![]() ![]() The group has initiated over 300,000 members during its span, creating a close-knit Afrocentric community that proudly embraces each member's unique qualities. The overall cryptocurrency market cap now stands at $1.014 trillion, and Bitcoin’s dominance rate is 41.1%.Iota Phi Theta is a historically African American fraternity that was founded don Septemat Morgan State University in Baltimore, Maryland. Source: Coin360Īs usual, several tokens managed to buck the downtrend to post double-digit gains, including a 55.6% increase for SKALE (SKL), a 20.75% gain for MobileCoin (MOB), and a 12.62% increase for Syscoin (SYS). The altcoin market was hit hard by the SEC-inspired downturn as traders who jumped into the market during the recent run-up in prices exited stage left over the past 24 hours to wait for calmer market conditions.ĭaily cryptocurrency market performance. Based on the “January effect” Bitcoin might reach $45,000 by the end of the year,” Thielen concluded. “When we map out all the central bank events (meetings and minutes) and also CPI data release dates, we see that there will be plenty of catalysts for the Bitcoin rally to continue in the first half of 2023. inflation came in lower than expected, the newsletter highlighted. Shortly after the FOMC meeting minutes from mid-December were published on Jan. “That’s why most have missed this strong rally this year.” In 2022 rising inflation and decisions by central bankers had a negative impact on the crypto market, but so far in 2023, “the opposite is occurring,” the researcher said. “The last time Bitcoin broke $20,000 materially was during the FTX implosion, and it would potentially take a similar risk off event for the downside to be broken, hence $19,000 appears relatively unlikely to be broken,” Thielen wrote.Īs for the sideways price action seen in Bitcoin over the past couple of weeks, Thielen noted that “Bitcoin tends to move very quickly in 4,000 point increments,” and suggested that “Once Bitcoin re-tests the resistance at $24,000 and successfully passes it, the price could potentially accelerate to $28,000.” Insight into how to play the SEC-inspired dip was offered by Markus Thielen, head of research at Matrixport, who said in the latest issue of the Matrix on Target newsletter that “at this point, we would suggest selling $19,000 Bitcoin strike puts, end of March Expiry.” Source: TradingViewĪs a result of the move by the SEC and the subsequent fallout witnessed across the market, “The price uptrend on the daily bar chart has been negated and the bulls have lost their near-term technical advantage,” according to Kitco senior technical analyst Jim Wyckoff, who said that “Bears now have momentum on their side.” regulators.ĭata provided by TradingView shows that Bitcoin (BTC) bulls were able to fend off an attack by bears that sought to force another leg down in the top crypto, halting the smackdown at $21,530 and bidding BTC back above support at $21,600 on Friday afternoon.īTC/USD 4-hour chart. have with centralized platforms, hindering the ecosystem’s growth, but that could be a good thing for decentralized finance (DeFi) as hodlers are now more likely to utilize options available in DeFi that are out of the reach of U.S. ![]() The decision will limit the amount of engagement that crypto holders in the U.S. Securities and Exchange Commission (SEC) against Kraken, and its staking program began to settle while crypto advocates debated whether the development was positive or negative for the ecosystem at large. (Kitco News) - It was a day of stabilization across the cryptocurrency market as the fallout from yesterday’s enforcement action by the U.S. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. ![]()
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