The crypto market seems to be copying the US stock market almost beat for beat today after the latter opened for the first time this week after its day off yesterday.
And at the time of writing, the drum beat feels a bit slow and ominous, with Bitcoin (BTC) is inching and little to shout of major altcoins, either.
The sign of worse things to come? Or just a healthy correction before going back up? Perhaps there are some nerves ahead of a US Bitcoin mining hearing in Washington, DC later this week. More on that below...
Top 10 Summary
With the overall crypto market cap down roughly 3% in the last 24 hours, this is the state of the game among the top 10 by market cap at the time of writing, according to CoinGecko data.
As analyst Rekt Capital (282,000 Twitter followersโฆcan't be wrong, right?) points out, OG crypto is pretty much resting on monthly support at the time of writing.
#BTC is sitting on monthly support (blue)$BTC #crypto #bitcoin pic.twitter.com/phENingMdk
โ RektCapital (@rektcapital) January 18, 2022
Although the correlated US stock market (S&P 500: -1.93%) looks weak today and the inversely correlated US dollar (DXY: +0.58%) is moving higher, that particular support level looks precarious.
they were not for $ AAPL holding out for a bit, the stock market indices would be a real bloodbath
โ Alex Kruger (@krugermacro) January 18, 2022
Scanning Crypto Twitter, there is a prevailing uneasiness about this week and a feeling that something is bound to happenโฆa dramatic move waiting to happen. If the $40k strong psychological support zone breaks down for BTC, things could turn ugly in the short term.
We are not there yet (at the time of this writing), but if that level is not maintained, it will certainly represent another opportunity for true believers...
I have a feeling that something in the markets is going to break down, and you know what happens after that.
I'll give you a hint, it doesn't include multiple rate increases.
โ Cantering Clark (@CanteringClark) January 18, 2022
Is Bitcoin Mining Headwind Coming in the US?
as mentioned YesterdayThe US government will turn its attention to Bitcoin mining on Thursday morning (EST) with a congressional subcommittee. preparing to discuss the environmental impact of the activity in the United States โ which now has by far the largest Bitcoin mining output in the world in terms of hash rate, with about a 42% share.
A blanket ban on Bitcoin mining in the US, as we have seen in both China and Kosovo, would seem highly unlikely at this point, but the narrative of appeasing carbon neutrality aspirations is strong, as is the case against Bitcoin as a source of energy. chewer. It's something to watch out for, at the very least.
With that said, people like MicroStrategy CEO Michael Saylor and others will do their best to combat the FUD (Fear, Uncertainty, and Doubt) lurking in Congress by driving innovations and acceptance of sustainable Bitcoin mining in North America. North.
Please join us on Tuesday, January 18 at 5pm EST for our Fourth Quarter Information Session on the State of the #bitcoin Mining industry, with an update on hash rate, energy, efficiency, and sustainability metrics, along with reports from a panel of BTC mining CEOs, as well as Q&A from analysts.https://t.co/a3a6XRolAQ pic.twitter.com/Nmuy9aIlv5
โMichael Saylorโก๏ธ (@saylor) January 14, 2022
And then there's this news that just landed, too...
probably nothing https://t.co/eBUJw67CGY
โ CRYPTOโฟIRB (@crypto_birb) January 18, 2022
Intel, the $224 billion microprocessor and technology company, announced the launch of a new chip that it describes as an "ultra-low-voltage, energy-efficient Bitcoin mining ASIC." [application-specific integrated circuit]โ.
Some extra ammunition for the Bitcoin mining industry to keep the senatorial wolves (cough Elizabeth, cough Warren) at bay, perhaps?
Winners and losers: 11โ100
Sweeping a market cap range from around US$21.6 billion to around US$1.1 billion across the rest of the top 100, let's find some of the biggest 24-hour winners and losers at the time of the post.
DAILY PUMPERS
โข batteries (STX), (mc: $2.45bn) +13.5%
โข theta fuel (TFUEL), (mc: US$1.2b) +7%
โข classic ethereal (FTE), (mc: US$4.4b) +7%
โข Aave (AAVE), (mc: US$3.2b) +6%
โข Mine Protocol (MINE), (mc: US$1.25b) +5.5%
batteries, the Bitcoin network smart contracts and decentralized application enabler, is getting a listing on Coinbase, hence its good move on a declining market day.
โ๏ธ @stacks $STX be included in @Coinbase & @CoinbaseExch!
Trading will start from 5:00 pm UTC on January 19, if liquidity conditions are met.
๐ https://t.co/4mHpbZFx5R pic.twitter.com/fBtFZTJrEi
โCryptoDiffer (@CryptoDiffer) January 18, 2022
DAILY SLUMPERS
โข Wonderland (TIME), (mc: US$1.14b) -10%
โข Share Frax (FXS), (mc: US$1.1b) -9.5%
โข Curve (CRV), (mc: US$1.7b) -8.5%
โข pocket net (POKT), (market cap: $1.37 trillion) -8%
โข Oasis (ROSE), (mc: US$1.6b) -8%
Small-cap winners and losers
Moving below the crypto unicorns (in some cases far below), here is just a selection that catches our eyeโฆ
DAILY PUMPERS
โข property (PRO), (market cap: US$235m) +33%
โข pivx (PIVX), (mc: US$39m) +28%
โข UpBots (UBXT), (mc: US$11m) +21%
โข ready (LSK), (mc: US$343m) +20%
โข card starter (CARDS), (market capitalization: US$60.5 million) +18%
Y property, an Ethereum-based project that powers real estate transactions, also features high on its recent Coinbase listing...
The Propy ($PRO) token appears in the Coinbase app. It feels great, but not because of the % change in price. It's great because US users (agents, real estate investors, home buyers) can be a part of the ecosystem seamlessly. Here is a thread about the role of the token in the network. ๐งต
โ Natalia Karayaneva (@NataliePropy) January 13, 2022
DAILY SLUMPERS
โข Scream (SCREAM), (market cap: US$19m) -26%
โข Redacted Poster (BTRFLY), (Market Cap: $241M) -26%
โข For you (KUMA), (mc: US$14.5m) -23%
โข pallet finance (ICE), (mc: US$150m) -21%
โข crypto raiders (RAIDER), (mc: US$25m) -20%
Last words)โฆ
"Everything is difficult before it is easy." โ Goethe in #bitcoin
โMichael Saylorโก๏ธ (@saylor) January 18, 2022
Move, #bitcoin. It's time for Gold to shine โจ๐ pic.twitter.com/8H644YOkz2
โ The Crypto Couple (@thecryptoc0up1e) January 17, 2022
