This week in The Market Report, Cointelegraph’s resident experts discuss Bitcoin’s (BTC) impressive January rally and whether there are any indicators to suggest it could continue into February.
We start this week’s program with the latest news in the markets:
The best January since 2013? 5 things to know about Bitcoin this week
After sealing its highest weekly close in almost six months, BTC/USD remains above 40% year-to-date, with the monthly close just 48 hours away. Can the gains be sustained? Throughout, concerns have called for an imminent crash, and even new BTC macro price lows as disbelief spread through the market. That grim turnaround has yet to materialize, and the next few days could still turn out to be a crucial period for Bitcoin’s long-term trend. It’s going to be a busy week for markets as the US Federal Reserve will decide on its next rate hike this week, with Fed Chairman Jerome Powell providing 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 next week could be the most volatile in recent Bitcoin 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 ATM Cash Withdrawals
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 a whopping $37,341. That’s a hefty premium over Bitcoin’s current market price, around $22,874 at the time of writing. It comes as the Central Bank of Nigeria has continued to impose limits on ATM cash withdrawals amid an ongoing effort to accelerate its shift to a cashless society. Will this have any impact on the price of Bitcoin, considering that more and more people will flock to buy the main digital currency, and how will it affect the rest of the markets?
Elon Musk wants Twitter’s payments system to be built with cryptocurrency in mind
Twitter boss Elon Musk has reportedly instructed its developers to build the platform’s payments system in such a way that crypto functionality can be added in the future. The payment feature will support fiat currencies to begin with, but will have the ability to support cryptocurrency if the opportunity arises. For now, things are still pretty vague as to whether the system will involve blockchain or crypto technology, but people are hopeful considering that the CEO of Twitter has been very influential in the crypto space.
Our experts cover these and other developing stories, so be sure to tune in to stay up to date on the latest in the world of cryptocurrency.
Next up is a segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This Week’s Tip: How Do You Evaluate a Crypto Project?
Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are current market conditions bullish or bearish? What is the outlook for the coming months? Pechman is here to break it.
Lastly, we have information from Cointelegraph Markets Pro, a platform for cryptocurrency traders who want to stay one step 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 cut.
Do you have a question about a coin or a topic not covered here? Don’t worry: join the YouTube chat room and write 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 is broadcast live every Tuesday at 12:00 p.m.