Bitcoin Volatility Drops To 15 Month Low; What This Could Mean

Is this the calm before the storm? Bitcoin volatility is seldom this steady. After a tumultuous downturn that had the whole market upside down, bitcoin’s fiat price is relatively flat. Everyone can breathe and rest, for a while at least. What does this mean and how long will it last, though? That’s what we’re here to explore. 

Related Reading | Dwindling Bitcoin Volatility Could Lead To Decisive Move

It’s no secret that the market was expecting a hike in the interest rates, and thus people were selling risky assets. However, the powers that be postponed the increase, and, well, the market calmed down. During this downturn, though, Bitcoin proved once again that the market considers it the least risky asset in the cryptocurrency space. Everyone bled, but Bitcoin considerably less so.

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In any case, back to volatility, Arcane Research’s The Weekly Update has the scoop: 

“Bitcoin’s 7-day volatility is now at the lowest level since November 2020. Together with the trading volume, the volatility exploded last week when bitcoin dropped below $40,000. After bottoming at $33,500, the bitcoin price has been slowly grinding upwards, and it looks like the market has released sufficient pressure for now. Still, we might see new volatility peaks soon as bitcoin trades closer to several key resistance and support levels that might be catalysts for increased volatility.”

The pressure is off, but, the steadiness might not last. If there’s one thing we can count on in regards to bitcoin is this: volatility will return sooner than later, for better or worst. 

Bitcoin volatility - The Weekend Update

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BTC/ USD Volatility | Source: Arcane Research’s The Weekly Update

What Are The Resistance And Support Levels?

Bitcoin “has been slowly grinding upwards,” and it’s getting close to that magical number 40. Again, The Weekly Update:

“$40,000 is a key resistance level. With BTC’s slow grind upwards lately, we could see BTC testing this resistance level shortly. A breakthrough would be a relief for the bulls and could signal a trend reversal.”

On the other hand, if things go south and the market starts bleeding again, there’s another number that we have to be aware of:

“Towards the downside, $32,500 acted as support during the initial sell-off, but $29,000 remains as the most critical support level. A breakout below $29,000 would be unsettling, which could cause havoc in the market.”

If Bitcoin touches 40 or 29, the boat might start to rock. Fasten your seatbelts and be sure to wear a life jacket.

BTCUSD price chart for 02/0/2022 - TradingView

BTC price chart for 02/01/2022 on Bitstamp | Source: BTC/USD on

What Causes Bitcoin Volatility?

The short answer is supply and demand. However, since the Bitcoin economy is still small compared to the world’s, several factors can upset or propel the price. From any kind of news to influencers’ opinions to regulation talk or concrete action to whales dumping on the market to interest rates hike rumors. Anything. Also, take this Investopedia insight into account:

“Bitcoin has only been around for a short time—it is still in the price discovery phase. This means that prices will continue to change as investors, users, and governments work through the initial growing pains and concerns until prices stabilize—if a stable point can be reached.”

Related Reading | This Bitcoin Volatility Index Pattern Suggests A Short Squeeze May Be Near

Yes, Bitcoin is the largest cryptocurrency by far and Fidelity thinks it “should be considered first and separate from all other digital assets that have come after it.” However, the asset is still a wild teenager. Expect volatility and learn how to deal with it. It’s going to be a bumpy ride.

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McDonald’s Dives in the Metaverse to Celebrate The Chinese New Year

The American fast-food company partnered with Humberto Leon – Co-Founder of fashion brand Opening Ceremony – to create a zodiac collection in the Metaverse. The initiative will honor the Lunar New Year (China’s most significant festival from February 1 to February 15).

McDonald’s Joins The Metaverse

With its newest endeavor, the US fast-food chain enabled fans to celebrate the Year of the Tiger in the Metaverse. They can experience the “one-of-a-kind collection of zodiac animal designs” created by Humberto Leon. Customers could also receive horoscope readings that give foresight into their year ahead, based on their birth date.

Leon is a Chinese-Peruvian American whose creative vision is largely shaped by his cross-cultural identity. He described McDonald’s as a brand that “has always been committed to embracing and celebrating the universality of all cultures.”

