Cryptocurrency returns to its volatile nature with the “bears dominating bulls” situationUpdated time: 24 Jan, 2022, 14:31 (UTC+04:00)
Cryptocurrency returns to its volatile nature with the “bears dominating bulls” situation. Top coins – Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Solana (SOL), Cardano (ADA), Polkadot (DOT), Dogecoin (DOGE), etc. all have bears defended.
BTC price falls below $52,000, down -23% – considered a “buy zone”. However, it triggers investors as the circumstance looks like the “extremely fearful” September 2021 event with -25% retracement of BTC, fearing that the similar scenario could happen again.
Demands for Ether surge following the rise of NFTs, DeFi and Metaverse-related altcoins. The introduction of Ethereum Improvement Proposal (EIP) 1559 upgrade is said to help this coin turn into a better store of value than BTC.
DeFi’s top 100 tokens performed well in the last 7 days, led by Terra (LUNA) with 66.85% gains, Uniswap (UNI) 14.3% and Tezos 12.7%.
Other notable news:
Stocks: Major indexes closed lower after a colossal miss in job gains for November, led by biggest decliners - Tech and Financials.
Oil:currently steady, but preparing gains as COVID-19 spurs demand worries.
Currencies: yen and Swiss franc gained. Others little changed.