The cryptocurrency market digest (BTC, USDC). Overview for 11.01.2023


The BTC is trying to grow and for now it is doing a good job. On Wednesday, the crypto is chiefly moving around 17,431 USD. This is very close to a new intermediate resistance level of 17,500 USD that can open a pathway to 18,500 USD.

The market enjoys good dynamics of American stock indices, and correlation between the BTC and the S&P 500 and Nasdaq benchmarks recovered. Jerome Powell, the head of the Federal Reserve System who delivered a speech yesterday, never touched upon financial policy, so the markets remained balanced.

Now we wait for the US December inflation report as it will be the most interesting event of the week.

In the middle of the week, capitalisation of the crypto market is 857.617 billion USD. The BTC takes up 39.2% and the ETH – 19.0%.

USDC transaction volume increased noticeably

After the crash of the FTX exchange, the USDC stablecoin became much more popular than earlier. Daily transaction volume is 4-5 times larger than that of the USDT. The imbalance becomes even more pronounced when we recall that the USDT has a 23 billion USD larger capitalisation.

Shiba Inu and Bugatti launch NFT collection

A crypto project Shiba Inu alongside its affiliate Bugatti announced launch of a collection of Bugatti X Shiboshi NFTs. To present a limited series of physical objects, the affiliates will organize a special event. The digital collection will hold 299 unique tokens at a price of 0.14 ETH minimum.

Source: Roboforex

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