Bitcoin and Gold Prices Rise Amid Positive Regulatory Developments
Bitcoin is currently supported above $100,000, aiming for record highs, boosted by the SEC's new task force focused on crypto regulations. This regulatory clarity could enhance price stability.
Key points:
- Gold rebounds, nearing $2,790 per ounce, which is unusual as Bitcoin typically rises when gold stagnates.
- 80% of LINK addresses are profitable at $25.70, with resistance levels identified at $27 and $29.
- XRP’s whale activity has slowed, indicating reduced profit-taking from large holders.
- ETF applications for various cryptocurrencies have generated positive sentiment among traders.
Upcoming Events
- Jan. 22: Jupiter's JUP airdrop goes live.
- Jan. 22: dYdX Chain upgrade to v8.0.
- Jan. 23: SEC decision deadline on Grayscale Solana Trust ETF proposal.
- Jan. 25: SEC decisions on four spot Solana ETFs.
- Jan. 29: Ice Open Network mainnet launch.
- Feb. 4: MicroStrategy Q4 2024 earnings announcement.
Market Movements
BTC is down 0.9% at $105,161.32; ETH remains unchanged at $3,312.58. The CoinDesk 20 index is up 0.6% at 4,000.99.
Technical Analysis
The dollar index (DXY) shows a downward trend, potentially boosting risky asset momentum.
Crypto Equities
- MicroStrategy closed at $389.10 (-1.87%).
- Coinbase Global closed at $294.19 (-0.44%).
- Riot Platforms closed at $12.74 (-4.85%).
ETF Flows
Spot BTC ETFs reported a daily net flow of $802.6 million, totaling cumulative net flows of $39.98 billion.
Chart of the Day
The chart indicates XRP's exchange reserves have dropped sharply since Jan. 16, suggesting increased coin holding by investors.