U.Today has prepared the four main stories of the past day. Stay tuned for the latest crypto industry updates!
Bitcoin surges above $44,000 as market sentiment recovers
Yesterday, Bitcoin holders could finally breathe a sigh of relief as their beloved crypto surged above $44,000, its highest level since Jan. 6. This followed improving market sentiment, which was fueled by the release of inflation statistics, with the Consumer Price Index rising 7% throughout the year. Rising inflation is seen as a positive for Bitcoin’s price action, as most traders believe the flagship crypto can serve as an effective hedge against inflation. Overall, BTC seems to be finding its way above $43,000, preserving its bullish tone.
Visa Survey Predicts Boom in Crypto Merchant Adoption
Visa The payments giant recently launched a new survey involving 2,250 small business owners from nine countries. The survey showed that this year, more than a quarter of small businesses aim to accept cryptocurrency as payment. Nearly a third of merchants in Brazil, Singapore and other countries are willing to accept crypto payments, while only 8% of Canadian respondents said they would allow customers to pay with digital currencies. As for the United States, 19% of business owners surveyed said they would add support for cryptocurrencies in 2022.
Shiba Inu rallies 8% on Robinhood listing rumors
The Shiba Inu community has been rocked by several squawk accounts tweeting that Robin Hood will finally add canine coin support in February. Rumors of SHIB’s listing became a catalyst for the meme token’s rally as it soared over 8%. However, traders should not rush to trust this market moving news as it appears to be coming from the “First Squawk” Twitter account which is notorious for spreading fake news.
Extremely Rare Bitcoin Reversal Signal Appears On-Chain
Bitcoin’s rapid downward correction led to a spike in volatility, with many technical and on-chain indicators giving potential reversal signals. One of these signals is the Dormancy Flow metric which can be used to determine when Bitcoin is in a bullish or bearish state. Whenever the metric reaches values near 200,000, traders expect the market to reverse. The Dormancy Flow metric has given only five signals in Bitcoin’s history, and all of them have resulted in a reversal. So, the current sixth signal has every reason to end up being a reversal.