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This past week has presented a mixed bag for the cryptocurrency market, having opened on a relatively bearish note aned couinciding with the continued degradation of the stock market, the market quickly broke free from these confines and moved into more bullish territory. Having regenerated the bullish wave of the previous week, the cryptocurrency market appears poised to further increase. In addition to this bullishness, Cardano bulls have begun to anticipate the potential of a breakthrough the $1 threshold as the release of the Djed stablecoin, courtesy of COTI, looms nearer.

In addition, BTC bulls are anticipating that the asset may break through the $28k threshold in the coming weeks if the golden cross formation is realised and bullish momentum ensues. However, on the institutional side, Coinbase is set to be fined over $3.3 million by the Dutch Central Bank amidst allegations that the exchange failed to comply with local laws.
## The Latest News
### [Bitcoin](https://www.gate.io/trade/BTC_USDT) Eyes $28K Leaving Bears In Disbelief
Across the past couple of weeks, [Bitcoin](https://www.gate.io/trade/BTC_USDT) has been privy to a bullish wave that has regenerated a substantial portion of value and pulled it free from the throngs of the $13-19k region. Now above the $20k threshold, bulls are now targeting $28,000 as its next price ceiling, anticipating that if the current momentum can be maintained, that it is viable that BTC can reach these highs. Having already broken free from a four-month bear cycle, [Bitcoin](https://www.gate.io/trade/BTC_USDT) is consistently pushing to new four-monthly highs and is now trading hands at an average of $23,000.

An analyst under the pseudonym, Thescalpingpro, has stated that the $23,500 to $24,500 zone remains a key area to watch, having stated that be believes that breaching this area will push [Bitcoin](https://www.gate.io/trade/BTC_USDT) to $28,100. With this acting as a heavy resistance area, this key zone could act as a price ceiling providing BTC cannot gain enough momentum to push beyond this zone. As of now, bears are primarily shorting [Bitcoin](https://www.gate.io/trade/BTC_USDT), yet it is possible that the overarching bullish sentiments may change this trading strategy and reintroduce futures and long-term trading strategies.

### ADA Eyes $1 As Djed Stablecoin Scores Listing
This bullish sentiment has extended to the likes of Cardano, which bulls and analysts alike are anticipating to near $1 again ahead of the deployment of their Djed stablecoin. Set to be released next week, the Djed stablecoin is set to foster expansion and novel applications in the Cardano ecosystem. COTI, a plqatform optimized for creating price-stable coins and the soon-to-be Djed issuer, has confirmed the scheduling of its release for next week and have noted the substantial technological developments present in its infrastructure.

The COTI team have also noted that one of the primary technological advancements used for the Djed stablecoin includes a ‘chain indexing process’, which they have stated will take 14 days to complete prior to the Djed launch. Chain index syncing denotes a process aimed at ensuring that all nodes in a network are updated on issues such as transactions and blocks to ensure network health and security.
### Coinbase Fined $3.6 Million By The Dutch Central Bank
Coinbase have officially been fined by the Dutch Central Bank. This comes in light of the cryptocurrency exchange giant failing to comply with local legislation during November 2020 and August 2022. The Dutch Central Bank reportedly took into account that the platform is one of the leading providers in the region and has a ‘significant number of customers on local soil’. This news further exascerbates the recent negative press surrounding the exchange, with a lawsuit regarding exploits and removal of user funds in America currently ongoing.

In addition, Coinbase have confirmed that they will no longer be offering their services to the Japanese market, claiming that unfavourable economic conditions are the primary cause. As a result, deposits were halted last week and Japanese users have been given until mid-February to withdraw their holdings.
## Current Project Trends
Based on data provided by CoinMarketCap, a majority of the top-gaining projects across the past week have been focused on resolving the blockchain trilemma, specifically the scalability aspect. Witnessing an unprecedented growth of 3,681% across the past 24 hours, the Pascal token has demonstrated the most substantial amount of growth in comparison to any other asset currently available on the market. It has grown by almost 7,000% in this past week.
## The Current BTC Trend
Having rallied over 11% across the past seven days, [Bitcoin](https://www.gate.io/trade/BTC_USDT) currently appears poised for a bullish break out, with this already seeming to be on the cards. Due to the potential formation of a bullish golden cross formation, [Bitcoin](https://www.gate.io/trade/BTC_USDT) may continue to exceed its recent performance and accelerate through the $23,500 resistance zone and potentially break into the key zone of $23,500 and $24,500, according to analyst Thescalpingpro, which could propel it to bullish highs of $28,100 – one of the highest levels the asset has seen in over six months. This could propel [Bitcoin](https://www.gate.io/trade/BTC_USDT) into a bull market, however, it is critical that BTC is able to maintain the current bullish momentum in order to attain this.

