From noting that Bitcoin’s current momentum isn’t consistent with the 2021 bull phase, to Coinbase partnering with Mastercard. Here are some highlights from the crypto market.
Bitcoin News
According to analyst and economist Alex Kruger, the current momentum of the crypto market is not dissimilar to that seen during the 2021 bull run. July 2021 marks an accumulation phase shortly after Bitcoin formed a death cross in late June.
Bitcoin marked a low at $28,800 after creating a bearish crossover and then the market started trading sideways. BTC rallied for almost a month before rebounding in late July 2021 to mark an ATH of $69,000 on November 11th.
analyst said, many are comparing the current price action to June and July 2021. Technically the charts are very similar but the (macro) fundamentals have changed, there is a lot of higher valuations and not a lot of shorting.
However, Kruger remains bullish if BTC breaks higher, past the 46,000 region.
Singapore is closing bitcoin ATMs in the country
There will be no crypto ATMs in Singapore for the foreseeable future as authorities take drastic steps to ban the promotion of digital assets.
Responding to a request from the Monetary Authority of Singapore (MAS), Daenerys & Co., the operator of Singapore’s largest BTC ATM, announced on Jan. 18 that it had temporarily suspended operations.
Recently MAS proclaim New guidelines to prevent speculation in many asset classes considered risky and volatile.
On Jan. 17, MAS announced that previous forms of advertising on online platforms, physical advertising, and distribution of ATMs (ATMs) in public spaces would be temporarily banned.
Coinbase News
Coinbase has partnered with Mastercard to revolutionize the NFT buying experience.
Follow notificationCoinbase is working with Mastercard to classify NFTs as “digital goods,” allowing more consumer groups to buy NFTs.
Thanks to the partnership with Mastercard, Coinbase will be able to offer a better customer experience on Coinbase NFT. They will soon reveal a new way to buy NFT through Mastercard.
News Shiba Inu
The official Shiba Inu Twitter account provided an update on the recent CoinMarketCap crash, to explain that the top crypto review site has contacted its developers to resolve the “wormhole” address issues.
The Shiba Inu community has drawn attention to three fake smart contracts on Binance Smart Chain, Terra and Solana, which are being displayed on Coinmarketcap.
The development team clarified that since SHIB is an ERC-20 token, any address that is not an Ethereum address is actually invalid. Tokens sent to addresses on other chains are lost forever.
Hubble protocol news
Hubble Protocol, the project to develop a crypto-backed stablecoin resistant to censorship and other DeFi services mobilize raised $10 million from Three Arrows/DeFiance Capital, Delphi Digital, Digital Currency Group (DCG), Crypto.com Capital, ParaFi, Jump Capital, Decentral Park Capital, CMS, Spartan, DeFi Alliance and Mechanism Capital.
Hubble plans to add new funds to its DeFi team and products, starting with a planned mainnet launch on Jan. 28. censorship-resistant stablecoin in the Solana ecosystem.
News Axie Infinity
Axie Infinity price is in a continuous downtrend since the ATH level on November 6, 2021. However, the downtrend has found a support confluence area, bottomed and a potential reversal is likely.
AXS fell almost 60% against the ATH to $165.25 on November 6, 2021 and hit a low nearing $65.12 on January 10.
AXS has also managed to rally above the weekly support at $71.69, suggesting more confidence in the growth prospects. Going forward, market participants can expect the price of Axie Infinity to break the weekly resistance of $95.07, which coincides with the 50-day simple moving average (SMA).
AXS price chart | Source: TradingView
This rally will result in a 30% gain and is likely where the bulls will top out. However, there is still a chance for AXS to break the next hurdle at $107.23, bringing the overall gain to 47%.
Supporting this bullish outlook for Axie Infinity price is the Global In/Out of the Money (GIOM) pattern which is showing that the strong resistance currently stands at $124.73.
Here, 700 addresses have bought approximately 8.26 million AXS tokens and are likely to sell their holdings to breakeven if Axie Infinity’s price surges to this level.
OpenSea News
On January 18, OpenSea announced that it had acquired Dharma Labs for an undisclosed amount. The world’s leading NFT marketplace was recently valued at $13.3 billion following its latest funding round.
sources in the company said that the deal will help it “dramatically improve the experience of buying, minting, and selling NFTs on its platform.”
The takeover will be accompanied by a change in leadership. OpenSea announced that its CTO, Alex Atallah, will assume a new role as manager of the development of the company’s Web3 and NFT ecosystem. His position will be filled by Nadav Hollander, CEO of Dharma Labs, who has worked for Google and Coinbase.
News Sandbox
Sandbox price bounces off the support zone, suggesting an uptrend is possible. Traders can expect the SAND to face minor resistance before approaching the next major hurdle.
SAND price is down 20% over the past week and is currently testing the 100-day simple moving average (SMA) at $4.08, which is within a daily demand zone of $3.85-$4.66.
SAND price chart | Source: TradingView
The confluence of the two support levels indicates a possible upside. Investors can initiate a long position at $4.15 and expect a 17% rally to $4.84. If there is enough bullish momentum, the SAND will break through this barrier and touch $5.23.
Although things are trending up for the sandbox, if the market continues to fluctuate below the 100-day SMA at $4.08, it would indicate increased seller activity. A daily candle close below the $3.85 demand zone will create a lower low and invalidate the uptrend. Traders can place their stop loss right in the $3.85 zone or just below.
If the downside momentum continues, sandbox price is likely to revisit the 200-day SMA at $2.38.
Department Network News
Division Network, a blockchain-based metaverse ecosystem featuring NFTs, has expanded its betting to a multi-chain approach. Its mechanisms are activated on Polygon Network (formerly Matic Network), the dominant smart contract platform.
According to the official announcement published by the Dvision Netwok development team on their blog and social networks, the polygon support for Dvision is now complete.
As such, the protocol currently works on Ethereum (ETH), Binance Smart Chain (BSC), and Polygon (MATIC).
Finally the time has come! We are officially on duty @0xpolygon🤩
Division COUNTRY #NFTs come to the @0xpolygon bring in his virtual heritage #polygon‘s ecosystem🔥
PS 2nd LAND Sale will be happening soon🤑
👉Learn more about it here:https://t.co/zdKL9LOxPL
— Division Network (@Division_network) January 13, 2022
Other news
Intel launches low-power Bitcoin ASICs
semiconductor manufacturer intel, expected will present an energy-efficient Bitcoin ASIC called “Bonanza Mine” at the International Solid-State Circuits (ISSC) conference taking place on February 23.
Details on the $223 billion company’s foray into the Bitcoin mining industry are few. It’s unclear if Intel will present a viable product or just a prototype chip.
Intel has been in the bitcoin market for a while. In 2018, the US Patent and Trademark Office granted the company a patent related to the area of efficient cryptocurrency mining using the SHA-256 algorithm.
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