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Friday Wrap-Up - Crypto Market Recap - January 14th, 2022

For a bear market, we sure are seeing a lot of price action and jaw-dropping news! This week in crypto proved to be an interesting mix of price reversals with dozens of major announcements hitting the crypto markets.

The Week in Crypto

  • The week’s start saw meme coins like BABYDOGE on fire, with crypto majors finally seeing some upward price action.
  • Bitcoin analysts say BTC movements may be signaling either a bottom, or a long accumulation phase that ends in 6 figures.
  • While NFTs were bleeding to start the week, news of mainstream companies pouring into NFTs, China's interest in NFTs, and a new OpenSea competitor helped trigger a reversal.
  • Bitcoin’s mining difficulty reached an ATH in January and surged on a Jack Dorsey mining announcement, signaling compounding network strength.
  • In the midst of major crypto market moves and news, the Fed doubled down on its vision to create a CBDC, which could also be a stablecoin.

Movers of the week

Top Gainers

Layer-2 projects, privacy coins, and exchange tokens had a strong week, with meme coin DOGE in the top five as well. The top 5 gainers were:

  1. NEAR +25.81%
  2. OMI+20.25%
  3. ONE (Harmony)+18.85%
  4. ONE (One) +16.96%.
  5. DOGE+14.51%

NEAR Reversal from Quadency Dashboard NEAR/USDT reversal

Top Losers

A few blockchain and trading protocol tokens along with a mix of altcoins rounded out the week’s worst performers:

  1. OHM -25.54%
  2. WAXE -22.66%
  3. RVN -21.35%
  4. LRCE -18.15%
  5. HNT -17.96%

RavencoinQuadencyChart-1Ravencoin downtrend

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Technical Summary

Recent volatility is churning up Ethereum's daily burn rate, which reached an ATH during a price jump this week. A surge in Ethereum-based DeFi activity and rising NFT volumes contributed to the upward trend.

The news of an official date for the Polygon London hardfork prompted a healthy surge in MATIC price on Wednesday. The EIP-1559 is set to have a positive effect on fees while bringing deflationary aspects to MATIC.

MATIC 5-Day Price Action on QuadencyMATIC 5-day Price Action

While many analysts are discussing Bitcoin bottoming out and Fidelity claiming that BTC is in an oversold position, a 10-year measurement of BTC HODL waves via onchain data suggests we are in a long accumulation phase and could remain there for a while before breaking into six figures.

HODLwavesSource: Into the Cryptoverse

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Newsworthy:

  • Opensea competitor LooksRare amassed $100 million in trading volume 24 hours into its launch. Read more.
  • CashApp announced its integration of the Bitcoin Lightning Network, bringing faster, cheaper, off-chain Bitcoin payments to its 36 million users. Read more.
  • Billionaire Bill Miller revealed this week that half of his net worth is in Bitcoin. Read more.
  • The Associated Press announced it is launching a journalistic NFT marketplace for photojournalism. Read more.
  • Crypto funds performed better than hedge funds in 2021, according to The Block. Read more.
  • Traders in China are warming up to NFT markets as Chinese regulators consider separating NFTs from crypto regulations. Learn more.
  • Fed Chairman Jerome Powell promised Congress a report on crypto would be out in a matter or weeks with a focus on a CBCD, but also suggested that a CBDC and a stablecoin may not be “mutually exclusive”. Learn more.
  • Jack Dorsey, Founder and CEO of Block, Inc. and former Twitter Founder is building a legal fund to support BTC developers and an “open Bitcoin mining system” that will decentralize mining. Read more on legal funds and mining.

Pro tip

Quadency’s Mean Reversion is an RSI-based bot strategy that uses momentum indicators to identify and take advantage of overbought and oversold positions.

  • RSI is a momentum indicator in technical analysis that measures the magnitude of recent price fluctuations.
  • The Mean Reversion bot can be set up with just a few clicks on the Quadency platform to help you manage your digital assets during times of heavy volatility.

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Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.

Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.