BTC Drops to $91K, and XRP Grew 60% - January 13, 2025
Also, Usual stablecoin deppegs, and analyst predict an alt season soon.
TL;DR: Crypto Insights in Seconds
BTC: Struggled to break the 20-day EMA. Despite pullback, analysts remain optimistic for long term growth.
XRP: Jumps 60% following Gary Gensler’s departure.
U.S.: 256K jobs added in December, leaving concerns for crypto traders.
Altcoins: Volume on Binance shows bullish momentum.
Mango Markets: Shutting down after SEC settlement and DAO conflicts.
Worldcoin: Reaches 10 million human verifications despite concerns.
Polymarket: Singapore blocks the platform due to gambling regulations.
Usual: After update, the stablecoin deppeged, sparking concern and mistrust among users.
Price Update
Bitcoin Faces Pullback After Reaching $94K
BTC dropped below its 20-day EMA, sparking caution among traders as it approaches critical support at $88K. Analysts point to macroeconomic factors, including Federal Reserve concerns, as contributing to the pullback. Grayscale analysts suggest Bitcoin remains on a bullish trajectory despite recent pullbacks, and a growing number of high-net-worth individuals are turning to Bitcoin as a refuge against macroeconomic uncertainty and inflation.
XRP Soars on Gensler’s SEC Exit
XRP prices went up 60% following Gary Gensler’s departure from the SEC. The exit of the regulator, who was often seen as critical of the crypto sector, has fueled bullish sentiment for Ripple and its token.
Market Trends
U.S. Job Market Surges in December
The U.S. economy added 256,000 jobs in December, far exceeding estimates of 160,000. The strong labor market has contributed to macroeconomic concerns for Bitcoin traders, leading to cautious optimism during rising volatility.
Binance Altcoin Volume Suggests Bullish Momentum
Crypto analysts report increased trading volumes on Binance’s altcoin markets. This activity indicates growing interest and positive sentiment for altcoins ahead of potential market recovery. Some traders are claiming the next alt season might come soon.
Regulatory and Legal News
Mango Markets to Wind Down After SEC Settlement
Mango Markets has announced it will cease operations following a controversial SEC settlement and intense internal DAO conflicts. The platform, which gained traction as a decentralized trading venue, faced regulatory scrutiny and internal battles that ultimately led to its shutdown.
Altman’s World Project Hits Major Milestone
Sam Altman’s Worldcoin project has surpassed 10 million human verifications globally. The project’s goal of creating a universal identity system using biometric technology continues to gain momentum, despite ongoing concerns about privacy and data security and different countries ordering the project to delete data.
Singapore Blocks Polymarket Over Gambling Concerns
Singapore has restricted user access to Polymarket, citing regulatory concerns over its perceived resemblance to unlicensed gambling platforms.
Business News
Stablecoin USD0 Experiences Depegging Issues
The project rolled out a major update to its protocol, emphasizing greater scalability and user-friendly features. During the process, USD0, a DeFi stablecoin, has depegged reaching $0.92. Developers are exploring solutions to stabilize the token, while the community is concerned about the sustainability of the project, especially when the platform offers a 4-year locked up period to receive rewards and many no longer have access to their funds.
As the crypto market navigates a mix of optimism and caution, significant events such as regulatory shifts, macroeconomic data, and technological advancements continue to shape its trajectory. With Bitcoin and altcoins responding dynamically, traders and investors remain alert to opportunities and risks ahead. This week, several macroeconomic events are happening, so the best advice is to plan ahead. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
