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Wednesday, November 29, 2023

Blockchain Monthly Highlights: Crypto Prices Rocked by World Events, Expert Makes Bold Call

In the face of global conflict and inflation, cryptocurrency prices have faced difficulties so far in 2022.

Even so, sentiment surrounding these digital coins remains strong, especially for bitcoin, with one expert even making a bold prediction about the world’s first cryptocurrency last month.

Here the Investing News Network (INN) offers a recap of what to know about the blockchain business and cryptocurrencies in the month of February.

Expert thinks bitcoin will move to US$100,000

Bloomberg Senior Commodity Strategist Mike McGlone told Cointelegraph that bitcoin has a strong enough base to avoid a doomsday scenario and instead shoot back up.

“I think (bitcoin) is building a good base here around US$40,000, and I think it’s going to take it at that level. It’s more likely to accelerate towards US$100,000,” he said.

The expert believes bitcoin is gaining legitimacy as a way for investors to store value as “global collateral.”

Crypto volatility correlates with global events

bitcoin price year-to-date

For now, however, the dream of using cryptocurrencies as collateral continues to face challenges.

In a report, Reuters indicates that up-and-down movements in cryptocurrency prices are expected to remain or even increase moving forward due to two events: planned interest rate increases from the US Federal Reserve in the face of inflation, and the effects of Russia’s invasion of Ukraine.

The document states:

“Worries that an aggressive central bank tightening cycle going forward will hamstring risky assets has made it difficult for some traders to maintain their bullish outlook on bitcoin and other cryptos, an asset class already identified with intense volatility.”

The European conflict has definitely had an impact on the price of digital coins across the market. Performing with volatility, bitcoin dropped when the situation first came to a head, but has since seen a recovery.

​Around the INN homepage

  • Is there a better way to deal with volatility?: INN looked at one of the biggest challenges in crypto investing: how investors can better stomach the widespread volatility of the space.
  • Looking back at the rapidly changing history of bitcoin’s price: Our efficient recap of bitcoin’s price history offers a look back at how the leading cryptocurrency got to where it is today.
  • INN’s 2022 outlook and 2021 trends articles offer expert insights on blockchain, featuring expert opinions and takeaways on the year that was and what’s to come in 2022.

From around the web

  • Forbes took a closer look at the concept of real estate in the metaverse. With projections of billions in value for metaverse real estate, it’s become all the more pressing for interested parties and observers of the technology to get up to speed.
  • Bloomberg reporter Jason Schreier examined the amount of money being invested into metaverse opportunities and how these still seem confusing at times. “When tech executives like Zuckerberg preach the metaverse, they are promising visions that either already exist, are ill-defined or that nobody actually wants,” he wrote in his column.
  • Motherboard went deep on one of the most curious recent stories in the blockchain world — the crypto couple scandal. A New York-based couple was arrested at the start of February on charges related to a money-laundering plot involving US$4.5 billion in bitcoin.

One last thought…

And as a last thing, thank you for taking a chance with this new monthly update from INN. We’re excited to share more information and stories about the world of blockchain opportunities. We also have a similar update over on our gaming channel that you can check out now. Stay tuned for more monthly updates and stories.

Don’t forget to follow us @INN_Technology for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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