Month: January 2022

Shiba Inu Enters The Metaverse, But Will This Help Its Price?

Meme coin Shiba Inu recently announced its move into the metaverse. The ‘Shibverse’ as it’s called will usher the cryptocurrency into a booming space, presumably to provide more utility for the digital asset. This news is no doubt well received by the community as it allows SHIB to participate in what is a booming industry. But how has the price of the digital asset reacted to this so far?

Shiba Inu Announces Shibverse

Shiba Inu, one of the most popular meme coins, and winners of 2021 has announced that it would be making its debut in the metaverse with the Shivers. It comes as no surprise as the team has been forthcoming about working on more use cases for the cryptocurrency. Previously, the Shiba Inu team had announced that it was launching its own game, where SHIB will serve as the utility token.

Related Reading | Ethereum Bullish Signal: Number Of Holders With 1 ETH Touches New ATH

The announcement tweet has included a sneak peek of the metaverse, which featured a high-resolution picture of the popular Shiba Inu dog breed standing in the middle of the woods with what looks like a pickaxe in its mouth.

As promised, we are so excited to announce our first special surprise for the year #ShibArmy!

In 2022, we are reaching new heights and welcoming the #Shiberse . An immersive experience for our ecosystem and the Metaverse space!

We can’t wait to show you more. Woof! pic.twitter.com/tCRQ1m1RiT

— Shib (@Shibtoken) January 24, 2022

Given the popularity of the metaverse in recent months, it is no surprise to see more established projects entering the space. Social media giant Facebook (now Meta), is one of the most notable entrants, rebranding its name and image to fit into its metaverse mission going forward. The retail chain, Walmart, has also made moves into the metaverse according to a number of patent filings that were made public.

How Has SHIB Fared On The Charts

Following the announcement of Shibverse, the price of the digital asset had responded positively. One thing to note is that SHIB has been on a downtrend since it hit its all-time high last year and has continued on this path. News like these are expected to help the value of coins like Shiba Inu but the cryptocurrency seemed adamant to continue its journey downwards.

SHIB trending at $0.00002 | Source: SHIBUSD on TradingView.com

The announcement had triggered a small rally in the price of the altcoin, sending it above the $0.0000225 point. However, this would prove to be only temporary as it continued downward.

Related Reading | Ethereum Whales Quietly Filled Up On ETH While Broader Market Panicked

Sentiment for the meme coin remains firmly in bearish territory, which does not spell good news for the long-term performance of the digital asset. Additionally, the majority of Shiba Inu holders are now at loss, making it a less than profitable venture for crypto investors.

In the last 24 hours, SHIB has continued to trend low hitting a low point of $0.00002. As the new week is ushered in and the market begins to open up, there could be some upside seen in the price of assets, although it is unlikely that it will be significant in any way.

Featured image from Thewistle, chart from TradingView.com
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Litecoin Sees Gains As MimbleWimble Kicks In, What It Means For LTC’s Price

Litecoin follows the general sentiment in the crypto market and trades in the green during today’s session. As of press time, LTC is exchanging hands at $110,21 with a 1.7% profit in 24-hours.

Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History. Part Five: Conflict Of Interest

LTC moving sideways in the 4-hour chart. Source: LTCUSDT Tradingview

The increase in the price of Litecoin has been driven by relief in larger cryptocurrencies, such as Bitcoin and Ethereum. The latter has been showing bullish momentum in lower timeframes and could see more profits in the coming weeks.

Selling pressure triggered by macro factors has been and will remain mitigated during February. As NewsBTC reported earlier, this month has been historically bullish for Litecoin and the crypto market.

No doubt, the recent announcement of LTC’s MimbleWimble upgrade as a Release Candidate or beta could have a long-term bullish impact on Litecoin. The upgrade has undergone a multi-year development and stands as one of the most hyped rollouts for this cryptocurrency amongst its community.

The Litecoin Foundation and MimbleWimble’s lead developer David Burkett made the announcement via social media platform Twitter. Burkett published the first LTC addresses using the MWEB extension, seen below.

ltcmweb1qq2aejfd7svtnqk0uq0cfkd9mr9sszypmx2phdu5qwfhlujazv2nxjqstgy3r5gkxesu5vv2v0tmlwdwhat3se36pwzwtlqm8ypxq3d2fggc8d7nq

— David Burkett (@DavidBurkett38) January 30, 2022

The developer started working on this upgrade in 2019, and as the Foundation revealed, MimbleWimble will be part of this cryptocurrency’s Core 0.21.2 release candidate with an additional improvement to its privacy and security. The upgrade is expected to be activated on mainnet in the coming months.

