Author: Defx Intern

Amidst the recent market turbulence, Bitcoin’s mining hashrate has quietly surged to a new all-time high. On-chain data reveals that the total computing power connected to the Bitcoin network has reached a record 832,600 TH/s, surpassing the previous peak set earlier this year.

This development is particularly noteworthy given the current market conditions. Despite the price volatility and uncertainty, miners are demonstrating their confidence in Bitcoin’s long-term prospects by expanding their operations and investing in new hardware.

The rising hashrate indicates that miners are finding the Bitcoin blockchain an attractive opportunity, even as the cryptocurrency navigates through a choppy market. This growth in mining power not only strengthens the network’s security but also suggests that miners anticipate a bullish future for Bitcoin.

Technical analysis of the hashrate using the Hash Ribbons indicator also paints a positive picture. A brief miner capitulation signal was observed at the beginning of the month, but it was quickly followed by a sharp increase in hashrate, leading to a reverse crossover. Historically, such reversals have served as buying signals for Bitcoin.

While the short-term price action remains uncertain, the expanding hashrate and the resilience of miners in the face of market volatility provide a solid foundation for Bitcoin’s long-term growth. As more computing power is dedicated to securing the network, Bitcoin’s fundamentals continue to strengthen, setting the stage for potential future price appreciation.

Tags: Bitcoin, Hashrate, All-Time High, Mining, Market Volatility

Source: https://bitcoinist.com/bitcoin-hashrate-all-time-high-price-rollercoaster/

According to a recent research report by Wall Street bank Citi, the relationship between stocks and cryptocurrency markets is likely to weaken in the long term as the crypto asset class matures and adoption grows.

While equities have been the most significant macro driver of crypto markets, Citi analysts, led by Alex Saunders, believe that the correlation will fall over time. They cite factors such as the growth of the crypto investor base, advancements in technology, and increased adoption as key drivers for this decoupling.

The speculative nature of cryptocurrency markets may still lead to inflated risk asset correlations, particularly during risk-off events. However, Citi expects that a more transparent regulatory regime in the U.S. will contribute to more idiosyncratic price action in the crypto space.

Furthermore, the bank anticipates that Bitcoin volatility will continue to decrease in the long term as institutional adoption rises. This trend could potentially stabilize the crypto market and reduce its sensitivity to equity market fluctuations.

Citi also noted that crypto was the only asset class that saw its market cap grow as a percentage of U.S. equities last year. This observation highlights the increasing prominence and potential decoupling of cryptocurrencies from traditional financial markets.

The report suggests monitoring Bitcoin’s correlation to gold, as it may serve as an early indicator of its “store of value” use case. As Bitcoin gains more mainstream acceptance and demonstrates its value preservation properties, its relationship with gold could provide insights into its long-term market positioning.

Tags: Citi, equities, crypto correlation, Bitcoin volatility, institutional adoption, store of value

Source: https://www.coindesk.com/markets/2025/02/05/equities-crypto-relationship-is-likely-to-weaken-in-the-long-term-citi-says

Hong Kong’s Securities and Futures Commission (SFC) is set to strengthen its cryptocurrency regulatory workforce in the upcoming fiscal year 2025-26. The SFC’s newly released budget proposal outlines plans to introduce 15 additional positions, with eight specifically focused on virtual asset regulation.

This move comes as Hong Kong aims to position itself as a leading hub for cryptocurrency and digital asset innovation. The additional resources are expected to enhance the SFC’s ability to oversee market activity, conduct enforcement investigations, and ensure compliance within the crypto sector.

The SFC’s increased budget and staffing plans reflect the growing importance of virtual asset regulation within the commission’s broader mandate. The fiscal year 2025-26 budget anticipates an overall expenditure of HK$2.59 billion (approximately $332.4 million), marking a 7.2% increase from the previous year’s forecast.

The SFC has acknowledged that its current capacity for oversight has been strained, with on-site inspections of licensed entities falling short of targets in 2023. The regulator’s expansion plans are intended to address these gaps, ensuring stronger supervision and more frequent inspections of licensed crypto firms operating in Hong Kong.

As Hong Kong continues to strengthen its crypto oversight, the SFC’s latest staffing and budget plans demonstrate the region’s commitment to creating a robust regulatory framework for the cryptocurrency market. This development is likely to attract more legitimate crypto businesses to Hong Kong while deterring fraudulent activities, ultimately contributing to the growth and maturity of the global crypto ecosystem.

Tags: Hong Kong SFC, crypto regulation, virtual assets, budget increase, staffing plans

Source: https://bitcoinist.com/hong-kongs-sfc-strengthens-crypto-oversight/

On-chain analytics firm Glassnode has revealed that the Ethereum futures market remains overheated, despite a recent long squeeze that saw $76.4 million in ETH long liquidations. The data suggests that while significant leverage has been flushed out, the market may still be primed for further volatility.

The Ethereum futures Open Interest, which tracks the total amount of open futures positions, has decreased from $20.5 billion to $15.9 billion following the liquidations. However, this value remains 22% higher than the yearly average of $13 billion, indicating elevated leverage levels in the market.

