Bitcoin (BTC) Price Declines, Major Cardano (ADA) Developments, and More: Bits Recap Jan 22

TL;DR

• Bitcoin’s price fluctuates following the approval of spot Bitcoin ETFs in the US; experts laid out diverse future value predictions.
• Shiba Inu sees a significant increase in burn rate, with millions of tokens removed from circulation.
• Cardano exceeds Ethereum in whale daily transactions and another field.

Where is BTC Headed?

The hectic approval of the first spot Bitcoin ETFs in the United States on January 10 triggered severe volatility in the cryptocurrency’s price. It soared to around $49,000 on January 11 but dipped below the $45K level shortly after. In the past few days, BTC has been trading between $40,000 and $42,000 (per CoinGecko’s data).

Despite the ongoing bearish trend, numerous prominent figures remain optimistic that the following months and years will be successful for the asset. Robert Kiyosaki, a well-known investor and author of the bestseller “Rich Dad Poor Dad” – recently predicted that BTC is heading toward the $150,000 mark. 

Fundstrat’s Tom Lee and the popular X (Twitter) user PlanB were even more bullish. The former forecasted that Bitcoin could explode to $500,000 within five years. PlanB claimed that the stock-to-flow model predicts a price of $532,000 after the halving. 

On the other hand, skeptics like Peter Schiff envisioned a further slump for Bitcoin. The economist recently maintained that Gary Gensler (Chairman of the US SEC) gave the thumbs up to the spot ETFs after being “backed into a corner.” As such, he expects him to implement soon “new onerous crypto regulations” that could increase the cost of BTC transactions and negatively impact the asset’s price.

Those curious to find out whether Bitcoin has a chance to flourish this year and reach a new all-time high could take a look at our dedicated video below:

(embed)https://www.youtube.com/watch?v=hgdIgY4SQpc(/embed)

Shiba Inu’s Burn Rate

Last week, the meme coin’s burn rate skyrocketed by 3,000% on a daily scale, resulting in more than 30 million tokens being removed from circulation.

Today’s figure (January 22) is also impressive. According to Shibburn, more than 53 million assets have been destroyed in the last 24 hours.

Reducing the tremendous circulating supply of SHIB is supposed to make it scarcer and potentially more valuable in time. Nonetheless, its price has been on the downside lately, dipping nearly 5% in a week.

Cardano’s Achievements

Cardano has made waves as of late, surpassing Ethereum in two separate fields. As CryptoPotato reported, Cardano whales have settled an average of $13 billion in large daily transactions on a weekly basis. Its rival’s figure stood at $5 billion.

In addition, Cardano witnessed an NFT sales volume of over $7.6 million for the past month. Ethereum continues to be a leader with $350 million, but this actually represents a 20% decline on a 30-day basis.