crypto News January 2021 in numbers: new bitcoin and Ethereum maximums, record income and Reddit factor

January 2021 in numbers: new bitcoin and Ethereum maximums, record income and Reddit factor

January 2021 in numbers: new bitcoin and Ethereum maximums, record income and Reddit factor

BTC/USD BitStamp BitC/USD schedule. Data: TradingView.

Daily schedule ETH/USD Exchange Bitstamp. Data: TradingView.

  • In the first week of 2021, Bitcoin overcame an important psychological level of $ 30,000, setting a new historical maximum in the region of $ 42,000 on January 8. The rapid growth of digital gold pushed the capitalization of the market above $ 1 trillion. Then the correction began, as a result of which the first cryptocurrency fell by about a quarter. As a result of a month, the price of bitcoin increased by 15%, to $ 32 192.
  • The second in capitalization of cryptocurrency also established the absolute price maximum – on January 19, the Ethereum Code exceeded $ 1430. During January, the asset went up by 120%.

Market moods and correlations

Dynamics of the index of fear and greed. Data: Alternative.me.

90-day indicators of the correlation of assets. Data: Blockchaincenter.

  • Against the backdrop of the correction of bitcoin from the marks reached in early January above $ 40,000, the cryptocurrency “fear and greed index” decreased to September values. Then the indicators of the indicator were stabilized above the mark 70 belonging to the category of “greed”.
  • Correlations of bitcoin with gold and index S&P 500 in January were lower than the average values ​​in 2020. Traditionally cramped was the statistical interconnection of digital gold with other cryptoactives at the Proof-OF-WORK algorithm, especially with Ethereum and Litecoin. These coins usually almost synchronously move during periods of increased volatility.

The volume of trading

The dynamics of trading volumes on the spot exchanges, billion $. Data: Cryptocompare.

January 2021 became a record month in terms of trading on spot platforms – the total indicator reached $ 845 billion.

In the context of trading platforms, the Binance Exchange ($ 518 billion) remains the absolute leader. The TOP-3 also includes the American platforms Coinbase and Kraken-their turnover in January amounted to $ 117 billion and $ 56 billion, respectively.

Futures and options

Bitcoin and Ethereum futures. Data: SKEW.

  • January turned out to be a record month and in the market of cryptocurrency derivatives – the total trading volume exceeded $ 2 trillion.
  • In the most saturated session, on January 11, the volume of bitcoin-fuses reached $ 170 billion, and $ 50 billion under Ethereum contracts based on Ethereum.
  • Binance cryptocurrency exchange also leads in the section of platforms in the segment, however, on the eve of the most loaded sessions, the championship in terms of open interest (OI) belonged to the regulated Chicago commodity exchange (CME). The share of open positions at CME at the peak of activity exceeded 18.4% of the total OI, which is equivalent to $ 2.4 billion.

Bitcoin and Ethereum options trading volume, million. Data: SKEW.

  • In January, investors actively traded options based on bitcoin and Ethereum against the backdrop of rapid growth of assets.
  • In the most loaded session, January 11, the turnover reached $ 2.5 billion, $ 2 billion of which fell on the leader of the segment – the Deribit platform.
  • On January 29, the largest expiration of more than 120,000 bitcoin points took place in the amount of over $ 4 billion.

The dynamics of the positions of large investment players (Commercial) on Cme. Data: CFTC.

In the adjustable market, large investment players continued to increase Longs after fixing positions near the historical maximum (+77 contracts). 90 shorts remain unchanged since the end of December.

The dynamics of the value of funds blocked in the Defi sector. DEFI PULSE data.

TOP-3 Defi project at the cost of blocked funds, billion. Data: Defi Pulse (as of 1.02.2020).

  • In January, the growth of Defi segment accelerated. The total cost of funds blocked on application-contractions (TVL) came close to the record $ 27 billion (excluding tokenized bitcoins like WBTC).
  • The three leaders remained unchanged – Landing projects Maker, AAVE and Compound. Their TVL on February 1 amounted to $ 4.8 billion, $ 3.98 billion and $ 3.29 billion, respectively. The largest growth rate was demonstrated by the AAVE Defi platform (+100% compared to the last month).

TOP-20 coins of Defi projects on market capitalization, sorted by price growth rates. Data: Messari (as of 1.02.2021).

