Crypto News Jan 22nd: Reddit users worried about the future of Bitcoin
From comments, Reddit users raised concerns about the future of bitcoin to the point of FTX launching Visa cards for its customers. Here are some highlights from the crypto market.
Many crypto enthusiasts have taken to social media to express their frustration with the state of the market. A Reddit user named imyourkingg has invest 30% of his net worth in Bitcoin (BTC) said a few months ago:
“I don’t need this money for the next 5 to 10 years, but I have to admit that I’m very nervous at times about the future of Bitcoin; I mean it will either crash or never reach $100k, $200k as predicted, or at least maybe get back to the $55k range. I have the potential to lose that money, especially when all my friends, mom and family think I’m crazy for investing in the markets.”
The decentralized nature of cryptocurrencies means there are no circuit breakers similar to those found on traditional exchanges. Up/down cycles can be extreme and unpredictable for beginners.
Another Reddit user posted an article titled “$60,000 and Market Panics,” stating:
“I’m new to the crypto market and a victim of Thanksgiving dinner, now I need some advice on whether to sell or hold. But maybe I’ll stick with HOLD even if I can’t afford to buy any more.”
Bitcoin’s price has had a disappointing start to 2022, with the digital currency down 11.4% over the past 24 hours and down 44.7% in November 2021 from its ATH at $68,000. BTC investors can rake in big gains initially, making them more resilient to those crashes. However, this does not apply to investors who have only recently gotten into the game.
El Salvador buys another 410 bitcoin as the market continues to fall
The country currently holds more than 1,500 bitcoins and plans to issue a $1 billion 10-year bitcoin bond this year.
President Nayib Bukele said El Salvadaor bought 410 bitcoins worth $15 million this morning.
“Some people sell very cheap,” he added in his tweet.
No, I was wrong, didn’t miss it.
El Salvador just bought 410 #Bitcoin for just $15 million
Some guys sell really cheap ????????♂️ https://t.co/vEUEzp5UdU
— Nayib Bukele (@nayibbukele) January 21, 2022
Bitcoin fell about 12% to $36,500 late Friday.
Bukele has consistently bought on falling prices over the past few months due to his confidence in the cryptocurrency’s long-term prospects.
BTC price chart | Source: TradingView
Ethereum is down around 25% since it retested the $3,280 area a few days ago. Also, the weekend is here, and weekends usually have lower volume than weekdays. This means that the market is still likely to move in either direction.
ETH price chart | Source: TradingView
On Ethereum, the 70.7% retracement has turned into resistance at $2,632 and the bears are eyeing the next target at $2,382. The market can expect $2,382 and $2,049 to act as support in the coming days.
While the hourly RSI appears to be making a higher low even when price is making a lower low (bullish divergence), this is simply due to insufficient momentum. Instead, this signal shows sideways trading for Ethereum in the $2,470 area. The RSI is likely to rise during this period before turning down again.
News Shiba Inu
Twitter account Shib Burn has circulated information that a large amount of Shiba Inu tokens have been “burned” out of circulation in the past 24 hours.
According to the announcement, 75,828,000 SHIB have been burned through 13 transactions, however, the token is only worth $1,448.
In the last 24 hours it was a total of 75,828,000 $SHIB burned tokens and 13 transactions. So far a total of 410,301,373,505,661 #SHIB Tokens (41.03014%) were burned from the initial supply of 1 trillion. #shibarmy
— Shibburn (@shibburn) January 22, 2022
CyberTrade (CCASH) announced a private sale and IGO on Seedify on January 24-25.
According to the announcement, CyberTrade will conduct a sale of CCASH on Seedify on January 24th and on IGO on January 25th.
CyberTrade is an NFT-based MMO RPG built with the full Unity 3D engine and its own Metaverse and Play-to-Earn models. It recently completed its CCASH allocation round and announced a public sale of Polkastarter and Firestarter.
????CT is an open world #MMO RPG metaverse with AAA gaming experience and over 180,000 pre-registered members.
????Private sale – January 24th
IGO – January 25th
Don’t miss it! pic.twitter.com/kjjhk8nQIn
— Seedify (@SeedifyFund) January 20, 2022
Polkadex, the decentralized cryptocurrency exchange, is competing for a parachain position on Polkadot.
Substrate based project has announced Crowdfunding campaign starting this month. The community is encouraged to lend Polkadex DOT tokens to secure enough funds for a successful auction.
If the exchange wins, the tokens will be locked for 96 weeks after the parachain launch. If this fails, the contributors get their tokens back. The maximum amount Polkadex will loan during the crowdfunding campaign is capped at 8 million DOT.
As an incentive for participants, Polkadex is giving away 2 million PDEX tokens, representing 10% of the exchange’s total token supply. First, 500,000 PDEX will be distributed. The top 1,000 contributors may also receive NFTs issued by Polkadex.
Uniswap Labs, the lead developer of the DeFi protocol, Uniswap, has hired former Federal Reserve economist Gordon Liao to lead its research arm.
Liao cited his reasons for exiting the Fed as excitement about the possibility of innovation in the crypto space.
— Gordon Liao (@gordonliao) January 21, 2022
In his tweet, Liao first expressed his hope that Web3 will create a “better, safer and more accessible financial system.”
Liao warned that the traditional economic system has not fared well since the global financial crisis.
Kucoin exchange saidIn order to speed up the KCS burning process and adapt it to the development of the market, the KCS development team decided to adjust the redemption and burning duration from each quarter to each month.
The KCS team burned 300,316 KCS for December 2021. The estimated burn amount is 6,348,105 USDT, which is 10% of KuCoin’s November earnings.
Debit cards are becoming increasingly popular among crypto users. Coinbase and Crypto.com are the leading faces in the market.
Follow notification Starting today, US crypto exchange FTX will be the next player to launch Visa cards for its customers. FTX users can now apply for the card by joining the waiting list.
First of all, the FTX card will only be available to US citizens with a valid social security number. The announcement did not say when the card would be shipped to its customers.
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