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Bitcoin charges above the $17,000 mark but misgivings remain among traders ahead of CPI, Fed comments and amid a brewing storm at Digital Currency Group. 3813 Total views 55 Total shares Listen to article 0:00 Markets News Ho-ho-ho! Get Limited Holiday Trait!Collect this article as an NFT Bitcoin (BTC) starts a new week on a promising footing with BTC price action near one-month highs can it last?

In a new years boost to bulls, BTC/USD is currently surfing levels not seen since mid-December, with the weekly close providing cause for optimism.

The move precedes a conspicuous macroeconomic week for crypto markets, with the December 2022 Consumer Price Index (CPI) print due from the United States.

Jerome Powell, Chair of the Federal Reserve, will also deliver a speech on the economy, with inflation on everyones radar.

Inside the crypto sphere, FTX contagion continues, with Digital Currency Group (DCG) at odds with institutional clients over its handling of solvency problems at subsidiary Genesis Trading.

At the same time, under the hood, Bitcoin still shows signs of recovery from the FTX turmoil, with miners among those catching a break.

Cointelegraph takes a look at these factors and more as the second trading week of January gets underway.Bitcoin price passes $17,000

Bitcoin managed to spike higher at the Jan. 9 weekly close, hitting levels absent from the chart since Dec. 16.

Data from Cointelegraph Markets Pro and TradingView shows local highs coming in at $17,250 on Bitstamp.BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

Despite only adding several hundred dollars, the move on BTC/USD did not go unnoticed given the extremely compressed trading range in place for many previous weeks.

Nonetheless, eyeing potential continuation, traders were less than willing to change their longer-term conservative perspective.

Onwards and upwards to my $17,300 – $17,500 target, Crypto Tony told Twitter followers in an update on the day:I have taken some profit here on my scalp long, and remain in my short as long as we are below 17,500 on 4 hour closure.

Michal van de Poppe, founder and CEO of trading firm Eight, likewise left the door open for some modest upside continuation, but warned that the start of the week would present hurdles.

Still watching a case like this on Bitcoin, he confirmed alongside an explanatory chart:I think well continue rallying coming week, but probably have a drop due to Gemini or correction on Monday first.BTC/USD annotated chart. Source: Michal van de Poppe/ Twitter

Meanwhile, Venturefounder, a contributing analyst at on-chain analytics platform CryptoQuant, reminded investors to zoom out.

Bitcoin has been stuck between $16k and $18.5k for 2 months now, he acknowledged:Watch this range very very carefully, a break from either direction can bring 20% volatility, could happen soon. A definitive break of $16k could see $13k, make $18.5k support we can see $22.5k.BTC/USD annotated chart. Source: Venturefounder/ TwitterCPI countdown returns as risk asset traders eye volatility

All eyes, including those of the Federal Reserve, are on inflation data this week with the December print of the Consumer Price Index (CPI) due for release.

CPI, which will greet markets on Jan. 12, is a key component of Fed policy, and traders and analysts alike are keenly aware that the signals it provides can lead to shifts in its stance.

Recently, CPI has been declining, hinting that the Feds existing interest rate hikes have had a positive impact on inflation.

Should this continue or even decline more than expected, hopes that the Fed will decrease rate hikes faster or even cancel them altogether will increase.

This, in turn, provides a window for risk assets including crypto to gain, as Fed policy easing ignites appetite for risk.

Expecting enormous volatility. Huge cash position and light position size for me, Ted Zhang, trader and research analyst at Revere Asset Management, told Twitter followers, describing the CPI event as a huge week.

Others noted the unusual timing of the CPI schedule, with the data coming two days after a speech on the economy by Fed Chair, Jerome Powell.

Unfortunately or fortunately the speech is on Tuesday while cpi on Thursday so any hawkishness will be undone post cpi numbers on Thursday! one response read, adding that market reactions to Powells speech may well amount to noise.

According to CME Groups FedWatch Tool, the chances of a 25-basis-point rate hike this month currently stand at 75% versus a 25% chance of a large 50-basis-point move.Fed target rate probabilities chart. Source: CME Group/ Twitter

Long term, skeptics including Big Short investor Michael Burry maintain that inflation will return, with the Fed obliged to raise rates again as a result.

