[시황] Bitcoin exceeded 40,000 dollars, DeFi deposits exceeded 22 billion dollars

As the spot transaction volume surged, the price of bitcoin again hit a record high. The total value of assets deposited in the Ethereum-based DeFi protocol also hit a record high.

• As of 6 o’clock this morning, bitcoins traded for about $39,143 each. That’s a 4% increase in 24 hours.
• In the last 24 hours, Bitcoin has been priced between $36382 and $40,324.
• On the hourly price chart, the bitcoin price exceeded the 10-hour and 50-hour moving averages.

While the price of bitcoin continued to rise, it once traded at $40,324 each, hitting an all-time high again. However, the sharp sell-off fell close to $3,000 in 30 minutes. The bitcoin price, which then rebounded again, is trading at $39,489 at the time of the article’s delivery as of 9 am.

Guy Hershey, managing director of eToro, an asset management company, said, “Bitcoin’s price increase was led by institutional investors.” It was expected that it could go up to 6,000 dollars and 400,000 dollars.” Director Hershey continued, “There may be a temporary drop in prices because of those who are trying to make a profit, but prices will continue to rise in the short and medium term.”

Cindy Leu, an investment strategist at 256 Capital, a cryptocurrency trading company, said, “In the first week of the new year, bitcoin prices rose and fell by 15-20% several times.”

“This change is a mixture of price changes since the half-life of 2013 and 2017. In 2013, there was a vertical movement over several months, whereas in the second half of 2016, periodic changes over several months appeared repeatedly. The feelings in the current bitcoin market seem to be a mixture of distrust and happiness. Therefore, the price peak has not yet been reached and there is room to continue to rise. In particular, the funding rate of most crypto assets, as well as futures premiums and call options trading volumes, continue to remain high.”

The funding rate is a measure of the trade of a futures contract with no maturity at a premium compared to the spot price, and is the cost of maintaining a long position bet on an increase in price. If this number is high, it means an excessively strong bull market and that the price has risen too much. The high funding premium on major derivatives exchanges means that traders are willing to borrow money to buy assets now, even if they are willing to borrow money.

“I expected it to take 3 to 6 months to reach 50,000 dollars. But in the current situation, it is expected to break through within a week or two.” -Chris Thomas, Head of Digital Assets, Swiss Quart Bank

If bitcoin spot trading volume remains at its current level, Thomas’ prediction seems almost certain. The daily trading volume of the eight major exchanges included in CoinDesk 20 exceeded $5 billion for the last six days in a row. The trading volume on the 7th also reached 6.6 billion dollars by 4 pm US time.

“If the bitcoin price exceeds $50,000 each, institutional investors who have more than doubled their profits are expected to sell coins. It may be wise to do so. If prices plunge again and fall below $20,000, institutional fund managers could endanger their positions.” -Chris Thomas

“Even so, the start of 2021 is very good,” said Dennis Binokurov, director of the cryptocurrency broker Biquant. In the first week of January, it has already surpassed 40,000 dollars.”

The total value of the DeFi deposits has risen… Investors collect one after another

Ether (ETH), the second largest cryptocurrency market cap, traded for $1245 each as of 9 o’clock this morning. This is a 3.8% increase over 24 hours.

Yesterday, his total value deposited in DeFi Finance surpassed $22 billion for the first time. Cryptocurrency investors who deposit assets in DeFi smart contracts benefit from providing liquidity.

However, the total amount of Ether deposited in DeFi Finance declined and fell below 6.8 million by the time the article was sent.

The total amount of bitcoins also declined sharply to 3,456. This is a 53% decrease from the all-time high of 64993 in October last year.

It’s easy to guess where investors re-invested the money from DeFi. However, as the DeFi market was in full swing, they are expected to reinvest the money after making some profit.

“The chart above is very useful as a leading indicator of price movement. Looking at this, we can see that the amount of deposits is decreasing as investors subtract bitcoin and ether again.” -Missha Alleperenko, Founder of Velvet Formula

Other market trends

Most of the major cryptocurrency prices included in CoinDesk 20 have risen.

Increase

• XRP (Ripple) increased by 32.3%
• Orchid (OXT) rose 6.8%
• Tron (TRX) 5% increase

degradation

• Algo fell 5.4%
• Cosmos (ATOM) fell 4.8%
• Ethereum Classic (ETC) declined 3.3%

Stock market

• Japan’s Nikkei 225 Index rose 1.6%-Democratic Party won the Georgia Senate runoff vote and dominated the entire Senate, leading to optimism over the financial industry in general
• Europe FTSE100 index rose 0.22%-US Congress certifies Joe Biden’s presidential election, raising expectations for stimulus measures
• 1.5% increase in the US S&P500 index-increased investment in technology and consumer goods

Commodity market

• West Texas heavy oil rose 0.85% to $50.94 per barrel
• Gold price rises 0.21% to $1913 per ounce

Government bonds

• The 10-year Treasury bond yield rose 3.4% to 1.076%

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