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Blockchain Industry Turbulence Despite Strong Bitcoin Fundamentals: Report

Published on

January 15, 2023
Read Time:2 Minute, 41 Second

It has typically been stated up to now that Bitcoin (BTC) is powering the whole crypto and blockchain trade. Is it nonetheless like that?

In current months, bitcoin has hit highs, together with all-time highs in long-term holder charges and native highs in hash charge adjustment – ​​but because the fourth quarter of 2022 begins, bitcoin remains to be in bearish situations.

Not all sectors of the blockchain trade can boast such indicators of energy, akin to enterprise capital (VC), which raised $840,000 in October, down 48.6% month-on-month. Likewise, non-fungible GameFi token gross sales have continued to say no, even with 10% extra energetic gamers in October than in September.

On the identical time, regulation continues to pose a looming risk from entities like the USA Securities and Change Fee, which is now analyzing the potential of Ether (ETH) being a safety as 46.65% of Ethereum nodes are positioned in the USA .

Obtain and purchase this report on the Cointelegraph Analysis Terminal.

Every month, Cointelegraph Analysis publishes an Investor Insights report analyzing key indicators from numerous sectors of the blockchain trade, akin to: B. Regulation, crypto mining, safety tokens, bitcoin and ether derivatives and VC actions.

One other optimistic bitcoin sign

Bitcoin is buying and selling above its 50-day transferring common (MA), with the 100-day MA appearing as resistance and the transferring common convergence/divergence (MACD) histogram signaling an uptrend. On-chain knowledge and traditionally correct metrics recommend a backside could also be close to. Moreover, the MVRV-Z-Rating has been within the inexperienced since late June, suggesting that Bitcoin has bottomed.

Put up-Federal Open Market Committee (FOMC) volatility was transient on Nov. 2 with the buying and selling vary consolidating across the $20,000 stage. Except for the FOMC, volatility may come within the wake of the US midterm elections and Q3 outcomes from crypto giants MicroStrategy, Coinbase, Block and Robinhood, all happening in November.

Bitcoin's fundamentals are nonetheless robust, and the asset that began all of it for crypto will seemingly assist maintain the trade on monitor for the remainder of the yr Bear market, although there may be some volatility along the way. But fortunately, 1 BTC still equals 1 BTC.

The Cointelegraph Research Team

Cointelegraph's research department includes some of the best talent in the blockchain industry. Combining academic rigor and filtered through practical and hard-earned experience, the team's researchers strive to provide the most accurate and insightful content available on the market.

Demelza Hays, Ph.D., is the Director of Research at Cointelegraph. Hays has assembled a team of subject matter experts across finance, business and technology to bring to market the leading source for industry reports and insightful analysis. The team leverages APIs from a variety of sources to provide accurate and useful information and analysis.

With decades of combined experience in traditional finance, economics, engineering, technology and research, the Cointelegraph Research team is perfectly positioned to leverage their combined talents with the Investor Insights Report.

The opinions expressed in this article are for general information purposes only and are not intended to constitute specific advice or recommendations for any individual or specific security or investment product.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 15, 2023
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