News updates February 2, 2022
1. Bitcoin (BTC) Rejected on First Attempt at Moving Back Above $39,000
Bitcoin is trading underneath a descending resistance line.
BTC is facing a horizontal resistance level at $40,800.
The MACD has given a bullish signal
Bitcoin (BTC) has been moving upwards since Jan 24 and has now reached a long-term descending resistance line. An eventual breakout from this line is expected.
2. Bitcoin (BTC)
Until recently, whales have been dispersing, but it seems they are finally adding to their stockpiles this week. This is a trend to keep an eye on in the coming weeks. However, it’s still too early to say whether the big money investors return to the market. No doubt, Bitcoin prices dominate the market direction. This is enough to put Bitcoin on our list of currencies to monitor and invest in.
Bitcoin price today is $38,320.24 USD with a 24-hour trading volume of $20,319,852,497 USD.
3. Philadelphia May Become Bitcoin-Friendly By launching Its Coin Through Upcoming Partnership With CityCoins
Philadelphia may become the latest United States city to be Bitcoin-friendly following a statement from its mayor, Jim Kennedy, that the city should explore a partnership with CityCoins.
4. Bitcoin Maxi Jack Dorsey Slams Facebook Over 'Wasted Effort and Time' on Diem
Dorsey said Facebook should have focused on Bitcoin instead of its failed stablecoin project.
MicroStrategy’s Michael Saylor today interviewed former Twitter CEO Jack Dorsey about Bitcoin.
Dorsey said Facebook should have focused on Bitcoin instead of its failed Libra cryptocurrency project
Bitcoin fixes this" is a popular slogan in the cryptocurrency community. But "Bitcoin fixes companies," should be the real maxim, according to Michael Saylor and Jack Dorsey.
Saylor, the CEO of software company MicroStrategy, interviewed former Twitter CEO Dorsey on Tuesday about how the biggest cryptocurrency by market cap could help corporations.
5. Tanzanian Fintech Raises $10 Million, Plans to Enter 12 More African Countries
A Tanzanian fintech startup revealed it has raised $10 million in its latest funding round and is planning to use the funds to finance an expansion into other African countries.
Fintech Plans to Enter 12 More Countries by Year’s End
The Tanzanian fintech behind an app that enables payments from the U.K. to Africa, Nala, recently revealed it raised $10 million in a funding round backed by Amplo, Accel, and Bessemer Partners. So-called angel investors that participated in this round include the founder of Robinhood, Vladimir Tenev, and Jonas Huckestein, CTO at Monzo.
6. Crypto Play-to-Earn Games Are Booming: How Can Users Benefit?
The GameFi model is taking over the crypto world. Within the next five years, 90% of the gaming market will be Play-to-Earn games, according to Reddit co-founder Alexis Ohanian.
What Is the Future of the GameFi Model?
Currently GameFi uses blockchain technology to issue in-game crypto tokens. In the future, Ohanian believes, the Play-to-Earn approach will let people turn a substantial profit just by playing games. Some early versions of GameFi, such as Axie Infinity, have already seen that potential pay off, with users bringing in up to $500 per month.
Not surprisingly, big players are betting on the emerging Play-to-Earn model. In January, crypto investment firm Mechanism Capital launched a $100 million fund called “Mechanism Play,” dedicated to Play-to-Earn gaming.
The demand for crypto games is also skyrocketing, although most of them offer native tokens over hard cash. The value of these tokens varies depending on the game’s popularity and the value of in-game assets.
The new generation of games is combining GameFi with NFTs, the future building blocks of the metaverse. One of these projects, Squid Game #Player NFTs, inspired by the popular Netflix show, offers users a governance token as a reward.
7. El Salvador Rejects IMF Call to Abandon Bitcoin as Legal Tender
El Salvador has rejected the recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender. The country’s finance minister reportedly “angrily” said, “No international organization is going to make us do anything, anything at all.”
El Salvador Says No to IMF on Bitcoin
The government of El Salvador has rejected a recommendation by the International Monetary Fund (IMF) to drop bitcoin as legal tender in the country.
The IMF urged El Salvador last week to drop bitcoin’s use as legal tender and dissolve Fidebitcoin, the $150 million trust fund created for the Bitcoin law.
El Salvador’s Finance Minister Alejandro Zelaya told a local television station that bitcoin is an issue of “sovereignty.” According to the media, he “angrily” said:
No international organization is going to make us do anything, anything at all
