The price of Bitcoin (BTC) dropped to its lowest point since November, marking a slowdown in its post-election surge. Today, BTC reached a low of $91,314 but later rebounded to $93,311. This decline follows a record-breaking surge in December when Bitcoin soared above $100,000 for the first time and reached an all-time high of $108,268. Over the past 24 hours, Bitcoin has decreased by nearly 2%.
For the past four consecutive days, the cryptocurrency market has continued to slide, causing significant drops in major altcoins. Ethereum (ETH) has dipped by 2.37% and lost the $3,300 mark, with sellers aiming to push it even lower to around $3,000. Solana (SOL), on the other hand, is nearly 3% below its value and trading under $190. Additionally, Ripple (XRP), Dogecoin (DOGE), Tron (TRX), Chainlink (LINK), and Polkadot (DOT) have all experienced substantial declines. The total cryptocurrency market capitalization has fallen a further 1.57% and now stands at approximately $3.26 trillion.
Bitcoin (BTC) Drops To Lowest Level Since November
On Thursday, Bitcoin (BTC) reached its lowest point since November at $91,298, marking a dip in its ongoing surge. Notably, BTC made history following Donald Trump’s election win, breaking through the $100,000 barrier and reaching an all-time high of $108,000. Trump is considered favorable towards cryptocurrencies due to his pledge to restrain the Securities and Exchange Commission (SEC). During President Joe Biden’s tenure, the crypto industry faced increased scrutiny from the SEC. Trump has nominated Paul Atkins as the potential next SEC Chair and aims to establish a welcoming atmosphere for cryptocurrencies. Additionally, he has created a new position within the White House for a “crypto czar” to manage Bitcoin-related policy matters.
On the other hand, Anthony Scaramucci, a cryptocurrency investor previously associated with Trump’s initial administration, cautioned that investors should not anticipate swift alterations from the new Trump administration.
Just a friendly reminder to everyone, don’t expect that on January 20th, everything will suddenly improve miraculously for Bitcoin and the digital assets world as if a magic button has been pressed. That’s not how the political system in Washington typically operates.
Is It Time To Sell?
This week, Bitcoin (BTC) and other alternative cryptocurrencies have experienced significant declines as markets have turned to the negative side. The anxiety in the market has escalated even more following an unexpected Bitcoin price caution from billionaire Elon Musk. Moreover, renowned crypto investor Arthur Hayes has forecasted a potential crash in the BTC and crypto market towards late March. In a blog post, he expressed this prediction.
As expected, around the end of the initial quarter, much like most years prior, we’ll find ourselves preparing to make sales. Then, it’s a matter of waiting for favorable cash flow conditions from traditional currencies to resurface during the third quarter.
In times when the supply of dollars increases, the cryptocurrency market, including Bitcoin, tends to surge. Conversely, a decrease in dollar liquidity usually leads to a decline in the crypto market. Predicting this, Hayes forecasted that Bitcoin’s price would plummet around the time of Trump’s inauguration.
While I think there’s a risk factor that could impact the market in the near future, it needs to be weighed against the influence of dollar liquidity. For now, Bitcoin seems to adjust itself according to the speed at which dollars are being emitted.
Ripple (XRP) On The Verge Of Significant Push
Despite experiencing some downward movements in recent trading sessions, Ripple (XRP) appears poised to surge past $2.90 in the near future. Prior to this decline, XRP had been holding steady around $2.50. However, several indicators suggest a bullish trend for the digital asset, with investors expressing optimism about its price potential.
The Fear and Greed Index of XRP has risen significantly, demonstrating growing confidence among market participants. Furthermore, XRP’s Relative Strength Index (RSI) indicates bullish momentum, and the Moving Average Convergence Divergence (MACD) is also displaying a positive crossover.
US Can Sell $6.5B Silk Road Bitcoin Before Trump Takes Office
The United States government has been granted approval to convert and sell 69,370 Bitcoins, originally confiscated from the Silk Road marketplace. The Department of Justice requested swift permission to liquidate these Bitcoins due to their volatile price fluctuations, in order to prevent any potential delays. Officials from the DOJ have confirmed that they will proceed with selling the Bitcoin, despite a new administration having pledged to keep the seized assets. This Bitcoin stash carries an astounding market value of approximately $6.5 billion.
Making this decision could potentially have a substantial impact on Bitcoin’s price and overall market sentiment, as Bitcoin has been fluctuating around $90,000 to $100,000 in recent weeks. If there are large sell orders that surface, traders will be keenly aware of the possible effects on liquidity and volatility. However, it’s important to note that the Department of Justice (DOJ) has yet to reveal the sale method but has stated that they intend to proceed with the sale.
Standard Chartered Launches Crypto Services In Europe
Under the green light of securing a digital asset license in Luxembourg, Standard Chartered is launching cryptocurrency services across Europe. To facilitate this expansion, they are setting up a new entity in Luxembourg to serve as their gateway for European Union regulations. This move enables them to provide crypto and digital asset custody services throughout the EU. The decision follows the EU’s implementation of the Markets in Crypto-Assets (MiCA) Regulation.
