Mooners and Shakers: Bitcoin and crypto market stay in the fight ahead of Fed meeting
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Bitcoin has been holding strong above US$42k for several hours, at the time of writing, after a choppy opening to the week for the stock markets. Nevertheless, there is a Fed-related reason to remain cautious in the very short term.
The US Federal Reserve is holding its “emergency meeting” today to discuss its approach to the highest level of US inflation in 40 years.
And that meeting will likely already have occurred by the time you read this, which may or may not put the market updates in this article in extreme danger of being extremely out of date, extremely quickly.
No matter what happens, though – accelerated rate hikes or not, short-term price dump or not – the prevailing “stack sats” (buy BTC) mentality is as strong as ever in the crypto community right now…
Whatever the Fed does tomorrow or any other day pic.twitter.com/39okMWxJwf
— Parker Lewis (@parkeralewis) February 14, 2022
And pushing aside fundamental factors, there seem to be quite a few full-time traders and analysts spotting bullish signs on the charts today. For instance, TechDev…
Comparing weekly #BTC candles with similar prints, at similar distances from the 50MA, at similar RSI levels.
Watching for follow through. pic.twitter.com/lzuYhlqecN
— TechDev (@TechDev_52) February 14, 2022
… and “BTCfuel” (although with a handle like that, it’s probably to be expected)…
— BTCfuel (@BTCfuel) February 14, 2022
That’s all well and good, but as “Bitcoin Charts by Mick” points out, the US$40k-42k remains a critical “pivot point”. The bulls vs bears arm wrestle is still very much in the balance for now.
— Crypto Trading With Mick (@crypto_mick8) February 14, 2022
With the overall crypto market cap up about 0.7% over the past 24 hours, here’s the state of play in the top 10 by market cap right now – according to CoinGecko data.
Sweeping a market-cap range of about US$20 billion to about US$990 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Mina Protocol (MINA), (market cap: US$985.8 million) +8.5%
• Internet Computer Protocol (ICP), (mc: US$4.3b) +5%
• NEM (XEM), (mc: US$1b) +4.7%
• Nexo (NEXO), (mc: US$1.18b) +4%
• Gala Games (GALA), (mc: US$2.24b) +3.8%
• Radix (XRD), (market cap: US$1.6b) -7%
• Crypto.com (CRO), (mc: US$12.2b) -6%
• Elrond (EGLD), (mc: US$4.2b) -4.5%
• Dogecoin (DOGE), (mc: US$19.5b) -4%
• Humans.ai (HEART), (mc: US$1.34b) -3.5%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Ellipsis (EPS), (market cap: US$148m) +27%
• FEG Token (FEG), (mc: US$297m) +26%
• SelfKey (KEY), (mc: US$25m) +21%
• Neos Credits (NCR), (mc: US$62m) +21%
• Beta Finance (BETA), (mc: US$170m) +18%
• Smart Valor (VALOR), (market cap: US$18.4 million) -19%
• API3 (API3), (mc: US$210m) -13%
• Vader Protocol (VADER), (mc: US$145m) -12%
• LooksRare (LOOKS), (mc: US$524m) -12%
• Klima DAO (KLIMA), (mc: US$65m) -10.5%
— Bitcoin memes (@Ryan57322689) February 14, 2022
Jk y’all can’t get GFs 😂
— Dan Held (@danheld) February 14, 2022
Oh, and let’s finish on something you can sink your teeth into if you haven’t already…
If you’re interested in the “play and earn” side of crypto, our recent GameFi explainer article will give you a pretty broad overview, while we also cover off 10 top play/earn games set to drop in 2022 here.
Sascha Zehe, the CEO and co-founder of GameFi platform and gaming guild Polemos made a salient comment today about the sector…
I keep seeing talks about scholars in #PlayToEarn and don't get me wrong, @polemos_io will have them too, but we shouldn't forget the vast potential in #GameFi for other types of players. The space needs to cater to all to become what it could be. Fun games first, earning second.
— Sascha Zehe (@fireblade_storm) February 14, 2022
From what we’re seeing, there are plenty of quality-looking blockchain games being built right now that very much have a focus on the “fun games first, earning second” ethos.