Marché Wrap: Bitcoin Bumps to $38.6K While DeFi Exchanges Hit $50B

Analysts believe Elon Musk’s shout-out to crypto pushed bitcoin’s price upwards at a time when decentralized exchanges are experiencing record amounts of trading volume on the Ethereum network. Excessive fees could damp that, toutefois.

  • Bitcoin (BTC) négocier $34,616 à partir de 21:00 UTC (4 pm. ET). Climbing 5.9% sur le précédent 24 heures.
  • Autonomie de 24 heures de Bitcoin: $31,984-$38,566 (CoinDesk 20)
  • BTC well above the 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians.

Trading de Bitcoin sur Bitstamp depuis janvier. 26.
La source: TradingView

Bitcoin’s price jumped massively Friday. In the span of an hour, starting at 9:00 UTC (4 un m. ET), the world’s oldest cryptocurrency gained 11%, going from $33,377 à $37,113 selon CoinDesk 20 Les données. Over the next five hours, bitcoin hit a 24-hour high of $38,566 before increased sell orders started to take over the market, with the price per 1 BTC at $34,616 au moment de la publication.

Lire la suite: Kraken, Coinbase subit des pannes dans un contexte de volatilité du marché

Analysts point to the legendary social media habits of serial entrepreneur Elon Musk as a catalyst for bitcoin’s Friday price pop. “Elon’s ‘bitcoin’ logo added to his Twitter feed kicked us off on the aggressive move higher,” said Chris Thomas, head of digital assets for Swissquote Bank. “His comments triggered huge buy stop losses on Binance and likely the other Asian exchanges as leveraged traders had to close their short positions.”

Lire la suite: Musk-Prompted Bitcoin Price Surge Causes Liquidation of $387M in Shorts

En effet, total liquidations across the entire crypto market over the past 24 hours was the highest in three months, À plus $850 million on the short side, according to aggregator Bybt. Liquidations are the crypto equivalent of a margin call: When a leverage trader’s position moves against price, it is bought or sold automatically to begin to wipe out any potential liability.

Liquidations long (vert) and short (rouge) with BTC price (orange).
La source: Bybt

“The red pullback is absolutely natural given how much we have moved,” Swissquote’s Thomas added. “We’ll likely find a new base – perhaps with $35,000 support – and trade sideways to slightly higher, assuming no more news.”

Historical bitcoin price the past week.
La source: CoinDesk 20

Some good news for brokerages: Crypto spot volumes perked up Friday, à $8.7 billion as of press time, the second-highest level over the past month, according to the eight USD/BTC exchanges the CoinDesk 20 tracks.

Spot volumes on major CoinDesk 20 Échanges.
(Shuai Hao/CoinDesk)
La source: CryptoCompare

Prior to the Musk motions, the crypto market had been in the doldrums. “Investors were focused on other big events like earnings and the [Federal Reserve],” noted David Russell, vice president of market intelligence for trading platform TradeStation. “They would have come back to crypto regardless because of the institutional adoption trend, but Musk lit a fire under their feet.”

Funding rates for long leverage are jumping to a level not seen since bitcoin’s record high Jan. 8, when the price hit $41,962, selon CoinDesk 20 Les données. It’s a sign traders are emboldened by the short liquidations to fuel up some long trades right now.

Bitcoin swaps funding on major venues the past month.
La source: Fausser

It will be interesting to see how bitcoin performs over the weekend because crypto never sleeps. Major equities indexes on Friday are awash in red. Could traders jump on cryptocurrency markets to find weekend opportunities?

“This has been a tremendous week for retail trading across multiple asset classes,” noted James Putra, head of product strategy at Tradestation. “Since most other asset classes are closed later today, we are excited to see if the 24/7 crypto markets benefit from the retail trading enthusiasm.”

DEX volumes hit $50 billion in January monthly volume

Éther (ETH), the second-largest cryptocurrency by market capitalization, was up Friday trading around $1,348 and climbing 0.81% dans 24 heures à compter de 21:00 UTC (4:00 pm. ET).

Monthly decentralized exchange, or DEX, volumes for major projects in the Ethereum ecosystem have eclipsed $50 milliard, according to data aggregator Dune Analytics.

In first place is long-standing bellwether Uniswap, avec $23.3 billion for January so far, almost half of the total volume. Uniswap is followed by $10 billion by its smart contract fork rival SushipSwap and then $5.8 billion for stablecoin-focused exchange Curve. "I trade a lot on DEXs. They have deeper liquidity and less slippage than traditional exchanges,” noted Michael Gord, chief executive of trading firm Global Digital Assets.

Decentralized exchange volumes the past two years.
La source: Analyse des dunes

toutefois, Peter Chan, head trader at quantitative firm OneBit Quant, cautioned that centralized exchanges (CEX) still rule despite the record volumes on DEXs. “This is remarkable and I am happy for the development of DeFi,” Chan told CoinDesk, referring to decentralized finance. “But it’s still a long way to go compared to volumes on a CEX.”

According to CoinGecko, volume the past 24 hours on centralized exchange Binance was $34 billion as of press time.

Chan noted that DEX fees can also be staggering. “Gas price is still going to be a major problem for DEXs. Especially for small trades, gas fees could take up to 20%-30% of the trade.”

Autres marchés

Ressources numériques sur CoinDesk 20 are mixed Friday, mostly higher. Gagnants notables à partir de 21:00 UTC (4:00 pm. ET):

en plus, meme-focused cryptocurrency dogecoin (DOGE), which is not currently part of the CoinDesk 20, has seen a price appreciation of over 120% dans le passé 24 heures, mostly because of high activity on social media.

Lire la suite: Dogecoin devient la crypto la plus mentionnée sur Twitter à mesure que le prix monte en flèche

Perdants notables:

Produits de base:

  • Oil was up 0.20%. Prix ​​du baril de brut West Texas Intermediate: $52.18.
  • Gold was flat, in the green 0.09% et à $1,843 au moment de la publication.

Trésors:

  • Les 10 ans aux États-Unis. Treasury bond yield climbed Friday to 1.077 and in the green 2.8%.

Le CoinDesk 20: Les actifs qui comptent le plus pour le marché

Divulgation

Bloquons les annonces! (Pourquoi?)

La source: Coindesk

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