LUNA Dips by More Than 12% as Bearish Sentiment Thickens

LUNA, the native token of the Terra ecosystem, is one of the worst performers amongst the top 10 cryptocurrencies by market cap.

Terra is an algorithmic stablecoin platform, which runs on a Proof of Stake (PoS) blockchain infrastructure built with Tendermint.

The native token of the ecosystem is LUNA, and it is used in the issuance of stablecoins (TerraSDRs) for staking and network governance and also as a price stability mechanism.

In addition to LUNA, the Terra ecosystem also houses its stablecoin called UST.

Total Crypto Market Cap Stays Above $1.6 Trillion

LUNA is currently the ninth-largest cryptocurrency by market cap. Amongst the top 10 cryptocurrencies by market cap, LUNA is the worst-performer, losing more than 10% of its value in the last 24 hours.

The coin has lost over 30% of its value in the past seven days and currently trades above $50. There is no major catalyst behind its bearish performance except the broader cryptocurrency market underperforming in recent weeks.

The total cryptocurrency market cap remains above $1.6 trillion after rallying past $1.7 trillion earlier this week. Bitcoin and the other major cryptocurrencies have been stagnant over the past 24 hours, with BTC still trading around $36k per coin.

LUNA Could Drop Below the $50 Level Soon

The LUNA/USD daily chart is extremely bearish, thanks to the coin’s recent performance. The technical indicators show that LUNA is currently struggling and could drop lower over the coming hours.

LUNA’s MACD line is below the neutral zone – Source: FXEMPIRE

At press time, LUNA is trading at $51 per coin, below the 50-day trading average of $76. The RSI of 32 shows that LUNA is currently in the oversold region. The MACD is below the neutral zone, indicating a selling pressure on LUNA at the moment.

If the bears remain in control, LUNA could drop below the $50 psychological level over the coming hours.

THETA Rallies Ahead of the TDROP Launch Next Week

THETA is recovering from its recent lows, with social activity around the cryptocurrency rising over the past few days.

THETA Adds 10% to its Value in the Last 24 Hours

Theta is a decentralized video delivery network. According to the developers, the network is powered by the users as it operates on a dedicated blockchain. The value proposition of this project is to reduce the costs involved in content delivery by creating a mesh network of shared content.

It was initially launched as an ERC-20 token, but Theta has been running on its mainnet since 2019. THETA, the native coin of the ecosystem, has added more than 10% to its value over the past 24 hours which made it one of the top performers in the market at the moment.

According to the data obtained from Lunar Crash, Theta Network’s social activity volume has increased by more than 40% in the past week.

THETA’s rally comes despite the broader cryptocurrency market slightly retreating over the past 24 hours. The total cryptocurrency market cap has dropped below $1.7 trillion, with Bitcoin trading around $36k again.

The major catalyst behind THETA’s ongoing rally is the TDROP launch expected to take place in five days. The Theta Network team announced a few hours ago that it had updated its Theta Explorer with support for TNT-20 tokens, TNT-721 NFTs, and exact TFUEL token burn amounts for each transaction.

TDROP is the NFT liquidity mining token for the Theta ecosystem, and it is designed to work with THETA and TFUEL tokens to incentivize onchain transactions volumes and blockchain security.

THETA’s Technical Indicators are Slowly Improving

The THETA/USD daily chart is still bearish, thanks to the coin’s poor performance in recent weeks. However, the technical indicators are slowly improving as the cryptocurrency performers excellently.

THETA’s RSI is still in the oversold region. Source: FXEMPIRE

At press time, THETA is trading at $2.9770, below its 50-day moving average of $4.20. The MACD line is below the neutral zone following the recent bearish performance. The RSI of 39 shows that THETA is still in the oversold region.

If the rally continues, THETA could break past the first major resistance level at $3.3 before the end of the day. Unless there is an extended rally, the second major resistance level at $4.02 should cap further upward movement in the short term.

Waves Add 39% to its Value as Crypto Market Recovery Continues

The total cryptocurrency market cap has climbed above $1.7 trillion as it continues to recover from its recent dip.

Waves is the Best Performer Amongst the Top 100 Cryptos by Market Cap

Waves is a blockchain and a toolkit that allows developers to build decentralized applications (dApps). The blockchain uses a Leased Proof-of-Stake mechanism that allows users to securely lend their tokens to a node, enabling them to validate blocks.

The blockchain allows users to also stake their tokens from cold storage wallets, eliminating the risk of leaving their funds vulnerable on centralized exchanges. Waves also has its novel Ride programming language that allows developers to write smart contracts with speed and security.

