Bitcoin (BTC) is
showing a modest 0.3% increase to $42,870 this week, which is somewhat
disappointing. However, there is a support level at
$40,000, providing a buffer of 6.6% above it to mitigate any unexpected
downturns, which should reassure investors.
Currently, there are no significant drivers
seen for the crypto market, leading to a rapid drying up of capital inflows in
spot Bitcoin-ETFs. The iShares Bitcoin Trust (IBIT) from BlackRock reported net
capital inflows of just $105.8 million last week, marking the lowest figure
recorded. In contrast, the ProShares Bitcoin Strategy ETF (BITO) observed
capital outflows of $108.4 million, a situation not seen since the end of April
2022, when Bitcoin prices plummeted by 54% to $17,000 over the following two months.
On another front, Tarport Wizards has
introduced a new "Quantum Cats" NFT collection, which has seen
promising performance. The starting prices were set at 0.1 BTC on February 5
and 0.2 BTC the following day. Meanwhile, the benchmark NFT collection "Bored
Ape Yacht Club" has seen relatively stable prices, hovering around
24.43-24.44 ETH, compared to 26.20 ETH on January 1, 2024.
In a more unconventional move, Donald Trump
meme coins have emerged as another point of interest in the crypto space.
According to Polymarket, over 53% of crypto enthusiasts are betting on Trump's
victory in the upcoming U.S. presidential elections in November, while only 36%
believe Joe Biden will win. This sentiment has translated into rising prices
for TRUMP meme coins, with a market cap of $141. Rumors suggest that Trump
himself has a $1 million stake in the coin, further fueling its popularity.
Other coins related to Trump have also surged by 100% in the previous day.