The Exciting World of Bitcoin and Crypto: Latest News and Trends

An Overview of the Latest Crypto Market Price Changes on Jan. 25, 2024

title: The Exciting World of Bitcoin and Crypto: Latest News and Trends

date: January 25, 2024

Bitcoin remains at $40,000, says First Mover Americas.

This article originally appeared in First Mover, Blocking.net’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Bitcoin Makes Waves, Hovers around $40,000

Bitcoin, the superstar of cryptocurrencies, has been treading water in recent times. During European trading hours, it remained mostly unmoved, hovering around the $40,000 mark. However, this stagnant phase shouldn’t be taken lightly, as it indicates a shift in market sentiment.

According to Luuk Strijers, CCO at Deribit, “It’s clear the market is steadily recovering from the initial shocks of the ETF introduction and GBTC unwind.” This resilience is further apparent from the increasing call-put skew, which signifies a change in perception among traders. The options market is also a topic of discussion, with $3.75 billion worth of Bitcoin options set to expire on Deribit on Friday at 08:00 UTC. Traders have been rolling their positions forward, showing confidence in the February expiry contracts.

Considering the max pain point for Bitcoin’s January expiry options stands at $41,000, there’s a theory that options sellers, typically well-funded institutions, attempt to manipulate the underlying spot market to inflict maximum damage on buyers. This intricate dance between buyers and sellers adds an extra layer of excitement to Bitcoin’s already thrilling performance.

• Ethereum Emerges as the Winner: Beating Bitcoin and Altcoins in Recent Performance
• 🚀 Bitwise Takes the Leap: Sharing Bitcoin ETF’s Digital Wallet Address for Transparency
• Bitcoin Battles Between Bulls and Bears: Understanding the Current Market

Sygnum’s Triumph: $40 Million Funding Round

In a significant milestone for the crypto industry, Swiss cryptocurrency banking group Sygnum closed a $40 million funding round, catapulting its valuation to a staggering $900 million. This achievement highlights the thawing of the crypto winter, following the collapse of U.S. crypto-friendly banking firms Silvergate and Signature in early 2023.

Mathias Imbach, Sygnum’s co-founder and CEO, expressed his excitement, saying, “Closing a successful funding round in this macro environment with such strong partners is exciting, and we are thankful for our investors’ trust in us.” With the fresh influx of funds, Sygnum plans to expand its services into the European and Asian markets. This ambitious move showcases a growing appetite for crypto-related financial services and sets a promising precedent for the future.

Tesla Holds Steady on Bitcoin

Tesla, the electric vehicle giant led by the enigmatic Elon Musk, chose to maintain its bitcoin holdings throughout the final quarter of 2023. The company’s latest earnings report did not mention any buying or selling activity related to bitcoin during that period. At present, Tesla holds over 9,720 BTC, making it the third-largest public holder of this digital asset, behind MicroStrategy and mining firm Marathon. After acquiring 43,000 BTC in 2021 for $1.5 billion, Tesla sold three-fourths of its holdings in Q2 2022. With remaining holdings worth $387 million, the company continues to ride the cryptocurrency wave.

Chart of the Day: Ether-Bitcoin Ratio Reversal

Today’s chart focuses on the ether-bitcoin (ETH/BTC) ratio, which has experienced a significant pullback, reversing almost half of the early January rally. This retracement aligns with the bearish positioning observed in the ether options market. However, despite this setback, some analysts remain confident that ether will emerge as a standout performer in the coming months. The battle between bears and bulls continues, making for a thrilling spectacle for crypto enthusiasts worldwide.

Source: Trading View – Omkar Godbole

Trending Posts in the Cryptoverse

Here are some trending posts that you don’t want to miss:

• What’s Uniting the SEC’s Crypto Cases
• SatoshiVM Marred by Controversy Days After SAVM Issuance
• Digital Pound Legislation Will Provide Protections to Privacy and Control, Govt Says

Edited by Omkar Godbole.

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🙋‍♀️ Q&A: Common Questions About Bitcoin and Beyond

Q: What factors can influence the price of Bitcoin options?

A: The price and market sentiment surrounding Bitcoin options can be influenced by various factors, such as market demand, investor sentiment, macroeconomic trends, regulatory decisions, and the expiration timeline of the options themselves. Traders and institutions closely monitor these factors to make informed decisions about their options positions.

Q: How do institutions manipulate the market with options?

A: Institutions with significant capital supply can potentially manipulate the spot market by adjusting their options positions. By moving the underlying spot market closer to the “max pain point” (the level at which options buyers stand to lose the most on expiry), institutions can inflict maximum damage on options buyers. This strategy is based on the assumption that options sellers often have ample capital resources and can sway the market in their favor.

Q: What does a higher call-put skew indicate?

A: A higher call-put skew suggests a more bullish sentiment in the market. It means that investors are placing more bets on Bitcoin’s price increasing (calls) as opposed to decreasing (puts). The call-put skew is a valuable metric for assessing the overall market sentiment and predicting potential price movements.

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As the crypto market continues to captivate investors worldwide, it’s essential to stay updated with the latest news and trends. Whether it’s Bitcoin’s exciting performance, the steady rise of institutions like Sygnum, or the battles within the options market, the crypto space offers endless possibilities and thrilling developments.

Share this article with fellow crypto enthusiasts and initiate lively conversations about the future of digital assets. Let’s embrace the excitement together! 🚀

References: 1. Bitcoin Price Sell-Off: ETF Approval in Focus as Investors Turned Bearish 2. Fox Business: Firms Feel Confident SEC Will Approve Spot Bitcoin ETFs by January 8 3. What’s Uniting the SEC’s Crypto Cases 4. SatoshiVM Marred by Controversy Days After SAVM Issuance 5. Digital Pound Legislation Will Provide Protections to Privacy and Control, Govt Says

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