“Kicking off Lunar New Year with McDonald’s in a way that underscores the creativity and innovation of the Asian American community makes me proud to offer a true expression of my identity and the influences that have shaped it, to which I know many will relate,” he added.

Elizabeth Campbell – McDonald’s Senior Director of Cultural Engagement – opined that this was the right time for her company to enter the Metaverse since the Year of the Tiger is a representation of “bravery, strength, and confidence.”

“We’re honored to celebrate this Lunar New Year through his art expressions and hope our fans will enjoy this very cool and celebratory experience with us.” – she added.

Subsequently, the fast-food chain and Leon will produce a TV spot that features the designer’s reflections on beloved traditions celebrated during the Lunar New Year.


The festival, also called the Chinese New Year, is one of the most important holidays in the most-populated country. It marks the new cycle of the Moon, and the celebrations can run up to 15 days.

Would McDonald’s Accept Musk’s Challenge?

The American company, known as the biggest fast-food chain globally, has recently become a top name in the crypto meme culture. Community members often use the firm’s logo to place it upon people who might lose their funds in case the digital asset market crashes. The idea behind the meme is that McDonald’s would always hire someone who wants to step back on their feet.

Last week, the relationship between the chain and the crypto space went on another level as Tesla’s CEO – Elon Musk – vowed to eat a “happy meal” on TV should the company accept Dogecoin (DOGE) as a payment method.

McDonald’s ironically replied to the entrepreneur that it will do it only if Tesla embraces “grimacecoin” (a made-up name based on “grimace” – a character that was featured in many of the company’s commercials).


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Coachella Will Issue NFTs in Partnership With FTX.US

Key Takeaways

  • Coachella has announced three series of non-fungible tokens (NFTs) featuring festival passes, photos, and posters.
  • The NFTs will be issued on the Solana blockchain and will be sold through the cryptocurrency exchange FTX.US.
  • Sales begin on Friday, Feb. 4 at 10 A.M. PST.

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The California music festival Coachella is planning to issue a series of non-fungible tokens, according to its website.

Collection Includes Passes, Posters, Photos

Coachella is getting into the NFT business.

Coachella’s NFT collection will include ten “key” NFTs that serve as lifetime passes. The passes will grant access to annual festivals each April as well as access to online concerts. These NFTs do not have a set price but will be auctioned to the highest bidder.

The series also includes two larger NFT collections. The “Sights and Sounds” collection will include 10,000 tokens featuring photos and music from past festivals. These will be priced at $60 each.

There will additionally be 1,000 NFTs in the “Desert Reflections” collection, which features ten digital posters from past Coachella concerts. NFTs in this series will be priced at $180 each.

Buyers of these NFTs will be able to redeem their purchase for physical prints of the respective poster or photograph.

Coachella will mint its NFTs on the Solana blockchain. Festival representatives noted in various statements that Solana is a sustainable blockchain. Unlike Ethereum, Solana does not rely on mining and uses very little energy.

Sales will begin on February 4 at 10 a.m. PST. A portion of the proceeds will be donated toward charity.

FTX.US Will Power Coachella’s Sale

Coachella’s NFTs will be sold through FTX.US, the American branch of the FTX exchange and a company with close ties to Solana.

FTX first launched its NFT marketplace last June with initial support for Solana-based NFTs. The exchange then extended the service to American customers in October. FTX.US then began to support Ethereum-based NFTs in December.

FTX has previously managed NFT sales for other companies and groups. Perhaps most notably, FTX is handling land parcel sales for the VR project Somnium Space. It also announced an NFT drop for the NBA team the Golden State Warriors in December.

The marketplace lists cryptocollectibles from existing collections, including Bored Ape Yacht Club and CryptoPunks, as well.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

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Bitcoin On-Chain Environment Suggesting Bullish Undertones, According to Analytics Firm Glassnode

Blockchain analytics firm Glassnode says that Bitcoin’s on-chain fundamentals have hints of bullishness, suggesting that recent market correction could be close to over.

In its latest report, Glassnode says that while most derivatives traders are betting on more downside for BTC, on-chain models are hinting that a more bullish undertone is in play.

