58.5%.

Biden Administration Preparing to Release Government-Wide Crypto Strategy

The Biden administration is reportedly drafting a government-wide cryptocurrency strategy as an executive order. The directive is expected to be presented to President Joe Biden in the coming weeks. The strategy could be released as soon as next month. US Government-Wide Crypto Strategy