Capitalization of popular bitcoins on Ethereum, million $. DEFI PULSE data.

  • Against the background of the boat in the sector, many Defi tokens in January demonstrated rapid growth. Alpha Finance, 1inch, Curve and Uniswap projects have risen several times.
  • The growth of “bitcoins on the air” continued. The HBTC project bypassed on the capitalization of Renbtc. The total cost of segment assets exceeded $ 5 billion.

The dynamics of trading volumes on decentralized exchanges, billion $. Data: Dune Analytics.

Market shares of the largest dex. Dune Analytics as of 1.02.2021.

  • In January, decentralized exchanges were especially popular. As a result of a month, the total trading volume in this segment for the first time reached $ 55 billion.
  • Uniswap dominates the market-in January it accounted for 48% of the total monthly turnover of DEX ($ 25.7 billion). The three leaders also included a competing Sushiswap platform ($ 12.1 billion) and Curve ($ 6.2 billion).

Stebblecoins

The dynamics of the total market capitalization of stablecoins, billion $. Data: Messari.

TOP-5 leading capitalization stablcoins, billion $. Messari data (as of 1.02.2021).

The dynamics of influx and outflows of the USDC on and from centralized exchanges. Data: Glassnode.

  • In January, the total capitalization of stabilcoins increased by $ 7.5 billion – with values ​​near $ 30 billion to $ 37.5 billion.
  • The leader of the segment remains USDT from Tether, the capitalization of which exceeded $ 27 billion.
  • In terms of growth rates, all USDCs from the Center consortium surpassed – the market proposal of Stablecoin in January increased by 50%, to values ​​near $ 6 billion. The capitalization of Stablecoin Busd from the Binance Exchange has also increased significantly.
  • CTO Glassnode Rafael Schulce-Craft noted the exponential growth of exchange balances in the USDC stabilcoin. In his opinion, this is “fuel” for the future growth of bitcoin prices.

P2P trade

The volume of trading on the Localbitcoins P2P platform in 2020-2021, million $. Data: Coin.Dance.

The volume of trading on the Localbitcoins P2P platform in 2020-2021, BTC. Data: Coin.Dance.

  • The volume of trading on the Localbitcoins P2P platform was somewhat recovered in January simultaneously with the growth of the bitcoin course to the new historical maximum. During the first two weeks, the indicator demonstrated the maximum $ 46.5 million since mid -2019.
  • However, considering the volume of bitcoins acquired and sold, we see that the indicator continues to fall rapidly, and the records of Localbitcoins are a consequence of the growth of the first cryptocurrency quotations.

The volume of trading on the P2P platform Paxful in 2020-2021, million $. Data: Coin.Dance.

The volume of trading on the P2P platform Paxful in 2020-2021, BTC. Data: Coin.Dance.

Localbitcoins identical to decline is also traced on the competing Paxful platform. The volume of tenders decreased to values ​​below 1000 BTC. On average by a quarter, revolutions in USD decreased.

Mining, hashrate, commissions

The dynamics of the Bitcoin hashrate since the beginning of the year, eh/s. Data: Glassnode.

Dynamics of the Heshreyite Ethereum, H/S. Data: Glassnode.

  • Despite the correction after the new historical maximum, correlating with the price of the Heshreite Bitcoin increased by more than 8%. This indicates the confidence of miners in the long -term prospects of the first cryptocurrency.
  • Against the backdrop of rapid growth in the price of the Ethereum hashReum grew by 21%. This indicates high profitability and the resumption of the interest of “home” miners to extract the second in capitalization of cryptocurrency.

Bitcoin Mainers income by month, million $. Data: Coin Metrics.

Ethereum revenues for months, million $. Data: Coin Metrics.

  • The total income of Bitcoin Mainers in January grew by 58%, overcoming a mark of $ 1 billion. This is a record indicator since December 2017.
  • $ 977.7 million out of $ 1.09 billion fell on rewards for blocks – a maximum of the history of observations, $ 112.8 million – for the received commissions.
  • Ethereum major earned $ 798 million last month. The indicator surpassed the record of three years ago ($ 762 million).
  • The increase in income was facilitated by the increase in the price of ETH to the new historical maximum above $ 1400. 40% of January revenues fell on transaction commissions.

The dynamics of the average commission for BTC and ETH transaction. Data: Blockchair.

