Bitcoin falls on your birthday; ETH and DOGE follow

Bitcoin falls on your birthday; ETH and DOGE follow

Apex Crypto lost nearly 1.8% on its thirteenth anniversary.

bitcoin

Shares in the company fell nearly 1.8% on its 13th anniversary, while the global cryptocurrency market capitalization rose 0.2% to $2.2 trillion on the day.

What happened
BTC, first mined by its creator (pseudonym Satoshi Nakamoto) on Jan. 3, is down 8.1 percent this week.

​The second largest coin by market cap, Ethereum

It was trading 1.6% lower at $3,752.73 after a 24-hour tracking period. During the 7-day follow-up period, it had declined by 6.9%.

Dogecoin

, down 2.1 percent to $0.17 in 24 hours. It has lost 8% in the past 7 days.

DOGE’s rival cryptocurrency Shiba Inu (SHIB) fell 3.3 percent to $0.000033 at $24. In a week, it plummeted 13.5%.

According to CoinMarketCap, the top three coins acquired in 24 hours are BORA (BORA), yearn.​ finance (YFI), and Ankr (ANKR).

BORA surged 18.9% to $1.20, YFI gained 13.65% to $41,112.42, while ANKR rose 9.75% to $0.1135 over the same period.

because it matters
The CEO of Block Inc. on Monday.
Jack Dorsey tweeted an image of the genesis block in honor of Bitcoin’s birthday.

PIC.TWITTER.COM/SLEJGPLNBP

— Jack (@JACK) January 3, 2022

The bearish December trend continued into the new year, with BTC down 2.9% since 2022.

“While 2021 ended on a moderate note, bitcoin and ethereum closed the year up 57% and 403%, respectively, far outpacing returns from traditional financial assets,” Kaiko Research noted in an email.

Kaiko Research noticed unusual trading activity on Coinbase Global Inc’s trading platform after sluggish trading volumes during the December holiday period.

.

By sharing a graph of sales vs. sales, the research firm claims that a set of buy and sell orders were executed immediately before the options expired on Friday, with a volume of over 5 BTC. However, on January 1st, there was a huge spike in sell orders.​

BTC trading volume on Coinbase – Courtesy of Kaiko Research

“Whales seem likely to execute a large number of buy orders on Coinbase, resulting in a surge in market share, and for the next few days, whales are mostly sellers,” wrote Kaiko Research.

The bearish sentiment in the cryptocurrency market is reflected in Alternative’s “Crypto Fear and Greed Index,” which at press time points to “extreme fear.”

However, according to a report by GlobalBlock analyst Marcus Sotiriou, the downtrend is short-term as BTC has broken away from a downtrend line dating back to all-time highs and found support there again.

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