CPI inflation is unlikely to fall as low as 2%, let alone go negative, gold bug Peter Schiff wrote in a response to Burry last week:But I agree with you that the Fed will return to QE and the official inflation rate will hit a new high. The unofficial actual rate will hit a new all-time record high.DCG publicly faces the music

As the fallout from the FTX saga rolls on, it is institutional investment giant Digital Currency Group (DCG) coming in for a grilling this month.

Exposure to FTX heightened pressure on certain DCG subsidiaries in an increasingly complex story which has even raised questions about the future of the largest institutional Bitcoin investment vehicle.

The Grayscale Bitcoin Trust (GBTC) currently has BTC assets under management in excess of $10 billion. Its share price, according to data from Coinglass, trades at an implied 44% discount to the Bitcoin spot price.

As Cointelegraph reported, exchange Gemini has had some of its assets frozen in DCG firm Genesis Trading after it halted withdrawals in light of FTX. Its co-founder, Cameron Winklevoss, has publicly appealed to DCG CEO, Barry Silbert, for answers.

Jan. 8, he wrote in an open letter to Silbert, marking a deadline for the situation to be resolved, but with time up, Silbert himself disputes this.

DCG delivered to Genesis and your advisors a proposal on December 29th and has not received any response, he claimed in part of a Twitter response to Winklevoss on Jan. 2.

Should events take an unpredictable turn, the implications for Bitcoin markets may become more serious, with DCGs prominence as an investment entity making the debacle particularly conspicuous.

Describing recent events, Checkmate, lead on-chain analyst at Glassnode, said that DCG was continuing to blow up in slow motion.

And Bitcoin price is basically a stablecoin, he added.

2023 all depends on DCG at this point, Justin Herberger, author of the Invest and Prosper newsletter, meanwhile forecast:If they somehow collapse, its gonna get ugly. That could be our last leg down to 85% draw down from Bitcoin ATHs.GBTC premium vs. asset holdings vs. BTC/USD chart. Source: CoinglassMiners break severe selling streak

Bitcoin miners have been on the radar for most of 2022, but the BTC price dip which followed the FTX implosion worsened an already tenuous situation.

Miners began to divest themselves of their stored Bitcoin in order to remain financially viable, and on-chain metrics swiftly warned of a miner capitulation already in progress.

As Cointelegraph reported, however, neither the extent of the sell-off nor its duration appeared critical, and recently, the situation has stabilized.

The heavy sell pressure from Bitcoin miners that has barraged the market for the last 4 months has finally subsided for now, William Clemente, founder of crypto research firm Reflexivity, summarized alongside data from on-chain analytics firm Glassnode this weekend.

That data showed the 30-day net position change for Bitcoin miners, this in fact beginning to increase versus the month prior.Bitcoin miner net position change chart. Source: William Clemente/ Twitter

Separate Glassnode data supported the observation, with miners BTC reserves hitting their highest in a month on Jan. 8.Bitcoin miner balanc chart. Source: Glassnode/ Twitter

Eyeing Bitcoins hash rate the estimated processing power dedicated to mining Jan Wuestenfeld, analyst at crypto research and advisory firm Quantum Economics, was equally upbeat on the status quo.

It is crazy how the hashrate, albeit miners coming under heavy pressure, has only corrected a bit over the last two months of 2022 and now is even increasing considering the 30-day moving average, he noted.

Last week, Bitcoins network difficulty adjusted downward by around 3.6%, taking into account a drop in competition among active miners. According to the latest forecast from BTC.com, however, the next adjustment will wipe out those losses to add 9% to the difficulty level, in so doing marking a fresh all-time high.Bitcoin network fundamentals overview (screenshot). Source: BTC.comExtreme fear meets 18-month crypto volume lows

Crypto market sentiment is as unsure as ever when it comes to the near-term outlook, according to the Crypto Fear & Greed Index.

Related:Macroeconomic data points toward intensifying pain for crypto investors in 2023

Over the weekend, the Index, which compiles a sentiment score from a basket of weighted triggers, dipped back into the top of its most bearish bracket, extreme fear.

A first for 2023, extreme fear is nonetheless familiar to longtime market participants, who watched as sentiment endured its longest-ever stint in the Indexs lowest zone last year. Crypto Fear & Greed Index (screenshot). Source: Alternative.me

At the same time, interaction with crypto appears noticeably lacking at current price levels.

