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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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NASCAR: Lawsuit about forcing permanent charter

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NASCAR: Lawsuit about forcing permanent charter

CHARLOTTE, N.C. — NASCAR argued in its latest court filing that Michael Jordan is suing the stock car series to earn a permanent charter that no other teams possess, and that neither 23XI Racing nor Front Row Motorsports has suffered any harm by racing as “open” entries.

NASCAR also indicated in its 34-page response filed late Monday that it has buyers interested in the six charters that have been set aside as a federal judge decides if the two teams can have them back for the remaining 11 races of this season. NASCAR is prepared to immediately begin the process of allocating the charters elsewhere.

These latest arguments are part of the ongoing federal antitrust lawsuit filed by 23XI and Front Row against NASCAR in a fight over charters, which are essentially franchise tags. 23XI, owned by retired basketball Hall of Famer Michael Jordan and three-time Daytona 500 winner Denny Hamlin, and Front Row, owned by entrepreneur Bob Jenkins, were the only two organizations out of 15 not to sign extensions on new charter agreements.

All the teams were fighting to have the charters made permanent during more than two years of extension negotiations, but NASCAR refused and its final offer was through 2031. 23XI and Front Row won a temporary injunction to be recognized as chartered as the case heads toward a Dec. 1 trial date.

The injunction was eventually overturned, appealed by the teams, and U.S. District Judge Kenneth Bell will hear arguments Aug. 28 on the matter. 23XI and Front Row as “open” teams do not receive the same financial percentages as chartered teams.

A rulebook change in July after the chartered status was stripped from the two organizations ensured that the six cars aren’t in danger of not qualifying for a race; starting spots are guaranteed to the 36 chartered cars in every 40-car field.

“Mr. Jordan has said he wants to use the litigation to grant him a permanent Charter that no other team has,” NASCAR alleged.

23XI and Front Row have maintained they will continue to race even if they must do so as open teams. NASCAR has argued that when the two organizations did not sign the extensions they lost all rights to charters and the sanctioning body should be free to move them.

“Plaintiffs’ theoretical inability to obtain Charters post-trial also does not justify NASCAR from selling or transferring Charters, because Plaintiffs do not have Charters now because of their own strategic choice,” NASCAR said in its filing. “Plaintiffs had multiple opportunities to acquire 2025 Charters, and they squandered them.”

NASCAR also argued that a court cannot order the private company into a partnership with teams it is not interested in doing business with. Another argument by NASCAR is that 23XI and Front Row have not been harmed by not being chartered because their drivers have not left the team and the rule change protects them from missing races; Tyler Reddick of 23XI has clauses in his contract that he can leave if his car is not chartered.

Additionally, NASCAR said it pays teams a higher percentage than even Formula 1 does and that its payout structure to teams proves it is not a monopoly because it was increased first by 28% in the 2016 charter agreement, and then by 62% in the 2025 agreement.

“NASCAR pays Teams more than even Formula 1 as a percentage of profit,” NASCAR said. “Plaintiffs ignore the pay raises the Teams received. Instead, they focus on a text during negotiations for the 2025 Charter that said an internal version of the May 2024 draft contained ‘zero wins’ for Teams.

“Plaintiffs ignore that the actual May 2024 draft proposed to Teams carried forward the biggest win for the Teams — a massive pay increase — that was set out in the December 2023 draft. It also gave Charter holders an opportunity to obtain any improved extension terms NASCAR offered to third parties and increased Teams’ ability to receive investor funding, among other benefits.”

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Ukrainian diplomat involved in 90s nuclear deal with Russia warns Trump about ‘very big mistake’ with Putin

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Ukrainian diplomat involved in 90s nuclear deal with Russia warns Trump about 'very big mistake' with Putin

Ukrainians have given a lukewarm reaction to this week’s White House summit.

There is bafflement and unease here after US President Donald Trump switched sides to support his Russian counterpart, Vladimir Putin, dropping calls for a ceasefire and proposing that Ukraine surrender territory.

While allies are talking up the prospects of progress, people here remain unconvinced.

Ukraine war latest – Trump rules out using US troops

Boris Yeltsin (2L) and Bill Clinton (C) sign the 1994 Budapest Memorandum
Image:
Boris Yeltsin (2L) and Bill Clinton (C) sign the 1994 Budapest Memorandum

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What security guarantees could work?

The Trump administration’s contradictory statements on possible security guarantees are causing concern here.

MP Lesia Vasylenko told Sky News it is not at all clear what the allies have in mind.

“Who is going to be there backing Ukraine in case Russia decides to revisit their imperialistic plans and strategies and in case they want to restart this war of aggression?”

For many Ukrainians, there is a troubling sense of deja vu.

Please use Chrome browser for a more accessible video player

Ukrainian drone strikes Russian fuel train

In the 1994 Budapest Memorandum, Ukraine agreed to give up not land but its nuclear arsenal, inherited from the Soviet Union, in return for security assurances from Russia and other powers.

They know how that ended up to their enormous cost. Putin reneged on Russia’s side of the bargain, with his invasion of Crimea in 2014 and once again with his full-scale attack three and a half years ago.

We met veteran Ukrainian diplomat Yuri Kostenko, who helped lead those negotiations in the 90s.

Veteran Ukrainian diplomat Yuri Kostenko helped lead the Budapest Memorandum negotiations
Image:
Veteran Ukrainian diplomat Yuri Kostenko helped lead the Budapest Memorandum negotiations

He said there is a danger the world makes the same mistake and trusts Vladimir Putin when he says he wants to stop the killing, something Mr Trump said he now believes.

👉 Listen to Sky News Daily on your podcast app 👈        

“It’s not true, it’s not true, Russia never, never, it’s my practices in more than 30 years, Russia never stop their aggression plans to occupy all Ukraine and I think that Mr Trump, if he really believes Mr Putin, it will be a very big mistake, Mr Trump, a very big mistake.”

Before the Alaska summit, allies agreed the best path to peace was forcing Mr Putin to stop his invasion, hitting him where it hurts with severe sanctions on his oil trade.

But Mr Trump has given up calls for a ceasefire and withdrawn threats to impose those tougher sanctions.

Instead, he has led allies down a different and more uncertain path.

Read more on Sky News:
Putin wasn’t there, but influenced summit
Peace further away, not closer
Five takeaways from White House talks

Ukrainians we met on the streets of Kyiv said they would love to believe in progress more than anything, but are not encouraged by what they are hearing.

While the diplomacy moves on in an unclear direction, events on the ground and in the skies above Ukraine are depressingly predictable.

Russia is continuing hundreds of drone attacks every night, and its forces are advancing on the front.

If Vladimir Putin really wants this war to end, he’s showing no sign of it, while Ukrainians fear Donald Trump is taking allies down a blind alley of fruitless diplomacy.

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Ukrainian diplomat involved in 90s nuclear deal with Russia warns Trump about ‘very big mistake’ with Putin

Published

on

By

Ukrainian diplomat involved in 90s nuclear deal with Russia warns Trump about 'very big mistake' with Putin

Ukrainians have given a lukewarm reaction to this week’s White House summit.

There is bafflement and unease here after US President Donald Trump switched sides to support his Russian counterpart, Vladimir Putin, dropping calls for a ceasefire and proposing that Ukraine surrender territory.

While allies are talking up the prospects of progress, people here remain unconvinced.

Ukraine war latest – Trump rules out using US troops

Boris Yeltsin (2L) and Bill Clinton (C) sign the 1994 Budapest Memorandum
Image:
Boris Yeltsin (2L) and Bill Clinton (C) sign the 1994 Budapest Memorandum

Please use Chrome browser for a more accessible video player

What security guarantees could work?

The Trump administration’s contradictory statements on possible security guarantees are causing concern here.

MP Lesia Vasylenko told Sky News it is not at all clear what the allies have in mind.

“Who is going to be there backing Ukraine in case Russia decides to revisit their imperialistic plans and strategies and in case they want to restart this war of aggression?”

For many Ukrainians, there is a troubling sense of deja vu.

Please use Chrome browser for a more accessible video player

Ukrainian drone strikes Russian fuel train

In the 1994 Budapest Memorandum, Ukraine agreed to give up not land but its nuclear arsenal, inherited from the Soviet Union, in return for security assurances from Russia and other powers.

They know how that ended up to their enormous cost. Putin reneged on Russia’s side of the bargain, with his invasion of Crimea in 2014 and once again with his full-scale attack three and a half years ago.

We met veteran Ukrainian diplomat Yuri Kostenko, who helped lead those negotiations in the 90s.

Veteran Ukrainian diplomat Yuri Kostenko helped lead the Budapest Memorandum negotiations
Image:
Veteran Ukrainian diplomat Yuri Kostenko helped lead the Budapest Memorandum negotiations

He said there is a danger the world makes the same mistake and trusts Vladimir Putin when he says he wants to stop the killing, something Mr Trump said he now believes.

👉 Listen to Sky News Daily on your podcast app 👈        

“It’s not true, it’s not true, Russia never, never, it’s my practices in more than 30 years, Russia never stop their aggression plans to occupy all Ukraine and I think that Mr Trump, if he really believes Mr Putin, it will be a very big mistake, Mr Trump, a very big mistake.”

Before the Alaska summit, allies agreed the best path to peace was forcing Mr Putin to stop his invasion, hitting him where it hurts with severe sanctions on his oil trade.

But Mr Trump has given up calls for a ceasefire and withdrawn threats to impose those tougher sanctions.

Instead, he has led allies down a different and more uncertain path.

Read more on Sky News:
Putin wasn’t there, but influenced summit
Peace further away, not closer
Five takeaways from White House talks

Ukrainians we met on the streets of Kyiv said they would love to believe in progress more than anything, but are not encouraged by what they are hearing.

While the diplomacy moves on in an unclear direction, events on the ground and in the skies above Ukraine are depressingly predictable.

Russia is continuing hundreds of drone attacks every night, and its forces are advancing on the front.

If Vladimir Putin really wants this war to end, he’s showing no sign of it, while Ukrainians fear Donald Trump is taking allies down a blind alley of fruitless diplomacy.

Continue Reading

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