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20 wild attempts to create crypto micronations or communities

From repurposed cruise ships like MS Satosh, to the blockchain governed Liberland and Satoshi Island, crypto fans are trying to create utopian new communities built around new rules.

Bitcoin 7-month high 'dominance' has BTC price eyeing $25K — Will Ethereum spoil the rally?

Bitcoin (BTC) is rapidly regaining its lost dominance in the crypto market so far into 2023.

On Jan. 30, Bitcoin accounted for 44.82% of the total crypto market capitalization, the highest since June 2022. In September 2022, Bitcoin's dominance index was as low as 38.84%.

The index typically rises when most crypto investors reduce their exposure to smaller tokens and seek safety in Bitcoin. The reasons include Bitcoin's better liquidity and lower volatility than alternative cryptocurrencies, or altcoins, primarily in a bear market.

Bitcoin's market dominance to grow further?

As of Jan. 31, Bitcoin is up 38% year-to-date (YTD) at around $23,000. In comparison, the second-largest cryptocurrency, Ether (ETH), gained 30% in the same period, showing most investors remain gravitated toward Bitcoin so far in 2023.

From a technical perspective, the Bitcoin dominance index may rise further in the coming weeks as it reclaims its 50-week exponential moving average (the red wave in the chart below) as support.

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Top 5 Bitcoin documentaries to add to your watchlist

Bitcoin documentaries can serve as a tool for advocacy, helping to promote the adoption and acceptance of Bitcoin and other cryptocurrencies.

ADA-backed algorithmic stablecoin Djed launched on Cardano

The algo-stablecoin Djed from DeFi service provider COTI deployed on the Cardano mainnet after its successful security audit.

Bitcoin sees most long liquidations of 2023 as BTC price tags $22.5K

Bitcoin (BTC) swapped bullish gains for chop into Jan. 31 as the end of the month saw nervous price action.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$46 million of longs liquidated

Data from Cointelegraph Markets Pro and TradingView tracked a less confident BTC/USD as it briefly wicked to just above $22,500 on Bitstamp overnight.

A rebound saw the pair flip $23,000 to short-term resistance, and was still trading below that level at the time of writing.

The stakes remained high for traders, long and short, with the monthly close just hours away. This was followed by interest rate decisions from the United States Federal Reserve on Feb. 1, along with the European Central Bank a day later.

With volatility likely lying in wait, liquidations mounted despite Bitcoin maintaining a fairly narrow trading range.

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Bitcoin price is up, but BTC mining stocks could remain vulnerable throughout 2023

Bitcoin mining stocks usually follow BTC’s price because it directly influences the company's earnings. These stocks were beaten down heavily in the last quarter of 2022, especially in the month of December. The downturn after FTX's collapse worsened with the bankruptcy filings of the largest U.S.-based Bitcoin mining company, Core Scientific.

During this time, other mining stocks, like Marathon Digital Holdings (MARA) in the chart below, exhibited a weak correlation with Bitcoin’s price, suggesting that December’s downturn was probably overblown.

MARA/USD price chart with MARA-BTC Correlation Coefficient index. Source: TradingView

The negative trend reversed at the start of 2023 as most mining stocks posted impressive gains. The Hashrate Index mining stock index, which tracks the average price of publicly listed mining and hardware manufacturing companies, increased by 62.5% year-to-date. The positive price spike also restored the strong correlation between BTC price and mining stocks.

However, the mining industry remains under stress, with low-profit levels expected for prolonged periods. Since Q2 2022, mining companies have funded operations selling BTC from reserves, selling newly mined BTC, raising debt and issuing new shares. Unless Bitcoin’s price consolidates above $25,000, the industry will likely witness a few takeover attempts or further treasury sales to pay off debt.

Some mining companies are operating at a loss

Currently, the top mining companies' price-to-earnings (PE) ratio is negative, suggesting that they're operating at a net loss, making their stock prices vulnerable to steep downturns.

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Digital asset investment products see highest inflows since July 2022: Report

According to CoinShares, digital asset investment products saw $117 million in inflows last week.

Bitcoin price pares weekend gains as another CME ‘gap’ lurks below $20K

Bitcoin (BTC) struggled to maintain bullish momentum on Jan. 30 as the countdown to the monthly close kept the market nervous.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price sees flash dip below $23,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD coming off its latest highs at just below $24,000 on the day.

These, while Bitcoin’s best performance for nearly six months, encountered problems with staying power as the week began, with pre-Wall Street trading seeing a brief trip below $23,000.

At the time of writing, Bitcoin traded at around $23,250 as United States equities limped into the final few days of January.

Among the topics of interest for analysts was the CME Bitcoin futures gap from the weekend getting swiftly “filled” by spot.

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Best January since 2013? 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a key week with a familiar cocktail of price spikes mixed with fear that the bear market will return.

After sealing its highest weekly close in almost six months, BTC/USD remains over 40% up year-to-date, with the monthly close just 48 hours away — can the gains hold?

Against all odds, Bitcoin has rallied beyond expectations this month, making January 2023 its best in a decade.

Throughout, concerns have called for an imminent comedown and even new macro BTC price lows as disbelief swept the market.

That grim turnaround has yet to come to fruition and the coming days could yet turn out to be a crucial period for Bitcoin’s long-term trend.

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Ordinals protocol sparks debate over NFT's place in the Bitcoin ecosystem

The community has been divided as to whether the NFT-like "digital artifacts" are the right fit for the Bitcoin ecosystem.

Secret Network validator shuts down nodes after leadership turmoil

An internal conflict at the privacy-focused Secret Network has resulted in at least one validator throwing in the towel.