WAVES is the top-performing coin amongst the leading 100 cryptocurrencies by market cap. The coin has added more than 39% to its value in the last 24 hours and currently trades at $11.50.

There is no major catalyst behind this rally except the broader market recovery. The cryptocurrency market suffered huge losses over the weekend, with the market cap dropping to the $1.5 trillion level.

However, the total market cap has increased by $200 billion since the start of the week, with Bitcoin and other leading cryptocurrencies recording gains. Bitcoin is trading above $38k per coin and could reach the $38k level if the bulls remain in control.

WAVES Could Top the $12.5 Resistance Level Soon

The WAVES/USD daily chart looks bullish, thanks to the coin’s performance over the last 24 hours. The technical indicators show that WAVES is performing excellently at the moment.

WAVES is trading below its 50-day EMA. Source: FXEMPIRE

The MACD line is still below the neutral zone but could move into the positive region if the rally continues. The RSI of 43 shows that WAVES is out of the oversold region and could move higher before the end of the day.

At press time, WAVES is trading at $11.50, below its 50-day moving average price of $14.43. If the rally continues, WAVES could top the first major resistance level at $12.5 over the coming hours. Unless there is an extended rally, the resistance level at $14 should cap further upward movement in the short term.

Blockchain.com Adds a Former Walmart Director to its Board

The cryptocurrency and blockchain industry has seen an influx of experts from traditional financial institutions over the past few years, and the trend could continue.

Horton Joins the Blockchain.com Team

Cryptocurrency startup Blockchain.com has announced the addition of Tom Horton to its board. Horton is an independent director from Walmart and has become the latest executive from a traditional company to join a crypto startup.

The Walmart director now joins a host of other executives on Blockchain.com’s board. The company recently added Marcie Vu, former head of consumer Internet banking at Morgan Stanley, to its board.

Other financial backers of the company include Google Ventures, Sir Richard Branson, and Lightspeed Commerce Inc.

Blockchain.com is one of the leading cryptocurrency companies planning to conduct an initial public offering (IPO) in the near to medium term. However, there is no set date regarding the company’s planned public listing.

Horton’s addition to the Blockchain.com board highlights a growing trend in the cryptocurrency and blockchain industry. The past few years have seen numerous mainstream financial institutions and businesses enter the blockchain space.

Visa, one of the leading payment facilitators in the world, launched a cryptocurrency advisory forum towards the end of last year. BlackRock is another traditional financial institution that is currently involved in the crypto space.

MasterCard, PayPal, MoneyGram, Morgan Stanley, Goldman Sachs, and several other traditional financial institutions are currently involved in various crypto-related activities.

The Crypto Market is Slowly Recovering

The cryptocurrency market suffered huge losses over the weekend, but it is now slowly recovering. The total cryptocurrency market cap has climbed above $1.6 trillion again after dropping towards $1.5 trillion yesterday.

Bitcoin declined towards the $33k level but has added more than 8% to its value in the last 24 hours and is now trading at $36,402 per coin. Ether is currently targeting the $2,500 psychological level after rallying by more than 7% in the past 24 hours.

NEAR Loses 20% of its Value as Crypto Market Sell-off Continues

NEAR is the biggest loser amongst the top 100 cryptocurrencies by market cap, with the broader market losing another $100 billion over the weekend.

The Total Cryptocurrency Market Cap is Now Below $1.6 Trillion

The NEAR Protocol is a decentralized application (dApp) platform designed to make the dApps similarly usable to those on today’s web. The protocol runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade. This PoS mechanism aims to provide dynamic scalability and stabilizes fees.

NEAR, the native token of the NEAR protocol, is the worst performer amongst the top 100 cryptocurrencies by market cap. Over the past 24 hours, NEAR has lost more than 20% of its value and is currently trading at $9.76 per coin.

There is no major catalyst behind NEAR’s current losses except the broader cryptocurrency market experiencing another major sell-off. The broader cryptocurrency market has lost roughly $100 billion over the weekend, with the total market cap now above $1.5 trillion.

Bitcoin was unable to defend its price above $35k and is currently trading around $33k per coin. Ether, the second-largest cryptocurrency by market cap, is down by 10% in the last 24 hours and is currently trading at $2,264.

NEAR Rallied Earlier this Year

NEAR has lost nearly 50% of its value over the past seven days, which is higher than the other cryptocurrencies in the top 100. The ongoing bearish performance comes after NEAR reached a new all-time high earlier this year.

On January 4, NEAR rallied past the $16 mark following a high demand for NFT-related projects. NEAR went on to reach an all-time high of $17.60 on the same day. NEAR embarked on a similar rally on January 11, after it was listed as the third-fastest growing crypto ecosystem for developers in 2021 by Forbes.

