Daily News | Bitcoin Daily Transactions Surge To Record Highs Which Could Cause Price Woes; Legal Expert Suggests Ripple May Take Settlement Even If It Scores A Win

Crypto Daily Digest: Bitcoin Daily Transactions Surge To Record Highs Which Could Cause Price Woes; Legal Expert Suggests Ripple May Take Settlement Even If It Scores A Win; 14 Million Jobs Across The Globe Set To Vanish In 5 Years

Crypto markets experienced moderate upticks across the past day, which has led many assets in the top one hundred to increase by up to 2%. As a result, Bitcoin has emerged above the $28.6k zone again and Ethereum has neared $1,900. However, with such moderate inclines seen across the entire market, very few assets have recuperated from some of the more decimating losses accrued in the past week.

The volatile trading trajectory can be correlated to the decimating US stocks performance across the past day, which led to the S&P 500, DOW, and Nasdaq all losing over 500 points across the past day.

In more positive news, on Monday, the number of transactions taking place on the Bitcoin network hit a record high of 682,099, according to data presented by Glassnode. Soaring past its prior record high of 425,000 set in 2019, analysts have predicted that this jump in network transactions is due to the the surge in number of BTC NFT ordinal inions occurring on the network, which now totals around 3,225. As a result, the jump in network transactions has helped lead to a sharp jump in the Bitcoin network’s hash rate to set a record high of around 440 exahashes per second (EHS).

These alternative metric new highs are all positive signs for Bitcoin, however, when paired with other widely followed on-chain indicators, there is an array of more conservative signals. The 7-day MA of the number of active addresses interacting with the BTC network recently fell to its lowest level, down from over one million per day as recently as the 21st of April. Similarly, the number of new addresses fell to a multi-month trough of around 420,000, down sharply from the highs of 516,000 seen in April. This combination of metrics has led analysts to predict that if more US banks collapse, BTC could enter a safe-haven zone and sustain a price floor into the $30,000s. However, if US monetary policy improves, this could lead to an inverse effect.

On another note, legal expert, John Deaton, has taken to Twitter to express his opinion on whether Ripple would accept a settlement with the SEC. Deaton believes that whether US exchanges such as Coinbase of Kraken would relist XRP could drastically influence the decision. Similarly, Deaton believes that whether the major Ripple partner, Bank of America, would feel comfortable about the court verdict or wait to see if Judge Torres gets overturned in the event the SEC appeals her decision. Deaton noted that the SEC could possibly file a notice of appeal and later withdraw it, which could lead to more room for negotiations. This could ultimately further complicate and prolong the legal proceedings.

Bitcoin (BTC) $28,658.36 (+2.46%) - Neutral Outlook

(Data Courtesy of TradingView)

As of today, Bitcoin is beginning to move upward after entering the week at a low. Starting the day volleying between the upper boundaries of $27.9k and $28.07k, Bitcoin bobbed at this level until 3 pm, where it then shot up to $28.5k on a single candlestick. Bitcoin then began to move upward and test the $28.8k level. In spite of this more positive price performance, analysts are hypothesizing that a rematch with both $25,000 and $30,000 is on the table as Bitcoin moves through uncertain territory. However, if the range expands above $30k, it is possible that BTC could test $31k and potentially $32,400 in the coming weeks, leading to a pick-up in momentum.

Overview:

Closest hourly support zone: 28,718-28,711
Closest hourly resistance zone: 28,768-28,759
Key Level: 30,000 (Price Target)

Hourly Resistance zones
28,711-28,718
28,670-28,657
28,770-28,777

Hourly Support zones
28,649-28,665
28,710-28,720
28,750-28,767

Macro: 14 Million Jobs Across The Globe Set To Vanish In 5 Years

The WEF summit – which hosts a gathering of global leaders in Davos, Switzerland each year – found that employers expect to create 69 million new jobs by 2027 and eliminate around 83 million, which could result in a net loss of over 14 million jobs or 2% of the current employment figures. WEF has deduced that the labor churn will be contributed to by the slow economic growth, high inflation, and rush to deploy artificial intelligence. However, WEF believes that the shift to renewable energy s may act as a powerful engine for generating jobs.

Due to the push to implement AI, companies will require new workers to integrate and manage these tools and s, which will result in a 30% average growth in data analysts, scientists, and machine learning specialists. However, the proliferation of AI will jeopardize many roles, with robots replacing various jobs in some cases. Record keeping, administration, data entry, and secretarial jobs are likely to suffer the steepest losses. WEF polled various organizations estimated that around 34% of all business-related tasks are currently performed by machines, which is just a hair above the figure from 2020. It is currently anticipated that AI will take over around 42% of all business tasks by 2027.

In other markets, major stock indexes headed toward their worst day in over a month yesterday as a host of regional bank stocks continued to plummet or collapse. This led the Dow Jones Industrial Average to plunge 540 points or 1.6%, with the S&P 500 and Nasdaq falling by 1.7% and 1.4% respectively.