Bitcoin Market Analysis (January 19, 2022)

[Yesterday's review] Today, let's take a look at the U.S. manufacturing index. On Tuesday, January 18, the U.S. New York Fed manufacturing index fell sharply to -0.7 in January from 31.9 in December, and the expected value is 25. It fell into negative territory for the first time since June. The NY Empire State Index is an indicator published by the New York Fed. The manufacturing index is an important index in economics, which together with the consumer price index, the producer price index, and the industrial production index constitute a barometer of the macro economy. The New York Fed Manufacturing Index measures the state of manufacturing activity in the United States by surveying the New York Fed manufacturing sector. If the reading is positive growth, it means that the manufacturing activity will be positive for the dollar, on the contrary, if the reading is negative, it will be negative for the dollar.

This index is still relatively important. If it is close to a negative number, it is related to the economic crisis. If the index falls near zero, it means that a crisis is about to happen. Historical data below zero are all within the cycle of economic crisis. Therefore, the index last night As soon as it was announced, silver and gold plummeted and gold ended up falling 0.29% to $1,813.78 an ounce. Spot silver finally closed up 2.08% to $23.48 an ounce. The above are all the market's reactions to last night's downturn in the index, but it is necessary to make a comprehensive judgment on whether there is an economic crisis, because there are still many factors such as the epidemic.

Before 2021, when there was only currency in the market, traditional companies did not enter the market due to their own genetic constraints, but chose to wait and see. But last year, due to the popularity of NFTs, it continued to go out of the circle, and then we also saw a bunch of companies running into the market. In the market, they have issued their own NFTs. In fact, for traditional companies, NFTs will work better and better integrate their own businesses. NFTs can be regarded as a commodity in the field of digital economy, and this commodity is unique. Any fraud is at stake. Before, we saw that large traditional companies such as Coke and Audi issued their own NFTs. In the past two days, there have been a lot of large companies layout, such as:

Gucci (GUCCI) will conduct its first NFT Drop through GucciVault on February 1;

Lamborghini announced that it will launch NFTs, and details such as auction information will be announced in the coming weeks;

Mercedes-Benz will collaborate with 5 artists to launch NFTs; Coinbase partners with Mastercard to improve the NFT buying experience;

OpenSea announced on Tuesday the acquisition of cryptocurrency lending platform and digital wallet Dharma Labs for an undisclosed sum. Dharma Labs will effectively close, and its co-founders Nadav Hollander and Brendan Forster will become OpenSea's new chief technology officer and head of strategy, respectively.

Microsoft said in a statement that it would acquire Activision Blizzard for $95 per share, in an all-cash transaction valued at $68.7 billion. The Microsoft CEO mentioned the Metaverse several times in the statement, and said: Gaming is the most dynamic and exciting entertainment category of all platforms today, and will play a key role in the development of the Metaverse platform. We're making deep investments in world-class content, communities, and the cloud to usher in a new era of gaming that puts players and creators first, and makes games safe, inclusive, and accessible to all.

2022 is the year of continuous construction of the Metaverse. The Metaverse includes NFT, GameFi, WEB3 and other fields. This concept is too big, but no matter what, the Metaverse must be inseparable from the blockchain, so in this Industry, the future opportunities are still very, very large, fortunately we are still working hard in this industry.

[Bitcoin market analysis] The short-cycle level of the broader market and the US stock market have a strong correlation, which can be said to be highly correlated. Last night, the US stock market fell due to the upset of the manufacturing index, and then Bitcoin also fell with the US stock market, and then pulled back to the decline. The current market selling pressure is still relatively limited. It has been adjusted for more than 2 months from the highest point. At present, it is time to exchange space, and continue to adjust and wait for market confidence to recover.

At the 4-hour level, it was supported again near 41000. The support at this position is still relatively strong. The current trend is still good. The market outlook will continue to prevent a sharp rebound. The bears should be more cautious.

[Disclaimer] The above content does not constitute any investment advice. Please treat the blockchain rationally and do not blindly trust others. The digital asset market is extremely volatile and risky, and you need to be highly cautious when entering the market.

[Risk Reminder] Digital assets fluctuate greatly and the risks are extremely high. Please participate with caution, put an end to the full-cow stud, and refuse loan leverage.