The crypto market slipped back into the red, with most cryptocurrencies trading lower. Bitcoin (BTC) is down nearly 1% over the past 24 hours, trading around $104,360. BTC surged past $105,000 following comments from Federal Reserve Chair Jerome Powell following the FOMC meeting, stating that banks could provide crypto services to customers if they comply with risk disclosure requirements.
Markets were mixed, with Ethereum (ETH) up nearly 1.50% and trading around $3,246, while Ripple (XRP) is down nearly 1% and trading around $3.09. Solana (SOL) is down 1.13% and is trading around $237. Dogecoin (DOGE) and Cardano (ADA) have also registered substantial losses. On the other hand, Tron (TRX), Chainlink (LINK), Avalanche (AVAX), Stellar (XLM), and Litecoin (LTC) have registered substantial increases.
Crypto.com To Delist USDT In Europe By January 31
Crypto.com has announced it will delist Tether’s USDT and nine other stablecoins in Europe by January 31 to comply with the European Union’s Markets in Crypto Assets Regulation (MiCA). The list of tokens being delisted includes Wrapped Bitcoin (WBTC), Dai (DAI), Pax Dollar (PAX), Pax Gold (PAXG), PayPal USD (PYUSD), Crypto.com Staked ETH (CDCETH), Crypto.com Staked SOL (CDCSOL), Liquid CRO (LCRO), and XSGD. A spokesperson confirmed the purchases of the listed tokens will be suspended on January 31, and deposits will be disabled shortly after. However, users can withdraw the stablecoins until the end of Q1 2025, with full delisting expected to be completed by March 31, 2025.
Users have until March 31 to convert their stablecoins into MiCA-compliant assets. If they fail to convert them by this date, the holdings will be automatically swapped for a MiCA-compliant stablecoin or an asset of equal value. MiCA requires stablecoins operating in the European Economic Area to have an e-money license from at least one EU member state. USDT does not have this license, and Tether has not received authorization under MiCA, leading to increased scrutiny of USDT.
Tether Criticizes MiCA As Delisting Begins
Tether, the entity behind the USDT stablecoin, has criticized recent market developments in Europe. The criticism comes as crypto exchanges in the region begin delisting the stablecoin to comply with the MiCA regulatory framework. Crypto.com has confirmed it will be delisting the stablecoin by January 31 to comply with the new regulations. A spokesperson for Tether conveyed disappointment with the decision made by exchanges to comply with the MiCA framework.
Tether warned operators that changes triggered by MiCA could lead to risks for EU-based customers and the local crypto market. According to Tether, USDT’s delisting could put additional risk on EU customers and create a disorderly market. Despite these developments, Tether is finalizing its strategy for Europe. The company acknowledged that while some aspects of MiCA complicate the situation of EU-licensed stablecoins, it remains committed to ensuring compliance with regulations.
Bitcoin (BTC) Price Analysis
Bitcoin’s (BTC) price action has remained muted over the past couple of sessions as it hovers between $104,500 and $105,000 after it failed to move above $107,000 on Thursday. However, the flagship cryptocurrency has recovered from its dramatic collapse on Monday when it fell below $100,000. If buyers can consolidate above $105,000, BTC could push to $110,000 and set a new all-time high. However, the markets lack a catalyst to initiate a price jump, with most factors already priced in. The muted performance could be attributed to market jitters about trade tariffs under Trump, which have impacted risk appetite. BTC saw considerable volatility during the week thanks to the release of DeepSeek, a potentially disruptive Chinese AI model that sparked a significant selloff in global markets.
However, BTC rebounded sharply from these losses, steadying itself between $100,000 and $105,000. However, Trump’s threat of imposing tariffs on countries has put pressure on markets again. President Trump has threatened to impose 100% tariffs on BRICS nations and said the 25% tariffs imposed on Canada and Mexico will go into effect on Saturday. He has also threatened to impose a 10% duty on China. The comments have soured risk appetite and threatened to disrupt global trade and economic growth.
BTC began experiencing volatility last Thursday when it dropped to an intraday low of $101,296 and rose to an intraday high of $106,903 before settling at $104,004, registering a marginal increase. Buyers retained control on Friday despite growing volatility, with BTC rising to an intraday high of $107,038 before settling at $104,874. However, sentiment began changing over the weekend as BTC registered a marginal drop on Saturday before falling over 2% on Sunday to settle at $102,655. Bearish sentiment intensified on Monday as BTC plummeted below $100,000, dropping to an intraday low of $97,766. However, it recovered from this level to reclaim $100,000 and ultimately settle at $102,064.
