Market Wrap: Bitcoin Stays in Tight Range but Gains Dominance as XRP Crumbles

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Bitcoin (BTC) traded at $ 23,310 as of 7:00 PM UTC (2:00 PM ET), falling 1.3% in the past 24 hours.
Bitcoin 24-hour range: $ 22,644.56 - $ 23,672.82 (CoinDesk 20)
The futures market indicates higher volatility.
With the sell-off of XRP, Bitcoin's dominance in the crypto market is increasing.
On the eight exchanges recorded by CoinDesk 20, the lowest level in 10 days, Bitcoin was changed to a value of only 1.2 billion US dollars.
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According to technical analyst Katie Stockton, managing partner at Fairlead Strategies, the relative quiet of the holiday season at the start of the new year could potentially lead to some disadvantage.
Related: Coinbase, Other Major Exchanges 'Between Rock And A Hard Place' On Delisting XRP
"Bitcoin digests its gains in a consolidation phase after confirming its breakout to new all-time highs with a spike towards the middle of the month," Stockton said. “Former resistance near $ 19,500 is now initial support. Overbought conditions did not affect the momentum, "she said, although" it is likely more likely in January as it appears vulnerable to risk positioning on other asset classes. "
Traders who take out loans to buy Bitcoin could also put prices at risk in the not too distant future, according to analyst Alex Krüger.
"The crypto market has tightened extremely since the $ 20,000 mark, and implied volatility has increased as traders reset their prices," Kruger said. “High leverage results in weaker hands and makes the price vulnerable to large corrections. It is because of this that we have seen such large price movements in both directions since then. Given these market dynamics, this is normal. Under such conditions, negative news would have an overwhelming impact on the market. "
An indication of what will come on Friday can also be found on the derivatives market.
Related: Market Wrap: Bitcoin Rangebound as XRP Sinks After SEC lawsuit
“Tomorrow [December] we will see the biggest event in the history of Deribit. 25], as 86,000 options contracts with a face value of more than $ 2 billion expire, ”said Luuk Strijers, chief commercial officer at Deribit, the world's largest Bitcoin options exchange. About 35% of all options on the stock exchange expire on Friday, so a certain volatility can be expected on Christmas Day.
"The maximum pain is significantly lower, which may indicate an impending volatility," added Strijers.
According to Deribit's definition, the maximum pain price is the strike price with the most open interest on puts and calls and the price at which the underlying asset (such as Bitcoin or Ether) would cause financial losses if the largest number of option holders expired.
Thursday also marked the expiration of the Bitcoin futures on the CME in December. 4,309 contracts changed hands, much fewer than on 13,829 the previous day.
Read more: SEC Gives Broker-Dealers Room To Handle Crypto Securities
For XRP, all is certainly not calm, calm, or bright. The downtrend continued on Thursday, and the contested cryptocurrency was weighed an additional 16% in the past 24 hours. Since Monday, when Brad Garlinghouse, CEO of Ripple Labs, told the heads-up that the Securities and Exchange Commission would file a lawsuit claiming XRP was a security, the cryptocurrency has lost more than half of its value. While market cap is still the third most important crypto according to CoinDesk 20 data, it is back at $ 26.6 billion, roughly where it was in early November.
After the problems of XRP, Bitcoin's share of the total crypto market has increased from 65% in the past week to almost 69%, according to CoinMarketCap.
Read more: Coinbase, Other Big Exchanges "Between Rock And A Hard Place" Delisting XRP
Ether (ETH), the second largest cryptocurrency by market capitalization, was down 2.3% on Friday, trading at $ 596 as of 7:00 PM UTC (2:00 PM ET).
According to data website DeFi Pulse, the amount of ether trapped in DeFi contacts is just under 7.3 million (worth $ 4.3 billion) for those pursuing decentralized finances.
Read more: FinCEN's proposed Crypto Wallet rule could hit DeFi
Other markets
The digital assets on CoinDesk 20 were mixed, with eight winners and ten losers on Monday (the remaining two are stablecoins).
Notable Winners as of 7:00 PM UTC (2:00 PM ET):
Stellar (XLM) + 9.8%
Orchid (OXT) + 4.0%
Cardano (ADA) + 4.4%
Notable Losers:
OMG Network (OMG) - 6.7%
Algorand (RAND) - 6.1%
Chain link (LINK) - 5.6%
Nikkei 225 (Japan) 26,668.35 (+ 143.56 or + 0.54%)
The FTSE 100 (UK) 6,502.11 (+6.36 or + 0.10%)
The S&P 500 (USA) 3,703.06 (+13.05 or + 0.35%)
Raw materials:
Oil rose 0.23%. Price per barrel of West Texas Intermediate Crude: $ 48.23.
Gold was in the green at 0.27% and at press time at $ 1,883.20.
The US 10-year Treasury yield fell 29 basis points to close the short week at 0.926%.
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Market Wrap: Bitcoin stays in tight reach but gains dominance when XRP collapses
Market Wrap: Bitcoin stays in tight reach but gains dominance when XRP collapses
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