Initially, Standard Chartered’s cryptocurrency services will only include Bitcoin (BTC) and Ethereum (ETH). However, as indicated by the bank’s head of digital assets, Waqar Chaudry, more cryptocurrencies may be incorporated later in the year. Notably, Standard Chartered’s crypto products within the EU will initially focus on providing crypto custody services.
At this point, we do not provide trading services from Luxembourg. Currently, there is no scheduled plan for us to do so.
The unveiling is an integral step in Standard Chartered’s plan to broaden its digital asset storage solutions. This debut follows the bank’s previous introduction of crypto custody services in the United Arab Emirates (UAE) a few months ago. Margaret Harwood-Jones, who serves as the Global Head of Financing for Standard Chartered, made this statement:
Thrilled to extend our digital asset safekeeping solutions across the EU! This allows us to assist our clients in navigating the new terrain of conventional finance. We take great pride in leading the path for our institutional clients, granting them access to the digital asset marketplace.
Bitcoin (BTC) Price Analysis
Amid the current trading session, I find myself observing Bitcoin (BTC) attempting a rebound following its dip below $100,000 this week. The aim is evidently to counteract the selling pressure that caused its price to plunge as low as $91,298 on Thursday. This recent volatility in BTC’s price can be linked to robust economic data releases that triggered profit-taking among investors and influenced a shift in market sentiment, as suggested by Shivam Thakral, CEO of BuyUcoin.
As an analyst, I’ve observed that the recent ups and downs in prices can be linked back to robust US economic data releases, leading investors to cash out their profits and adjust their market stance. Despite a generally gloomy forecast, there’s a growing sense of optimism among investors regarding Bitcoin’s potential future growth, hinting at a possible market stabilization and recovery in the near term.
Last week, Bitcoin showed a bullish trend, bouncing back after hitting a daily low of $91,844 on Tuesday. The optimistic outlook continued, leading Bitcoin to move above its 50-day Simple Moving Average (SMA) on Thursday, following a 2.59% increase. The market saw fluctuations on Friday due to the battle between buyers and sellers for control. In the end, buyers managed to take charge, pushing Bitcoin over the 20-day SMA and ending the day at $97,878. The buyers maintained their lead over the weekend, causing Bitcoin’s value to slightly increase on both Saturday and Sunday, settling at $98,309.
On Monday, Bitcoin soared over $100,000, marking a 3.99% rise to reach $102,228. Yet, the mood shifted on Tuesday when robust economic data was released, causing Bitcoin to plummet by more than 5%, dipping below its 50-day moving average and the $100,000 mark, settling at $97,019. The downward trend continued on Wednesday as sellers forced the price under the 20-day SMA to an intra-day low of $92,456. However, the price rebounded from this level, closing at $95,121, resulting in a nearly 2% drop. The markets remained bearish on Thursday, with Bitcoin sliding to $91,298 before recovering slightly to end the day at $92,710. Currently, Bitcoin is up by 1.44%, as buyers aim to push it above $95,000 and regain lost positions.
Ethereum (ETH) Price Analysis
On Thursday, Ethereum (ETH) hit a low of $3,161 before bouncing back during the current session, aiming to regain the $3,300 mark. ETH exhibited bullish trends towards the end of last week when it gained 0.69% on Wednesday, reaching $3,356. The positive momentum continued on Thursday with a nearly 3% increase, closing at $3,452. The optimistic outlook grew significantly on Friday as ETH broke past $3,500 and both the 20-day and 50-day Simple Moving Averages to reach $3,607. Buyers held the upper hand on Saturday, pushing ETH up to $3,657, but it lost some steam on Sunday, dipping 0.61% and closing the weekend in the negative.
This week’s progress for ETH started with a 1.46% increase, reaching $3,687 on Monday. However, the market mood shifted negatively on Tuesday, causing ETH to drop approximately 8%, dipping below its 20 and 50-day moving averages and the $3,500 mark, ending at $3,381. The downward trend continued on Wednesday, with sellers pushing ETH to an intraday low of $3,217. Nevertheless, it managed to recover slightly and closed at $3,327. On Thursday, the bearish sentiment persisted, causing ETH to fall below $3,300 again, reaching $3,220, marking a decline of 3%. However, during the current session, ETH has risen by 1.49%, aiming to regain the $3,300 level.
Solana (SOL) Price Analysis
During the current trading period, Solana (SOL) has seen a nearly 3% increase as markets rebound following a challenging few days marked by significant price drops. Following a substantial surge last week that took SOL to approximately $220, its momentum slowed due to the 50-day Simple Moving Average serving as a dynamic resistance level. On Thursday, SOL surpassed the 20-day SMA and $200, climbing over 7% to reach $208. Buyers maintained control on Friday, causing SOL to rise almost 5% to $217. However, its upward trajectory stalled over the weekend, leading to a 0.56% decrease on Saturday and a 1.52% drop on Sunday, leaving it at $213.
