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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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From niche to a billion pound industry: How immersive events have taken over

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From niche to a billion pound industry: How immersive events have taken over

While cinemas are struggling and London’s West End has witnessed a significant escalation in ticket prices, creatives behind immersive experiences say their sector is experiencing “a gold rush moment”.

From shows built around obvious fan bases – such as Mamma Mia! The Party – to those working with established intellectual property, including Squid Game: The Experience, the UK has proven to be a world leader when it comes shows that make audiences feel part of the action, rather than just observers.

Little Lion Entertainment are the team behind two shows currently running in the UK: Pac-Man Live in Manchester and the Crystal Maze Live in London.

Its CEO Tom Lionetti told Sky News: “There has been a real boom in the experience economy… It kind of feels like a bit of a gold rush moment in this industry.

“It’s not nascent anymore, it really is a big industry and it’s getting bigger.

“West End theatre is incredibly expensive at the moment and even cinema can be expensive for what it is, so I think it’s about caring about the experience … you’ve got to consider value for money these days.”

Their Crystal Maze show challenges ticketholders to climb through tunnels and collect crystals just like contestants on the ’90s programme.

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The Crystal Maze Live experience
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Fans at the Crystal Maze experience have the chance to take on the gameshow’s final round

And it’s one of the longest-running immersive shows in the world, still going strong in London 15 years after the concept was first staged.

“The genesis really was this idea of breaking the fourth wall,” Lionetti says. “I was an actor and I come from a theatre background, but what we were really intrigued with was giving people agency so you become the star of the show.”

Last year, according to the Gensler Research Institute’s 2025 Immersive Entertainment & Culture Industry Report, the global market for immersive entertainment was valued at £98bn – and it’s projected to reach £351bn by 2030.

Despite times being financially tough post-pandemic, while cinemas have been struggling to put bums on seats, the continued popularity of experience events could indicate consumers are being a little more choosy about what they spend their hard-earned wages on.

The Crystal Maze Live experience
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Participants get the full experience – minus the hit show’s host

Our eagerness to show off on social media could also account for some of what’s driving the boom, as well as the isolating nature of how technology-dependant we’ve become.

As Secret Cinema’s senior creative director, Matt Costain, explains: “Whether it’s competitive socialising or immersive experiences, people are look for something that offers them more… and this is an example of an activity where people can come together and have a sense of community.”

Secret Cinema – which combines live performance and film screenings – has been staging events for 15 years now.

In that time, they’ve partnered with major studios from Marvel to Netflix. Their latest offering will run from August see them bring Grease’s Rydell High to life.

An artist's impression of what the Grease immersive experience will look like
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Secret Cinema is recreating locations from the classic film


An artist's impression of what the Grease immersive experience will look like

Costain says: “When we first started this was niche, film fans who wanted to dress up and keep a secret… but immersive has moved mainstream and we’ve found ourselves one of two or three companies who’ve been in it since the beginning.

“Part of our job as artists is to help people remember that they really love to play.”

Initial Casting for Grease The Immersive Movie Musical features Stephanie Costi as Sandy, Liam Buckland as Kenickie, Lucy Penrose as Rizzo
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Grease: The Immersive Movie Musical will feature Stephanie Costi as Sandy, Liam Buckland as Kenickie and Lucy Penrose as Rizzo

He jokes that those “who find it the most difficult to get started” are invariably the ones “at 11pm with their tie tied around their head and dancing on a table”.

While there are many shows working with established intellectual property (IP), there are also some hugely creative original works also being produced – Storehouse being one of those.

For 16 weeks, attendees at Staged in Deptford, which was once the archival store for Rupert Murdoch’s News International, will be guided through a story that takes place inside a ‘digital memory palace’ that supposedly houses every story, message, memory, and meme since the dawn of the internet.

Chris Agha in Storehouse. Pic: Helen Murray
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Chris Agha in Storehouse. Pic: Helen Murray

Produced by Sage & Jester, its lead producer Rosalyn Newbery explains: “You’re not moving into a theatre with infrastructure, put it this way, we literally had to bring electricity to the venue, bring power to the venue, bring water to the venue, none of that was there for us… it’s a big old job and there’s a lot of detail that you can’t take for granted.”

Over 7,000 crew worked more than 57,000 hours to build the set.

Storehouse at Staged in Deptford. Pic: Helen Murray
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Storehouse at Staged in Deptford. Pic: Helen Murray

Getting a show of this size and scale off the ground is a feat in itself. As creative director Sophie Larsmon says: “There are a lot of people trying to get these projects off the ground and there are a lot of projects that never see the light of day…because of the hoops that have to be jumped through for licensing and financing.

“It takes huge amounts of creative effort, I’ve seen a lot of projects where quite late in the process the green light is taken away.”

Read more from Sky News:
Chris Brown pleads not guilty to attempting to cause GBH
Sunken British superyacht emerges from seabed

While some creators might struggle to access support because the work doesn’t fit into traditional cultural boxes, it is certainly an industry that’s worth shining a spotlight on.

As Larsom says: “The UK has always led the way in developing this form… I think people are cottoning on to the fact that this is a sector [that’s] going to be a big revenue earner for the UK.”

The Crystal Maze LIVE Experience is on in London’s West End, near Piccadilly Circus.

Grease: The Immersive Movie Musical is at Battersea Park from 1 August to 7 September.

Storehouse runs at Depford Storehouse until 20 September.

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Sports

Misiorowski perfect into 7th, sets rookie record

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Misiorowski perfect into 7th, sets rookie record

MINNEAPOLIS — Jacob Misiorowski of the Milwaukee Brewers lost his bid for a perfect game in the seventh inning of a 17-6 win against the Minnesota Twins on Friday night.

