Major cryptocurrencies remained depressed Thursday evening as the global cryptocurrency market cap fell 0.2% to $1.75 trillion.
What Happened: The apex coin Bitcoin (CRYPTO: BTC) traded 0.5% higher over 24 hours at $37,196.36. It has declined 8.9% for the week.
Ethereum (CRYPTO: ETH) was down 2.3% over 24 hours at $2,417.72 over 24 hours. Over a seven-day trailing period, it has fallen 19.9%.
Dogecoin (CRYPTO: DOGE) dropped 1.9% to $0.14 over 24 hours. For the week, it has shed 9.2% of its value.
Shiba Inu (SHIB) inched up 0.1% to $0.00002 over 24 hours. Over a seven-day time frame, it has fallen 20.2%.
The three top gainers over 24 hours were The Sandbox (SAND), FTX Token (FTT), and BNB (BNB), according to CoinGecko data.
SAND rose 9.2% to $3.46, FTX was up 4.9% at $38.41, while BNB gained 4.2% to $391.61 in the period.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Journalist Colin Wu tweeted, citing Deribit data, that 55,292.3 BTC options will expire Friday with a notional value of over $2 billion, of which 36,677.6 are call options. The max pain is $42,000.
According to Deribit, 55,292.3 Bitcoin options will expire on January 28, with a notional value of over $2 billion, of which 36,677.6 are call options and maxpain is $42,000. pic.twitter.com/5WgjRwoeOt
— Wu Blockchain (@WuBlockchain) January 26, 2022
The max pain is a strike price with the most open options contracts and is the point at which the underlying asset would cause most financial losses for the most amount of options holders at expiry.
BTC funding has turned negative after the Federal Open Market Committee meeting concluded on Wednesday, noted Delphi Digital.
BTC Perpetual Swaps Hourly Funding — Courtesy Delphi Digital
“All in all, it seems like the market is expecting Bitcoin to make a lower low after recently testing the $34k level,” said the independent research firm, in a note.
“The Fed got inflation wrong and the scramble to deliver interest rate hikes this year is sending the best performing assets during the pandemic tumbling,” said OANDA Senior Market Analyst Edward Moya, in an emailed note.
“The Fed’s aggressive fight against inflation will ease once financial conditions are threatened and that is far away. The next couple of months will remain very choppy for crypto markets but the fundamentals still support a broadening formation for the top performing cryptos.”
Russia President Vladimir Putin said Thursday that the country had competitive advantages in Bitcoin mining.
The increased buzz around nation-states embracing Bitcoin is fueling optimism among some. Zhu Su, co-founder of Singapore-based Three Arrows Capital hedge fund, made a prediction on Twitter.
I'm only going to make one prediction for 2022 and it's that at least 10 nation-states will make $BTC legal tender
— Zhu Su (@zhusu) January 27, 2022
On Wednesday, it was reported that Cathie Wood-led Ark Invest analyst Yassine Elmandjra said that the price of each BTC could rise above $1 million by 2030. By that year, Elmandjra expects BTC to account for 1% of total reserves of nation-state treasuries.
This hoarding by states would account for $3.8 trillion of $28.5 trillion BTC market cap in 2030. Similarly, in terms of value per BTC, it would account for $181,000 per BTC of the Ark projected $1.36 million per BTC price.
Read Next: Ethereum Burning Intensified In January — Is The No. 2 Crypto About To Chart A Course To Recovery?
Download the mobile app now, available on iOS and Android.
Click here, or sign up for our newsletter to explore more of Benzinga’s Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.
For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In:
$10 of crypto when you trade $100
*U.S. residents only*
eToro USA LLC; Investments are subject to market risk,
including the possible loss of principal.
$27 of crypto when you complete education
$25 in BTC when you deposit $100
2 free stocks when you make ANY deposit
© 2022 Benzinga | All Rights Reserved
Advertiser Disclosure: TD Ameritrade, Inc. and Accretive Capital LLC are separate, unaffiliated companies and are not responsible for each other’s services and products.
Editorial Disclosure: Reviews are as determined by Benzinga Money. Opinions expressed here are solely the author’s and have not been reviewed, approved or otherwise endorsed by reviewers.
________________________________
COPYRIGHT NOTICE. This article has been retrieved from a a public RSS feed made possible by the publisher following common practices and in compliance with applicable laws or has been published by a third party. All efforts have been made to properly cite the resource and provide links directly to the article or source. All images displayed are via deep linking only. If you have a concern with any content provided herein, or wish to contact us about any copyright issues or to make a DMCA claim, please use our contact form to get in touch.
________________________________
If you’re interested in learning more about how to safely invest in crypto, why not sign up for the course?
0 comments