As a researcher observing Solana’s (SOL) performance this week, I noted an initial surge of approximately 2.30%, pushing its price up to around $218 at the start of the current period. Yet, SOL failed to surpass its 20-day Simple Moving Average (SMA) on Tuesday, as market sentiment shifted negatively. Consequently, SOL plummeted by over 7% and dipped to $202. The bearish momentum continued on Wednesday, with SOL reaching an intraday low of $188, even dipping below the 20-day SMA before recovering slightly to close at $197, marking a drop of 2.30%. On Thursday, sellers succeeded in dragging SOL beneath the 20-day SMA again, causing it to fall by around 6% to $185. However, the current trading session shows Solana up nearly 3%, aiming to reclaim the $200 mark.
Ripple (XRP) Price Analysis
Ripple (XRP) experienced a significant price jump from November to mid-December, reaching a recent peak of $2.83. Many believe that XRP will carry on its upward trend due to legal victories and the increasing demand for blockchain technology. The anticipated resignation of Gary Gensler has further fueled optimism about the asset. Last week, XRP was quite positive but lost momentum this week after it failed to surpass crucial resistance points.
On Wednesday, the price surpassed its 20-day Simple Moving Average (SMA) and climbed nearly 12%, reaching $2.32. Buyers maintained control through Thursday and Friday, causing XRP to rise by 3.03% and 2.21% respectively, ending at $2.45. However, the upward trend slowed down during the weekend as XRP dropped 1.35% on Saturday and almost 1% on Sunday, finishing at $2.39. The new week started with a slight increase of 0.42% for XRP, reaching $2.42. But on Tuesday, as markets turned bearish, XRP fell by more than 6%, settling at $2.27.
On Wednesday, the price bounced back due to the 20-day Simple Moving Average serving as a flexible support point, climbing 4.48% to reach $2.37. But on Thursday, it dipped again by more than 4%, falling to $2.27. At present, XRP is nearly 2% higher in this session, with buyers aiming to challenge the resistance near $2.40 once more.
Tron (TRX) Price Analysis
In the last few trading sessions, Tron (TRX) has experienced a notable downturn, dipping below important support thresholds and moving averages. On Thursday, TRX managed to rise above its 20-day Simple Moving Average, increasing by approximately 4% and reaching $0.265. Buyers maintained control on Friday as TRX saw an almost 2% increase, settling at $0.269. However, with sellers actively present near the $0.270 mark, TRX only managed a minor gain on Saturday before plummeting 2.43% to $0.263 on Sunday.
On Monday, TRX’s price bounced back by more than 2%, ending the day at approximately $0.268. However, the positive trend was interrupted on Tuesday when TRX experienced a significant decline of nearly 6%. This dip caused it to fall beneath both the 20-day and 50-day moving averages, closing at around $0.253. After a small decrease on Wednesday, TRX dropped by 4.50% on Thursday, settling at $0.239. Presently, in the ongoing session, TRX is up nearly 2%, trading around $0.243.
Hedera (HBAR) Price Analysis
On Friday, Hedera (HBAR) experienced a significant jump of approximately 7%, reaching $0.314. Yet, it slowed down over the weekend, dipping nearly 3% on Saturday and an additional 1.18% on Sunday, ending at $0.301. Buyers re-emerged on Monday, causing HBAR to rise by close to 2%, finishing the day at $0.307. The price peaked at an intraday high of $0.330 on Tuesday as HBAR aimed for $0.35. However, the market shifted bearish, and HBAR plummeted over 6% to close at $0.288.
On Wednesday, HBAR continued its downward trend, dipping beneath the 20-day Simple Moving Average (SMA) and hitting a low of $0.266 before closing at $0.285. Thursday saw sellers maintain control, causing HBAR to decrease by 5.59% to $0.269, slightly above the 50-day SMA. As of now, HBAR is showing a 4.50% increase in the current session, aiming to regain momentum and surpass the 20-day SMA.
Ethena (ENA) Price Analysis
This week, Ethena (ENA) has significantly dropped from its peak of $1.31. On Friday, it experienced a notable rise exceeding 17%, surpassing the 20-day Simple Moving Average and closing at $1.21. The altcoin saw considerable volatility over the weekend with both buyers and sellers vying for control. However, ultimately, buyers managed to take charge, causing ENA to increase by 1.74% to $1.23 on Sunday. ENA continued its upward trend on Sunday, rising approximately 2% to reach $1.26, ending the weekend with a positive note.
On Monday, ENA experienced a significant decline, dropping approximately 7% to reach $1.17. This downward trend continued on Tuesday when selling pressure escalated, causing ENA to plummet nearly 12%, falling below the 20-day Simple Moving Average (SMA) and ending at $1.03. The price dropped even further on Wednesday, dipping below $1 to reach an intraday low of $0.90 before recovering slightly to close at $0.976. ENA continued its descent on Thursday, slipping beneath the 50-day SMA after a near 8% drop and settling at $0.901. However, in the current trading session, ENA has risen over 4% as it attempts to surpass the 50-day SMA and reclaim the $1 mark.
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2025-01-10 16:06