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Market Wrap: Bitcoin Reaches $40.3K Whereas DeFi Worth Locked Inflates to Over $22B

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Large trading volumes on the Bitcoin spot market are helping prices rise to a new record high. The Ethereum-based banned DeFi value is also setting records, with rising crypto values ​​playing a role.

  • Bitcoin (BTC) is trading around $ 39,143 as of 9:00 PM UTC (4:00 PM ET). Gain of 8.4% in the last 24 hours.
  • Bitcoin’s 24-hour range: $ 36,382 to $ 40,324 (CoinDesk 20)
  • BTC above its 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since January 4th.

Source: TradingView

The price of Bitcoin continues to make incredible gains on Thursday, an upward trend that helped the world’s oldest cryptocurrency hit a record $ 40,324. However, the prices north of the new, large number were short-lived. A sell-off took nearly $ 3,000 off the price in 30 minutes, though it has since rebounded to $ 39,143 at press time.

“Bitcoin’s uptrend is being driven by institutions and institutional analysis pointing to price targets that are being requested by companies, including $ 146,000 from JPMorgan and $ 400,000 from Guggenheim,” said Guy Hirsch, US general manager for multi-asset brokerage eToro .

“Profit-taking is likely to result in medium price declines, but all signs point to a short- to medium-term increase,” he added.

Continue reading: Bitcoin tops $ 40,000 for the first time and doubles in less than a month

“It was a wild first week of the year for Bitcoin, with the period moving 15 to 20% up and down a couple of times,” said Cindy Leow, investment manager at multi-strategy trading firm 256 Capital.

Historical Bitcoin price over the past four months

Source: CoinDesk 20

“This step is a mixture of 2013 and 2017 after halving price movements, in which a practically vertical step was built over many months in 2013, while in the rally at the end of 2016 many more regular corrections were made that dragged on for months”, added Leow. “Overall market sentiment appears to be a mixture of disbelief and euphoria, leading us to believe that retail has not yet peaked and there may still be room for this trend to develop.”

Weekly Bitcoin spot price at Bitstamp since 2013.

Source: TradingView

“We remain cautiously optimistic and note that funding rates for most crypto assets remain high, as do futures premiums and call volume,” concluded Leow.

Continue reading: CME Now Largest Bitcoin Futures Exchange As Institutional Interest Rises

Funding premiums for key derivatives locations remain high, indicating that traders are willing to pay quite a bit for leveraged positions.

Bitcoin has been exchanging funding on major futures exchanges for the past six months.

Source: Skew

“From here, I have an initial target of $ 50,000 and I would like to say we will have it in three to six months, but I think the power behind the market means we now have the chance to to achieve it in a couple of weeks. ”Said Chris Thomas, Head of Digital Asset at Swissquote Bank.

If the spot bitcoin volume can continue to tear, Thomas’s prediction may not be an option. Daily volume on the eight exchanges tracked by CoinDesk 20 exceeded $ 5 billion for six consecutive days, including Thursday’s $ 6.6 billion at press time.

Spot USD / BTC volume on eight major exchanges (Shuai Hao / CoinDesk Research)

Source: CryptoCompare

“After $ 50,000, I think there will be some very realistic institutional vendors who will have to take profits as they have likely doubled their money by that point,” said Thomas. “It would be wise to do so, and a drop below $ 20,000, which is not ruled out, could lead to difficult conversations with your managers.”

Nevertheless, 2021 has got off to a good start for the cryptocurrency market. “It’s early January and Bitcoin has broken through $ 40,000,” said Denis Vinokourov, head of research at Crypto Brokerage Bequant.

The value of crypto locked in DeFi is rising as investors pull back

Ether (ETH), the second largest cryptocurrency by market capitalization, rose on Thursday, trading at $ 1,245 and rising 3.8% in the last 24 hours at 9:00 PM UTC (4:00 PM ET).

The total value of decentralized funding (DeFi) topped the $ 22 billion mark for the first time on Thursday. Crypto investors “lock” assets in DeFi Smart contracts in order to generate a “return” or a percentage return in return for the provision of liquidity.

Total value locked in DeFi in the last three months.

Source: DeFi Pulse

However, the amount of ether included in DeFi has dropped to below 6.8 million ETH at the time of going to press.

All of the ether has been trapped in DeFi for the past three months.

Source: DeFi Pulse

Additionally, the amount of Bitcoin locked has plummeted to 30,456, a 53% decrease from the all-time high of 64,993 BTC in October.

Total Bitcoin locked in DeFi for the past three months.

Source: DeFi Pulse

Where investors are moving all of this crypto out of the DeFi sphere is unclear, but some level of profit-taking is likely to take place in a glowing market.

“The charts are a good leading indicator of price movements,” said Misha Alefirenko, founder of crypto market maker VelvetFormula. “That means people are paying back their BTC and ETH, and that looks very bearish.”

Other markets

CoinDesk 20’s digital assets are mixed on Thursday, but mostly green. Notable Winners as of 9:00 PM UTC (4:00 PM ET):

Continue reading: XRP Climbs Backup Crypto Rankings Up Nearly 50%

  • Oil rose 0.85%. Price per barrel of West Texas Intermediate Crude: $ 50.94.
  • Gold was in the red at 0.21% and at press time at $ 1,913.
  • The US 10-year Treasury yield rose to 1.076 on Thursday and was in the green at 3.4%.

The CoinDesk 20: The assets that matter most to the market

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