On February 2, the cryptomarkt received an unexpected blow of 17%, which caused market capitalization (excl. Stablecoins) to $ 2.61 trillion, the lowest point in almost eight weeks. Bitcoin held out better than altcoins; Ethereum lost 35% to $ 2,133 in two days.
Although Bitcoin quickly recovered to $ 99,000, traders doubt whether the soil has been reached. External macroeconomic factors remain the largest risk factor.
Cryptomarkt under pressure
Not all coins were hit in the same way yesterday; Bitcoin, BNB, Solana and XRP all did not fall under their 90-day lows.
Ethereum’s low yesterday was $ 2,110. This made the Vitalik Buterin project a lot, and it was the first time since December 2023 that it closed below such a level.
However, it would be incorrect to attribute the correction exclusively to Ethereum; Wider macroeconomic factors seem to play a greater role.
Crypto-market capitalization (ex-stablecoins). Source: TradingView
On 1 February, President Donald Trump increased the rates on Chinese goods by 10%. Goldman Sachs predicts that this measure will lower Chinese GDP growth to 4.5%in 2025. China called the decision on 2 February a “serious violation of international trade rules”.
Bitcoin derivatives performed well despite market volatility
Bitcoin derivatives have stayed well, despite the recent market volatility and risk period.
While the S&P 500 fell by 1.8% and the US Dollar Index (DXY) reached the highest level since November 2022, the demand for Bitcoin-Futures remained relatively stable.
The negative Bitcoin Funding Rate on 3 February points to a decreased demand for lung positions, but the impact was minimal, since the positions were still in balance.
Bitcoin perpetual futures 8-uurs funding rate. Bron: Laevitas.ch
The open interest remained at 630,000 BTC and the Annualized Futures Premium decreased light from 11% to 9%, indicating that professional traders were not too concerned about the recent price fall in Bitcoin.
The short -term soil seems to be reached, although worry about the wider stock market could limit the upward space for Bitcoin above $ 100,000.
Bitcoin Future premium of 2 months on an annual basis. Source: Laevitas.ch
The influence of institutional investors, such as micro strategy and black rock, plays an increasingly important role in limiting Bitcoin’s volatility.
MicroStrategy, which owns hundreds of thousands of Bitcoins, has positioned its investment as a long -term strategy, which promotes price stability.
This involvement of enormous wealthy investors has a stabilizing effect, so that the demand for bitcoin remains relatively strong despite short -term fluctuations.
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Source: https://newsbit.nl/is-de-bodem-al-bereikt-voor-bitcoin/
