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Weekly Cryptocurrency Update (Jan 01 – 07): Coins to watch – BTC, ETH, LTC, XRP & DOGE

Weekly Cryptocurrency Update (Jan 01 – 07): Coins to watch – BTC, ETH, LTC, XRP & DOGE
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In this scenario, the price may drop to $41,000 in the coming days. However, near the $40,000 level is the next big support. BTC/USD is trading at 41,297.1 and is consolidating in the range between 42,615.8 and 43,772.3.

However, the reason for the continued declines in bitcoin can be linked to the recent meeting of the Federal Reserve, which showed the central bank’s tendency towards more aggressive policy measures, which reduce investors’ appetite for riskier assets. It’s also worth noting that the Nasdaq fell more than 3% overnight, its biggest one-day drop since February after the Federal Reserve’s meeting minutes revealed that policymakers discussed shrinking the bank’s balance sheet during their December meeting when they also chose to speed up their business end. . Bond purchase programme. This was also seen as one of the most important factors exerting downward pressure on Bitcoin prices.

Bitcoin (BTC) mining and retail prices are back in the news. Rising fuel prices and the environmental impact of mining have become major concerns. During the ongoing energy crisis, news of the Kosovo government’s ban on cryptocurrency mining made headlines on Tuesday. Late last year, the government declared a 60-day state of emergency to funnel money into energy imports. The restriction may not be significant worldwide, given that Kosovo does not have a large Bitcoin (BTC) mining industry. Kazakhstan experienced an overnight blackout on Wednesday. The rise in fuel prices sparked public unrest following the government’s decision to abolish fuel price restrictions. Anti-government protesters have reportedly seized government offices in the country’s capital. Protests have also been reported in other parts of the country. As a result, the President of Kazakhstan, Nursultan Nazarbayev, imposed a communications blackout.

Kazakhstan has recently grown in popularity among Bitcoin (BTC) miners. According to Cambridge University, Kazakhstan contributed 18.1 percent of the total hash rate in August 2021. The total hash rate was 8.2 percent in April, down from 1.4 percent in September 2019, when China accounted for 75.5 percent of the global hash rate. Thus, this week’s internet outage and a drop in Bitcoin (BTC) mining seem to have had no effect on Bitcoin (BTC). Blackout occurs when Bitcoin (BTC) and the larger crypto market drop.

Moreover, Kevin O’Leary, a billionaire investor and crypto enthusiast, believes that the non-perishable tokens (NFT) industry will be valued more than Bitcoin (BTC) in the future. Wonderful, as O’Leary is known, said in CNBC’s Capital Connection Wednesday that NFTs have greater potential to attract capital than Bitcoin because they can symbolize physical commodities such as cars, watches and real estate. This news may have a bearish effect on Bitcoin / US Dollar the price.

Cryptocurrency Weekly Summary – Ethereum (ETH/USD)

During the Asian trading session on Friday, the price of Ethereum remained very low. The daily trend has been consistent, consistent and selling off with no signs of recovery in sight. Ethereum retreated after the US Federal Reserve revealed the minutes of its December meeting, indicating that it plans to raise interest rates faster in 2022. According to the meeting minutes, the Federal Open Market Committee (FOMC) supports raising short-term interest rates “sooner or at a faster pace.” What the participants expected previously,” according to the minutes.

According to CME Group, trading in the interest rate futures market revealed a two-thirds chance of a first hike in March. Following the release of the minutes, ether dropped more than 13.50% and reached a low of $3,200, coinciding with similar downtrends in the cryptocurrency market, with the price of Bitcoin (BTC) dropping more than 9% to nearly $42,100.

Moreover, the selling bias surrounding Ethereum, the world’s second largest cryptocurrency, can be linked to the risk aversion mood in the cryptocurrency market. The fall of Bitcoin has highlighted this. On Thursday, bitcoin fell below $43,000, touching multi-month lows, minutes after the Federal Reserve’s last meeting indicated that the central bank was leaning toward more aggressive policy measures, dampening investors’ appetite for riskier assets. On the other hand, the recent US currency selling bias helps ETH / USD Currencies to limit their losses. The broad-based dollar fell in Asia on Friday morning, but the Japanese yen is expected to rise for the sixth consecutive week. The increase could be extended if the latest US jobs report justifies an early Fed rate hike.

Moreover, Ethereum co-founder Vitalik Buterin has begun to consider changing the network’s current fee structure. Buterin outlined the concept, titled “Multidimensional EIP-1559,” in a blog post published on January 5, noting that different Ethereum Virtual Machine (EVM) resources have different requirements for gas usage. He continued, referring to block data storage, witness data storage, and block state size changes as instances of short-term “streaming” capacity limits versus “continuous” capacity limits within the EVM. As a result, this news did not affect the price of ETH.

