Bitcoin begins recovery, why $38,000 is key to reversal
Bitcoin continued to fall below $34,000 against the U.S. dollar.

The bitcoin price continued to fall below support levels of $35,000 and $34,000. Bitcoin is now trading around $36,500 and the 100-hour simple moving average. On the other hand, an initial resistance is near the $37,000 level.

Ethereum turns red, which could trigger a sustained recovery
Ethereum continued its decline below the $2,400 support zone against the U.S. dollar.

Ethereum began a severe decline after closing below the $3,000 level. The price of ether rose above the 50 percent Fibonacci retracement level of the recent drop from a swing high of $2,547 to a low of $2,160. Initial resistance is near the $2,420 zone. There is also a key bearish trend line forming on the hourly chart of ETH/USD with resistance around $2,450.

Cryptocurrency stocks started the week with a decline
Share prices of cryptocurrency industry companies fell after the market opened on Monday, Jan. 24.

Coinbase started the session Monday, Jan. 24, down more than 10%, while MicroStrategy, a firm known for holding bitcoins on its balance sheet, was down 13.9%. Galaxy Trading Bank, run by Michael Novogratz, was down 17%.
A bearish start to the week for crypto stocks followed a rough weekend for liquid crypto tokens that lasted through Monday. Bitcoin has fallen more than 7% since early Saturday.
Cryptocurrency stocks started the week down.

After CFTC settlement, Polymarket forecasting platform geo-blocks trading in the U.S.
Blockchain-based forecasting marketplace Polymarket has added geo-blocking to prevent U.S. users from trading on the platform.

A spokesperson for the firm said of the measure, “U.S. residents can browse the information markets on the relaunched site, but cannot make trades. For those residing outside the U.S., is available for trading. This geo-blocking allows Polymarket to continue to provide people with an alternative source of information while working on the regulatory process and focusing on the company’s future.”
Polymarket geo-blocks trading in the U.S.

$75 million in capital raised by blockchain founders fund for Metaverse and Web3
Singapore’s Blockchain Founders Fund announced the launch of a new Venture Fund II to support new cryptocurrency projects, Metaverse and Web3.

BFF has raised $75 million from prominent investors, including NEO Global Capital, Appworks, COO Sebastien Borget of The Sandbox, GSR, LD Capital, Metavest Capital, etc. The first investments in this recently launched BFF II economy have been in some exciting companies, including FXDX, GRID, RD Land, Rebelbots, Health Hero, The Apocalyptics, FuseFi, Cross the Ages, and Dogami.
BFF said the new fund launch is primarily focused on high-quality pre-seed or seed-stage projects in the Metaverse and Web3 areas.
BFF has raised $75 million.

Dip poll shows 61% of Chinese bitcoin investors are still willing to bet on bitcoin.
Crypto market participants everywhere are watching the market crash with intense scrutiny.

According to a recent poll conducted on Weibo, China’s equivalent of Twitter, a bitcoin price of $30,000 seems to be the most attractive entry point into the market for most participants. About 35% of participants said they would buy bitcoin if it fell below $30,000.
One reason for their target prices is generally low psychological expectations in the market. More than 60% of microblogging platform participants said they would only consider buying Bitcoin at this point, while 22% would prefer to buy Ethereum.
Dip poll results.

Bitcoin miners in Kosovo sell mining equipment, causing panic after the federal ban.
The European country of Kosovo is banning cryptocurrency and bitcoin mining due to energy price hikes and power outages.

Amid the crackdown on bitcoin mining, miners in Kosovo began selling off their mining equipment. The country uses low-quality coal mined in large quantities in Kosovo, called “lignite,” to fuel more than 90 percent of local energy.
However, the country has recently faced some serious problems due to skyrocketing fuel prices due to a natural gas shortage in Europe and the collapse of Kosovo’s largest thermal power plant. These factors have led to incidents such as power shortages and power outages.
Bitcoin miners in Kosovo sell mining equipment.



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