| Reading time: 5 minutes | News | Crypto Converter | Crypto Calculators | Dogecoin erases 2025 gains as crypto market faces broad declines | | Key points: | Dogecoin plunged by 21% in two days, returning to its starting 2025 price of $0.314 after a brief rally. Bitcoin, Solana, and Ethereum also experienced significant drops, driven by mixed economic data and ETF outflows.
| News: Meme coin's momentum fades amid market downturn - Dogecoin (DOGE), the original meme coin, has erased all of its early 2025 gains, plummeting by nearly 21% in just two days. After climbing from $0.314 to $0.40 earlier in the week, DOGE fell back to $0.314 on Thursday. It has since recovered slightly to $0.318 but remains only marginally above its starting price for the year. | Other cryptocurrencies have faced similar struggles. Bitcoin (BTC) plunged from over $100,000 on Tuesday to a low of $91,250 on Thursday, while Solana (SOL) recorded an 11% weekly decline, hitting $184—the lowest price so far this year. Ethereum (ETH) has also fallen nearly 8% this week. | What's driving the decline? - The broader crypto market downturn began on Tuesday, fueled by mixed U.S. economic data and concerns about reduced interest rate cuts in 2025. Comments from Federal Reserve officials on Wednesday, expressing worries over controlling inflation under the incoming Trump administration, further weighed on investor sentiment. | Adding to the pressure, crypto ETFs saw significant outflows on Wednesday. Bitcoin ETFs faced $569 million in outflows, while Ethereum funds saw $159 million pulled, reflecting investor caution amid market volatility. | What's next for Dogecoin and the market? - While Dogecoin has shown resilience in past market corrections, its ability to recover will likely depend on broader market sentiment and potential catalysts. The upcoming inauguration of President-elect Donald Trump could shape crypto regulations and economic policies, potentially influencing market dynamics. | For now, traders and investors remain cautious as they navigate the evolving economic landscape, with many watching key indicators and policy announcements closely. | Fidelity moves $213M ETH to Coinbase, raising alarm over Ethereum price outlook | | Key points: | Fidelity transferred $213 million in ETH to Coinbase, triggering fears of intensified selling pressure. ETH's RSI at 42.73 highlights weak buying momentum, with risks of further price declines.
| News: Fidelity transfers ETH to Coinbase - Ethereum (ETH) is under heightened selling pressure after Fidelity's crypto arm moved $213 million worth of ETH to Coinbase within 48 hours. These transactions, executed via Cumberland, have raised concerns of a potential market sell-off. | The transfers included three separate deposits, with the first two involving 20,000 ETH on January 8, 2025, and a final transaction of 11,250 ETH on January 9, 2025, valued at $36.51 million. Glassnode data reveals that these transfers contributed to a single-day exchange inflow of 550,930 ETH, worth over $1 billion, the highest since December 20, 2024. | Exchange inflows signal bearish sentiment - The surge in ETH exchange inflows often signals increased selling pressure, as holders typically move assets to exchanges to liquidate. If sell orders surpass market demand, Ethereum's price could face additional downward pressure. | These inflows, combined with declining market demand, have put ETH at risk of further price corrections. The excess supply has yet to meet sufficient buying interest, raising concerns about short-term price stability. | What's next for ETH? - Ethereum's RSI currently sits at 42.73, reflecting waning bullish momentum. The indicator's downward trajectory suggests weak buying pressure, though ETH has not yet reached critically oversold levels. | If demand remains stagnant and selling persists, ETH could fall below the $3,249 support level, potentially dropping as low as $3,027. Conversely, if exchange inflows slow and buying pressure increases, ETH could reclaim the $3,758 resistance level, sparking renewed optimism among investors. | SUI price nears all-time high as open interest doubles to $1.26B | | Key points: | SUI has been trading just 6% below its all-time high of $5.36, supported by strong bullish momentum and capital inflows. Open Interest has doubled to $1.26 billion within nine days, reflecting high trader confidence and potential for further gains.
| News: SUI approaches record high amid doubling open interest - SUI continues its 2025 rally, closing in on its all-time high (ATH) of $5.36, with traders injecting significant capital into the altcoin. The Open Interest, a key indicator of market activity, has doubled over the past nine days, signaling strong confidence among investors. | What's driving the rally? | Trader confidence surges: SUI's Open Interest surged from $679 million to $1.26 billion in just nine days. This substantial increase highlights growing optimism among traders, underpinned by expectations of significant returns. The rising capital inflows suggest unyielding support for the altcoin's upward momentum. Technical indicators align with bullish sentiment: The Relative Strength Index (RSI), a momentum oscillator, remains above the neutral 50 level, signaling sustained buying pressure. This consistent bullish momentum positions SUI to capitalize on its growth, as traders continue to back the altcoin.
| What's next for SUI? - SUI's price is on the verge of breaking its ATH of $5.36. If bullish momentum persists, the altcoin could chart new record highs, rewarding investors. | However, a shift in market sentiment could stall this rally. A drop below the key support level at $4.79 could push SUI's price down to $4.05, signaling a potential bearish reversal and undermining current optimism. | Russia to liquidate $95M in seized Bitcoin amid Infraud scandal fallout | | Key points: | Russian authorities plan to sell 1,032 BTC seized from ex-investigator Marat Tambiev, valued at nearly $95 million. Legal complications from asset subdivision may delay full liquidation, potentially impacting Bitcoin's market dynamics.
