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  • Prediction markets tokens rise as other tokens dip: Gnosis, Augur price outlook

    Prediction markets tokens rise as other tokens dip: Gnosis, Augur price outlook

    • Bitcoin has suffered its worst weekly percentage loss since the collapse of FTX.
    • Some of the factors behind the dip include reports of SpaceX selling its BTC holdings and the Chinese property giant Evergrande bankruptcy filing.
    • Top prediction markets tokens have maintained a bullish trend amid the crypto meltdown.

    In what has caught most crypto investors by surprise, the price of Bitcoin (BTC) has decreased by 11.2% to about US$26k. Last week has been the worst week for Bitcoin (BTC) since FTX’s demise in November 2022.

    The market crash has not only affected BTC, seeing that the rest of the asset class has not fared any better. Ethereum (ETH) fell by approximately 9.5% to $1.7K and Binance-coin (BNB) dropped by about 9.8% to $217, just to mention a few of the top cryptocurrencies by market capitalization.

    While most of the top cryptocurrencies experienced a price dip, popular prediction markets tokens like Gnosis (GNO), SX Network (SX), Kleros (PNK), and Augur (REP) registered significant gains. Chancer (CHANCER), a new prediction markets token is also gaining traction as its token presale continues to gain traction.

    What caused the crypto market to drop?

    The price decrease was caused by a number of causes. They included speculation that SpaceX wrote down the value of its Bitcoin assets, the collapse of the Chinese real estate firm Evergrande, and rising yields in the US.

    SpaceX Bitcoin holdings

    The Wall Street Journal published a report late last week stating that Elon Musk’s space exploration company SpaceX marked down the value of the Bitcoin it had on its books by US$373 million for the years 2022 and 2021. The report claims that the business also sold a portion of the BTC it had at one point over the previous two years. The WSJ has identified documents that it claims offer uncommon insights into the business’s finances.

    However, the WSJ’s assertions cannot be independently verified because SpaceX is a privately held corporation. Musk acknowledged that SpaceX did acquire Bitcoin during a panel appearance in 2021, but it is unclear how much or when the commodity was purchased.

    Evergrande bankruptcy 

    In a disclosure made over the weekend, the Chinese real estate tycoon Evergrande filed for bankruptcy protection in the United States. The corporation reportedly took action to secure its assets while still trying to control its creditors.

    Before proposing a comprehensive off-shore debt restructuring program in 2021, Evergrande experienced a public meltdown and went into default on its obligations. The business currently seems to be on life support.

    Investors are worried that China’s enormous real estate market may become contagious. Country Gardens and other significant developers are not paying their debts either, and the industry—which is thought to account for up to 30% of Chinese GDP—is in serious need of government assistance.

    US Treasury yields

    US Treasury yields are skyrocketing and pushing away investors from risky markets like the crypto market and toward saving. As the US Federal Reserve gradually increased rates throughout the previous year to reach a target rate of slightly over 5%, bond yields increased.

    As strong US economic data keeps coming out, yields have increased this week in anticipation that rate rises will continue. Since 2011, the 30-year US Treasury yield has never been higher. Treasury bonds give a high, secure yield, which is detracting from the value of other asset types like shares and cryptocurrencies.

    Gnosis and Augur price prediction

    Gnosis has risen by 0.2% while Augur has registered a 1% surge after a bear week. In the past seven days, Gnosis dropped by 8.8% while Augur fell by 11.7%.

    Gnosis price daily chart

     

    Having bounced off the support at $97.60, the Gnosis (GNO) token is expected to test the resistance at $104.75. However, that depends on whether the current daily candlestick closes above the lower band line of the Bollinger Bands indicator.

    Augur price daily chart

     

    Augur, on the other hand, seems to have slid into consolidation after erasing most of the gains it made between July 19 and July 20. All eyes are on the support at $0.3246 and the resistance at $2.1844. If the REP price jumps above the upper Bollinger Bands line, it could test the $2.1844 resistance level and if it drops below the lower Bollinger Bands line, it could drop to the support at $0.3246.

