This week on The Market Report, the resident experts at Cointelegraph discuss Bitcoin’s (BTC) impressive January rally and whether there are any indicators that suggest it could continue in February.
We start off this week’s show with the latest news in the markets:
Best January since 2013? 5 things to know in Bitcoin this week
After sealing its highest weekly close in almost six months, BTC/USD remains over 40% up year-to-date, with the monthly close just 48 hours away — can the gains hold? Throughout, concerns have called for an imminent come-down, and even new macro BTC price lows as disbelief swept the market. That grim turnaround has yet to come to fruition, and the coming days could yet turn out to be a crucial period for Bitcoin’s long-term trend. It’s going to be a busy week for the markets as the United States Federal Reserve will decide on its next rate hike this week, with Fed Chairman Jerome Powell giving much-anticipated commentary on the economy and policy. The European Central Bank will make the same decision a day later. Add to that the psychological pressure of the monthly close, and it is easy to see how the coming week could be more volatile in Bitcoin’s recent history. So, buckle up as our experts break down the five key things to know in Bitcoin this week.
Bitcoin premium hits 60% in Nigeria as country limits ATM cash withdrawals
At the time of writing, the price of 1 BTC on the Nigerian crypto exchange NairaEX is 17.2 million nairas, equating to a whopping $37,341. That is a hefty premium over the current market price of Bitcoin, around $22,874 at the time of writing. It comes as the Central Bank of Nigeria has continued to impose limits on ATM cash withdrawals amid an ongoing effort to accelerate its shift to a cashless society. Will this have any impact on the price of Bitcoin, considering more and more people will be flocking to purchase the top digital currency, and how will it impact the rest of the markets?
Elon Musk wants Twitter payments system built with crypto in mind
Twitter chief Elon Musk has reportedly instructed his developers to build the platform’s payments system in such a way that crypto functionality can be added in the future. The payment feature will support fiat currencies to start with but will have the capability to accommodate cryptocurrencies if the opportunity arises. For now, things are still pretty vague as to whether the system will involve blockchain or crypto technology, but people are…
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