Weekly Market Highlights #29: January 9 - January 15
✨Bitcoin dominance is at a 2-month high as BTC stands firm at around ~$21K, and total market cap is getting closer to the desirable $1000B
✨Over the past week, the crypto market increased ~$131B (from ~$847B to ~$978B) of its total capitalization
✨BTC Dominance Above 41%
✅Bitcoin finally broke above $17K at the start of this week. The landscape around the asset has seemed significantly more bullish than it was at the end of 2022.
✅The past few days saw gains the community hadn't witnessed in months. The cryptocurrency first spiked above $18K, overcame $19K, and came close to $20K on Friday evening. The bulls initiated another leg up in the following hours, bringing BTC to $21,3K.
✅This became its highest price tag in over two months, meaning that bitcoin has recovered all losses from the FTX-Alameda fiasco. Despite losing some ground since that local peak, BTC still trades above $20K, and its market capitalization is close to $400B amid ongoing speculations about the start of a new bull run.
✨Altcoins rise strongly
✅BSCS is currently trading at $0,009366: +10,26% from its 7-day all-time low of $0,008494.
✅SOL was at the forefront of the rally, skyrocketing by 40% at one point. Thus, SOL painted a multi-month high of its own at above $23
✅BNB rise 16% to $315, currently trading around ~$300. ETH has sustained above $1,5K even though it has retraced by 1.5%.
✅XRP, DOGE, MATIC, DOT, SHIB, TRX, and AVAX all grew impressively, up to ~40%
✨Bitcoin Fear and Greed Index is 45 - Fear, higher than at the beginning of the week (25)
✨Dominance:
✅BTC: 41.0%
✅ETH: 19.3%
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📕Better Than Yesterday With BSCStation #13: Safe Invest During Bear Market Part 1
⚡ Undoubtedly, 2022 has been a challenging year for global markets due to several worldwide downturns, including war, rising inflation, monetary tightening, and many more, which have put significant pressure on various asset classes, including cryptocurrencies.
💪 How long a crypto bear market will last is anybody’s guess, but learning what to do in a bear market can help your portfolio ride out the storm. Together we’ll take a look at some strategies for how to survive a crypto bear market.
🐻 What is a bear market in crypto?
❓ Is crypto in a bear market right now?
📉 Signs of a crypto bear market
✨ Crypto strategies to consider while in a bear market
✔ DCA (Dollar-Cost Averaging)
✔ Farming/ Staking
✔ Diversify assets and Stay focused on long-term goals
🌟 A recommended safe investment strategy during the Bear Market is staking BSCS tokens with fascinating APY to get guaranteed allocation for IDO projects on BSCStation Launchpad.
👉 Details:
Global Recession Will Push Bitcoin Price to Remarkable Highs In 2023 - Bloomberg Analysts
Bitcoin’s turbulent performance in 2022 hasn’t deterred big players from predicting a good asset run in 2023.
Bloomberg cites the global recession as a bullish propeller for Bitcoin.
⭐️In its most recent cryptocurrency outlook, Bloomberg analysts go over the impact of the perceived global recession on Bitcoin and other digital currencies in the market.
“The rising potential for a severe global economic shutdown may be a top crypto performance factor in 2023. Our bias is that Bitcoin will likely appear ahead in most scenarios….” Bloomberg explains.
⭐️The founder of Altana Digital Currency Fund, Alistair Milne, is one such figure. Milne called $45,000 for Bitcoin, given that inflation favors the asset.
⭐️It was also noted that another case scenario that might play out differently from last year is the Federal Reserve and central banks being forced to start “easing back on deflationary forces from declining asset prices.”
⭐️If this becomes the case, Bitcoin could also follow another positive pathway.
“In this Fed pivot scenario, Bitcoin is poised to transition to a digital version of gold and perform like the metal and US treasury long bonds. A swift recovery in declining GDP and asset prices appear less likely.” Bloomberg conclusively asserts.
Internet giant Wix adds CoinGate integration to its crypto payments service
📢CoinGate, a leading European crypto payment gateway, announced on January 10 an integration with Wix.com (NASDAQ: WIX), which accepts crypto payments from their customers in Germany, Lithuania, Spain, and the Netherlands. As a result, German, Lithuanian, Dutch, and Spanish Wix shop owners now have access to the CoinGate e-commerce payment gateway.
