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El Salvador may abandon Bitcoin


26 Jan 2022

#Bitcoin

Bitcoin decreased 0.6% on Tuesday, ending the day around $36,600 while Ethereum lost 1.1%. Other leading altcoins from the top ten showed mixed dynamics: from a 7.4% decline of Terra to a 2.3% rise of Polkadot. According to CoinGecko, the total capitalization of the crypto market sank 1.1% to $1.74 trillion over the past day. In total, the crypto market broke the recent days' decline after bitcoin hit lows of the last six months on Monday, dropping below $33,000. This was followed by a sharp rebound upwards to $37,500. The US market was the reason.

Throughout January, stocks are falling in anticipation of the Fed's monetary policy tightening. The decline in risky assets also had a negative impact on bitcoin, which has already lost about 20% since the beginning of the month. A correlation between the benchmark cryptocurrency and Nasdaq has reached a new all-time high, according to Bloomberg.

On Wednesday, all the attention will be riveted to the FOMC meeting. If the regulator tightens its rhetoric and announces the upcoming rate hike as early as March, all risky assets, including cryptocurrencies, could suffer significantly.

Meanwhile, the International Monetary Fund (IMF) has urged El Salvador to move away from bitcoin as a legal currency. MicroStrategy has stated that it would continue to buy BTC despite its decline in recent months. Its worth noting that a week ago, crypto funds recorded the first inflow of funds into their assets in the last six weeks.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 69.6% 54 $28 068.88 1.33% 7.74% $542 479 232 239 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 79.6% 39 $1 796.91 2.35% 4.75% $219 895 368 505 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.001141 -0.09% -0.12% $78 575 681 204 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74.4% 51 $323.51 -0.44% -2.98% $51 078 681 358 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 91.6% 2 $0.999580 0.05% -0.01% $34 405 741 418 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 84.4% 21 $0.427684 -3.54% 15.97% $21 790 915 468 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 62% 82 $0.105273 -13.59% 20.81% $18 255 461 602 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78.4% 44 $0.362363 -2.84% 8.30% $12 581 690 970 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 94.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 51 $0.075582 0.44% 1.34% $10 027 482 654 DOGE 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 76% 47 $1.12 -0.15% -5.20% $9 805 540 362 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 70.4% 52 $21.64 -0.45% 7.94% $8 303 091 244 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $0.999779 0.02% -0.10% $8 062 237 832 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 75.6% 49 $6.21 0.24% -1.17% $7 268 180 249 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 73.2% 59 $92.99 5.58% 13.69% $6 746 412 901 LTC 7 days price change

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