Crypto market struggles to move higher📉

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The lack of a trigger over the weekend has resulted in the crypto market failing to move higher, putting buyer appetites to the test. BTC is now trading below the $23K mark, down 3.37% week-on-week. The total crypto market cap is currently hovering around $1.06T. The Crypto Fear and Greed Index remains supportive at 56/100. The market is likely to take cues from Nasdaq later today.

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*Last updated at 9:00 am, 6 February 2023

From the crypto news wires 📰

🪁 NFT lending soared in January: ReportNFT borrowing and lending increased significantly in January, a report by NFT-focussed news outlet NFTgators reveals. The overall monthly lending volume reached $444M. BendDAO emerged as the market leader with a $36M worth lent. The resurgence resulted in increased activity across all top chains. As for borrowing, 17,900 ETH was distributed through 4,399 loans. The average loan value was 4 ETH.

🚀 Testnet launched for Ethereum upgradeThe Zhejiang-public testnet will be launched on 7 February ahead of the much-anticipated Shanghai-Capella upgrade. The upgrade, which is due to take place in March, aims to improve Ethereum’s consensus layer by allowing validators to withdraw ETH. In other words, Zhejiang will open up the possibility of ETH unstaking. Zhejiang will also be activated on the Sepolia and Goerli public testnets.

🇪🇸Spanish rehab adds crypto trading de-addiction serviceA rehabilitation center in Spain called The Balance recently listed crypto trading as a new kind of addiction. The Switzerland-founded wellness center will now be extending its services to “crypto trading addicts.” The report revealed that the addition was made after one of the center’s clients reached out so that he could “wean off crypto.” The client had reportedly poured $200,000 into crypto trades each week. The treatment on offer will include a four-week stay, during which clients will receive therapy and massages and practice yoga. Castle Craig Hospital, a Scottish rehab clinic, has been treating crypto traders since 2018.

🇬🇧London leads the way in crypto adoptionLuring businesses and start-ups, London has emerged as the most crypto-ready city in the world, according to research conducted by Recap, a UK-based crypto tax tool provider. Some factors used to determine crypto readiness included the total number of crypto-specific events, crypto-related jobs, crypto-specific companies and the number of crypto ATMs. Dubai and New York also made it to the top three. Meanwhile, Hong Kong, which was the most crypto-ready country in 2022, fell to seventh place this year.

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