Meta Calls 2023 an ‘Efficiency Year’; Anticipates More Losses in its Metaverse Division

Audy Castañeda
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<strong>Meta Calls 2023 an ‘Efficiency Year’; Anticipates More Losses in its Metaverse Division</strong>

Mark Zuckerberg hinted at further restructuring of the company, to focus on its long-term metaverse and AI projects.

Meta, the company that owns Facebook, Instagram, and WhatsApp, has shared its fourth-quarter results, reporting better-than-expected numbers.

The company, which has been criticized for pivoting its business model towards the metaverse, a digital representation of the real world, is now trying to refocus after the heavy losses caused by R&D in this technology. Meta CEO Mark Zuckerberg explained that the management theme for 2023 would be the “Year of Efficiency.”

Meta Reports Better than Expected Q4 2022 Results

Meta, the social enterprise, reported slightly positive results for the fourth quarter of 2022, exceeding revenue expectations and providing a deeper explanation of the direction the company will take during 2023. The company posted revenues of $32.17 billion, up from $31,530. million estimated, giving hope to investors about the recovery of the company in the future.

Zuckerberg stated that as part of its new focus on efficiency, “the company will work to flatten our organizational structure and eliminate some levels of middle management to make faster decisions, as well as implement AI tools to help our engineers be more productive.”

In addition, Zuckerberg explained that, in the future, Meta will be more aggressive in pulling the plug on underperforming or non-critical projects.

Metaverse Remains a Long-Term Priority

While Reality Labs, the company’s metaverse division, suffered nearly $14 billion in losses through 2022, Zuckerberg still sees this as a long-term priority. Zuckerberg also listed AI as one of the company’s main focuses, aiming to include it as an operational advantage to better monetize its Reels short video product.

Zuckerberg stated that “the two main technology waves driving our roadmap are AI today and, in the longer term, the metaverse.”

Meta’s CFO, Susan Li, clarified that Meta expects to lose more money from the Reality Labs operation in 2023, but justified it by the great opportunities this could bring for the company. She explained it as follows:

“We still expect our full-year Reality Labs losses to increase in 2023, and we will continue to invest significantly in this area given the significant long-term opportunities we see.”

In September, the company announced several adjustments to reduce its operating expenses, including laying off 11,000 workers, representing 13% of its workforce, as part of its efficiency strategy.

At the time, Zuckerberg mentioned the current macroeconomic conditions and increased competition as aggravators of the situation caused by a drop in revenue, and thus his decision to let go of over 10% of Meta’s workforce.

By Audy Castaneda

Aptos Price Set for Correction: Why APT Traders Should Be Cautious

Audy Castañeda
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<strong>Aptos Price Set for Correction: Why APT Traders Should Be Cautious</strong>

As the Aptos token goes through a red trading session, a bearish reversal near its consolidation level can sink the token by 20%.

Despite a tough trading session last year for the crypto industry, layer one Blockchain protocol Aptos managed to maintain stable price momentum.

The Aptos token has brought a golden moment in the altcoin market this year, as it gained over 400% in January, receiving a massive token accumulation rate from investors. However, the APT token fails to achieve a healthy trading session, as it continually faces multiple rejections to spark another bull run.

On-Chain Metric Worries Aptos Investors

This Aptos token really shined in 2023, proving to be one of the rising stars in the cryptocurrency world. With an impressive peak of $20.44 in January, Aptos has shot up 448% from its lowest price range.

The Aptos Network is supported by a wide range of investors from around the world to drive the network towards its goals. On Wednesday, the APT network announced a crucial node update dubbed v1.2 that seeks to add new features and enhancements to improve performance, support new integer types, and reduce wait times.

Despite the overwhelming developments, the on-chain data for the Aptos token depicts an opposite scenario. The total value locked in DeFi has hit a low of 4.6 million APT tokens, which is much lower than its recent all-time high. Furthermore, the number of transactions on the APT network has been on a downward spiral and is now close to reaching its all-time low.

