According to data, $34,000 was the bottom, and BTC’s recent performance could indicate that traders are starting to open new long positions. Cryptocurrencies had a volatile week following Bitcoin’s (BTC) unexpected drop to $33,000 on January 24. On January 26, Bitcoin rallied to $38,960. Bitcoin has gained only 1.6 percent in the last seven days.
Despite the big price swings, the total number of futures contracts liquidated was relatively low. Longs (buyers) lost $570 million in futures, while shorts (sellers) lost $690 million.
Take note of how the price on January 24 is forming higher lows and is currently showing support at $1.75 trillion. Despite a 22% drop in price in 2022, the total crypto market capitalization has increased by 12.5 percent since the January 24 low.
Investors appear to be digesting this week’s regulatory news. United States Congressman Ted Budd proposed removing a bill provision allowing the US Treasury to prohibit certain financial transactions without public input unilaterally.
Tim Cook, CEO of Apple (AAPL), stated on a January 27 investor call that metaverse applications have a lot of potentials and that his company is investing in augmented reality developments on its devices.
The news boosted the value of metaverse-related tokens such as Flow, The Sandbox (SAND), Decentraland (MANA), Enjin Coin (ENJ), and Arweare by up to 36%. (AR).
Terra (LUNA) was impacted, on the other hand, after the Avalanche-based reserve currency Wonderland Money (TIME) announced that a pending proposal would determine whether the project closed down or not. As a result, the MIM stablecoin fell below $1.00, and some speculate that this impacted Terra’s LUNA and UST tokens.
The OKEx Tether (USDT) premium measures the difference between peer-to-peer (P2P) trades in China and the official US dollar. A 5% discount, on the other hand, usually means that there is a lot of selling going on.
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