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The crypto market had a bullish session over the weekend, with BTC holding steady above the $23K level, hitting a new 2023 high of $23,962. The total crypto market cap increased by 1.94% over the last day to touch $1.08T. BTC Fear & Greed index has been out of the Fear zone for 11 days in a row and is at 61/100. The Fed’s rate hike decision on Wednesday is likely to provide direction to the market.
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Today’s Crypto Trends
*Last updated at 9:00 am, 30 January 2023
From the crypto news wires 📰
🤑BTC’s surge mints 44K new millionaires
The resurgence of Bitcoin in 2023 following last year’s bear market is spawning a new crop of millionaires. Since 5 Jan, the number of Bitcoin addresses having a value of more than $1M has grown by over 61%. During this period, Bitcoin has surged by about 37%. According to BitInfoCharts.com, 68,059 unique addresses hold BTC worth more than $1M, while 4,978 addresses hold BTC worth more than $10M.
🇰🇷South Korea to track crypto soon
South Korea is introducing a crypto tracking system this year, according to its Ministry of Justice. The new system will help tackle money laundering and recover funds linked to criminal activities. The system is scheduled to kick off in the first half of 2023. But the ministry also intends to develop an independent tracking and analysis system in the second half of the year.
🔖US institutions buying 85% BTC: Report
Around 85% of the BTC purchases driving the market rally seem to be made by US institutions, a report from crypto service provider Matrixport shows. If an asset performs well during trading hours in the US, it means institutions there are buying the crypto. Otherwise, retail investors from Asia are probably making the purchases. BTC is up by 40% YTD, and 35% of the returns came in the US session.
🎉Aave deploys version 3 on Ethereum
After adopting the governance proposal, Aave, the leading DeFi protocol, has deployed its third version, called v3, on the Ethereum network. The v3 is an upgrade that focuses on reducing user risk and increasing capital efficiency when staking or borrowing correlated assets, like stablecoins and liquid staking derivatives, and gas optimization by up to 20-25%. AAVE’s v2 protocol has a TVL of $5.49B.
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