As Guy Corem, co-founder at DAGLabs said, MimbleWimble will be approved by the Litecoin community if the upgrade sees 6,048 nodes signaling for its implementation starting at block heigh 2,217,600. The upgrade needs to be approved by 75% of the LTC nodes before this window closes.

The Foundation said the following on the upgrade as it revealed a report published by Quarkslab about its capabilities:

The protocol provides valuable new security enhancements about the privacy of transactions on the blockchain, in addition to months of further review and testing by Litecoin developers.

LTC MWEB activation rules:> Every 8064 block window starting at block height 2,217,600 it checks if at least 6048 signaled for bit 4. If yes, it activates in the next window. After 2,427,264, if it still hasn’t met 75%, it activates anyway.

— Guy Corem (@vcorem) January 30, 2022

What Is Next For Litecoin (LTC)?

The Litecoin Foundation clarified that the community and miners can begin signaling for MimbleWimble right after receiving the upgrade’s code. Once the aforementioned threshold is reached, the activation date for the implementation of this proposal will be locked in.

The Foundation also revealed that the signaling process will be based on BIP8, a mechanism to introduced soft forks on the mainnet with a flag day activation that will be set after a determined period of time.

Related Reading | Charlie Lee Sums Up Litecoin’s 10 Years History. Part Two: Exchanges + Betrayal

Miners will be able to vote by using a field called “version” on each Litecoin block to be included in the blockchain. Burkett said the following on the upgrade:

MWEB is a crucial next step in Litecoin’s evolution. The optional confidentiality MWEB provides gives the user notable and needed protections for small everyday items, to salaries, or even buying a home.

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Kitty Inu: Play-To-Earn That Will Impact Developing Countries

Over the past few years, the popularity of Decentralized Finance (DeFi) has rapidly increased, leading to permeation into the mainstream financial sector.

For developing countries, adoption of cryptocurrency, while considered relatively volatile as compared to, say the USD, has the potential to stabilize underdeveloped economies with wildly unstable currencies and hyperinflation.

For these country’s citizenry, alternative secure banking on the blockchain may provide the first real opportunities for savings, as compared to native currencies that devalue so quickly making it prohibitive to do so.

For example, countries like Zimbabwe, which have experienced hyperinflation for decades, and Venezuela, a nation with such severe inflation, its handbags, made of actual woven currency can sell for 10,000 times the value of the currency they are made from, could see a significant benefit to mainstream adoption of cryptocurrency. Venezuela has already taken big steps toward adoption with over 20,000 retailers, including Pizza Hut and Burger King now accepting cryptocurrency as payment.

Enter Other Avenues

Along with the potential for economic stabilization due to access to native currency alternatives, evolving technologies unique to the blockchain offer other benefits to those living in developing countries.  The increasing number of Play to Earn (P2E) Gaming options provide the opportunity for additional income streams for those in financial hardship.

Play to Earn Gaming models that reward participants with cryptocurrency or saleable NFT’s (non-fungible tokens) for playing games they otherwise would play for free are on the rise in popularity and development.

One such example is Axie Infinity, currently one of the most popular platforms for P2E gaming.  Axie Infinity allows users to build up a collection of “Axies” they can use across the company’s ecosystem of games.  From there, users are rewarded via the blockchain for taking part.  However, to participate in P2E, users will first need to purchase Axies to get started, some costing $1000.00 USD or more which creates a barrier to participation for many.

Kitty Inu and Its Potential

However, Kitty Inu, a relative newcomer in the crypto space and P2E Gaming is currently in the development of a Mario Kart-style racing game called KittyKart on the Ethereum blockchain and doing so with inclusivity as a top priority.

Kitty Inu is intent on breaking down the financial barriers that can lead to exclusivity in the gaming space. In KittyKart, utilizing Kitty Inu’s native token KITTY, users will be able to mint their own free basic NFT avatar through gameplay. NFT avatars can also be purchased in the game marketplace or can be brought in by the user (with supported NFT collections).  During gameplay users will select the avatar they would like to race with and during single and multiplayer game modes, the avatars will build up skill points, thus increasing the avatar’s in-game abilities and presumptively the saleable value of the avatar in the NFT secondary marketplace.

