This week on The Market Report, Cointelegraph’s resident experts discuss Bitcoin (BTC) impressive January rally and whether there are any indicators suggesting it could continue into February.
We start this week’s show with the latest market news:
Best month of January since 2013? 5 things to know about Bitcoin this week
After sealing its highest weekly close in nearly six months, BTC/USD remains up over 40% year-to-date, with the monthly close just 48 hours away – can the gains hold? ? All along, concerns called for an impending decline, and even new lows in BTC macro price as disbelief swept the market. This grim turnaround has yet to materialize, and the next few days could still prove to be a crucial period for Bitcoin’s long-term trend. It’s shaping up to be a busy week for the markets as the US Federal Reserve will decide on its next rate hike this week, with Fed Chairman Jerome Powell making much-anticipated comments on the economy and politics. The European Central Bank will make the same decision a day later. Add to that the psychological pressure of the monthly close, and it’s easy to see how the week ahead could be more volatile in Bitcoin’s recent history. So buckle up as our experts break down the five key things to know about Bitcoin this week.
Bitcoin premium hits 60% in Nigeria as country limits cash withdrawals from ATMs
At the time of writing, the price of 1 BTC on the Nigerian crypto exchange NairaEX is 17.2 million naira, which is equivalent to $37,341. This is a significant premium to Bitcoin’s current market price of around $22,874 at the time of writing. This comes as the Central Bank of Nigeria has continued to impose limits on cash withdrawals from ATMs as part of an ongoing effort to accelerate its transition to a cashless society. Will this impact the price of Bitcoin as more and more people flock to buy the best digital currency, and what impact will this have on the rest of the markets?
Elon Musk wants a Twitter payment system built with crypto in mind
Twitter chief Elon Musk has reportedly instructed its developers to build the platform’s payment system in such a way that encryption functionality can be added in the future. The payment feature will support fiat currencies to begin with, but will have the ability to accommodate cryptocurrencies if the opportunity arises. As of now, things are still quite vague as to whether the system will involve blockchain or crypto technology, but people are hoping that the CEO of Twitter has had a lot of influence in the crypto space.
Our experts cover these stories and more in development, so be sure to tune in to stay up to date with the latest in the crypto world.
Next is a segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips on how to get the most out of their experience. This week’s tip: How do you rate a crypto project?
Market expert Marcel Pechman then takes a close look at Bitcoin and Ether (ETH) markets. Are current market conditions bullish or bearish? What are the prospects for the next few months? Pechman is here to break it down.
Finally, we have ideas for Cointelegraph Markets Pro, a platform for crypto traders who want to stay ahead of the market. Our analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week, so be sure to tune in to find out which ones made the difference.
Do you have a question about a part or a subject that is not covered here? Don’t worry, join the YouTube chat room and post your questions there. The person with the most interesting comment or question will have a chance to win a one-month subscription to Markets Pro worth $100.
The market report airs live every Tuesday at 12:00 p.m. ET (5:00 p.m. UTC), so be sure to tune in to The Cointelegraph YouTube page and mash those Like and Subscribe buttons for all our future videos and updates.