This week on The Market Report, Cointelegraph’s resident experts discuss Bitcoin’s (BTC) impressive rally in January and whether there are any indicators to suggest it could continue into February.
We start this week’s program with the latest news in the markets:
The best January since 2013? 5 things to know about Bitcoin this week
After sealing its highest weekly close in almost six months, BTC/USD is still up more than 40% year-to-date, with the monthly close just 48 hours away: can gains hold? Throughout the week, concern has centered on an impending drop, and even new macro lows, for BTC price, as disbelief gripped the market. That gloomy reversal has yet to occur, and the next few days could turn out to be a pivotal period for Bitcoin’s long-term trend. It’s going to be a busy week for markets as the US Federal Reserve will decide on its next rate hike this week, with Fed Chairman Jerome Powell making much-anticipated comments on the economy and politics. The European Central Bank will make the same decision a day later. Add to this the psychological pressure of the monthly close, and it is easy to see how next week could be the most volatile in recent Bitcoin history. So, buckle up as our experts break down the five key things to know in Bitcoin this week.
Bitcoin Premium Hits 60% in Nigeria as Country Limits ATM Cash Withdrawal
As of this writing, the price of 1 BTC on the Nigerian NairaEX exchange is 17.2 million Naira, which is equivalent to a whopping $37,341. This is a hefty premium to Bitcoin’s current market price, around $22,874 as of this writing. This comes as the Central Bank of Nigeria continues to impose limits on ATM cash withdrawals in an effort to accelerate the shift towards a cashless society. Will this have any impact on the price of Bitcoin, considering that more and more people will flock to buy the quintessential digital currency, and how will it affect the rest of the markets?
Elon Musk wants Twitter’s payments system to be built with cryptocurrency in mind
Elon Musk, the head of Twitter, has instructed its developers to build the platform’s payment system in such a way that cryptocurrency functionality can be added in the future. The payment feature will support fiat currencies to begin with, but will have the ability to include cryptocurrencies if the opportunity arises. For now, things remain pretty vague as to whether the system will involve blockchain technology or crypto, but people are hopeful considering that the CEO of Twitter has been very influential in the cryptocurrency space.
Our experts cover these and other stories in the making, so be sure to tune in for the latest in the world of cryptocurrency.
Up next is a segment called “Cryptocurrency Quick Tips,” which aims to give newcomers to the cryptocurrency industry quick and easy tips to get the most out of their experience. This week’s tip: How is a crypto project evaluated?
Below, market expert Marcel Pechman takes a closer look at the Bitcoin and Ether (ETH) markets. Are current market conditions bullish or bearish? What are the prospects for the coming months? Pechman explains everything to us.
Finally, we have the opinions of Cointelegraph Markets Pro, a platform for cryptocurrency traders who want to stay one step ahead of the market. Our analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week, so be sure to tune in to find out which ones made the cut.
Do you have a question about a currency or topic that we have not covered here? Don’t worry: join the YouTube chat room and write your questions there. The person with the most interesting comment or question will have a chance to win a one-month subscription to Markets Pro worth $100.
The Market Report is broadcast live every Tuesday at 12:00 pm ET (5:00 pm UTC), so be sure to go to Cointelegraph YouTube channel and smash that like button; and Subscribe to receive all our future videos and updates.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.