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First Mover Asia: Bitcoin Continues to Look East for Strength

Despite worries over future access to U.S. financial lines, bitcoin and ether (ETH) stay relatively flat as Asia’s workday gets underway. Bitcoin is now at $23,441, down 0.9% over the last day, while ether is now worth $1,646, down 1.2%.

Access to banking for cryptocurrency businesses in the U.S. has raised further questions during the last 24 hours. After delaying submitting its annual report with the U.S. Securities and Exchange Commission, Silvergate, which has positioned itself as a crypto-friendly bank, had the bulk of its clientele go to competitor Signature. Signature said in late December that it intended to cut $10 billion from its crypto-related deposits. The company is also being sued for “significantly assisting” the comingling of money at FTX.

The Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC) together issued a press statement on January 3 expressing concern about the dangers that crypto assets pose to financial firms.

At the same time, hope is still emanating from the East.China will have a busy week for data releases.It is scheduled to publish information on the balance of trade results for January and February on Tuesday. Experts anticipate a significant increase to $100 billion from the previous period’s $78 billion. It’s also anticipated that the period’s export and import numbers would improve year over year. Positive Chinese manufacturing figures earlier this week drove a 4% increase in bitcoin.

Data from on-chain analytics startup Glassnode shows that 70% of Bitcoin addresses are lucrative.The proportion of unique addresses whose average purchase price is less than the current price of bitcoin is shown by the “Percent Addresses in Profit” indicator. Readings below 50 in the past have shown that Bitcoin is oversold and, therefore, signify a probable bottom. A probable peak is indicated by readings over 95%. The present reading for Bitcoin is fairly consistent with an asset that has lately been moving in a narrow range.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.