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Good morning. Here’s what’s going on:
Market trend: Bitcoin traded above $36,000 on Sunday after continuing its decline earlier in the weekend.
Technician’s view: BTC is stabilizing on the intraday chart, although $30,000 is a more interesting level to watch given the long-term decline in momentum.
Watch the latest episodes of CoinDesk TV Insightful interviews with crypto industry leaders and analysts.
price
Bitcoin (bitcoin): $36,202 +3.4%
Ether (Ethereum): $2,532 +5.4%
biggest winner
| assets | stock code | return the goods | Department |
|---|---|---|---|
| universe | atom | +3.4% | Smart Contract Platform |
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biggest loser
| assets | stock code | return the goods | Department |
|---|---|---|---|
| network computer | ICP | −9.2% | calculate |
| Litecoin | LTC | −9.2% | currency |
| Filecoin | Phil | −9.0% | calculate |
`
Sector classification provided by Digital Asset Classification Standard (DACS)), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets.This Coin table 20 is a ranking of the most traded digital assets on trusted exchanges.
market
S&P 500: 4,397 -1.8%
Dow: 34,265 -1.3%
Nasdaq: 13,768 -2.7%
Gold: 1,834 -0.2%
market trends
Bitcoin ended an unforgettable three days, opening the weekend below $34,400 before rebounding slightly on Sunday.
At press time, the world’s largest cryptocurrency by market capitalization was trading well above $36,000, up nearly 3.4 percent in the past 24 hours, but well below its all-time high of nearly $69,000 set in early November. Trading volumes were light, with many investors continuing to assess troubling economic conditions and a marked decline in the stock market.
The tech-heavy Nasdaq fell 2.7% on Friday as investors continued to stay away from stocks that have led the stock market rally in recent years. The other two major indexes, the Dow Jones Industrial Average and the S&P 500, fell 1.3% and 1.8%, respectively. The market slump stems from widespread concerns about interest rates, supply chain inefficiencies and the ongoing coronavirus, which is waning in many parts of the U.S. but waning elsewhere.
Ether fell below $2,400 on Saturday before returning to stronghold above that level, where it spent the rest of the weekend. At the time of publication, the second-largest cryptocurrency by market cap was trading above $2,500, up nearly 5.5 percent. Most major altcoins were in the red on Sunday.
“The market is holding its breath as investors look to the opening of Asian markets for signs of where stocks are going this week,” Joe DiPasquale, CEO of crypto fund BitBull Capital, told CoinDesk. If Asian markets open strongly, we can expect demand for cryptocurrencies to rise, especially if the U.S. market has a strong Monday.
DiPasquale added: “Cryptocurrencies are still finding ways, whether it is a digital gold-like hedge that is inversely proportional to equities, or is it a risky asset that will tumble if stocks continue to fall like many stock indexes on Monday. Fail. Friday. While those most bullish on the crypto investment case cite long-term data that suggests bitcoin is uncorrelated with other asset classes, data from the past two years shows a correlation between bitcoin and stock prices.
Technician’s View
Bitcoin sell-off deepens below $40k; minor support nearby
Bitcoin (bitcoin) failed to hold short-term support at $40,000 as sellers maintained a two-month-long downtrend.
Intraday oversold signals were not enough to sustain buying, meaning long-term indicators are more reliable in determining Bitcoin’s price direction.
At press time, BTC is trading around $36,200, down 17% over the past week.
Slowing upside momentum on the monthly and weekly charts has been a persistent theme since December. As long-term uptrends weaken, sellers typically outpace buyers, despite occasional oversold signals.
Additionally, when the retracement (the percentage drop from peak to trough) becomes severe, short-term traders tend to reduce position size and Tighten trade parameters Near intraday support and resistance areas.
Bitcoin is about 40% below its all-time high of $69,000, a major retracement. The previous extreme of the drop occurred in July, when BTC closed around $28,000 after falling about 50% from its peak.
