Bitcoin Crosses $23,000 on Sunday, Jan 29

Binance News Team

2023-02-02 09:22

Full disclaimer: This platform includes third party opinions. We do not endorse their accuracy. Digital asset prices can be volatile. Do your own research.See full terms here.

Charts of the Week

Bitcoin’s January Rally

As of Monday, Jan 30, Bitcoin is changing hands at $23,231, with over 40% gains since the beginning of January.
From a technical perspective, BTCUSD is close to its 200 Week Moving Average at $24,835 and its 50 Week Moving Average stands at around $25,335.

Out Of Fear

The January price surge has also changed the sentiment towards the asset. For the first time since last March, Bitcoin remained outside the “Fear” zone on its Greed and Fear Index. On Jan 30, Bitcoin remained in the “Greed” zone, with a score of 61.

Miners Remain In Profits

Bitcoin’s price rally has made a positive impact on miners’ profits as well. In January, miners witnessed a 50% growth in revenue through mining revenue and transaction profits.

Traders Turn Optimistic

On Binance Futures, the BTCUSDT Long/Short Ratio closed at Sunday, Jan 29 at 1.21 as 54.8% of all Binance Futures accounts with an opened position in BTCUSDT are net long, while the other 45.2% are net long.

Weekly Market Movers

The DEFIUSDT Futures Perpetual Contract had a positive week-over-week return of +4.71% while BTCBUSD, ETHBUSD, and BNBBUSD Futures Perpetual Contracts had a negative week-over-week return of -1.99%, -3.14%, -2.79% respectively.

***Note: DEFIUSDT is a composite index perpetual contract that consists of a basket of DeFi protocol tokens listed on Binance. It is calculated using weighted averages of DEFI tokens’ real-time price on Binance and is denominated in USDT.

Find out more about DEFI Index.

New Updates

Maintenance Margin Tiers - Binance Futures adjusted the maintenance margin tiers of the USDⓈ-M APTUSDT Perpetual Contracts on Jan 26.

News Roundup

Bitcoin’s Premium In Nigeria - Bitcoin demand in Nigeria is soaring due to the impending demonetization of the fiat currency and is currently being traded at a premium of up to 163.77%, despite the central bank's ban on financial institutions offering services to cryptocurrency exchanges.
Crypto Bill In New York State Assembly - A bill has been introduced in the New York State Assembly that will legalize state agencies to accept cryptocurrencies as payment for various state-related dues such as fines, taxes, fees, and civil penalties through partnerships with relevant entities.
Bitcoin Rises, Profits Vary by Year - Bitcoin prices reached a new high for the year this week, with 2019 buyers being back in profit but 2020 and 2022 buyers still in the red, with 2021 buyers deep in the red and needing prices to approach $38K to see a profit.
Institutions Drive Bitcoin Buying - Institutional investors are driving Bitcoin buying, accounting for up to 85% of the buying from US-based investors.

Highlights From This Week

Lunar New Year Competition Ends Soon - The competition presents the opportunity to qualify for a share of the prize pool of 50,000 USDT.

Read Our Latest Blog Posts

How to Hedge a Long Position With a Protective Put

Crypto options contracts provide portfolio diversification and risk hedging through the protective put strategy, which protects portfolios from market downturns and is limited by time, not the asset's price, unlike a stop-loss. Learn more about the protective put strategy in our latest article.

Disclaimer and Risk Warning: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial advice, nor is it intended to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Not financial advice. For more information, see our Terms of Use and Risk Warning.

View full text