Buyers of Bitcoin (BTC) held support at $40,000 as oversold signals showed on the charts. The current rebound indicates that the cryptocurrency is beginning to recover following a near-30% drop from its all-time high of over $69,000 in November.

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The four-hour chart’s relative strength index (RSI) is reaching overbought levels, similar to what happened in late December, which preceded a temporary drop. The RSI on the daily chart, on the other hand, continues to increase from oversold levels, suggesting that buyers may be active on price declines.

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Nonetheless, given the short-term downturn, the upside looks to be restricted to the $45,000-$48,000 resistance zone. Furthermore, momentum indications on weekly and monthly charts remain negative, suggesting that price increases may be limited for the time being.

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Bitcoin fear and greed index on Wednesday, January 19, 2022, went from the extreme fear level of 23 to the level of 24 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $41,386.48, down 1.69%. In the last 24 hours, the highest it touched was $42,534.40 and the lowest was $41,362.28. Bitcoin has a current market cap of $783,205,102,341. It has a circulating supply of 18,933,737.00 BTC coins and a maximum supply of 21,000,000 coins.

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Microsoft’s huge Metaverse move: $69 billion acquisition of Activision

Microsoft Crop. is acquiring gaming giant Activision Blizzard Inc. for $69 billion as part of a move to ramp up its gaming and Metaverse plans. Activision Blizzard is home to a long list of iconic gaming franchises such as Call of Duty, Overwatch, Candy Crush, World of Warcraft and Tony Hawk’s Pro-Skater. Following the deal, its games are set to be added to Microsoft Xbox’s Game Pass service that has 25 million subscribers. According to a Jan. 18 announcement from Microsoft, the firm will acquire Activision Blizzard for $95.00 per share at a valuation of $68.7 billion. The deal is set to close in the 2023 fiscal year, and it will see Microsoft become the third largest gaming company in terms of revenue behind Riot Games owner Tencent and Playstation developer Sony.

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Damien Hirst introduces Chainlink price Index for NFT project

Damien Hirst’s first non-fungible token (NFT) collection is getting a dedicated price index courtesy of Chainlink, a crypto network and data provider. When Hirst – the British artist best known for wildly expensive works involving taxidermied sharks and diamond-studded skulls – released “The Currency” last year, the project took most of its cues from other popular NFT collections. Like CryptoPunks or the Bored Ape Yacht Club, “The Currency” consists of 10,000 images with slight variations. And as with those projects, it was valued partly according to its “floor,” or the lowest listed price for a single NFT in the collection. Now, a new price index will offer another metric for valuing the project based around Chainlink’s “oracles” – essentially a way of providing off-chain data to crypto networks. Often, they’re used to collect price data for cryptocurrencies. (Chainlink offers data feeds for Ethereum, Bitcoin and other popular coins).

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UK government proposes harsher rules to avoid misleading cryptocurrency ads

The government of the United Kingdom has stated that it will increase its monitoring of cryptocurrency advertisements and crackdown on “misleading” claims that may cause investors to lose money. According to recommendations made Tuesday, Finance Minister Rishi Sunak intends to bring the advertisements under the same laws as financial promotions. The government plans to submit legislation to update existing financial advertising regulations to include cryptocurrency. Firms that seek to promote financial products must be approved by authorities under the regime. According to the government, the Financial Conduct Authority, a U.K. watchdog entrusted with regulating financial businesses, will shortly begin consulting on proposed financial promotional laws for cryptocurrencies.