A surge in Bitcoin ETFs and unconventional tokens is transforming the cryptocurrency market in the Americas, as investors seek new opportunities for growth.
This article provides an update on the cryptocurrency market, focusing on Bitcoin (BTC), Ethereum (ETH), and other related topics. Here are some key points:
Bitcoin
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BTC is down 0.26% from 4 p.m. ET Wednesday at $83,576.60.
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ETH is down 2.85% at $1,980.15.
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The CME Futures Open Interest has increased to $13.3 billion, the highest since March 4.
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BTC funding rate is at 0.0043% (4.74% annualized) on Binance.
Bitcoin's price is known for its volatility, with fluctuations of up to 10% in a single day.
This is due in part to the cryptocurrency's limited supply and increasing demand.
As more investors become interested in Bitcoin, the price tends to rise.
However, this also means that prices can drop suddenly if investor confidence wavers.
According to data from 2020, Bitcoin's average daily trading volume was over $20 billion.
Musk’s Endorsement
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Elon Musk’s endorsement of Kekius Maximus sparked speculation about whether he’s hinting at backing the existing KEKIUS token or just joining the day’s festivities.
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The phrase ‘Kekius Maximus‘ surged in visibility when Musk first made it his display name on X on Dec. 31.
Crypto Equities
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NVDA has triggered a head-and-shoulders breakdown, hinting at a bullish-to-bearish trend change.
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Strategy (MSTR) is up 7.43% to $304.23 in pre-market trading.
- Coinbase Global (COIN) is down 2.16% to $189.75.
Coinbase Global is a leading American financial services company that provides a range of products and services for buying, selling, and trading cryptocurrencies.
Founded in 2012 by Brian Armstrong and Fred Ehrsam, the company has grown to become one of the largest cryptocurrency exchanges globally.
Coinbase operates in over 100 countries, with more than 70 million registered users.
The platform offers various features, including a mobile app, web trading interface, and institutional-grade services for professional investors.
ETF Flows
The Ethereum price is influenced by supply and demand, with fluctuations in the cryptocurrency market.
The total circulating supply of Ether (ETH) is capped at 100 million, which contributes to its value.
As more businesses and individuals adopt Ethereum for transactions and smart contracts, the demand for ETH increases, driving up the price.
According to CoinMarketCap, Ethereum's all-time high was over $4,000 in November 2021, while its current market capitalization is around $200 billion.
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Spot BTC ETFs have seen a daily net flow of $11.8 million, with cumulative net flows reaching $35.88 billion.
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Spot ETH ETFs have seen a daily net outflow of -$11.7 million, with cumulative net flows reaching $2.46 billion.
Overnight Flows
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Coinbase’s layer 2 scaling solution Base maintains its lead over other chains as the platform with the highest dollar value of coins received through crypto bridges.
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Berachain and Solana take the No. 2 and No. 3 positions, while Arbitrum is at the bottom with most outflows.
Other News
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XRP whales have boosted their coin stash by over 6% in two months, according to blockchain data.
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Lagarde says rising uncertainty means the ECB can’t commit on rates.
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Trump considers extending Chevron’s license to pump oil in Venezuela.
Overall, this article provides a summary of market updates, including price movements, ETF flows, and other news related to cryptocurrencies.