NEAR’s MACD line has dropped below the neutral zone. Source: FXEMPIRE

NEAR is currently trading below its 50-day moving average of $13.28. The MACD line has dropped into the negative zone due to the ongoing poor performance. The RSI of 33 shows that NEAR is currently in the oversold region.

Neymar Jr. Becomes the Latest Celebrity to Enter the NFT Space

The nonfungible token (NFT) space is one of the fastest-growing areas in the cryptocurrency industry, with the trading volume growing by more than 40,000% in 2021.

Neymar Jr. Buys a BAYC NFT

Neymar Jr., the Brazilian soccer star, has revealed that he acquired two Bored Ape Yacht (BAYC) NFTs. The Paris Saint Germain (PSG) star shared the news with his Twitter followers yesterday, January 20.

According to the transaction history from OpenSea, Neymar Jr. paid 159.99 ETH for the Bored Ape 6633. This means that he paid more than $480,000 for the BAYC NFT.

The soccer star also purchased Ape 5269 – for which he paid 189.69 ETH (above $500k at current price). Neymar Jr. went on to change his profile picture to that of the NFT he purchased.

In addition to the BAYC NFTs, the soccer star also owned some nonfungible tokens, including one from the ACESnikers fashion collection, the Flipped BAYC, flipped CryptoPunks, and flipped Doodles.

Celebrities are Adopting NFTs

The past few months have seen numerous celebrities enter the NFT space. On January 3, American rapper Eminem became the latest celebrity to acquire a Bored Ape NFT for over $450,000.

Actress Lindsay Lohan announced earlier this week that she would launch an NFT collection soon. The NFTs will be available for sale on the Superfandom marketplace.

In December, Diplo, DJ Khaled, Martin Garrix, and Future bought into the Bored Ape Yacht Club collection NFT using the exclusive MoonPay’s “concierge service.”

The NFT space is expected to gain massive adoption over the coming years. Earlier this week, Meta, the parent company of Facebook and Instagram, announced that it is planning to enter the NFT space. This comes after the company entered the metaverse space last year.

CNBC’s Jim Kramer Warn Investors to be Careful of Dogecoin

Dogecoin is the world’s leading meme coin and has gained the affection of popular figures such as Elon Musk and Mark Cuban.

Kramer Says Dogecoin is a Security

Jim Kramer, the one-time hedge fund manager and long-time host of CNBC’s “Mad Money,” has warned investors that they should be careful of Dogecoin. According to Kramer, Dogecoin is a security.

A security is a fungible and tradable financial instrument used to raise capital in public and private markets.

Kramer’s tweet sparked a debate within the cryptocurrency community, with many arguing that Dogecoin is not a security. The United States Securities and Exchange Commission (SEC) is yet to talk about DOGE being a security.

Kramer is one of the leading TV personalities that talk about financial assets. Over the past few years, he has talked about cryptocurrencies and given numerous pieces of advice on how investors can approach the market.

In October last year, Kramer said it is okay to speculate on cryptocurrencies as long as the investors know the risks involved.

He said, “As long as you recognize the very real possibility that the whole investment case for crypto rests on the greater fool theory, you’ve got my blessing to speculate on it.”

Kramer has always maintained that cryptocurrencies are speculative investments. However, he has always advised investors to put some of their investments in cryptocurrencies.

Kramer said, “I know a lot of people say ridiculous things about crypto—and I’ve caught a lot of flack for acknowledging that—but at the end of the day, I’ve said repeatedly that you can use bitcoin or Ethereum as a hedge against inflation. Up to 5% of your savings, as a replacement for gold.”

US SEC Considers XRP as a Security

The United States SEC filed a lawsuit against blockchain company Ripple in 2020, alleging that it issued and sold XRP tokens as unregistered securities.

The SEC vs. XRP case has been going on for more than a year now and the regulatory agency is yet to prove in a court that XRP is a security.

DOGE has been underperforming since the start of the year as the bearish trend in the cryptocurrency market continues. At press time, DOGE is down by 8% in the last 24 hours and is currently trading at $0.1534

LINK Declines by 12% in 24 Hours as Market Sell-Off Continues

The cryptocurrency market has lost more than $1 trillion over the past two months, and further sell-off could be recorded in the coming days.

LINK is Up by 0.5% Year-to-Date

Chainlink Network (LINK) is a cryptocurrency project designed to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain.

