Markets see red
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 22nd January 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
What’s up
DOGE, On X Use Case Hopes, Runs Off, Retraces
Dogecoin last night hounded nine cents, that is, until crypto headwinds started howling.
Nevertheless, the momentary mini-pump occurred amidst fresh speculation about a payment role for DOGE on X.
The grandfather of all memecoins shot up roughly 13% to $0.08978, a seven-day high reached in the wee hours of this morning.
While the curious surfacing of an official @Xpayments account has the crypto realm standing at attention (DOGE volume spiked yesterday), there's scant information about what payment functions the X platform plans to offer, nor whether they include DOGE.
"Traders seemingly speculated that DOGE could make part of the offering due to its occasional mention by the site’s owner, Elon Musk," Cointelegraph said in summation of Sunday's nine-hour romp.
On a blood-red morning for coin charts in general, DOGE shed 3.4% to $0.837. That retracement was over 24 hours as of 7:49 a.m. (EST). Still, the tenth-largest digital asset had gained 2.7% in the past week. No other Big Ten asset is in the green over that same period.
What's down
Monday Bloody Monday
Total crypto market capitalization fell 2.8% in 24 hours to reach $1.68 trillion.
Bitcoin, shivering before the dawn, looked haggard and at risk of surrendering its $40K handle. Among Big Ten coins, Solana suffered the steepest loss (-5.7%) in the past day.
Fear about large-scale BTC dumping has the marketplace on a knife’s edge.
What's next
In Fearful Market, Any Evidence Of Buyers?
We kept a tense vigil on the first and largest of all cryptocurrencies as a frigid but sunny Monday took shape.
At 8 a.m. (EST), BTC was $40,821, per CoinGecko. A brisk morning jog back above $41K suddenly beckoned and would conceivably signal that some buyers are wading once more into the fray.
CoinDesk said traders expect prices to fall as low as $38,000 in the coming weeks. You can blame some of the downward pressure on the recent approval of new spot BTC ETFs and all of the short-term disruptions that came with it. At least $2.2 billion has exited Grayscale's GBTC fund in the past week, according to Decrypt.
The outflows have contributed to sell pressure. Profit-taking contributed to outflows. Analysts always said the ETF approvals were baked into the cake.
On Jan. 10, the SEC approved 11 spot BTC ETFs. These products saw a cumulative trading volume of $14 billion in the first week, according to CoinDesk. That's more recorded volume than was experienced by all of the new ETFs that were launched last year, combined, Coinbase said.
Since Jan. 11, two new spot BTC ETFs, BlackRock's IBIT and Fidelity's FBTC, have each crossed the $1B threshold, underscoring the existence of at least some buying pressure at work.
