Trading at $48,747 with a 1.1% profit in the past day, Bitcoin remains rangebound. The first crypto by market cap has been unable to break from the $45,500 to $49,500 channel in the last 7-days, but a combination of factors could increase volatility soon.
BTC moving sideways in the 4-hour chart. Source: BTCUSD Tradingview
Related Reading | TA: Bitcoin Gains Momentum, Why Rally Isn’t Over Yet
NewsBTC has been reporting on the possibility of a short squeeze for Bitcoin. The recent price action was most likely the result of the post-crash as the market needed time to form a range, and institutions de-risked their positions.
Large players are now potentially sitting in big piles of cash and looking to front-run Bitcoin’s next trend. This moved seems likely to come at the end of December due to the massive number of options that will expire right before the start of 2022.
Investment firm QCP Capital is one of the defenders of the short squeeze thesis for BTC. During the past weeks, the firm has only seen their conviction on this theory strengthen as market participants continue to trade Bitcoin’s current channel.
Due to the increase in options selling, the reduction of liquidity during the holidays, and the complacency in the market, QCP Capital said:
We maintain our view that there will be a squeeze (likely to the topside) as liquidity thins out into the holidays and into 2022. If this happens, owning wings (far strikes options) would be very profitable.
Bitcoin To Break $100,000 In Q1 2022?
Other experts agree with QCP Capital’s thesis, such as the CEO and CIO at Three Arrows Capital Zhu Su. Admitting that he has “not owned this much” Bitcoin since Q4, 2020, before the cryptocurrency rally into $60,000, Su claimed “conditions for gamma squeeze are potent”.
When asked what the potential targets for Bitcoin in the next months and a short squeeze scenario are, and whether BTC’s price will be able to replicate last year 3x rally from $20,000 to $60,000, Zhu Su replied:
3x is harder given current mcaps. I think 45 to 90 is pretty doable next few weeks and then opens up 135 in q1-q2.
Related Reading | Bitcoin Drops To $46k As $44.2 Million In BTC Gets Dumped Within 1 Min
If volatility break in favor of the bulls in the days after Christmas as a result of a Santa Rally, as our Editorial Director Tony Spilotro wrote, traders could be looking at “an indicator for what may happen in the coming year”. Thus, why the next day will be decisive for BTC.
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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