Dear Teroxx Community,
This week we saw a market of digital assets, which did not experience any significant price changes. Thus, the low volatility continues.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Digital Asset News
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD climbed above $19,500 just before the close of the week.
While this $300 increase was modest, it clearly shows how much the price has stagnated. Bitcoin was finally stuck in a range for quite a while.
Twitter account On-Chain College, meanwhile, noted that even such an hourly increase triggered a comparatively large number of liquidations, setting a multi-day record.
“Around $6 million in bitcoin short liquidations in the last hour. That’s the most short liquidations in 10 days.”
XRP has gained considerably over the past month, likely largely due to crypto investors becoming more confident that XRP issuer Ripple will win its important lawsuit against the U.S. Securities and Exchange Commission (SEC).
An example of this is that the XRP price has gained a whopping 25% in 30 days after both parties to the dispute requested a ruling from the relevant court as soon as possible.
The favorable starting position for XRP in the technical analysis is supported by other positive indicators from the on-chain data, as they suggest accumulation.
First and foremost, the average “Coin Age” – that is, the average age of all available currency units in relation to their respective purchase price – has been on the rise again since September, according to Santiment’s data. This suggests that Ripple investors are currently holding their XRP again to a greater extent instead of selling them off.
For more than a year, the Eastern European country of Kazakhstan has surprisingly been able to consolidate its position as the third-largest producer of Bitcoin after knocking Russia off the podium in February 2021.
As of January 2022, Kazakhstan now contributes a whopping 13.22% to the global hashrate of Bitcoin, ranking just behind the two market leaders, the United States (37.84%) and China (21.11%). The Cambridge Centre for Alternative Finance estimates that Kazakhstan’s absolute contribution to the hashrate (on a monthly average) is about 24.8 exahashes per second (EH/s). The U.S. and China, in turn, come in at 71 EH/s and 39.6 EH/s, respectively.
Technical term of the week
Listing: The process describes the inclusion of a coin or token on an exchange so that it can be traded there. A listing is of significant relevance for most companies with their own coin or token in order to ensure long-term development.
Digital Asset Markt
Bullish outlook: With positive global markets, a small rally to ~$21,000 could follow.
Bearish outlook: With neutral / slightly negative global markets, support levels at ~$18,500 could be tested.