    The prediction markets tokens including Chancer, are expected to experience significant price gains as popular games including the English Premier League and the American MSL gather steam.

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  • Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

    Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

    Key takeaways

    Bitcoin has been underperforming in recent weeks, down from the $31k level it achieved last month. The world’s leading cryptocurrency by market cap is struggling around the $29k region, and market experts believe it could dip lower in the near term.

    Shiba Memu has continued to set new records with its presale despite the bearish market conditions. 

    BItcoin Stays Around $29k

    The cryptocurrency market has been bearish since the start of the month. The prices of most cryptocurrencies are trading in the red zone despite the positive performance recorded earlier this week.

    Bitcoin has lost more than 1% of its value so far this week and is now trading at $29,119 per coin. Ether, Dogecoin, Solana, XRP, and other leading cryptocurrencies are all down by more than 2% so far this week. 

    Despite the bearish trend, Shiba Memu’s presale continues to set new records. The team has raised more than $1.5 million so far, with more than 52 million tokens sold. 

    What is Shiba Memu?

    Shiba Memu is an exciting project in the cryptocurrency space that seeks to combine the powers of blockchain technology and artificial intelligence. With the rise of AI, their applications have become vast globally. 

    Shiba Memu is a project that wants to leverage AI and blockchain to make it easier for people and organisations to create content and roll out marketing campaigns. 

    In their whitepaper, the team explained that Shiba Memu could handle the task of numerous marketing agencies. As an AI tool, Shiba Memu is always active and will work 24/7 to find the best work going on in creative advertising, consuming it and generating better content marketing. 

    The idea to launch as a meme token has to do with the recent popularity of meme projects in the cryptocurrency space. Within the space of two years, the market cap of meme coins grew from practically $0 to $20 billion in 2022. 

    However, what makes Shiba Memu different from other meme token projects is that it has an excellent use case. Shiba Memu can be regarded as a self-sufficient marketing tool powered by AI technology.

    Shiba Memu can be able to create marketing strategies, roll out PR schedules, and promote campaigns on relevant forums and social media platforms. At the moment, Shiba Memu is available on the Ethereum and BNBChain blockchains. 

    Shiba Memu’s presale hits $1.5M

    Shiba Memu’s presale has been going on excellently despite the bearish trend in the market. The presale has been around for roughly a month now, and the team has raised $1.5 million so far. 

    The Shiba Memu project has sold over 52 million SHMU tokens to raise $1.5 million. The team intends to use the funds to develop some of its products and services. 

    According to their whitepaper, most of the funds generated in the presale would be directed towards developing the Shiba Memu AI technology. By leveraging AI technology, Shiba Memu can provide exciting marketing services to its users. 

    The Shiba Memu platform would also have a robotastic dashboard, allowing users to interact with the AI, provide feedback, make suggestions, and ask questions.

    Click here to find out more about Shiba Memu’s presale event.

    Shiba Memu price prediction

    Predicting Shiba Memu’s price would be impossible at the moment since the SHMU token is still in its presale stage. At the moment, 1 SHMU = 0.017650 USDT. 

    According to the team, SHMU’s price increases every day at 6 pm GMT. In a few hours, the token will go for 0.017875 USDT. 

    SHMU began trading at $0.011125 when the presale began and will trade at $0.0244 when the presale ends. The SHMU token can be purchased using Ethereum, USDT, BNB and BUSD

    Should you buy Shiba Memu today?

    Shiba Memu could be an excellent project for investors to get into. The fact that it is still in its early stage means that it could generate impressive ROI for investors in the medium to long term. 

    As a project, Shiba Memu is combining AI and blockchain technology, making it an interesting meme token. With the right level of adoption, SHMU’s price could rally over the next few months and years. 

    In addition to that, a Bull Run by the broader crypto market could see SHMU’s price also rally higher. So far, Bitcoin and other major cryptocurrencies are up by over 40% year-to-date. 

    A combination of excellent adoption and a Bull Run by the broader crypto market could make SHMU one of the best performers in the market over the coming months. 

