Bitcoin Rebounds to $102,000 Amid Stabilizing Crypto Market
The crypto market is stabilizing, with bitcoin recovering to $102,000. Key movements include:
- XRP increased by 11%
- SOL rose by 7%
- AI coins gained up to 4%
Risk sentiment is buoyed by skepticism around Chinese startup DeepSeek's claims on development costs for AI technology, and the narrative of U.S. exceptionalism supports the crypto industry.
Arizona lawmakers advanced a bill allowing public funds to invest up to 10% in bitcoin and other digital assets. On-chain data shows strong accumulation by large investors, with 60% of holders with over 1,000 BTC purchasing in recent months.
Upcoming events include:
- Jan. 28: Hedera (HBAR) network upgrade
- Jan. 29: Cardano’s Plomin hard fork
- Feb. 2: Core blockchain Athena upgrade
- Feb. 4: MicroStrategy Q4 earnings
Market updates show:
- BTC up 1.32% at $98,784.45
- ETH up 1.62% at $3,050.20
- CoinDesk 20 index up 3.2% to 3,536.28
Derivatives positioning indicates a drop in open interest for CME's bitcoin and ether futures amid volatility in traditional markets. BTC calls are more expensive than puts, while ETH shows concerns for potential declines.
Recent notable incidents include:
- KuCoin fined $297 million for operating an unlicensed business
- Tuttle Capital proposing leveraged ETFs tracking TRUMP and MELANIA
- Jim Cramer advising to own bitcoin over MicroStrategy