Several reasons, including more business adoption and increased demand from Bitcoin ETFs, promote rising Bitcoin prices. Market analysts anticipate that Bitcoin will reach $100,000 by the end of 2023, although numerous others believe it will happen in Q1 2022. Others are cautious to pick a precise date or year, predicting that Bitcoin would not be worth more than US$70,000 by the end of 2022.

Since striking its ATH on 10 November, BTC consistently marked lower peaks. As the fear sentiment kept surging, the largest crypto witnessed multiple sell-offs that hindered its recovery phase. Ever since BTC broke out of the bearish flag, it found reliable support at the golden 61.8% Fibonacci level for the past month.

Now, as the recent up-channel saw a breakdown from the $52,000-mark, the king coin marked lower peaks while ensuring the $45,700-level. This trajectory indicated an increasing selling power. Meanwhile, as the fear and greed index plunged below the 25 mark, BTC fell below its 20-50-200 SMA.

Although the RSI saw higher toughs, it continued to find resistance near the half-line. However, while the price marked lower peaks since 28 December, the OBV was upturned. This reading hinted at a possible reversal. Besides, the ADX displayed a weak directional trend for the crypto.

Bitcoin fear and greed index on Friday, January 7, 2022, went from the extreme fear level of 15 to the level of 18 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

Bitcoin is currently trading around $42,963.38, down  1.25%. In the last 24 hours, the highest it touched was $43,551.83 and the lowest was $42,645.54. Bitcoin has a current market cap of $811,388,832,128. It has a circulating supply of 18,922,025.00 BTC coins and a maximum supply of 21,000,000 coins.

The stock of GameStop has risen as a result of the NFT Marketplace report

Shares of GameStop (GME), the original meme stock that stoked retail investor frenzy in buying highly volatile stocks last January, surged as much as 31% in after-market trading Thursday after the Wall Street Journal reported that the company is launching a division to build a marketplace for non-fungible tokens (NFTs) and to establish cryptocurrency partnerships. The video-game retailer hopes the new unit will lead its turnaround efforts to become profitable, the newspaper said, citing people familiar with its plans. GameStop’s plan calls for it to build an online hub for buying, selling and trading NFTs of virtual video-game goods such as avatar outfits and weapons. The company has hired more than 20 people for the division.

Polygon network activity spikes as NFT sales reach a new height

The number of nonfungible tokens (NFT’s) sold on the layer-two protocol Polygon reached an all-time high last month at just short of 2 million. According to Dune Analytics, this marks a near 60% rise in comparison to November and the third consecutive monthly increase for the network. An Ethereum-based scaling solution seeking to construct, distribute and manage securities on blockchain technology, Polygon’s ecosystem has grown exponentially over the past twelve months, registering in excess of 3,000 decentralized applications on its network, in addition to a total value locked figure of $3.86 billion. Alongside this, the number of unique daily active proof-of-stake chain addresses on the network is also expecting a new all-time high, aiming to surpass the record of 566,516 printed on Oct. 2, 2021, with the most recent data from Jan. 5, 2022, calculating 554,163.

Mozilla backs away from Bitcoin donations after backlash

After a wave of criticism from the open-source community this week, Mozilla, the company behind the popular Firefox browser, announced on Thursday it has paused accepting donations in cryptocurrency, citing an “important discussion” about the environmental impact of digital assets. “Last week, we tweeted a reminder that Mozilla accepts cryptocurrency donations,” Mozilla tweeted. “This led to an important discussion about cryptocurrency’s environmental impact. We’re listening, and taking action.” Now the organization says it is reviewing if and how its current policy on crypto donations fits with its broader climate goals and is pausing the ability to donate cryptocurrency for its 211 million active users.