Compared to yesterday, the total market value rebounded by 10-12%, showing some improvement at 2.5T
The global cryptocurrency total market value is now 2.5 trillion dollars, up about 10% in 24 hours, rebounding from a low of 2.3T yesterday. Trading volume is booming at 300B+, but mainly from buying at the low point. BTC dominance is at 57-59%, altcoins are also turning from red to green, but overall still weak. On the macro side, tech stocks are rebounding and gold prices are stable, risk aversion has eased a bit.
(This market rebound chart shows the total market value curve rising from the low point)
2. Bitcoin bounced back from 60K to 70K, the roller coaster is really exciting
BTC is now in the 70K-71K range, up 11% in 24 hours, with a low of 60K yesterday and a high of 71.4K today. Technically, it has held the 60K mark, analysts say this is an oversold rebound, but don't get too excited too early, we still need to see if 70K holds in the short term. The Fed remains hawkish and geopolitical tensions are still present, but there are institutional buys coming in at the low point.
3. Altcoins are recovering, ETH breaks 2K.
• ETH: Around $2,050, up 9-12%, rebounding from 1.7K.
• SOL: $86-90, up 15%, the small prince of anti-dip.
• Other: XRP rises 20% to $1.46, BNB rises 6-7% to $655, the top ten have turned from red to green, alt season index shows some improvement, DeFi NFT trading volume is warming up, but 90 of the top 100 coins were still in the red yesterday, today they finally catch a breath.
4. Today's hot news.
• BTC rebounds over 11%, taking off from the 60K lows, the largest single-day increase since March 2023 (Reuters says).
• ETF outflows have eased, but yesterday still saw $434M leave, ETH also $80M (CoinDesk analyst says).
• Macro: US stocks' Nasdaq rebounds, Bitcoin ETF has some inflow, institutional demand has cooled but is not dead.
• Regulation: The Senate is advancing the market structure bill, but banks are still holding back.
• Other: Whales are selling off, but there's buying at the lows. UBS says crypto is not an asset. The Indian stock market has slightly risen, but crypto is globally interconnected.
5. Sentiment and outlook.
Currently extremely fearful, index at 12-14, recovering from yesterday's lows. Exchange selling pressure has eased, and leveraged liquidations are down a bit. Short-term volatility remains high, but long-term institutions and the halving foundation are still present, though we must wait for macro stability. An oversold rebound has come.
What to watch for tomorrow, February 8?
1. US data: CPI employment, Federal Reserve speaks, hawkish faction strikes again.
2. Geopolitical: Oil prices, US and Iran, don't stir things up, crypto can easily get swept in.
3. Technical: BTC holding 70K is key, if it breaks, it goes back to 65K; a rebound above 72K has potential.
4. Regulation: The bill has new updates, keep an eye on it, it can ignite.
5. Reminder: Extreme fear has a rebound, but play light, stop-loss is a must.
Today finally rebounded, but the lows might be an opportunity. Stay steady, see you at 20:00, continue to monitor the market. It’s not easy to write, give a follow.
