Connect with us

Published

on

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

Continue Reading

Sports

Wisconsin sues Miami for tampering with transfer

Published

on

By

Wisconsin sues Miami for tampering with transfer

The University of Wisconsin filed a lawsuit Friday claiming Miami’s football team broke the law by tampering with a Badgers player, a first-of-its-kind legal attempt to enforce the terms of a financial contract between a football player and his school.

The lawsuit refers to the athlete in question as “Student Athlete A,” but details from the complaint line up with the offseason transfer of freshman defensive back Xavier Lucas. Lucas left Wisconsin and enrolled at Miami in January after saying the Badgers staff refused to enter his name in the transfer portal last December.

In the complaint filed Friday, Wisconsin claims that a Miami staff member and a prominent alumnus met with Lucas and his family at a relative’s home in Florida and offered him money to transfer shortly after Lucas signed a two-year contract last December. The lawsuit states that Miami committed tortious interference by knowingly compelling a player to break the terms of his deal with the Badgers.

“While we reluctantly bring this case, we stand by our position that respecting and enforcing contractual obligations is essential to maintaining a level playing field,” the school said in a statement provided to ESPN on Friday.

According to the complaint, Wisconsin decided to file suit in hopes that “during this watershed time for college athletics, this case will advance the overall integrity of the game by holding programs legally accountable when they wrongfully interfere with contractual commitments.”

Representatives from the University of Miami did not immediately respond to a request for comment.

The pending case promises to be an interesting test of whether schools can use name, image and likeness (NIL) deals to keep athletes from transferring even though the players aren’t technically employees. Starting July 1, schools will begin paying their athletes directly via NIL deals.

The contracts between Wisconsin and their athletes give the school the nonexclusive rights to use a player’s NIL in promotions. Part of the deal, according to the lawsuit, prohibits an athlete from making any commitments to enroll or play sports at other schools. The lawsuit says Wisconsin had a reasonable expectation that Lucas would “continue to participate as a member of its football program” until the deal ended.

However, according to several contracts between Big Ten schools and their players that ESPN has previously reviewed, these deals explicitly state that athletes are not being paid to play football for the university. Since the school is technically paying only to use the player’s NIL rights, it’s not clear if a judge will consider it fair to enforce a part of the contract that dictates where the player attends school.

The Big Ten said in a statement Friday that it supports Wisconsin’s decision to file the lawsuit and that Miami’s alleged actions “are irreconcilable with a sustainable college sports framework.”

Darren Heitner, a Florida-based attorney who represents Xavier Lucas, told ESPN that Wisconsin did not file any legal claims against Lucas and declined to comment further.

Continue Reading

Sports

Four-star QB Bentley commits to Oklahoma

Published

on

By

Four-star QB Bentley commits to Oklahoma

Four-star quarterback Bowe Bentley, No. 261 in the 2026 ESPN 300, announced his commitment to Oklahoma over LSU on Friday, landing with the Sooners less than 24 hours after longtime quarterback pledge Jaden O’Neal pulled his commitment from the program Thursday night.

Bentley, a 6-foot-1, 205-pound prospect from Celina, Texas, is ESPN’s No. 6 dual-threat passer in 2026. His recruitment skyrocketed earlier this year after Bentley broke out for 4,263 all-purpose yards and 63 total touchdowns last fall while leading Celina High School to a Class 4A Texas state title in his junior season. Bentley, who took official visits to Oklahoma and LSU earlier this month, told ESPN this week that the offensive vision of first-year Sooners offensive coordinator Ben Arbuckle was among his primary draws to the program.

“Going into depth on the offense with Arbuckle was huge,” Bentley said. “It’s not just what he’s done this spring, but what Coach Arbuckle has done at Washington State and Western Kentucky. I got a strong understanding of where he got this offense from and how he approaches calling it.”

For Oklahoma, Bentley’s commitment marks the close of a drawn out recruiting process that began after the Sooners shifted their 2026 quarterback plan after Arbuckle arrived from Washington State in December in the wake of the Sooners’ disastrous SEC debut last fall.

O’Neal, ESPN’s No. 7 pocket passer, had spent nearly 12 months as the top prospect in the program’s incoming class prior to his decommitment. A frequent visitor on campus over the past year, he relocated from Southern California to Oklahoma’s Mustang High School this spring, where O’Neal will play his senior season roughly 30 miles north of the Sooners’ team facility.

But multiple sources tell ESPN that the relationship between O’Neal and Oklahoma became strained in the early months of 2025 after the Sooners shifted their focus to landing a 2026 quarterback with a similar skill set to John Mateer, the dual-threat transfer who followed Arbuckle to Oklahoma after exploding for 44 touchdowns last fall.

Bentley — who threw for 3,330 yards and rushed for another 933 yards in 2024 — fits that mold, and the Sooners made the fast-rising prospect a top priority this spring before ultimately landing his pledge Friday.

Bentley joins four-star wide receiver Daniel Odom (No. 242 overall) as one of two ESPN 300 prospects in the 2026 class. Behind Mateer, who will be eligible for the NFL draft after the 2025 season, Oklahoma’s current quarterback depth includes second-year passer Michael Hawkins Jr. and three-star 2025 signee Jett Niu.

Continue Reading

Environment

Batteries are so cheap now, solar power doesn’t sleep

Published

on

By

Batteries are so cheap now, solar power doesn’t sleep

A new report from global energy think tank Ember says batteries have officially hit the price point that lets solar power deliver affordable electricity almost every hour of the year in the sunniest parts of the world.

The study looked at hourly solar data from 12 cities and found that in sun-soaked places like Las Vegas, you could pair 6 gigawatts (GW) of solar panels with 17 gigawatt-hours (GWh) of batteries and get a steady 1 GW of power nearly 24/7. The cost? Just $104 per megawatt-hour (MWh) based on average global prices for solar and batteries in 2024. That’s a 22% drop in a year and cheaper than new coal ($118/MWh) and nuclear ($182/MWh) in many regions.

Ember calls it “24/365 solar generation,” and it’s not just a theoretical model. Cities like Muscat, Oman, and Las Vegas can hit that steady power mark for up to 99% of the hours in a year. Hyderabad, Madrid, and Buenos Aires can reach 80–95% of the way there using that same solar-plus-storage setup with some cloud cover. And even cloudier cities like Birmingham in the UK can cover about 62% of hours annually.

“This is a turning point in the clean energy transition,” said Kostantsa Rangelova, global electricity analyst at Ember. “Around-the-clock solar is no longer a distant dream; it’s an economic reality of the world. It unlocks game-changing opportunities for energy-hungry industries like data centres and manufacturing.”

Advertisement – scroll for more content

This is an enormous opportunity for sunny regions in Africa and Latin America. Manufacturers and data centers could also tap into solar-plus-storage and skip long waits (and big bills) for new grid connections.

It’s not a silver bullet for grid-wide reliability, but it lets solar carry much more of the load, especially where sunshine is abundant. Batteries also help avoid costly grid expansions by allowing up to five times more solar to plug into existing connections.

In 2024 alone, global battery prices dropped 40%, which helped drive down solar-plus-storage costs by 22%. Record-low tenders from countries like Saudi Arabia point to even cheaper options coming soon.

Real-world projects are already online: The UAE built the world’s first gigawatt-scale 24-hour solar facility. Arizona is already home to solar-powered data centers. And as battery tech keeps improving, round-the-clock solar could become the backbone of clean energy systems in the world’s sunniest places.

Read more: This solar canopy cools wastewater and powers a city utility


To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending