Bitcoin and Ethereum Price Predictions: Weaker US Wage Growth Triggers Upside Moves
On January 9, the Bitcoin price prediction became bullish, with BTC rising nearly 1.50% to $17,223. Similarly, Ethereum, the second-largest cryptocurrency, soared nearly 3.50% to $1,310 during Monday’s Asian session.
Marathon Digital Holdings, one of North America’s largest Bitcoin mining companies, revealed in an update that it has been experimenting with overclocking in order to improve its strategic advantage in the BTC mining sector.
Overclocking is a technique for increasing the clock speed of a computer’s CPU or GPU beyond the manufacturer’s recommended maximum speed. It may lead to improved performance in some tasks.
Marathon claimed in a press release on January 5 that it produced 475 BTC in December 2022, bringing its total amount of mined Bitcoin for the fiscal year 2022 to 4,144 BTC. It represents a 30% increase over the 3,197 BTC produced in 2021.
$MARA's December Production Update is here:— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) January 5, 2023
⛏️ 🔼 Prod. 475 BTC in Dec
⛏️ 🔼 Prod. 1,562 BTC in Q4
⛏️ 🔼 Prod. 4,144 BTC in 2022
💵 🔼 Unrestricted Cash to $103.7M
🔶 🔼 Unrestricted BTC to 7,815
Read the full report here:https://t.co/6kDAKOamn4
According to its most recent update, the company now has over 69,000 active miners capable of producing approximately 7 exahashes per second. Marathon Digital’s success in the Bitcoin market is largely due to its collaboration with Silvergate Bank, a provider of banking and liquidity solutions to the digital currency market. That is also good news for the BTC/USD price.
Weaker US Wage Growth Triggers Upside Moves
According to government data released on January 6, the economy added more jobs than experts predicted in December. Employee earnings have only grown at a slower rate. The rate of wage growth slowed in December compared to the previous month, indicating that the Federal Reserve’s initiative to combat inflation by raising interest rates is cooling the economy.
Revisions to average hourly earnings data paint a marginally less worrisome picture for the Fed on wages than the Nov report— Nick Timiraos (@NickTimiraos) January 6, 2023
The upturn in wage growth in Nov (originally reported as +0.6%) was revised (to +0.4%)
The 4.6% annual wage growth in Dec was the lowest since Aug '21 pic.twitter.com/1lCjoDjcMe
According to the labor department, the country added 223,000 jobs in December, compared to 256,000 the month before. The unemployment rate decreased from 3.6% to 3.5% following a downward revision. Wall Street analysts predicted that the largest economy in the world would add 200,000 new jobs last month and that the unemployment rate would remain at 3.7%.
Jobs report:— Jason Furman (@jasonfurman) January 6, 2023
–223,000 jobs: Moderate slowing but still VERY fast given where the economy is.
–UR fell to 3.5%: Very tight
–Wage growth: 3.4% annual rate, reverse of last month, slowed a lot, unusually large downward revisions, best reason for hope on moderating inflation. pic.twitter.com/sVnOE9gVyc
Also, when adjusted for the time of year, employees’ average hourly wages went up by 4.6% year over year, compared to 4.8% the month before. After gaining a boost from encouraging job statistics in the United States, the market’s leading cryptocurrency is currently on the rise. Even though BTC/USD is trading below its previous highs, the cryptocurrency has gained significant value.
The US Consumer Price Index (CPI), a key inflation indicator, will be released on Thursday, January 12. Through 2022, the cryptocurrency market has seen a significant drop in value. The sector benefited from the Fed’s monetary tightening, which reversed two years of ultra-accommodative policies. If there are signs that price pressures are easing, the Fed may be more motivated to moderate its aggressive stance.
The market welcomes the prospect of slower interest rate increases. Given that the December CPI and inflation figures are set to be released, the price movement of BTC/USD is likely to be influenced by more macroeconomic news.
Bitcoin is currently trading at $17,200, with a 24-hour trading volume of $14 billion. Bitcoin is trading strongly bullish having a target $17,200 level. The closing of a doji candle near $17,200 indicates that bulls have been exhausted and that sellers may enter to cause a bearish correction. A bullish breakout of the $17,200 level can expose Bitcoin’s price to the next resistance level of $17,400.
Bitcoin has formed a bullish engulfing candle on the 4 hourly time frame, indicating that the market is trading with a strong bullish trend. As a result, Bitcoin has the potential to reach $17,750.
Lower, the $17,000 level is likely to act as an immediate support, and a bearish breakout of this devil can extend the downtrend until the next support level of $16,800 or $16,650.
The current price of Ethereum is $1,313, with a 24-hour trading volume of $5.8 billion. On the 4-hour timeframe, the ETH/USD pair is facing strong resistance near the $1,320 level, which is stretched by a double top pattern.
A positive breakout of the $1,320 level can push the ETH price to the next resistance zone of $1,340. The closing of bullish engulfing candles above the 1,300 psychological trading level is supportive of the chances of a strong uptrend.
On the downside, the ETH price may find support near $1,275, and a bearish breakthrough of that level might open the door to more selling to $1,260. Bullish bias dominates today, so consider looking for buying opportunities today.
Alternative Coins with Huge Growth Prospects
Despite the market’s extended bearishness in 2023, a few alternative currencies are making the news.
The FightOut (FGHT) platform functions similarly to a personal trainer, with the exception that the FGHT token is reimbursed in advance for workout time. All activities are monitored and can be used to boost the metrics of one’s metaverse avatar.
The FGHT presale is progressing nicely, with approximately $2.75 million raised thus far. As the sale unfolds, the current selling price of 60.06 FGHT for $1 (FGHT may be purchased using ETH or USDT) is projected to grow.
Visit FightOut Now
Dash 2 Trade (D2T)
Dash 2 Trade, which will launch in early 2023, will be an Ethereum-based platform that will provide real-time statistics and social trading data. Among the initial features will be trading signals, on-chain statistics, strategy-building tools, and newsfeeds, allowing both new and expert traders to stay on top of the volatile bitcoin market.
D2T will also be available on Changelly Pro, LBANK, and BitMart. Dash 2 Trade has now raised a remarkable $14.2 million, with only one days and ten hours till the platform’s native D2T token is listed on Gate.io, the first of a series of planned centralized cryptocurrency exchange listings.
C+Charge (CCHG) is a blockchain-based network that rewards owners of electric vehicles for charging and using them. Its native token, CCHG, is currently available for purchase. The use of electric vehicles has grown dramatically in recent years all across the world.
The electric vehicle (EV) sector has emerged as a more ecologically friendly alternative to the existing automobile industry, which has been in desperate need of reform for a long time. People may now buy EVs and participate in the green revolution thanks to firms like Tesla, Rivian, and others.
To demonstrate its scalability, the network has already volunteered to connect 20% of Turkey’s EV chargers. 1 CCHG costs $0.013, and it can be bought using BNB or USDT. So far, the presale has raised $99,850.