Quick analysis of the cryptocurrency pricing on January 19: The value of the world market fell to $1.68 trillion.

The world’s oldest and most valuable cryptocurrency, Bitcoin (BTC), was able to hold steady on Thursday around $42,000. There were slight losses overall for other popular coins, such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC). The coin that gained the most over the course of a day was ETHDYDX, which had a boost of more than 6%. With a decline of more than 10% in just one day, THORChain (RUNE) emerged as the largest loser.

The value of the world’s cryptocurrency market was $1.68 trillion at the time of writing, a 1.20 percent decline in a day.

Bitcoin (BTC) Price Today
According to CoinMarketCap, the price of bitcoin was $42,594.04, down 0.68 percent in a day.

Ethereum (ETH) Price Today
At the time of writing, the price of ETH was $2,529.24, a 1.70 percent decrease in just one day.

Dogecoin (DOGE) Price Today
As of right now, DOGE is trading at $0.08018, and according to CoinMarketCap data, it lost 1.31 percent in a day.

Litecoin (LTC) Price Today
Litecoin experienced a 0.31 percent 24-hour decline. As of writing, its trade price was $69.20.

Ripple (XRP) Price Today
The price of XRP was $0.5659 after losing 1.50 percent in a day.

Solana (SOL) Price Today
The price of Solana was $99.81, down 0.13 percent in a day.

The price of Bitcoin (BTC) has printed several sell signals, according to both on-chain and technical analysis. As a result, until the situation changes, investors should use prudence and restrain their bullish perspective.

The continued surge depends on the Bitcoin ETF

For a few years now, the Bitcoin spot Exchange-Traded Fund (ETF) has been a speculative event. However, the advancements around ETFs have accelerated recently. After losing a number of lawsuits pertaining to cryptocurrencies, the US Securities and Exchange Commission (SEC), which licences or disapproves ETF products, has been caught off guard.

The SEC’s loss in Grayscale’s lawsuit about the conversion of the GBTC product into a spot ETF offering and other developments pertaining to ETFs were the primary causes of the initial spike in the price of Bitcoin, which began in mid-October. However, Bitcoin has been trending sideways as there have been no updates.

Whatever the case, the next significant deadline for the ETF decision is January 2024, which will see a fresh peak in the speculative Bitcoin trading mania. The crypto industry will be made or broken by this event. Investors should be ready for a regression up until that point, though, given that the price of Bitcoin has been emitting several sell signals.

The price of bitcoin might drop soon

Between October 16 and 24, the price of bitcoin (BTC) increased by 30%, setting a new local high at $35,280. This move had tremendous bullish momentum, which made it spectacular. However, BTC has been trending sideways since the formation of its swing high. The daily candlestick closures have shown an upward trend since October 25, which may appear bullish to the untrained eye. Upon closer inspection, the Relative Strength Index (RSI) exhibits a downward slope. Bearish divergence, which this non-conformity is, frequently signals a retreat or correction.

The first significant sell signal that investors should be aware of is this one.

The Momentum Reversal Indicator (MRI) has flashed two sell signals in addition to the bearish divergence. On October 23, following the daily candlestick closure, the first sell signal was presented as a red downward arrow. The MRI has displayed another red down arrow nine days later. This indicator suggests a falling one to four candlestick pattern.

Therefore, investors should expect a decline in the price of Bitcoin if things continue as they are. Important support levels to keep an eye on are the Fair Value Gap (FVG) region, which spans from $30,248 to $32,832 and has a midpoint at $31,540.

On-chain indicators support the pessimistic outlook

Santiment’s Network Realised Profit/Loss (NPL) indicator displays two significant spikes of 524 million and 542 million on October 24 and 28, respectively, suggesting that investors are booking profits. Similar profit-taking occurrences and bearish divergence in July caused the price of Bitcoin to plummet from about $31,400 to $25,800.

The Whale Transaction statistic, which has been surging since October 23, reflects the same pessimistic sentiment. This indicator, which measures transfers of $100,000 or more, spiked, indicating that whales are shifting their assets to book profits.

Investors who have bought Bitcoin in the last month can gauge their average profit or loss using the 30-day Market Value to Realised Value (MVRV) indictor. The MVRV dropped from 16% on October 23 to roughly 10% at this point. This level indicates that investors who bought Bitcoin within the last month made an average profit of 10%. A sell-off could occur if these holders decide to sell to realise their profits.

