Major coins traded in the red on Thursday, as the global market cap went down 1.75% reaching $1.04 trillion, recorded at 8:30 p.m. EST.
What Happened: The largest cryptocurrency by market value, Bitcoin BTC/USD, fell over 2% to under $23,000. Ethereum ETH/USD was changing hands at $1,567, down 3.4%. Dogecoin DOGE/USD was down 1.69% in the last 24 hours, trading at $0.085.
U.S. equities soared, as investors digested the most recent GDP report and its positive implications for the economy. The tech-heavy Nasdaq Composite rose 1.7%, the S&P 500 gained 1.1%, and the Dow Jones Industrial Average was up 0.6%.
See More: Best Crypto Day Trading Strategies
The FTX creditor list, containing 116 pages of information, reveals the far-reaching implications of FTX's bankruptcy. Companies such as Netflix and Apple AAPL are among those listed as creditors. This comprehensive document further shows that FTX's debt reaches universities, airlines, charities and media organizations, as revealed in the newest court filing.
“Bitcoin pared losses as soft-landing hopes returned following better-than-expected U.S. GDP data. Bitcoin still looks poised to consolidate here until next week’s FOMC decision. One notable crypto story was a fine given to Coinbase by the Dutch Central Bank. The central bank’s penalty is for offering crypto products prior to their registration. This $3.6 million fine is a slap on the wrist but another reminder that a global crackdown on crypto continues,” said Edward Moya, a senior market analyst at OANDA, in a note seen by Benzinga.
Crypto analyst Michaël van de Poppe said "we’ll all be laughing" at current BTC and ETH prices in just a few short years. In the shorter term, he is keeping a close watch on the $1,450-$1,600 range for Ethereum,
As for BTC, the analyst says he’s not interested in longs at Bitcoin’s current price levels.
Fun thing is, in a few years from now we'll be laughing at the current valuations.#Bitcoin at $200K or more, #Ethereum being adopted everywhere.— Michaël van de Poppe (@CryptoMichNL) January 26, 2023
We're on the start of such a massive cycle.
Poppe said that altcoins Fantom FTM/USD and Polygon MATIC/USD are currently blasting off. “FTM and MATIC going through the roof.”
Crypto analyst Justin Bennett said that Bitcoin is currently sitting at its all-time high trend line.
$BTC is still hanging out at its ATH trend line.— Justin Bennett (@JustinBennettFX) January 26, 2023
No confirmed break yet.#Bitcoin pic.twitter.com/DmTCEv5sGr
Read Next: Elon Musk Still Not Lovin' It? A Year Later, Mum's Still The Word On MrBeast Burger's Dogecoin Deal
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Get ready to uncover the secrets of decentralized finance and security in the crypto market with Crypto Unlocked , Benzinga's new virtual crypto event series. Don't miss out on this opportunity to learn from the experts and connect with fellow crypto enthusiasts — subscribe and turn on notifications for Crypto Unlocked on YouTube today !