The Crypto market never fails to surprise us, and this week it was the most prominent cryptocurrency that created quite a buzz.
Bitcoin price dropped below $40,000 for the first time in about 3 weeks. This drop happened even after last week's Bitcoin 2022 conference in Miami, which was supposed to reverse the bitcoin downfall trend. Experts say that high inflation rates, recent actions of Federal reserves, and stressful geopolitical situations revolving around the Russia-Ukraine war hold the accountability for this price fall. But it wasn't just Bitcoin that experienced a dipping week. Almost all major crypto slumped, including Ethereum (9.57%), Avalanche (19.48%), and Ripple(11.62%) in the past week.
If we look deep into the numbers, the bulls are trying to hold Bitcoin above the 50-day SMA, i.e., $41,908 from the last few days, but could not hike the Bitcoin price above the 20-day EMA, i.e., around $43,576. This may be a sign to conclude that bears are selling at rallies currently. And if it happens, it would create an ascending channel leading to a bearish trend.
Though the dip in Bitcoin and several altcoins is showing a downward trend in the short term, many crypto experts and analysts are predicting a bounce-back of Bitcoin in the second half of 2022. This is because high inflation would ultimately shift the public to crypto investments for their long-term growth. Moreover, the rapid mainstream adoption of Bitcoin is inevitable. The interest shown by many big countries in taxing and regulating crypto is concrete proof of its growing acceptance worldwide. Recent bitcoin shopping of whooping $176m Bitcoin by Terra also shows that bitcoin isn't going anywhere. The founder of Terraform Labs said the Bitcoin market is "liquid" enough to handle any potential de-pegging of Terra's stable coin.
There are good chances for bitcoin to gain stability and hit a new ATH by the end of this year. If we conclude, it is already too late for cryptocurrencies like bitcoin to be affected for a long by a few growth barriers.
One cryptocurrency that is growing all the rage is Dogecoin. The meme coin went 11% up after Elon Musk, famous as the godfather of Dogecoin, bought 9.2% shares of Twitter. Musk has been promoting Dogecoin for the past year, allowing it to accept payments at Tesla supercharging stations and its related merchandise. His decision to own a part of Twitter and strong support for Dogecoin are dropping strong hits for Doge to be soon integrated for payment options on Twitter. If it happens, more price hikes will be seen in Dogecoin.
When it comes to digital assets penetrating every nook and cranny in the future, NFTs are not behind. The NFT of the new avatar of Rocky Bhai character from the KGF2 movie has set the record for the fastest sell-out of 1000 NFT Tokens in India. KGFverse is also an exciting digital take on this movie which will be launched in parts in the upcoming days.
Many Indian movies have started riding on NFT waves for their promotions and earnings. Be it Bollywood or Tollywood, multiple movies with popular star casts are taking support of NFTs to give a new dimension to their movie promotions. Amitabh Bachchan's "Jhund", Ranveer Singh's "83", Prabhas's "Radhey Shyam", and now the KGF hero, Yash, have joined the race to introduce their NFT collectibles to their fans.
Global NFT market trading volume increased from $250 million in 2020 to $23 billion in 2021. The movie industry contributes significantly to the penetration of NFTs in the Indian economic scenario. With the launching of more metaverse platforms in the future, the NFT trade volume will surely see a tremendous hike.
