Bitcoin and Ether prices have rebounded sharply and are leading the recovery in the crypto markets. The total crypto market capitalization which had dropped to about $1.5 trillion on January 24 has recovered above $2 trillion, according to Coinmarketcap. CoinShares weekly Digital Asset Fund Flows report showed inflows of $85 million in the week ending February 04.
Bitcoin products garnered the majority of the inflows at $71 million, the largest since early December. This shows that investor sentiment continues to improve. KPMG Canada has added Bitcoin and Ether to its corporate treasury following major companies, hedge funds and family-run offices in diversifying their portfolio with digital assets.
We had mentioned in our previous analysis that if Bitcoin holds the next dip above £26,000, it will indicate a bottom formation and that is what happened. The BTC/GBP pair turned down from £29,000 on February 2 but the bulls successfully defended the £26,000 support. The pair rebounded off £26,649.75 on February 3 and buyers pushed the price above the overhead resistance on February 4.
The 20-day simple moving average (SMA) has flattened out and the relative strength index (RSI) has jumped into the positive zone, indicating buyers a slight edge. If bulls sustain the price above £32,382.23, the pair could challenge the critical resistance at £34,031.76. A break above this resistance could open the doors for a rally to £36,000. However, we anticipate the bears to mount a strong resistance in the zone between £32,382.23 and £34,031.76.
If the price turns down from this zone, the pair could drop to the 20-day SMA. The next dip is likely to provide a low-risk buying opportunity to long-term investors.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Chosen Ones
– Faith Tribe
– Mine Network
– Hubble Protocol
– Mandala Exchange
– Faith Tribe
– Digital Arms
– Hubble Protocol
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
We had mentioned in our previous analysis that if Bitcoin holds the next dip above £26,000, it will indicate a bottom formation and that is what happened.
The BTC/GBP pair turned down from £29,000 on February 2 but the bulls successfully defended the £26,000 support. The pair rebounded off £26,649.75 on February 3 and buyers pushed the price above the overhead resistance on February 4. Read more
ETHEREUM – ETH/GBP
Ether broke and closed above the 20-day SMA on February 4 and the rally reached close to the 50-day SMA on February 7, as we had projected in our previous analysis.
The bears are likely to pose a stiff challenge in the zone between the 50-day SMA and £2,492. If that happens, the short-term traders who purchased the recent dip could book profits, resulting in a pullback. Read more
RIPPLE – XRP/GBP
XRP’s rally has surprised us. We were anticipating a relief rally to £0.51 as suggested in the previous analysis but we did not expect a move above £0.63.
The XRP/GBP pair picked up momentum after breaking above £0.51. This may have caught several aggressive bears on the wrong foot, resulting in a short squeeze. Read more
CARDANO – ADA/GBP
We had speculated that Cardano could move higher and that is what happened. The bulls have pushed the price to the 50-day SMA, which may act as a stiff resistance.
If the price turns down from the current level but rises from the 20-day SMA, it will suggest that the sentiment has changed from sell on rallies to buy on dips. The bulls will then try to propel the price above the 50-day SMA. Read more
BINANCE – BNB/GBP
We had said in our previous analysis that short-term traders may try to buy above £300 and that turned out to be a profitable trade.
The bulls have pushed the price above the downtrend line and the BNB/GBP pair could now reach the 50-day SMA. Read more
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Mine Network: The First Multi-Chain Hash-Rate Token Protocol
A decade before, investing or mining in cryptocurrencies was an alien subject. But with huge returns, this asset class became popular over time. The interest in crypto has evolved gradually since its beginning in 2008, with the invasion of Bitcoin. It became a hot topic, and people became more inclined about understanding the cryptocurrency, how it works, and all the related benefits it provides to a crypto miner. As a result, the Crypto space has taken a sharp turn in the investing system and attracted individuals and companies building their ventures through mining crypto. Read more
Mandala Exchange: Transforming Your Trading Experience
nowadays, cryptocurrency trading is very common. The process of trading cryptocurrencies for other assets could be tricky without “cryptocurrency exchanges”. They act as a middle man between the buyer and seller, earning money from commissions and transaction fees. If any crypto exchange experiences issues, users may suffer adversely. Hence, each exchange should have a good system for processing all transactions.: Read more
Jacquie & Michel launches its own crypto-currency!