By combining Free-to-Play (F2P) and Play-to-Earn (P2E) Kitty Inu will provide a platform where all users with internet access across the globe will have the potential to supplement their income streams. With no financial barriers to participate, Kitty Inu looks to bring “serious FUN” and earning which may be of additional benefit to those in developing countries who may otherwise have limited income options.

Deutsche Börse Saw 922% Increase in Investors Demand for Cryptocurrency Products

The leading German stock market operator – Deutsche Börse – noted that cryptocurrency exchange-traded products (ETPs) had been highly attractive options for investors over the past year. The company outlined that the average monthly trading turnover in crypto ETNs surged to more than $1 billion, or +922%, than in 2020 ($115 million).

Crypto ETPs with a Record Performance

Deutsche Börse presented the record numbers in its most recent report. To meet the growing demand for digital asset products, the stock market operator expanded its services in 2021.

It enabled clients to delve into 36 cryptocurrency exchange-traded notes (ETNs) focused on Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polkadot (DOT), Cardano (ADA), and more. In comparison, those products were only four at the end of 2020.

A couple of months ago, Deutsche Börse announced the listing of a Bitcoin Spot ETN on its digital stock exchange Xetra. The product came from Invesco – an American management firm that previously filed for a Bitcoin futures ETF in the US but got rejected.

Additionally, last year Deutsche Börse included a multi-currency capability for ETFs. The new option allows customers to trade the same International Securities Identification Number (ISIN) in parallel across several currencies on Xetra.

With trading volumes of over $220 billion in 2021 and 1,757 different offerings, the latter remained Europe’s leading trading venue for ETFs, the stock market operator highlighted.

Investors have also shown huge interest in ESG ETFs and inflation-linked bonds. Commenting on the matter was Stephan Kraus – Head of Deutsche Börse’s ETF segment:

“Continued strong growth in our ESG segment reaffirms how mission-critical sustainability is for issuers and investors. With more than 500 ESG ETFs now on Xetra, we offer investors the largest range of products in Europe. We are working with issuers to expand this range further and meet ever-higher levels of demand.”

Deutsche Börse Bought a Majority Stake at Crypto Finance Group

Towards the end of 2021, the German company acquired a majority stake in Crypto Finance AG – a leading Swiss firm that provides digital asset services. Later on, Deutsche Börse revealed it could provide further crypto options to clients, including post-trades.

At the same time, the deal enabled Crypto Finance AG to access the German market ecosystem. Previously, it expanded its services to Singapore. Jan Brzezek – CEO at the firm – said:

“We are very excited to continue our success story with our colleagues, existing and new clients, and partners.”

Coinbase Welcomes Shopify’s CEO in Its Board of Directors

The Founder and Chief Executive Officer of Shopify – Tobias “Tobi” Lütke – will join Coinbase’s Board of Directors. The CEO of the cryptocurrency exchange – Brian Armstrong – described him as a “tremendous entrepreneur” who also deeply believes in “the power of crypto.”

Lütke to Sit Among The Directors

In a recent blog post, Armstrong stated that Coinbase seeks to expand its international scope and build new products. In his view, having “Tobi” Lütke onboard would be highly beneficial for that goal:

“I’m excited to share that Tobias “Tobi” Lütke, CEO and Founder of Shopify, will join Coinbase’s Board of Directors.”

Armstrong highlighted that the newest member of the Board of Directors has built Shopify “from the ground” and turned it into a global commerce leader.

Apart from his previous experience, Lütke is also a keen supporter of the digital asset industry. The 41-year-old German believes that the prototype of decentralized finance and entrepreneurship “exemplifies the promise of Web3 where opportunity exists for many, not the few.”

Lütke further added he is excited to join Brian Armstrong and the rest of the team as Coinbase and Shopify share the same vision for the future.

Subsequently, the CEO of the trading venue predicted that cryptocurrencies have the potential to increase economic freedom in the same way “Shopify democratized online commerce.”

Tobias Lütke, Source: Financial Post

Shopify’s Crypto Forays

The multinational e-commerce company hopped on the crypto bandwagon in 2020 by allowing customers to pay in bitcoin as well as fiat currencies. Later on, it enabled settlements with numerous other assets, including Ether, Litecoin, Dogecoin, and many more.

