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Bitcoin Aims for $48K? BTC Reacts Upward to U.S. Inflation Report

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Bitcoin has seen some relief in the past couple of days with a 4.5% profit in 24-hours. The first crypto by market cap trades at $42,947, after climbing back from the lows at around $39,000.

BTC trends to the upside in the 1-hour chart. Source: BTCUSD Tradingview

Related Reading | TA: Bitcoin Bounces To $42K, Why BTC Could Recover To $43.5K

The recent bullish price action comes at the heels of the most recent Consumer Price Index (CPI) report published in the U.S.; the metric has become one of the top issues for investors around the world. Used to measure inflation in U.S. dollars, the CPI printed a 7% for December 2021.

The metric recorded a percentage below investors’ expectations and was mostly one of the reasons Bitcoin saw a quick recovery. However, it stood at a 40 year high suggesting the issue will remain a priority for financial institutions across 2022.

As seen below, individual inflation data paints a different picture with many sectors reaching double digits for their year-over-year periods. This includes medical care with 37.3%, transportation with 21%, and energy with 29.3%.

The whole inflation misery in one chart! US inflation of 7% is highest since 1980s. Monthly price increases come in higher than expected. Used cars, food, clothing drive price gains. (Chart via @MOstwald1) pic.twitter.com/mJOCun6UOK

— Holger Zschaepitz (@Schuldensuehner) January 12, 2022

Inflation has caused the U.S. Federal Reserve and its Chairman Jerome Powell to hint at tapering and an increase in interest rates. At the moment, inflation fears have been reduced, but could soon return to justify a shift in the financial institution’s monetary policy. According to Yuya Hasegawa, analyst for bitbank:

(…) if the CPI and PPI turn out to be higher than the market expects, they could rekindle inflation fear and, in turn, also justify the first-rate hike as early as this March. According to the CME’s FedWatch, almost 70% of the market participants are expecting the March rate hike, so bitcoin may be able to defend $40k in case of another sell-off, but it certainly is not the time for optimism in the short run.

Bitcoin, More Blood In The Short Term?

Therefore, the analyst believes $44,000 to $48,000 to operate as short-term important resistance levels. A break above the latter could push Bitcoin to the high of its current range, near $50,000, otherwise, the crypto could re-visit the lows, as it has been moving over the past weeks.

Data from Material Indicators indicates very little support for Bitcoin below its current levels. Over $12 million in bid orders are stacked in the $39,000 to $40,000, with around the same amount in ask orders around the $44,000 to $45,000 area.

Bid order for Bitcoin (price in blue) that could act as support near $40,000. Source: Material Indicators

This goes to show the uncertainty in the market, but with Bitcoin still holding on to some bullish price action. If the inflation metrics in the U.S. continue to trend to the downside or below investors’ expectations, the first crypto could resume its upside trend with more strength in the coming months.

Related Reading | President Bukele Predicts BTC At $100k With Hope That More Countries Adopt It As Legal Tender

Jan Wüstenfeld, analyst for CryptoQuant, wrote the following on the CPI and its potential impact on BTC’s price in the long term:

(…) if it (inflation) continues coming down in the next months this would be the perfect excuse for the FED to reverse its hawkish stance, which would be bullish for Bitcoin.

Source: Jan Wüstenfeld via Twitter

Source: newsbtc.com

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Next Earth Rises With $2.1 Million Raised From 3,100 Users

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Traditional and digital asset markets alike have been rattled in recent weeks with steep downturns. But for Next Earth, this is a time of fast-paced growth.

Next Earth’s NXTT token’s presale commenced on January 22 on Next Earth’s proprietary Launchpad platform, which provided a ticket-based system that the Next Earth community preferred for the token presale, in addition to the flexibility that enabled the most efficient and equitable distribution of tokens for the economy in the long-term. DEX trading started on January 27.

In total, 3,100 users participated in the presale, raising $2.1 million. More than 400,000 non-fungible tokens (NFTs) have been minted, which will be used to reward users for creating content and engaging with the platform.

Next Earth is the Earth’s original digital replica, which recently announced that its NXTT native token which is trading on Uniswap. After the initial trading on Uniswap, the plan is to list NXTT on multiple decentralized and centralized exchanges in the near future.

Creating a more sustainable economy

The crypto crash has actually been great for Next Earth. It’s shown that there is a real need for a platform like Next Earth that provides a more equitable and sustainable economy.

10% of the value of Next Earth transactions are donated to environmental initiatives such as The Ocean Cleanup, Kiss the Ground, SEE Turtles, and Amazon Watch.

Next Earth has a strong focus on sustainability, and it’s one of the things that makes our platform so unique. We’re excited to see how the community grows and evolves, as they’re committed to doing everything they can to make sure that it’s a positive force for good.

Beyond donating proceeds, Next Earth aims to ultimately evolve into a DAO-controlled, self-sustaining economy that gives back more than it takes. A DAO, or Decentralized Autonomous Organization, is an organization that is controlled by smart contracts on the blockchain, rather than by people.

Amidst a crypto crash, the metaverse stays strong

As every crypto trader knows all too well, the price of bitcoin and other cryptocurrencies have plummeted, with some dropping by more than 50 percent. But while some investors are cashing out, others are looking to the metaverse for stability.

The metaverse is a digital world that exists online and is populated by avatars representing real people. It is often compared to virtual reality, but the two are actually quite different. VR is a closed system that can be experienced only through a headset, while the metaverse is open to anyone with an internet connection.

The metaverse has been around for over a decade, but it has only recently begun to gain mainstream attention. This is largely due to the arrival of blockchain technology, which has made it possible to create decentralized virtual worlds.

Despite the crypto crash, Next Earth is still seeing strong growth, indicating that the metaverse offers more than just token prices. In a world where prices can swing wildly from one day to the next, the metaverse provides a safe and secure space where people can come together.

So while some investors are cashing out, others are looking to the metaverse.

 

Photo credit: Tiny Wasteland

Article: newsbtc.com

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Apple CEO Tim Cook Said: Apple Company Sees a Lot of Potential in the Metaverse

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Apple (NASDAQ: AAPL) CEO Tim Cook addressed the idea of the “metaverse.” In response to a question from Morgan Stanley (NYSE: MS) analyst Katy Huberty, Cook explained that Apple sees a “lot of potential in this space.”

Tim Cook said that the company sees a lot of potential in the metaverse, which he related to the company’s current AR/VR endeavors, and added that the company is investing in the space.

Leaks and rumors point to Apple taking on a major role in the virtual reality future …

Full story available on Benzinga.com

Original Source: benzinga.com

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Nike Is Hiring a Metaverse Director

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Nike (NYSE: NKE) is looking to enter the metaverse with new hires after Apple investing in Metaverse. It looks as though Nike is preparing to enter the metaverse, as the fashion giant is looking to hire a director of metaverse engineering.

Nike’s Technology Innovation Office (TIO) will “unleash the power of technology, innovation, and talent to deliver ground-breaking technology innovation products and services.”

The director of metaverse engineering will “lead the development of rapid end-to-end …

Full story available on Benzinga.com

Original Article: benzinga.com

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