Macro Overview
- US Core CPI m/m: Came in at 0.2%, lower than the expected 0.3% and the previous figure. This is bullish for the market, which reacted with a strong upside move.
- US PPI m/m: Came in lower than expected, adding to the positive sentiment in the market.
- US Unemployment Claims: Came in higher than expected and previous, which is slightly bullish for the market.
Crypto Markets Overview
- Market Movement: This week, the crypto market experienced a 9.76% fall, bringing the total market capitalization to $3.53 trillion. Notably, BTC saw a rise of 8.22% and ETH saw a rise of 4.64%. Bitcoin’s dominance stands at 57.65%, while Ethereum’s holds at 11.64%.
- Indian billionaire Mukesh Ambani’s Jio launches mystery JioCoin on Polygon: Jio Platforms, owned by Mukesh Ambani, has introduced JioCoin, a reward-based token built on the Polygon network.On Jan. 16, X users discovered JioCoin integrated into Jio’s JioSphere browser, following its partnership with Polygon Labs to enhance Web3 capabilities. While JioCoin rewards users for browsing, its utility remains unannounced by Reliance Jio.
- Thailand considers approving Bitcoin ETFs: The Thai SEC is reviewing the launch of the nation’s first Bitcoin ETFs, alongside government plans to pilot cryptocurrency payments in Phuket. This initiative reflects growing competition in the Asia-Pacific region, with Singapore and Hong Kong leading efforts to attract crypto businesses through supportive policies.
- Trump Considers US-based Crypto Reserve: Former President Donald Trump is exploring the establishment of a US-based cryptocurrency reserve. This initiative could integrate digital assets into the national financial system, with initial focus on major cryptocurrencies like Solana and XRP. If implemented, this could signal a transformative shift in the US government’s approach to blockchain and crypto technologies.
- Italy’s Largest Bank Enters Crypto Market with $1M Bitcoin Investment: Intesa Sanpaolo, Italy’s largest bank, has invested over $1 million in Bitcoin, marking its entry into the cryptocurrency market. This move highlights the growing institutional interest in digital assets, setting a precedent for other traditional financial institutions in the region.
Top Tokens Update
- XRP Surges to All-Time High Market Capitalization of $192 Billion: XRP achieved a record market capitalization of $192 billion, driven by speculation surrounding an XRP ETF and the impending resignation of SEC Chair Gary Gensler. Gensler’s replacement by crypto-friendly Paul Atkins is anticipated to improve XRP’s prospects in its legal battle with the SEC. Additionally, expectations of pro-crypto policies under the Trump administration, particularly in crypto payments, have further boosted investor confidence in XRP.
- Chainlink Thriving on New Partnership, Price Rallies: Chainlink’s recent collaboration with Turkish financial transformation leader BTguru has propelled its native token to new heights. The partnership focuses on accelerating the adoption of tokenized securities among regional regulated institutions. By leveraging Chainlink’s advanced infrastructure, BTguru aims to address key challenges in the tokenized asset space, fueling investor optimism and a significant price rally for Chainlink.
- Cardano in Talks to Integrate Ripple’s RLUSD Stablecoin: Cardano founder Charles Hoskinson has confirmed ongoing discussions with Ripple to integrate RLUSD, Ripple’s regulatory-approved stablecoin, into the Cardano blockchain. Launched in December, RLUSD has attracted attention for its compliance and growth potential. This integration could enhance Cardano’s DeFi ecosystem and expand RLUSD’s adoption, marking a strategic step forward for both platforms.
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Bullish.
- This week, Bitcoin showed strong strength, crossing the $100K mark again and breaking the downtrend trendline. While a closing confirmation is still needed, the overall market sentiment and macro factors remain positive, suggesting continued strength. Technically, Bitcoin is at key resistance, and in the lower time frames, some chop is expected. However, the broader outlook remains bullish.
- Key support levels to consider are around $99,330 and $91,500 On the upside, resistance level is at $102,550 and $106,050.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Bullish.
- ETH also experienced upward momentum as the overall market strengthened. The ETH/BTC pair remains choppy and needs more strength, but ETH shows bullish price action in higher time frames (HTF) with strong support from the key 200EMA. For the upcoming week, the outlook remains bullish for ETH.
- Significant support levels include $3300 and $3150, while resistance levels to watch are at $3500 and $3680.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
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