At the end of last year, Shopify doubled down on its support by allowing users to mint and trade non-fungible tokens. To do so, the firm teamed up with GigLabs – an organization specializing in offering tools to operate with NFTs.

As a result, users can purchase digital collectibles by various settlement methods, including Shopify payments, Shop Pay, cryptocurrencies, credit or debit cards:

“Plus, customers can easily claim their NFTs via email and add them directly to their wallets.”

Shopify’s team clarified that clients are able to mint non-fungible tokens on various platforms, including Ethereum, Near, Polygon, and Flow, by teaming with its partner applications.

The initiative, called NFT Beta, is currently available for merchants based in the United States of America.

The Uber Rich Investors Are Picking This Altcoin Over Bitcoin

For many years and likely many years to come, bitcoin has been the number 1 digital asset for investors, especially those looking to invest in the long-term. When big money started entering into the crypto space, bitcoin was the first stop before it diversified into other assets. However, as time as gone by and more altcoins are beginning to gain popularity, bitcoin is losing its hold as the number 1 choice for investors.

A recent survey that featured respondents from the ultra-wealthy class showed that they did not favor bitcoin as their first choice. Rather, they picked an altcoin whose growth has rivaled and even surpassed that of bitcoin since its inception.

Ethereum Comes On Top

Crypto.com revealed that the wealthy are gradually moving away from bitcoin. Their obvious choice besides the leading cryptocurrency is ethereum, which is currently the second-largest cryptocurrency by market cap.

The numbers provided by the crypto exchange showed that ethereum has made its mark on the wealthy. With its broad range of use cases and applications, like decentralized finance (DeFi) and NFTs, the value of the cryptocurrency has shot up exponentially. And with that has come more confidence from investors.

Related Reading | Ethereum Bullish Signal: Number Of Holders With 1 ETH Touches New ATH

Crypto.com reached that that ethereum beat out bitcoin by 1% when it comes to the number of high-value investors going into crypto. Bitcoin came out at 33%, while ethereum made the top of the list at 34%, proving to be the preferred digital asset for investment purposes. Crypto funds came in third at 23%, other altcoins dominated at 15%, while Dogecoin, surprisingly, made the list with 2% of investors wanting to invest in the meme coin.

The crypto exchange also noted that about 1 billion people are expected to be invested in the crypto market by 2022. By the look of things, ethereum may see a larger share of investors compared to bitcoin.

But Why ETH?

Well, for those investing in the crypto space, there could be a number of factors. One is the low-interest rates offered by banks and returns from traditional investment avenues like stock and bonds being too low to combat the inflation rate. So in order to keep inflation from eating away at their wealth, these investors have chosen the crypto market for their needs.

ETH recovers to $2,600 | Source: ETHUSD on TradingView.com

Bitcoin had been the inflation hedge of choice for years before now. But all of that is changing as the ethereum network has taken major steps towards becoming deflationary. President and Founder of TIGER 21, Michael Sonnenfeldt, notes that the high inflation rates are what is pushing the uber-wealthy investors towards crypto, and by extension, ethereum.

“Like all investors, the super-rich are concerned about inflation and are looking to preserve their wealth in 2022,” said Sonnenfeldt.

Related Reading | Ethereum Whales Quietly Filled Up On ETH While Broader Market Panicked

Likewise, another member of TIGER 21 explained that investors are starting to favor ethereum over bitcoin. Additionally, similar projects like Solana and Avalanche are also enjoying this support.

“I am very bullish on both Bitcoin and ETH. My personal assessment is that the tide is turning in favor of ETH. I also like Ethereum alternatives like Solana and Avalanche.” – Andy Sack, member of TIGER 21.

Featured image from The DO, chart from TradingView.com
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Ethereum Investor Loses $500,000 After Sending WETH to the WETH Contract

One simple mistake cost a trader $500,000, sparking intense debate in the Ethereum community over security and user experience.

To Lose $500K Worth of WETH

A post titled “Did I just lose half a million dollars by sending WETH to WETH’s contract address?” made its way to the top of r/ethereum.

“Sent ETH to WETH contract and got WETH back (after some googling I found this is how the contract works). Assumed it works the same way backwards and sent WETH back to the contract. No ETH back. Apparently you have to use a frontend to get the ETH back. ETH lost forever.”

