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Bitcoin price can’t find its footing, but BTC fundamentals inspire confidence in traders

Bitcoin’s (BTC) sudden crash on Jan. 10 caused the price to trade below $40,000 for the first time in 110 days and this was a wake-up call to leveraged traders. $1.9 billion worth of long (buy) futures contracts were liquidated that week, causing the morale among traders to plunge.

The crypto "Fear & Greed" index, which ranges from 0 "extreme fear" to 100 "greed" reached 10 on Jan. 10, the lowest level it has been since the Mar. 2020 crash. The indicator measures traders' sentiment using historical volatility, market momentum, volume, Bitcoin dominance and social media.

As usual, the panic turned out to be a buying opportunity because the total crypto market capitalization rose by 13.5%, going from a $1.85 trillion bottom to $2.1 trillion in less than three days.

Currently, investors seem to be digesting this week’s economic data that shows United States December 2021 retail sales going down by 1.9% compared to the previous month.

Investors have reason to worry about stagflation, a scenario where inflation accelerates despite the lack of economic growth. However, even if this eventually proves that Bitcoin’s digital scarcity is a positive characteristic, markets will still take shelter with whatever asset is deemed safe. Thus, the first wave will potentially be damaging for cryptocurrencies.

Bitcoin price was flat over the past seven days, effectively underperforming the altcoin market's 7% gain. Part of this unusual movement can be explained by layer-1 decentralized applications platforms showing a positive performance that was driven by Fantom (FTM), Cardano (ADA), Near Protocol (NEAR) and Harmony (ONE).

El Salvador buys its cheapest 410 Bitcoin as prices reach $36K

The Central American country of El Salvador has added 410 Bitcoin (BTC) to its central reserve as BTC prices trade below $37,000, a price last seen on July 26th, 2021.

The fresh addition to El Salvador’s BTC reserve was announced by President Nayib Bukele, who confirmed that the purchase of 410 BTC was made against $15 million, placing the price at approximately $36,585 per BTC.

El Salvador adopted BTC as a legal tender on Sept. 7, 2021, as a means to overcome catastrophic inflation amid the weakening spending power of the nation. Fast forward to today, the country has strategically accumulated 1,801 BTC over the past four months, especially when the market sees a momentary price fall.

The latest purchase is currently the cheapest acquisition for El Salvador ever since the country adopted BTC as a legal tender.

With BTC trading just above the $36,000 mark and the resultant sell-off, Bukele believes that “some guys are selling really cheap,” supporting his long-term vision of mainstream Bitcoin adoption.

As evidenced above by data from TradingView, BTC experienced a steady rise in prices from mid-July, which resulted in an all-time high of almost $69k in the first week of November. However, the next three months saw a steep decline in market prices as investors redirected BTC profits into buying other tokens.

A new report from Crypto. com predicts that the global crypto market will host one billion users by the end of 2022 as more developing nations mimic El Salvador’s move to mainstream BTC adoption.

As reported, Crypto .com estimates that “If we extrapolate a similar rate of increase in 2022, we are on track to reach 1 billion crypto users by the end of 2022.” The report concludes that a combination of developing nations following El Salvador and a “friendlier stance” towards the crypto industry means that “nations can no longer afford to ignore the growing push towards crypto by the public.”

Now is the best time to invest and earn much profit for yourself

Google Considers Allowing Users to Store Crypto in Digital Cards

Google is reportedly considering to allow its users to store crypto in digital cards.

Tech mogul Google is reportedly considering to further its involvement in the field of cryptocurrencies. Google, one of the world’s biggest companies and the leading search engine, is considering to allow users to store cryptocurrencies in digital cards.

El Salvador Purchases 410 More Bitcoins Amid Market Drop

El Salvadaor bought 410 bitcoin for $15 million Friday, the country's President Nayib Bukele said on Twitter.

The nation now holds over 1,500 BTC and plans to issue a $1 billion, 10-year bitcoin bond this year. Bitcoin officially became legal tender in El Salvador last September, three months after the country's legislature passed the Bitcoin Law.

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