▶️Wix retailers that integrate Coingate as a payment processor may accept Bitcoin (including Lightning Network payments) and over 70 other cryptocurrencies from their clients.
💎All cryptocurrencies received by a business may be converted to and withdrawn in a single fiat currency, such as EUR, USD, or GBP, to mention a few.
Partnership to encourage more businesses to accept crypto
⭐️CoinGate CEO Justas Paulius believes this partnership will inspire more businesses to take advantage of cryptocurrency markets, by allowing them to serve a larger number of customers who only use cryptocurrencies or do not have access to traditional payment methods like banks and credit cards.
“Cryptocurrencies are becoming inseparable from the realities of people’s daily lives globally. Our goal is to give all people a way to participate in global economies, regardless of whether they own a bank account or use credit cards, while providing merchants with a convenient way to serve them. I believe our partnership with Wix brings us one step closer to our goal,”
⭐️The CEO added:
“With more than 300 million cryptocurrency users around the world, having a cryptocurrency payment method in your store as an additional way to make sales might be the defining action that gives certain businesses a competitive advantage.”
⭐️Notably, despite the severe correction in 2022, CoinGate reported that the volume of crypto payments in eCommerce climbed over 60% in 2022.
Binance approved to offer of crypto services to Swedish customers
💥The Swedish Financial Supervisory Authority, one of the country’s financial regulatory agencies, has granted the local arm of crypto exchange Binance approval to manage and trade digital currencies.
According to a Jan. 11 announcement, Binance said that following “months of constructive engagement” with the financial regulator, the FSA granted Binance Nordics AB’s registration status on Jan. 10. This decision effectively allows Swedish residents to access Binance’s crypto services.
“Sweden fully adopts EU laws and has further local requirements, so we have been careful to ensure that Binance Nordics AB has adopted risk and AML policies to match this exacting standard,” said Roy van Krimpen, Binance’s lead in the region. ”Our next big task will be the successful migration and launch of local operations, including hiring local talent, organizing more events, and delivering more crypto education in Sweden.”
💎The decision from Sweden’s financial authority followed regulators in France, Bahrain, Spain, and Dubai granting similar approvals for Binance in 2022. Authorities in certain countries — including the United States, United Kingdom, Canada, and Japan — previously cracked down on the exchange’s operations, warning potential investors about the risks surrounding digital assets.
One of the largest U.S. colleges has begun teaching students about Bitcoin
The professor said a “Programming Bitcoin” course will follow the first Bitcoin course, where students will learn how to “build a Bitcoin library from scratch.”
🇺🇸Classroom adoption of Bitcoin and cryptocurrency courses continue to skyrocket, with Texas A&M now being the latest U.S. College to offer a Bitcoin course to some of its 74,000+ students.
♾The news was announced on Jan. 13 by Associate Professor Korok Ray of Mays Business School at Texas A&M, who will be teaching the “Bitcoin Protocol” course to students in the College of Engineering and Mays Business School when the Spring Semester starts on Jan. 17.
💎The professor added that receiving approval from the school’s relevant curriculum committee body was no easy feat, which came on the back of “months” of hard work.
🔸Legal and regulatory implications of blockchain technology and cryptocurrencies are also being taught at U.S. colleges.
➡️Other universities offering cryptocurrency courses include Harvard University, Massachusetts Institute of Technology, Oxford University, National University of Singapore, Cornell University, and the University of California Berkeley.
📣Stay tuned! The market's highlights will be updated by BSCStation 😎
About BSCStation
BSCStation - The fully decentralized protocol for launching new ideas. An all-in-one Incubation Hub with a full-stack Defi platform across all main blockchain networks. We provide exclusive services including IDO/INO Launchpad, Yield farming, NFT Auction, Marketplace, and BSCSwap
BSCStation operates on top of the all main blockchain networks and is designed to offer maximum value to consumers and institutions.
BSCStation platform uses the Sharing Economy Model for the purpose of profit-sharing, helping users to access DeFi platforms in the easiest, safest, and most cost-effective way. BSCStation is the most convenient bridge to connect users and application products on all main blockchain networks.