On Monday, January 24, 2022, the Jacquie & Michel group officially launched its crypto-currency: the Jimizz (JMZ).
The French adult leader has decided to take the bull by the horns to respond to the issues weighing on the X business and revolutionize the sector with new features that will benefit consumers, creators and investors.
Jimizz will be offered across the entire J&M ecosystem (VOD sites, online and physical stores, TV channels, partner platforms, etc.). Read more
Funganomics – The NFT and a P2E gaming platform
With NFTs’ innovative technology revolutionising the world, a number of industries have seen rapid changes. The gaming industry has seen some of the biggest growth. NFT gaming is finally attracting gamers and crypto investors. This is because it is a relatively simple concept. The game world uses NFT assets, which players and collectors can use to purchase and sell. Read more
Crypto Economy Recaptures $2 Trillion, Bitcoin Moves Back Into the World’s Top 10 Most Valuable Assets
The crypto economy has jumped back above the $2 trillion mark after falling below that value in mid-January. Statistics indicate that the USD value of all 12,440 coins across 544 crypto exchanges is worth $2.08 trillion, up 5.2% during the last 24 hours. Crypto Economy Moves Northbound Past the $2 Trillion Mark
KPMG Canada Adds Crypto to Its Balance Sheet
The accounting firm acquired an undisclosed amount of bitcoin and ether using Gemini Trust’s execution and custody services. The Canadian branch of accounting giant KPMG has made its first allocation of crypto assets to its corporate treasury.
Coinbase, FTX and Crypto.com All Dishing Out Millions for Super Bowl Ads
Some of the world’s biggest crypto exchanges are paying millions of dollars for TV advertisements during the Super Bowl. According to a report from The Wall Street Journal, crypto exchanges Coinbase Global, FTX and Crypto. com are buying up ad slots during the NFL’s big finale for top-tier prices. It will be the first time crypto companies have had advertisements in the Super Bowl.
India: Here’s what’s next for cryptoexchanges after new tax slab news
A grave setback engulfed India’s cryptocurrency market last week when the country’s government introduced a 30% tax on digital asset income. While some have heralded it as a step towards the legitimization of the sector, many investors are crying foul over the high tax rate. One of India’s leading cryptocurrency exchanges CoinSwitch Kuber, however, appears undeterred by the development. In fact, the exchange has taken this as an opportunity to diversify its offerings. CoinSwitch users will now have access to the recurring buy plan. This will allow users to compound their crypto-gains, the centralized exchange announced earlier on 7 Februar
Crypto Mining Stocks Rally as Bitcoin Surges Past $44,000
Publicly traded miners large and small have rebounded in February in concert with bitcoin’s rise. The stocks of crypto miners continued their rally from their 2022 lows after the price of bitcoin exceeded $44,000 on Monday. Crypto miners are the most exposed to the movements of the digital currencies they mine, since mining is their main source of revenue and most.
Unpacking Arizona’s Bitcoin Legal Tender Proposal
The game theory around states like Texas and Arizona working toward pro-BTC policies. This episode is sponsored by Nexo, Abra and FTX US. Download this episode On today’s episode, NLW looks at a proposal moving through Arizona’s state Senate to make bitcoin legal tender. He explores:
US Treasury targets NFTs for potential high-value art money laundering
The Department of the Treasury said trading in high-value artworks was vulnerable to money laundering. The U.S. Department of the Treasury released a study on the high-value art market, highlighting the potential in the nonfungible tokens (NFTs) space to conduct illicit money laundering or terror financing operations. The Treasury’s “Study of the facilitation of money laundering and terror finance through the trade in works of art” suggested that the increasing use of art as an investment or financial asset could make the high-value art trades vulnerable to money laundering:
Venezuelan Parliament Hit Local Firms With 20% Crypto Transaction Tax
After the Venezuelan parliament approved a law aimed at reducing inflationary pressure on the struggling fiat bolivar, certain crypto and foreign currency transactions would be taxed at up to 20%. Venezuela To Tax Crypto Transactions At 20% The Venezuelan government has authorized a new tax that will affect cryptocurrency.