Cardano price started a fresh surge above the $1.00 zone. ADA is consolidating and might aim for a fresh increase above the $1.1150 level. ADA price started a downside correction from the $1.1150 zone. The price is trading above $1.00 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $1.075 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $1.1150 resistance zone. Cardano Price Starts Fresh Surge After forming a base above the $0.80 level, Cardano started a fresh increase, beating Bitcoin and Ethereum . ADA surged above the $0.90 and $1.00 levels. The bulls even pushed the price above $1.120. A high was formed at $1.1156 and the price is now consolidating gains. There was a minor decline below $1.1120, but the price remained above the 23.6% Fib retracement level of the upward move from the $0.8373 swing low to the $1.1156 high. Cardano price is now trading above $1.00 and the 100-hourly simple moving average. There is also a short-term rising channel forming with support at $1.075 on the hourly chart of the ADA/USD pair. On the upside, the price might face resistance near the $1.10 zone. The first resistance is near $1.1120. The next key resistance might be $1.1150. If there is a close above the $1.1150 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.20 region. Any more gains might call for a move toward $1.250 in the near term. Downside Correction in ADA? If Cardano’s price fails to climb above the $1.1120 resistance level, it could start another decline. Immediate support on the downside is near the $1.080 level. The next major support is near the $1.050 level. A downside break below the $1.050 level could open the doors for a test of $0.975 or the 50% Fib retracement level of the upward move from the $0.8373 swing low to the $1.1156 high. The next major support is near the $0.950 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level. Major Support Levels – $1.0800 and $1.050. Major Resistance Levels – $1.1120 and $1.1150.
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Bitcoin ETF Inflows Hit $978M: BlackRock’s $597M Leads Despite Market Downturn
The post Bitcoin ETF Inflows Hit $978M: BlackRock’s $597M Leads Despite Market Downturn appeared first on Coinpedia Fintech News Bitcoin continues its downward trend, trading near $96,259 after a sharp 5% drop. The flagship cryptocurrency has faced increasing pressure from strong U.S. economic data, which has dampened investor sentiment. With a 24-hour low of $96,132 and a high of $102,022, Bitcoin’s trading volume has also dipped by 23%, reflecting cautious market activity. Overall it also hit major altcoins which fell by 5% to 10% within 24 hours, even memes felt the heat, with Dogecoin (DOGE) dropping 8% and Shiba Inu (SHIB) dropping to 10%. The global crypto market dropped 16%, now at $3.38 trillion. Despite the tumbling Bitcoin performance , BlackRock’s iShares Bitcoin ETF (IBIT) has made waves in the crypto world, recording a massive $597 million inflow despite a broader market downturn. This marks the third consecutive net inflow for spot Bitcoin ETFs, signaling strong institutional confidence even as the market faces macroeconomic pressures. In the downtrend, Bitcoin ETFs are raising the temperature. Will this rally continue? let’s find out! Record Inflows Highlight Market Optimism On January 7, BlackRock’s IBIT purchased 6,078 BTC worth $208.7 million, significantly outpacing the new BTC mined that day. As per data , the ETF’s inflow of $597 million stands out as a lifeline for the crypto market , which has been grappling with investor caution due to strong U.S. economic data. In total, Bitcoin spot ETFs saw nearly $978 million in inflows, with BlackRock leading the charge. Other ETFs Struggle Amid Selloff While BlackRock continues to dominate, other Bitcoin ETFs faced notable outflows. Fidelity’s FBTC, Bitwise’s BITB, and Ark Invest’s ARKB saw combined outflows exceeding $400 million. Grayscale’s GBTC also recorded a $125.45 million outflow, further highlighting BlackRock’s contrasting strength in the market. What’s Dragging Bitcoin Down? The crypto market is feeling the heat from strong U.S. economic data. More job openings and better-than-expected service sector numbers have made the U.S. dollar stronger, which isn’t great news for Bitcoin. On top of that, higher Treasury yields are making traditional investments more attractive, pulling attention away from crypto. The U.S. dollar index (DXY) remains strong above 108.50, while the 10-year Treasury yield hit a 35-week high of 4.68%, adding to Bitcoin’s downtrend. A Silver Lining BlackRock’s aggressive Bitcoin purchases, even during a market downturn, signal unwavering confidence in the long-term potential of digital assets. As the iShares Bitcoin ETF continues to attract substantial inflows, it could set the stage for renewed optimism in the crypto space, especially as investors navigate macroeconomic challenges. As the dust settles, all eyes are on institutional players and economic trends to see where Bitcoin heads next. 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Bitget Launches ZENUSDT Futures Trading with Maximum Leverage of 75x
Victoria, Seychelles, January 8th, 2025, Chainwire Bitget , the leading cryptocurrency exchange and Web3 company, has launched ZENUSDT perpetual futures trading with a maximum leverage of 75x, effective January 6, 2025, at 20:00 (UTC+8). This launch introduces advanced trading opportunities, complemented by support for futures trading bots, enabling users to automate strategies and optimize their trading performance. ZENUSDT-M perpetual futures are settled in USDT and offer a tick size of 0.001, with funding fees settled every eight hours. Trading is available 24/7, ensuring continuous access to the market. Users can access this feature through the official Bitget website or the Bitget app, making trading flexible and convenient for global participants. To maintain a secure and efficient trading environment, Bitget retains the discretion to adjust key parameters such as tick size, maximum leverage, and maintenance margin rates based on prevailing market conditions. This proactive risk management approach ensures optimal trading performance while safeguarding users against market volatility. Comprehensive Futures Offerings Bitget’s futures platform includes USDT-M Futures, Coin-M Futures, and USDC-M Futures: USDT-M Futures: Utilize USDT for all trading pairs, allowing users to manage multiple futures contracts under a unified account. Profits, losses, and risks are consolidated within the same equity pool for streamlined portfolio management. Coin-M Futures: Trade using the underlying asset as collateral for settlements. USDC-M Futures: Designed for settlements in USDC, catering to a wider array of trading preferences. This addition to Bitget’s extensive futures lineup reflects the platform’s commitment to empowering traders with innovative tools, flexible options, and a robust trading ecosystem. About Bitget Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions while offering real-time access to Bitcoin price , Ethereum price , and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA , in the EASTERN, SEA, and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet For media inquiries, please contact: media@bitget.com Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use . Contact Public Relations Media Bitget media@bitget.com NewsBTC