Currently, initial support is around $35,000-37,000 to stabilize the current sell-off. Relative Strength Index (Relative Strength Index) on the daily chart was the most oversold since May 19, before a two-month sideways move ahead of a rebound.
If selling pressure accelerates this week, BTC could find stronger support around $30,000.
important event
SGT/HKT 8:30am (12:30am UTC): Jibun Bank Manufacturing Purchasing Managers’ Index (PMI) (preliminary for January)
SGT/HKT 5pm (9am UTC): Eurozone Markit Manufacturing PMI (preliminary for January)
10:45 pm SGT/HKT (2:45 pm UTC): US Markit Manufacturing PMI (preliminary for January)
11:30 pm SGT/HKT (3:30 pm UTC): Dallas Fed Manufacturing Index (January)
CoinDesk TV
If you missed it, here is the latest episode “The first to move” exist CoinDesk TV:
Congressman Tom Emer (R-MN) joins the “Forerunner” host as he proposes a new bill aimed at limiting the Federal Reserve’s ability to issue digital currencies. This is because the Federal Reserve has just released a long-awaited white paper on the digital dollar. Bitcoin fell to a five-month low. Michele Schneider, Managing Director of MarketGauge Group, provided her analysis. Additionally, former SEC Commissioner and Patomak Global Partners CEO Paul Atkins commented on the latest regulatory signals from SEC Chairman Gary Gensler.
Latest headlines
Traders lament ‘Pikachu mode’, Bitcoin will have its worst week in 8 months: The price appeared to be stable at around $35,000, but with more than $1.5 billion in traditional positions being liquidated, humor flooded the social media site.
No, tech stocks are not driving crypto prices: The relationship between Bitcoin and Nasdaq exists, but it’s not as close as some people think.
Here’s why Bitcoin is down 11% in 24 hours: Bitcoin is currently trading around 45% below its all-time high of $68,700.
Amid the sell-off, the cryptocurrency market cap falls below $2T: Some altcoins are trading down 60%-80% from their cycle highs as Bitcoin and Ethereum break above the $40,000 and $3,000 support levels.
Ethereum can stay ahead as dominant smart contract blockchain: Coinbase analyst: According to analysts at U.S. exchange Coinbase, the only real “ETH killer” may eventually be Ethereum 2.0.
Crypto trader Tantra liquidates after ‘GBTC discount’ widens to record: Grayscale Bitcoin Trust (GBTC) has been trading at a steep discount since February last year, but expanding further proved too much for a trading firm.
Twitter Seeks Advanced Crypto Role Following NFT Verification Announcement: Job ads promoting “NFT tools, membership tokens, DAOs, and more!”
longer reading time
Simpin’ Ain’t Easy: The Business Sense Behind IreneDAO: Crypto appears poised to expand existing financial relationships between influencers and their ardent fans.
Today’s crypto interpreter: What is Segregated Witness
Other voices: money in the metaverse
heard about it
“Our hope is that as we move into the next few weeks to a month or so, we’ll see infection levels across the country below what I would call a control zone.” …(Anthony Fauci on ABC’s This Week)….”Supply challenges are now more severe than ever, some executives say. Food industry executives say a lack of workers has led to a wider shortage of product supplies, with supply conditions sometimes changing on a daily basis.”(U.S. food supply under pressure, from plants to shelves/Wall Street Journal)…” Hunter offers an analogy here: our future engagement with the metaverse could mimic how, with the help of science, we begin to accept the real existence of an unseen “microverse”: viruses, parasites and The field of other microbes has since learned how to manipulate, sometimes in sinister ways.” (Michael Casey, Chief Content Officer, CoinDesk)…“Many altcoins found support at their summer 2021 lows, making it crucial for Bitcoin to stay supported as it sets the tone for the crypto space.” (CoinDesk cites Katie Stockton, managing director of Fairlead Strategies)
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