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The ghost of FTX haunts the crypto industry, but Bitcoin is attempting to leave it behind as BTC price gains endure. 3911 Total views 18 Total shares Listen to article 0:00 Markets News Own this piece of history

Collect this article as an NFT Bitcoin (BTC) starts a new week at new 2023 highs, but still divides opinion after a blistering price rally.

In what is shaping up to be the antidote to last years slow bleed to lower prices, January has delivered the volatility Bitcoin bulls were hoping for but can they sustain it?

This is the key question for market participants going into the third week of the month.

Opinion remains divided on Bitcoins fundamental strength; some believe outright that the march to two-month highs is a suckers rally, while others are hoping that the good times will continue at least for the time being.

Beyond market dynamics, there is no shortage of potential catalysts waiting to assert themselves on sentiment.

United States economic data will keep coming, while corporate earnings could deliver some fresh volatility to stock markets this week.

Cointelegraph takes a look at five potential BTC price movers as all eyes focus on new support levels and the fate of the Bitcoin bear market.BTC price due consolidation, analysts agree

Bitcoin has faced increasing skepticism after passing some key resistance levels throughout the past week.

As Cointelegraph reported, the consensus remains skewed to the bearish side long term, with few believing that current momentum will end up any more than a bear market rally.

With warnings of new macro lows of $12,000 still in force, analysts are watching for signs of a comedown. So far, however, this has not materialized.

The weekly close tied with those from just before the FTX collapse, with BTC/USD still above $20,000 at the time of writing, having hit new local highs of $21,411 overnight, data from Cointelegraph Markets Pro and TradingViewshowed.

Volatility remained in action, with moves of several hundred dollars commonplace on hourly timeframes. A flash dip below the $21,000 mark was described by commentator Tedtalksmacro as a liquidity hunt.

Analyzing levels to hold in the event of a broader retracement, on-chain analytics resource, Material Indicators identified the 21-week moving average (MA) at $18,600.

Another $11M bid wall placed to defend the Bitcoin 2017 Top, it noted alongside an additional chart of the Binance order book. Holding above that level is symbolic and increases the probability of extending the rally, but IMO holding the 21-Week MA is critical for a sustained rally. TradFi is closed Monday for MLK Day. Volatility continues.BTC/USD 1-day candle chart (Bitstamp) with 21-week MA. Source: TradingView

A previous post added that whale activity was indeed helping to buoy the market on exchanges.

Eyeing the reversal of FTX losses, meanwhile, trading account Stockmoney Lizards called for a little (sideways) consolidation at current levels.

Michal van de Poppe, founder and CEO of trading firm Eight, said that Bitcoin might indeed consolidate due to changes in flagging United States dollar strength.

The U.S. Dollar Index still traded near its lowest levels since early June 2022 on the day, having hit 107.77.U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingViewFocus shifts to earnings as stocks catalyst

This week will get off to a brisk start in terms of macro data, with producer price inflation data coming on Jan. 18.

This will come amid various speeches from Federal Reserve officials, while stocks will likely be swayed by another phenomenon in the form of corporate earnings reporting throughout the week.

As noted by Bank of America strategists in a note last week, the S&P 500 has become particularly sensitive to earnings reports, with their impact overtaking classic data releases such as the Consumer Price Index.

We see this as a narrative shift in the market from the Fed and inflation to earnings: reactions to earnings have been increasing, while reactions to inflation data and FOMC meetings have been getting smaller, they wrote, quoted by media outlets including CNBC.

The strategists referred to the Federal Open Market Committee (FOMC) meeting on Feb. 1 to decide on interest rate hikes.

The rate hike is currently expected to be lower than any since early 2022, with sentiment favoring a 0.25% increase, according to CME Groups FedWatch Tool.Fed target rate probabilities chart. Source: CME Group

The lower the Fed Funds, the more liquidity there is in the system, Ram Ahluwalia, CEO of digital asset investment advisor Lumida Wealth Management, wrotelast week.

An accompanying chart showed what Ahluwalia suggested was a beneficial relationship between lower Fed funds rates and Bitcoin liquidity.

He continued by referencing an appearance on mainstream media by veteran economist Larry Summers on Jan. 13, in which the latter made positive noises about inflation abating.

