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News recap: crypto gains ground in Hong Kong with bitcoin ETF
The crypto market is gradually cooling off following a rapid surge, but gearing up for a fresh momentum, while Hong Kong is preparing to launch a bitcoin ETF. Read the News recap to learn about the most important events in the crypto world between 11th – 25th January.
Crypto market in numbers
As expected, the cryptocurrency market capitalisation has undergone a correction, dipping by 11.3% to $1.56 trillion. This scenario aligns perfectly with the old trader saying: “buy the rumour, sell the news”. Capitalisation has returned to April 2023 levels.
Trading activity has seen a notable decline. Between 11th – 22nd January, average daily volumes tumbled by 78%, from a peak of $137.7 billion to $30.29 billion. However, in subsequent days, the indicator managed a modest rebound, settling within the $50 – $79 billion range.
The cryptocurrency fear and greed index has shifted to “Neutral”, plummeting sharply by 31.5% to 52 points. The cryptocurrency market is gradually cooling off after the bitcoin ETF hype.
Cryptocurrency volatility has witnessed a significant uptick. Since 11th January, the 30-day BTC volatility index has risen by 20.1%, moving from 1.79% to 2.15%. A similar metric for ETH has surged by 28.8%, from 2.08% to 2.68%.
Digital assets have predictably started to decline – there are no relentless trends. The substantial growth that kicked off in October 2023 was expected to take a “breather” before a new upward surge gathers strength. The correction is tied to the liquidation of positions of the bankrupt FTX exchange in the Grayscale fund. However, it’s worth noting that market declines are actively being bought, suggesting that seller pressure is a temporary phenomenon. Since the ETF launch, BlackRock’s holdings now stand at 44,004 BTC ($1.7 billion).
Altcoins, following bitcoin’s lead, have also witnessed a dip in prices. However, considering the market capitalisation of altcoins, hovering around a critical support level of $750 billion, it seems likely that the upward trend will persist. The market is now anticipating the halving, the Federal Reserve’s easing of monetary policy and the approval of spot ETH-ETFs. These developments are expected to sway volatility in the near future.
Gainers (09th – 23rd January)
| Coin | Opening price 09.01, $ | Opening price 23.01, $ | Change |
| XTZ | 0.94 | 1.11 | 18.0% |
| ETC | 22.03 | 25.36 | 15.1% |
| GAS | 5.95 | 6.51 | 9.4% |
| TRX | 0.1142 | 0.1215 | 6.4% |
| LTC | 71.70 | 74.98 | 4.6% |
Losers (09th – 23rd January)
| Coin | Opening price 09.01, $ | Opening price 23.01, $ | Change |
| NEAR | 3.69 | 2.94 | -20.2% |
| DOT | 8.04 | 7.02 | -12.7% |
| ZRX | 0.37 | 0.34 | -7.2% |
| ADA | 0.56 | 0.53 | -6.1% |
| XRP | 0.62 | 0.58 | -5.8% |
Easily track gainers and losers within the Simple trade section on EXMO.com. Check real-time updates in the last 24 hours, week and month.
Most traded coins (09th – 23rd January)
| Coin | Trading volumes, $ |
| USDT | 43,492,992 |
| BTC | 24,487,504 |
| ETH | 17,441,600 |
| XRP | 5,500,569 |
| LTC | 2,127,426 |
| SOL | 2,087,809 |
| ETC | 1,269,347 |
| ADA | 1,233,886 |
| BCH | 1,223,176 |
| YFI | 1,067,392 |
Top crypto market driving factors
Overall сrypto market
▼ 12.01.2024 – Out of over 24,000 cryptocurrencies listed on CoinGecko, 14,039 have faded away since 2014.
▲ 12.01.2024 – Glassnode indicates a surge in speculative activities on exchanges.
▲ 18.01.2024 – According to CoinGecko’s annual report, the trading volume of cryptocurrencies reached $36.6 trillion in 2023.
▲ 19.01.2024 – Market cap and the cumulative balance of stablecoins on exchanges continue to grow, historically signalling a bullish trend for cryptocurrencies.
