Bitcoin And Ethereum Both failed to maintain the momentum they had gained and crossed the $23,000 and $1,600 marks respectively. This affected the overall cryptocurrency market cap, as it declined by 3.52% to reach a total of $1 trillion.
Since the beginning of 2023, the cryptocurrency market has been on the rise, with bitcoin values increasing by over 40% in recent days. However, the gains for bitcoin seem to be fizzling out as it started to slide below $23,000.
However, their recent downward trend can be attributed to reports indicating a rise in cryptocurrency scams in the past year, which resulted in the theft of approximately $1 million in the communities of Swift Current and Maidstone alone.
Going forward, traders are hesitant to place any strong bids ahead of this week’s economic growth data from the United States. Markets are now focused on fourth-quarter US GDP data due on Thursday, which could set the tone for the Federal Reserve’s policy meeting on Jan. 31-Feb.
According to most investors, the Fed is expected to hike interest rates by 25 basis points (bps) during its policy meeting next week.
If there are signs that the US economy is slowing down and that the Fed will soon stop its tightening cycle and lower interest rates, the value of the cryptocurrency could increase.
Rise in cryptocurrency scams
According to the Saskatchewan RCMP, the Swift Current and Maidstone regions lost nearly $1 million last year due to an increase in cryptocurrency fraud. RCMP in Swift Current received reports from 105 citizens that they were victims of fraudulent phone calls, many involving bitcoin.
According to sources, victims in this area lost a total of $360,000 to the scams. Maidstone RCMP have been charged with 37 allegations of a cryptocurrency scam involving losses totaling $570,000 to victims.
It is also worth noting that the scammers employed a variety of techniques, including deceptive advertising, authorization fraud, and fake courses to teach people how to trade cryptocurrencies.
In addition, the Federal Bureau of Investigation reported that Lazarus Group and APT38, two cyber organizations linked to North Korea, were responsible for the theft of $100 million from American crypto company Harmony’s Horizon Bridge in June.
Binance gives $346M to Bitzlato
Binance processed about $346 million in bitcoin for the Bitzlato digital currency exchange, whose creator was arrested last week by US authorities on suspicion of running a money-laundering engine.
According to the US Treasury’s Financial Crimes Enforcement Network (FinCEN), the world’s largest cryptocurrency exchange Binance was among the top three counterparts of Bitzlato in terms of bitcoins received between May 2018 and September 2022.
As a result, the news has had little impact on the crypto market so far.
ARK Invest CEO Predicts Crypto Asset Growth
According to the CEO of cryptocurrency and technology investment firm ARK Invest, the value of crypto assets will change significantly this year due to a drop in inflation and changes in the Fed’s monetary policy.
As a result, this can be seen as a positive for crypto assets, helping them limit their losses.
Unlocking the Potential of Bitcoin Micropayments for Content Platforms
Another factor supporting the crypto market is the news that cryptocurrency has gained traction in many sectors, allowing users to micro-monetize their actions.
ZEBEDEE, a financial services provider, and Fountain, a value-for-value podcasting platform, announced a new partnership on January 24 to enable bitcoin (BTC) micropayments for podcast viewers.
Meanwhile, the integration of debit and credit card connections enabled by the partnership with ZEBEDEE allows customers to benefit from them without prior knowledge of cryptocurrency.
bitcoin price
Bitcoin It is currently priced at $22,667 and has a 24-hour trading volume of $27B. Bitcoin is down about 1.50% in the last 24 hours. With a live market cap of $437 billion, CoinMarketCap currently holds the top spot.
Bitcoin declined to the $22,325 support and a doji candle close above this level indicates that a bullish move is still possible.
On the upside, an immediate resistance for bitcoin is $23,250, and a break above this level could expose BTC to higher levels of $23,900 and $25,150.
On the downside, a bearish breakout of the $22,325 level has the potential to extend the selling trend till the $21,500 hurdle is reached. If bitcoin breaks below $21,500, it could drop as low as $20,450.
ethereum price
in present, Ethereum $1,549 & has seen a decline of 5.34% in the last 24-hours with a total trading volume of $9.1B. It has a current Coinmarketcap ranking of 2 and an actual market capitalization of $189 billion.
On the upside, ETH is expected to face immediate resistance at $1,600, and a bullish crossover at this level could expose ETH to $1,675.
On the 4-hour time frame, the ETH/USD pair violated an ascending channel near the $1,600 level, and a close below this level triggered additional selling, which sent the price towards the $1,525 level.
On the downside, a bearish break of $1,525 could open additional selling positions towards $1,445.
bitcoin options
CryptoNews recently reviewed the Top 15 Cryptocurrencies for 2023. However, if you’re looking for a higher investment potential, there are several other projects worth considering.
The list of altcoins and initial coin offerings (ICOs) is revised every week to include the latest developments in the crypto space.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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