Larry made a statement saying the Feds fight against inflation is much, much closer to being done. This is a positive surprise to risk assets and supports the Fed pivot camp, he argued. BTC benefits from QE Hypothesis: One of the big macro desks listened and went long bitcoin.Bitcoin vs. Fed funds rate chart. Source: Ram Ahluwalia/ TwitterGBTC winning streak continues

On the topic of institutional interest recovery, another chart retracing the entirety of its FTX losses is the largest Bitcoin institutional investment vehicle, the Grayscale Bitcoin Trust (GBTC).

Data from Coinglass shows that as of Jan. 13, the latest date for which data is available, GBTC shares traded at a discount to the net asset value of 36.26%.

This discount, formerly positive and known as the GBTC premium, has been ticking higher since the end of December 2022 and is now higher than at any point since the FTX meltdown.

Its largest-ever reading came just before that, when it hit 48.62%, with GBTC suffering as part of parent company Digital Currency Groups own FTX troubles.

That controversy continues to rage, often publicly, but GBTC is delivering its most encouraging results in months.

Behind the scenes, Grayscale continues to battle U.S. regulators over their refusal to allow it to convert GBTC to an exchange-traded fund (ETF) based on the Bitcoin spot price.

In an extensive Twitter update on Jan. 13, Craig Salm, Grayscales chief legal officer, referenced the firms commitment to win its case and bring the first spot Bitcoin ETF to the market in the U.S.

To reiterate, converting GBTC to a spot Bitcoin ETF is the best long-term way for it to track the value of its BTC, he summarized. Our case is moving forward swiftly, we have strong, common sense and compelling legal arguments and were optimistic that the Court should rule in our favor.GBTC premium vs. asset holdings vs. BTC/USD chart. Source: CoinglassDifficulty hits new all-time high

If Bitcoins price recovery were not enough to get bulls excited, its network fundamentals tell a similarly encouraging story.

Roughly in step with the weekly close, network mining difficulty increased by over 10%, marking its biggest uptick since October 2022.Bitcoin network fundamentals overview (screenshot). Source: BTC.com

The move has obvious implications for Bitcoin miners and suggests that the ecosystem already benefits from higher prices.

As Cointelegraph reported, miners had already been slowing the pace of their BTC reserve sales in recent weeks. At the same time, the difficulty increase reflects competition for block subsidies returning to the sector.

Over the past week, however, miner balances have decreased in response to Bitcoins rapid price rise. They stood at 1,823,097 BTC as of Jan. 16, data from on-chain analytics firm Glassnode shows, marking one-month lows.Bitcoin miner BTC balance chart. Source: Glassnode

Despite this, miner difficulty has now erased its FTX reactions and set a new all-time high in the process.

Bitcoin is in the process of retesting the estimated average cost of production price for Miners, Glassnode additionally notd last week before most of the gains came.

It added that breaking above this level like offers much needed relief to miner incomes.

An accompanying chart showed its proprietary difficulty regression model, which it describes as an estimated all-in-sustaining cost of production for Bitcoin.Bitcoin difficulty regression model chart. Source: GlassnodeSentiment exits “fear” as whales buy big

It is no secret that the average Bitcoin hodler is experiencing some much-needed relief this month, but is it a case of unchecked euphoria?

Related:5 altcoins that could breakout if Bitcoin price stays bullish

According to the time-honored yardstick, the Crypto Fear & Greed Index, it could be too much, too soon regarding changes in the mood over Bitcoin price strength.

On Jan. 15, the Index hit its highest level since April2022.While not greedy yet, the move marks a significant change from just weeks prior.Crypto Fear & Greed Index (screenshot). Source: Alternative.me

The crypto market spent a large swathe of 2022 in its lowest extreme fear bracket.

Now, it is scoring above 50/100, dropping slightly into the new week to remain in neutral territory.

For research firm Santiment, which specializes in gauging the atmosphere around crypto markets, there is one overriding factor influencing Bitcoins newfound strength.

The answer, it wrote in a Twitter post at the weekend, lies firmly in whale activity.

Over the ten days to Jan. 15, big and small whales added to their positions, sparking a supply and demand chain reaction. In total, over that period, they purchased 209,700 BTC.

Santiment called the data a definitive explanation on why crypto prices have bounced.BTC accumulation annotated chart. Source: Santiment/ Twitter

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. #Bitcoin #Bitcoin Price #Markets #Stocks #Inflation Related News What is total value locked (TVL) in crypto and why does it matter? Can Canada stay a crypto mining hub after Manitobas moratorium? Why is the crypto market up today? 5 cryptocurrencies that could benefit from a positive CPI report Bitcoin derivatives data suggests a BTC price pump above $18K wont be easy

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Ovechkin plans to return to Caps for 21st season

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Ovechkin plans to return to Caps for 21st season

ARLINGTON, Va. — Alex Ovechkin said Saturday that he intends to return to the Washington Capitals for his 21st NHL season after breaking Wayne Gretzky’s career goal-scoring record earlier this spring.

Ovechkin joked about joining the minor league Hershey Bears for their playoff run and indicated the question wasn’t whether he would be back but rather whether he had what it takes to earn a spot.

“First of all, [I have] to make a roster at 40 years old,” Ovechkin quipped on locker cleanout day, less than 48 hours after he and the Capitals were eliminated in the second round by the Carolina Hurricanes.

Ovechkin, who turns 40 in September, has one season left on the five-year, $47.5 million contract he signed in 2021. He said he is approaching the summer like any other, planning to train the same way in the offseason and see where things go.

“I’m going to use those couple months [in the offseason] to rest, enjoy my life, then back to work,” Ovechkin said. “Me and [trainer Pavel Burlachenko are] going do our job to get ready for the season and just do my best.”

Ovechkin is coming off a whirlwind season in which he overcame a broken leg to score 44 goals — the third most in the league — and pass Gretzky’s career mark of 894 that long seemed unapproachable. The Russian superstar has 897.

“For him to come back this year and play the way that he did, chase down this record, the start that he had, breaking his leg, coming back from that, and just continuing to not only do things he did individually, statistically, but lead our team — that’s part of the story that will be a minor part of it, but it’s a big part of it,” coach Spencer Carbery said after the Game 5 loss to the Hurricanes on Thursday night. “He did what he came back this year to prove and show, and he did it in the playoffs as well. I tip my cap to ‘O’ and the season that he had and as our captain leading the way.”

Ovechkin led the team with five goals in 10 games this postseason but had just one goal in the second round as he and the team fell short of the Eastern Conference finals for the 15th time in 16 appearances during his career. The other time was their Stanley Cup run in 2018, when Ovechkin won the Conn Smythe Trophy as playoff MVP.

Going into next season, Ovechkin wants to work toward chasing a second championship.

“I’m looking forward for next year,” Ovechkin said. “I’m going to try to do my best to play, and my team is going to help me too. … I just want to come back next year and see the team who’s capable of winning the Stanley Cup.”

Beyond that, he’s not sure what the future holds when his contract comes to an end.

“I haven’t thought about it yet, but we’ll see what’s going to happen,” Ovechkin said. “I’m going to try to do my best to be able to do well next year, and we’ll see.”

Longtime teammate Tom Wilson, guesses “900 and beyond” on the goal counter is coming next for Ovechkin.

“At no point am I thinking in my head that there’s ever going to be a day without Ovi on the Caps,” Wilson said. “He’s still flying out there. He had an incredible season. I think he probably exceeded expectations and beyond. You can never count that guy out. He’s such a tremendous leader. I’m sure he’s going to keep buzzing.”

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Eichel, Knights seek ‘common ground’ on new deal

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Eichel, Knights seek 'common ground' on new deal

As the Vegas Golden Knights absorb being knocked out in the second round of the NHL playoffs by the Edmonton Oilers, they don’t have to wait long before planning for their future. Jack Eichel, who has one season left on his eight-year, $80 million contract, is eligible for an extension beginning July 1.

“He’s one of the top guys in the NHL,” general manager Kelly McCrimmon said. “He’s got great character, great leadership. You see night in, night out what he does for our team, so that will be a really important piece of business for us. We certainly hope to keep Jack in our organization. Jack loves it here, so I would hope we could find common ground.”

Eichel, 28, comes off the best season of his 10-year career, the past four with the Golden Knights. He set career highs with 66 assists and 94 points to go with 28 goals as the center on the team’s top line. He also skated for Team USA in the 4 Nations Face-Off, where his club finished second to Canada.

