Let’s break down what happened in the crypto world over the last week, starting with Bitcoin’s price movements and then diving into all the major news from various projects and institutions.
Bitcoin Price Action Analysis
Bitcoin had a choppy week but stayed in a critical range. Here’s a simple breakdown:
- 🔻 December 29-31: Bitcoin dropped sharply, hitting a low of 91,451, breaking through several key support levels. This drop was mainly due to macroeconomic fears and some bad news in the crypto space.
- 📈 January 1-3: Bitcoin started to recover from its lows. The price pushed back above 98,000, showing that buyers were stepping in. However, the psychological level of 100,000 remains a major resistance.
- Current Status: Bitcoin is hovering around 98,200, trying to gain momentum. The 91,451 level now acts as strong support, while 100,000 is the key resistance to break for further upside.
Major Events in Crypto This Week
1️⃣ BlackRock’s Bitcoin ETF Sees Record Outflows
- BlackRock’s spot Bitcoin ETF (IBIT) saw its largest-ever daily outflows of $300.8 million. This shows that some large investors may be taking profits or moving funds elsewhere.
2️⃣ Morgan Stanley Considering Crypto for E-Trade
- Morgan Stanley is exploring the idea of adding cryptocurrency trading to its popular E-Trade platform. This could bring crypto to millions of traditional investors if it happens.
3️⃣ US Dollar Index (DXY) Hits New Highs
- The DXY (U.S. dollar index) reached its highest level since November 2022. A stronger dollar often puts pressure on Bitcoin and other risk assets like crypto.
4️⃣ Tether ($USDT) Market Cap Drops
- USDT saw its largest weekly market cap drop since the FTX collapse. The market cap dropped by 1.2%, falling to $137 billion. Some believe this is due to regulatory changes in Europe with MiCA (Markets in Crypto-Assets regulation) coming into effect.
New Developments from Projects
1️⃣ Uniswap V4 Is Coming Soon
- Uniswap announced that v4 is on the way. It was initially planned for Q3 2024, but there were delays. The new version is expected to improve liquidity and trading efficiency.
2️⃣ AAVE & Ethena Collaboration
- A new product called Arcthena is coming, a collaboration between Ethena and AAVE. It will likely be a lending platform for institutions, giving funds access to $ENA yields and $USDe stablecoins.
3️⃣ MetaPlanet to Buy 10K BTC by 2025
- MetaPlanet, a Japanese publicly traded company, announced plans to increase its Bitcoin holdings to over 10,000 BTC by 2025.
4️⃣ Holoworld AI’s Agent Market Launch
- Holoworld AI, is launching an Agent Market on Solana. This platform will let users buy and sell AI agents.
Weird & Wild News
1️⃣ Tesla Cybertruck Explosion at Trump Hotel
- Someone blew up a Tesla Cybertruck at the Trump Hotel in Las Vegas. Elon Musk clarified that it was caused by fireworks or a bomb placed in the truck’s bed.
Source | ABC News
2️⃣ FARTCOIN Hits New All-Time High
- Yes, you read that right. FARTCOIN hit a new high of 1.4 USDT with a 1.3 billion fully diluted valuation. The meme coin craze is still alive!
Institutional Moves
1️⃣ MicroStrategy Buys More Bitcoin
- MicroStrategy, led by Michael Saylor, bought another 2,138 BTC at an average price of 97,837. This brings their total holdings to 158,245 BTC.
2️⃣ Swiss Push for Bitcoin in the Constitution
- A Swiss lawmaker is pushing for a referendum to include Bitcoin in the country’s constitution. This would make Bitcoin legal tender in Switzerland.
AI and Crypto Trends
1️⃣ AI Agent Coins on the Rise
- The market cap of AI agent coins has tripled to $16 billion over the last month. Tokens like $VIRTUAL and $AI16Z have hit new all-time highs.
2️⃣ $ELIZA Integrates Twitter Spaces
- The ELIZA OS platform now supports Twitter Spaces. AI agents can join and speak in real-time on X.
This article is not financial advice. Readers should always do their own research (DYOR). You are welcome to explore more insights on blog.millionero.com. When you’re ready, you can trade spot and perpetuals on Millionero.