Ether prices fall against bitcoin

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Hello. Here is what happens:

Price: Bitcoin Holds Near $23,000 For Another Day; Ether remains above $1,600.

Insights: Ether price declines against bitcoin.

Prices

CoinDesk Market Index (CMI)

1,089.14

+6.5 0.6%

Bitcoin (BTC)

$22,968

+189.4 0.8%

Ethereum (ETH)

$1,629

10.2 0.6%

S&P 500 daily close

4,019.81

+47.2 1.2%

Gold

$1,934

+7.2 0.4%

10-year Treasury yield

3.52%

0.0

BTC/ETH Price by CoinDesk Indices; gold is the COMEX spot price. Prices from around 4 p.m. ET

Bitcoin Rises Over $23,000 and Falls Again

By James Rubin

Bitcoin broke through the high of $23,000 on Monday before falling back just below that threshold in a repeat performance over the weekend that continued to reflect renewed investor optimism.

The largest cryptocurrency by market capitalization recently traded at $22,968, up almost a percentage point in the past 24 hours, BTC is up over 35% year-to-date amid concrete signs that prices are falling without the economy falling into a deep recession. .

Still, a number of analysts are unconvinced that the rally will last after a nearly 14-month bear market and a host of crypto debacles that have rattled already fragile public confidence in the industry.

In a weekly commentary, Jeff Dorman, chief investment officer of digital asset investment firm Arca, pointed to bitcoin’s rebound and “strong revival” of tokens from “applications and protocols largely left for dead.” , but also the difficulty of predicting whether the current upsurge was “just a bear market rally or whether price increases will reflexively trigger enough economic activity to justify price moves.”

“At the micro level, most applications and individual protocols are still near the lowest levels of users and activity,” although many have grown more than 100% in recent weeks,” Dorman wrote, adding “The market is trying to find a balance between last year’s dead zone and 2021’s euphoria.”

Ether also rose and then fell on Monday but continued to trade comfortably above $1,600, roughly flat from Sunday at the same time. Other major cryptos were mixed with AVAX, the base layer protocol token Avalanche, and XRP, the native crypto of the open-source public blockchain XRP Ledger, up more than 4% and 5%, respectively, but AXS, the governance token of the Axie Infinity gaming platform, down more than 12%. AXS had climbed more than 40% on Sunday. The CoinDesk Market Index (CMI), a measure of market performance for major cryptos, rose slightly.

The story continues

Stock indices closed higher to continue their broadly higher trend this year, with the tech-focused Nasdaq and S&P 500 jumping 2% and 1.2%, respectively, as the market hopes the bank US central will cut its next interest rate hike from the 50 and 75 basis points (bps) increase of the past eight months to 25 bps.

Meanwhile, lawyers for Genesis Global told a federal bankruptcy court in New York on Monday that they had been working around the clock with creditor representatives and the U.S. Trustees Office for two months to reach a consensual resolution with the besieged company’s creditors. Earlier this month, Genesis Global Holdco, the holding company of Genesis Global Capital and two of its subsidiaries, Genesis Asia Pacific (GAP) and Genesis Global Capital (GGC), filed for bankruptcy protection under the Chapter 11, part of the fallout from the collapse of crypto exchange FTX.

In his company’s commentary, Arca’s risk committee head Michael Dershewitz wrote that the Chapter 11 filing represented “an endgame” for “a long-running public insolvency.”

“Chapter 11 is a useful process for suspending liability and negotiating a court-approved restructuring,” Dershewitz wrote, adding, “We can’t add much to predict how these negotiations will end, but we are looking to the edge. of our seats.”

The biggest winnersThe biggest losersInsights

Ether-Bitcoin currency pair sinks 8%

By Glenn Williams

Ether declined against Bitcoin, although it turned deflationary again.

The ETH/BTC currency pair is down 8% since Jan. 11, as bitcoin’s price rise has been more pronounced than that of ether.

The decrease in the ETH/BTC ratio comes as the supply of ETH has decreased. The current supply of ETH is currently 2,788 ETH lower than its supply in September 2022.

The relative strength index (RSI) of the ETH/BTC pair has since fallen below 40, reaching levels last seen in December.

A further drop below 30 could present a compelling opportunity for bullish ETH investors to add to their positions.

(TradingView)

Important events.

08:30 HKT/SGT (00:30 UTC) UK S&P Global/CIPS Services PMI (January)

20:45 HKT/SGT (12:45 UTC) New Zealand Consumer Price Index (Annual/Q4)

11:30 HKT/SGT (15:30 UTC) Australian Consumer Price Index (QoQ/Q4)

CoinDesk TV

In case you missed it, here’s the most recent episode of “First Mover” on CoinDesk TV:

Bitcoin Surpasses $23,000 Before Pulling Back; AXS Soars Ahead of $64M Token Unlock

Bitcoin (BTC) surged above $23,000 for the first time since August before falling back. This came as the gaming giant’s AXS cryptocurrency to earn Axie Infinity rallied despite the impending release of millions of dollars worth of tokens. Opimas LLC CEO and Founder Octavio Marenzi spoke. Compound Labs founder Robert Leshner and Bitwise Asset Management general counsel Katherine Dowling also joined the conversation.

Securities

Bitcoin Miner Argo Blockchain Shares Climb After Recovering Nasdaq Listing: The miner may return to Nasdaq after the minimum bid for its stock rose above $1 for the last 10 consecutive days.

MakerDAO Approves $100M USDC Deployment on DeFi Yearn Finance Protocol: The decision paves the way for MakerDAO to earn an estimated 2% annual return on USDC stablecoin deposits.

Crypto exchange Gemini cuts another 10% of staff, report: Gemini has been swept away by problems at crypto lender Genesis Global Capital, with which it has partnered on an interest-earning product.

Ethereum’s Buterin offers “stealth addresses” to improve privacy: In a new blog, Ethereum co-founder Vitalik Buterin describes a system of stealth addresses that can help overcome the lack of blockchain privacy protection.

NFT Collection Doodles acquires Emmy-nominated animation studio: Golden Wolf deal brings project founder Ingi Erlingsson into the Doodles fold.

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