From the comment that Bitcoin plummeted to the $42,000 region to Airbnb may soon accept crypto payments. Here are some highlights from the crypto market.
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Amid Bitcoin’s lack of price action, many analysts have turned bearish, pointing to a head-and-shoulders pattern forming on the 1-day chart.
However, veteran trader, Peter Brandt, does not seem to care about the formation of a downtrend, citing four reasons why the trend is unlikely, including:
- Upturned neckline
- A low RS indicates an extended wick
- The current head and shoulders pattern is an extension of a larger congested price zone
- No overlap between shoulders and head area
Lot’s of backseat chartists are posting the H&S in $ BTC. I don’t particularly like this interpretation for four reasons.
1. Up-slanted neckline
2. RS low is extended wick
3. H&S is extension of much larger congestion zone
4. No overlap between shoulders and area of head pic.twitter.com/rcGyuv137i
— Peter Brandt (@PeterLBrandt) January 5, 2022
Brandt also spoke out against classical charts not working in the crypto industry, claiming that they are more applicable in the sector than any other asset class.
The legendary analyst also made it clear that he himself does not predict a sharp drop in the price of Bitcoin, but he does not rule out that it could indeed happen. And the truth is that Bitcoin has turned down more than 7%, down to the $42,000 region today.
Bitcoin Price Chart | Source: Coinmarketcap
The largest cryptocurrency is struggling to get back on track in early 2022, despite the fact that it has generally enjoyed decent growth at the start of every new year since 2018. During the first week of 2021, Bitcoin has surged up to 36%. In 2020, it has grown by 13% over the same period.
Meanwhile, Bitcoin dominance has now dropped to 39.3%, the lowest level since June 2018.
Terra has been facing strong selling pressure since the $94 level. The $75 zone could bring Terra buyers to the market once again.
The Fibonacci retracement levels show near-term downside momentum from $103.6 to $81.1 (white), with a 27.2% extension at $74.99. The confluence makes LUNA likely to witness a fresh rally, however resistance is located around the $78 area.
LUNA Price Chart – 1 hour | Source: TradingView
Price makes a lower low while the RSI makes a higher low. A bullish divergence, along with a support confluence, could bring LUNA to its $78.2 target. However, this area is also seeing increased selling pressure, especially as Bitcoin is on a downward spiral.
The Stochastic RSI is near the oversold zone and the RSI is oversold on the hourly chart. Therefore, a slight rally is possible, but the $78 to $80 area is likely to have large sell orders.
Remittance network MoneyGram has now made an investment in crypto ATM operator, Coinme, following a Series A funding round.
In Notification On Wednesday, MoneyGram said it had purchased about 4% ownership stake in Coinme, worth about $764,000, as part of a strategic investment in the crypto company. The investment follows a May 2021 partnership between the two companies, aimed at expanding access to cryptocurrency exchanges.
Currently, MoneyGram users in the US can exchange Bitcoin (BTC) and cryptocurrencies for cash at points of sale. Coinme’s website says there are more than 23,000 ATMs in the United States, including MoneyGram and Coinstar.
Enjin, the leading Polkadot project, has announced that they will be opening their brand new headquarters in the Bloktopia metaverse.
This new space is designed to showcase Enjin’s growing NFT projects and ecosystem. As more and more institutional investors enter the metaverse space, having a dedicated office in the virtual world is the project’s smart growth strategy.
Enjin HQ: Coming soon to @bloktopia 🏙️
— Enjin | We’re Hiring! (@enjin) January 3, 2022
Although much of the crypto market entered a deep correction, the majority of holders of altcoins like Matic are still profitable, even after the 18% price drop.
According to data from IntoTheBlock, 79% of all Matic holders are still profitable despite the recent negative price action. Matic lost about 25% of its value after hitting an ATH at $2.90.
In addition to 79% of all owners trading Matic with a profit, 7% of investors are breaking even. Only 13% of the total holders are losing money buying Matic at or near the top.
MATIC on-chain indicator | Source: IntoTheBlock
Tin tức Exotic Markets
Today, Exotic Markets announced that they have completed raising USD 5 million from well-known investors and venture capital funds to fund the new structured products they intend to bring into the ecosystem. Solana’s DeFi state. The fundraising is done through a private token sale.
— Exotic Markets (@exotic_markets_) January 5, 2022
Top investors include Multicoin, which has invested in projects like Eden, Arweave, Audius, and Solana, as well as Ascensive Assets, which has investments in Yield Guild Games DAO and Jenny Metaverse DAO. Other investors include Sam Bankman-Fried’s Alameda Research, Animoca Brands, Morningstar Ventures and Solana Capital TPS.
Aave has launched a product for institutional investors. The DeFi project, currently the largest lending protocol in the crypto ecosystem, has implemented Aave Arc, with 30 investment firms partnering with Fireblocks.
— The Block (@TheBlock__) January 5, 2022
Aave Arc will cater to financial institutions and businesses, providing them with the means to borrow digital assets and capture the high yields that DeFi offers, in a regulated regulatory environment.
Unlike a regular non-custodial protocol, liquidity pools in Aave Arc are licensed, meaning any institution that wants to use the service must be whitelisted. Fireblocks is responsible for completing the necessary checks to list each company by following KYC/CDD/EDD rules and Financial Action Task Force guidelines.
Airbnb may soon accept crypto payments.
American home rental company, Airbnb Inc, may soon join the list of companies that accept cryptocurrency as a payment option.
Recently, Airbnb co-founder Brian Chesky asked Twitter users: “Do you have any recommendations for us to do in 2022?”.
Three days after asking the question, Chesky said he had receive more than 4,000 offers and top 6 recommendations. One of them is an offer to accept cryptocurrency payments.
“Many people want to rent an Airbnb apartment and pay for it with cryptocurrency, which shows quite a lot of demand from users. For this proposal, the company will seriously consider it,” he added.
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