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January 20, Bitcoin is trading in the range of $20,600 to $21,650. The reason for his winning streak may have to do with the market hitting its highest level of investor confidence since July. Meanwhile, institutional investors are the main drivers of Bitcoin demand.

Data released by crypto-analytics firm Santiment shows trading crowd sentiment hit its highest level in the past six months and its second-highest level of bullish sentiment in the past 14 months.

Bankruptcy of Genesis Global Capital

On the negative side, the institutional cryptocurrency brokerage Genesis Global Capital prepares to file for bankruptcy. This was seen as an important element to prevent any further gains in cryptocurrencies.

It is important to note that Genesis is now holding confidential conversations with a number of creditors.

The company has since issued a warning that it could potentially file for bankruptcy. Bitzlato Ltd., a Miami-based digital marketing agency, is accused of money laundering by the US Justice and Treasury Departments.

Additionally, founder Bitzlato was arrested in Miami and this was seen as another headwind that capped the gains in value of cryptocurrencies, including Bitcoin.

Hawkish Fedspeak and rising COVID-19 cases in China

Another factor hurting the cryptocurrency market was hawkish remarks from a number of Federal Reserve officials, as well as growing concerns about a possible recession this year.

It should be noted that the number of Cases of COVID-19 in China rose, raising concerns about its short-term economic outlook. This, combined with the possibility of a global recession this year, is now priced in by markets, particularly if the Fed continues to raise interest rates.

Additionally, previously released pessimistic US data shows that the US economy is slowing. U.S. retail sales fell the most in a year in December, while manufacturing output saw its biggest drop in more than two years.

Decline in sustainable energy use

The Bitcoin Mining Council recently released its Q4 2022 briefing, which revealed a current sustainable energy mix of 58.9%, down 0.5% from 59.4% in the prior quarter. Although the current sustainable rate of 58.9% is higher than the rate of 56% in Q2 2021, it is still slightly lower than the previous quarter.

Additionally, the Bitcoin network consumed “a minimal amount of global energy” and was also responsible for “negligible global carbon emissions”.

The hash rate has seen an increase of around 50%. Although it contributed to an increase in electricity consumption, the efficiency reduced the impact.

Global Crypto Market Mood

The global cryptocurrency market continued to rise and reached $976 billion thanks to institutional investors who are the long-term holders of the largest digital asset. However, the majority of cryptocurrencies rallied within the day.

On the other hand, the recent Bitlato crackdown seems to have had little effect on the cryptocurrency market. It is crucial to remember that any further development of this situation should be watched closely as it could have substantial effects on the crypto industry.

bitcoin price

Currently the price of Bitcoin stands at $20,947 after falling 0.69% in the last 24 hours, with a trading volume of $21 billion. Bitcoin’s immediate support level is near $20,630 and its 23.6% Fibonacci retracement.

If the downside breakout of $20,630 occurs, BTC price could be exposed to the next support level of $19,985, which marks the 38.2% Fib level.

Bitcoin price chart – Source: Tradingview

However, Bitcoin has formed a series of doji patterns and rotating candlesticks that hint at investor indecision. BTC might rise to the $21,200 level.

An upside break of this level has the potential to trigger a break above $21,600 and drive BTC towards the $22,000 mark.

3 pieces to watch during the presale

Investing in altcoins can be rewarding for investors, who will be able to collect coins before they are released. Here are some pieces that are making headlines these days.

FightOut (FGHT)

Fight Out is a practical and economical way to stay in shape. By purchasing their FGHT tokens, you can access expert personal training services at low cost, allowing even those on a tight budget to reap the benefits of exercise.

The FGHT presale was a huge success, raising a whopping $3.08 million. All avatar-related activity has been documented, giving you a great resource to judge your actions. You only have a limited time to get 60.06 FGHT for every dollar spent (in ETH or USDT).

Additionally, market predictions indicate that FGHT prices will rise as the selloff continues, so act fast and seize this opportunity.

Visit FightOut now

C+Load (CCHG)

C+Fees launches a revolutionary blockchain-based payment system for owners of electric vehicles. When charging for the first time, users will receive carbon credits, with the ultimate goal of significantly reducing greenhouse gas emissions.

This game-changing technology has the potential to completely transform the long-established carbon credit market, which has been heavily dominated by a small group of people. It creates a level playing field and allows many companies to participate in this sector.

The Voluntary Credit Market (VCM) is expected to grow to an impressive $100 billion by 2030. C+Charge, a market leader in this space, is taking the lead and successfully raised over $335,000 in its pre-sale , indicating that the industry is developing rapidly.

Visit C+Charge now

Meta Masters Guild (MEMAG)

The Guild of meta-masters grew tremendously, going from $200,000 to $550,000 in just a few days. This phenomenal rise suggests that the public has placed a high level of confidence in the future expansion of the company and its ability to generate profits. Meta Masters Guild will release its first mobile game in Q3 2023.

MEMAG, their own cryptocurrency, allows users to exercise governance rights, engage in staking activities, and purchase items and NFTs on the network. Additionally, they intend to develop play-to-earn and Web3 games to provide even more interesting gaming experiences.

Early investors have a limited window of opportunity to participate in the MEMAG sell, which currently provides 1 MEMAG for $0.01.

However, this price is expected to rise in less than two weeks, so interested buyers should act quickly if they wish to secure the currency at the lowest possible price. Don’t miss this incredible deal, which has seven phases!

Visit Meta Masters Guild Now

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Cryptocurrency Price Tracker – Source: Crypto news

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