Thanks to the Chainlink network, individuals can receive on-chain and off-chain data once they connect their smart contracts to various data sources and third-party APIs (API stands for Application Programming Interface, and it is a software intermediary that allows two applications to talk to each other.)

LINK has been underperforming over the past few days. Over the past 24 hours, LINK has lost more than 12% of its value. The decline in LINK’s value comes as the broader cryptocurrency market experiences another huge sell-off.

Bitcoin’s price has dropped below the $40k level once again, and Ether has lost its support above the $3,000 mark. As a result, the total cryptocurrency market cap has declined by more than $100 billion in the last 24 hours.

Despite LINK’s ongoing bearish performance, the coin’s value is still up by less than 1% since the start of the year, outperforming some of the leading cryptocurrencies during that period.

LINK rallied earlier this month after an Ethereum whale bought $4.6 million worth of the tokens. On December 8, former Google executive Eric Schmidt joined the Chainlink Labs team as a strategy advisor.

LINK is Trading Below its 50-Day EMA

LINK has been underperforming over the past few days. Hence, it is not surprising that its technical indicators are now bearish.

LINK/s MACD line is below the neutral zone. Source: FXEMPIRE

At press time, LINK is trading at $19.7 per coin, below its 50-day moving average price of $22.07. The MACD line has just dropped into the negative zone as the bearish trend in the market grows stronger.

The RSI of 33 shows that LINK is currently facing selling pressure and could soon enter the oversold region. If the current market condition is maintained, LINK could drop below its first major support level at $17.33 before the end of the day.

SCRT Down by 21% as Crypto Market Loses $100 Billion in 24 Hours

The total cryptocurrency market cap has dropped to the $1.8 trillion level as Bitcoin and other cryptos sustain further losses.

Secret Network Raises $400 Million in Ecosystem Funding

The Secret Network announced earlier this week that it had raised $400 million in ecosystem funding. The funding round was led by HashKey, DeFinance Capital, CoinFund, and Alameda Research.

The team will use the funds to boost the decentralized finance (DeFi) and nonfungible token (NFT) ecosystems on its platform.

However, despite this latest development, SCRT, the native token of the Secret Network, has lost more than 20% of its value in the last 24 hours. At press time, SCRT is trading at $7.20 per token.

The massive decline comes as the broader cryptocurrency continues its recent bearish performance. The broader cryptocurrency market has lost more than $100 billion in the last 24 hours, with the total market cap now below $1.9 trillion.

Bitcoin has dropped below the $40k mark again after losing 7% of its value over the past day. Ether is also trading below $3,000 as the selling pressure on the leading cryptocurrencies continues.

The Secret Network will soon host the launch of Quentin Tarantino’s NFT collection. However, this event wasn’t enough to stop SCRT from recording massive losses.

SCRT has been underperforming over the past two weeks. Last week, SCRT dipped despite concluding the pilot of its Duplex Finance project.

SCRT Could Drop Below $6 if Bearish Trend Continues

The SCRT/USD chart is still bullish, thanks to SCRT’s strong performance since the start of the year. However, the technical indicators show that SCRT is underperforming at the moment and could drop further if the current market conditions persist.

SCRT’s MACD line is still above the neutral zone. Source: FXEMPIRE

SCRT is trading above its 50-day moving average price of $5.78. The MACD line is still in the positive region but could drop below the neutral zone if the bearish trend continues. The RSI has been declining and risks entering the oversold territory unless the bulls regain control of the market.

BabyDoge Adds 13% to its Value in 24 Hours Following CoinEx Listing

BabyDoge Coin has more holders than Shiba Inu despite SHIB being the second-largest meme coin in terms of market cap.

BabyDoge Now Has More Than 1.2 Million Holders

BabyDoge has rallied by more than 13% over the past 24 hours, making it one of the top-performing cryptocurrencies in the market at the moment.

At press time, BabyDoge is trading at $0.000000006132. The rally comes as the meme coin was listed on the CoinEx cryptocurrency exchange yesterday. The BABYDOGE/USDT pair is now live on CoinEx, with deposit and withdrawal features also available.

This latest development came on the same day that the number of wallets holding BabyDoge surpassed that of Shiba Inu. Yesterday, the total number of wallets holding Shiba Inu topped 1.1 million.

However, BabyDoge has more holders. According to the data revealed by WhaleStats, 1,275,995 wallets now hold BabyDoge. WhaleStats added that the 1000 BNB wallets are holding 989,582,594,495,517 BabyDoge tokens (worth around $5,027,713).

BabyDoge has been recording positive milestones since the start of the month. Last week, BabyDoge flipped Ethereum to become the most traded cryptocurrency by Binance Smart Chain whales.

