Major cryptocurrencies remained depressed Thursday evening as the global cryptocurrency market cap fell 0.2% to $1.75 trillion.
What Happened: The apex coin Bitcoin BTC/USD traded 0.5% higher over 24 hours at $37,196.36. It has declined 8.9% for the week.
Ethereum ETH/USD was down 2.3% over 24 hours at $2,417.72 over 24 hours. Over a seven-day trailing period, it has fallen 19.9%.
Dogecoin DOGE/USD dropped 1.9% to $0.14 over 24 hours. For the week, it has shed 9.2% of its value.
Shiba Inu (SHIB) inched up 0.1% to $0.00002 over 24 hours. Over a seven-day time frame, it has fallen 20.2%.
The three top gainers over 24 hours were The Sandbox (SAND), FTX Token (FTT), and BNB (BNB), according to CoinGecko data.
SAND rose 9.2% to $3.46, FTX was up 4.9% at $38.41, while BNB gained 4.2% to $391.61 in the period.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Journalist Colin Wu tweeted, citing Deribit data, that 55,292.3 BTC options will expire Friday with a notional value of over $2 billion, of which 36,677.6 are call options. The max pain is $42,000.
The max pain is a strike price with the most open options contracts and is the point at which the underlying asset would cause most financial losses for the most amount of options holders at expiry.
BTC funding has turned negative after the Federal Open Market Committee meeting concluded on Wednesday, noted Delphi Digital.
“The Fed got inflation wrong and the scramble to deliver interest rate hikes this year is sending the best performing assets during the pandemic tumbling,” said OANDA Senior Market Analyst Edward Moya, in an emailed note.
“The Fed’s aggressive fight against inflation will ease once financial conditions are threatened and that is far away. The next couple of months will remain very choppy for crypto markets but the fundamentals still support a broadening formation for the top performing cryptos.”
Russia President Vladimir Putin said Thursday that the country had competitive advantages in Bitcoin mining.
The increased buzz around nation-states embracing Bitcoin is fueling optimism among some. Zhu Su, co-founder of Singapore-based Three Arrows Capital hedge fund, made a prediction on Twitter.
On Wednesday, it was reported that Cathie Wood-led Ark Invest analyst Yassine Elmandjra said that the price of each BTC could rise above $1 million by 2030. By that year, Elmandjra expects BTC to account for 1% of total reserves of nation-state treasuries.
This hoarding by states would account for $3.8 trillion of $28.5 trillion BTC market cap in 2030. Similarly, in terms of value per BTC, it would account for $181,000 per BTC of the Ark projected $1.36 million per BTC price.
Read Next: Ethereum Burning Intensified In January — Is The No. 2 Crypto About To Chart A Course To Recovery?
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