Bitcoin (BTC) Price Drops, Major Cardano (ADA) Developments, and More: Bits Recap Jan 22

TL; DR

Bitcoin price fluctuates following the approval of spot Bitcoin ETFs in the US; Experts have made various future price predictions. Shiba Inu has seen a huge increase in burn rates, with millions of tokens removed from circulation. Cardano surpasses Ethereum in whale daily transactions and other field.

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Where is BTC headed?

Abundant Approval The first spot Bitcoin ETFs in the United States on January 10 sparked high volatility in the cryptocurrency's price. It rose to $49,000 on January 11th but soon fell below the $45K mark. Over the past few days, BTC has been trading between $40,000 and $42,000 (per CoinGecko data).

Despite the ongoing bearish trend, many celebrities are optimistic that the coming months and years will be successful for the property. Robert Kiyosaki, renowned investor and best-selling author of “Rich Dad Poor Dad” – recently He predicted BTC is heading towards the $150,000 mark.

Fundstrat's Tom Lee and popular Twitter user Planby were more bullish. The former He predicted Bitcoin may explode to $500,000 in five years. Plan B He said he deserved it. The stock-to-flow model predicts a value of $532,000 after halving.

On the other hand, skeptics like Peter Schiff envision further downside for Bitcoin. Economist recently It has been preserved Gary Gensler (chairman of the US SEC) gave the thumbs up to spot ETFs after being “backed into a corner”. As such, he expects to soon implement “new tough crypto regulations” that will increase the cost of BTC transactions and negatively impact the asset's value.

Those curious about whether Bitcoin has a chance to explode this year and reach new all-time highs can watch our video below.

Shiba Inu burn rate

Last week, the rate of burning of Mem coin The sky is broken At a daily rate of 3,000%, as a result, more than 30 million tokens will be removed from circulation.

Today's picture (January 22) is also amazing. According to Sheeburn, more than 53 million properties have been sold destroyed In the last 24 hours.

SHIB's high distribution is expected to reduce supply over time, making it more valuable. However, the price has been on a downward trend lately, down nearly 5% in a week.

Cardano achievements

As Cardano has made waves of late, Ethereum excels in two different fields. Like CryptoPotato reported, Cardano whales put an average of $13 billion in large daily transactions each week. The competitor's figure reached 5 billion dollars.

In addition, Cardano has seen more than $7.6 million in NFT sales for the past month. Ethereum remains the leader with 350 million dollars, but this is actually represents 20% discount based on 30 days.