January 20 bitcoin traded in a range of $20,600 to $21,650. The reason for its winning streak may be because the market reached its highest level of investor confidence since July. Meanwhile, institutional investors are key drivers of Bitcoin demand.
Data released by crypto analytics firm Santiment showed that trader sentiment reached its highest level in six months and the second highest level of growth in 14 months.
Bankruptcy of Genesis Global Capital
On the other hand, institutional cryptocurrency brokerage Genesis Global Capital is preparing to file for bankruptcy . This was seen as an important element in preserving any further gains in cryptocurrencies.
It is important to note that Genesis is currently in confidential discussions with a number of lenders.
For reference:
DCG’s crypto lending subsidiary Genesis has filed for bankruptcy.
Genesis Global Capital, one of the largest crypto lenders, froze payments to clients on November 16, 2022 after FTX shocked the financial world with its bankruptcy.— Tola Joseph Fadugbagbe (@connectwithtola)
After that, the company warned that it might declare bankruptcy. Bitzlato Ltd., a Miami-based digital marketing agency, has been charged with money laundering by the US Department of Justice and Treasury.
In addition, the founder of Bitzlato was arrested in Miami, and this was seen as another unfavorable element that hinders the growth of the value of cryptocurrencies, including Bitcoin.
The hawk federal language and the rise of COVID-19 cases in China
Another factor that hurt the cryptocurrency market was the sharp remarks made by a number of Federal Reserve officials, as well as growing concerns about a possible recession this year.
It should be noted that the number of cases COVID-19 in China increased, raising concerns about its near-term economic prospects. This, combined with the possibility of a global recession this year, is now priced in by markets, especially if the Fed continues to raise interest rates.
In addition, previously unfavorable US data shows that the US economy is slowing. In December, retail sales in the United States fell by the most in a year, while industrial production fell by the most in two years.
Reducing sustainable energy use
The Bitcoin Mining Council recently published its Q4 2022 briefing, which revealed that the current power consumption balance is 58.9%, down 0.5% from 59.4% in the previous quarter. While the current stable rate of 58.9% is higher than the rate of 56% as of Q2 2021, it is still slightly lower than the previous quarter.
In addition, the Bitcoin network consumed “minimum global energy” and was also responsible for “negligible global carbon emissions.”
Hashrate increased by about 50%. Although this contributed to increased power consumption, efficiency reduced the impact.
The mood of the global cryptocurrency market
The global cryptocurrency market continued to grow to reach $976 billion thanks to institutional investors holding the largest digital asset for the long term. However, most cryptocurrencies recovered during the day.
On the other hand, Bitlato’s recent crackdown has had little impact on the cryptocurrency market. It is important to remember that any further developments in this situation should be closely monitored as they could have a significant impact on the crypto sector.
Bitcoin price
Now the price bitcoin is at $20,947 after falling 0.69% in the last 24 hours with a trading volume of $21 billion. Bitcoin’s immediate support level is around $20,630 and its Fibonacci retracement is 23.6%.
If a bearish breakout of $20,630 takes place, BTC price could find itself below the next support level of $19,985, which marks the 38.2% Fibonacci retracement level.
However, Bitcoin has formed a series of doji patterns and rolling candles that indicate indecision among investors. BTC may jump to the $21,200 level.
A bullish breakout of this level could trigger a break above $21,600 and take BTC towards the $22,000 mark.
3 coins to look out for during the presale
Investing in altcoins can be beneficial for investors who will be able to collect the coins before they are released. Here are some coins that are becoming popular today.
Fight Out (FGHT)
FightOut is a convenient and economical way to stay in shape. By purchasing their FGHT tokens, you will gain access to professional personal training services at a low cost, allowing even those on a tight budget to reap the benefits of exercise.
The FGHT presale was a huge success, raising a whopping $3.08 million. All actions associated with the avatar have been documented, giving you a great resource to measure your actions against. You only have a limited time to get 60.06 FGHT for every $1 spent (in ETH or USDT).
Also, the market forecast indicates that FGHT prices will increase as the sale continues, so act fast and take advantage of this opportunity.
C+Charge (CCHG)
C+Charge is launching an innovative blockchain-based payment system for electric car owners. When users make their first charge, they will receive carbon credits with the ultimate goal of significantly reducing greenhouse gas emissions.
This groundbreaking technology has the potential to completely transform the long-established carbon credit market, which has been largely dominated by a small group of people. This creates a level playing field and allows many companies to participate in the sector.
By 2030, the voluntary lending market (VCM) is expected to reach an impressive USD 100 billion. C+Charge, the market leader in this segment, is taking the lead and has successfully raised over $335,000 in pre-sale, which shows that the industry is expanding rapidly.
Meta Masters Guild (MEMAG)
Guild masters Meta recorded huge growth, going from $200,000 to a whopping $550,000 in just a few days. This phenomenal growth suggests that the public has a high level of confidence in the future expansion of the company and its ability to generate profits. Meta Masters Guild will release its first mobile game in the third quarter of 2023.
MEMAG, their own cryptocurrency, allows users to exercise management rights, participate in staking, and purchase items and NFTs on the network. In addition, they intend to develop play-to-earn games and Web3 games to provide even more interesting gaming experiences.
Early investors have limited opportunities to participate in the MEMAG sale, which currently provides 1 MEMAG for $0.01.
However, this price is predicted to increase in less than two weeks, so interested buyers should act soon if they want to get the currency at the lowest possible price. Don’t miss out on this incredible seven-stage bargain!
