Is ETH’s 6% Drop A Buy Opportunity?


Bitcoin Y Ethereal both failed to maintain the momentum they had gained and broke above the $23,000 and $1,600 marks, respectively. This affected the overall value of the cryptocurrency market as it declined 3.52% to reach a total of $1 trillion.

Since the beginning of 2023, the cryptocurrency markets have grown, with Bitcoin values ​​rising more than 40% in the last few days. However, Bitcoin’s rise appears to be fading as it has started to dip below $23,000.

However, its recent downward trend could be attributed to reports indicating an increase in cryptocurrency scams last year, resulting in approximately $1 million being stolen from the Swift Current and Maidstone communities alone.

Continuing, traders seem hesitant to make strong offers ahead of this week’s US economic growth data. The market is now focused on the fourth quarter US GDP numbers to be released on Thursday, which could set the tone for the Federal Reserve’s January 31-February 1 policy meeting.

The Fed is expected to raise interest rates by 25 basis points (bps) during its policy meeting next week, according to most investors.

If there are signs that the US economy is slowing down and that the Fed will soon stop its tightening cycle and cut interest rates, the value of cryptocurrencies may increase.

Rise in cryptocurrency scams

According to the Saskatchewan RCMP, the Swift Current and Maidstone areas lost nearly $1 million due to a spike in cryptocurrency fraud last year. The RCMP in Swift Current received reports of 105 citizens who had been the victims of fraudulent phone calls, several of which involved bitcoin.

According to sources, the scams cost victims in the region a total of $360,000. Victims lost a total of $570,000 in 37 cryptocurrency scam reports to Maidstone RCMP.

It’s also worth noting that the scammers employed a variety of techniques, including deceptive advertising, authority fraud, and bogus courses purporting to teach people how to trade cryptocurrency.

Additionally, the Federal Bureau of Investigation reported that two North Korea-linked cyber organizations, Lazarus Group and APT38, were responsible for the theft of $100 million from US crypto company Harmony’s Horizon Bridge in June.

Binance gave Bitzlato $346 million

Binance processed approximately $346 million worth of bitcoins for the digital currency exchange Bitzlato, whose creator was arrested by US authorities last week on suspicion of operating a money laundering engine.

According to the US Treasury’s Financial Crimes Enforcement Network (FinCEN), Binance, the world’s largest cryptocurrency exchange, was one of the top three counterparties to Bitzlato in terms of bitcoins received between May 2018 and September 2022.

As a result, this news has had little impact on the crypto market thus 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 a change in monetary policy from the Federal Reserve.

As a result, this could be seen as a positive for crypto assets, helping them limit their losses.

Unlocking the potential of Bitcoin micropayments for content platforms

Another factor that may support the cryptocurrency market is the news that cryptocurrency has gained traction in various areas, allowing users to micro-monetize their shares.

ZEBEDEE, a financial services provider, and Fountain, a value-for-value podcast platform, announced a new partnership on Jan. 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 valued at $22,667 and has a 24-hour trading volume of $27 billion. Bitcoin has fallen almost 1.50% in the last 24 hours. With a live market value of $437 billion, CoinMarketCap currently ranks number one.

Bitcoin fell to a support level of $22,325 and the closing of the doji candles above this level indicates that a bullish bounce is still possible.

On the upside, the immediate resistance level for Bitcoin is $23,250, and a break above this level could expose BTC to levels as high as $23,900 and $25,150.

btc
Bitcoin Price Chart – Source: Tradingview

On the downside, a bearish break of the $22,325 level has the potential to extend the selling trend until the $21,500 barrier is reached. If Bitcoin falls below $21,500, it could drop as low as $20,450.

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ethereum price

In the present, Ethereal is trading at $1,549 & has seen a 5.34% drop in the last 24 hours with a total trading volume of $9.1bn. Its current CoinMarketCap rank is 2 and its live market cap is $189 billion.

On the upside, ETH is expected to face immediate resistance at $1,600, and a bullish cross above this level could expose ETH to $1,675.

eth
Ethereum Price Chart – Source: Tradingview

On the 4-hour time frame, the ETH/USD pair breached a rising channel at the $1,600 level and a close below this level triggered further selling, which pushed the price down to the $1,525 level.

On the downside, a bearish breakdown of $1,525 could open up additional selling space to $1,445.

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Bitcoin Alternatives

CryptoNews has recently reviewed the top 15 cryptocurrencies for 2023. However, if you are looking for a higher potential investment, there are plenty of other projects worth considering.

Every week, the list of altcoins and initial coin offerings (ICOs) is revised to include the latest developments in the crypto space.

Disclaimer: The Industry Talk section presents information from crypto industry players and is not part of the editorial content of Cryptonews.com.

Find the best price to buy/sell cryptocurrency

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Cryptocurrency Price Tracker – Source: cryptonews



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