Hello. This is what is happening:
Market Movements: Bitcoin Ended a Bad January on a Positive Note; DeFi transaction volume has continuously increased.
Tech Opinion: January BTC sell-off could attract buyers in the near term.
Watch the latest CoinDesk TV episodes for in-depth interviews with industry leaders in crypto and analytics.
Pricing
Bitcoin (BTC): €38,446 +1%
Ether (ETH): €2,682 +2.6%
Top winners
Active Ticker Returns Field Chainlink LINK +7.2% TI
the best losers
Ticker returns scope ATOM Universe −7,8% Polygon MATIC Smart Contract Platform −7,1% Internet Computer ICP Smart Contract Platform −5,7% Computing
Markets
S&P 500: four,515 +1,8%
DJIA: thirty-five and one hundred thirty-one +1,1%
Nasdaq: fourteen and two hundred and thirty nine +3,4%
Gold: €1,797 +0.4%
market movements
Bitcoin ended the last day of a bearish January in the green, as global trading on decentralized exchanges (DEXs) closed on nearly €XNUMX billion in volume for the month.
At press time, the oldest cryptocurrency was changing hands at around €38, a slight increase over the last twenty-four hours, according to data from CoinDesk. Ether, the second largest cryptocurrency by market cap, rose 7% to over €2600 over the same period.
“Bitcoin rallied as danger assets end a very poor January on a positive note,” Edward Moya, senior market analyst at Oanda, Americas, wrote in his daily market update. "Bitcoin's bullish momentum is slowly building up and could surprise on the upside if the dollar continues to weaken as much of the Fed's adjustment for the year begins to be priced in."
Data compiled by CoinDesk shows that bitcoin transaction volume on major cryptocurrency exchanges was significantly lower than a week ago. Many stock indices in Asia closed for the Lunar New Year (also known as Chinese New Year) holiday week. Possibly many cryptocurrency traders in the area have also taken a break.
Meanwhile, decentralized exchanges reported nearly €XNUMX billion in trading volume in the first month of the year, according to Dune Analytics. Total trading volume on DEX had fallen significantly from its peak last May. But high volume has returned in recent months.
Some of the volume in January may be associated with market volatility and the drama of the Wonderland decentralized finance protocol, however, one analyst said that the steadily building volume shows “renewed development” in the DeFi space.
"Flawless execution with no downtime, or else the amazing ability of these protocols to operate without interruption, even in the midst of founder/developer drama and falling asset costs... should be the focus" wrote Jeff Dorman, chief investment officer at cryptocurrency investment management firm Arca, in his weblog dated Wednesday. “There is a latent ecosystem thriving despite scams, hacks, and bad actors kicked out.”
technician's opinion
Support for Bitcoin Holding over €37,000; Resistance to €40,000 - €45,000
Bitcoin was higher at the top of a one-week trading range as oversold signals continued unabated. Oversold refers to investors who think the asset is trading below its true value. BTC was trading at around €500 at press time and is up four percent over the last week.
The initial resistance is estimated at €XNUMX with zero, which is a preceding support level that was rejected on the XNUMXth of January. Buyers are going to have to make a definite move over €XNUMX-€XNUMX to reverse the current downtrend from November.
For now, the twenty% drop in the cost of BTC in the first month of the year could attract buyers in the short term. Traders could make auxiliary offers already before the trading day in Asia if the support at €XNUMX holds.
In the long term, the upside potential seems limited given the signs of negative momentum.
Important events
08:30 HKT/SGT (00:30 UTC): Jibun Bank (Japan) Manufacturing PMI (January)
08:30 HKT/SGT (00:30 UTC): Home Loans in Australia (December)
8:30 am HKT/SGT (00:30 UTC): Australian Home Investment Loans (December)
15pm HKT/SGT (00am UTC): German Retail Sales (Dec MoM/YoY)
5:30 p.m. HKT/SGT (9:30 a.m. UTC): UK Consumer Credit
Coin Desk TV
In case you missed it, here is the latest episode of "First Mover" on CoinDesk TV:
Bitcoin's XNUMXth bear market since its inception in XNUMX, Arca's research finds that most investors think traditional securities will go digital in five to XNUMX years.
The hosts of "First Mover" chat with Arca co-founder and CEO Rayne Steinberg as the company publishes research revealing key trends in digital assets. crypto in taiwan TR Lab Co-Founder Xin Li-Cohen shares details of raising $2 million from major art and technology investors and his take on the NFT (non-fungible token) market.
Values
FTX Reaches €XNUMX Billion Valuation With €XNUMX Million Fundraise – The investment values the crypto exchange on par with Deutsche Boerse and higher than Nasdaq or Twitter.
This marathon is a part of the early IRL-metaverse mashups: the Raramuri June XNUMX event gives you plenty of time to train for the first metaverse marathon.
Turkish crypto firm Bitci plans to expand to Brazil, Spain: Report: The company aims to open a trading platform in Brazil next month and a platform from Spain is expected in the third month of the year.
Bitcoin Put-Call Ratio Hits Six-Month High As Negativity Rules: Ratio Suggests Demand For Puts Is High, An Observer Claimed.
Mastercard's CipherTrace used "honeypots" to digest Intel's crypto portfolio: In cybersecurity, the term "honeypot" refers to a trap for hackers. But what does this mean in the context of on-chain analysis? (CoinDesk Privacy Week Series)
Solana could become the visa of the digital asset planet: Bank of America: Solana and other blockchains could take market share from Ethereum over time, the bank stated in a research note.
longer reads
Bitcoin guards privacy and fights oppression: Central bank digital currencies, on the other hand, are financial surveillance on steroids. (CoinDesk Privacy Week)
Today's Crypto Explainer: Investing in Meme Coins? Three Things Every Crypto Trader Should Know: Before you jump into the latest "inu" coin, here are some tips on how to safely invest in meme coins.
Other voices: Is cryptocurrency the future of money? (CBS News)
said and heard
"As someone who was there through the early days of Canadian crypto, I can tell you that we really were operating in the unknown in those early years. In that environment, players sprung up that I won't talk about or reveal in our space today." more about Michael/Omar for reasons of personal security, but the point is not in him, it is about the ethical compass that we must demand and a requirement to fight for the betterment of our ecosystem and humanity (Joseph Weinberg for CoinDesk). (Joseph Weinberg, Bitcoin investor and co-founder of Shyft Network)... "The main advantages of cryptography come from its openness, transparency and also imperturbability. Blockchain-based web applications are necessarily different from the million dollar “garden” web applications that dominate the internet today. Privacy laws were written with this in mind. nt to the old web, Fb and Google web page. (Antoni Zolciak, co-founder of Aleph Zero, a privacy-enhancing Layer 1, for CoinDesk's Privacy Week series)... "The best options for retail investors now look more like the early XNUMXs, when The list of the most popular stocks and exchange-traded funds in the US consisted virtually entirely of shares of well-established companies in the benchmark S&P XNUMX index and ETFs that represented large bets on US stocks or bonds, according to data from VandaTrack". (The Wall Street Journal)