• Bitcoin's Volatile Week: $2.2B Liquidated, ETF Inflows, and Altcoin Performances

  • Feb 8 2025
  • Length: 3 mins
  • Podcast

Bitcoin's Volatile Week: $2.2B Liquidated, ETF Inflows, and Altcoin Performances

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  • Summary

  • The Bitcoin & Cryptocurrency Investment Show podcast.

    Hey there, fellow crypto enthusiasts It's your buddy Crypto Willy here, and I'm excited to share the latest updates from the world of Bitcoin and cryptocurrencies. Let's dive right in!

    This past week has been a wild ride, folks. On February 2, the crypto market experienced an unprecedented liquidation event, with over $2.2 billion wiped out in 24 hours, affecting more than 700,000 traders. This was triggered by President Donald Trump's announcement of new tariffs, which heightened fears of a global trade war and potential inflation, leading investors to retreat from riskier assets, including cryptocurrencies[1].

    However, the market staged a notable recovery, with Bitcoin rebounding by approximately 7.14% to around $101,000, and Ethereum seeing an even stronger resurgence, increasing by 12% to $2,809. Altcoins also participated in the recovery, with XRP soaring 23.34%[1].

    Now, let's talk about institutional activity. Bitcoin ETFs saw substantial inflows, suggesting that institutional investors are increasingly viewing Bitcoin as a viable investment option. Analysts like Tom Lee of Fundstrat predict Bitcoin could reach $250,000 by the end of 2025, driven by continued institutional adoption and the impact of Bitcoin ETFs[3].

    On the regulatory front, the U.S. Securities and Exchange Commission (SEC) has downsized its crypto enforcement division, reassigning more than 50 staff members. Commissioner Hester Peirce has outlined new SEC priorities, including evaluating whether crypto assets should be classified as securities or commodities and granting temporary relief for token issuances. Congress has also formed its first-ever Congressional Crypto Working Group, led by Senate Banking Committee Chairman Tim Scott[4].

    In terms of technical analysis, Bitcoin's price action has been volatile, with the 50-day moving average acting as resistance and the 200-day moving average providing support. The Relative Strength Index (RSI) for BTC is currently at a level that suggests it is neither overbought nor oversold, indicating potential consolidation[3].

    Lastly, let's look at some altcoin performances. Cardano (ADA) dropped 23.28% to $0.7261, XRP plummeted 23.21% to $2.3497, and Chainlink (LINK) suffered a steep 22.81% decline to $19.09. Avalanche (AVAX) fell 26.89% to $25.16, making it one of the worst-performing altcoins[4].

    That's all for this week, folks. Remember, the crypto market remains volatile, but long-term investors may see this dip as a potential buying opportunity, especially with Bitcoin still holding above the $97,000 support level. Stay informed, stay vigilant, and keep on crypto-ing!

    Your friend,
    Crypto Willy

    Get the best deals https://amzn.to/3ODvOta
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