Although the post was deleted, some of the replies from the trader and other users gave insights into his profile.

“I checked OP’s history and he’s an old timer, he bought/mined those coins back when they were cheap. He held for years, through all the peaks and crashes, just so he could lose it all like this. Brutal.”

Some people also noted that on-chain data shows that 265 people in total made the same mistake. Still, most lost rather small amounts.

‘Grandma Won’t Be Using ETH Any Time Soon’

Multiple members of the Ethereum community raised the alarm over the mistake. Many suggested that risks of errors like these will make it harder for the network to grow.

“When it’s this easy to lose everything, there’s no way your grandma is going to be using it,” one member said.

Others noted that the community should come together to create a fix for the problem. Some suggested that wallets should ban transfers to the address in question or at least give users a warning.

The decentralized nature of the blockchain means that there is no way for people to get their money back after hacks or errors.

That is unless network participants decide to revert that transaction with a hard fork. This is what happened in the early days of Ethereum, after the infamous DAO hack.

Network validators, together with Ethereum developers, decided to revert the blockchain to a time before the hack. That way, they restored the $55 million to the DAO. Even the founder Vitalik Buterin supported the move.

The decision split the community, which is why it likely won’t happen any time soon. Moreover, it also split Ethereum, as users that disagreed with the move continued to use Ethereum Classic.

What is WETH?

But what is Wrapped Ethereum (WETH)? A wrapped version of any crypto is a token of that asset on other blockchains – for example, Wrapped Bitcoin (WBTC) on the Etherum blockchain.

WETH is a wrapped version of Ethereum for the Etherum blockchain. Traders typically use WETH to buy other tokens on decentralized exchanges.

ETH needs a wrapped version for its blockchain because it does not conform to its own ERC-20 standard for token exchange. Namely, ETH is older than the standard.

However, WETH could soon become obsolete, as Ethereum developers are working on making ETH compliant with the ERC-20 standard. This change would eliminate the risk of the error that cost the trader half a million in ETH.

Bitcoin Funding Rates Remain Negative For More Than A Week

On-chain data shows the Bitcoin funding rates have mostly remained negative for more than a week now. If past trend is anything to go by, this may mean that a bottom could be near.

Bitcoin Funding Rates Have Now Remained Mostly Negative For More Than Seven Days

As pointed out by an analyst in a CryptoQuant post, the Bitcoin funding rates have been negative in the past week for the most part.

The “funding rates” is an indicator that measures the periodic fee Bitcoin futures traders have to pay each other in order to hold onto their positions.

When the value of this indicator is positive, it means long holders are currently dominant and are paying a premium to short traders. Such values occur when the market sentiment is majorly bullish.

On the other hand, negative funding rates imply shorts now outweigh the longs and are willing to pay a fee to the longs. This kind of trend may show that the majority sentiment among traders is bearish at the moment.

Related Reading | Why Bitcoin Could Hit $90K By The End Of 2022, According To This Prediction

Now, here is a chart that highlights the trend in the BTC funding rates since April of last year:

Looks like the value of the indicator has been negative recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin funding rates have been mostly negative for more than a week now.

Related Reading | This Bitcoin Volatility Index Pattern Suggests A Short Squeeze May Be Near

Such values suggest that the sentiment among the majority of the futures market traders seems to be bearish right now.

In the chart, it’s also visible that the last time such negative funding rates stuck for longer than this was back in during the mini-bear market between May and July 2021. In this period, a bottom formation occurred.

Because of this, the quant in the post notes that the current negative funding rates may provide the ideal conditions for a trend reversal.

BTC Price

At the time of writing, Bitcoin’s price floats around $37.3k, up 11% in the last seven days. Over the past month, the crypto has lost 20% in value.

The below chart shows the trend in the price of BTC over the last five days.

BTC’s price has mostly moved sideways in the last few days | Source: BTCUSD on TradingView

A couple of days back, Bitcoin’s price touched as high as $38.6k, before coming back down to the current levels. At the moment, it’s unclear when the coin’s price may recover, but if the funding rates are anything to consider, a bottom can form in the current conditions.

However, it’s worth noting that during the May-July consolidation it took more around three months of negative funding rates before the bottom formation.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Bored Ape Yacht Club NFT Sold for $2.85 million in ETH

Bored Ape Yacht Club (BAYC) non-fungible NFT collection continues to see increased demand, with the latest example recently sold at a value of over $2.8 million.

