On the morning of January 20, Bitcoin is trading in the range of $20,600 to $21,650, posting a price at $20,960 for a rise of 0.8% over 24 hours. The reason for his winning streak could be related to the fact that the market reached its highest level of investor confidence since July. And, moreover, institutional investors are the main drivers of Bitcoin demand.
Indeed, data released by crypto-analytics firm Santiment shows that traders’ sentiment has reached its highest level in the past six months and its second-highest level of bullish sentiment in the past 14 months.
Bankruptcy of Genesis Global Capital
On the negative side, Cryptocurrency Brokerage Institution Genesis Global Capital Prepares to File for Bankruptcy. This is seen as an important element that could prevent any further gains for cryptocurrencies.
Crucially, Genesis is now holding confidential conversations with a number of creditors.
The company has since issued a warning that it could potentially file for bankruptcy. This news comes in addition to that announcing that Bitzlato Ltd., a Miami-based digital marketing agency, is accused of money laundering by the United States Departments of Justice and Treasury.
Additionally, founder Bitzlato was arrested in Miami and this was seen as another headwind that caps the value gains of cryptocurrencies, including Bitcoin.
The Fed’s pessimistic comments and the increase in COVID-19 cases in China
Another factor that is hurting the cryptocurrency market is the adverse remarks from a number of Federal Reserve officialsas well as growing concerns about a possible recession This year.
It should also be noted that the number of COVID-19 cases in China has increased, raising concerns about its short-term economic prospects. This, combined with the possibility of a global recession this year, is now priced in by markets, particularly if the Fed continues to raise interest rates.
Additionally, previously released pessimistic US data shows that the US economy is slowing. U.S. retail sales fell in December, hitting a one-year low, while manufacturing output saw its biggest drop in two years.
Reduced sustainable energy use for mining
The Bitcoin Mining Council recently released its Q4 2022 briefing, which revealed a current sustainable energy mix of 58.9%, a reduction of 0.5% compared to the 59.4% of the previous quarter. Although the current sustainable rate of 58.9% is higher than the 56% rate in Q2 2021, it is still slightly lower than the previous quarter.
Additionally, the Bitcoin network consumed “a minimal amount of global energy” and was also responsible for “negligible global carbon emissions”.
The hash rate has seen an increase of around 50%. Although it has contributed to an increase in electricity consumption, the environmental efficiency implemented has reduced the impact.
State of the global cryptocurrency market
The global cryptocurrency market continued to rise and reached $976 billion thanks to institutional investors who are the long-term holders of the largest shares of digital assets. The majority of cryptocurrencies rallied during the day.
On another side, the recent crackdown on Bitzlato appears to have had little effect on the cryptocurrency market. It is crucial to remember that any further development of this situation should be closely watched as it could have substantial effects on the crypto industry.
The price of bitcoin
Currently, the Bitcoin price stands at $20,960 with a rise of 0.8% in the last 24 hours and a trading volume of $21 billion. Bitcoin’s immediate support level is near $20,630 and its 23.6% Fibonacci retracement.
If the downside breakout of $20,630 occurs, BTC price could be exposed to the next support level of $19,985, which marks the 38.2% Fib level.
However, Bitcoin has formed a series of doji patterns and rotating candlesticks that suggest investor indecision. BTC could nevertheless rise to reach the $21,200 level.
An upward crossing of this level would give the possibility to come to the resistance level of $21,600 and then to aim for the $22,000 mark.
3 cryptos to watch during their presale
Investing in cryptos can be rewarding for investors, who will be able to collect tokens before their official release. Here are some cryptos that are making headlines these days.
Fight Out (FGHT)
The Fight Out Platform (FGHT) works the same way as a personal sports trainer, except that the FGHT token is the reward given for exercise periods. All activities are recorded and can be used to improve the statistics of his metaverse avatar. The possibility of earn FGHT tokens adds an extra incentive for people to stay healthy and exercise while enjoying the benefits of blockchain technology.
Despite the general lack of liquidity in the cryptocurrency market, Fight Out was successful and attracted investors. Thanks to its token sale, which started last week, it has already been raised over $3 million. The current sale price is 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) for another 5 days and 20 hours before increasing as the sale progresses.
C+Load (CCHG)
C+Charge (CCHG) is a peer-to-peer payment system based on Binance Chain for electric vehicle charging stations (VE). Its aim, which should start in the second quarter of next year, is to increase access to carbon credits by rewarding consumers who charge their electric vehicles at its terminals.
According to forecasters, the project has potential as it will benefit from the expected significant development of the carbon credit market. Coherent Market Insights believes that the market will be worth over $2.4 trillion by 2027up from around $211.5 billion in 2019.
For C+Charge, the possibility of earning carbon credits 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 big role in that expansion. So far, the presale has so far raised $335,000.
Meta Masters Guild (MEMAG)
Today marks the start of the presale for Meta Masters Guild, a mobile-focused gaming guild which will create a mixture of Web3 games and play-to-earn games. Its Ethereum-based games will include playable NFTs as well as redeemable incentives MEMAG, the native token of the company, which can then be staked and sold. He will be available in seven stepsthe first of which now offers a MEMAG for $0.007.
Even before MEMAG’s IPO, this price will gradually rise to $0.023, an increase of 228.5% for early investors. Meta Masters Guild is expected to grow rapidly when the platform’s initial game (Meta Kart Racers) releases in the second quarter of this year.
Don’t miss this opportunity: Stage 2 of the sale has started and MEMAG has already raised $553,390 out of a total of $1,120,000.
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