Bitcoin started the year facing downward pressure, as demand for investment products significantly decreased. Data suggests that the funds which drove the previous two price increases are now being withdrawn. This, combined with increased global economic and political instability, has created a cautious outlook for the market.
In a recent missive from the oracle Amir Taha on CryptoQuant, the Bitcoin market’s reaction to the latest Consumer Price Index (CPI) data is dissected with the precision of a surgeon and the cynicism of a Dostoevsky protagonist. Inflation, that ever-present specter, clocked in at 2.4%, surpassing expectations and igniting a fleeting optimism among the risk-addled. The derivatives market, ever the theater of the absurd, responded with a frenzy of activity. Binance’s data reveals a spike in Net Taker Volume, a single hourly reading soaring to $265 million-a testament to the herd’s blind rush into long positions, as if hope itself were a tradable asset.
In the heart of this digital revolution, X prepares to unleash native crypto and stock trading upon its global horde. Smart Cashtags, the brainchild of this endeavor, will soon allow users to trade assets directly from their timelines, as proclaimed by the platform’s product overlord.
In what can only be described as a masterclass in corporate FOMO, Tron Inc. (NASDAQ: TRON) has once again dipped its toes-or rather, its entire foot-into the TRX pool. The company, which seems to have mistaken cryptocurrency for a bulk Costco run, added 179,058 TRX tokens to its already bloated treasury. Because, you know, 680.7 million tokens just weren’t enough to impress the neighbors.
Apparently, this study’s gonna take all year. Because, you know, Russia loves a good bureaucratic drag. They’ll look at “international practices” and “case studies,” which is just code for “How can we copy someone else’s homework without getting caught?” Chistyukhin promises public discussion, which translates to: “We’ll listen to your opinions and then do whatever we want anyway.”
Now, while this sudden jump might tickle the fancy of short-term traders-those nimble scalpers who dance around the trading floor like moths to a flame-a storm appears to be brewing on the horizon. Yes, dear reader, a bearish future looms ominously, as suggested by the latest technical mumbo jumbo floating around the Bitcoin price charts.
Apparently, this whale-who probably has a fin in every crypto sea-longed 105,000 ETH (that’s $215M, if you’re not keeping up). After a two-day dip that had us all biting our nails, ETH bounced back like a trampoline on steroids, hitting an intraday high of $2,090. Saturday night fever, anyone?
And get this-despite XRP’s price doing a little jig at the end of the week, the funds recorded their weakest weekly intake since launch. According to SosoValue (great name, by the way), the ETFs scraped together a whopping $7.65 million as of Feb. 13. Big whoop. My dry cleaner makes that in a good week.
Now, you’d think that after such a dramatic faceplant, it would bounce back, right? Wrong! It sauntered into November like a sad puppy, crashing below $100,000. And, spoiler alert, it hasn’t sniffed that six-digit glory since! Talk about a party foul!
In a recent chat with Yahoo Finance, Patrick Witt, the executive director for the U.S. President’s Council of Advisors for Digital Assets (a title that sounds more like a bad reality show than an actual job), expressed his optimism. “Even if we get the CLARITY Act out of the Senate Banking Committee,” he mused, “it needs to be reconciled with the Senate Agriculture Committee’s portion.” Ah yes, because what better way to address cryptocurrency than by mixing it in with corn and soybeans?
