$25,000 Lunar New Year Red Packets Up For Grabs_ Grayscale Lists 25 Cryptocurrencies Under Investigation_ Powell Will Raise Interest Rates Faster

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TA Highlight

The cryptocurrency market has witnessed another notable price recovery this week after a massive slide on Friday.

Bitcoin’s spot price showed a four-day increase this week. Although the current price has only stabilized at $36,000, the price increase indicates that the transaction volume will soar high. The 24th and 25th witnessed the highest intraday price increase in the near term, which signifies bullish sentiment in the market.

At the same time, the Bitcoin price hasdipped this week, but has remained at the daily level, with the lowest price close to the highest price and the closing price close to the opening price. Bitcoin price this week is reminiscent of a typical market experiencing a pullback pattern after price pinning.

The price performance of other mainstream cryptocurrencies have not been satisfactory. Despite the influence of Bitcoin, most of the mainstream coins had pin-ups on the 21st, but only Bitcoin showed a strong pullback. While other mainstream currencies have witnessed acceptable trading volume, their price lines are relatively low.

This week GT experienced five consecutive positives on the daily line level, showing obvious upward momentum. This performance is awesome!

Crypto Alerts

Vitalik Buterin: NFTs help improve the Web 3 experience

Ethereum founder Vitalik Buterin used soulbounds to explain the concept of NFTs in a blog post. Buterin believes that soulbounds helps make the game more challenging and interesting, ensuring that people cannot use money to purchase certain, powerful items. Additionally, these items can only be obtained after completing difficult missions, which further adds to the fun of the game. In the same sense, he believes that NFTs can open up new possibilities and help improve the experience of Web 3, a new iteration of the internet powered by blockchain technology. Note: soulbounds are items in the World of Warcraft, a popular multiplayer online role-playing game. Soulbounds cannot be transferred or sold once they are picked up.

Multichain makes its total transaction volume reach $50 billion

The cross-chain bridge protocol Multichain (formerly AnySwap) tweeted that total transaction volume has increased significantly from $10 billion to $50 billion over the past four months.

Grayscale lists 25 cryptocurrencies as items under investigation and plans to add them to digital assets

An official announcement from Grayscale stated that “Assets under consideration” lists some digital assets that are not currently included in Grayscale’s investment products. However, as part of their exploration of the crypto space, these digital assets have been brought to their attention. And their team has identified them for potential inclusion in future investment products. With the latest update January 2022, they have added one more asset to the product family and 25 more assets to the Assets under consideration column (e.g. ZRX, 1INCH, AVAX, AXS, ATOM, GALA, YGG, etc.) .
Note: This list is for illustrative purposes only, and not every asset will be made one of the investment products. Grayscale may explore other assets for inclusion in Grayscale products in addition to the assets listed in the asset table under consideration.

Market Updates

Apple CEO Cook says Apple “sees a lot of potential” in the metaverse and invests accordingly

Apple CEO Tim Cook said that the company saw great potential in the Metaverse on January 28. He also linked this to their current virtual reality (VR) and augmented reality (AR) projects, and said they are investing accordingly. Current leaks and rumors suggest that Apple will play a significant role in the Metaverse.

BlackRock looks to launch Crypto ETF focused on Blockchain

Global asset management giant BlackRock is planning an ETF focused on blockchain technology. The iShares Blockchain and Tech ETF will track investment results from the NYSE FactSet Global Blockchain Technology Index, according to a regulatory filing on Friday. The index consists of companies involved in the development and deployment of crypto technologies in the United States and abroad.

SEC rejects Fidelity's proposed spot Bitcoin ETF application

The SEC rejected Fidelity's Bitcoin spot ETF application, according to the latest SEC filing. The application aims to prevent fraud and manipulation and protect the interest of investors and the public. It is reported that the SEC rejected the Bitcoin spot ETF applications for both First Trust and Skybridge Capital last week on the same grounds.

YouTube Will Explore NFT Features for Video Creators

YouTube CEO Susan Wojcicki said recently that YouTube is exploring adding NFT features to its video creators. In her annual letter to creators, Susan Wojcicki wrote: "We have been focused on expanding the YouTube ecosystem to help creators take advantage of emerging technologies, including NFTs, while continuing to enhance the experience for creators and fans on YouTube.” A YouTube spokesperson declined to say more about the site’s NFT plans.

Global Headlines
Powell says will raise interest rates faster at every FOMC meeting

Fed Chairman Powell said he will raise interest rates faster at every FOMC meeting on January 27. There is plenty of room to raise interest rates, and the Fed is still discussing how to shrink its balance sheet.

Russian Finance Minister calls for crypto regulation, not restriction

Russian Finance Minister Ivan Chebeskov said that regulation of the cryptocurrency market will make it possible to protect citizens’ rights on January 25. He believed the top thing that should be done is to protect the interests of citizens, consumers of such services, those who buy these assets or use cryptocurrencies in some other process solutions. In this regard, in his opinion, regulation, not restriction, is needed. Regulation will make it possible to support transparency and thus protect citizens.

Kazakhstan cut off the power supply to Bitcoin mining companies due to power difficulties

On January 26, Kazakhstan stopped supplying power to Bitcoin mining companies due to power difficulties. When Central Asia such as Kazakhstan and Uzbekistan was suffering power difficulties recently, the Kazakh power company suddenly cut off the power supply to Bitcoin mining companies. This not only makes it difficult for Kazakhs, but also sends neighboring Uzbekistan into power trouble. According to the Cambridge Centre for Alternative Finance, Kazakhstan accounts for 18.1% of global cryptocurrency mining, ranking second after the United States.

IMF urges El Salvador to abandon Bitcoin as legal tender

On January 26, the International Monetary Fund (IMF) said that El Salvador's use of Bitcoin as an official currency is very risky and that it needs to pay close attention to the e-wallet Chivo and the Bitcoin’s ecosystem, according to a statement released on Tuesday. The International Monetary Fund is urging El Salvadoran authorities to abandon Bitcoin as legal tender.

Gate.io Weekly Blogs:
Microsoft Swoops In To Buy Activision Blizzard
Student’s selfies skyrocket to $1 million in the form of NFT
The Comparison and Application of The Metaverse and Web 3.0

Author: Byron. B & Charles. F & Cedar. W (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.