Cumulative Spot Bitcoin ETF Volume Exceeds $11 Billion on Fourth Trading Day
On Wednesday, the fourth day of trading for 11 spot Bitcoin ETFs, total volume reached $11.1 billion, according to Yahoo Finance statistics. Grayscale, BlackRock and Fidelity continue to dominate, accounting for almost 90% of all trading volume. However, compared to Tuesday, when the overall volume of new products was recorded at $1.8 billion, the daily volume once again fell to $1.5 billion. The first two trading days of this week exceeded last Friday’s $3 billion and day one’s $4.6 billion by a significant margin.
TrueUSD Continues to Fall to $0.97
TrueUSD, a stablecoin, fell as low as $0.9708 in Asia on Thursday morning. On January 15th, there were allegations that holders sold hundreds of millions of TUSD, which caused the stablecoin to fall below the US Dollar peg. According to Binance statistics, users sold over $238.3 million worth of TrueUSD through the TUSD-USDT trading pair on the last day, while traders bought about $83.8 million. This implies a net outflow of roughly 154.5 million dollars.
Coinbase and SEC Meet with US Judge on Whether Securities Laws Apply to Listings
At the hearing on Wednesday, the SEC and Coinbase agreed that tokens are not securities per se. SEC lawyers argued that each transfer amounted to an investor purchasing a stake in the token ecosystem for profit-sharing purposes, and as long as any of these transactions could be considered an investment contract, Coinbase violated securities laws. However, the company argued that since these were secondary market deals without contracts, they could not be securities.
Ethereum Dencun Upgrade Goes Live After Delay
According to a social media post by Ethereum developer Parithosh Jayanthi, the newest upgrade to the Ethereum network called ‘Dencun’ went live for the first time on the Goerli testnet. According to the post, the network was delayed for about four hours due to a bug. Once the Dencun upgrade is implemented on the mainnet, it will significantly reduce the cost of transactions in Ethereum layer-2 projects.
VanEck Closes Bitcoin Futures Strategy ETF
Asset management firm VanEck has announced plans to close its Bitcoin Strategy ETF less than two years after its launch. This decision was announced about seven days after VanEck’s spot Bitcoin ETF was approved. The Bitcoin Strategy ETF traded as an ETF based on Bitcoin futures.
25% Decline in Bitcoin Hash Rate
Bitcoin’s hash rate has dropped by 25% since the end of last week. This decline ahead of the highly anticipated ‘halving’ event is seen as a worrying sign for the security of the Bitcoin network. The hash rate is an important security metric that refers to the amount of computing power miners use per second.
Significant Increase in USDC’s Market Share
USDC, the second largest stablecoin by market capitalization, has seen its market share on centralized crypto trading platforms increase significantly in recent months. According to the data, USDC’s market share increased from 5% to 10% as of September 2023.
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BITCOIN(BTC)
Bitcoin is priced at $ 42,798 with a gain of 0.06% as of today morning hours. After testing $ 42,200 yesterday evening, it experienced a rise again. After a horizontal movement between 43,500 and 41,500, we can go up to 44,500 on the upside breakouts and down to 41,400 on the downside breakouts. Our intermediate support position is 42,500 dollars.
ETHEREUM(ETH)
Ethereum, which gained 0.08% as of morning hours, is priced at $ 2532 and still has an uptrend in general. After receiving support from the intermediate support position of $ 2570, it rose to $ 2615. After that, a pullback is still in progress. 2490 dollars is the support position, and in the downward breakdown, the 2400 dollar level can be seen again. After the break of $ 2600, rises up to $ 2780 can be seen.
RIPPLE(XRP)
XRP is pricing at $ 0.5660 with a 0.44% depreciation as of morning hours. $ 0.56 is the support position, and if it stays above, rises up to $ 0.5950 can be seen. In the downward breakdown of this level, retracements up to 0.55 can be seen again.
AVALANCHE(AVAX)
AVAX is priced at $ 35.73 with a gain of 0.92% as of morning hours. 35 dollars is an important support level and also a psychological support level. Following the downward breakdown of this level, retreats up to $ 32 may be experienced. If $ 35 is maintained above $ 35 and a breakthrough is achieved, we can see rises up to $ 42.
SOLANA(SOL)
SOL is priced at $ 100, down 2.03% as of morning hours. When we examine the four-hour chart, we see that the descending movement has been broken to the upside. The closest level as a resistance zone is 102.4. If this region breaks upwards, an upward movement towards the 110 dollar levels can be seen. In case of a pullback, the 96.7 level can be followed as support.
CHAINLINK(LINK)
LINK, which lost 2.65% as of morning hours, is priced at $ 15,344. When we examine the four-hour chart, we see that there is a movement similar to the rising channel. If the resistance level of 16,165 is broken upwards, a movement towards the $ 17 level can be seen. In case of a pullback, the rising trend line can be followed. In the downward break of the $ 15 level, which is the support zone, the decline may continue.
LOOM
LOOM is priced at $0.09437 with a gain of 3.1% as of morning hours. When we examine the four-hour chart, we see that the falling trend line is broken to the upside. If this move materializes, the 0.1 level may be tested. In case of a pullback, the 0.092 level can be followed as support.
MKR
MKR is pricing at $ 2005 with a 0.55% gain in value as of morning hours. When we examine the hourly chart, we see that the falling trend line is broken upwards and then the movement continues for the moment with the confirmation movement. If this movement continues, there may be a move towards the 2025 level. In case of a pullback, the 1975 level can be followed as support.