BABYDOGE Could Rally Higher Soon

The BABYDOGE/USDT daily technical chart shows that the cryptocurrency has been performing excellently over the past few days. The technical indicators are positive, pointing to a positive trend in its performance.

BABYDOGE’s MACD line is above the neutral zone. Source: Coinmarketcap / TradingView

BABYDOGE’s MACD line has been above the neutral zone since the start of the year, indicating a strong bullish performance. The 14-day RSI of 71 shows that BABYDOGE is in the overbought region.

If the positive momentum is maintained, BabyDoge could rally past the $0.0000000075 resistance level in the coming hours. In the event of an extended rally, BabyDoge could target the $0.0000000090 level before the end of the week.

Bitcoin Takes a Hit as Crypto Market Records $193 Million in Liquidations

More than 70,000 traders were hit with liquidations over the past 24 hours as the broader cryptocurrency market sustained losses.

The Crypto Market Loses 2.4% of its Value in 24 Hours

The recent data obtained from Coinglass has revealed that more than $193 million worth of liquidations was recorded in the cryptocurrency market over the past 24 hours.

Over the last one hour, more than $7 million worth of liquidations took place in the market. The liquidations have resulted in the total cryptocurrency market cap dropping below the $2 trillion mark a few hours ago.

Bitcoin accounted for most of the losses, with $11.47 million worth of BTC liquidated over the past 24 hours. Ethereum, Cardano, Fantom, and Cosmos complete the top five cryptocurrencies with the highest liquidation.

Bitcoin has struggled below the $45k resistance level over the past few weeks. At press time, BTC is trading at $41,788, up by less than 1% over the past 24 hours.

Fed Rate Hike the Likely Catalyst Behind Market Liquidation

The United States Federal Reserve is expected to announce more significant rate hikes over the coming months. This has resulted in a stronger dollar over the past few days, ultimately affecting the performance of the cryptocurrency market.

According to Coinglass, Binance accounted for most of the liquidations. The cryptocurrency exchange recorded more than $80 million worth of liquidations over the past 24 hours. It is followed by OKEx, with $49 million in liquidations during that period.

Coinglass added that more than 70,000 traders were liquidated over the last 24 hours. The largest single liquidation order happened on Okex, BTC-USDT-SWAP (a total of $3.81M).

If the cryptocurrency market continues to underperform, Bitcoin could lose the $40k support level over the coming hours or days.

BOTLabs Trusted Entity Launches its SocialKYC Service

BTE’s SocialKYC service will soon be available on social platforms such as Discord, GitHub, Twitch, and others.

SocialKYC will work with Sporran

BOTLabs Trusted Entity (BTE) has announced the launch of its SocialKYC, a decentralized identity service built on KILT Protocol. The service allows users to regain control of their digital data.

KILT became the first fully decentralized identity blockchain in the Polkadot ecosystem when it was launched in November last year.

In a press release shared with FXEMPIRE, the team said the SocialKYC platform would work with Sporran (the KILT wallet) to allow users to manage, store and present their personal credentials. Thus, enabling them to select which elements of their private information are accessed by online services.

SocialKYC issues credentials to users confirming the ownership of their email address or social media accounts after the user proves that they control the account.

SocialKYC is a Decentralized Identity Service

SocialKYC as a decentralized identity service works differently from the traditional platform. According to the team, SocialKYC issues a credential to the user after giving them a simple task to verify their control of a specific account.

The credentials remain under the full control of the users after stating the ownership or control of the specific account. The personal data is not stored or shared by SocialKYC. It remains in the user’s wallet on their personal device under their full control.

Ingo Rübe, Founder of KILT Protocol and CEO of BOTLabs Gmbh, said:

“Unlike sign-in processes on the internet to date, SocialKYC forgets about the user and the credential as soon as the credential is issued. This avoids your personal data being shared, sold, or otherwise ‘monetized’ by third parties without your knowledge or benefit. From brick and mortar to metaverse, there are SocialKYC use case opportunities wherever social trust is needed.”

The team added that in addition to email and Twitter, credentials for social platforms such as Discord, GitHub, Twitch, and others will soon be available on SocialKYC. Future applications for SocialKYC credentials could include gaming, e-sports leagues, health care, academia, media, and decentralized social networks, among others.

IOTA Down by 5% in 24 Hours Following Management Changes

The total cryptocurrency market cap has dropped below the $2 trillion mark again as Bitcoin, Ether, and the other leading coins continue to underperform.