After issuing a walk to Byron Buxton, Matt Wallner lofted a home run to the flower bed just past the right-field wall, ending Misiorowski’s run of hitless innings to start his big league career at 11, the first starter to do that since 1900.

“I think this is exactly how I ever dreamed of it coming along,” the 23-year-old rookie said. “It’s exciting.”

He threw five no-hit innings against St. Louis on June 12, but left in the sixth with cramping in his right calf and quadriceps.

“I felt calmer and ready to go compared to the first one,” Misiorowski said. “Nerves were going pretty heavy on the first one, so it’s good to finally feel the feet under you.”

The 6-foot-7 right-hander struck out six with a fastball topping out at 102.1 mph and a slider and changeup in the mid-90s.

“It’s important to prove to yourself as a young player that you belong in the big leagues and taste success and realize that you do belong here,” said Christian Yelich, who had a career-high eight RBIs. “He should believe he’s a really good major league pitcher because he is. All the nights probably aren’t going to go as smooth as the first two, but you see the ability.

“He’s got a chance to something special every night he goes out there.”

Misiorowski is the only big leaguer since 1900 to have more wins (2) than hits allowed (1) in his first two career starts, according to OptaSTATS.

“He was attacking, but mixing, too,” manager Pat Murphy said. “It wasn’t just heaters.”

After seeing four straight pitches of at least 100.8 mph from Misiorowski, Willi Castro twisted like a corkscrew and dropped to the ground as he struck out on a 95.5 mph slider in the first inning.

“You don’t see a guy throwing a slider 95, 96,” Castro said. “It’s really hard to pick up.”

Misiorowski threw 29 pitches of 100 mph or higher and had 12 of 101 mph or more. Since tracking started in 2008, the only starting pitchers to throw more in a game at 101 mph and above are Hunter Greene (33 on Sept. 17, 2022; 21 on March 30, 2023; 18 on July 26, 2022; and 13 on April 16, 2022) and Jordan Hicks (on July 12, 2022), according to Major League Baseball.

After the homer by Wallner, Misiorowski was pulled for reliever Nick Mears and left to a standing ovation. He threw 86 pitches, 60 for strikes, and departed with Milwaukee leading 8-2.

The Brewers scored five runs in the top of the seventh, a long time for starter to sit in the dugout, but Misiorowski was adamant about going back to the mound.

“He said, ‘Yes I’m getting toward the end, but I want to challenge myself,'” Murphy said. “It was a good time to have him do that.”

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Suarez, managers suspended for Padres-L.A. feud

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Suarez, managers suspended for Padres-L.A. feud

LOS ANGELES — San Diego Padres closer Robert Suarez was suspended for three games and fined an undisclosed amount Friday for intentionally hitting Shohei Ohtani of the Los Angeles Dodgers with a pitch during the NL West rivals’ contentious meeting Thursday night.

Suarez will appeal the suspension, keeping him eligible to play for San Diego on Friday night against Kansas City. He did not pitch in the Padres’ 6-5 loss.

Padres manager Mike Shildt and Dodgers manager Dave Roberts also received one-game suspensions and undisclosed fines for their roles in the brouhaha that occurred in both halves of the ninth inning during the Padres’ 5-3 victory at Dodger Stadium.

“I support it,” Roberts said about the league’s disciplinary decision. “I think that obviously I never want to make the game about the managers. It shouldn’t be. It should be about the players and winning, so last night, both managers are protecting their teams, and it just unfortunately got to the point that we became the focus, and that’s not the way it should be.”

Both managers were ejected in the top of the ninth after they ran onto the field and bumped into each other during a vociferous argument that almost got even more physical before their players and assistant coaches intervened.

Shildt believed Dodgers reliever Jack Little intentionally hit Fernando Tatís Jr. in the right hand with a pitch, igniting the latest bench-clearing incident between local rivals with several years of bad-tempered history.

“Circumstances were really challenging this past series, and at the end of the day I don’t regret standing up for a guy that I love in Tati, and a team that I love and a city that I love,” Shildt said. “In that regard, I have no regrets how it got to that point. Again, we can all have our comments and thoughts and theories. But as far as my actions, it’s not something you want to do every night or needs to be done, hopefully ever again. But appropriate actions for the circumstances were taken, and I don’t regret it at all.”

Shildt and Roberts served their suspensions Friday. Bench coach Danny Lehmann managed the Dodgers in their 6-5 win over the Washington Nationals, and Padres bench coach Brian Esposito was in San Diego’s dugout vs. the Royals.

In the bottom of the ninth, Ohtani was hit on the back of his right shoulder by Suarez’s pitch, putting the tying run on base during the Dodgers’ three-run rally. Ohtani’s teammates appeared to be preparing to storm the field for the second time before Ohtani waved them back. The three-time MVP then walked to the Padres’ dugout for some light banter, defusing the tension.

Suarez on Friday insisted he hadn’t retaliated for Tatís.

“I was never trying to get anyone into trouble or hit anybody,” Suarez said through an interpreter. “Unfortunately it happened. I got ejected and I couldn’t finish out the game, but we won as a team, and we were able to salvage that game. … [The Dodgers are] entitled to their opinion. They can say whatever they want. That was not the case. I was out there to try to save the game.”

Ohtani threw a bullpen session as scheduled Friday despite getting hit by Suarez on his pitching shoulder. Ohtani’s second mound start for the Dodgers is still expected to happen Sunday, Roberts said.

Tatís was in the Padres’ lineup as usual Friday. Manny Machado said afterward that the Dodgers should “pray” Tatís had escaped serious injury, encouraging them to “put out a candle.”

Information from The Associated Press was used in this report.

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