The crypto market’s continuing sell-off has wiped off more than $1 trillion in value. The BTC price has also fallen below the $40000 support level, predicting more declines in the next session. BTC is presently trading at $38,483.88, representing a 0.35% intraday gain. The coin price is now bouncing around the 0.5 Fibonacci level and the psychological support level of $35,000.
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If the price breaks through this support level, the next critical support level for Bitcoin will be the $30000 accumulation support in May-June 2021. In the event of a bullish reversal, the coin price must first cross the falling trendline before it can begin a full rise.
Resistance levels to watch out for are $40000 and $45,000 while Support levels are $35,000 and $30,000.
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Bitcoin fear and greed index on Wednesday, February 2, 2022, went from the fear level of 26 to the level of 28 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 $38,482.88, up 0.35%. In the last 24 hours, the highest it touched was $39,115.13 and the lowest was $38,113.66. Bitcoin has a current market cap of $728,984,735,792. It has a circulating supply of 18,946,468.00 BTC coins and a maximum supply of 21,000,000 coins.
El Salvador relaunches the Chivo wallet and intends to install 1,500 Bitcoin ATMs
El Salvador, the first country to adopt Bitcoin (BTC) as a legal tender, has relaunched its in-house Chivo wallet to address the existing challenges of BTC transfers locally. With AlphaPoint integration, the updated Chivo wallet is expected to carry out instantaneous low-fee Bitcoin transactions while fixing concerns related to stability and scalability. Within the first month of establishing BTC as a legal tender, President Nayib Bukele announced that Chivo wallet onboarded 2.1 million Salvadorans, which by the end of the year amasses 75% of the population. However, the mass adoption met with numerous roadblocks, including system issues and missing funds. Seeking a permanent solution for over 4 million BTC users, the government of El Salvador partnered with a white label infrastructure provider, AlphaPoint, focusing heavily on Chivo wallet’s stability and uptime, scalability, and social impact.
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Diem was a waste of time, and Meta should have concentrated on BTC, as per Jack Dorsey
Twitter founder Jack Dorsey said that Meta’s failed cryptocurrency project Diem was “wasted effort and time,” and it should have focused its efforts on “making Bitcoin more accessible for everyone.” MicroStrategy CEO Michael Saylor interviewed Dorsey on Tuesday at his company’s “Bitcoin for Corporations 2022” conference about how corporations could integrate and use Bitcoin (BTC). Dorsey said that although Facebook probably started Diem for “the right reasons,” it should’ve used an open-ended protocol like Bitcoin rather than attempting to create its own currency. “This whole thing with Libra and then Diem, I think there’s a ton of lessons there,” Dorsey told Saylor. “Hopefully they learned a lot, but I think there was a lot of wasted effort and time.”