Data from research firm Santiment has captured the lowest transaction volume across crypto since mid-2020.

Altcoin volume is particularly low, a note to an accompanying chart stated.Bitcoin spent output value bands annotated chart. Source: CryptoBitcoinChris/ Twitter

Separate numbers from CryptoQuantflagged by popular social media commentator CryptoBitcoinChris nonetheless noted that whale selling had also decreased since December, this potentially setting a trend and positive effect on market sentiment.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. #Bitcoin #Bitcoin Price #Bitcoin Mining #Markets #Inflation Related News How to get a job in the Metaverse and Web3 Belgian MP receives Bitcoin salary for a year: Heres what he learned Biggest week of the year 5 things to know in Bitcoin this week Bitcoin sees CPI volatility as lower inflation sends BTC price to $18K Bitcoin traders await FOMC, Powell as BTC price hits new 1-month high

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British woman dies in French Alps after crashing into another skier

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British woman dies in French Alps after crashing into another skier

A 62-year-old British woman has died in the French Alps after colliding with another skier, according to local reports.

The English woman was skiing on the Aiguille Rouge mountain of Savoie at around 10.30am on Tuesday when she hit a 35-year-old man who was stationary on the same track, local news outlet Le Dauphine reported.

It added that emergency services and rescue teams rushed to the scene but couldn’t resuscitate the woman, who died following the “traumatic shock”.

The man she collided with was also said to be a British national.

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Local reports said the pair were skiing on black slopes, a term used to describe the most challenging ski runs with particularly steep inclines.

A spokesperson for the Foreign, Commonwealth and Development Office told Sky News: “We are supporting the family of a British woman who died in France and are in touch with the local authorities.”

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Singer Linda Nolan dies ’embraced with love’ with siblings by her side

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Singer Linda Nolan dies 'embraced with love' with siblings by her side

Singer Linda Nolan, who rose to fame alongside her sisters in The Nolans, has died after several years of battling cancer.

The Irish star, 65, and her sisters Coleen, Maureen, Bernie, Denise and Anne, had a run of hits in the late 1970s and ’80s – including the disco classic I’m In The Mood For Dancing.

Paying tribute on The Nolans‘ X account, her sisters described her as “a pop icon and beacon of hope”, who “faced incurable cancer with courage, grace and determination, inspiring millions”.

Linda died peacefully in hospital this morning, “embraced with love and comfort” with her siblings by her side, her agent Dermot McNamara said in a statement.

“As a member of The Nolans, one of the most successful girl groups of all time, Linda achieved global success; becoming the first Irish act to sell over a million records worldwide, touring the world and selling over 30 million records,” he said.

“Her distinctive voice and magnetic stage presence brought joy to fans around the world, securing her place as an icon of British and Irish entertainment.”

As well as her TV and musical career, Linda helped to raise more than £20 million for numerous charities, including Breast Cancer Now, Irish Cancer Society, Samaritans and others.

“Her selflessness and tireless commitment to making a difference in the lives of others will forever be a cornerstone of her legacy,” Mr McNamara said.

Linda Nolan, Anne Nolan, Bernie Nolan, Coleen Nolan, and Maureen Nolan.
Pic PA
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Five of the Nolans in 1983 (L-R): Linda, Anne, Bernie, Coleen and Maureen. Pic: PA

Linda’s death came after she was admitted to hospital with pneumonia over the weekend. She began receiving end-of-life care after slipping into a coma on Tuesday.

Details of a celebration of the star’s “remarkable life” will be shared in due course.

Linda was born to Tommy and Maureen Nolan in Dublin on 23 February 1959, the sixth of eight children.

Her parents were both singers and keen to turn their young family into a musical troupe. Linda made her stage debut aged just four.

Those early years put the siblings on track for a career in show business which lasted for decades. As well as I’m In The Mood For Dancing, The Nolans had hits with Gotta Pull Myself Together, Attention To Me and Don’t Make Waves, and they also had their own TV specials.

At their height, they toured with Frank Sinatra and were reported to have outsold The Beatles in Japan.

Linda left the group in 1983, but later reformed with her sisters for several comeback performances. She also became known for musical theatre, most notably performing the role of Mrs Johnstone in Blood Brothers for three years from 2000.

