Bitcoin (BTC) Price Drops, Important Developments in Cardano (ADA) and More: January 22 Bit Summary
TL;DR
- Bitcoin’s price fluctuates following approval of spot Bitcoin ETFs in the US; Experts have put forward various future value estimates.
- Shiba Inu is seeing a significant increase in burn rate as millions of tokens are removed from circulation.
- cardano outperforms Ethereum in whale daily transactions and another area.
Fussy approval The appearance of the first spot Bitcoin ETFs in the United States on January 10 caused significant fluctuations in the price of the cryptocurrency. It rose to nearly $49,000 on January 11 but soon fell below the $45,000 level. Over the past few days, BTC has been trading between $40,000 and $42,000 (according to CoinGecko data).
Despite the ongoing bearish trend, several prominent figures remain optimistic that the coming months and years will be prosperous for the asset. Robert Kiyosaki, a well-known investor and author of the bestselling book “Rich Dad, Poor Dad,” recently guess BTC is heading towards the $150,000 mark.
Fundstrat’s Tom Lee and popular X (Twitter) user PlanB were even more optimistic. Old guess He said Bitcoin could explode to $500,000 in five years. plan b requested The stock-to-flow model predicts a price of $532,000 after the halving.
On the other hand, skeptics like Peter Schiff predicted further declines for Bitcoin. Economist recently well-groomed He said Gary Gensler (Chairman of the US SEC) welcomed spot ETFs after being “backed into a corner”. As such, he expects it to soon implement “heavy new crypto regulations” that could increase the cost of BTC transactions and negatively impact the price of the asset.
Those wondering whether Bitcoin has a chance to improve this year and reach an all-time high can check out our exclusive video below:
shiba inu Burn Rate
Burning rate of meme money last week rose rapidly There was a 3,000% increase on a daily scale, resulting in more than 30 million tokens being removed from circulation.
Today’s figure (January 22) is also impressive. More than 53 million assets purchased, according to Shibburn destroyed in the last 24 hours.
Reducing the massive circulating supply of SHIB is expected to make it scarcer and potentially more valuable over time. However, its price has been on a downward trend lately, dropping almost 5% in a week.
Cardano’s Achievements
Cardano has been on a massive rise lately, surpassing Ethereum in two areas. Like CryptoPotato reportedCardano whales processed an average of $13 billion in massive daily transactions on a weekly basis. His opponent’s figure was 5 billion dollars.
Additionally, Cardano witnessed an NFT sales volume of over $7.6 million last month. Ethereum continues to lead with $350 million, but this is actually represent 20% decrease on a 30-day basis.
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