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  • LTC, ARB and MATIC price outlook amid US debt limit deal

    LTC, ARB and MATIC price outlook amid US debt limit deal

    • LTC bulls need to break above $93, a key hurdle below the psychological level of $100.
    • MATIC must reclaim $1 to target the $1.30-$1.50 range, or risk dip to $0.75.
    • Elsewhere, ARB is near a key resistance level as Arbitrum price jumps 3.9% amid the market’s reaction to US debt ceiling news.

    The US has reached a “tentative deal” on its debt limit crisis after a week of high uncertainty. With the news of the deal seeping through the markets, cryptocurrencies reacted slightly positively as Bitcoin and Ethereum prices rose above $27k and $1.8k respectively.

    The outlook was also visible across the top 10 altcoin market, with sentiment relief showing as Litecoin (LTC), Arbitrum (ARB), and Polygon (MATIC) moved up. Even then, markets remain largely weak as May comes to a close.

    Here is what a respected crypto analyst has predicted for LTC, ARB and MATIC.

    Litecoin price prediction: $93 key to LTC bulls

    In March, LTC creator Charlie Lee offered a huge Litecoin price prediction. Pointing to the 14th ranked cryptocurrency (by market cap today), Lee said Litecoin price could rise to 0.0125 BTC in a new bull cycle. He also believed a downside for LTC could find support at 0.0025 BTC.

    The current LTC price is above this latter level as it trades near $89.40 or 0.0032 against bitcoin. In recent weeks, analysts have pointed to Litecoin’s upcoming halving as a likely trigger for fresh upside momentum.

    According to crypto analyst Michael van de Poppe, bulls need to break above a key resistance at $93 on the higher timeframe. The psychological $100 level would then be in sight as buyers eye a halving rally, he tweeted. 

    “Many squigglies on this chart, but higher timeframe resistance is at $93. Currently, support found at $82 and a strong bounce -> weekly candle looks good. Next week breaking through $93 and the Halving rally might start.”

    Polygon price prediction: MATIC needs to break above $1 again

    MATIC has traded lower since March, with an attempt to flip higher running into rejection in April as price fell below $1.00 (CoinJournal highlighted the subsequent price movement here). Although it remains below the dollar, bulls might have the upper hand if they reclaim control above $0.95.

    Currently, MATIC/USD is around $0.92. According to van de Poppe, MATIC has bounced well above this key area since its NFT announcement during the F1 Monaco GP. Can bulls build momentum from here?

    “I really want to see it flip $0.95, then we can accelerate towards $1.30-1.50. If that’s not the case, then short is activated and longs can be taken at $0.75,” the analyst said in reply to one of the requests for altcoin analysis.

    Arbitrum price prediction: ARB is near key resistance

    Arbitrum, which was trading at $1.20 and 3.9% up in the past 24 hours at the time of writing, needs to hold above the $1.18 level to give bulls an upside boost. That could aid momentum to $1.30, van de Poppe noted.

    “Again, into resistance. This means, entries are available at $1.10. If it doesn’t clearly break & flip the resistance at $1.18, I’d assume shorts are triggered when falling back sub $1.18. Otherwise, long continuation trade towards $1.30.”

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  • Top analyst’s Bitcoin price outlook for the next week

    Top analyst’s Bitcoin price outlook for the next week

    • The next week will be critical for BTC, crypto analyst Michael van de Poppe says.
    • Bitcoin price could see a new uptrend if BTC can break out after a successful retest of the 200-day moving average.
    • However, if BTC fails to break above this level, it could fall to past recent lows, with the key target at $25k or lower.

    Bitcoin’s price has struggled to reclaim support above $28,000 and is currently facing fresh downside pressure just above the $27k level.

    While the price is looking for a successful retest and bounce from a key technical level, bulls could be left battling a deeper correction if prices break lower from this level, which one analyst has highlighted as a likely make or break scenario for BTC this coming week.