In the last year, the 30-day MVRV has often created a local peak of 16% to 22%. Because a correction in the price of Bitcoin follows this period, it can be referred to as the “Danger Zone.”

Finally Thoughts
Overall, both from a technical and an on-chain perspective, the price of Bitcoin appears to be headed towards a bear market. These sale signals can only be ignored in the event of an ETF-related development.

In that scenario, the price of Bitcoin might cross the $35,000 barrier and approach the psychological $40,000 mark. This action would refute the pessimistic theory.

While Ethereum lost roughly 1% but held over the $1,650 level, Bitcoin was trading flat as it declined slightly but still managed to maintain above $26,000 levels.

On Tuesday, there was a tilt towards the downside as Bitcoin and other crypto tokens traded range-bound. Over the past six weeks, the protracted winter, legal proceedings, and regulatory activities have all put pressure on the market for digital assets. However, the token markets will also be influenced by macroeconomic signals.

The major crypto coins declined somewhat but managed to keep over $26,000 levels as Bitcoin traded flat and remained under selling pressure. Ethereum, its biggest rival, decreased by approximately 1% but stayed above the $1,650 mark. The altcoins had moderately downward price movement.

Following the recent dip in Bitcoin’s price, it is just holding above the $26,000 level, and the market appears to have found psychological support just above the $1 trillion market capitalization. Additionally, the crypto and terror index still has a score of 37/100, placing it in the fear zone.

Within weeks of its inception, friend.tech, a very intriguing product on Coinbase’s layer 2 BASE, has been producing close to $1 million in 24 hours, making it the third most valuable Dapp. The programme enables users of Twitter or X.com to build a private group where they may purchase celebrity “keys” for exclusive chat access.

Following the recent dip in Bitcoin’s price, it is just holding above the $26,000 level, and the market appears to have found psychological support just above the $1 trillion market capitalization. Additionally, the crypto and terror index still has a score of 37/100, placing it in the fear zone.

Within weeks of its inception, friend.tech, a very intriguing product on Coinbase’s layer 2 BASE, has been producing close to $1 million in 24 hours, making it the third most valuable Dapp. The programme enables users of Twitter or X.com to build a private group where they may purchase celebrity “keys” for exclusive chat access.

Ethereum was also trading 2 percent lower, falling below $1,800 levels, as Bitcoin continued to deteriorate, falling 2% to slip below the 29,000-mark.

Following the traders’ frightened reaction to the US Fed meeting minutes, Bitcoin and other popular crypto tokens plunged on Thursday. The minutes of the July US Fed meeting lowered investor optimism globally and warned that the US central bank could need to raise rates again.

As the largest cryptocurrency token fell as much as 2% and once more fell below the 29,000 level, Bitcoin lost more ground. Following the most recent dip, Ethereum, its largest peer, was also trading 2% lower, falling below $1,800 levels. The biggest altcoins’ price movements were on the lower side.

The price of bitcoin has risen past $28,500. This might be a result of the Argentine Peso and the Russian Ruble losing value against the US dollar. Ethereum is currently trading just below the $1,800 mark, breaking away from its previous pattern of fluctuating between $1,800 and $1,900.

On Thursday, the prices of all other prominent cryptocurrencies declined. Shiba Inu lost more than 8% of its value, while Litecoin lost more than 5%. Dogecoin lost 4% of its value, while Toncoin, XRP, and BNB all experienced a 3% decline. The price of Solana decreased by 2% in the early trading period.

The market capitalization of all cryptocurrencies was trading noticeably lower, dropping to the $1.14 trillion mark after sliding about 2% in the previous day. The total trade volume did, however, increase by more than 19% to $36.82 billion.

Friday early trading in Asia saw bitcoin rise to almost US$25,000. As global stock markets stabilized as a result of actions taken by authorities in the U.S. and Europe to backstop banks with cash after a series of failures in the industry this past week threatened to spread, Ether and the other top 10 non-stablecoin cryptocurrencies saw gains as well. As a U.S. judge overruled government objections and authorized the Binance US$1 billion deal to acquire insolvent crypto lender Voyager, BNB led the cryptocurrency winners.

