Is negative news still bogging the industry down? What does that mean for Bitcoin?
) particularly, on Jan. 30, the cryptocurrency rose to $24,000 after seemingly having stagnated around the $16,500 range for the better half of November and December.recently, its highest such level since June last year. As a quick remedy, this number usually rises so steeply only when investors start limiting their exposure to altcoins and pouring their capital back into BTC.After successfully defending a price target of $22,500 since Jan.
On a somewhat similar note, Frederic Fernandez, co-founder of DeFi trading application DEXTools, told Cointelegraph that the new year could be bullish for the crypto market if and only if the global economy is able to forge a recovery of sorts. This is because a large-scale trend reversal could boost the demand for alternative investments and increase liquidity in the market.“The market could remain bearish if economic uncertainty increases as restrictive regulations may be imposed.
Furthermore, digital investment product volume has continued to surge, approaching the $1.3 billion mark on Jan 30, up 17% when compared to its year-to-date value. However, short-Bitcoin products registered monetary inflows worth $4.4 million, which is not a good sign for investor sentiment,Multi-asset investment vehicles saw money being drained from them for the third month running, with these outflows amounting to $6.4 million.
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