According to on-chain analytics firm AptosScan, the network processed just 612,715 transactions on January 17, which is a far cry from its record of more than 2 million. This drop in user activity is certainly cause for concern, and it may lead to a downward correction in the APT price chart.

What’s Coming up for Aptos Pricing?

Although the ongoing developments are enough to raise bullish hopes, the Aptos token is printing negative momentum in the price chart. Furthermore, the Aptos token witnessed a total liquidation of almost $6 million on Thursday, giving a clear sign that investors are taking profits.

Currently, the Aptos token is trading at $18.25, with an uptrend of 14.47% from yesterday’s performance. Looking at the daily price chart, the Aptos token may see a sharp increase in selling pressure if its price falls below the immediate support level of $16.17.

Furthermore, the distance between the 20 EMA and the 55 EMA is narrowing, which suggests a correction below the 23.6% Fibonacci level from the current Aptos price. The RSI-14 level is heading towards a neutral region, as it approaches level 75, which can further strengthen a correction to the downside. A drop below the $16.17 level can send the Aptos token price below the EMA-20 trend line at $12.

Conversely, Aptos may trigger bullish expectations if it breaches the $20 resistance level, above which the token may experience solid buying pressure, pushing the price up to $24.

By Audy Castaneda

Robert Kiyosaki on Why Gold, Silver, and Bitcoin Are Rising Higher

Audy Castañeda
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<strong>Robert Kiyosaki on Why Gold, Silver, and Bitcoin Are Rising Higher</strong>

The best-seller author of “Rich Dad Poor Dad” hopes that owners of gold, silver and bitcoin will get rich when the Federal Reserve spins up and prints trillions of “fake” dollars.

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has shared his point of view on why the prices of gold, silver and bitcoin are going higher. Noting that silver is cheap right now, Kiyosaki urged investors to buy a silver coin and start getting rich.

Robert Kiyosaki Bullish on Gold, Silver, Bitcoin

Rich Dad Poor Dad author Robert Kiyosaki has shared his thoughts on why the prices of his top three investment options (gold, silver, and bitcoin) are rising. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter, which has been on the New York Times Best Seller list for over six years. More than 32 million copies of the book have been sold in more than 51 languages ​​in more than 109 countries.

Kiyosaki tweeted a question on Tuesday asking why gold, silver and bitcoin are going up. He then responded to his own question, stating that it is because the poor and middle class in the US are getting poorer and more indebted. “Please don’t get any poorer,” he emphasized, urging investors to buy at least one silver coin that costs just $30 right now to start getting richer.

The famous author previously explained that he expects owners of gold, silver, and bitcoin to get rich when the Federal Reserve spins up and prints trillions of “fake” dollars. Noting that the stock market will crash and drive up gold and silver prices, he predicted that gold will soar to $3,800, while silver will soar to $75 this year.

“If the Fed continues to raise interest rates, [the] US dollar will strengthen and gold, silver and bitcoin prices will get stronger causing gold, silver & bitcoin prices to go lower. Buy more. When Fed pivots and drops interest rates … you will smile while others cry,” Kiyosaki tweeted in October last year. He has repeatedly said that the Fed’s interest rate hikes will kill the US economy, causing stock, bond, as well as real estate markets, to collapse. He urged investors to buy gold, silver and bitcoin before the Fed changes.

Kiyosaki Says Silver is Cheap

While the author of Rich Dad Poor Dad has been recommending gold, silver, and bitcoin for quite some time, he singled out silver in his latest tweets as cheap and affordable, reiterating his earlier statement that silver is the “best investment value nowadays.”

On Wednesday, Kiyosaki reminded his Twitter followers that he has been saying “buy silver for years,” noting that silver is the best investment because it has been “the worst commodity for 50 years.” He added that the gold/silver ratio is typically 1:15, which means that 1 ounce of gold can buy 15 ounces of silver. However, he noted that in January, 1 ounce of gold can buy 80 ounces of silver. “Cheap. Almost 1:100. silver going up. Electric vehicles, solar, [and] greens love silver. FOMO,” Kiyosaki emphasized.