Quick Facts

According to statistics from CoinMarketCap, Bitcoin increased 2.75% in the last day to reach US$24,973 at 9:00 a.m. in Hong Kong. The greatest gain among the top 10 non-stablecoin cryptocurrencies by market capitalization was recorded by the largest cryptocurrency in the world, which increased by 24% over the previous seven days. Bitcoin, according to some pundits, served as a secure haven for investors this week as bank failures shook the world’s equity markets.

In the last seven days, ether has risen 17%, edging up 1.32% to trade at US$1,668.

Binance’s native token, BNB, which saw a 7.56% increase to US$327.98 on Friday, topped the winners. On Wednesday, a U.S. court magistrate denied the government’s request to stop Binance U.S. from offering $1 billion to purchase the assets of the defunct Voyager platform. For the seven-day span, the token increased by 19.51%.

The Matic token from Polygon increased 2.88% to US$1.14, posting a monthly gain of 14.04%. Salesforce, one of the largest enterprise software companies in the world with a market cap of more than US$150 billion, has partnered with Polygon blockchain to assist its customers in developing non-fungible token-related (NFT) programs, according to a tweet from Polygon Labs on Thursday. For Web3 developers, Saleforce had earlier released a set of customer relationship management tools.

In the previous day, the overall market value of cryptocurrencies increased by 1.91% to US$1.08 trillion. Over the previous 24 hours, the total trading amount decreased 25.30% to US$61.92 billion.

In a rally for relief, U.S. stocks ended the day stronger on Thursday. The S&P 500 increased by 1.76%, the Nasdaq Composite Index increased by 2.48%, and the Dow Jones Industrial Average increased by 1.17%.

Gains in stocks followed Credit Suisse’s announcement on Thursday that it would draw up to $50 billion (US$54 billion) from the Swiss National Bank to support liquidity. On the American side, First Republic Bank received a $30 billion injection from 11 U.S. financial organizations on Thursday after the bank’s stock price dropped precipitously due to run-on-the-bank concerns.

The U.S. “banking system remains sound,” according to Treasury Secretary Janet Yellen, who also stated that “the Federal Reserve is providing additional support to the banking system with a new lending facility.”

On the inflation front, the U.S. Department of Labor on Thursday reported a drop in unemployment benefit claims in the week ending March 11 that was more than expected, indicating a strong labor market that supports the view the Federal Reserve will raise interest rates again this month.

The range of U.S. interest rates is 4.5% to 4.75%, which is the greatest level since October 2007. CME Group analysts predict that there is a 79.7% possibility that the Fed will increase interest rates this month by 25 basis points. The likelihood of no rate rise has decreased from 45.4% on Thursday to 20.3%.

The U.S. consumer price index (CPI) increased by 6% year over year in February, slowing from January’s 6.4% increase but still exceeding the Federal Reserve’s target of keeping yearly inflation below 2%.

As of 9:00 a.m. in Hong Kong, U.S. market futures were trading flat to lower, with the Dow Jones Industrial Average futures down 0.14%. The Nasdaq Composite Index declined by 0.03% while the S&P 500 futures fell by 0.11%.

The Federal Reserve Chair Jerome Powell’s hawkish remarks on Thursday’s cryptocurrency market trading raised the prospect of additional significant rate increases to combat inflation. While BNB, XRP, and Shiba Inu were trading with advances, Bitcoin, Solana, and Polygon were trading with cuts.

The market capitalization of all cryptocurrencies was selling lower at around $996.91 billion, dropping 0.93% over the previous 24 hours.

“The US central bank sent strong signals about tackling inflation through strict monetary policies and rate increases, which caused the market cap of cryptocurrencies to fall below the $1 trillion threshold. In the upcoming weeks, hawkish monetary policies could reduce market liquidity, which could lead to further price declines.”

Ethereum (ETH) was trading below $1,550, while Bitcoin (BTC) dropped 1.24% to $21,751. The 24-hour volume of Bitcoin was roughly $21.68 billion, a 10.01% decline over the previous period.

At the moment, DeFi has a total volume of 3.68 billion, or 8.50% of the 24-hour volume of the entire crypto market. Stablecoin traffic as a whole is currently $39.04 billion, or 90.12% of the 24-hour volume of the entire crypto market.

