Bitcoin and the crypto markets continue their downturn this week: Many coins face huge losses, investors wait or come out – only the “true believers” take the opportunity to buy. A top analyst now also warns: Bitcoin is running out of time. But apart from the price, there are also positive signs – for a certain crypto sector boom.
Bitcoin continues to weaken – but growth is evident elsewhere: Metaverse and blockchain games are booming, NFT is gaining in importance.
Photo: Panthermedia.net/eskymaks
Bitcoin has been fighting for upward momentum for weeks – in vain. For example, in the last seven days, the key currency has tried to push higher several times, but has come no further than $ 43,722. Currently, the # 1 cryptocurrency is trading at $ 41,950 (data from Coinmarketcap.com), down 3.81% for the week. In short: BTC looks set to continue mining. The second most valuable cryptocurrency, Ethereum, also recorded a minus: Investors complained about a fall of more than 6%. The continued weakness has pushed the total crypto market value down to $ 1.99 trillion.
In addition, investors have been withdrawing money from cryptocurrencies for the fifth week in a row. As reported by CoinShares, Europe’s largest digital asset manager, digital asset investment products saw a $ 73 million outflow in the seven days ending January 14.
“Bitcoin should hurry”
Investors reduce their risk appetite – and this ultimately affects the speculative areas of world markets the most. To prevent worse, what is needed now is something green on the chart, a rally or momentum that gives investors confidence again. That is the opinion of trade veteran Tone Vays, for example. In a recent analysis, he comments: Bitcoin must end the week strongly, otherwise there is a risk of a new crash. Although he is still optimistic that Bitcoin may end January over $ 49,000, he adds: “There are only ten days left of the month. So Bitcoin should rather hurry within the next 48 hours, otherwise it will not happen.”
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His conclusion: the week should end positively – “otherwise Bitcoin will get a problem”. But what could BTC initiate in this regard? What development will push the cryptocurrency towards the highest level? Top analyst “PlanB” was also surprised – and started a study on Twitter.
What will trigger the next leg up to #bitcoin?
– PlanB (@ 100 trillionUSD) January 19, 2022
“What will trigger Bitcoin’s next rise?”, He is currently asking his more than 1.7 million Twitter followers. The result is clear: Of the current 56,712 participants, the overwhelming majority (48.4%) are voting for a Bitcoin spot ETF in the United States. In fact, many experts reckon that such an exchange-traded fund could bring many new investors on board.
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In second place, with 23.2%, is “next El Salvador”: a country that chooses to make bitcoin a legal tender. In 3rd place: “other reasons” – among other things, a supply shock is mentioned, ie too few bitcoins with increasing demand. It is still unknown if any of this will turn into anything by the end of the month.
Bitcoin is declining – blockchain gaming is booming
Cryptocurrencies may tumble or stagnate, but growth in industry can be seen elsewhere. Because: The blockchain gaming industry is booming. There are almost 400 actively used blockchain games right now – an increase of almost 100% compared to last year. More and more users are finding out about the division, Metaverse, the software – and investing. Estimates therefore assume that 2022 will be a successful year for such projects. This is also suggested by the latest move by US software giant Microsoft: the group has just acquired Activision Blizzard, one of the largest video game companies in the world (“Call of Duty”, “World of Warcraft”, “Overwatch”). .
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Price: as much as $ 68.7 billion. However, it was not only the well-known brands that were crucial. On the contrary, the agreement is also intended to help expand in a key sector: Metaverse. The acquisition will “deliver building blocks to Metaverse,” according to the official statement. Satya Nadella, Chairman and CEO of Microsoft, adds: “Play […] will play a key role in the development of metaverse platforms. ” It will be interesting to see how this will affect the crypto markets.
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