Monkey Drainer-linked scammers possibly exposed after an on-chain quarrel

The scammer referred to their pseudonym during a blockchain message argument which may have revealed their actual identity, according to CertiK.

Bitcoin stays out of fear for 11 straight days as price tips near 24K

Bitcoin's huge price surge in January has meant that 64% of Bitcoin investors are in profit, according to data from IntoTheBlock.

LTC, AVAX, APT and FTM prepare to rally as Bitcoin price targets $24K

Bitcoin (BTC) has rallied nearly 40% so far in January, which is the best start to the year since 2013. The sharp up-move has turned several on-chain signals bullish, according to on-chain analyst Cole Garner.

Usually, a sharp recovery from the market lows, driven by the leader, is a sign that strong hands may be buying aggressively. That could be because traders believe the selling may have been overdone in the near term or they found the valuation to be attractive.

Crypto market data daily view. Source: Coin360

After the initial runup, a swift correction could be expected, which will shake out the weak hands. The next fall will also confirm whether Bitcoin has formed a bottom or not. If the low is confirmed, several altcoins may start to outperform Bitcoin in the near term.

Which altcoins are showing promise in the near term? Let’s study the charts of Bitcoin and select altcoins to see which could extend their up-move in the next few days.

BTC/USDT

Bitcoin has been trading above $22,800 since Jan. 25, which suggests that bulls are trying to flip the level into support.

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Bitcoin eyes $25K as BTC price nears best weekly close in 5 months

Bitcoin (BTC) spiked into key liquidity for a third time into Jan. 29 as the weekly and monthly closes loomed.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Trader on Bitcoin: $25,000 "in sight"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD briefly hitting $24,498 on Bitstamp overnight.

The move, although short lived, marked the pair's third such attempt to take sell-side liquidity above $23,400 in recent days.

In each instance, bulls appeared to lack momentum to reclaim new support levels, and at the time of writing, the status quo remained the same, with Bitcoin trading just below liquidity at $23,250.

BTC/USD order book data (Binance). Source: Material Indicators/ Twitter

Previous order book data from Binance uploaded to Twitter by monitoring resource Material Indicators demonstrated the firepower needed to neutralize bears.

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Yuga Labs co-founder to take leave of absence due to health reasons

Aronow said he will still be contributing as a board member and strategic advisor. However, his priority will be to get the best medical treatment he can to make a full recovery.

FTX creditors list, BlockFi $1.2B exposure and new Celsius token: Hodler’s Digest, Jan. 22-28

FTX will be the subject of a U.S. Senate hearing, authorities take HashFlare founders into custody and New York finalizes its PoW ban.

FTX creditors list, BlockFi $1.2B exposure and new Celsius token: Hodler’s Digest, Jan. 22-28

Top Stories This Week

FTX creditor list shows airlines, charities and tech firms caught in collapse

The complete list of creditors owed money by the bankrupt cryptocurrency exchange FTX has been released, revealing a wide range of global companies. Among the potential creditors are airlines, hotels, charities, banks, venture capital companies, media outlets and crypto companies, along with United States and international government agencies. According to another headline regarding the FTX scandal, U.S. federal prosecutors allege that Sam Bankman-Fried invested $400 million in the venture capital firm Modulo Capital with money from the FTX’s customers. Investigators allege that Modulo was likely built with criminal proceeds or misappropriated funds. Lawyer costs in the case are estimated to reach hundreds of millions of dollars before the firm’s bankruptcy investigation is over.

BlockFi uncensored financials reportedly shows $1.2B FTX exposure

Bankrupt crypto lending firm BlockFi uploaded uncensored financials by mistake, revealing $1.2 billion in assets tied up with bankrupt exchange FTX and defunct trading firm Alameda Research. The unredacted filings show that, as of Jan. 14, BlockFi had $415.9 million worth of assets linked to FTX and a whopping $831.3 million in loans to Alameda. BlockFi filed for Chapter 11 bankruptcy on Nov. 28, citing the collapse of FTX just weeks earlier as the cause of its financial troubles.

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US gov’t $1.5T debt interest will be equal 3X Bitcoin market cap in 2023

Commentators believe that Bitcoin (BTC) bulls do not need to wait long for the United States to start printing money again.

The latest analysis of U.S. macroeconomic data has led one market strategist to predict quantitative tightening (QT) ending to avoid a “catastrophic debt crisis.”

Analyst: Fed will have “no choice” with rate cuts

The U.S. Federal Reserve continues to remove liquidity from the financial system to fight inflation, reversing years of COVID-19-era money printing.

While interest rate hikes look set to continue declining in scope, some now believe that the Fed will soon have only one option — to halt the process altogether.

“Why the Fed will have no choice but to cut or risk a catastrophic debt crisis,” Sven Henrich, founder of NorthmanTrader, summarized on Jan. 27.

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Bitcoin ‘so bullish’ at $23K as analyst reveals new BTC price metrics

Bitcoin (BTC) remains firmly “bullish” at $23,000, according to new on-chain metrics from one of the industry’s best-known names.

In a preview on Jan. 28, market cyclist and on-chain analyst Cole Garner revealed what he said were “backtested and validated” Bitcoin trading tools.

Garner: BTC price signals should excite bulls

While BTC/USD attempts to push through liquidity above $23,000, the debate rages as to whether a significant BTC price correction is due.

For Garner, who offered a snapshot of several trading signals to Twitter users at the weekend, there is no doubt — the picture is firmly green.

“They are looking so bullish right now,” he summarized in part of accompanying commentary.

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