On January 12, Bitcoin (BTC), the world’s largest cryptocurrency, remains bullish, breaking above the $17,500 level. While Ethereum (ETH) price is consolidating in a tight range of $1,320-$1,345. while Ripple is on the rise, rising over 5% to $0.3700.
The initial market panic that followed the collapse of the Sam Bankman-FTX Fried stock exchange in early November appears to be easing. For the first time since FTX went bankrupt, the Chicago Mercantile Exchange (CME) Bitcoin posted over the next three months is seeing a premium above the spot market price.
The return on premium suggests that institutional trading is moving away from the short side. In mid-November, savvy traders placed bearish bets to hedge against a deeper FTX-induced meltdown in the leading cryptocurrency, sending CME futures to a record low.
Despite this, Bitcoin has proven to be more stable than many expected over the last couple of months, with its decline halted at around $16,000.
Powell says Fed may need unpopular decisions to stabilize prices
In addressing persistently high inflation, Federal Reserve Chairman Jerome Powell stressed the importance of the central bank being independent of political influence. Powell told the Riksbank in Sweden that bold and politically risky measures are needed to stabilize prices.
“Price stability is the foundation of a healthy economy and offers the public immeasurable benefits over time. But restoring price stability when inflation is high may require measures that are unpopular in the short term as we raise interest rates to slow the economy.”
Powell made these comments in a forum where the topic of discussion was central bank autonomy; a question-and-answer session was scheduled to follow Powell’s comments.
There were no clear hints about the Fed’s policy direction in the speech, despite the fact that the central bank has already raised interest rates seven times in 2022 to a total of 4.25 percentage points and suggests that more hikes are likely to come this year. . year.
XRP price; Whales Seen Carrying $200 Million in XRP
With crypto whales trading over 200 million XRP tokens in the last day, the price of XRP has risen by around 5%. It is important to note that the crypto whale has made a lot of transactions, totaling over 77 million XRP tokens.
Nearly $27 million in native Ripple currency has been sold on the Bitso cryptocurrency exchange. However, the 44 million XRP increase was the biggest accumulating transaction.
Several “whales” have recently transferred large amounts of XRP from their personal wallets to cryptocurrency exchanges due to the sharp increase in the value of Ripple. Data shows that cryptocurrency “whales” moved $28 million worth of XRP tokens (80 million tokens) to Bitstamp exchange.
Bitcoin price
Bitcoin is currently selling at $17,500 with a 24-hour trading volume of $14 billion. Bitcoin saw a modest downturn after failing to breach the $17,500 barrier level. Currently, it is gaining momentum as it reaches the $17,200 mark.
If the $17,500 barrier is successfully breached, Bitcoin price could surge to the next resistance level of $17,800. Bitcoin formed a doji candle on the 4-hour timeframe, showing investor hesitation. Perhaps they are looking for a strong excuse to take the next step in the market.
On the downside, the $17,200 level is expected to act as an immediate support, with a downside break extending the decline to the next support level of $16,800 or $16,650.
Ethereum price
The current price of Ethereum is $1,330 with a 24-hour trading volume of $5.6 billion. On the 4-hour chart, the ETH/USD pair finds considerable resistance around $1,344, which is stretched by a double top formation.
If the $1,345 level is broken, the ETH price could travel to the $1,370 resistance zone. The doji close and swirling candles above the 1,315 trading level suggest a big gain is possible.
On the downside, ETH price could find support around $1,315, and a break from this level could allow for further selling towards $1,275. Today’s uptrend is dominant, so look for buying opportunities.
Alternative currencies with huge growth potential
Given the recent decline in the cryptocurrency market, some alternative currencies are making waves.
FightOut (FGHT)
The FightOut (FGHT) platform works similarly to a personal trainer, with the difference that training time is paid in advance with the FGHT token. All activities are tracked and can be used to improve metaverse avatar metrics.
FGHT pre-sales are going well, with nearly $2.80 million raised so far. The current ask price of 60.06 FGHT for $1 (FGHT can be bought using ETH or USDT) is expected to increase as the sale progresses.
Visit FightOut now
Meta Masters Guild (MEMAG)
The Meta Masters Guild is a mobile-centric gaming guild that is launching its pre-order today. The guild plans to produce a variety of Web3 games and play to win. Games created on the MEMAG platform will run on Ethereum and will contain playable NFTs, with rewards that can be exchanged for the platform’s native token, MEMAG, which can be wagered and traded.
There will be seven sales phases, the first of which is already underway and offers 1 MEMAG for US$ 0.007. Eventually, the price will reach $0.023, representing a 228.5% gain for early investors before MEMAG goes public.
Rapid expansion is anticipated for Meta Masters Guild as the platform prepares for the launch of its debut game, Meta Kart Racers, in the second quarter of this year. Its native token could be one of the biggest winners if the market and the economy as a whole start to improve.
Visit Meta Masters Guild now
The Meta Masters Guild is a mobile-centric gaming guild that is launching its pre-order today. The guild plans to produce a variety of Web3 games and play to win. Games created on the MEMAG platform will run on Ethereum and will contain playable NFTs, with rewards that can be exchanged for the platform’s native token, MEMAG, which can be wagered and traded.
There will be seven sales phases, the first of which is already underway and offers 1 MEMAG for US$ 0.007. Eventually, the price will reach $0.023, representing a 228.5% gain for early investors before MEMAG goes public.
Rapid expansion is anticipated for Meta Masters Guild as the platform prepares for the release of its debut game, Meta Kart Racers, in the second quarter of this year. Its native token could be one of the biggest winners if the market and the economy as a whole start to improve.
C+Charge (CCHG)
C+Charge is working on blockchain-based EV payments software that, for the first time, will give EV drivers carbon credits every time they charge. C+Charge envisions this as a method of leveling the playing field in the carbon credit market, which has traditionally been dominated by a few large corporations.
According to forecasters, the project has potential, as it will benefit from the significant development foreseen in the carbon credits market. Coherent Market Insights estimates the market to be worth more than $2.4 trillion by 2027, up from its 2019 value of approximately $211.5 billion.
For C+Charge, the potential to earn carbon credits is yet another incentive to accelerate the already rapid shift towards EVs. The voluntary credit (VCM) market is expected to expand to $100 billion by 2030, and analysts believe that startups like C+Charge will play a significant role in this expansion. So far, the pre-sale has raised $244,700.
Visit C+Charge now
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