We’re opening up the week with the bullish momentum showing signs of fatigue after last week’s action saw $BTC print new ATHs at and then above 40K.
Digital assets market:
$BTC prices are challenging psychological support levels at 40K, holding above this level for the past three days until a barrage of heavy selling overnight (in a four hour spell) resulted in a 16% correction, dipping $BTC to lows of 34k before it rebounded back to 38K territory early this morning in Asia.
$BTC physical traded volumes at 73B and futures volumes above 75B, consistent with last week’s performance above 70B each day.
Seeing 145k traders liquidated with 1.45B open positions liquidated in the past 24h on $BTC’s volatile $1000 traded range. Largest single ticket liquidation seen from Bitmex ETH perp futures worth $22M.
$ETH down 2.5% to start the second week of the New Year at 1250, rejected local highs of 1340 on the weekend after last week saw a +58% push from 770->1220.
Alts and DeFi watch:
Top 10 major Alts seeing largely red across the board with price drops ranging from 2.5% to 9%.
$BCH the only coin moving up this morning at +4% over the past 24h to near 600 levels. YTD in 2021 it’s up 72% fuelled by a strong 34% pump this weekend after opening at 344 on Jan 1st.
DeFi market cap currently plateauing around 23B levels - its ATH currently.
Notable blue chip DeFi alts performances:
$AAVE up 13% over the weekend to new highs of 125.
$SNX up 19% to new highs of 14.
$YFI dropped from highs of 39k over the weekend to 34K traded price at the time of writing.