Crypto Movement Snapshot: No Significant Movement from Bulls or Bears

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The crypto market started the week slow due to the holiday season, but accelerated later in the week. Bitcoin started trading at the US$16,584 level. It has been trading in a narrow range between $16,256 and $17,061 for the past few days, indicating a lack of strong movement from either bulls or bears.

On Thursday, BTC began consolidating above the $16,800 level as market volatility remained elevated following the release of Federal Open Market Committee minutes. The bank expects inflation to rise more aggressively to 3.5% this year, which is higher than expected. Bitcoin is down almost 75% since its all-time high of US$69,000 in November 2021. Over the past 24 hours, BTC has been trading above the US$16,900 level. The resistance level for BTC is $17,000. However, a clear move above the US$17,000 level could create a sense of confidence among the bulls to further increase in value over the coming week.

On the other hand, Ethereum also consolidated slightly with momentum on Thursday. However, despite a slight dip, sentiment remains somewhat bullish as ETH continues to trade above the US$1,250 level. Other major cryptocurrencies are also spending much of this week in a similar trend to BTC and ETH.

In an interesting twist of events, the UK will soon apply a tax exemption for foreign investors who buy crypto through local investment managers or brokers. The tax relief, announced in December, is part of Prime Minister Rishi Sunak’s plans to turn the UK into a crypto hub.

Korean tech giant LG has made an announcement regarding its metaverse ambitions at the Consumer Electronics Show 2023. NFT enthusiasts can now use a service known as Blade Wallet to buy, sell and trade their digital artworks at home using their LG smart via the company’s LG Art Lab platform.

Jared Gray, CEO of decentralized exchange SushiSwap, intends to rethink the tokenomics of SushiSwap. The new tokenomics aims to boost the platform’s liquidity and decentralization and bolster cash reserves to ensure continued operation and development, according to Grey.

The Dogecoin Foundation has announced a new fund of $5 million for Dogecoin Core Developers to further promote the Dogecoin ecosystem in the new year. According to the Dogecoin Foundation, the fund will be held in a new multi-signature wallet managed by its members and needs three out of five signatures from Dogecoin Core developers. These custodians will have no rights to the funds other than managing the release. As far as price action goes, among the top 100 cryptos by market capitalization, here are the best and worst performing cryptos from the past week:

Top 5 crypto winners of the week:

1. Lido DAO is up 55% 2. Solana is up 35% 3. Ethereum Classic is up 29% 4. Frax Share is up 23% 5. NEAR Protocol is up 23%

Top 5 crypto losers this week: 1. Neutrino USD is down 8% 2. Huobi Token is down 7% 3. TRON is down 4% 4. Internet Computer is down 3% 5. UNUS SED LEO is down 2%

(The author, Edul Patel, CEO and co-founder of Mudrex, a global crypto investment platform)

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