We meet again this week to debrief the markets! The least we can say is that a lot has happened for Bitcoin and altcoins but before that, let’s review the news of the week.
Crypto exchange FTX.US to give away Bitcoin as a part of a Super Bowl ad.
Cryptocurrency exchange FTX.US will be giving away free Bitcoin as part of its upcoming advertising campaign at the Feb. 13 Super Bowl LVI. However, the amount of Bitcoin given away has yet to be determined because it will depend on what time the ad runs on the East Coast.
Source : https://cointelegraph.com/news/crypto-exchange-ftx-us-to-give-away-bitcoin-as-part-of-super-bowl-ad
NFT-powered start-up aims to revolutionize events and ticketing industry.
Scalping is a massive problem in the event ticketing industry. From touts and bots buying out events the second they go live to reselling tickets on the secondary market at exorbitant prices, both artists and fans are suffering from those taking advantage of the ticket markets for profit.
The problem is growing, and artists like Ed Sheeran have attempted to solve it to varying degrees of success. However, none of these solutions have worked, and an alternative is necessary to fix the scalping phenomenon. Fortunately for ticket holders of all sorts, one startup is offering a lifeline: SeatlabNFT.
Source : https://cointelegraph.com/news/nft-powered-startup-aims-to-revolutionize-events-and-ticketing-industry
Nasdaq will list Valkyrie’s ETF linked to Bitcoin mining firms on the 8th of February.
A spokesperson for Valkyrie told Cointelegraph that the firm’s Bitcoin Miners ETF will begin trading on the Nasdaq on Tuesday under the ticker WGMI. According to a Jan. 26 filing with the Securities and Exchange Commission, the investment vehicle will not offer direct exposure to Bitcoin (BTC), but at least 80% of its net assets will be through securities of companies that “derive at least 50% of their revenue or profits” from BTC mining or providing the hardware or software related to mining. The filing added Valkyrie would invest up to 20% of the ETF’s net assets in companies holding “a significant portion of their net assets” in Bitcoin.
It has been a very positive week for bitcoin with an increase of almost USD 10,000 for Bitcoin currently trading around USD 44,000.
As I’ve been saying for two weeks now, we remain in a bearish configuration in the medium term, at least for the time being, even though we have registered a very slight higher high at 46k. The short proposal given last week was unfortunately “stopped”.
The daily technical situation remains very positive with a MACD and WaveTrend that are well oriented towards the upside.
We can now expect a retracement around the USD 38,000-39,000 level.
For Ethereum the situation is a bit clearer than for Bitcoin!
Indeed, ETH did not manage to register a higher high and is currently trading in its resistance zone following the trajectory (white line) proposed last week and the one before.
Under these conditions, we must expect a retracement, at least until ETH has exceeded USD 3400.
This week we follow Chainlink once again just to follow-up with the long proposition from last week. LINK is now in the resistance zone and if the prices manage to stay there for a couple of sessions, we could open a long position to target USD 21 first and USD 24-25 just after.
To conclude this week’s article, let me remind you how dangerous the market can be, so never use too much leverage, always control your risk management and DYOR.
That’s it for this week, I’ll see you next Tuesday for a new recap!