Three reasons Bitcoin tumbled below $30,000 in a surprise overnight correction
One week in review:
Jan. 17–23 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Three reasons Bitcoin tumbled below $30,000 in a surprise overnight correction | | | Intensifying sell pressure saw Bitcoin briefly plummet below $29,000 for the first time since Jan. 5. The fall from $37,000, which happened within 48 hours, resulted in the biggest daily candle ever. | | | Bitcoin has lost 14% of its value over the past seven days. But over this period, many major altcoins haven't been suffering sell-offs to the same extent. Ether is down just 2.6% on the week, Polkadot is actually up 1.5%, and XRP has fallen by 5.6%. | | #2. ETH finally beats its 2018 all-time high, surpassing $1,428 | | | It's been a long time coming. This week, ETH finally reached new all-time highs against the dollar — surpassing $1,428 on Bitstamp. Unfortunately, the major altcoin didn't spend much time in uncharted territory — falling as low as $1,050 in the days that followed. | | | Strategists at Fundstrat Global Advisors believe that 2021 could be a year to remember for ETH. According to its researchers, the second-largest cryptocurrency could climb more than sevenfold to $10,500. | | #3. President Biden freezes FinCEN's proposed crypto wallet regulations | | | Joe Biden wasted little time in getting to work following his inauguration on Jan. 20. One of the first actions the new president took on his first day in office was to freeze the federal regulatory process — and this is good news for the crypto community. | | | Compound Finance's general counsel Jake Chervinsky lauded the move, declaring: "We fought hard & earned the right to take a breath & reset. Janet Yellen isn't Steve Mnuchin. I'm optimistic." | | #4. Prediction of the week: Hedge fund predicts $115,000 Bitcoin price and the fall of "speculative" altcoins | | | New data from Pantera Capital this week suggested that Bitcoin's current price action is closely following the stock-to-flow model's trajectory. | | | The firm's analysts believe BTC will have reached $115,212 by Aug. 1 and that its price will gain an average of more than $10,000 a month, hitting six figures in the early summer. | | | Pantera believes that a significant difference between this rally and 2017 is linked to the overall market composition and where value is located — with altcoins losing out. | | #5. FUD of the week: More institutions will warm up to crypto once market cap hits $2 trillion, eToro says | | | Researchers at Aite Group said the crypto market could reach a $2-trillion market cap if more institutional players were to get on board amid more favorable conditions. These firms would be more likely to adopt crypto if there was less regulatory uncertainty, a developed market infrastructure, and less risk surrounding security. | | | Tomer Niv, head of business development at eToro, said: "Only by widening the playing field and facilitating more participation will crypto reach and maintain a market cap of $2 trillion and beyond." | | #6. FUD of the week: 83% of cryptocurrencies that peaked in 2018 are still down by 90% | | | More than 80% of crypto assets that hit all-time highs in January 2018 are still down by at least 90%, according to data from Messari. | | | The data set included 410 assets that posted record prices during 2017 or later, with 2018's 157 star coins performing the worst with an average of -90.71% since the previous ATH. | | | 2017's top cryptos have since crashed by 82% on average, while 2019's crop is down 72%, and 2020's standouts have shed 53%. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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