The firm says that the illiquid supply of Bitcoin, or BTC that sits in addresses with little history of selling, is growing while price declines, which is reminiscent of other points in history that ultimately led to bull runs.

“Interestingly, prices in the current market are declining (bearish), whilst Illiquid supply is in a marked uptick (bullish). This week alone, over 0.27% of the supply (~51k BTC) was moved from a Liquid to Illiquid state. Within a macro bearish backdrop, this does raise the question as to whether a bullish supply divergence, similar to May-July 2021, is in effect.”

Source: Glassnode

Glassnode also takes into account Bitcoin’s NVT (Network Value to Transaction), which describes the relationship between transfer volume and market capitalization.

The blockchain-tracking company says that Bitcoin’s NVT is currently at a point that suggests that BTC is trading at a premium while echoing bear market bottoms of the past.

“Taking a ratio of price and the 90-day NVT price gives an ‘NVT Premium’, which is currently trading at lows that are historically considered undervalued. Previous instances where settlement volumes have been this high relative to the market cap have preceded strong bullish impulses in bear markets, or at macro market bottoms such as Dec 2018, and Mar 2020.”

Source: Glassnode

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin Will Need Help From the Stock Market To Kick Off Reversal, According to Crypto Analyst Benjamin Cowen

A popular crypto analyst is looking at historical Bitcoin (BTC) trends as well as the US stock market to determine when the cryptocurrency might regain some positive momentum.

In a new strategy session, Benjamin Cowen tells his 705,000 YouTube subscribers that steep corrections like the one Bitcoin has experienced since reaching an all-time high above $69,000 last November can’t be expected to flip overnight.

“You should assume, based on history, anytime Bitcoin’s closing below the bull market support band, you should just assume that it’s going to be a few months before we can realistically have a shot at getting back above it…

I would say three to six months is usually a realistic timeline on actually having a shot to get back above it… We have below it for about nine weeks. We are currently in our ninth week, so a realistic time frame for getting back to the top, the conservative estimate would be three weeks… And that would basically be a best-case scenario.”

The bull market support band is a market indicator derived from the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). The band is currently hovering between $45,000 and $50,000.

Cowen adds that his best-case scenario for Bitcoin might materialize if the US equity markets rally for an extended period of time.

“What we would assume for that to happen, we’d have to see stocks be green for a few weeks. As much as we like to think that we live in a bubble where crypto does its own thing, it’s not true.

If we see the Nasdaq and the S&P continue to drop, rest assured that Bitcoin will also very likely drop as well. And it doesn’t necessarily mean there’s anything wrong with Bitcoin. Nothing’s changed fundamentally, but it might just mean that people are continuing to shift to be a little bit more risk-off rather than risk-on…

It’s not just Bitcoin. It’s everything that’s not cash.

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Drew Brees to Get Paid in Bitcoin via NYDIG’s BTC Savings Plan

Retired NFL quarterback-turned-entrepreneur Drew Brees has elected to take part of his salary in Bitcoin through NYDIG’s new Bitcoin Savings Plan.

Brees, who currently works as an analyst for NBC Sports, is the latest among a growing list of pro athletes to accept salaries in Bitcoin, signaling a boost in interest in BTC as both a usable currency and long-term investment among celebrity figures.

NYDIG is a Bitcoin-focused company that gives business owners the tools to offer employees accounts, payroll, interest payments and more in Bitcoin. Its new savings plans are opt-in for any employer or employee interested in converting a portion of their earnings into Bitcoin for longer-term saving.

“For a long time, Bitcoin was pretty intimidating for me. The more I have immersed myself in the understanding of money, long-term value, and the history of finance, the importance of bitcoin became apparent,” Brees stated in a press release this morning.

Brees also co-owns Surge Adventure Parks and has invested in multiple restaurant franchises. His companies—such as Everbowl and StretchZone—will now be able to offer their employees Bitcoin Savings plans as well.

NYDIG will store the Bitcoin accumulated from these paychecks using its own cold storage system. This means that NYDIG will retain custody of the Bitcoin earned and will be storing it offline.

For some, this might be unappealing, as one of the cryptocurrency community’s biggest axioms is the phrase “not your keys, not your coins.” If you don’t have self-custody, some argue, you’re not achieving any more financial independence than you have with a traditional bank account.

So while Brees will be earning Bitcoin, he won’t have full control over it—at least not initially. This sounds comparable to a traditional 401k, where employees can’t access funds easily unless they request a withdrawal. But unlike the US dollar—which suffers from the effects of inflation—Bitcoin can dramatically increase in value within a short period of time. To some, Bitcoin’s risk is worth the potential reward.

Brees is one of many NFL stars interested in Bitcoin and cryptocurrency—Tom Brady is also bullish on crypto and is now planning to spend more time focused on his NFT platform Autograph. Back in November, Aaron Rodgers said he’d be receiving part of his $22 million salary in Bitcoin.

Shortly after Rodgers, Odell Beckham Jr. also announced he would also be getting part of his NFL salary paid out in Bitcoin. NFL stars Sean Culkin, Saquon Barkley, and Trevor Lawrence also made similar announcements last year.

As more and more NFL stars get into Bitcoin, the upcoming Super Bowl LVI on February 13 looks to be its most crypto-centric yet. Ad Age has already dubbed the upcoming NFL event the “Crypto Bowl,” thanks to anticipated ads from cryptocurrency exchanges FTX and


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3 reasons why QuickSwap (QUICK) price spiked by 50%

Decentralized finance (DeFi) and the control it gives users over their assets is one of the most applicable sectors of the cryptocurrency ecosystem, but the general public is still hesitant to interact with most DeFi products due to the steep learning curve and the possibility of losing funds.

One decentralized exchange (DEX) that is taking strides toward bridging the gap between DeFi and centralized finance (CeFi) is QuickSwap (QUICK), the top ranked DEX on the Polygon network.

Data from Cointelegraph Markets Pro and TradingView shows that the price of QUICK saw a rapid 50% spike in value from $166.40 on Jan. 31 to a daily high of $250 on Feb. 1 after its 24-hour trading volume surged by 168%.

QUICK/USDT 4-hour chart. Source: TradingView

Three reasons for the rapid bounce back in QUICK price include the announcement of a partnership with Celsius, the addition of new high yield liquidity pools and the launch of stable-stable pools that offer a higher yield and decrease the risk of impermanent losses.

QuickSwap partners with CelsiusX

The most significant recent development for QuickSwap was the announcement that the DEX partnered with CelsiusX, the DeFi arm of the Celsius banking and financial services platform that is focused on integrating CeFi and DeFi.

Partnering with QuickSwap also allows for the creation of wrapped versions of popular tokens like Cardano’s ADA and Dogecoin (DOGE), which do not currently have a major presence on Polygon, along with well-funded liquidity pools for these assets so that users, bots, arbitrageurs and institutions have easy access to that token.

This also provides DOGE and ADA holders with added ways to use their assets in DeFi to earn a yield instead of simply holding their DOGE or staking their ADA.

New liquidity pools could attract a new breed of investor

A second factor helping to bolster the price and momentum of QUICK has been the launch of multiple new liquidity and ‘syrup’ pools. This could be a bullish sign, especially when considering that a handful of projects launched and integrated bridges to the Polygon network in January. 

Aside from the addition of support for DeFi protocols like Atlantis Loans or the layer-one blockchain solution Orbs (ORBS), QuickSwap has seen a flurry of added support for nonfungible tokens (NFT) projects, which have once again been gaining momentum despite the wider weakness in the cryptocurrency market.

Some of the newly supported NFT projects on QuickSwap include the UniArts network, Dogira, OneRare and Blockchain Monsters Hunt.

Related: $1B worth of ETH burned in the past 30 days due to record high OpenSea NFT transactions

New staking options for stablecoin holders 

A third factor helping to attract users and liquidity to the QuickSwap DEX is attractive yields for liquidity providers of stablecoin-stablecoin pairs.

These pools provide users with an opportunity to earn a decent yield while also decreasing the risk of impermanent loss associated with other types of liquidity pools.

This could also present more attractive stablecoin yields for depositors on the Celsius network and increase the overall liquidity locked on the QuickSwap protocol.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.