cryptocurrency marketcontinues its downtrend despite the US Securities and Exchange Commission (SEC) establishing a new Cryptocurrency Regulatory Task Force. The biggest cryptocurrency Bitcoin (BTC) $101,713.0fell below the $106,000 level, which is an important threshold, and is currently trying to hold on to the $102,000 level. This stagnation in the market indicates that it has fallen far from the peak of the last rise. On the other hand, XRP and Solana (SOL) came to the fore by gaining 3.4 percent and 4.1 percent in value with the news of CME futures contracts that emerged as a result of an error.
XRP and SOL Shine with Temporary Rises
On CME’s official website XRP The screenshot showing that the and SOL futures contracts will be opened for trading on February 10 caused wide repercussions on social media platforms. The screenshot caused both cryptocurrencies to suddenly rise sharply.
However, in the statement made by CME on the subject, it was stated that the information in question on the website was published as a result of an error and that no official decision has been taken on this issue yet. With this development, XRP and LEFT increased the expectation that futures contracts would be released to the market.
There is a Demand Concentration at the Level of 95 Thousand Dollars
QCP Capital Analysts reported that Bitcoin’s fall below the $106,000 level created significant activity in the options market. According to analysts, there is a large increase in demand for the 95 thousand dollar level, especially in option contracts with a January maturity. Accordingly yesterday USA This demand emerged as part of the search for protection against the market’s downward move as Bitcoin lost momentum during the trading session. Before this Asia And London During the trading sessions, it was underlined that upward positions were opened with a positive momentum in the previous hours.
Analysts have now emphasized that the markets are following a horizontal course as no significant developments are expected this week. For now, investors are looking forward to the recent weak Consumer Price Index He expects more clarity on how (CPI) data may affect the monetary policy decisions the US Federal Reserve (Fed) will take soon.
QCP Capital analysts emphasized that the uncertainty regarding what path the Fed will follow regarding interest rates remains one of the biggest unknowns in the markets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