The biggest cryptocurrency in the world by market cap, Bitcoin, was valued at about $420 billion. According to CoinMarketCap, the dominance of Bitcoin is presently 42.12%, down 0.04% from the previous day.

“Over the past 24 hours, Bitcoin has fallen below the US$22,000 mark as investors have continued to respond to comments made by US Fed Chair Jerome Powell regarding interest rate increases. Due to doubts, it appears to be challenging for bulls to raise the price above the breakdown of US$22,800. This indicates that there hasn’t been any aggressive buying at these prices, which could push the price down to the key support level of US$21,480.”

Bitcoin $21,751 -1.24%

Ethereum $1,539 -0.91%

Tether $1 -0.01%

BNB $289.79 1.23%

XRP $0.3892 3.92%

Dogecoin $0.07202 -1.33%

Cardano $0.3192 -1.25%

Polygon $1.06 -6.03%

Polkadot $5.64 -0.82%

Tron $0.06584 -0.54%

Litecoin $83.11 -2.22%

Shiba Inu $0.00001112 2.82%

Solana $18.58 -5.54%

Major cryptocurrencies were trading in the red early on February 7, with the global crypto market cap falling 0.60 percent to $1.06 trillion in the previous day. The total crypto market volume over the last 24 hours has increased by 4.18 percent to $49.85 billion.

The total volume in DeFi was $4.90 billion, accounting for 9.83 percent of the total 24-hour volume in the crypto market. The total volume of all stable coins was $44.74 billion, accounting for 89.73 percent of the total 24-hour volume of the crypto market.

According to Coinmarketcap, the price of Bitcoin, the world’s largest cryptocurrency, was hovering around Rs 19.42 lakh, with its dominance at 41.52 percent, a 0.02 percent decrease over the day.

In other news, Britain’s financial watchdog warned crypto businesses on Monday to prepare for tighter advertising rules later this year, warning that any violations could result in up to two years in prison.

• Bitcoin Price 19,23,108
• Ethereum Price 1,38,000.0
• Tether Price 85.12
• Cardano Price 3.4990
• Binance Coin Price 27,506.00
• Ripple Price 33.19
• Polkadot Price 557.80
• Dogecoin Price 7.7700

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Conclusion

In a report to creditors on Tuesday, bankrupt crypto exchange FTX stated that approximately $415 million in cryptocurrency had been stolen as a result of hacks.

Since the company’s bankruptcy filing on November 11, $323 million in cryptocurrency has been stolen from its international exchange, and $90 million has been stolen from its US exchange, according to CEO John Ray in a separate statement on Tuesday.

Sam Bankman-Fried, the founder of FTX, has been accused of stealing billions of dollars from FTX customers to pay debts owed by his crypto-focused hedge fund, Alameda Research. Bankman-Fried has pleaded not guilty to the charges of fraud.

FTX told a Delaware bankruptcy judge last week that it had recovered more than $5 billion in cryptocurrency, cash, and liquid securities nine weeks after declaring bankruptcy.

On Tuesday, the company revealed that it had recovered $1.7 billion in cash, $3.5 billion in liquid cryptocurrency, and $300 million in liquid securities.

FTX did not provide a total liability estimate, but stated that it had identified significant shortfalls at both its international and US crypto exchanges.

“We are making progress in our efforts to maximise recoveries,” Ray said in a statement.

Based on crypto prices on November 11, 2022, the recovered crypto assets include $685 million in Solana, $529 million in FTX’s proprietary FTT token, and $268 million in bitcoin. Solana, which Bankman-Fried praised, lost the majority of its value by 2022.

FTX discovered a November asset seizure by the Securities Commission of the Bahamas during its initial investigation into system hacks, resulting in a dispute between FTX’s US-based bankruptcy team and Bahamian regulators.

The two parties reached an agreement in January, and Ray announced on Tuesday that the Bahamian government was holding $426 million for creditors.

During a Tuesday event at the Atlantic Council in Washington, Bahamas Prime Minister Philip Davis mentioned the dispute, saying Ray’s team had “come around” and accepted that the Bahamian asset seizure “was appropriate and perhaps has saved the day for many of the investors in FTX.”