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FAMEEX Daily Highlights | WEF Predicts Metaverse Tech Will Change Industry

2023-01-18 17:31:45

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During the Crypto Winter, There Were More Developers: Electric Capital Report
The overall number of monthly active Web3 developers increased by 5.4% to more than 23,300 over the previous 12 months, despite an almost 70% decline in cryptocurrency values, supporting the idea that bear markets are advantageous for builders.

Polygon Completes Hard Fork to Reduce Gas Fee Spikes, Disruptive Reorgs
The software upgrade occurred at 10:45 UTC (5:45 a.m. ET) on Tuesday, according to a tweet from Polygon Labs, the lead company behind the project. The two proposals included in the hard fork were put forth in December.The first proposal adjusted a mechanism that sets gas fees – a kind of tax one pays in order to transact on a blockchain. The new mechanism aims to keep gas prices low when there is a lot of activity on the network. The second proposal aims to reduce the amount of time it takes to complete a data block – part of an effort to prevent frequent reorgs, which occur when a validator node receives information that temporarily creates a new version of the blockchain.

WEF Predicts Metaverse Tech Will Change Industry First, Moving to the Consumer Space Later
In an article published on Jan. 13, the World Economic Forum (WEF) predicts that the implementation of the metaverse will be done at an industrial level first, helping different companies to complete designing and monitoring tasks in a more efficient way. Two of the metaverse technologies that will become integral for the industry in this new phase are digital twins and extended reality. While there is significant focus on the consumer metaverse from companies like Meta, which have been investing billions in the sector, the WEF believes that industries will be the ones pushing innovation. The organization believes that, once these two different metaverses are established, one will be able to improve the other and vice versa.

Daily Crypto Market Analysis - Growing and Forecast

In the last 24 hours, the long liquidations were 50.38M USDT and the short liquidations were 40.47M USDT, leaving 9.91M USDT worth of net long liquidations. Although yesterday's total liquidation amount dropped slightly, the average liquidation of the past two weeks has increased significantly compared to that of the last two months, indicating that market sentiment has gradually recovered.

The Fear & Greed index was 51, the market sentiment is no longer panic, and it has begun to turn optimistic.

Bitcoin Ahr999 rose slightly to 0.51, the highest of the last 8 months, above the bottom line 0.45 and below the DCA line 1.2. The numbers reflect that the current short-term trend is no longer so weak, but bear markets will last for a long time. Judging from the information above, the prices were still at the bottom zone.

In the last trading day, the 3 major US stock indexes rose and fell. DJI was the weakest, down -1.14%, the S&P 500 was down -0.20%, while the NASDAQ was the strongest, up 0.14%. BTC and ETH, were up by 1.97% and 2.55%. The two major cryptocurrency were both up yesterday, with BTC and ETH up 0.83% and 1.36% respectively.

Newly released data showed that the New York State Manufacturing Index plunged to -32.9 in January, the lowest since May 2020 and well below market expectations, mainly due to a sharp drop in orders and stagnant job growth.

According to Bank of America Corp.’s global fund manager survey, fund managers have greatly reduced their position in US stocks in January with 39% saying they had an underweight position, the most since October 2005.

Most of the mainstream currencies rose yesterday, ranging from -1.12% to 15.85%, with SOL being the weakest, down -1.12% instead of up, while SHIB was the strongest, up 15.85%. The two major currencies were both up, with BTC and ETH up 0.83% and 1.36% respectively.

Looking at BTC from the daily candles, the price has been consolidating around 21000 for more than 5 days, and neither the long nor the short side has made any obvious moves. From the point of view of the moving average, although the current short-term, medium-term and long-term trends show a long position, if the price continues to consolidate, there will be a death cross between MA7 and MA25 tomorrow, which may cause upward pressure on BTC. In addition, BTC has reached 21481, the resistance of last November. A large amount of orders have been completed at this price zone, but it’s crucial whether or not enough orders will follow to support the momentum.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FAMEEX's official view.

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