• Bitcoin’s price has recently skyrocketed to $25K as bulls take control of the market.
• Technical analysis is showing that a breakout above the $25K level is likely, with potential targets at $30K.
• However, caution should be taken as the RSI is currently in overbought territory.
Bitcoin’s price has recently exploded following a consolidation and pullback phase, and it is now testing a key resistance level at $25K. Technical analysis suggests that a breakout above this level is highly probable, as momentum is currently very bullish and the 50-day moving average has crossed the 200-day moving average to the upside. The next target for Bitcoin would then be around the $30K area.
On the daily timeframe, there appears to be strong bullish momentum behind Bitcoin’s price action at present, making a break above the $25K resistance level more likely. In addition, recent movement of the 50-day moving average crossing over the 200-day moving average also suggests that further positive continuation may occur in this direction.
The 4-hour chart shows that Bitcoin has been rapidly increasing after breaking back above the $22,500 mark and brushing against its current resistance level of $25K. But while momentum appears to be strongly in favor of an upwards breakout from here, caution should still be taken as the RSI indicator is deep into overbought territory.
Overall, technical analysis on both short and long timeframes suggest a high probability for Bitcoin’s price continuing upwards towards its next target of around $30K in coming weeks. However, traders should keep an eye on indicators such as RSI which could signal bearish retracements before this happens.
This article does not constitute financial advice and investors are advised to do their own research when making investment decisions.
• Tether Holdings Limited reported a net profit of approximately $700 million in Q4 2022.
• The company finished the year with excess reserves of $960 million and consolidated total assets of around $67 billion.
• Despite the bear market, Tether’s net profits increased by over $700 million in Q4.
Tether Generated Over $700 Million in Profits in Q4, 2022
Tether Holdings Limited – the company behind the largest stablecoin USDT – revealed a net profit of around $700 million in the fourth quarter of 2022. It ended last year with excess reserves of $960 million and at least $67 million billion in consolidated total assets.
Resilience During Bear Market
Even though 2022 devastated the entire cryptocurrency sector, Tether’s net profits increased by over $700 million in Q4. It reduced its secured loans by $300 million and revealed a direct exposure of over 58% to US Treasury Bills. The data further showed that the firm finished last year with zero commercial paper and excess reserves of $960 million. Its consolidated total assets stand at $67 billion, while total liabilities equal $66 billion (almost 100% of the amount relates to issued tokens).
Ambition for Transparency
Chief Technology Officer Paolo Ardoino argued that the recent report doubles down on Tether’s ambition to “lead the industry in transparency.” He claimed the company had proven its “stability and resilience” amid a turbulent year that saw numerous bankruptcies and black swan events.
21 Billion Redemptions Executed Smoothly
Not only were they able to execute over 21 billion dollars worth of redemptions during chaotic times but also issued more than 10 billion USDT indicating continued organizational trustworthiness among investors.
Overall, this report shows how resilient Tether is despite turbulent markets and continues to prove their ambitions for transparency within crypto markets.
• Peer Inc. has acquired the engineering team behind Zenly’s popular 3D maps.
• The team, known as “Wonka”, developed Zenly’s social maps platform which had 160 million downloads and 35 million daily users in 2022.
• The acquisition will allow Peer Inc. to fast-track the development of its AI-powered 3D maps.
Peer Inc. has announced the acquisition of a highly-skilled engineering team from Zenly to help them develop their AI-powered 3D maps. The team, known as “Wonka”, was responsible for developing Zenly’s popular 3D social maps platform that had an impressive 160 million downloads and 35 million daily active users in 2022.
The acquisition of the Wonka team is a major milestone for Peer Inc. that will help them fast-track the development of their 3D maps. Tony Tran, the Founder and CEO of Peer Inc. expressed his enthusiasm for the acquisition and mentioned his admiration for the polished and delightful features of Zenly’s platform. He expressed his hopes that the team will bring the same level of success to Peer Inc.
The Wonka team brings with it a wealth of knowledge and experience in the development of 3D maps. The team consists of experienced engineers and designers who have worked on a variety of projects. They have extensive experience in developing 3D mapping solutions, from augmented reality and virtual reality to interactive 3D models.
The acquisition is a major step forward for Peer Inc. that will help them to create a more immersive and engaging experience for their users. With the help of the Wonka team, the company will be able to bring their AI-powered 3D maps to life faster and with greater accuracy.
The team will also be able to leverage their expertise to create more engaging and interactive features for their maps. This could include features such as virtual tours, interactive 3D models, and augmented reality experiences.
Ultimately, the acquisition of the Wonka team will be a major boon for Peer Inc. and their 3D maps. With their expertise, the company is sure to create an even more engaging and immersive experience for their users.