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Futures Weekly Wrap (Jan 3rd-Jan 9th): Bloodbath in the Crypto Markets
2022-01-10 10:52

Chart of the Week

The Red Sea

  • Roughly $280 billion were wiped out of the total cryptocurrency market capitalization over the week.
  • Most digital assets in the market dropped in tandem amid the sell-off. Some whales have taken advantage of the downtrend to buy cryptos at a discount, but retail interest has failed to pick up.
  • A few technical indicators suggest that a rebound is coming. Still, it remains to be seen whether the incoming upswing would have the strength to generate enough FOMO in the market to push cryptos into a new uptrend.

Bitcoin on Thin Ice

  • At about $42,500 on Sunday, Jan. 9th, Bitcoin hit a three-month low at nearly $40,500 as the sell-off that started in early November intensified.
  • From a technical perspective, BTC’s upside potential looks capped as there are several layers of resistance ahead that might reject any attempts by the bulls to take over. Bitcoin would have to break through $52,000 to be able to resume its uptrend while closing below $41,000 could signal a downswing to $33,000.
  • On Binance Futures, BTCUSDT Long/Short Ratio continues rising to hit a 2.98 ratio on Jan. 9th. Traders remain optimistic about Bitcoin’s future price action as 74.87% of all accounts are net-long.

Weekly Market Mover

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

Highlights From This Week

Take Part in This Week’s Activities

  • Get Verified and Win! - Binance launched the second round of Enterprise Verification to give users a 1,000 USDT USDⓈ-M Futures cashback voucher for completing enterprise verification and opening a Futures account.
  • Margin Friday - Users who complete an average daily margin trading volume of 1,000 BUSD, or borrowing volume of 100 BUSD on Binance Margin, and complete identity verification by the end of the promotion, will be eligible to share 20% trading income.

Trade Our New Listings

New Updates

News Roundup

  • Buy the Dip - The third-largest Bitcoin whale on the network appears to have bought the dip, adding another 828 BTC to his stack. (Trade BTCBUSD)
  • Metaverse Mega-City - The Sandbox announced the creation of Mega-City and onboarded a slew of partners including Animoca, which acquired LAND NFTs. (Trade SANDUSDT)
  • ETH 2.0 - Ethereum founder Vitalik Buterin denied rumors about a potential delay on the ETH 2.0 upgrade, assuring a timely launch. (Trade ETHBUSD)
  • Bitcoin Birthday - On January 3, 2009, the enigmatic and still anonymous Satoshi Nakamoto released the Genesis Block containing the first 50 bitcoins onto Sourceforge.
  • NFTs - Kevin O’Leary, a.k.a Mr. Wonderful, believes that insurance policies and real estate transfer taxes are going to be online over the next few years, “making NFTs a much bigger, more fluid market potentially than just Bitcoin alone.”
* Note: Binance encourages our users to trade responsibly. Trading can be engaging and fun, but trading is a serious business and it can lead to financial and emotional distress. Trading derivatives carries risk, and furthermore, cryptocurrencies and other digital assets often have high levels of price volatility.
Disclaimer: The information provided in this section doesn't represent any investment tips or Binance's official position.
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Disclaimer: The information provided in this section doesn't represent any investment tips or Binance's official position.