Bitcoin started the day in decline and added to the losses of the financial markets, especially strong in risk assets. It comes from two consecutive days in which it closed around $41,500. The world’s largest cryptocurrency has lost 10% since the start of the new year, as cryptocurrency funds post five straight weeks of outflows.
Despite the fact that the cryptocurrency market is seeing some turmoil, the price remains at the bottom of the channel in which the quintessential digital currency has moved in recent weeks, with clear support at $40,000. But nevertheless, “still struggling to build upside momentum”, commented Craig Erlam, an analyst at Oanda shared by Bolsamanía. “It looks vulnerable, especially at a time when risk assets are so affected,” he warns.
The news coming out of the cryptocurrency industry is mixed. On the one hand, cryptocurrency funds witnessed the fifth consecutive week of outflows, according to the report from digital asset manager CoinShares, as digital asset investment products saw net outflows of $73 million in the week ending Jan. 14.
Meanwhile, The Savior, the first country to adopt bitcoin as a currency, incorporated about 70% of its unbanked population into its official bitcoin wallet called Chivo, which translates to about 44 million people. On the other hand, Moody’s, the credit rating agency, issued a warning about the risk of downgrading the rating of the Central American country due to its adoption of the currency last September, President Nayib Bukele declared in capital letters, through his Twitter account, that “El Salvador doesn’t care.”
“ETH’s daily trend is riding an ascending channel pattern. However, a break below this pattern could see a bearish cycle for Ethereum with the next immediate support at $2,730. Meanwhile, Opensea , the most popular NFT marketplace, has acquired Ethereum wallet maker Dharma Labs, a strategic move to further grow the NFT market,” said Siddharth Menon, COO of WazirX. Meanwhile, the global cryptocurrency market capitalization falls to $1.97 trillion.
Source From: Ambito
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