Market Wrap: Bitcoin Reverses Wednesday’s Losses, Ether Climbs

Bitcoin’s price reversed Wednesday’s losses on Thursday. Traders and analysts, però, have largely kept a short-term bearish view because some are attributing gains in bitcoin and other cryptocurrencies to GameStop’s stock drama.

  • Bitcoin (BTC) commercio in giro $32,607.78 come di 21:00 UTC (4 p.m. E). Guadagnando 3.17% rispetto al precedente 24 ore.
  • Gamma di 24 ore di Bitcoin: $29,921.96-$32,934.56 (CoinDesk 20).
  • BTC al di sopra delle sue medie di 10 e 50 ore sul grafico orario, un segnale rialzista per i tecnici di mercato.

Trading di bitcoin su Bitstamp da gennaio. 26.
fonte: TradingView

GameStop’s stock drama seems to be galvanizing not just stock markets but bitcoin and other cryptocurrencies, many of which reversed their losses of just a day ago, similar to what happened in the U.S. equities market. The most notable winner was dogecoin (DOGE), which hit a new all-time high earlier Thursday.

Bitcoin volumes on major crypto exchanges in January.
fonte: CoinDesk Research, CryptoCompare

Few attribute bitcoin’s price gains Thursday to market fundamentals. That’s because the crypto community still looks to be distracted by the GameStop (NYSE: GME) situation. A group of Redditors on a board called WallStreetBets (WSB) sent the video game retailer’s shares skyrocketing in order to squeeze hedge funds that were betting the stock’s price would go down.

Leggi di più: Bitcoin rimbalza dalle prime perdite, I mercati sono ancora distratti da GameStop

“We are still on a downward chart from the $40,000 alti,” John Willock, chief executive at digital asset exchange Blocktane, ha detto a CoinDesk. “So the short-term volatility of up to 10% can be attributed to the market still finding its footing and consolidating to a more firm, sustained price level for the near future.”

Sul lato tecnico, bitcoin is near short-term oversold levels, yet momentum is still on the downside, secondo Katie Stockton, managing partner at Fairlead Strategies.

“After a period of stabilization, the 50-day moving average (MA) looks in store for a test, and currently resides near $26,460,” said Stockton. “Bitcoin has characteristics of a risk asset, and therein could remain under pressure until the equity market works off its own excesses.”

Retailer traders’ fear of missing out (FOMO) may be the big driver of both equity and crypto markets at the moment, but it isn’t clear if new institutional investors are buying more bitcoin, which could affect its price.

As CoinDesk reported previously, many institutions may be pausing bitcoin purchases until they have further clarification on how the new Biden Administration views bitcoin and other cryptocurrencies.

Leggi di più: Bitcoin cade mentre i minatori vendono, Istituzioni Guarda Yellen

While some negative comments were made by Treasury Secretary Janet Yellen last week, there hasn’t been any big statement from anyone else in the administration regarding bitcoin. To some, that is a positive sign.

“The Biden administration has paused processing the much-discussed and disliked proposed rule for U.S.-based crypto service providers that would stifle trading and asset transfers, which is improving sentiment and prospects for a market lift,” Blocktane’s Willock said.

Willock also noted on Friday the CME’s January bitcoin futures contracts expire. That exchange caters primarily to institutional investors, so many of its clients will likely be adjusting their positions after a “very volatile” first month of 2021 and will decide whether they need to take profits or reduce exposure.

Ether follows positive trends from bitcoin, DeFi

La seconda più grande criptovaluta per capitalizzazione di mercato, etere (ETH), giovedì, commercio in giro $1,332.19 e arrampicata 3.37% in 24 ore a partire da 21:00 UTC (4:00 p.m. E).

Like most of the other cryptocurrencies, ether’s price has followed bitcoin’s recovery, secondo Vishal Shah, an option trader and founder of derivatives exchange Alpha5. Another main driver is the growth of decentralized finance (DeFi).

“Blue-chip DeFi names have been performing quite well,” Shah said. “Ether still remains a proxy for that world.”

Al momento della stampa, most DeFi tokens on Messari’s DeFi Asset tracker are higher. Allo stesso tempo, the total value locked (TVL), as provided by analytics website DeFi Pulse, era al $26.4 billion for the past 90 giorni. On Wednesday TVL was at a high of $29 billion for the past 12 mesi, again according to DeFi Pulse data.

fonte: DeFi Pulse

Altri mercati

Risorse digitali su CoinDesk 20 are mostly higher Thursday. Vincitori notevoli a partire da 21:00 UTC (4:00 p.m. E):

  • 0X (ZRX) + 17.49%
  • Cosmo (ATOMO) + 14.38%
  • Stellare (XLM) + 13.15%

Notevoli perdenti:

  • Legare (USDT) – 0.09%
  • USD coin (USDC) – 0.08%

Materie prime:

  • Il petrolio era in calo 1.1%. Prezzo al barile di greggio West Texas Intermediate: $52.27.
  • L'oro era nel verde 0.03% e a $1842.15 al momento della stampa.

Treasurys:

  • I 10 anni degli Stati Uniti. Treasury bond yield climbed Thursday to 1.053.

Il CoinDesk 20: Le risorse che contano di più per il mercato

Divulgazione

Blocciamo gli annunci! (Perché?)

fonte: Coindesk

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