The Nolan Sisters, (left to right) Bernadette, Denise, Linda (top), Anne and Maureen
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L-R: Bernie, Denise, Linda (top), Anne and Maureen Nolan pictured in 1975, before youngest sister Coleen joined the group

Four siblings struck by cancer

Linda was first diagnosed with breast cancer in 2005, and underwent a mastectomy two days before her 47th birthday.

After being given the all-clear in 2011, in 2017 she was diagnosed with secondary breast cancer. Three years later, Linda and Anne together revealed they were being treated for cancer once again.

The sisters were diagnosed with different forms of the disease just days apart after they returned home from filming a series of their show, The Nolans Go Cruising. Linda had cancer of the liver, while Anne had breast cancer.

Linda Nolan seen attending the Bold x Pink Ribbon Foundation Party in 2024.
Pic: Shutterstock
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The star, pictured last year, had battled cancer for several years. Pic: Shutterstock

They went on to write Stronger Together, an account of their journey that included frank details of their treatments and the side effects.

But in 2023, Linda revealed the cancer had spread to her brain and she was beginning treatment as part of a new drug trial.

The Nolans lost their second-youngest sister, Bernie, to cancer in 2013, aged 52.

Loose Women star Coleen Nolan also revealed she was diagnosed with skin cancer last year, and said she was using a chemotherapy cream to remove it.

Linda’s husband of 26 years, Brian Hudson, died in 2007 after being diagnosed with skin cancer.

Anne Nolan is now cancer-free.

Tributes to star ‘who was always a joy’

TV star and singer Cheryl Baker and comedian Tommy Cannon are among those who have paid tribute.

“I’m heartbroken to hear about the passing of Linda Nolan,” Cannon wrote on X. “I had the pleasure of working with her on so many occasions, and she was always a joy – full of warmth and love. My thoughts and love are with the Nolan girls and the whole family.”

“The most incredible voice, the wickedest sense of humour, such a massive talent,” Baker wrote. “You’re with Brian now, Lin.”

Loose Women also sent its love to her family. Linda appeared as a guest panellist on the ITV chat show over the years, alongside her sister Coleen.

The Blackpool Grand Theatre described her as “a true Blackpool icon”.

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Trainee gas engineer, 20, wins £7.5m in lottery – but won’t quit work

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Trainee gas engineer, 20, wins £7.5m in lottery - but won't quit work

A 20-year-old trainee gas engineer who won £7.5m says he was back working on blocked drains the day after claiming his cash.

James Clarkson, 20, from Carlisle, Cumbria, found out he’d hit the £7,533,329 National Lottery jackpot on 4 January – but said he has no plans to quit his job.

“I was out in the cold fixing blocked drains the day after I found out I had won,” he said.

“It was a bit grim but that’s reality.

“I’m not going to stop working, I’m too young,” he added, admitting he knew it might sound “mad” to some.

“I want to qualify as a heating engineer and then go from there.

“I need to have a purpose in life, plus dad wouldn’t let me not work anyway. He says there are plenty of millionaires out there that still work and you need a reason to get up each day.”

Mr Clarkson celebrating with his family. Pic: PA
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Mr Clarkson celebrating with his family. Pic: PA

Mr Clarkson added he still planned to have “some nice holidays” in between working, and revealed one of his first purchases was an all-inclusive luxury break to Cape Verde, along with a few designer items including a Gucci bag for his girlfriend and two new jackets for himself.

He said he also planned to splash out on a new car, possibly an Audi – but for now, he’s got his work van.

“If you drive a cold work van all day, going from job to job, you’d understand,” he said.

“The comfort, the steering, the heated seats. I realise how jammy that sounds, not many people my age can afford the car insurance let alone a car like that to drive.”

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As a huge Manchester City fan, he said he was also looking to buy a season ticket at the Etihad Stadium, as well as taking care of his extended family – starting with paying off his parents’ mortgage.

James Clarkson holds bespoke Manchester City kit after lotto win. Pic: PA
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The new multi-millionaire holds up bespoke Manchester City kit celebrating his win. Pic: PA

He said: “I’ve been thinking about it a lot, it’s what I want to do. I told them last night and they seemed really overwhelmed.

“We are close and they have always been there for me. This win isn’t just for me, I want to make sure we all benefit.”

Mr Clarkson played on the National Lottery app, choosing his winning numbers – 16, 19, 22, 24, 27 and 35 – at random.

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