The Cryptocurrency market has experienced 17%modifications on February 2, bringing the total market capitalization (excluding Stablecoins) to $ 2.61 trillion at the lowest level in almost eight weeks. Bitcoin (BTC) has less influence than Altcoins, and Ether (ETH) has decreased 35% in two days, dropping to $ 2,133.
Despite the relatively $ 99,000 price of bitcoin prices, traders have questioned whether the market has reached the bottom, but the actual external macroeconomic pressure remains a major risk factor.
EX-STABLECOINS. Source: TradingView / COINTELEGRAPH
Not all cryptocurrencies were equally influenced. Bitcoin, BNB (BNB), Solana (SOL) and XRP (XRP) did not fall below the 90 -day minimum. On the other hand, Ether’s internal patience was $ 2,110 on February 3, which was closed below that level for the first time since December 2023. However, hiring corrections only in ethers, which seems to be more related to a wider macroeconomic factor.
When the market cap of Cryptocurrency fell to less than $ 2.6 trillion, the yield for US Treasury bonds was rising in November 2024, and investors were out of fixed income. This time, the situation is reversed as investors adopt more careful approaches.
The US Treasury Five -Year Return (left) vs. US dollar DXY index (right). Source: TradingView / COINTELEGRAPH
The 24 -hour characteristics of the cryptocurrency market are partially described in part, while the traditional market has been closed over the weekend, while the traditional market is closed. On February 1, US President Donald Trump’s previous threats increased their tariffs on Chinese products by 10%.
In a February 3 report, Economists in Goldman Sachs said this change would reduce China’s actual GDP growth to 4.5%in 2025. According to CNBC, China’s Commerce Department insisted on February 2 at the World Trade Organization on February 2 at the World Trade Organization that Trump’s decision was “a serious violation of international trade rules.”
Bitcoin derivatives have been well performed despite market volatility and risk avoidance.
Although the S & P 500 index fell 1.8% and the US dollar index (DXY) reached the highest level since November 2022, the bitcoin derivatives were surprisingly well maintained. Basically, the evasion of debt and foreign exchange signals harms the assets that are harmful to risk assets. Like cryptocurrencies.
It is important to first analyze the demand for leverage of Perpetual Future, which is a preferred device of a retailer, to evaluate whether $ 2 billion in liquidation has adopted a weak position within Cryptocurrency Future Markets. Track the spot market.
Bitcoin permanent future 8 hours of financing ratio. Source: LAevitas.ch
The Bitcoin funding rate was negative on February 3, and demand for long leverage positions decreased. However, the price of Bitcoin’s price drop to $ 91,341 reflects a balanced position between long (buyer) and short (seller) positions, minimizing the impact.
More importantly, Bitcoin Open Interest, which measures BTC FUTURES’s total aesthetics contract, was stably maintained at BTC 630,000 on February 3, down 1% from the previous day. This elasticity was also found in Bitcoin’s monthly futures contracts, and most of them are led by whales and professional market manufacturers.
relevant: It is highly likely that liquidation of the encryption market has reached the BYBIT CEO $ 10B.
Bitcoin 2 months Annual Gift Premium. Source: LAevitas.ch
Bitcoin’s annual gift premium is 11%to 9%, and some changes are slightly shifts and are still close to 10%strong threshold. This suggests that a professional trader was not overly concerned about the 16.5% decrease in Bitcoin’s record of $ 109,354 on January 20.
Recently, the price of Bitcoin has continued within four hours at a price of less than $ 94,000, and will be led by a prudent investor sentiment related to the global economic situation and US dollar strengthening. Bitcoin derivatives have reached the short -term price floor, but they are concerned about the stock market performance. This can limit the potential increase of Bitcoin to more than $ 100,000.
This article is for general information purposes and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.