he overall cryptocurrency market underwent a 0.6% correction within 24 hours, resulting in a total capitalization of $1.65 trillion. This correction was influenced by pressure on global equity markets following declines in major IT giants.
Bitcoin, trading around $43,000, remains in proximity to its 50-day moving average. The current stability echoes a similar period from January 12th to 17th, indicating a period of relative calm.
Among the top cryptocurrencies, XRP exhibited notable weakness, experiencing a 4% loss to $0.51. The sell-off in XRP initiated before the broader crypto market correction. Currently testing a support level established since November 2022, representing a shift to active accumulation, XRP faces a critical juncture. A decline to $0.47 would breach recent local lows and signify a potential break in the uptrend.
While it might be premature to label XRP as an indicator for the broader crypto market, signs point to a possible change in leadership. XRP, once promising and popular, seems to be trailing behind its counterparts.
Solana, on the other hand, surpassed the $100 mark amid increased on-chain activity. The blockchain processed $951.9 billion worth of transactions since the beginning of the year, showcasing a 30% increase compared to December. Solana’s growth coincided with heightened trading activity involving the WEN meme token and stablecoins.
Data from K33 Research revealed that the nine spot bitcoin ETFs launched since January 11th acquired 150,846 BTC worth $6.52 billion. Factoring in GBTC’s withdrawal from the fund, net inflows into bitcoin exceeded $1 billion. BlackRock’s crypto fund (IBIT) surpassed GBTC in terms of trading volume.
The U.S. SEC accused HyperFund, a crypto project, of defrauding investors of $1.7 billion. HyperFund was promoted as an opportunity to invest in lucrative cryptocurrency mining operations but turned out to be a Ponzi scheme with no legitimate income sources.
In a review of an old criminal case against a major piracy site, German police seized nearly 50,000 BTC ($2.17 billion) related to illegal activities. This digital asset seizure represents the largest in the country’s history.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoassets.