Dear Teroxx Community,
This week we saw a digital asset market which experienced a support formation but did not show volatile movements.
Weekly overview
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Over the next six months, IOTA will try to meet the targets set by the EU to reach the next phase of the funding program. The IOTA Foundation, which is largely responsible for the development of the eponymous Internet-of-Things (IoT) blockchain platform IOTA (MIOTA), officially announced this week that it has been selected by the European Commission as one of five companies to advance the development of blockchain and distributed ledger technologies (DLT). Depending on the results achieved over the next six months in Phase 2A, three of the five selected companies will be selected for the next phase. In this, the European Commission will then test the practical use of the newly developed infrastructure. Last September, IOTA was one of seven companies selected for the previous phase of the EU Blockchain funding program.
New data shows that Bitcoin (BTC) miners are holding more coins than they have in five months. This could be a new signal that there is no selling at current levels.
On-chain analytics firm Glassnode analyzed its indicator of position changes among miners on Jan. 11 and confirmed what popular Twitter user Bitcoin Archive also noted: There is a “massive” accumulation among miners at the moment.
In each of the last five days, miners have accumulated over 5,000 BTC per day. However, this accumulation began before the all-time high of $69,000 in November.
On-chain analytics service CryptoQuant shows that BTC miners have clearly settled in well in their new regions since migrating from China in May.
BTC reserves totaled 1.859 million BTC on Monday. The last time such a level was reached was in late 2020, when BTC/USD surpassed its old all-time high of 2017.
The majority of crypto investors in the U.S. entered the crypto market only last year,as a new study shows.
According to the corresponding survey, nearly 70% of American crypto investors first invested in cryptocurrencies such as Bitcoin (BTC) only in 2021. This is according to the Crypto Perception Report 2022 of the major crypto exchange Huobi.
The trading platform asked about 3,100 U.S. adults in mid-December about their knowledge, opinions about cryptocurrencies and the record high of 2021.
In the process, 68% of respondents said they had only been exposed to cryptocurrencies in the last year, while 21% started about two years ago. Only 12% of respondents have been investing for almost four years, while only about 9% have been doing so for more than four years.
Technical term of the week
Miner Accumulation: Describes a situation in which miners do not sell their rewards (new Bitcoins) but hold them. This often leads to a shortage of supply and in the long run prices develop positively / stabilized.
Crypto Market
Bitcoin and most other digital assets rank slightly above last week’s price levels. However, no strong positive trend could be started after support formation was successful for the time being. Bitcoin continues to rank in the trend channel between ~$40,000 – ~$45,000 and thus continues to show little volatility. Most altcoins also saw similar developments and could only act positively selectively.
Bullish outlook: $45,000 pushed through as resistance would make the market bullish again and provide positive market sentiment.
Bearish outlook: Continues that a loss of $40,000 as support would have a negative impact on the fundamental market structure.
