Crypto Prices Rise Amid SEC Unit Transition and Fed Comments
Cryptocurrency prices have increased following the U.S. SEC's transition of its crypto enforcement unit to the Cyber and Emerging Technologies Unit, signaling a shift from aggressive regulatory actions. Key highlights include:
- Bitcoin is trading above $98,000, up 1.2% in 24 hours.
- The CoinDesk 20 Index rose by 1.35%.
- Low volatility persists, with expectations of a market rebound.
- Germany's upcoming election could influence investor sentiment and economic reforms.
- The market shows signs of backwardation, indicating weak demand from institutional investors.
Upcoming Events
Crypto-related events to watch:
- Feb. 21: TON becomes the blockchain for Telegram’s Mini App ecosystem.
- Feb. 24: Testing of Ethereum’s Pecta upgrade on Holesky testnet begins.
- Feb. 25: Ethereum Foundation AMA on Reddit.
- Feb. 27: Launch of Solana-based L2 Sonic SVM mainnet.
Market Movements
- BTC is currently at $98,632.42 (+1.35%).
- ETH has risen to $2,800.02 (+2.15%).
- CoinDesk 20 index is up by 1.49%.
Derivatives Positioning
BTC open interest on centralized exchanges rose by nearly 5%, suggesting a potential short squeeze scenario with significant short liquidations observed.
Token Updates
Governance discussions are taking place across various DAOs, including Sky DAO and DYdX DAO, focusing on liquidity and liquidation strategies.
Macro Indicators
Important macroeconomic releases include:
- Feb. 21: U.S. PMI reports.
- Feb. 24: Eurozone consumer inflation data.
Crypto Equities Performance
- MicroStrategy (MSTR): Closed at $323.92.
- Coinbase Global (COIN): Closed at $256.59.
- MARA Holdings (MARA): Closed at $15.95.
ETF Flows
Recent ETF flows indicate negative daily net flows for both BTC and ETH ETFs, highlighting ongoing market challenges.
Key resistance levels for Bitcoin are identified around $99,185 and $99,332, while support levels are at $97,415 and $97,194.