CRYPTO NEWS: Bitcoin Fails To Make A Move As Market Waits For Powell’s Comments

CRYPTO NEWS: Bitcoin Fails To Make A Move As Market Waits For Powell’s Comments
Bitcoin has seen a mild selloff in the past few weeks. It is currently trading near $21420 and has seen a fall of 0.3% in the intraday session
According to the investors the probability of a 75 basis point interest rate increase has risen to 54.5% from 47% one day prior.
Eight years after one of the biggest crypto heists investors are hoping to get some of their tokens back which has infused the fear of Bitcoin crash. Approximately 200,000 Bitcoin will be given to the users as a part of recovery. This type of influx can cause a strong downtrend in the future. Meanwhile people are looking for the Powell’s comment on the increase of the interest rate with 75 basis points. This may hurt the macroeconomic view of the market and can see a downside momentum in the future.

Bitcoin has a current market dominance of 40.07% and may see an increase in the future. Meanwhile, the asset price is currently at $21461 with a market cap of $409,772,696,752.3. The volume of BTC is near $32,800,238,796 with an increase of 25%. Meanwhile, the volume to market cap ratio of the market cap is 0.079 suggesting a consolidated trend in price.

Is BTC Ready For The Next Big Move?

Source: BTC/USDT by Trading view
The weekly technical chart of Bitcoin has seen a fall of 11% in the past week. On coming to the daily chart the coin price is currently near the major support zone of $20800. If the asset price falls below the given support then a strong downside momentum can be seen in the future. The asset price is currently trading below the 100 and 200 Daily Moving Average. If the asset price crosses above the 100 DMA then a strong upside momentum can be observed. The upside momentum of the price can see a halt near the value of $23000.

RSI: RSI of the Bitcoin is near 38 while being in the oversold zone. There is zero slope formation which hints towards a neutral price. The overall sentiment of the asset is neutral.

What is the Metaverse? Facebook and Oculus Are Getting Into the Metaverse

Metaverse is a shared virtual platform where users can interact with each other irrespective of time and place. It is an extension of the internet that allows people to create virtual selves. These cyberspaces will remain on the network even after events take place in them. It is a complex system containing servers, virtual currency, social media, language processing, and a marketplace.

There are many applications of the metaverse, including real estate sites and blockchain games. Blockchain technology is able to create a decentralized financial system that allows users to engage in the virtual world. This has led to investors acquiring virtual lands. Valuations of such virtual lands are taken as seriously as land sales.

Facebook, which owns the virtual reality headset maker Oculus, is also getting into the metaverse. It plans to support non-fungible tokens, which have been thriving on the Ethereum protocol. In the near future, it will be easier to create and sell limited edition digital objects. Facebook has already invested heavily in Oculus, which has recently announced major hiring drives to build its own metaverse unit.

The concept of the metaverse first popped up in Neal Stephenson’s cyberpunk novel Snow Crash in 1992. It is the idea of a shared digital space that allows users to create avatars, build virtual universes, and meet up with friends. They can also buy goods in the virtual world using cryptocurrency. The metaverse is also a world where distances aren’t a barrier.

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