    Bitcoin price: analyst says next week could be crucial

    Market events next week could have an impact on Bitcoin price, with crucial economic data and events to watch out for including US GDP revisions, minutes of the last FOMC meeting and the core personal consumption expenditure (PCE) deflator – the Fed’s preferred measure of inflation.

    A decision or vote on the debt-ceiling talks is also expected to highlight critical market-moving events this coming week. According to Michael van de Poppe, the Bitcoin price outlook for next week is likely to trend alongside a broader market reaction to the busy week.

    He says BTC’s retest of the 200-day moving average has historically signaled an opportunity to accumulate. If BTC can break above this level, it could signal the end of the current correction and the start of a new bull market.

    The analyst sees the next few days as important for bulls, suggesting that it could be a “make-or-break” situation.

    “If you go back in history, the 200-MA retest is a great period to accumulate. In the past 6 months, #Bitcoin has been swimming beneath for a long period, making it the most undervalued since existence. Next week is make-or-break. Fast breakout upwards -> end of correction,” van de Poppe tweeted.

    The 200-day moving average is a long-term moving average that traders often look to for support or resistance levels. A BTC breakout from the 200-day moving average has often seen bulls take control.

    If BTC can break above the 200-day moving average, it could reach $35,000 by the end of the week. However, if bulls fail to fend off the marauding bears, it’s possible for a revisit of the $25k region.

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  • Shiba Inu (SHIB) and Aptos (APT) price outlook

    Shiba Inu (SHIB) and Aptos (APT) price outlook

    • Bitcoin’s dip below $30,000 and subsequent retest of resistance above$29k highlights the past week’s top coins outlook.
    • Shiba Inu (SHIB) price is below its 50 and 200 MA but analysts are bullish on SHIB given overall sentiment and network growth.
    • Aptos (APT) price has formed a massive bull flag pattern that could see APT explode to new highs in 2023.

    The cryptocurrency market continues to see significant volatility as prices of various tokens fluctuate near key levels. Bitcoin (BTC) price fell to around $27,200 this past week and saw the global cryptocurrency market cap drop from above $1.34 trillion to $1.25 trillion amid broader sell-off pressure.

    BTC price is however back above $29,000 and has retested resistance near the psychological $30k level this weekend.

    At the same time, several altcoins that have recently seen dramatic declines look positioned for fresh moves, with cryptocurrency bulls buoyed by fresh turmoil in the banking sector with troubles for US bank First Republic.

    Here’s the price prediction for Shiba Inu (SHIB) and Aptos (APT).

    Shiba Inu (SHIB) price prediction

    Shiba Inu price is down nearly 10% in the past two weeks, having traded lower from highs above $0.000011 recently.

    SHIB currently trades below its 50 MA and 200 MA, while the daily RSI is below 40 to suggest bears might have a slight advantage.  

    Shiba Inu (SHIB) daily price chart. Source: TradingView


    But the 16th ranked cryptocurrency, which remains one of the top memecoins with a market of $6.1 billion, has a growing community buoyed by the success of the testnet for layer 2 protocol Shibarium. 

    On-chain data shows the protocol has enabled over 194,000 transactions and seen over 100,000 wallet interactions.

    If an upside flip in the price amid new buy Shiba Inu pressure, the main short term target will be the $0.000035 level. The 2021 all-time high provides another key level and a move to $0.01 could be the Holy Grail of the upcoming bull cycle.

    Aptos (APT) price prediction

    Aptos (APT) is a new layer 1 blockchain network that’s benefitted from massive investment by venture capitals. The Aptos mainnet went live recently and the demand for the native APT token saw the price rally to the YTD peak of $19.92 in January.

    Aptos (APT) price daily chart. Source: TradingView


    Currently trading around $10 has the APT/USD pair roughly 46% off the January highs. However, analysts remain bullish on the Aptos price.

    Crypto analyst Captain Faibik recently highlighted Aptos bullish flag pattern. If a breakout follows, a move to $20 in the short term could be one of the main targets. 

    Meanwhile, this Aptos price prediction for the medium term sees a potential burst to a new all-time high.