By Audy Castaneda

Polygon Drops Near Crucial Resistance Level, Will MATIC Price End Up with a Death Rally?

Audy Castañeda
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<strong>Polygon Drops Near Crucial Resistance Level, Will MATIC Price End Up with a Death Rally?</strong>

The MATIC token’s price faces a hurdle near its crucial resistance level, raising concerns regarding its continuation of a bullish rally.

Polygon investors enjoyed this month as their native MATIC token saw an overwhelming price boost since the start of the new year. The MATIC price has generated an ROI of over 40% in just two weeks, sparking bullish expectations among traders after a prolonged downtrend.

Furthermore, several analysts believe that the MATIC price will wow investors with a surprising breakout; on the other hand, some believe that the MATIC token may experience further selling pressure if it fails to keep its price near the resistance level, resulting in a downtrend.

Polygon Gets Support from the Community

The Polygon price has risen continuously, with a staggering 40% gain in January, making it a rising star in the altcoin market with the most significant gain. Additionally, altcoin traders turned their attention to the Polygon network, as it recently announced the entry of world leading investment firm Hamilton Lane.

According to the announcement, the NASDAQ-listed company with nearly $829 billion in assets under management (AUM) reveals its $2.1 billion funds in the Securitize platform, a Polygon-based tokenization vehicle. With this initiative from the Polygon network, the MATIC price is expected to push its cap higher and achieve its short-term bullish targets in February.

On-chain analyst firm Jarvis Labs noted that MATIC price funding rates remain neutral, with long positions seeing a significant increase over short positions, suggesting investors’ bet on long term earnings. Also, the number of addresses holding the MATIC token saw an increase in January, signifying strong interest from the crypto community.

MATIC Price May Kick off a Bearish Bloodbath

The MATIC price is awaiting a major test, as current market conditions, including the 25bps interest rate hike, may weaken investor confidence. However, the MATIC token appears to have less of an impact, as it continues its upward journey with large partnerships, including Mastercard.

At the time of writing, MATIC price is trading at $1.23, with an upward trend of more than 12% in the last 24 hours. A well-known altcoin trader, TradingStat, predicts that MATIC may prepare for a downside correction as it fluctuates near its fundamental resistance level at $1.27. The analyst claimed that a failure to trade above $1.27 could sink the MATIC token below the 31.8% Fibonacci retracement level at $1.12.

However, an uptrend above the resistance level may gain investor confidence by recording a new uptrend with intense buying pressure. A consolidation above $1.28 may see the MATIC token rise with a stable rise and form next resistance at $1.5.

By Audy Castaneda

Bitcoin Price Manipulated? Not According to this Expert

Audy Castañeda
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0
<strong>Bitcoin Price Manipulated? Not According to this Expert</strong>

Nic Carter, a venture capitalist, rejected the conclusions of two experts about a possible Bitcoin price manipulation.

Castle Island partner Nic Carter has refuted claims by professors John Griffin and Amin Shams that Bitcoin’s recent price surge is due to market manipulation by crypto whales.

According to Griffin and Shams, the current rally in BTC is similar to the 2017 bull run, which they claim was caused by a single crypto whale, which manipulated the asset’s price.

A Case of BTC Price Manipulation?

In their 2018 article, published in the peer-reviewed Journal of Finance, the two experts argued that Tether coin printing, as well as a conspiracy to support the price of Bitcoin if it falls below a certain level, have been common elements to all of the cryptoactive rallies.

The report authors found that the price of Bitcoin surged after hour-long trading intervals accompanied by major Tether strikes and BTC purchases. Thus, almost 60% of Bitcoin’s gains between March 2017 and March 2018 would have followed a similar pattern.

In almost every case, an unidentified crypto whale used the minted Tether to buy large amounts of Bitcoin on Bittrex and Poloniex, causing price reversals in less than 60 minutes.

In fact, the two professors argued that BTC’s relatively narrow trading range since FTX’s collapse on November 11, 2022, during which time it traded between $16,000 and $17,900 every day but one in 62, would ultimately be the work of skilled manipulators.

