Market commentary on February 5, 2024

Recently, according to documents submitted to the Southern District of New York Bankruptcy Court (USA) on February 4, bankrupt crypto lending company Genesis wishes to liquidate $1.6 billion of its trust assets. (including 1.4 billion USD worth of GBTC). Besides, Genesis also wants the court to make a decision to shorten the time to approve or reject the above plan right at the next bankruptcy court on February 8.

According to a report by blockchain analytics firm CryptoRank, the cryptocurrency market saw an increase in trading activity in January 2024, reaching a 12-month high of more than $800 billion. The report also revealed that Binance is still accounting for nearly half of all spot trading volume, despite facing regulatory challenges in some countries.
Last week, BTC had a sideways trend in the price range from 42,000 - 43,500 USD with the amplitude gradually narrowing. At this stage, the two sides, buying and selling, are still competing with each other and many investors are also calmly watching the next developments of the market. The longer the sideways market and the more compressed the amplitude, the higher the likelihood that a large fluctuation phase will appear.

This is a quite sensitive period and it is better not to act if the trend is unclear. What we should do as a long-term investor is to calmly monitor market developments, place orders at the recommended consolidation price ranges (for those of you who do not have goods or have not received enough goods). according to the plan). In the immediate future, the two potential buying zones are still the same as in the previous assessment: the 39,000 - 40,000 USD zone and a slightly lower zone, the 37,000 - 38,500 USD zone.