Crypto market takes a pause🔴

BTC breaks below $23K

January 31, 2023

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The crypto market began the week on a low note, with its total market cap falling by over 3.2% to touch $1.04T. The lack of direction and Fed-related fears sent BTC and ETH below $23,000 and $1,600, respectively, for the first time in six days. DOGE was one of the few top 10 cryptos to defy the trend, gaining 2.88% in 24 hours. The Crypto Fear and Greed Index fell 10 points to 51/100.

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Today's Crypto Trends

*Last updated at 9:00 am, 31 January 2023

From the crypto news wires 📰

The Bitcoin ecosystem seems to making a comeback on the mining front. The crypto giant saw a 50% rise in its revenue from mining awards and transaction fees this January, according to crypto company Blockchain.com. For the first time since October 2020, Bitcoin’s mining revenue fell to $13.6M on 28 December last year. But all that has changed with BTC’s jump from $15.3M on 1 January to $23M now.

Fantom is now planning to release the second version of its fUSD stablecoin. The point is to give its builders, partners, and consumers a more predictable and cost-effective solution. The new version will enable stakeholders to distribute fees in either FTM or fUSD and to forecast future expenses based on usage. Additionally, it will enable programmers to offer many more institutional products and a more standardized framework for grant planning and budgeting. The platform’s developers disclosed the news about the latest version over the weekend but have not yet shared a release date.

As Nigeria’s central bank continues to push its population to use digital currencies, BTC’s price in the country is soaring well above the worldwide market. Most recently, the Nigerian government has placed a limit on ATM cash withdrawals to accelerate the shift to a cashless society. As a result, BTC prices jumped and as of 30 January, 1 BTC costs 17.8 million naira ($38,792) on the Nigerian crypto exchange NairaEX. That’s more than a 60% premium over the current market price of BTC (around $23,700).

Montenegro is now partnering with Ripple, according to a Twitter post by the country’s prime minister Dritan Abazović. When the news broke on 18 January, many didn’t notice. The prime minister said that he met Ripple CEO Brad Garlinghouse and James Wallis, Ripple’s VP for Central Bank Engagement. He also revealed that the partners are working on a pilot project to launch a digital stablecoin.

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