Daily Market Update - January 11th, 2021

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.

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