IOTA’s Co-Founder Moves to the Supervisory Board

The IOTA team announced yesterday that its co-founder Serguei Popov has moved from the Board of Directors to the Supervisory Board. The management changes come as Serguei feels it is time to focus on managerial oversight rather than day-to-day decisions and responsibilities.

IOTA is a permissionless distributed ledger that targets the Internet of Things ecosystem. The project aims to support the growth of a machine economy by promoting fee-less machine-to-machine payments. It also seeks to offer greater scalability than blockchain networks.

Since the announcement, MIOTA, the native token of the IOTA ecosystem, has lost more than 5% of its value. At press time, MIOTA is trading at $1.0490 per coin.

IOTA’s poor performance in recent days comes despite being selected for phase 2 of the EU Blockchain Pre-Commercial Procurement last week. The selection will see IOTA improve its protocol over the coming months.

MIOTA Could Soon Enter the Oversold Region

MIOTA has been underperforming since the start of the year, losing 23% of its value during that period. At press time, MIOTA is trading at $1.0490, below its 50-day moving average price of $1.2247.

MIOTA could soon enter the oversold region. Source: FXEMPIRE

The MACD line has been below the neutral zone for more than two weeks now. Meanwhile, the RSI of 39 shows that MIOTA is facing selling pressure and could soon enter the oversold region if the bearish trend continues.

If the negative performance persists, MIOTA could drop below the $1 psychological level for the first time since August.

THETA Rallies After Payment Option Goes Live on the Curate Marketplace

The first part of the Theta and Curate partnership has been completed, and the second part will see Theta NFTs launch on the Curate marketplace.

THETA/TFUEL Payment Options Now Available on Curate

Theta is a decentralized video delivery network. The platform is powered by the users and operates on a dedicated blockchain (Theta Network). The network is designed to reduce the costs involved in delivering content by creating a mesh network of shared content.

On Monday, the Theta Network team announced that the first part of its collaboration with the Curate marketplace is complete. This means that THETA and TFUEL payment options are now available on the Curate marketplace.

Theta Fuel (TFUEL) is the operational token of the Theta Network. It is used as the gas token to complete transactions on the network, such as deploying or interacting with smart contracts.

The Theta team said they are now working on the second part of the partnership, which will involve Theta nonfungible tokens (NFTs) being tradable on the Curate app.

THETA has been performing well in the last few hours. At press time, THETA is trading at $4.1, up by more than 5% in the last 24 hours.

THETA Could Break Past its 50-day EMA Level Soon

The THETA/USD daily chart shows that the cryptocurrency is bullish at the moment. THETA looks likely to top its 50-day moving average price of $4.52 over the next few hours if the positive performance is maintained.

THETA’S RSI is out of the oversold region. Source: FXEMPIRE

The MACD line is still below the neutral zone as THETA has been underperforming in recent weeks. The RSI of 46 shows that THETA is out of the oversold zone and could move higher if the bulls remain in control.

THETA reached an all-time high of $15.72 on April 16, 2021. However, the coin has lost more than 73% of its value since then.

Interest Rate Hikes to Weaken the Crypto Market, Says Morgan Stanley

The cryptocurrency market has experienced selling pressure in recent months, with the total market cap dropping below the $2 trillion mark again.

Central Bank Tightening is Putting Pressure on the Crypto Market

Analysts at Morgan Stanley believe that the upcoming policies by central banks around the world will put pressure on the cryptocurrency market in the coming months.

According to the analysts in a recent research note, the crypto market has benefited from low-interest rates, expansion of central bank balance sheets, and government stimulus in the last two years.

However, the researchers led by Sheena Shah said leveraged crypto markets are now weakening as the United States Federal Reserve and other central banks around the world slow their balance sheet expansion.

The apex banks are also preparing interest rate hikes in the coming months. The US Fed is expected to introduce four rate hikes before the end of the year.

Morgan Stanley analysts believe that these policies will affect the cryptocurrency market over the next few months. The analysts added that retail investor sentiment on social media is turning less bullish.

The ongoing bearish trend in the market has also contributed to the current social media reaction.

The cryptocurrency market has underperformed in recent weeks. Bitcoin has lost more than 30% of its value in the past two months. At press time, BTC is trading above the $42k level, down from the all-time high of $69k it achieved in November.

Morgan Stanley Holds GBTC

Despite its recent analysis of Bitcoin, Morgan Stanley holds Bitcoin indirectly via the Grayscale Bitcoin Trust (GBTC). In an SEC filing in July, the bank revealed that it had acquired 28,000 shares of the GBTC.

The investment came at a time when Bitcoin was struggling around the $30k level. As of November 24, Morgan Stanley held 6,626,381 shares of GBTC (worth $303 million at the time).

