After a couple of weeks of consolidation above $41,000, BTC dropped to a two-week low last week. The near-term correlation between Bitcoin and the US equity markets remains high, however, with rate hikes seemingly on the horizon, BTC could become the ideal place to park capital.
The Bitcoin price dipped below the major 50-day and 20-day EMA, putting further pressure on bulls. Any potential upside would have to contend with these resistances first.
As BTC dropped over the last four days, the Crypto Fear & Greed Index returned to the ”fear” territory. It dropped 50%, briefly venturing into ”extreme fear” territory. As seen in the last year, $40,000 is a pivotal level and would need recapturing for fresh upside.
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Institutional backing of crypto received a major boost last week as the largest bank in the United States, JPMorgan, opened a virtual lounge in the Decentraland ecosystem.
The lounge is situated in Decentraland’s Metajuku Mall. Named the Onyx Lounge, it’ll greet players with a roaming tiger and a digital portrait of CEO Jamie Dimon.
An accompanying report released with this stated, ”The Metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”
Last year, we saw Twitter adding Bitcoin as a payment method to its tipping jar feature. Last week, the microblogging platform added a host of new services to this feature, including support for ETH payments.
Anyone who wants to receive tips on Twitter has to enable the tipping feature and add an Ethereum address to the section reserved for it. This feature helps followers support independent creators, online personalities, and more.
Last week, the New York Stock Exchange (NYSE) filed a trademark application with the United States Patent and Trademark Office (USPTO) to register the name ”NYSE” for several crypto-related services.
These services included VR and AR software, NFTs, and more. According to the application, the NYSE will be able to offer ”downloadable virtual goods” for NFTs and digital collectibles, as well as “authentication of data in the field on NFTs using blockchain technology.”