Bitcoin and Ethereum Price Explosion Turbo Charges Crypto Fight Back
Bitcoin, the world’s largest and most popular digital currency, has increased by 7% in the last 24 hours and by more than 12% in the last seven days. Ethereum, the second most valuable currency, is up 5% to $1,420.
As gas prices went down in December, it was another sign to consumers that price pressures are coming down from their highest level in decades. This was shown by the fact that the inflation rate went down.
JUST IN – US #CPI comes at 6.5% for December 2022.
— Crypto India (@CryptooIndia) January 12, 2023
Expected was 6.5%, Previous was 7.1% pic.twitter.com/EOAycRb2GU
The consumer price index was used to figure out that the average inflation rate for all of 2022 was 6.5%, which the US Bureau of Labor Statistics said on Thursday. It was consistent with projections made by economists.
The 12-month increase in the CPI for December was the lowest since October 2021. The November rate of 7.1% was reduced to 7.0%.
25 bps US Inflation Fed Moves Now
The Federal Reserve will be cautious about predicting the top in interest rates despite the fact that US inflation data shows price pressures are receding in the context of a robust labor market.
The probability of a 25bp increase in February and another 25bp increase in March is high. However, inflation will fall significantly in the second quarter, and rate cuts are likely by the end of the second half of the year as the economic downturn takes hold.
SEC Charges Genesis, Gemini With Securities Violations
The SEC has filed charges against Genesis and Gemini for breaking securities laws with their crypto-lending products. The regulator issued a statement on Thursday accusing both of soliciting “billions of dollars’ worth of crypto assets” from hundreds of thousands of traders.
The SEC is allegedly charging the two crypto firms Genesis and Winklevoss-founded Gemini for selling unregistered securities.@Kr00ney reports. pic.twitter.com/fVcmJlaQ5n
— CNBC's Fast Money (@CNBCFastMoney) January 12, 2023
The US securities regulator says that starting in December 2020, Genesis, a subsidiary of the huge cryptocurrency company Digital Currency Group (DCG), will give Gemini’s customers the option to earn interest on their deposits.
By February 2021, rumors had it that Genesis and Gemini offered retail investors yield-bearing digital asset products from Gemini in exchange for digital assets tendered to the lender. According to the US financial regulator, Gemini facilitated such deals.
🚨The SEC has charged Genesis & Gemini with the offer & sale of unregistered securities through Gemini Earn, which offers interest on crypto deposits.
— Tiffany Fong (@TiffanyFong_) January 12, 2023
It is also said that Genesis took steps in November 2017 after the recent market crash to stop redemptions of connected instruments that didn’t have “adequate liquid assets” to cover those redemptions.
According to the SEC, the major investment at issue here, Gemini Earn, is an offer and sale of securities under US law and should have been registered with the SEC.
We @SECGov charged Genesis & Gemini for the unregistered offer & sale of crypto asset securities through Gemini Earn.
— Gary Gensler (@GaryGensler) January 12, 2023
Crypto intermediaries need to comply with our securities laws. This protects investors. It promotes trust in markets. It’s not optional. It’s the law.
After Genesis allegedly failed to repay $900 million in assets owing, Gemini, the centralized cryptocurrency exchange created by the Winklevoss twins, suspended its interest-bearing program on Wednesday.
According to the statement, the SEC is asking for a permanent injunction, disgorgement of ill-gotten earnings with prejudgment interest, and civil penalties.
Bitcoin Price
Bitcoin is presently trading at $18,800 with a $36 billion 24-hour trading volume. Bitcoin is on a bullish streak and has already violated $18,500, which is now working as an immediate support.
A bullish breakout of this level has opened further room for buying until $19,850 or even higher, to the $20,000 psychological trading level.
On the downside, Bitcoin’s immediate support level remains at $18,400 or $17,300. At the same time, the RSI and MACD indicators have reached overbought levels. As a result, we must keep an eye on $19,000, as failure to break above this level may result in bearish price action in BTC.
Ethereum Price
Ethereum‘s current price is $1,420, with a 24-hour trading volume of $12 billion. The ETH/USD pair has broken through the major resistance level of $1,350 and is now en route to the next resistance level of $1,500.
On the downside, Ethereum’s immediate support is at $1,350, and candles closing above this level are likely to drive an uptrend. If the $1,430 level is broken, the ETH price may move to the $1,500 resistance zone.
On the downside, the ETH price may find support around $1,375, and a bearish break of that level may open the door for further selling to $1,330. Today’s bullish trend is strong, so look for buying opportunities.
Alternative Coins with Huge Growth Prospects
In light of the recent decline in the cryptocurrency market, a few alternative currencies are making headlines.
FightOut (FGHT)
The FightOut (FGHT) platform functions similarly to a personal trainer, except that workout time is pre-paid using the FGHT token. All activities are tracked and can be used to improve the metrics of one’s metaverse avatar.
The FGHT presale is going well, with nearly $2.88 million already raised. As the sale progresses, the current selling price of 60.06 FGHT for $1 (FGHT can be purchased using ETH or USDT) is expected to rise.
Visit FightOut Now
C+Charge (CCHG)
C+Charge is developing blockchain-based EV payments software that will provide carbon credits to EV drivers every time they charge for the first time. C+Charge sees this as a way to level the playing field in the carbon credit market, which has been dominated by a few large corporations in the past.
Prognosticators believe the project has potential because it will benefit from the anticipated significant growth in the carbon credit market. According to Coherent Market Insights, the market will be worth more than $2.4 trillion by 2027, up from around $211.5 billion in 2019.
The possibility of earning carbon credits is an additional incentive for C+Charge to accelerate the already rapid shift toward EVs. The voluntary credit market (VCM) is expected to grow to $100 billion by 2030, with analysts expecting startups like C+Charge to play a significant role in this growth.
The presale has raised $262,270 so far.
Meta Masters Guild (MEMAG)
The presale for Meta Masters Guild, a mobile-focused gaming guild that will create a variety of Web3 and play-to-earn games, has begun today. Its Ethereum-based games will include playable NFTs as well as rewards that can be exchanged for its native token, MEMAG, which can then be staked and sold. It will be offered in seven stages, the first of which is now giving one MEMAG for $0.007.
Even before MEMAG becomes public, this price will steadily rise to $0.023, representing a 228.5% increase for the first investors. When the platform’s debut game (Meta Kart Racers) is released in the second quarter of this year, Meta Masters Guild is projected to grow fast.
Furthermore, if the larger market and global economy improve, its native coin might be one of the key beneficiaries.
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