News updates January 13, 2022
- Bitcoin (BTC) Breaks Out From Descending Channel, Targeting Previous Support. Bitcoin has broken out from a descending parallel channel.
There is resistance at $45,850.
BTC has likely completed a five-wave downward move. Bitcoin tests $44,000 resistance level as US inflation reaches a 40-year high -
Wikipedia Considers To Stop Accepting Crypto Donations Because Of The ESG FUD
Even Wikipedia fell for the environmental FUD surrounding Proof-Of-Work mining. A proposal to “stop accepting cryptocurrency donations” is currently under discussion. It starts with the same very thin arguments that the whole mainstream media irresponsibly uses. However, it gets better and more interesting. In general, it’s amazing to see both sides of the argument unfolding. Even though there might be some information suppression going on.
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China aims to separate NFTs from crypto via new blockchain infrastructure
China is planning to draw a clear line between cryptocurrencies and nonfungible tokens (NFTs), pretty much the same way it did with its digital currency efforts, before the crypto crackdown in the country harms the local NFT industry.
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Bitcoin is Still on Track of Hitting $100K in the Long Term, OKCoin CEO says
Speaking on CNBC Capital Connection Wednesday, Hong Fang, the CEO of crypto exchange OKCoin, opined that Bitcoin reaching $100,000 would not be a problem in the long term.
She added that the short-term dynamics had to come up because Bitcoin is competing with other assets for capital in the crypto space.
The psychological price of $100,000 has become an ideal target for various pundits, investors, and traders in the BTC market.
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‘Hundreds Of Billions, If Not Trillions’ Set To Flow Into Bitcoin As US Inflation Hits 7% For First Time In Nearly 40 Years
U.S inflation rate just hit 7% — the highest in 40 years. The latest Consumer Price Index (CPI) report spurred a >3% and 4.5% rebound in price value for Bitcoin and Ethereum, moving their unit value above to $43,000 and $3,300.
While past trends suggest the $11 trillion gold market as the top choice for a sturdy hedge against dollar devaluation, the response of the crypto market to current inflation reveals the willingness of many to turn to cryptocurrencies this time.
This is especially true for many middle-to-high income citizens looking to protect their cash balances and near-liquid investments against value erosion. Bitcoin, Ethereum, and the likes with over 160% value growth in 2021, now stand a better chance as a suitable alternative against fiat value loss for the average American investor.
The latest Consumer Price Index chart reveals energy (33.3%) as the biggest cause of the inflation, followed by housing (4.1%), food prices (>6%), vehicles, and medical care services (>2%). The US has experienced growing gasoline scarcity since Biden shut down local exploration in favor of importation.
- Pakistan Central Bank and Federal Government Recommend Complete Crypto Ban. The State Bank of Pakistan and federal government have recommended a complete ban on cryptocurrencies.
The Sindh High Court had asked the bodies to come up with regulation.
Their report will now be reviewed by the law and finance ministries.