| News: Russian authorities target crypto assets from major bribery case - Russian authorities are set to liquidate over 1,032 Bitcoin (BTC), valued at approximately $95 million, seized from Marat Tambiev, a former investigator convicted of accepting cryptocurrency bribes from the Infraud Organization, a notorious global hacking group. | Tambiev, previously serving as Moscow's chief investigator in the Tver District, was sentenced in 2023 to 16 years in a maximum-security penal colony for his involvement in shielding Infraud from prosecution in exchange for cryptocurrency bribes. His confiscated BTC, initially valued at $28 million at the time of seizure, has surged in value alongside Bitcoin's price appreciation. | Legal hurdles slow asset liquidation process - Although the Russian treasury has begun transferring a portion of Tambiev's confiscated Bitcoin for state revenue, legal complications tied to subdivided assets are delaying the full liquidation. Tambiev reportedly split the Bitcoin holdings into smaller amounts, each requiring separate court approvals for liquidation. | Additionally, prosecutors have identified other assets linked to Tambiev, including real estate, a motorcycle, and further cryptocurrency holdings. Alleged transfers of some property to family members are under investigation, further complicating the liquidation process. | Market implications: Bitcoin price volatility ahead? - The sale of such a substantial Bitcoin volume has raised questions about its potential impact on the cryptocurrency market. Russia's decision to liquidate the entire stash could create a supply shock, influencing short-term price volatility. | The treasury has initially liquidated BTC worth $10 million, with additional tranches awaiting legal clearance. Analysts will closely monitor the pace and method of these sales, as significant market sell-offs often trigger fluctuations in Bitcoin's price. | | More stories from the crypto ecosystem | | Crypto scams uncovered | GemCoin was marketed as a high-tech digital currency backed by physical gold, but it was exposed as a scam in 2015. The scam, which ran for years, defrauded investors of over $32 million by using fake certificates and false claims of gold backing, leading to several arrests. AriseBank claimed to be the first-ever "decentralized bank" backed by cryptocurrency, raising over $4.6 million in an ICO. It turned out to be a scam, and the SEC charged the founders with fraud in 2017, as the bank didn't actually hold any assets and was never properly licensed. WoToken, a Ponzi scheme disguised as a cryptocurrency wallet, promised high returns and stole over $1 billion from investors. The scammers, a criminal group from China, were arrested in 2018, but many investors were left without any recourse to recover their funds.
| | Top 3 coins of the day | Sui (SUI) | | Key points: | At press time, SUI was trading at $5.07, reflecting a 6.91% increase over the last 24 hours. It ranked as the second biggest gainer in the last 24 hours, according to CoinMarketCap.
| What you should know: | Sui experienced a solid bullish movement over the last 24 hours, with its price climbing by 6.91%. On the daily chart, the Bollinger Bands showed expanded volatility, with the price nearing the upper band. This suggests increased buying pressure in the market. The Moving Average Convergence Divergence (MACD) indicator reflected bullish momentum, as the MACD line crossed above the signal line. Additionally, the histogram displayed green bars, indicating growing strength among buyers. Trading volume also surged during this period, highlighting significant market activity supporting the bullish trend. Immediate resistance is seen around $5.10, while support levels can be identified near $4.50, aligning with the middle Bollinger Band. Traders should monitor Sui's price action closely. A breakout above the resistance level could drive the price toward $5.50, while a failure to maintain the bullish momentum might lead to a pullback toward its support levels. | Fasttoken (FTN) | | Key points: | At press time, FTN was trading at $3.76, reflecting a 1.89% increase over the last 24 hours. It was one of the top trending cryptocurrencies according to CoinMarketCap.
| What you should know: | Fasttoken's price exhibited a modest increase of 1.89% over the past 24 hours, highlighting growing interest from the market. The Directional Movement Index (DMI) indicated a strong bullish trend, with the +DI remaining above the -DI and an ADX reading near 31.4. This suggested robust momentum in favor of buyers. The Chaikin Money Flow (CMF) stood at 0.31, signaling significant capital inflows into FTN, which is a bullish indicator. Meanwhile, trading volume remained moderate but consistent, supporting the sustained market interest in Fasttoken. Immediate resistance is observed near $3.80, while support is positioned around $3.50. Traders should monitor the DMI for signs of weakening momentum and the CMF for potential changes in capital inflows. A breakout above resistance could drive further upside, whereas a dip below support may lead to minor corrections. | THORChain (RUNE) | | Key points: | At press time, RUNE was trading at $3.50, marking a 5.31% gain in the last 24 hours. Despite the short-term recovery, it remained listed among the biggest market losers on CoinMarketCap due to its broader downtrend.
| What you should know: | On the daily chart, the Bollinger Bands indicated heightened volatility, with RUNE's price bouncing off the lower band at $3.16, suggesting a potential reversal from oversold conditions. The RSI was at 30.35, indicating that RUNE was deeply oversold, which could attract bargain hunters in the market. Meanwhile, trading volume showed a modest uptick, suggesting some buying interest after the sharp decline. Immediate support lies at $3.16, aligning with the lower Bollinger Band, while resistance is positioned around $5.73, corresponding to the middle band. Traders should monitor RUNE's movements closely, as a failure to hold above support could lead to further losses, potentially targeting the $3.00 level. Conversely, sustained buying pressure could drive a recovery toward the $4.50-$5.00 range. | Fact-based news without bias awaits. Make 1440 your choice today. | Overwhelmed by biased news? Cut through the clutter and get straight facts with your daily 1440 digest. From politics to sports, join millions who start their day informed. | Sign up now! | How was today's newsletter? | |
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