USDC Market Cap Grows 21% in January Amid Bitcoin Price Stability
The current state of the crypto market shows Bitcoin's upward momentum is hindered by President Trump's tariff threats, impacting its price and boosting gold and the U.S. dollar.
Key market movements include:
- VIRTUAL token surged after its Upbit listing.
- Hyperliquid's HYPE token gained 3%.
- Litecoin's perpetual futures open interest reached 5.19 million LTC, the highest since December.
- USDC outperformed with a 21% market cap increase to $53.12 billion this month, while USDT saw only a 1% increase.
- Expectations for U.S. core PCE data could influence Bitcoin's price movement near $104,000.
Upcoming events to watch:
- Jan. 31: Crypto.com halts crypto purchases in the EU due to MiCA regulations.
- Feb. 2: Core blockchain Athena hard fork upgrade.
- Feb. 4: Pepecoin halving event.
- Feb. 5: Boba Network’s Holocene hard fork upgrade.
- Feb. 6: Shentu Chain network upgrade.
Market statistics show:
- Bitcoin (BTC) price at $104,810.50, down 0.29% over 24 hours.
- Ethereum (ETH) price at $3,324, up 2.39% over 24 hours.
- Gold stable at $2,794.77 per ounce.
- U.S. 10-year Treasury yield at 4.536%.
In derivatives, TRX, TRUMP, and OM had significant increases in perpetual futures open interest, while BTC and ETH remained relatively unchanged.
The MOVE index indicates lower expected volatility in the U.S. Treasury market, which may be favorable for risk assets.
Overall, while Bitcoin faces short-term pressure, certain tokens are performing well, and macroeconomic factors are set to influence future movements.