Bitcoin (BTC), the world's largest and most popular cryptocurrency, further extends its strong streak of gains and hits its highest level since mid-September at $22,700, a jump from 8% compared to yesterday. Meanwhile, the second-largest cryptocurrency, Ethereum (ETH), is also seeing a significant surge as it rose around 6.6% on January 21 to $1,652, hitting its all-four high. last months.
Despite news that Genesis Global Holdco LLC, the company that owns cryptocurrency lender Genesis Global Capital, has filed for Chapter 11 bankruptcy, the cryptocurrency market continues to grow. This could be because investors had already factored in the impending problems of this company.
It should be recalled that the Genesis company was affected by the aftermath of the failures of the crypto exchange FTX and, more recently, of the crypto hedge fund Three Arrows Capital, which both occurred at the end of June.
State of the global cryptocurrency market
The global cryptocurrency market continued its upward trend and broke through the $1 trillion mark once again. However, the recent rise could be linked to institutional investors who have long held the largest share of digital assets.
This increased demand, particularly for Bitcoin, of course drives up the price of the currency, but also pulls the entire market up.
Another factor supporting the cryptocurrency market is the increased likelihood that the Federal Open Market Committee (FOMC) will only hike rates by 25 basis points (0.25 percentage points) at its next meeting in February. , after the increases of 50 basis points observed in December.
According to the CME tool FedWatch, the Federal Open Market Committee (FOMC) is now expected to raise rates by just 25 basis points (0.25 percentage points) at its next meeting in February. This is seen as an important factor in boosting the crypto market and contributing to the surge in Bitcoin prices.
Genesis goes bankrupt
Crypto lending company Genesis filed for Chapter 11 bankruptcy in the United States on Thursday, owing its creditors at least $3.4 billion after being sunk by a market crash with the FTX exchange and BlockFi lender.
Genesis Global Capital, a leading crypto lender, suspended client redemptions on November 16, just after the failure of regulated exchange FTX. This has sent negative waves through the crypto asset market, fueling fears that more companies will follow suit.
This news had little influence on the crypto market in recent days, as it was widely anticipated by investors.
COVID-19 in China
The rising number of COVID-19 cases in China, which has raised questions about its short-term economic outlook, is also seen as a factor affecting the bitcoin market. Thus, it is a crucial element that has prevented further increases in the value of Bitcoin and other currencies.
Bitcoin surge increases miners' profit margins
BTC mining activities have been greatly aided by the continued rise in Bitcoin, including a top in BTC prices today.
Bitcoin miners who have positive net balances at the end of 2022 are helped by an increase in the price of the cryptocurrency and the network hashrate, which improves business stability and offers good prospects for these companies in 2023.
As a result, this is seen as another positive factor demonstrating the rise of BTC.
The price of bitcoin
Bitcoin price today is $22,700 and there was a 24-hour trading volume of $29 million. At present, BTC has a market capitalization of $435 billion.
Bitcoin is now holding just below the $23,000 resistance level. On the daily time frame, Bitcoin has formed a bullish engulfing candle which suggests there is a significant chance for a continuation of the price uptrend. An upward breach of the $23,000 level could open the doors for a quick run up towards $25,150.
On the downside, however, Bitcoin's immediate support is at $21,500 and a move below this level can expose it to a price of $20,000.
The price of Ethereum
The Ethereum price today is $1,652 and has a 24-hour trading volume of $8.8 billion. The currency has seen an increase of almost 7% in the last 24 hours and is currently valued with an overall market capitalization of $201 billion.
On January 21, the ETH/USD pair faces strong resistance near the $1,680 level. The candles close below this level supports the chances of a bearish correction, especially because of the doji candle that ETH closed below the $1,680 resistance.
On the downside, ETH/USD could gain support near $1,610. If ETH manages to close the candles above this level, however, we can expect a bounce above this level.
So let's keep an eye on a price of $1,610, because by closing above, we could have the potential to make profitable purchases quickly.
3 cryptos to watch out for during their presale
Investing in cryptos can be rewarding for investors, who will be able to collect tokens before their official release. Here are some cryptos that are making headlines these days.
Fight Out (FGHT)
The Fight Out (FGHT) platform works the same way as a personal sports trainer, except that the FGHT token is the reward given for bouts of exercise. All activities are recorded and can be used to improve the statistics of his metaverse avatar. The ability to earn FGHT tokens adds an extra incentive for people to stay healthy and exercise while enjoying the benefits of blockchain technology.
Despite the general lack of liquidity in the cryptocurrency market, Fight Out was successful and attracted investors. Thanks to its token sale, which started last week, it has already raised over $3 million. The current selling price is 60.06 FGHT for $1 (FGHT can be purchased with ETH or USDT) for another 5 days and 20 hours before increasing as the sale progresses.
C+Charge (CCHG) is a Binance Chain-based peer-to-peer payment system for electric vehicle (EV) charging stations. Its aim, which should start in the second quarter of next year, is to increase access to carbon credits by rewarding consumers who charge their electric vehicles at its terminals.
According to forecasters, the project has potential since it will benefit from the expected significant development of the carbon credit market. Coherent Market Insights estimates the market will be worth over $2.4 trillion by 2027, up from around $211.5 billion in 2019.
For C+Charge, the possibility of earning carbon credits is an additional incentive to accelerate the already rapid transition to electric vehicles. The Voluntary Credit Market (VCM) is expected to reach $100 billion by 2030, and analysts believe startups like C+Charge will play a big role in that expansion. So far, the presale has so far raised $335,000.
Meta Masters Guild (MEMAG)
Today marks the start of presale for Meta Masters Guild, a mobile-focused gaming guild that will create a mix of web3 games and play-to-earn games. Its Ethereum-based games will include playable NFTs as well as incentives that can be redeemed for MEMAG, the company's native token, which can then be staked and sold. It will be available in seven stages, the first of which now offers a MEMAG for $0.007.
Even before MEMAG's IPO, this price will gradually rise to $0.023, an increase of 228.5% for early investors. Meta Masters Guild is expected to grow rapidly when the platform's initial game (Meta Kart Racers) is released in the second quarter of this year.
Don't miss this opportunity: Stage 2 of the sale has started and MEMAG has already collected $553,390 out of a total of $1,120,000.