Bitcoin dipped to lows of $35,526 on Jan. 27 amid a broader cryptocurrency market decline. The Fed released its first FOMC statement in 2022, stating that it would be appropriate to raise interest rates soon, dragging down the markets.
Ethereum and the majority of altcoins trade in the red at press time. The Sandbox (SAND, +4.87%), Theta (THETA, +4.67%), Theta Fuel (TFUEL, +14.63%), Ankr (ANKR, +3.17%), ConstitutionDAO (PEOPLE, +9.95%) were an exception.
Also, the SEC handed down its disapproval about Fidelity spot bitcoin ETF Thursday morning. Last week, the SEC rejected a proposed BTC spot ETF from First Trust and Skybridge Capital.
In positive news, Russian President Vladimir Putin said Russia has an advantage in cryptocurrency mining due to excess electricity and professionals. Putin asked different ministries to discuss the central bank’s “Crypto Ban” report and the Treasury’s opposition. Bitcoin trades at $35,758 at press time.
1. Stay long on Bitcoin and Ethereum – Anthony Scaramucci
SkyBridge Capital founder Anthony Scaramucci recently spoke to CNBC that investors should cool off on cryptocurrency concerns and instead focus on long-term investments.
“Take a chill pill, stay long bitcoin, other cryptocurrencies like Algorand and Ethereum, and I think you’re going to be very well-served long-term in those investments,” he continued.
Scaramucci believes that buyers should consider the bigger picture rather than focusing on the current value of Bitcoin in comparison to the US dollar. “This is an emerging technology that, as more people join the network, will eventually evolve into a store of value.” Scaramucci tempers his exuberance by pointing out that bitcoin is still volatile owing to low adaptation.
2. Bullish fundamentals to boost Bitcoin and Ethereum price over time – Mike McGlone
Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, explains the basis of bullish fundamentals for the market using the law of demand and supply. He says, ”By the rules of economics, a market with rising demand and declining supply will go up over time.”
According to Mike McGlone, Bitcoin might be forming a bottom again around $30,000 as the $60,000 resistance fades.
3. $1 million BTC, $170,000 ETH – Ark Invest
Ark Invest estimates Ethereum’s market value might reach $20 trillion and Bitcoin’s price could surpass $1 million by 2030, judging by BTC’s use cases and how Ethereum grabs market share from traditional finance (TradFi).
Ethereum reaching or possibly surpassing a $20 trillion market capitalization in the next 10 years might bring the price to about $170,000 to $180,000 per coin.
January may have been a volatile month for cryptocurrencies, but this didn’t stop projects such as Hedera, Shiba Inu, Sandbox from achieving new milestones in the month.
The Sandbox announced Thursday, a partnership with Warner Music Group, or WMG, to create the first music world within its gaming metaverse. The Warner Music Group LAND in the Sandbox will host concerts and live experiences featuring artists and talent represented by WMG.
Hedera recently announced that Smart contracts 2.0 are now available on the Hedera testnet. Users can now build decentralized applications and protocols that scale with Solidity smart contracts through the Hedera Smart Contract Service.
Shiba Inu continues to add to its holder count, presently at 1,161,430 according to WhaleStats data. Payment service provider BitPay has announced that a New York-based jewelry collection, SuperJeweler, now accepts cryptocurrencies — Shiba Inu inclusive through BitPay. The Shivers, an immersive experience for the SHIB ecosystem and the Metaverse space, was unveiled on Jan. 24.
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