BTC at 3-Month Low on Fed Balance Sheet Reduction Plans (Weekly Recap)

The first week of 2022 is beginning off quite dramatically for Bitcoin and the remainder of the cryptocurrency market, the full capitalization of which is down about $240 billion in seven days. This comes because the US Federal Reserve revealed plans to begin lowering its stability sheet, which can begin as quickly as the following a number of months.

It’s secure to say that the Bitcoin value has seen higher days. Down about 12.5% since this time final week, BTC at present trades at round $41,400. For nearly all of the time all through the previous seven days, the cryptocurrency was chopping sideways, however then on January sixth, issues took a flip for the more severe when the value dropped in the direction of $46K. Bears weren’t accomplished but, and right this moment the value appears to be headed decrease, having dipped under $41K.

The market sentiment is at present in a state of maximum worry, in accordance with the Bitcoin Fear and Greed Index, which is at its lowest level since July final yr. This is blatantly mirrored on the charts because the broad majority of cryptocurrencies within the high 20 is in crimson, excluding solely Chainlink (up 25.8%) and ATOM (up 43%). Ethereum is down 15.5%, BNB – 14.1%, Solana – 20.8%, ADA – 10.8%, DOT – 9.2%, and so forth.

Elsewhere within the cryptocurrency market, although, issues are trying extra promising and optimistic. The area of non-fungible tokens (NFTs) continues to growth with a latest announcement of Samsung diving in. The tech behemoth will probably be getting into the metaverse by the favored challenge Decentraland (MANA). OpenSea – the largest NFT market – closed one more funding spherical which introduced its whole valuation to a whopping $13 billion, clearly demonstrating the traders’ urge for food.

In any case, it’s very attention-grabbing to see how issues will form up within the coming days and in 2022 altogether. Will we see a deeper correction, or will the business develop much more than in 2021? Only time will inform.

Market Data

Market Cap: $2,072B | 24H Vol: 180B | BTC Dominance: 39.9%

BTC: $41,320 (-12.5%%) | ETH: $3,129 (-15.5%) | ADA: $1.21 (-10.8%)

This Week’s Crypto Headlines You Can’t Miss

third Largest Bitcoin Whale Swallows Another $24M Worth of BTC During the Dip. The third-largest Bitcoin deal with has purchased one other 551 BTC whereas the value was declining at a mean level of $45,219. This week alone, the entity has gathered over 1,000 BTC.

Samsung Dives Deeper into Metaverse Using Decentraland (MANA) Capabilities. The Korean-based tech large, Samsung, has launched a brand new characteristic that will permit its purchasers to attend dwell music occasions just about by the metaverse. In doing so, the corporate has chosen Decentraland to construct its venue.

Extreme Fear: Bitcoin Fear and Greed Index at Lowest Point Since July 2021. The Bitcoin Fear and Greed Index, which measures the general market sentiment accumulating numerous knowledge factors is at its lowest since July 2021. According to it, the present sentiment is excessive worry.

Airbnb CEO Dabbles With Adding Crypto Payments in 2022. The CEO of Airbnb took it to Twitter to seek out out any potential options that its clients need to see launched in 2022. The majority of respondents stated cryptocurrency, and the high-ranking government teased potential integrations.

OpenSea Valuation Grows to $13.3 Billion Following a $300 Million in Series C Funding. OpenSea – the main non-fungible tokens (NFTs) market – has raised $300 million in a funding spherical led by Paradigm and Coatue. This places the corporate’s whole valuation at $13.3 billion.

Bored Ape Yacht Club Surpasses $1 Billion in Total Traded Volume on OpenSea. One of the preferred NFT collections – the Bored Ape Yacht Club – managed to surpass $1 billion in whole traded quantity on OpenSea this week. The present flooring value sits at 68 ETH, which is increased than the ground value of the famed Crypto Punks.

Charts

This week we now have a chart evaluation of Ethereum, Binance Coin, Cardano, Solana, and Luna – click on right here for the complete value evaluation.