Bitcoin continues with its crab-like price action as it moves around $45,000, and $50,000. As of press time, BTC’s price trades at $46,854 with 4.2% losses in the last day.
Related Reading | TA: Bitcoin Fails Again, Can Bulls Save The Day?
BTC is on a downtrend in the 4-hour chart. Source: BTCUSD Tradingview
Operators seem to expect more profits in the short term as Bitcoin has historically seen gains at the end of every year. However, BTC’s price could remain rangebound for at least early 2022.
After December 3rd crash into the lows at current levels, Bitcoin has struggled to maintain stability and has seen an increase in volatility. This could be the result of the violent move to the downside.
In the coming weeks, data from Jarvis Labs suggest BTC’s price could regain some stability. The firm shared some indicators and their predictions for what could be in play as the year wraps up.
According to Jarvis Labs Wealth Multiplier, a metric used to measure the period when buyers choose to cash in their funds at a loss or profit has been recording higher lows as it diverges with BTC’s price suggesting appreciation. This dynamic could be pointing at less volatility for Bitcoin.
Source: Jarvis Labs via Twitter
This matches with Jarvis Labs’ Price versus Circulation Ratio indicators which suggest the BTC has been very active in the past months. Standing at around 0.3, this metric needs to bottom at around 0.2 if the bulls want to reclaim momentum, as at the beginning of 2021.
At that time, the Price versus Circulation Ratio was also coming in from a high above 0.3 in Q4, 2020, and made a sharp drop as the end of the year approached. This led to a massive rally in the subsequent months.
The firm also records an increase in its accumulation pattern indicators suggesting retail investors have been buying the dip in the past 7 days. This metric also suggests large investors have been more active at current levels.
Related Reading | Data Shows Bitcoin Short-Term Holders Realizing Significant Losses
More Blood Before Further Gains For Bitcoin?
Moving on to the derivative sector, Open Interest across the board was smashed during the last crash. Jarvis Labs records a significant drop in their OI/Market Cap ratio for Bitcoin suggesting a reduction in leverage positions.
Source: Jarvis Labs via Twitter
In past months, the market was over-leverage and susceptible to liquidation cascades, when BTC’s price moved quickly to either direction. This is always an obstacle for bullish momentum continuation as Bitcoin is less free to climb into uncharted territory. Jarvis Labs said:
If this (Open Interest/Market Cap) starts rising while the price consolidates, that will likely be bullish due to a short squeeze possibility.
As NewsBTC reported, this scenario seems like the most plausible given current market conditions and low resistance at upper levels until $53,000. At this price, as Jarvis Labs claimed, a lot of short-term holders realized profits and it must be flipped into support for a convincing bounce.
Related Reading | Bitcoin Heads For Short Squeeze? Why ETH Could Outperform In This Scenario
Jarvis Labs still believes funding rates across exchanges, especially on Binance, must turn negative before a fresh rally get enough fuel. Thus, why Bitcoin could still see some downside in the short term and a red Christmas. The firm added:
BTC sits below Short-term holder price (53k) and that level needs to be recovered soon. Chop market for now. Potential route for BTC is 49k ->42(44k) ->54k.
Original Post: newsbtc.com
Next Earth Rises With $2.1 Million Raised From 3,100 Users
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
Apple CEO Tim Cook Said: Apple Company Sees a Lot of Potential in the Metaverse
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 …
Original Source: benzinga.com
Nike Is Hiring a Metaverse Director
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 …
Original Article: benzinga.com
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