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  • Fetch.ai (FET) price dips as bears threaten bullish outlook

    Fetch.ai (FET) price dips as bears threaten bullish outlook

    • FET price dipped 8% to support near $0.38
    • Today’s sell pressure comes after FET/USD broke higher after a pennant pattern.
    • Fetch.ai is a leading artificial intelligence related crypto project.

    Fetch.ai price has retraced to support near $0.38 amid a broader crypto market dip that has Bitcoin again below $30k and Ethereum under $2k.

    According to data from CoinGecko, the price of FET was down more than 8% in the past 24 hours on Wednesday morning, with the technical picture suggesting possible breakdown to a recent support zone.

    This could be the case if bears take advantage of current weakness to force prices lower.

    FET price prediction: bulls need to hold onto gains

    Fetch.ai is an artificial intelligence-powered blockchain platform that seeks to enable full decentralisation of peer-to-peer transactions. The platform has announced new crypto trading products for DeFi users as the ecosystem embraces the benefits of artificial intelligence in trading.

    The price of Fetch.ai has been one of the altcoins to profit from the sentiment around the AI in crypto narrative in 2023.

    As can be seen in the Fetch.ai price chart below, FET/USD recently formed a bullish pennant – a technical indicator that usually suggests continuation on the upside.

    Fetch.ai price prediction daily chart. Source: TradingView

    But this outlook could be jeopardised if prices dip further, with primary support then expected near $0.34.

    FET also has the daily RSI flipping downwards from near the oversold territory, while the MACD remains above the signal line but is suggesting weakness. If bears take charge, the recent consolidation zone between $0.25 and $0.29 will offer a crucial buffer should market weakness continue.

    On the upside, if more buy FET pressure materialises, a flip to the February highs of $0.60 could be possible in the coming days. The immediate outlook suggests the area around $0.40 should offer the main resistance before a +60% breakout to the aforementioned target.

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  • Bitcoin price prediction: BTC outlook after Silvergate and Tether news

    Bitcoin price prediction: BTC outlook after Silvergate and Tether news

    • Bitcoin price outlook after this week’s Silvergate and Tether news.
    • BTC is hovering around $22,400 with key resistance near $23k amid a potential technical breakout to YTD highs.
    • The $20k zone is a critical and psychological level for bulls.

    Bitcoin price remains constrained below $22,500 after posting a sharp decline on Friday following a combination of broader market weakness and negative crypto-related news.

    However, with price above $22,000, the technical outlook suggests bulls might still have a chance to push for new year-to-date highs in March or April.

    Bitcoin price prediction: BTC declined amid Silvergate Bank and Tether news

    On Wednesday, crypto-friendly bank Silvergate (SI) revealed it was a little deeper in trouble with a SEC filing that it would delay its financial report. The crypto bank then announced a halt to its payments network the Silvergate Exchange Network (SEN), triggering further uncertainty around its operations following the previously revealed $1 billion loss.

    Indeed, selling pressure for BTC increased as major crypto firms including Coinbase and Paxos announced a switch from Silvergate to alternative banking partners.

    But the price of bitcoin went on to touch lows of $22,000 as more negative news emerged – the Wall Street Journal published an article related to Tether, the company that issues the world’s largest stablecoin USDT. Allegedly, Tether and Bitfinex used “falsified documents” to acquire banks accounts amid questions over the stablecoin’s reserves.

    Crypto trader and investor Scott Melker heighted the WSJ’s report in a Twitter thread on Friday.

    Bitcoin price outlook: What next for BTC/USD?

    The RSI on the 4-hour chart remains largely flattened near the lower band as price action consists mainly of doji prints. While Bitcoin is holding above a support base formed in early January, there’s indecision as signaled by the doji candlesticks.

    Bitcoin price movement on the 4-hour chart. Source: TradingView

    If bears take charge further, BTC/USD will likely retest the aforementioned support line and potentially break past $22k to another key level near $21,600. Below that we could see a retest of the vastly important $20k level.

