BTC faces strong resistance at $24,000 🟠

Good Morning, Switchers 🌞

👋Welcome to Switch Daily.

The crypto market lost its mojo as it decoupled from the NASDAQ Index. News related to FTX and Kraken also dragged the market lower. The total crypto market cap fell by $3.83 billion. At the time of writing, most of the top cryptos are in the red, with MATIC and DOGE leading the laggards. However, the Fear and Greed Index remains unmoved at 60/100, indicating resilience.

• Market pulse

• Bitcoin Fear & Greed Index

• Top Gainers and Losers

• What's in the news

Market pulse 📈

Bitcoin Fear & Greed Index

Top Crypto Trends

*Last updated at 9:00 am, 3 February 2023

From the crypto news wires 📰

🤘Polygon pips Ethereum in NFT sales

Individuals seem to be prefer Polygon for buying and selling NFTs. For the second month in a row, more individual NFTs were sold on Polygon than on Ethereum via OpenSea, according to Dune. Polygon handled over 1.5M NFT sales in January, while Ethereum handled just over 1.1M NFTs. Donald Trump’s digital trading cards was the top Polygon NFT collection in January, according to OpenSea.

💪BTC miner raises $32M in an equity offering

A public equity offering raised $32 million for Bitcoin miner TeraWulf. The company and its current lenders came to a legally binding agreement to restructure its debt. Following the deals, the company expects to achieve free cash flow. It will use the net proceeds to build its facilities in New York and Pennsylvania, among other purposes. The term loan repayment will be replaced by a free cash flow sweep mechanism as part of the debt restructuring through April 2024 if TeraWulf raises the required equity funds by 15 March.

💵Axie Infinity users can now take loans against in-game assets 

Players of the Play to Earn (P2E) game Axie Infinity can now borrow up to 30% against their digital assets and stake their assets for a reward. The new feature is in partnership with Ronin Network, the blockchain on which Axie Infinity is built, and crypto lender MetaLend, which will be facilitating the loans. Users can stake their land and NFTs on-chain, with the ability to stake Axie Infinity Shards (AXS). Before receiving a staking payment, users must estimate the worth of their digital assets using the MetaLend-provided calculator and borrow ETH against the asset for up to 30% of its value.

🫶MicroStrategy stays committed to BTC

MicroStrategy reported a $197.6M impairment loss on its BTC holdings in its 2022 Q4 earnings release due to the price decline. Despite the losses, MicroStrategy's long-term strategy of acquiring, holding, and growing its Bitcoin position remains unchanged. By the end of 2022, the company will have 132,500 BTC worth about $1.8B. The company's BTC impairment losses totaled $2.2B.  

Loving Switch Daily? Make sure to share it with your friends and spread the love 💙

Thank You.

See you later, folks. 👋

Loving Switch Daily? Make sure to share it with your friends and spread the love 💙