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Crypto Outlook – BTC again in the game of bull rally after crossing $23k?

  

As of analyzing the market, the prices of the assets are as follows:

  • BTC: $23,809.96
  • ETH: $1,669.19
  • XRP: $0.415
  • LTC: $100.07

BTC: BTC price increased by 3.46% over 24 hours and 3.74% in the past seven days. The asset reached a low and high of $22,877.75 and $24,167.21, respectively.

Charlie Munger, Warren Buffett’s business partner and the so-called right-hand man, suggested that the United States should follow China and ban cryptocurrencies.

In a WSJ opinion piece published on February 2, Munger said that in recent years the market had been flooded with thousands of new cryptocurrencies, which are exposed to the public to buy at much higher prices which favors the promoter.

Munger also added that tons of crypto is due to the gap in regulation. Therefore, he has called on the U.S. government to pass a federal law regulating the market. The crypto critic also analogized cryptocurrencies to gambling contracts with a nearly 100% edge for the house.

“A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with nearly 100% edge for the house,” Munger said.

ETH: ETH price increased by 6.08% over 24 hours and 4.16% in the past seven days. The asset reached a low and high of $1,566.86 and $1,689.07, respectively.

According to an Ethereum developer, a public testnet will be released on February 1. The testnet will allow Beacon Chain withdrawals. Moreover, users can also test staked Ether withdrawals which are a part of the Ethereum Improvement Proposal-4895 (EIP) that will be implemented in the next Shanghai hard fork. Six days after the testnet goes live, a practice run of the network’s impending Shanghai and Capella improvements will begin.

@parithosh_j, DevOps at the Ethereum Foundation via tweet: The Shanghai+Capella upgrade is going full steam ahead! The first public withdrawals testnet is launching on February 1 at 15 UTC. All info here: https://zhejiang.ethpandaops.io

XRP: XRP price increased by 3.04% over 24 hours and 0.75% in the past seven days. The asset reached a low and high of $0.398 and 0.74%, respectively.

In the legal battle between LBRY, a blockchain-based content sharing and publishing platform, and the SEC, Deaton and LBRY achieved a prominent victory for the entire crypto industry. Since then, the price of LBRY Credits (LBC) has risen more than 67% following social media chatter celebrating the victory. Attorney John Deaton, the founder of Crypto Law and managing partner of Deaton Law Firm, predicts that the judge may be suspended to allow secondary sales of LBRY’s token to continue.

LTC: LTC price increased by 4.58% over 24 hours and 13.60% in the past seven days. The asset reached a low and high of $94.01 and 13.60%, respectively.

After Nov 2022, LTC has seen a significant rise in its prices, an impressive 80% rally. Santiment, a crypto analytics firm, concludes this incredible gain resulted from two key aspects.

Based on the tweet from Santiment, one of the major reasons for the price rise is Litecoin’s increasing adoption and halving process ahead in 2023.

Litecoin is being treated like a store of value, just like BTC, and becoming more accepted by merchants worldwide due to its fast and low transaction costs. People are using LTC for everyday purchases, such as buying goods online or using it as a medium of transaction to others. As a result, with this increase in demand, Litecoin has grown significantly in recent months.


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