  • Against the background of violent activity in the Defi sector, the average commission for the Ethereum transaction in January increased by 220%-to $ 10.60 (as of February 1).
  • The average commission for a transaction on the Bitcoin network for the same period increased by 162% – to $ 14.44.

Onchain-data

Percentage of the market supply of bitcoin, which has not moved for more than two years. Glassnode data.

Bitcoin price and the number of addresses with ≥ 1000 BTC. Glassnode data.

  • In January, the share of bitcoin proposal, which has not moved more than two years, decreased by 1.5%. This may be due to the desire of long -term investors to fix the profit against the background (and shortly after) by Bitcoin establishing an absolute maximum.
  • Contrary to the increase in the liquid proposal of bitcoin, the number of “whale” addresses (C ≥ 1000 BTC) increased by 8.6%.
  • In January, 22.3 million addresses showed the activity of Bitcoin – this is an absolute record.

The price of bitcoin and the dynamics of balance of centralized exchanges, thousands of BTC. Data: Glassnode, Yahoo Finance.

Exchange balances and share of the offer of Ethereum, involved in smart contracts. Data: Glassnode.

  • The trend continued to reduce the balance of centralized exchanges. This may be due to the desire of the market participants to independently control the means and reducing their [simple_toooltip content = ’tendency to prefer consumption at present, and not in the remote future.’] Temporary preference [/simple_tooltip].
  • The Ethereum offer on centralized exchanges also decreased against the background of the growth of the share of ETH, involved in the smart contracts of decentralized applications. This is largely due to the boom in the Defi sector, where there are wide opportunities for receiving loans secured by cryptocurrency and profitable placement of free funds. This may also be due to a decrease in user trust in centralized exchanges.

ETH Number Dynamics in Ethereum 2 Steiking.0. Data: Glassnode.

By the end of January, more than 2.8 million ETH (+32% compared to the previous period) was at the deposit contract of the new system). Reducing an active supply with unchanging or growing demand for Ethereum can contribute to the long -term growth of the second in capitalization of cryptocurrency.

The activity of large players

Grayscale

Bitcoin’s influx GRAYSCALE GBTC Road. Data: bybt.

Grayscale Bitcoin Trust (thousands of BTC). Data: Grayscale.Co.

  • In January, Grayscale Bitcoin Trust (GBTC) attracted 41 430 BTC.
  • The company broke the record for the daily tributary of assets – January 18, the Balance GBTC increased by 16,244 BTC (~ $ 600 million).
  • As of the end of the month, the GBTC Truste concentrated 648 470 BTC ($ 22 billion).

Microstrategy

Previously investing in Bitcoin, more than $ 1 billion Microstrategy additional purchased 313 BTC for $ 10 million. The average purchase price was $ 31,808. As of February 1, 2021, the company owns 70 784 BTC, which are estimated at $ 2.4 billion.

The head of the company Michael Saylor in the Fourth quarter report said that Microstrategy will continue to invest free funds in Bitcoin and consider new opportunities for investing.

BlackRock

The world’s largest BlackRock Asset Management Company ($ 7.8 trillion) sent to SEC requests for the approval of Bitcoin Futures of two of its funds.

Other players

  • Bridgewater Associates, the founder of the hedge fund, who had previously criticized Bitcoin, did not rule out that in the future his company will consider investments in the first cryptocurrency. Skybridge Capital Anthony Scaramucci launched a fund based on the first cryptocurrency with assets of $ 310 million.
  • Galaxy Digital Cryptocurrency Bank Mike Novogradz will launch three Ethereum fund-one for institutional investors and two for retail. Earlier, the company also announced the launch of the unit focused on mining.
  • Pantera Capital will found a bitcoin fund focused on institutional investors.
  • According to media reports, the enduum of Harvard, Yale, Braunovsky and Michigansky invested in cryptocurrency through the Coinbase Exchange.
  • Blockfi landing platform has submitted to the SEC an application for launching an investment fund based on bitcoin.
  • Anchorage’s caste -dedicated service received a license from a nationwide “Digital Asset Bank”.

Key events in the regions

  • The President of Ukraine Vladimir Zelensky was offered at the state level to introduce assets tokenization and release national digital currency.
  • At the Rivne NPP, a contractor was approved for the construction of a mining center for 9 million hryvnias.
  • Verkhovna Rada deputies own cryptocurrencies for 5.7 billion hryvnias.
  • Minzifra of Ukraine and Stellar signed a memorandum of cooperation in the field of virtual assets.

