Bitcoin and Ethereum Price Predictions: Buying Opportunity with ETH 5% Drop?

Bitcoin and Ethereum have failed to maintain the momentum they have received, climbing above $23,000 and $1,600 respectively. Their withdrawal impacts the overall value of the cryptocurrency market as it declined by 3.52% to a total of $1 trillion.

Since the beginning of 2023, the cryptocurrency markets have been on the rise, with the value of bitcoin increasing by more than 40% in recent weeks. However, Bitcoin’s upside seems to be fading as it has started falling below $23,000.

However, this recent downward trend may be due to reports indicating an increase in cryptocurrency scams over the past year, with about $1 million stolen from the Swift Current and Maidstone communities alone.

Similarly, traders appear to be hesitant to place strong bids ahead of US economic growth data due this week. Market attention is now focused on fourth-quarter US GDP data due Thursday, which could set the tone for the Federal Reserve’s Jan. 31-February 1 policy meeting.

The Fed is expected to raise interest rates by 25 basis points at its meeting next week, according to most investors’ forecasts.

If there are signs that the US economy is slowing down and the Fed soon pauses the tightening cycle and cuts interest rates, then the value of cryptocurrencies could rise.

The Rise of Cryptocurrency Fraud

According to the Saskatchewan State Police in Canada, the Swift Current and Maidstone areas lost almost $1 million due to an increase in cryptocurrency scams last year. Swift Current police received complaints from 105 citizens that they were the victims of fraudulent phone calls, some of which involved bitcoin.

According to sources, the scam cost victims in the area a total of $360,000. Police say that in the Maidstone area, victims lost a total of $570,000 as a result of 37 allegations of cryptocurrency fraud.

It should also be noted that the scammers have used a variety of methods, including misleading advertising, authority scams, and fake training sessions supposedly teaching people how to trade cryptocurrencies.

In addition, the Federal Bureau of Investigation reported that two North Korean-linked cyber-organizations, Lazarus Group and APT38, were responsible for the theft of $100 million from U.S. crypto company Harmony’s Horizon in June.

Binance gives Bitzlato $346 million

Binance processed about $346 million worth of bitcoin for the Bitzlato digital currency exchange, whose creator was arrested by US authorities last week on suspicion of running a money laundering scheme.

According to the U.S. Department of the Treasury Financial Crime Enforcement Network (FinCEN), Binance, the world’s largest cryptocurrency exchange, was one of Bitzlato’s top three counterparties by number of bitcoins received between May 2018 and September 2022.

This news has had little impact on the cryptocurrency market so far, but it should further tarnish Binance’s reputation.

ARK Invest CEO Predicts Cryptocurrency Growth

According to the CEO of ARK Invest, a cryptocurrency and technology investment company, the value of crypto assets will rise significantly this year due to lower inflation and changes in the Fed’s monetary policy.

Unleashing the Potential of Bitcoin Micropayments for Content Platforms

Another factor that could support the cryptocurrency market is news that cryptocurrencies are gaining momentum in a number of areas, including allowing users to micro-monetize their shares.

ZEBEDEE, a financial services provider, and Fountain, a value-added podcasting platform, announced a new partnership on January 24 to allow podcast listeners to make Bitcoin (BTC) micropayments.

At the same time, the integration of connecting debit and credit cards, facilitated by the partnership with ZEBEDEE, allows customers to benefit without prior knowledge of cryptocurrency.

bitcoin price

Bitcoin is currently valued at $22,750 with a 24 hour trading volume of $27 billion. Bitcoin has dropped almost 1.50% in the last 24 hours. Its market capitalization is $437 billion.

Bitcoin fell to the support level at $22,325 and the doji candles closing above this level indicates that a bullish rebound is still possible.

On the other hand, the nearest resistance level for Bitcoin is $23,250 and a break above this level could lift BTC to the $23,900 and $25,150 levels.

Bitcoin price chart – Source: Tradingview

On the other hand, a break below the $22,325 level could extend the selling trend until the $21,500 barrier is reached. If Bitcoin then falls below $21,500, its price could rise to $20,450.

Ethereum price

Ethereum is currently trading at $1,555 and is down 5% in the last 24 hours for a total trading volume of $9.1 billion. Its real-time market capitalization is $189 billion.

On the other hand, ETH should face immediate resistance at $1,600, and a break above that could open up opportunities for ETH at $1,675.

Ethereum price chart – Source: Tradingview

On the 4-hour time frame, ETH/USD broke the rising channel at $1,600 and a close below that level triggered further selling, temporarily lowering the price to $1,525.

On the other hand, an extended break below this $1,525 level could open up opportunities for a price move to $1,445.

3 cryptocurrencies to pay attention to during the presale

Investing in cryptocurrencies can be profitable for investors who can collect tokens before they are officially released. Here are some cryptocurrencies that are making headlines these days.

Wrestling (FGHT)

The Fight Out (FGHT) platform works in the same way as a personal sports trainer, except that the FGHT token is a reward issued for training. All actions are recorded and can be used to improve his metaverse avatar’s statistics. The ability to earn FGHT tokens gives people an extra incentive to stay healthy and exercise while taking advantage of blockchain technology.

Despite the general lack of liquidity in the cryptocurrency market, Fight Out was successful and attracted investors. Through the token sale that began last week, the company has already raised over $3 million. The current sell price is 60.06 FGHT per $1 (FGHT can be purchased with ETH or USDT) for another 5 days and 20 hours and will increase as the sale progresses.

C+Load (CCHG)

C+Charge (CCHG) is a peer-to-peer payment system based on Binance Chain for electric vehicle (EV) charging stations. Its goal, due to begin in the second quarter of next year, is to expand access to carbon credits by rewarding consumers who charge their electric vehicles at its terminals.

Forecasters say the project has potential as it will benefit from the expected significant development of the carbon credit market. Coherent Market Insights estimates that the market will be worth more than $2.4 trillion by 2027, up from about $211.5 billion in 2019.

For C+Charge, the ability to earn carbon credits is an additional incentive to accelerate the already rapid transition to electric vehicles. The Voluntary Credit Market (VCM) is expected to reach $100 billion by 2030, and analysts believe startups like C+Charge will play a big role in this expansion. The presale has raised $335,000 so far.

Meta Masters Guild (MEMAG)

The Meta Masters Guild, a mobile-focused gaming guild that will create a mix of web3 games and money-making games, begins presale today. Its Ethereum-based games will include playable NFTs as well as rewards that can be exchanged for MEMAG, the company’s own token, which can then be staked and sold. It will be available in seven stages, the first of which is now offered by MEMAG for $0.007.

Even before MEMAG’s IPO, this price will gradually rise to $0.023, a 228.5% increase for early investors. Meta Masters Guild is expected to grow rapidly when the first game for the platform (Meta Kart Racers) is released in the second quarter of this year.

Don’t miss this opportunity: the second phase of the sale has begun and MEMAG has already raised $1,000,000 out of a total of $1,120,000.

Find the best price to buy/sell cryptocurrency

Cryptocurrency price tracking – Source: Cryptonews

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