Bitcoin is again trading around the $ 30k level at the time of writing. It spent most of yesterday’s time slightly above this key level and has since fallen below it. Altcoins, on the other hand, had an indifferent day and prices stagnated. More on that later.
With other news, the World Economic Forum, held every year in Davos, is currently underway. This year’s focus is again on blockchain technology, cryptocurrencies and Non Fungible Tokens (NFTs). Ripple CEO Brad Garlinghouse dropped a small bomb, stating that he visited the SEC regularly before filing the SEC case against Ripple. More on that later.
The founder of Terra (LUNA), Do Kwon, is taking some steps to revive the LUNA cryptocurrency, which has failed spectacularly in recent times. He divided a “burn address” for LUNA, where users can send their crypto to take it out of circulation. Terra ran only a few hundred million at its highest value of around $ 130. But the massive crash pumped the system and sent trillions of LUNA into circulation. One solution to the case is a burning address that can help make the crypto button again. But confidence in the digital currency and its leadership is low. To make matters worse, Do Kwon advised users not to send their crypto. This has heightened the confusion in the case as Kwon publicly opposed adding a burning address to the network a few days earlier.
GameStop has a new crypto wallet announced and details shared about the upcoming NFT platform. The company, which became famous during the infamous Reddit saga, which at one point raised its share price 100 times, is now branching out and heading in a different direction as its video game business continues to decline in importance. The organization has identified crypto and NFT sectors as potential areas that can help it survive.
Litecoin has made privacy-focused upgrades to the blockchain network. This means that it is becoming increasingly difficult to track transactions in the general ledger. Since these updates were announced and implemented, some exchanges have warned users about them. Litecoin used to be a top 10 cryptocurrency, but the price increase in 2020-21 has brought it below # 20 on the charts. Now Litecoin developers are looking at new ways and upgrades to stay relevant, and privacy upgrades are seen as a viable option, even if they come with the risk of backlash from the government.
A hacked Beeple account has resulted in the theft of about $ 438,000 of crypto and NFTs. It happened with Mike Winkelmann’s Twitter account. He is a digital artist and a popular NFT creator. His and several other users’ profiles were hacked via a phishing scam.
The Bitcoin price is stable just under $ 30,000
Bitcoin is currently trading just under $ 30ki at the time of writing, after another weekend of relative inactivity. The cryptocurrency tries to stabilize itself between the narrow range of $ 29k – $ 30k, and any movement above or below it is quickly lifted.
Yesterday we started with the Bitcoin price around $ 30.1k. It traded slightly above this level for the rest of the day, reaching a 24-hour high of around $ 30.6k. At 19:49, however, the price started to fall and is now trading around $ 29.4k at the time of writing. Overall, volatility was very low.
Bitcoin is, as mentioned before, currently stuck in a narrow trading range of $ 29k- $ 30k. While the bears have continued to take over, they are still struggling to push the price down further. So the price remains fixed in this range, at least until further notice. But the bears may soon regroup to end this status quo, as they now dominate the prevailing sentiment.
Bitcoin’s total market value was around $ 557 billion and its share of the crypto market was 44.62%.
Altcoins remain stable
Other cryptocurrencies have been broadly stable over the last 24 hours, with little noticeable change. Binance Coin (BNB, 3.5%) and Tron (TX, 4.5%) had the most wins, while Avalanche (AVAX, -2.5%) had the most losses in the top 20.
In other news …..
Blockchain and NFTs in the spotlight at the World Economic Forum 2022
WEF in Davos has kicked off, and once again the focus is on blockchain technology, this time on NFTs in particular. Industry experts shared insights into the Terra failure, saying it yielded unsustainable returns and that the crash was therefore inevitable. CCI CEO Sheila Warren stated that serious people will stick to crypto even if it goes through a tough program.
Ripple CEO Garlinghouse, on the other hand, dropped a bomb when he stated that he often visited the SEC before the Ripple case was brought. His claim has not yet been substantiated, but this is consistent with Ripple’s reasoning in court that the SEC’s case involved a dubious conflict of interest from certain SEC departments.