More Than 1.1 Million Wallets Now Hold Shiba Inu Meme Coin

Shiba Inu is the second-largest meme coin in terms of market cap, and it has been gaining adoption in recent months.

Shiba Inu Sets a New Milestone

Shiba Inu is one of the leading cryptocurrencies in the world in terms of market cap. It is currently the second-largest meme coin, behind Dogecoin. Shiba Inu (SHIB) is a dog-themed meme cryptocurrency that is hosted on the Ethereum blockchain.

Since its creation in November 2020, Shiba Inu’s value has increased by 49,539,173%, making it one of the best-performing cryptocurrencies over the past two years.

Shiba Inu reached a new milestone yesterday. According to the latest data obtained from WhaleStats, the total number of wallets holding SHIB tokens now stand at 1,145,212.

WhaleStats added that the top 1000 Ethereum (ETH) wallets are holding 51,660,947,525,321 SHIB ($1,481,475,410).

This latest development means that an increasing number of investors are buying SHIB despite the cryptocurrency’s poor performance in recent months. SHIB is currently trading at $0.000027, down by 67% from the all-time high of $0.000086 it attained on October 28, 2021.

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SHIB Continues to Struggle Below its 50-day EMA

The SHIB/USD daily chart shows that the cryptocurrency has been underperforming in recent weeks. SHIB’s technical indicators are negative at the moment, thanks to the losses recorded recently.

SHIB’s RSI is heading to the oversold region – Source: FXEMPIRE

SHIB is trading below its 50-day moving average price of $0.000033. The MACD line has been below the neutral zone since November, indicating a strong bearish trend for Shiba Inu.

The RSI of 39 shows that SHIB could soon enter the oversold region if the existing market condition is sustained.

If the bears remain in control, SHIB could lose its first major support level at $0.000022 over the next few hours. In the event of an extended bearish performance, SHIB could trade below the $0.000020 level for the first time since October.

Shiba Inu would need the support of the broader cryptocurrency market to enable it to come out of its ongoing bearish trend.

AXS Dips by 10% in 24 Hours as Market Sell-off Continues

The total cryptocurrency market cap could drop below the $2 trillion mark if the bearish performance continues.

AXS is Currently Underperforming

Axie Infinity is one of the leading blockchain-based games in the world. The Pokémon-inspired digital pet universe is built on the Ethereum network. With Axie Infinity, players can earn token rewards via skilled gameplay and contributions to the ecosystem.

The Axie Infinity tea is currently building a layer-2 sidechain named Ronin in a bid to create a better user experience and promote scalability.

AXS, the native token of the Axie Infinity, has lost more than 10% of its value over the past 24 hours. There is no specific catalyst behind this bearish performance except the weakness of the broader cryptocurrency market.

Bitcoin, Ether and the other major cryptocurrencies have been underperforming over the past few hours. If the bearish trend continues, the total cryptocurrency market cap could drop below the $2 trillion mark soon.

Despite its recent poor performance, AXS is expected to be one of the leading nonfungible token (NFT) projects in 2022. Market experts are optimistic that its value could soar higher over the next few months.

AXS is Down by 21% YTD

AXS has lost more than 20% of its value since the start of 2022. The AXS/USD daily chart shows that the cryptocurrency is bearish, and its value could drop lower in the coming hours if the market conditions remain unchanged.

AXS’s RSI is currently in the oversold region. Source: FXEMPIRE

At press time, AXS is trading at $73.45, below its 50-day moving average value of $94.81. The MACD line has been below the neutral zone since December 3rd and looks likely to stay there for a while.

The RSI of 37 shows that AXS is facing selling pressure at the moment. If the bears remain in control, AXS could drop below the $70 psychological level to trade around the $68 mark.

In the event of an extended bearish performance, AXS would need to defend the second major resistance level at $60 before the end of the day.

ATOM Down by 9% in 24 Hours as Market Weakness Persists

The cryptocurrency market could not build on its positive performance over the weekend, with Bitcoin and other major coins now underperforming.

ATOM Fails to Top the $45 Resistance Level

ATOM, the native token of the Cosmos ecosystem, reached the $44 mark yesterday but was unable to break past the $45 resistance level and set a new all-time high. The performance yesterday mirrored the coin’s performance earlier this month.

However, since reaching the $44 yesterday, ATOM has been underperforming. The coin has lost more than 9% of its value in the last 24 hours and is currently trading above the $38 mark.

Cosmos is a project that aims to create a network of different blockchains that are interoperable. Its main chain Cosmos Hub serves as a central ledger for compatible blockchains dubbed Zones. The Zones are highly customizable, making it easier for developers to design their own cryptocurrencies.