Cryptocurrency Weekly Summary – Litecoin (LTC/USD)

the LTC / US Dollar The coin remained in good supply near the 126.600 mark, unable to reverse its losing trend earlier in the day. LTC/USD is currently trading at $130,800, down 3.75 percent on the day. The price of the coin is set to break through the lower boundary of the channel, which indicates a significant downtrend. Despite the low volatility, LTC/USD is still in a short-term downtrend. The drop in LTC can be attributed to the poor performance of the crypto market, which hurt all cryptocurrencies. That was evident as Bitcoin plunged below $43,000 on Thursday, touching multi-month lows after minutes from the Federal Reserve’s last meeting revealed that the central bank was leaning toward more aggressive policy action, dampening investors’ appetite for riskier assets. high.
On the other hand, the recent dollar selling trend helps in LTC / US Dollar Coins to reduce their losses. For example, on Friday morning, the dollar was weaker in Asia, but the Japanese yen was expected to rise for the sixth consecutive week. If the next US jobs report justifies the Fed’s early rate hikes, the losses could be short-lived. On Tuesday, the dollar hit a five-year high against the yen, reaching 116.35, but has since fallen back. The dollar rose about 0.7 percent against the yen this week, and about 2.7 percent in the past five weeks, amid expectations that the Federal Reserve will raise interest rates several times in 2022, starting in March, forcing bond markets to sell.

Cryptocurrency Weekly Summary – Ripple (XRP/USD)

the XRP / US Dollar The currency is currently trading in bearish territory near the 0.75401 mark, as it failed to reverse its downtrend. On the same day, the price of Ripple XRP fell by 1.44 percent. Minutes after the last meeting of the Federal Reserve indicated that the monetary authority is leaning towards more aggressive policy measures, XRP fell to an intraday low of $0.72996, reducing investor appetite for riskier assets and contributing to cryptocurrency losses.

Meanwhile, the risk aversion mood in the crypto sector tends to have an additional negative impact on XRP/USD. After losing the temporary support around $0.75, the price of Ripple (XRP) has come under severe selling pressure. Even as anxiety engulfs the entire market, the XRP price prediction is sharply bearish. The Crypto Fear and Greed Index is at 18/100, indicating extreme fear, indicating that investors are very worried.

As the SEC vs. Ripple Labs case progresses to 2022, many in the XRP community expect the next court update to be around January 19. Foundational Pillars of the Ripple Case.

On the other hand, the persistent selling bias of the dollar helps XRP / US Dollar Currencies recover some of their losses. For example, the dollar was trading lower in Asia on Friday morning. If the next US jobs report justifies an early Fed rate hike, the losses could be short-lived. On Tuesday, the dollar hit a five-year high against the yen, reaching 116.35, but has since fallen back. The dollar rose about 0.7 percent against the yen this week and about 2.7 percent in the previous five weeks, amid expectations that the Federal Reserve will raise interest rates several times in 2022, starting in March.

Cryptocurrency Weekly Summary – DOGECOIN (DOGE / USD)

DOGE/USD has been flashing red since the beginning of the day. Although AMC Theaters has confirmed the acceptance of Dogecoin and Shiba Inu Payments, the bearish Dogecoin price movement is gaining momentum. AMC, the world’s largest movie theater chain, is preparing to accept cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) soon. AMC Theaters CEO Adam Aaron made the announcement and updated his company’s decision to accept these meme coins. AMC Theaters, also known as AMC Entertainment Holdings, is the largest film organization in the United States, Europe, and the rest of the world. Companies around the world have about 950 theaters and 10,500 screens.

The current price of Dogecoin is $0.154079, with a trading volume of $785,506,252 in the last 24 hours. Dogecoin has lost 2.13% of its value in the past 24 hours. With a live market capitalization of $20.441,748,448, the current market position is number 12. It has a circulating supply of 132,670,764,300 DOGE coins with no maximum supply.

The recently restored Dogecoin Foundation released a route map, which prefers the term “roadmap” as it better symbolizes Dogecoin’s status as a community-driven, open source project. The proposal in the document that would see the Dogecoin blockchain team team up with Elon Musk’s extraterrestrial internet provider Starlink to enable Dogecoin transactions in remote areas is particularly impressive.

According to the Dogecoin Foundation, details of the initiative, appropriately titled RadioDoge (Starlink + Radio Contract for Outlying Places), will be revealed when it takes shape. The partnership between Starlink and Dogecoin (DOGE) will be enormous. The announcement sparked some interest in the Dogecoin community. Dogecoin enthusiast Matt Wallace, crypto YouTuber and Dogecoin enthusiast, believes that integration will make Dogecoin “unstoppable.”

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