The cryptocurrency market is showing signs of stability, with Bitcoin rebounding to $102,000 and positive signals from Nasdaq futures. XRP is leading the recovery among major cryptocurrencies, up 11%, followed by SOL with a 7% increase. AI coins, which took a hit on Monday, are now posting gains of up to 4%.
One factor supporting risk sentiment is skepticism surrounding the claims of Chinese tech startup DeepSeek, which says it spent only $6 million to develop a competitor to ChatGPT. Critics suggest this figure may not account for all costs related to research and experimentation. Additionally, the Jevons Paradox concept implies that efficiency advancements can lead to increased usage rather than reduced consumption, ultimately driving growth in the industry.
This positive news aligns with the narrative of U.S. exceptionalism in the crypto industry, especially with President Trump’s favorable stance on crypto and plans to establish a strategic digital asset reserve. Arizona lawmakers have even advanced a bill allowing government entities to invest up to 10% of their capital in Bitcoin and other digital assets.
Looking ahead, the outlook remains bullish, with on-chain data indicating the capitulation of weak hands and continued accumulation by large investors. Alex Kuptsikevich, chief market analyst at FxPro, notes that the share of investors holding at least 1,000 BTC who purchased coins in the last 155 days has increased from 43% to 60%, reflecting the entry of large players amid positive sentiment.
QCP Capital expects this week to test Bitcoin’s correlation with equities, especially given the favorable regulatory environment. It’s essential to stay alert for potential developments.
In terms of upcoming events in the crypto space, there are several network upgrades and token events to watch out for. These include upgrades for Hedera, Cardano, Ice Open Network, Boba Network, Shentu Chain, and Qtum, as well as earnings reports from companies like MicroStrategy, Hut 8 Corp, Semler Scientific, and Coinbase Global.
In the governance and token space, there are votes and calls happening in Morpho DAO, Sky DAO, and Yearn DAO, as well as token unlocks for Tribal Token, Optimism, Jupiter, and Sui. Additionally, new token listings are scheduled on Kraken for Pudgy Penguins, Magic Eden, Cronos, Movement, and Usual.
In the market movements, Bitcoin is up 1.32% to $98,784.45, Ethereum is up 1.62% to $3,050.20, and the CoinDesk 20 is up 3.2% to 3,536.28. The CESR Composite Staking Rate has increased to 3.19%, while the BTC funding rate stands at 0.0084% on Binance.
Overall, the crypto market is showing signs of resilience and positive momentum, with various factors contributing to its stability and growth potential. Investors and traders should stay informed about upcoming events and market movements to make informed decisions in this dynamic environment. The prices of cryptocurrencies have been fluctuating within a descending channel, indicating a bearish trend in the market. Despite this, the crypto equities market has seen some movement in various assets. Here are the latest updates:
Crypto Equities:
- MicroStrategy (MSTR): Closed at $347.92 (-1.63%), with a pre-market value of $346.66 (-0.36%).
- Coinbase Global (COIN): Closed at $277.99 (-6.71%), with a pre-market value of $280.11 (+0.76%).
- Galaxy Digital Holdings (GLXY): Closed at C$27.36 (-15.87%).
- MARA Holdings (MARA): Closed at $18.28 (-8.53%), with a pre-market value of $18.40 (+0.63%).
- Riot Platforms (RIOT): Closed at $11.45 (-15.44%), with a pre-market value of $12.61 (-6.87%).
- Core Scientific (CORZ): Closed at $11.28 (-29.41%), with a pre-market value of $11.53 (+2.22%).
- CleanSpark (CLSK): Closed at $10.31 (-10.62%), with a pre-market value of $10.43 (+1.21%).
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): Closed at $20.78 (-20.75%), with a pre-market value of $21.61 (-3.99%).
- Semler Scientific (SMLR): Closed at $50.43 (-9.07%).
- Exodus Movement (EXOD): Closed at $74 (+20.82%), unchanged in pre-market.
ETF Flows:
- Spot BTC ETFs:
- Daily net flow: -$457.6 million
- Cumulative net flows: $39.49 billion
- Total BTC holdings: ~1.157 million
- Spot ETH ETFs:
- Daily net flow: -$136.2 million
- Cumulative net flows: $2.67 billion
- Total ETH holdings: ~3.59 million
(Source: Farside Investors)
Overnight Flows:
The daily trading volume on Solana-based decentralized exchanges has decreased to less than $10 billion from the peak of $35 billion seen on Jan. 18, mainly due to the TRUMP token launch. However, volumes are still higher than the average levels seen in November and December.
While You Were Sleeping:
- KuCoin has agreed to pay a fine of nearly $300 million after pleading guilty to operating an unlicensed money-transmitting business.
- Tuttle Capital Management has proposed the first-ever leveraged ETFs for TRUMP, MELANIA, Cardano, and other assets.
- Jim Cramer recommends owning bitcoin over MicroStrategy, citing caution towards the latter as the largest corporate bitcoin holder.
- Ripple’s CEO advocates for a diversified U.S. crypto reserve to include multiple tokens, not just bitcoin.
- Former Bank of Japan board member predicts a rate hike by July and aims for a 1.5% target within two years.
In the Ether:
Various images related to the crypto industry, including Solana DEX volume trends, have been shared by industry experts on social media platforms. These images provide insights into the current state of the market.
The information provided above encapsulates the latest developments in the crypto equities market, ETF flows, and key news while you were sleeping. The data is sourced from reputable sources and should be considered as valuable insights for investors and enthusiasts in the crypto space. The COVID-19 pandemic has brought about unprecedented changes to our daily lives, with social distancing measures and lockdowns becoming the new norm. As a result, many businesses have had to adapt quickly to survive in this new environment. One industry that has been particularly hard-hit by the pandemic is the hospitality industry.
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