However, on a more bullish note, some analysts have also pointed out that [Bitcoin](https://www.gate.io/trade/BTC_USDT) may be facing the possibility of the first ever death cross on the one week chart, which results in a bearish sentiment. The current market conditions paired with this unsettling potential formation form comparable conditions to that that characterised the 2022 bear phase. However, on a more positive note, Thescalpingpro also notes that BTC’s current price moveemtn mirrors the 2015 trading trajectory where BTC pumped by 214% before a death cross was about to be realised. This ultimately suggests that there is a bullish promise for BTC, but it is critical to be cautious.

Following this mixed sentiment, [Bitcoin](https://www.gate.io/trade/BTC_USDT)’s MVRV (market value to realized value) has significantly increased over the past week, remaining consistently above the 1 threshold. Entering the week at 1.079, BTC’s MVRV was one of the highest values it has been in several weeks, with this then soaring to a high of 1.164 on the 26th. This signals that BTC has finally moved away from the ‘market bottom’ indication and towards a more stable territory as its value becomes more fully realized.
![](https://gimg2.gateimg.com/image/article/1674808616111.png)<center><font size=1>Weekly BTC MVRV Data (Data Courtesy of Blockchain.com)</font></center>
## The State Of ETH Gas Fees
As of the 26th of January, there has been a moderate decrease in the total volume of gas used across the past week in comparison to the former, with the lowest figure attained on the 26th, totaling 108,499,288,876. The highest figure attained this week was on the 22nd, totalling 108,891,672,082, demonstrating a similar total usage to that seen throughout the opening of 2023. Despite this vast change in the volume of gas used, the current volume of gas used appears to be in line with current monthly trends.

As a result, Ethereum gas fee boundaries this week have had a vast increase from the week prior. The low gas boundaries were between 10-480 gwei, the average boundaries were between 11-573 gwei, and the high boundaries were between 11-629 gwei – demonstrating a vast disparity in gas fees across the past week.

Across the past 24 hours, the top ‘Gas Guzzlers’ according to Etherscan were Seaport 1.1 (with fees totalling $311,779.68 or 222.84 ETH),  Uniswap: Universal Router (with fees totalling $311,331.14 or 164.52 ETH),  and Uniswap V2: Router 2 (with fees totalling $204,941.96 or 140.03 ETH) – thus demonstrating a significant increase from the previous week.

The estimated cost of transactions across the likes of OpenSea: Sale, Uniswap V3: Swap, and USDT: Transfer, has been suggested to be between $1.46 and $5.58, according to Etherscan.
## The Current Macro Situation
The Lowest Economic Growth Rate In Decades Has Been Forecasted

Across the past week, a vast majority of the western equities markets have taken a notable hit, having further declined in light of data releases suggesting that the world output growth is projected to decelerate from an estimated 3% seen in 2022, to 1.9% – one of the lowest growth rates in recent decades. This news was delivered by the United Nations World Economic Situation and Prospects (WESP 2023) launched today. This dismal report has painted an uncertain outlook for the global economic stage in the coming year, particularly considering that the data has demonstrated that there is a threat against the attainment of the 17 Sustainable Development Goals (SDGs). 

United Nations Secretary-General, Antonio Guterres, acknowledged this: ‘This is not the time for short-term thinking or knee-jerk fiscal austerity that exacerbates inequality, increases suffering and could put the SDGs farther out of reach. These unprecedented times demand unprecedented action.’. Somewhat redeeming is the fact that the report has outlined that the international growth rate could pick up to 2.7% in 2024 as the impacts of the recent global crises begin to soften. However, this forecast is heavily dependent on the pace and coordination of further monetary tightening, the consequences of the Ukrainian war, and the possibility of further supply-chain disruption.
## What Could Be Coming In The Week Ahead?
Considering the marketwide bullishness and the positive news regarding adoption and regulation, it is highly probable that the coming week will extend this momentum further and potentially move it out of the threat of a bull trap. In doing so, various assets within the top one hundred will continue to gain momentum and regenerate valuation, thus further hauling cryptocurrencies out of the bear market.

<div class="blog-details-info">
<div>Author:**Matthew Webster-Dowsing**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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A brief analysis of the cryptocurrency market between January 20th and January 26th, 2022.

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Market Trend｜ADA Eyes $1 As Djed Stablecoin Scores Listing;Coinbase Fined $3.6 Million By The Dutch Central Bank