    On the upside, the immediate hurdle is the $22.5k zone, with robust supply areas expected at the price levels currently signaled by the 50 and 200 moving averages.

    The outlook on the daily chart shows the RSI sloping to suggest bears might have an upper hand. 

    However, there’s potential formation of an inverse head & shoulders pattern. The neckline of this likely inverse H&S pattern could be in the $25k zone. In any case, the immediate key price levels to watch as signaled by the 50-day and 200-day moving averages near $22,900 on the upside and $19,712 on the downside.

    Bitcoin price prediction levels on daily chart.Source: TradingView

     

    The post Bitcoin price prediction: BTC outlook after Silvergate and Tether news appeared first on CoinJournal.



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  • STX outlook and the Bitcoin halving

    STX outlook and the Bitcoin halving

    • Stacks price has soared in the aftermath of interest in Bitcoin NFTs with the launch of Ordinals.
    • STX rose to an all-time high of $3.39 in December 2021.
    • Analysts say the upcoming Bitcoin halving could catalyse fresh rallies for the token.

    Stacks, the Bitcoin layer that leverages smart contracts to enable decentralised finance (DeFi) and non-fungible tokens (NFTs) among other decentralized applications on the pioneer blockchain network, is currently one of the best performing assets in the market today.

    The native STX is higher by more than 43% on the week even as most tokens struggle with downward pressure.

    Stacks price: STX poised for BTC halving explosion?

    The Stacks price has been rallying due to massive interest in Bitcoin-based NFTs and recently after the protocol released its whitepapers. The token’s price has in fact gained significant traction following the hype around the launch of the Ordinals project.

    Ordinals is a novel NFTs protocol that allows for the minting and storage of digital artifacts on the Bitcoin blockchain. The huge interest that greeted the Ordinals’ launch helped push the price of STX as demand for the layer 2 blockchain Stacks’ native token skyrocketed.

    Stacks Network’s leveraging of Bitcoin’s blockchain security and permanence, the idea of Bitcoin NFTs and DeFi are factors helping position STX for more upside action. But more than that, analysts predict that the STX price could see another explosive move as Bitcoin’s halving, which is about a year away, approaches.

    Bitcoin price has rallied going into the halving and this looks to be the trajectory STX will take. As for now, market analysts say there’s a “cultural shift in Bitcoin”, and that sentiment might catalyse a huge move for STX.

    STX price today

    The native token STX is up more than 43% in the past week and tops the 100 largest cryptocurrencies by market cap in weekly performance.

    While the STX/USD pair has retreated nearly 3% in the past 24 hours, the token’s price as at 8.20 am ET on 28 February was $0.89, showing a 3.5% jump on the hourly time frame.

    And with over 200% gains in the past 30 days, Stacks has quickly risen up the charts in terms of market cap (currently at over $1.2 billion and ranked 47th on CoinGecko.)

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  • Analyst shares NOIA price outlook after 168% gain

    Analyst shares NOIA price outlook after 168% gain

    • NOIA is the native token of Syntropy, a distributed routing protocol for the Internet.
    • The token’s price surged 168% from its December lows and one analyst says bulls are likely to aim for more.
    • Sentiment is bullish for Syntropy ahead of its public network launch.

    Cryptocurrencies are looking to end January on a winning note, with most digital assets rocking huge gains in a month that saw Bitcoin break above $23,000.

    On 31 July, the total crypto market capitalization was above $1 trillion, helped by Bitcoin’s market cap rising to $446 billion to account for a market dominance of 40.9%. A similar upside trend has been observed across altcoins, led by Ethereum’s breakout from lows of $1,200 at the beginning of the month.

    Analyst says NOIA could do another 2x

    Perhaps notable is the bullish sentiment for Syntropy that has been increasing since the team updated the token’s circulating supply schedule and as the platform edges closer to its public launch.

    While tokens like Aptos and dYdX continue to outperform, crypto analyst Rekt Capital is pointing to one other coin that could benefit from the recent bull run.

