Forex Analysis & Reviews: 17.01.2022 - Bitcoin settlements...

17.01.2022 11:14 AM

Bitcoin settlements decreased by about 65%

The crypto market is calm again, which made some experts believe that long positions will surge soon, subsequently leading to new growth in cryptocurrencies. But there are still some that insist Bitcoin and other crypto will face a new wave of sell-offs if prices do not rise from the current lows in the near future.

Even so, BitPay recently reported that consumers and companies are starting to use digital tokens for settlements. That is a huge shift from the loss of Bitcoin leadership at the end of last year, when BTC settlements via BitPay have fallen to about 65%. Back then, Ethereum settlements accounted for about 15%, while stablecoin became a strong leader at 13%. Dogecoin, Shiba Inu and Litecoin accounted for about 3%.

Obviously, the use of altcoins increased as more companies began to trust stablecoins for cross-border payments. Consumers also tend to switch to digital coins, the value of which should remain stable when cryptocurrency prices fall. Dogecoin even made a splash last year, thanks to pumps from famous people such as Tesla CEO Elon Musk. His announcement last week prompted a 30% increase in the token. And although Bitcoin surged 60% last year, many investors are choosing to hold it rather than spend it.

The crypto industry continues to actively develop, that is why it is not surprising that more and more merchants accept crypto as payments. Last year, BitPay started working with VeriFone to accept digital coins on their terminals in various stores. PayPal also added the use of cryptocurrencies in its services last year. That move has been beneficial to a number of companies and businesses, which is why those who still doubted whether they should work and accept cryptocurrency payments began to look more closely at this area.

At the moment, Bitcoin is trading above $40,520 and will most likely head towards $44,300. Successfully doing that will prompt a jump to $47,840, and then to $51,800. But if the pressure returns, BTC will dip below $40,520 and go to $37,380 and $33,830.

Ether, on the other hand, is currently trading at $3,430, where the 200-day moving average passes. This indicates that a bearish scenario is brewing in the market, and as long as trading is carried out below that range, pressure on the token will remain high. To return demand in the token, a breakdown of $3,430 is needed. That will provoke a jump to $3,670 and $3,880, but buyers will start to have problems immediately after Ethereum drops below $3,220. 720 and $2,440

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*这里的市场分析是为了增加您对市场的了解，而不是给出交易的指示。

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Crypto-currencies

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025

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