  • In the Russian Federation, the text of the bill on taxation of transactions with cryptocurrency will be finalized.
  • The Central Bank of the Russian Federation set a limit of 600,000 rubles for the acquisition of digital financial assets with unskilled investors.
  • The Ministry of Justice of the Russian Federation registered the National Union of private traders and investors in financial markets. One of its directions will be the improvement of the legal regulation of the cryptocurrency market.
  • The Central Bank of the Russian Federation saw the demand for a digital ruble and predicted the growth of interest rates of account owners and deposits. Experts see the risks of pressure on commercial banks in launching CBDC and doubt the advisability of its launch.

Regulation

Key appointments after the election in the USA

  • US President Joe Biden nominated for Gary Gensler to the post of head of the US Securities and Exchange Commission. Hensler-former chairman of CFTC and top manager Goldman Sachs, is known for a friendly attitude to cryptocurrencies.
  • The ex-head of the Fed, Janet Yellen, was appointed Minister of Finance. In the past, she called Bitcoin a speculative asset used to finance terrorism, and promised to monitor the industry after appointing. Yellen later announced the need for a “balanced” approach to the regulation of Fintech.
  • Brian Brooks left the post of head of the controller of monetary circulation (OCC) as part of the US Ministry of Finance. The media suggested that Joe Biden may appoint a former Ripple adviser Michael Barra Head of the Service.
  • Under Joe Bayden, the head of the US URGENTAL BIRGE TRADING (CFTC) was also replaced. The hit Tarbert is replaced by temporary and.about. Rostin Benham was appointed, who previously called for an impartial way to regulate financial technologies, including blockchain and cryptocurrencies.

Other events in the field of regulation

Joe Biden froze a number of ex-president initiatives USA Donald Trump. One of them was a proposal of a network for combating financial crimes (Fincen) for verification of users of non -kastodial cryptocurrency wallets. The regulator extended the period of discussion of the rules for 60 days.

Monetary circulation controller management as part of the Ministry of Finance USA allowed national banks and federal savings associations to use public blockchains and stablecoin for calculations.

AT South Africa They will again try to develop a regulatory framework for cryptocurrencies against the background of the growing activity of the ponzi-scheme.

Bitstamp cryptocurrency exchange tightened KYC Procedure for users from Netherlands amid regulatory requirements in the region. Changes require the addition of the address to output to the “White List”, as well as confirming the ownership of the wallet using a photo.

A citizen Great Britain registered a petition on the legislative prohibition of cryptocurrency transactions. The financial supervision department warned of risks when working with cryptocurrency derivatives. The region also thought about the regulation of cryptocurrencies and stablecoins by analogy with traditional financial services. On January 6, a ban on the sale of cryptocurrency derivatives to retail investors also entered into force in the UK.

Chapter European Central Bank Christine Lagarde called Bitcoin a speculative asset subject to regulation.

Department of Financial Services Dubai During the 2021-2022 years, it will begin to work on the creation of a regulatory basis for digital assets.

Other events in the field of regulation

Joe Biden froze a number of ex-president initiatives USA Donald Trump. One of them was a proposal of a network for combating financial crimes (Fincen) for verification of users of non -kastodial cryptocurrency wallets. The regulator extended the period of discussion of Is there a price the rules for 60 days.

Monetary circulation controller management as part of the Ministry of Finance USA allowed national banks and federal savings associations to use public blockchains and stablecoin for calculations.

AT South Africa They will again try to develop a regulatory framework for cryptocurrencies against the background of the growing activity of the ponzi-scheme.

Bitstamp cryptocurrency exchange tightened KYC Procedure for users from Netherlands amid regulatory requirements in the region. Changes require the addition of the address to output to the “White List”, as well as confirming the ownership of the wallet using a photo.

A citizen Great Britain registered a petition on the legislative prohibition of cryptocurrency transactions. The financial supervision department warned of risks when working with cryptocurrency derivatives. The region also thought about the regulation of cryptocurrencies and stablecoins by analogy with traditional financial services. On January 6, a ban on the sale of cryptocurrency derivatives to retail investors also entered into force in the UK.

Chapter European Central Bank Christine Lagarde called Bitcoin a speculative asset subject to regulation.

