1. Market Observation
Keywords: Plunge, ETH, BTC
According to the Fear and Greed Index data, after the price plunge, the trading sentiment of Bitcoin has fallen into the fear zone, which may indicate a buy signal. Although the recent volatility has caused each coin to fluctuate $10,000 within 24 hours, Bitcoin has returned to the $100,000 mark. The performance of other cryptocurrencies such as Ethereum and Solana has been mixed, with Ethereum struggling in the turbulent market.
It is reported that the US authorities have ignored the deadline requested by Senator Cynthia Lummis to explain the seizure of Bitcoin from the Silk Road, which has raised concerns among cryptocurrency advocates. In the price forecast news, Bitcoin plummeted from $91,252 to $101,549 within a few hours, with buyers actively defending this level. Meanwhile, Utah may become the first US state to establish a Bitcoin reserve.
Bitcoin derivatives data shows that although investors have concerns, this currency has bottomed out and is likely to rebound to over $100,000. Ethereum's price has fallen 10% in the past week, and the DeFi project World Liberty Financial, which is related to Trump, currently holds 70,000 ETH worth $224 million, with a current loss of about $37 million. In these developments, the Bitcoin market remains volatile, and investors' views on the prospects of this cryptocurrency are still mixed.
2. Key Data (as of February 5, 09:49 HKT)
S&P 500: 6,037.88 points (YTD +2.66%)
Nasdaq: 19,654.02 points (YTD +1.78%)
10-year US Treasury Yield: 4.521% (YTD -5.50 bps)
US Dollar Index: 107.93 (YTD -0.51%)
Bitcoin: $98,147 (YTD +5.07%), daily spot trading volume of $70.48 billion
Ethereum: $2,738.07 (YTD -18.14%), daily spot trading volume of $52.21 billion
3. ETF Flows (February 4 EST)
Bitcoin ETF: +$91.78 million
Ethereum ETF: +$83.54 million
4. Important Dates (Hong Kong Time)
ISM Services PMI (February 5 at 11:00 PM)
- Actual: To be announced / Previous: 54.1 / Expected: 54.3
Nonfarm Payrolls (February 7 at 9:30 PM)
- Actual: To be announced / Previous: 256,000 / Expected: 170,000
Unemployment Rate (February 7 at 9:30 PM)
- Actual: To be announced / Previous: 4.1% / Expected: 4.1%
5. Hot News
New York Times: US SEC Reduces Enforcement in Crypto Sector
US Lawmakers Form House and Senate Working Groups to Draft Crypto and Stablecoin Legislation
Acting CFTC Chair: CFTC No Longer Enforcing Regulatory Oversight
Ohio State Senator Introduces Bill to Establish Bitcoin Reserve and Accept It as Payment
NYSE Has Filed a 19b-4 Application with the US SEC for Grayscale's LTC ETF
US-Listed Company Semler Scientific Invests $88.5 Million to Acquire 871 BTC
Jupiter to Launch JUP Buyback Mechanism This Week
Supported by OSL - Hong Kong's largest over-the-counter trading platform, providing regulated digital asset services to the market since 2018.