Historically, overheated futures markets have often led to increased price volatility for Ethereum. With the market still holding notable leverage, further sharp price action could be on the horizon. ETH saw a crash towards $2,100 yesterday but has since rebounded to around $2,800.

The current market conditions highlight the importance of risk management for Ethereum traders and investors. While the long liquidations have provided some relief, the persistent high Open Interest suggests that the market may not have fully stabilized. Cautious positioning and careful monitoring of leverage levels could be prudent strategies in the near term.

As the Ethereum market navigates this volatile period, it will be crucial to watch for signs of further deleveraging or potential catalysts that could trigger additional liquidations. The interplay between spot prices and futures market dynamics will likely continue to shape ETH’s trajectory in the coming days and weeks.

Tags: Ethereum, ETH, Futures Market, Liquidations, Open Interest, Leverage, Volatility

Source: https://www.newsbtc.com/news/ethereum/ethereum-leverage-despite-long-squeeze-glassnode/

The Securities and Exchange Commission (SEC) is reportedly reassigning lawyers from its crypto unit and reducing oversight of the industry. This move comes as President Trump pledges to limit government intervention in the crypto space and position the United States as a leader in digital assets.

The decision to dial down crypto oversight is a significant shift in the SEC’s approach. It suggests a more hands-off regulatory environment that could potentially foster innovation and growth in the industry. However, it also raises concerns about investor protection and the potential for increased fraud and manipulation in the market.

The reassignment of lawyers from the SEC’s crypto unit could impact the agency’s ability to effectively monitor and enforce regulations in the space. This could lead to a regulatory vacuum that bad actors might exploit. On the other hand, it could also provide more flexibility for legitimate projects and encourage the development of new blockchain-based technologies.

From a market perspective, the SEC’s move could be seen as a bullish signal for crypto. It may attract more institutional investors and mainstream adoption as the regulatory landscape becomes clearer and more favorable. However, it’s crucial to monitor how this change in oversight impacts the market in the long run and whether it leads to sustainable growth or speculative bubbles.

Tags: SEC, crypto regulation, Trump, digital assets, blockchain

Source: https://decrypt.co/304501/sec-dials-down-crypto-oversight-reassigns-agency-lawyers-report

Bitcoin’s current consolidation between $90,000 and $100,000 has many expecting another bullish breakout. However, several developments suggest the cryptocurrency’s upward momentum may be slowing down.

Tightening USD liquidity is a major concern, with the Treasury General Account balance rising significantly in recent weeks. This could lead to a more challenging environment for risk assets like Bitcoin. Additionally, the Trump administration’s cautious approach to establishing a strategic BTC reserve has disappointed investors who anticipated swift action.

Technical analysis also points to weakening bullish momentum, with the 14-week RSI showing a bearish divergence similar to the pattern that marked the 2021 top. This negative setup would only be invalidated if the RSI crosses above the falling trendline, indicating renewed bullish momentum.

The combination of these factors suggests that Bitcoin may struggle to maintain its recent gains and could face increased selling pressure in the near term. Investors should closely monitor these developments and adjust their strategies accordingly.

Tags: Bitcoin, USD liquidity, Trump administration, technical analysis, market outlook

Source: https://www.coindesk.com/markets/2025/02/05/bitcoin-might-hit-a-wall-at-usd90k-usd110k-as-these-3-development-could-put-the-brakes-on-the-next-bul-breakout

Barstool Sports founder Dave Portnoy has once again made a bold move in the crypto market, revealing in a livestream on February 3 that he purchased an additional $1 million worth of XRP. This comes after his initial investment of $1.3 million in XRP and $1.5 million in Bitcoin back in December 2024.

Portnoy, known for his high-risk, high-reward approach to investing, sees XRP as a potential “10X coin” and believes it has more upside potential than Bitcoin in the short term. His latest purchase coincided with a market-wide pullback, which saw Bitcoin and altcoins experience sharp drops followed by steep recovery rallies.

The crypto market’s downturn can be attributed to President Donald Trump’s announcement of tariffs on imports from Mexico and Canada, which sent shockwaves through the financial markets. Despite the uncertainty, Portnoy remains committed to his long-term holds and is not actively trading his positions.

Portnoy’s bullish stance on XRP is likely influenced by the ongoing legal battle between Ripple and the SEC, as well as the recent launch of Ripple’s stablecoin, RLUSD. Many traders, including Portnoy, see XRP as a high-risk, high-reward bet due to the potential for a favorable resolution to the SEC case under the new chairman, Paul Atkins.

As the crypto market continues to navigate regulatory hurdles and macroeconomic factors, Portnoy’s $1 million bet on XRP highlights the speculative nature of the space and the potential for significant gains or losses. With XRP trading at $2.66 at press time, all eyes will be on the altcoin’s performance in the coming weeks and months.

Tags: Dave Portnoy, XRP, Ripple, crypto market, altcoins

Source: https://bitcoinist.com/barstool-dave-portnoy-buys-xrp-dip/

Solana (SOL) has recently experienced a fresh decline from the $220 zone, with the price now consolidating and facing resistance near the $215 and $220 levels. Despite this short-term setback, there are indications that SOL could be gearing up for a bullish breakout if the price manages to clear the $220 resistance zone.