Department of Financial Services Dubai During the 2021-2022 years, it will begin to work on the creation of a regulatory basis for digital assets.

Other significant events of January

Robinhood fell into a scandal due to the fight against Reddit with Wall Street

A group of traders on the social network Reddit (WSB-abbreviation from the Sabreddite R/WallStreetbets) began to buy shares of Gamestop (GME) in revenge of the Head Fund Melvin Capital with a large shorts. During January, GME quotes increased from $ 17 to $ 483, the total losses of bears from Wall Street exceeded $ 19 billion, and the movement grew into a full-fledged war against large media players.

As a result, the Robinhood trading platform stopped trading shares GME, AMC and Dogecoin cryptocurrency, which was also subjected to pampu. Later, the co -founder of Robinhood explained the stop by technical difficulties against the background of the influx of users. In parallel, the founder of the cryptocurrency exchange of Binance Chanpen Zhao said that his platform recorded the rapid influx of new users and experienced difficulties with generating addresses for Dogecoin.

Nevertheless, Robinhood users filed a collective lawsuit by accusing the service of “purposeful and conscious” deprivation of private traders of the ability to invest. The US Congress intends to verify the fact of the conspiracy between Robinhood and hedge funds. The hearings on which the co -founder of the platform will be present are scheduled for February 18.

What does Ilon Musk and Dogecoin have to do with it?

The WSB community has become an ideological inspirer for supporters of cryptocurrencies. Having organized a similar movement of R/Satoshistreetbets, its participants mentioned Dogecoin and the target threshold of $ 1. In total, DOGE increased by 1000% per day – from marks below $ 0.01 to a new historical maximum of $ 0.0875. At the peak of cryptocurrency entered the top 10 assets and shifted from the sixth line of Cardano.

Celebrities reacted to market activity. Ilon Musk published a meme about his “favorite cryptocurrency”:

The acquisition of Dogecoin was reported by the Mia Caliph Pornexes and the bassist of the KISS group Jin Simmons.

Elon Musk took up Bitcoin

The head of SpaceX and Tesla was not limited to the tweet on Dogecoin. On January 29, the bitcoin hashtag posted in the Twitter profile provoked cryptocurrency growth from $ 32,000 to $ 38,000. The comment and the comment “looking back, it was inevitable”, which users connected with the growth of the digital assets and the commentary. This comment was later recorded in several transactions of the bitcoin network.

A few days later, during the podcast in the Clubhouse social network, Musk admitted that he was a supporter of bitcoin and promised with caution treated his publications due to the great influence that they have on the market:

At the same time, the entrepreneur emphasized that he did not invest in Bitcoin, and, despite the long -standing calls of the environment, “late for the party”.

Hyp WSB attracted new cryptocurrency users

In early January, 775,000 people were signed on the Sabredit R/Wallstreetbets, but already at the end of the month the indicator grew to 8 million. The popularity of movement was reflected in the influx of users in cryptocurrency branches of social networks. The number of subscribers for the Sabredit R/Bitcoin over the past week of January increased by 200,000 people and reached 2.2 million.

Dynamics of subscribers to the Sabredit R/Bitcoin in the social network Reddit. Data: Frontpagemetrics.

A similar influx of users is recorded in branches dedicated to Ethereum, Dogecoin and cryptocurrencies in general.

Dynamics of subscribers to the Sabredit R/Bitcoin in the social network Reddit. Data: Frontpagemetrics.

Sabredit R/Satoshistreetbets, where Pampa’s attempts of other cryptocurrencies were later made, only a week grew from 15,000 subscribers to 250,000.

Dynamics of new subscribers to cryptocurrency exchanges on Twitter. Data: Socialblade.

A similar trend was observed in the social network Twitter. The number of new subscribers to the leading exchanges of Binance and Coinbase increased on average by the end of January, from values ​​below 5,000 to 15,000 per day.

The story with Sabbredit WSB demonstrated how communities on social networks can affect the prices of various assets, despite the resistance of large capital. In the near future it is worth looking at Reddit when making some investment decisions. The communities on the platform can organize pamps or large media can attribute to them such intentions to create the right information background – as is the case with silver.

Twitter Ilona Mask proved that it affects not only Tesla stocks and Signal/Clubhouse attendance, but also on the price of bitcoin.

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