    According to the crypto trader, Syntropy (NOIA) is likely to do a 2x if it holds a crucial price level on the monthly close. In a tweet early Tuesday, the highly respected analyst noted that NOIA’s 168% rally from its lows in December has the Syntropy token at a crucial area.

    “NOIA enjoyed a +168% rally from December’s lows & is now approaching a crucial area. If NOIA is able to turn the green box top (~$0.068) into support on Monthly Close, Syntropy could be well-positioned for another 2x rally,” he suggested.

    Syntropy (NOIA) price prediction chart. Source: Rekt Capital on Twitter.If bulls hold the highlighted price zone ($0.068), Rekt Capital sees a 135% or more rally towards $0.15. That could open up the NOIA price for a potential retest of its all-time high price near $0.20. However, a negative flip could see bears push for $0.030 or even target $0.020.

    The Syntropy token was changing hands around $0.065 early afternoon on Tuesday, up 2.3% in the past 24 hours and 32% higher this past week.

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  • Crypto stocks outlook ahead of FOMC meeting

    Crypto stocks outlook ahead of FOMC meeting

    • Bitcoin miners Core Scientific rose 33% as stocks of Bitfarms, Stronghold Digital, CleanSpark all ended the past week higher.
    • Coinbase and Robinhood shares also rose as Bitcoin broke above $23,000.
    • FOMC meeting is this week and the market reaction will be key to what next for Bitcoin and crypto stocks.

    A number of crypto-related stocks are looking to extend gains notched in the past few days after closing in positive territory on Friday.

    Among those to rip are share prices of crypto mining firms that had been struggling badly after reaching new all-time lows amid the crypto winter. 

    This is happening even as Bitcoin price looks to push higher after holding above the $23,000 level over the weekend. A crucial macro news event to watch out for is the FOMC meeting this week.

    Surge in Bitcoin price helped crypto stocks

    Core Scientific (CORZ), the world’s largest publicly-traded Bitcoin miner, surged an impressive 33% on Friday, while crypto mining firm Digihost Technology (DGHI) saw its shares jump more than 11%.

    Stocks of NASDAQ-listed miners Bitfarms (BITF), Stronghold Digital Mining (SDIG), Bit Digital (BTBT) and CleanSpark (CLSK) all ended the week in the green. Elsewhere, NYSE-listed Bit Mining and SOS ADR also rose.

    Coinbase (COIN) and Robinhood (HOOD) stocks also traded higher, with the US-based crypto exchange’s stock soaring more than 15% on Friday. Coinbase‘s stock is up more than 73% in the past 30 days before markets open on Monday, 30 January. Robinhood shares ended the week 8% higher and were up nearly 28% over the past 30 days.

    Bitcoin price, FOMC – what next for crypto stocks?

    As noted, most of these publicly listed crypto companies saw their share prices soar alongside the positive price action of Bitcoin. But crypto has also largely correlated with stocks, with this week crucial in terms of the Federal Open Markets Committee (FOMC) meeting. 

    On the positive side of things…

    BTC/USD reached highs of $23,955 last week and is up more than 40% year-to-date. According to recent data from crypto analytics platform Glassnode, BTC’s recent upside momentum has the flagship digital asset’s price above three key on-chain metrics.

    The breakout above $22,800 had Bitcoin above both the long term and short term cost-basis as well as Realized Price – the first time this has happened since 2020 COVID-19 induced crash. Also, the previous time when prevailing BTC price was above the three metrics was during the 2018/19 bear market.

    On the flipside…

    As covered by CoinJournal, Glassnode suggested last week that bulls managing to hold above the $22.4k level would aid sentiment and potential further gains. However, this week could see recent momentum derailed if investor reaction to the Federal Reserve’s FOMC minutes turns out to be negative. 

    Although the market already expects a 25 basis point rate hike, some experts believe it would be a disaster for the markets if the Fed goes for a 50 basis point hike instead.

    According to CoinGecko, Bitcoin was trading 1.1% down at 7:15 am ET on Monday as FOMC-related volatility likely began to set in across markets.

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