“Can’t say enough about my teammates and the people in this building and the people that make this organization what it is,” Eichel said. “I’m super proud to be part of this organization and the city and represent the Vegas Golden Knights. Contractually, I think things kind of take care of itself. I’ll just worry about trying to prepare for next season this offseason and go from there.”

Management, which is not known for sitting on its hands, will have other significant decisions to make as well on the team’s direction after the Golden Knights were eliminated in the second round for the second year in a row.

“I like our team,” coach Bruce Cassidy said. “I don’t have a problem with any player in that room. I think every one of them is a great teammate. They care about one another. Are there areas of our game we could complement better? Probably. We’ll evaluate that.

“All the guys that were up, their contracts, they were all good players for us. All good players. No disappointments at all. We’ll probably have to look at areas because we’re not the last team standing. Usually, you think, ‘Where can we upgrade? Where can I upgrade what I do?'”

McCrimmon offered a similar assessment.

“I feel our team was good enough to win,” McCrimmon said.

The Golden Knights won the Stanley Cup two years ago and thought they had another contender this season after capturing the Pacific Division and securing the Western Conference’s second-best record. But Vegas had to rally from a 2-1 series deficit to beat Minnesota in the opening round, winning twice in overtime. Then the Golden Knights lost two overtime games in the 4-1 series loss to the Edmonton Oilers.

“I didn’t walk away from Edmonton saying, ‘We had no chance. They’re just better,'” Cassidy said. “I didn’t feel that way. I felt we needed to execute better in a few of the games and we could be the team moving on.”

Forward William Karlsson said losing to the Oilers made it “a wasted season.” McCrimmon wasn’t as blunt, instead labeling the loss as “a missed opportunity.”

Change will come, but at least given the tenor of the comments by Cassidy and McCrimmon, the Golden Knights will largely return their roster intact next season.

“I think we have a great organization,” goaltender Adin Hill said. “Best management I’ve been under. I think they’re going to do the things that they see fit for [the] roster, whether it’s keeping it the same or whether it’s changing up a few things. I don’t know. That’s their decision, above my paygrade, but it will be exciting to see. We know that we’re going to be contenders every year.”

Forward Reilly Smith made it clear he wants to return. An original Golden Knight, Smith was traded to the Pittsburgh Penguins after winning the Stanley Cup and then sent to the New York Rangers a year later. The Golden Knights reacquired the 34-year-old on March 6.

Smith made a smooth transition back into the lineup with three goals and eight assists in 21 games. Then he delivered the play of the postseason for the Golden Knights, scoring with 0.4 seconds left to beat the Oilers in Game 3, and finished with three goals and an assist in 11 playoff games.

“Probably the best hockey I’ve played in my career has been wearing this jersey,” Smith said. “It’s a fun group to be a part of and a fun place to call home. My family loves it here, so if there’s a way to make it work, it’d be great. At the end of the day, it’s a business. My contract negotiations, I probably know as little as [the media does] right now.”

The Associated Press contributed to this report.

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Mexican navy training vessel hits New York’s Brooklyn Bridge – as reports say three injured

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Mexican navy training vessel hits New York's Brooklyn Bridge - as reports say three injured

A Mexican navy ship has hit the Brooklyn Bridge during a promotional tour in New York City.

The New York Fire Department said authorities were responding to injuries but had no details about how many people might have been hurt or whether they were on the vessel or on the bridge.

Sky’s US partner network NBC News reports that at least three people were seriously injured in the incident.

The Mexican navy said in a post on X that the Cuauhtemoc, an academy training vessel, was damaged in the accident, which has prevented it from continuing its voyage.

Eyewitness video of the collision posted online showed the mast of the ship, which was flying a large Mexican flag, scraping the underneath of the bridge.

Pic: AP
Image:
Pic: AP

The vessel then drifted toward the edge of the river as onlookers scrambled away from shore.

The Mexican navy said the status of personnel and material was under review by naval and local authorities, which were providing assistance.

More on New York City

The Cuauhtemoc is about 297ft long and 40ft wide, according to the Mexican navy. It sailed for the first time in 1982.

A New York Police Department harbour unit prepares to board the Cuauhtemoc. Pic: AP
Image:
Pic: AP

Each year, it sets out at the end of classes at the naval military school to finish cadets’ training.

It left the Mexican port of Acapulco, on the Pacific coast, on 6 April with 277 people onboard, the navy said at the time.

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