On the night of January 30, 2022, Bored Ape #232 was sold for a whopping 1080.69 ETH ($2.85 million). The sale happened on the NFT marketplace – LooksRare.
The features of the purchased Ape NFT include an army green background, a seaman’s hat, sleepy eyes, a smoking jacket, a clean bored mouth, solid gold fur, and sleepy eyes, making it one of the very rare NFTs in the collection.
While the Ape NFT is not the largest sale in terms of dollar value due to the current price of ETH, it is the highest four-digit ETH sale for the price of a single one. Meanwhile, the floor price for the collection is 118.99 eth at the time of writing.
The hype around the BAYC NFT collection continues to rise, with many celebrities also joining the club. Female tennis star Serena Williams recently displayed her pink bored ape on her Twitter handle.
Other superstars who own Bored Ape NFTs include Justin Bieber, legendary rapper Eminem, popular footballer Neymar Jr., NBA champion Stephen Curry, among others.
Meanwhile, as earlier reported by CryptoPotato, holders of the Bored Ape NFT on the leading NFT marketplace OpenSea, were targets of an attack on the platform.
The hacker took advantage of an exploit on OpenSea’s front end to steal $750,000 worth of ETH. Another report noted that a BAYC member lost their NFT after a hacker purchased it for 92% less than the floor value of the collection at the time.

Bitcoin Bears To Resume Assault? Why BTC Could Crash To $33K

Bitcoin has been trading around its current levels for several days, leading to an apparent shift in sentiment across the crypto market. As BTC’s price trend to the upside after the U.S. Federal Reserve FOMC meeting, there seems to be an increase in optimistic on the crypto market.

Related Reading | TA: Bitcoin Faces Hurdle, Why BTC Could Resume Downtrend

In the short term, our Editorial Director Tony Spilotro has identified a TD Sequential buy signal on the 12-hour chart. As seen below, he highlighted a 13-buy setup with a trend to the downside which has been identified for some market participants as a bear flag.

Source: TonyTrades BTC via Telegram

On this timeframe, larger investors could be “baiting” retail into trading the bear flag. However, the TD Sequential suggest these investors could be entering a trap, as it suggests a short squeeze which could play out as soon as today’s daily close, according to Tony’s analysis.

Data from IntoTheBlock records major resistance level for Bitcoin bulls between $37,500 to $38,500. There are over 822.210 BTC which were purchased by 1.06 million addresses which could be seeking to take profit. A successful break above these levels could push BTC back to the $42,000 price mark.

Source: IntoTheBlock via Ali Martinez (Twitter).

Investment firm QCP Capital supports the short squeeze thesis due to the extend of the current bearish price action. The firm presented two key reasons on why Bitcoin and the crypto market could see a relief in February.

First, the U.S. FED has a “light agenda” for the coming month until 17 March. On this date, the financial institution could announce a decision on interest rates and a change in monetary policy. However, a 25 basis points (bps) seems to be priced in.

This could contribute with a relief in the crypto market, unless the FED decides to implement a more aggressive monetary policy. In any case, March could mark a turning point for Bitcoin and traditional markets, as investors will have their eyes on the FED.

The Long-Term Perspective For Bitcoin, More Downside Likely?

Historically, QCP Capital Noted, February has been a bullish month for Bitcoin which records over 10% in average profits since 2015, with exception of 2020. The bearish price action at the time could have been driven by the COVID-19 pandemic which eventually also contributed with that year’s rally.

However, the firm expects 2022 to be a tough year for the crypto market due to significant macro-economic factors, mainly the actions to be adopted by the U.S. FED. The time at which these changes will be implemented, remain the most important factor and will have an important impact for either bulls or bears. QCP said:

(…) while we think a short-term squeeze higher is likely, we are not overly optimistic for 2022. We remain of the view that crypto prices will remain under pressure and struggle to break the all-time highs this year (…). Any indication of QT (Quantitative Tightnening) starting earlier than expected would be taken very badly by the market.

Related Reading | Go With The FED, Why Bitcoin Could Benefit From Interest Rate Hikes In 2022

As of press time, Bitcoin trades at $37,800 with sideways movement in the past 24 hours.

BTC with some small profits in the daily chart. Source: BTCUSD Tradingview
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