▲ 22.01.2024 – Hong Kong is gearing up for the launch of a BTC-ETF. According to Bloomberg, Venture Smart Financial Holdings Ltd. plans to roll out the ETF in the first quarter, with a goal to reach $500 million in AUM by year-end.
▼ 23.01.2024 – Trading volumes on centralised crypto exchanges have hit their lowest point in 2024, with the current daily figure at $29 billion.
Bitcoin (BTC)
▲ 11.01.2024 – Bitcoin surpassed Meta, Mark Zuckerberg’s company, in terms of market capitalisation, securing its spot as the 9th largest global asset.
▼ 11.01.2024 – SEC Chair Gensler clarified that while they approved ETFs in the U.S., it wasn’t for bitcoin itself, and consequently, they do not endorse the cryptocurrency in the U.S.
▲ 11.01.2024 – Major funds are redirecting a portion of their profits from spot bitcoin ETFs to support the development of the Bitcoin ecosystem.
▼ 12.01.2024 – Divergence between price and RSI suggests potential risks of further Bitcoin decline to $38,000, according to findings by 10x Research.
▲ 12.01.2024 – Over the last decade, the Bitcoin blockchain has facilitated transfers of over $100 trillion in value.
▲ 12.01.2024 – Spot bitcoin ETF trading volume reached $4.5 billion on its first day.
▼ 15.01.2024 – Short-term holders are actively selling bitcoins at current levels, according to data from Glassnode.
▼ 15.01.2024 – Anthony Scaramucci of SkyBridge Capital stated that the ongoing bitcoin sell-off is driven by selling pressure in Grayscale’s spot bitcoin ETF and the sale of FTX’s position.
▼ 15.01.2024 – Panic selling led to the liquidation of 111,000 BTC, amounting to $5 billion, yesterday.
▼ 15.01.2024 – Miners are capitalising on the price surge, actively depositing bitcoins on exchanges for sale.
▼ 17.01.2024 – The average drop in spot bitcoin ETF shares in the first 3 days of trading was around 14%.
▼ 18.01.2024 – Bitcoin’s hashrate dropped by 16% in one day following a call from power provider, ERCOT, to reduce business consumption due to cold weather.
▼ 23.01.2024 – Positions worth $211 million were liquidated as bitcoin fell below $40,000 in a day.
▲ 24.01.2024 – BlackRock holds 44,004 BTC, valued at $1.7 billion.
Ethereum (ETH)
▲ 11.01.2024 – Eric Balchunas, senior ETF analyst at Bloomberg, anticipates the approval of spot ETH-ETFs in May 2024 with a 70% probability.
▲ 15.01.2024 – The Ethereum Foundation proposed changes to ERC-4337 specifications to lower gas prices for transactions involving smart accounts.
▼ 16.01.2024 – It’s unlikely that the SEC will approve spot ETH-ETFs in the near future, according to Mark Yusko, CEO of Morgan Creek Capital.
▲ 17.01.2024 – Ethereum developers deployed the Dencun update on the Goerli testnet, featuring proto-danksharding (EIP-4844).
▼ 19.01.2024 – SEC postponed the decision on Fidelity’s new spot ETH-ETF. The new deadline for a verdict is 5th March 2024.
▼ 21.01.2024 – Approximately 9% of Ethereum validators dropped out of the network for several hours, due to a bug in the Nethermind client.
Solana (SOL)
▲ 22.01.2024 – Since the beginning of the year, the volume of stablecoin transfers on the Solana blockchain has reached $303 billion.
Cardano (ADA)
▼ 16.01.2024 – K33 Research analysed Cardano’s metrics and concluded that the blockchain is inefficient, with the ADA token nearing obsolescence.
Dogecoin (DOGE)
▲ 15.01.2024 – Elon Musk confirmed that he still holds Dogecoin.
Chainlink (LINK)
▲ 15.01.2024 – The aggregate balance of LINK on exchanges has reached a 3-year low – 14.87%.
▲ 16.01.2024 – Chainlink announced a partnership with Circle.
Algorand (ALGO)
▲ 18.01.2024 – The Algorand network update reduced block production time by 20%.
Chiliz (CHZ)
▲ 12.01.2024 – Chiliz promises to update its tokenomics soon.