According to Griffin, “…[the] $16,000 bar… could serve as a “coordination mechanism” to allow crypto whales to artificially push the price up to the upper limit of around $17,000, before pocketing profits from numerous small selloffs that have no impact on the market. In other words, they can profit by limiting the price range of BTC.

However, Griffin admitted that there is no analysis to show that this is what happened between November 2022 and mid-January 2023.

“We do not have a concrete analysis this time. The truth can emerge in specific narratives in the case of cooperation [of the whales]”, he concluded.

Another Expert Strongly Addresses these Theories

Nic Carter, a venture capitalist, rejected the two experts’ conclusions about this possible price manipulation, calling the business professor “stupid,” adding that his claims about Tether were completely wrong.

“Griffin and Shams are really too stupid to understand why their analysis is so off the mark. His only skill is acquiring whiny PR from gullible journalists.”

That being said, Tether was fined with $41 million by the US Commodity and Futures Trading Commission, following allegations that the stablecoin issuer only backed its assets with fiat currency reserves for about a quarter of the period between 2016 and 2018. This would imply that some coins may have essentially been “free money”.

Tether has since reduced its commercial paper holdings to near zero, replacing them with higher-quality debt securities and more liquid assets.

In short, according to this view, sometimes Bitcoin rises simply because of the old adage of supply and demand.

By Audy Castaneda

Bitcoin Price at $60,000 in Nigeria

Audy Castañeda
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0
<strong>Bitcoin Price at $60,000 in Nigeria</strong>

Bitcoin changes hands above USD $38,000 in the Nigerian markets, while in the rest of the world, its price is around USD $23,000.

The Bitcoin price has risen well above the $20,000 mark in recent weeks. But in Nigeria, this price is a bargain, as the largest cryptocurrency is traded there at a price as high as $60,000.

The top cryptocurrency is changing hands at exorbitant prices on some of the Nigerian exchanges. For example, on the NairaEX trading platform, one Bitcoin sells for 17.4 million Naira, or about USD $37,800. The difference is almost 65%, compared to the price of Bitcoin in other markets, which is around USD $23,000.

However, on some exchanges, the premium appears to be even higher. The exchange rate between traders on the LocalBitcoins platform has even risen above 100% as some users have offers to sell as much as $62,000 per coin, as noted by news outlet AMBCrypto.

Where Is the Bitcoin Rate in Nigeria?

The price of Bitcoin has a certain market price. This market price reflects how Bitcoin is valued against certain FIAT currencies, such as US dollars and euros. However, this does not mean that Bitcoin can be obtained at this price in all regions of the world.

If the demand for Bitcoin in a certain region increases significantly, then the price in this region could rise considerably. Such is the case of the cryptocurrency exchanges of the most populous country on the African continent. There, the price of Bitcoin is trading at $40,000, with peaks as high as $60,000.

The reason for Bitcoin’s massive “value gains” is demand from Nigerians, who do not want to accept the country’s new central digital currency, the eNaira. Due to the lack of interest of the population, the government has restricted cash withdrawals.

Old notes will be exchanged for eNaira before February 10. This is causing a bit of a panic in the country, and people are looking for new ways to keep their money’s value. Search queries for terms like “buy Bitcoin” on Google have skyrocketed in recent days. An average price of $38,000 has been established for peer-to-peer platforms.

What Does this Development Mean for the Course of Bitcoin In Europe?

It’s worth considering that the Bitcoin rate is always just an exchange rate against a FIAT currency. If a FIAT currency loses value, then the equivalent value of Bitcoin increases as well. This was the most recent case when the euro reached parity with the US dollar. In this case, the exchange rates of the dollar and the euro were the same.

If the euro loses value in the future, the price will rise more in Europe than in the United States. Europeans use the US dollar in the prices as it is the reserve currency for the entire FIAT world. ECB rate hikes were inevitable after the US rate hikes.

Ultimately, it is paramount to realize that Bitcoin has value in its own right, and it can act as a store of value against a possible fall of a FIAT currency. A situation like the one in Nigeria could be closer in Europe than one may think.

By Audy Castaneda

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