There is no major catalyst behind ATOM’s recent poor performance except the poor performance from the market. The broader cryptocurrency market has underperformed over the past 24 hours, and the total market cap could drop below the $2 trillion mark soon if the poor performance continues.

ATOM Could Slip Below the $35 if Bearish Trend Continues

The ATOM/USD daily chart is still looking bullish despite the cryptocurrency’s poor performance over the past few hours. However, if the bearish trend continues, ATOM could record further losses before the end of the day.

ATOM is still trading above its 50-day EMA. Source: FXEMPIRE

At press time, ATOM is trading at $38.3, above its 50-day moving average price of $30.44. The MACD line is currently in the positive zone, thanks to the coin’s excellent performance since the start of the year.

The 14-day RSI of 54 shows that ATOM is still in the neutral zone. However, continued bearish performance could see ATOM slip into the oversold region. ATOM risks dropping below the $35 support level in the coming hours if the market condition remains unchanged.

Crypto Spending on Luxury Products Increased by 31% in 2021: BitPay

Crypto payments processor BitPay has revealed that altcoins generated a significant share of the payments it processed last year.

Bitcoin’s Dominance on BitPay is Starting to Decline

BitPay, one of the leading cryptocurrency payment processors, has revealed that altcoins are starting to eat into Bitcoin’s dominance on its platform.

BitPay is a cryptocurrency payment processor that allows vendors and merchants to accept crypto payments for goods and services. The company’s payment protocol allows consumers to enjoy a streamlined and secure cryptocurrency checkout process.

Sonny Singh, the company’s Chief Commercial Officer, told Bloomberg that the BTC payments at merchants who use BitPay’s services declined to 65% of all processed payments in 2022. This is a drop from the 92% that was recorded in 2020.

The company said altcoins have started to generate a significant share of its processed payments last year. Ethereum (ETH) accounted for 15% of the total transactions, while stablecoins generated a total of 13%.

According to the CCO, the increase in the use of stablecoins on its platforms can be partly attributed to the fact that more businesses use them for cross-border payments.

More People Are Using Crypto to Pay for Luxury Products

Stephen Pair, Chief Executive Officer at BitPay, revealed that more people are using cryptocurrencies to pay for luxury products. In 2021, BitPay’s transaction volumes related to luxury goods increased by 31%.

Customers are using cryptocurrencies to pay for luxury products such as jewelry, watches, cars, boats, and precious metals.

Bitcoin and the broader cryptocurrency market have been underperforming over the past few months. BTC is currently trading around $43k per coin. Pair admitted that the decline in Bitcoin’s price had affected its operations in recent weeks.

He said, “Our business ebbs and flows to some degree with the price, when the price goes down, people tend to spend less. It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments.”

OKB Soars by 5% in 24 Hours Despite Poor Market Performance

The cryptocurrency market performed well over the weekend but has been experiencing a bearish performance in the past few hours.

OKB Outperforms the Major Coins

OKB is the native token of the OKEx cryptocurrency exchange. The token allows users to access the special features offered by the cryptocurrency exchange. The OKB coin is used to calculate and pay trading fees, allow the users to gain access to voting and governance on the platform, and reward users for holding the OKB coins.

The coin has been performing well over the past few hours. In the last 24 hours, OKB has added more than 5% to its value. This means that it has outperformed some of the major cryptocurrencies, including Bitcoin, Ether, Binance Coin, Solana, XRP, Terra and Polkadot. Cardano is the only cryptocurrency amongst the top ten that has outperformed OKB in the last 24 hours.

Bitcoin is down by 0.2% in the last 24 hours and currently trades above $42,800 per coin. Ether has lost 1% of its value during that period and is still struggling to top the $3,300 resistance point.

There is no clear catalyst behind OKB’s latest rally. The OKEx exchange is set to list ASTR — the utility token of Astar Network on its platform later today.

OKB Could Rally Towards the $30 Level

The OKB/USD daily chart shows that the cryptocurrency is currently performing well. The technical indicators are positive, and OKB could rally higher over the coming hours and days.

OKB’s MACD line is below the neutral zone. Source; FXEMPIRE

OKB’s current rally saw it break past its 50-day moving average price of $27.07. If the rally continues, OKB could surpass the $30 psychological level before the end of the day. The MACD line is still within the negative region, but it has been moving higher in the past few hours.

The RSI of 52 shows that OKB is out of the oversold region and could enter the overbought zone if the rally continues. In the event of an extended rally, OKB could reach the $32 mark before the end of the day.