okay, here’s a verification and correction of the provided text, aiming for accuracy as of today, February 1, 2024 (approximately 4:45 PM PST). I will highlight corrections and additions in bold.
has bounced from its worst weekend level below $75,000.
At $78,700, BTC is higher by 2% over the past 24 hours and up 7% from its weakest price of the weekend, but still down more than 10% on a week-over-week basis. Ether is also up about 2% over the past day, but down 19% from week-ago levels.
Crypto’s weekend move “broke key short-term support and stood out for its speed and depth, even by typical weekend standards,” said Adrian Fritz, chief investment strategist at 21shares.
According to Fritz, the sell-off was triggered by another round of forced deleveraging, as over $2 billion in crypto derivatives were liquidated in a rapid burst. “Liquidations in perps accelerated the downside momentum, rather than discretionary spot selling,” he said.
U.S. stocks traded higher on Monday, with the Nasdaq and S&P 500 each ahead 0.6% and the Dow Jones Industrial Average higher by 0.9%. While bitcoin in january closed out its fourth-consecutive month of losses, expert tradfi market analyst Ryan Detrick noted the DJIA was higher for a ninth-straight month in January.That ranks among the Dow’s longest ever winning streaks, said Detrick, who reminded that future returns for stocks tend to be strong after such runs.
Gold and silver are having a
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