Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
Today we are presenting you a plan for Bitcoin for the next couple of weeks. We are also going to tell you what has changed for crypto VC funding in the last two years.
What's on the menu today?
1. Breaking Crypto News
2. Crypto Fear and Greed Index
3. BTC TA Analysis
4. Venture Capital is Interested in Crypto Again
5. Funniest Meme of the Week
News Recap
· Ledger teamed up with Ledger for direct crypto buys via hardware wallet.
· Bitcoin ETF inflows are growing as is the Wall Street appetite for BTC
· Energy Information Administration (EIA) pressures Bitcoin miners for data. Industry leaders promise to push back.
· Sam Bankman may get lighter sentence as crypto recovery helps FTX creditors.
· SBF, Tether and Bahamas’ bank (Deltec bank) accused of secretly colluding.
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Crypto Fear and Greed Index
Bitcoin TA analysis
· Bitcoin Daily Time Frame
Bitcoin is back above the $52k support zone after hitting the lows of $50.5k on a Saturday. Great but what’s next?
At the beginning of February Bitcoin filled a fair value gap (CME gap) and continued the rally towards the support zone above which it sits right now because there was only one resistance level it had to break through. The situation was almost the same as the current one.
At the time of writing Bitcoin has one weak resistance it has to break through at ≈$53.5k. Once/if it breaks through there is a weekly FVG (CME gap) up to $58k. The only resistance it could face is at the 50% Fibonacci level of the FVG which is $55.5k.
In simple terms: Bitcoin could go up to $58k once it finds support above $53.5k. It may have a hard time pushing above 50% Fibonacci level of the FVG which is at $55.5k but the target is $58k.
Venture Capital is Interested in Crypto Again
After a year that felt longer than waiting for a Bitcoin transaction during network congestion, the crypto industry finally has some good news. According to a recent PitchBook report, venture funding for crypto-related companies saw a modest yet significant increase of 2.5% in the fourth quarter of 2023, totaling $1.9 billion.
This marks the first uptick in venture capital (VC) investments in the crypto sphere since March 2022, a period that felt as bad as a meme coins' utility.
The Spotlight Deals
The Q4 witnessed some notable fundraises. Swan Bitcoin and Blockchain.com led the charge with $165 million and $100 million in secured funding. However, the crown jewel of the quarter was a $225 million investment in Wormhole, an open-source blockchain development platform, which now sits at a valuation of $2.5 billion.
The Catalyst
The report attributes this renewed interest partly to the launch of the first spot Bitcoin exchange-traded funds (ETFs) in the United States in January. This development is signaling a maturation of the industry that could bring more traditional financial institutions to the table.
The Crypto Winter
To appreciate the warmth of this news, one must remember the cold winter of 2022.
The year started with a bang, with VC investment peaking at $11 billion in the first four months. However, the collapse of the Terra ecosystem in May, followed by the implosion of cryptocurrency lending firms and the FTX, sent the market into a tailspin.
The crypto winter was harsh, with venture capital funding drying up faster than enthusiasm for Pixelmon after their NFT release.
The 2023 Turnaround
Despite the frostbite of 2022, 2023 has shown more optimism, with stories of adoption worldwide and major TradFi (traditional finance) institutions like BlackRock dipping their toes into crypto.
Funniest Meme of the Week
