THE EQONEX CRYPTO GUIDE AND LEARN HUB
Daily Bitcoin and Crypto Analysis

Morning‌‌ ‌‌Update—Macro and Crypto Markets—January ‌‌11th

January 11, 2021

On Friday, European and American markets closed the sessions with a risk-on tilt. Some indexes pushed to record highs (again). Treasuries continue to be sold, now tumbling to lows not seen within the last six months. The dollar rebounded slightly, while gold fell a significant 3.4%.

The crypto space was also bullish, but experienced volatility over the weekend. On Friday, BTC rose to new all-time highs of $41,980. 

Saturday was flat. Sunday, however, saw some selling pressure: At some point, prices rested $34,444. Buyers were there, though, and we’ve since then rebounded to $38,320, forming a long bottom wick, which typically suggests further bullish action. 

Looking at a CryptoQuant tracker of miner’s holding and activity, it seems that the pullback was caused by miners beginning to sell their coins in the lower 40K’s.

Alts suffered during the retracement, but somehow ended up either holding up at their previous level in USD terms (meaning staying on par), or, in some cases, even outperforming BTC on the session. Relative to BTC, the weekend was also an outstanding comeback by older/proof-of-work coins such as XMR, DASH, BCH, and even ETH.

Away from individual coins and price action, volume across spot exchanges reached a record of $5 billion daily—an undeniable signal that interest, focus, and money is moving to crypto.

Speaking of which, Bitcoin’s market cap is currently near 7% of that of gold. As the cryptocurrency grows, we heard from Bill Miller (famous value investor) reassuring investors, saying that as price and money inflow increase, the more volatility and risk decrease. 

Lastly, and still on a very supportive note, Morgan Stanley filed an SEC form declaring they now own about 10% of MicroStrategy. Everyone wants exposure to Bitcoin, one way or another.


Written by: Justin d'Anethan, Sales Manager

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