This Week in Crypto
February 3, 2023
Welcome to the second month of 2023. While January flew by in the blink of an eye, the crypto market has been full of buzz and news. In this episode of This Week in Crypto, we look at some of the most important industry news that should be noticed by the eyes and the minds of our readers.
Key Points
- Fed approves 0.25% hike
- BTC uptrend most likely to fall
- Ebay goes NFT
- NEO breaks records
Federal Reserve Approves 0.25% Interest Hike
The news many crypto investors have been waiting for is in: the US Federal Reserve (Fed) has approved an interest rate hike of 0.25%, continuing its trend of a softer interest rate increase. This has signaled to the macro market that the US government is beginning to win its war against inflation and improving the national financial situation. This has resulted in investors’ increased willingness to invest in higher volatility assets, such as cryptocurrency. As a result, the price of BTC recorded a moderate spike of 3%.
Will BTC Continue Its Uptrend? Analysts say “Not Likely”
While the price of Bitcoin (BTC) did record positive volatility overall during the past week, analysts are not optimistic about BTC continuing its uptrend. According to data, while the price of BTC increased slightly, the RSI factor decreased by around 15%. This type of divergence usually indicates that the price of the asset will most likely decrease than not.
Will Ebay launch an NFT Marketplace?
Ebay has made headlines within the crypto space with its LinkedIn posts. According to the official posts from the online marketplace giant, it is looking for a few key talents related to “KnownOrigin” — its NFT marketplace. Hence, it can be assumed that Ebay will indeed build and launch its own NFT marketplace. One key aspect in this development can be highlighted in one of the vacancies Ebay is looking to fill: Web3 attorney. It appears that Ebay’s main concern within an NFT marketplace is the trading of IP rights and licensing rights. This is indeed an exciting time for NFTs.
NEO Breaks Records
MatchX NEO has launched in celebration of eager supporters and miners around the world. Following its successful launch, NEO has been mentioned by mainstream media such as Bitcoinist and Blockonomi who have praised NEO for its innovation and user-friendliness. While the pre-order phase of NEO is expected to close within just a few hours since the writing of this, those who have pre-ordered NEO can look forward to learning more about the mining algorithm and other innovative benefits in the next coming weeks.
