PPI Signals Positive Inflation with 0.1% Decline
The Producer Price Index, released on Friday, fell by 0.1% on a monthly basis. Core PPI showed an increase of 0.2%. The Dollar Index initially reacted positively to the PPI data, but then declined. These data signaled positive inflation, although inflation is still above the target. With these data, it is argued that the FED may make moves to lower interest rates as of March.
BlackRock’s Spot Bitcoin ETF Sees Half a Billion Dollar Inflows in First Two Days
BlackRock’s spot Bitcoin ETF saw inflows of about $1.5 billion in the first two days, according to preliminary data shared by Bloomberg senior ETF analyst Eric Balchunas. At the top of the list is the BlackRock iShares ETF with half a billion dollars invested. Fidelity’s ETF ranked second with $422 million, while Bitwise’s ETF ranked third with $237 million.
PayPal’s Stablecoin Market Cap Hits $290 Million, Up 70% Over Last Month
The collaboration with Paxos has seen a significant increase in the market valuation of PayPal’s stablecoin, which has already surpassed $290 million. As of the end of August, the total supply of PYUSD rose to 43.3 million following its launch. According to Paxos, PayPal currently holds 90% of the PYUSD supply.
MicroStrategy Shares Fall 20% in 48 Hours After Bitcoin ETF Approval
MicroStrategy peaked at $727.77 per share on the first trading day of the year on Wall Street. On January 11, the first trading day of Bitcoin ETFs, MSTR saw a 19% drop in just 48 hours, starting the day at $589.99 and ending the day at $485.53 per share on January 12.
Fear and Greed Index Declines to “Neutral” Level
The Crypto Fear and Greed Index fell back to the “neutral” level last seen in October 2023, a few days after the approval of spot Bitcoin ETFs. The index is currently at 52 out of 100, which is the lowest value since October 19, 2023.
Spot Bitcoin ETFs Hold $28 Billion
The value of assets under management (AUM) of spot Bitcoin ETFs has reached $28 billion, indicating significant growth in the sector. The top two ETFs are IBIT and FBTC. IBIT has $500 million in assets under management and FBTC has $427 million.
NFT Sales Exceed 300 Million Dollars
NFT sales exceeded $300 million despite market volatility. Last week, a total of $311 million worth of sales were realized in the NFT market, a marginal increase of 0.05% compared to the previous week. Additionally, Bitcoin NFT sales have outperformed other blockchain networks since November 2023.
Gamestop to Close NFT Market in Phases
Gamestop announced that it will phase out its NFT marketplace next month due to regulatory uncertainty. Additionally, Gamestop told users that they have just over two weeks left to use the NFT platform. However, the company assured NFT holders that the decision will not affect their NFTs and they will remain accessible and saleable through other platforms.
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BITCOIN(BTC)
Bitcoin is priced at $ 42,700 with a 2.31% gain in value as of today morning hours. After the approval of the ETFs and the start of trading, there was a selling pressure in the market. On Friday evening, we saw the price drop as low as $41,500. Over the weekend, it moved horizontally between $43,330 and $42,500. This level was broken with a lot of volume and is now back in this zone. Below $42,500, we can see that the price may decline to 41,200 and then to $39,600. In the upward break of $ 43,500, a pricing up to $ 45,500 can be seen.
ETHEREUM(ETH)
ETH, which gained 1.85% as of morning hours, is priced at $ 2518. After falling as low as $ 2458 on Friday evening, it rose to $ 2590. In general, the upward movement is still continuing. A rise up to $2580 may be followed by pullbacks. In the persistence above $ 2600, an increase up to $ 2780 can be targeted. In pricing below $ 2455, the first support is 2396 and a retreat to $ 2273 can be seen.
RIPPLE(XRP)
XRP is priced at $0.5829 with a 1.25% gain as of morning hours. After falling back to $0.55, we saw a rise to $0.59. Again, the $ 0.60 level is important and if it is maintained above it, rises up to $ 0.62 can be seen. In pricing below $ 0.5735, a retreat to $ 0.52 can be seen.
AVALANCHE(AVAX)
AVAX is priced at $ 36.07 with a 2.21% gain in value as of morning hours. After receiving support at $ 34.37, there was an increase up to $ 37.85. In the past days, AVAX had a high rise followed by a downtrend. With the upward break of this downward trend, a rising structure was re-entered. 35 dollars is the support level and rises up to 40 dollars can be seen.
SOLANA(SOL)
SOL is priced at $95.7 with a 1.97% gain as of morning hours. When we examine the four-hour chart, we see that the downward movement continues. If this movement continues downwards, the $ 90 and $ 87 levels can be followed as support. If the downtrend breaks to the upside, the $105 and then $110 levels could be tested. The most important resistance point is 100 dollars.
CHAINLINK(LINK)
With a 4.97% gain in value as of morning hours, LINK is priced at $ 15,485. When we examine the four-hour chart, we see that there is an image similar to the ascending triangle pattern. LINK, which maintained its strong outlook in the retracement movement at the weekend, broke the 15.365 region, which we follow as a resistance zone, upwards. If this movement continues, the $ 16 level may be tested. In case of a pullback, the 15.200 level can be followed as support.
APT
APT is priced at $10.1375 with a gain of 4.8% as of morning hours. When we examine the four-hour chart, we see that the 9.62 level, which is the resistance zone, was broken upwards and then the rise continued with the confirmation movement. If this movement provides persistence, 10.40 and 10.90 levels appear as important resistance zones. In case of a pullback, the 10 dollar level can be followed as support.
CAKE
As of morning hours, CAKE is priced at $ 2.996 with a gain of 4.76%. When we examine the four-hour chart, we see that there is a horizontal movement between the levels of 3.13 and 2.74 dollars. These two levels can be followed as support and resistance. If the resistance zone is broken upwards, a movement towards the 3.3 region can be seen. In case of a pullback, the 2.85 level can be followed as support.