The recent decline in SOL’s price has brought it below key support levels such as $212 and the 100-hourly simple moving average. However, the formation of a short-term declining channel or a bullish flag on the hourly chart suggests that a potential reversal could be on the horizon.

If the bulls can successfully push the price above the $215 and $220 resistance levels, it could set the stage for another steady increase in SOL’s value. The next key resistance level to watch would be $232, with any further gains potentially sending the price toward the $250 level.

On the other hand, if SOL fails to break through the $215 resistance, it could lead to another decline. The initial support on the downside is near the $202 zone, with the first major support at the $198 level, which coincides with the 50% Fib retracement level of the upward move from the $175 swing low to the $220 high.

A break below the $198 level might send the price toward the $192 zone, and a close below the $192 support could see the price decline further toward the $175 support in the near term.

The technical indicators for SOL/USD suggest that the MACD is losing pace in the bullish zone, while the RSI is currently below the 50 level. These indicators, combined with the key support and resistance levels, will play a crucial role in determining the future direction of Solana’s price.

As the crypto market continues to evolve, investors and traders will be closely monitoring SOL’s price action to see if it can break through the current resistance and embark on a new bullish trajectory.

Tags: Solana, SOL, SOLUSD, technical analysis, crypto market

Source: https://www.newsbtc.com/analysis/solana-sol-at-a-crossroads-220/

Bitcoin Depot, a leading Bitcoin ATM operator in North America, has reinforced its commitment to Bitcoin by adding 51 BTC to its treasury holdings. The company’s recent $5 million purchase brings its total Bitcoin holdings to an impressive 71.5 BTC.

This strategic move by Bitcoin Depot underscores the company’s strong belief in the long-term potential of Bitcoin. By allocating a significant portion of its treasury to BTC, Bitcoin Depot is not only demonstrating its confidence in the cryptocurrency but also positioning itself to benefit from potential price appreciation in the future.

The $5 million Bitcoin purchase is a testament to Bitcoin Depot’s proactive approach to embracing and promoting the adoption of cryptocurrencies. As a prominent player in the Bitcoin ATM industry, the company’s actions serve as a positive signal to the broader crypto market, indicating a growing institutional interest and trust in Bitcoin.

Bitcoin Depot’s treasury expansion comes at a time when an increasing number of companies are recognizing the value of holding Bitcoin on their balance sheets. This trend is driven by the need for a hedge against inflation, the potential for long-term capital appreciation, and the desire to diversify investment portfolios.

The implications of Bitcoin Depot’s move extend beyond the company itself. As more businesses follow suit and invest in Bitcoin, it could lead to increased mainstream acceptance and adoption of cryptocurrencies. This, in turn, may contribute to the overall growth and stability of the crypto market.

Bitcoin Depot’s strategic Bitcoin acquisition also highlights the company’s commitment to supporting the development and maturity of the cryptocurrency ecosystem. By actively participating in the market and demonstrating its belief in Bitcoin, the company is contributing to the legitimization of cryptocurrencies as a viable investment asset class.

Tags: Bitcoin Depot, Bitcoin treasury, BTC purchase, crypto adoption, institutional investment

Source: https://news.bitcoin.com/bitcoin-depot-expands-bitcoin-treasury-with-5-million-purchase/

XRP price has recently recovered most of its losses, rallying towards the $2.75 level. However, the cryptocurrency is now facing significant hurdles near the $2.70 zone, which could potentially lead to another decline in the near future.

The recent upward move saw XRP price break above the $2.60 level, gaining pace for a move above the $2.00 and $2.25 resistance levels. The bulls managed to pump the price above $2.50 and $2.55, but the bears remained active below the critical $2.80 level.

Technical analysis of the XRP/USD pair on the hourly chart reveals a new connecting bearish trend line forming with resistance at $2.710. If XRP fails to clear this resistance zone, it could trigger another decline, with initial support on the downside near the $2.420 level.

The key support levels to watch out for are $2.2650, which is the 50% Fib retracement level of the upward move from the $1.750 swing low to the $2.780 high, and the $2.050 zone. A downside break and close below these levels could see XRP continue its decline towards the $2.20 support.

On the upside, a clear move above the $2.80 resistance might send the price towards the $2.940 resistance, with potential for further gains towards $3.000 or even $3.050 in the near term. However, the bulls will need to overcome the major hurdle at $3.120 to sustain any significant upward momentum.

The current market sentiment for XRP remains uncertain, with the price now trading below the 100-hourly Simple Moving Average and the RSI (Relative Strength Index) dipping below the 50 level. The MACD for XRP/USD is also gaining pace in the bearish zone, suggesting that the bears may be gaining control.

As the XRP price faces this critical resistance, investors and traders should keep a close eye on the key support and resistance levels, as a decisive break in either direction could set the tone for the cryptocurrency’s near-term price action.

Tags: XRP price, Ripple, technical analysis, crypto markets, price prediction

Source: https://www.newsbtc.com/analysis/xrp/xrp-price-tests-critical-barrier-2-8/