Crypto Market Overview January 24th | Dex-Trade
BTC Rally Highly Unstable: Warning from Benjamin Cowen
Popular crypto analyst and strategist Benjamin Cowen doubts that the current BTC rally is anything natural and has a real historical precedent, so the nature of the price movement of the cryptocurrency flagship can change at any time. Cowen told his 782,000 YouTube followers that crypto gold could repeat its trajectory of early 2020, when it first rose and then collapsed significantly. Back then, Bitcoin peaked at $10,500 before dropping to $3,800 between February and March. Then the recovery of the market took almost three months. According to Cowen, Bitcoin's behavior at the beginning of 2020 is relevant to the current period as this is the only time in its history that BTC has experienced a recession or recession-like conditions: “If you think back to what happened in 2020, this here [first quarter of 2020] was a very brief recession. I still remember in this range back over here, there were actually a lot of people that were quite bullish going into early 2020. And if you go back and look at what people were saying back then, a lot of signals were flashing that this was the start of the new bull market… One thing to keep in mind is that this here [Bitcoin falling from $10,500 to $3,800 in early 2020] happened during the only recession that we have had for Bitcoin. It was very, very brief.” The analyst claims that the price of bitcoin could fluctuate between $16,000 and $30,000 for “some time.” And only after this range is overcome in one direction or the other, it will be possible to talk about a clear direction of movement of the flagship.
Miguel Faus' 'Calladita' Wins Steven Soderbergh Award
At the Film3 on the Mountain conference held during the Sundance Festival, director Miguel Faus' new blockchain film, Caladita, won the Andrews/Bernard Award, which was established by acclaimed filmmaker Steven Soderbergh in collaboration with the Decentralized Pictures platform. Caladita tells the story of Ana and, according to Faus, is a portrait of the Catalan upper bourgeoisie with a mixture of realism and satire. The film touches on the themes of class differences and injustice from a deep and sophisticated point of view - moving away from simple clichés and caricatures. Unlike traditional films, the Caladita team funded the film with NFTs. The practice gained momentum in 2021 and 2022 as other filmmakers, including cult directors Spike Lee and Kevin Smith, turned to digital collectibles to finance films and generate attention. By the way, Decentralized Pictures was launched in the summer of 2021 by Mike Musante and producers Roman Coppola and Matchett, receiving a $50,000 award from the Gotham Film & Media Institute. On this blockchain platform, filmmakers can post film subscriptions by paying a submission fee in the project’s native token FILMCredits (FILM). As for the award itself, its prize fund is $300,000, which is allocated for the creation and revision of noteworthy English-language feature and short films.
El Salvador Is on Horseback and Pays off $800 Million Debt
Despite skepticism expressed by major national and international media that “El Salvador government was in default,” the country's president, Naib Bukele, tweeted that “the country fully paid the bond maturing in 2023, worth $800 million plus interest.” The current economic success of the country is associated with the Bitcoin City cryptocurrency economic system proposed by Bukele in early January 2022, which included $1 billion in Bitcoin bonds. By the way, this system includes support for digital and technological education, the use of geothermal energy sources to provide the entire city, safe and environmentally friendly public transport. Notably, El Salvador's public debt fell sharply in April last year due to the downturn in the cryptocurrency market, falling 15.1% to an all-time low. This event coincided with the failure of Bukele's "Bitcoin City" campaign. However, in November 2022, the National Bitcoin Office of El Salvador (ONBTC) was opened in the country, the task of which is to control and guide all national activities related to bitcoins. By the way, the official approval of the regulatory framework for all cryptocurrencies in the country came into force only on January 12, 2023.