Source: TradingView
Buyers attempted a recovery on Tuesday but lost momentum, allowing sellers to drive the price down 0.69% to $101,362. BTC rebounded on Wednesday, rising 2.27% to $103,666 as buyers returned to the market. Positive momentum persisted on Thursday as BTC reached an intraday high of $106,332. However, BTC fell back from this level, ultimately settling at $104,559 after an increase of 0.86%. The current session sees BTC marginally down as buyers and sellers struggle to take control. If sellers retain control, BTC could drop to $100,000. If this level is breached, BTC could fall to $90,000. Alternatively, if buyers regain control and consolidate above $105,000, it could open the door for a move toward $110,000. Indicators are giving mixed signals, with the RSI above the neutral zone at 57. On the other hand, the MACD is flashing bearish, indicating negative sentiment and a possible downtrend.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is back in the red during the ongoing session as it struggles to move past the 20-day SMA and $3,300, with resistance building. ETH traders have been preparing for a potential rally, anticipating a positive February. ETH has posted more returns in February than in any other month. However, it is set to end January in the red, thanks to negative sentiment around the Ethereum Foundation and a jittery crypto market. ETH is trading in a falling wedge pattern and is facing significant resistance near its descending trendline. If the trendline holds as resistance, ETH could decline to $3,000. A close below this level could drive ETH to a low of $2,800. However, if ETH can break above the upper boundary resistance and establish it as support, it could set off a substantial rally and drive ETH past $3,500 and potentially $4,000.
ETH has struggled to move past the 20-day SMA since the middle of January. However, bearish sentiment and volatility have increased since the weekend as macroeconomic factors weigh down the price. ETH registered a marginal increase on Saturday, rising to $3,317. However, it was back in the red on Friday, dropping 2.55% to slip below the 20-day SMA and settling at $3,232. Selling pressure intensified on Monday as ETH plummeted to an intraday low of $3,020. The price recovered from this level to settle at $3,183, a drop of 1.51%. Sellers retained control on Tuesday as ETH fell 3.34% to $3,077.
Source: TradingView
ETH recovered on Wednesday, rising 1.20% to settle at $3,114, but not before reaching an intraday high of $3,176. Bullish sentiment intensified on Thursday as ETH rose 4% and moved to $3,348. However, ETH faces considerable resistance around this level and could not push higher. The current session sees ETH marginally down as it struggles to move past the 20-day SMA and descending trendline. ETH’s RSI is below 50, while the MACD is also bearish, indicating selling pressure.
Solana (SOL) Price Analysis
Solana (SOL)’s momentum has waned this week as it struggles to move past $240. Several factors are responsible for SOL’s bearishness in recent sessions. The marketwide selloff ahead of the Fed’s decision on interest rate cuts has adversely impacted the price. The Fed ultimately left interest rates unchanged, but that did not bring much cheer to markets. There has also been a decline in investor interest in Solana’s DeFi ecosystem, further intensifying the bearish sentiment around SOL.
SOL registered a significant collapse on Sunday, dropping over 6% to slip below $250 and settle at $240. Bearish sentiment intensified on Monday as markets collapsed. As a result, SOL fell to an intraday low of $220 before recovering and settling at $235, registering a drop of 2.22%. Sellers retained control on Tuesday as SOL dropped 3.45% after reaching an intraday high of $244 to settle at $226.
Source: TradingView
However, SOL has support at around $225 thanks to the 20-day SMA. As a result, SOL rose to an intraday high of $238 on Wednesday before losing momentum and settling at $228, registering a marginal increase. Bullish sentiment intensified on Thursday as SOL rose 4.47% and settled at $238. The current session sees SOL down over 1% and trading around $235, as it struggles to build momentum and move past $240. The MACD is bearish, indicating a growing bearish sentiment. If sellers retain control, SOL could drop back towards its support level. A break below this level could drive SOL to a low of $200.
Ripple (XRP) Price Analysis
Ripple (XRP) bounced off its ascending trendline on Monday when it plummeted to an intraday low of $2.65. Buyers have kept XRP above $3 despite volatility and selling pressure, indicating strong support. XRP has been relatively muted since reaching an intraday high of $3.39 on January 16. The price registered a marginal decline last Friday as it entered the weekend on a bearish note. XRP registered a marginal increase on Saturday before dropping nearly 3% on Sunday to end the weekend at $3.02. XRP dropped to an intraday low of $2.65 on Monday as markets turned bearish. However, it recovered from this level to reclaim $3 and settle at $3.05, ultimately rising just over 1%.
Source: TradingView
However, momentum waned on Tuesday as XRP could register only a marginal increase after dropping from an intraday high of $3.21. Wednesday also saw a marginal increase as XRP rose to $3.06. Bullish sentiment picked up on Thursday as XRP rose nearly 2% and settled at $3.12. However, it finds itself in the red during the ongoing session, with the price down 1.99% and trading around $3.06. If sellers retain control and push XRP below $3, we could see a drop to its ascending trendline. If it slips below this level, we could expect a decline to $2.50 or lower. The next strong support sits at $2. XRP’s MACD is currently bearish, indicating a downtrend could be seen.
Uniswap (UNI) Price Analysis
Uniswap (UNI) slipped below a key support level over the weekend, dropping nearly 3% on Saturday and 5.30% on Sunday to settle at $11.44. Markets remained bearish on Monday as UNI fell to an intraday low of $10.26 before recouping some losses and settling at $10.99, ultimately dropping nearly 4%. Sentiment began changing on Tuesday as UNI registered an increase of 1.29% and settled at $11.12, indicating strong support around $11.
Source: TradingView
Bullish sentiment intensified on Wednesday as UNI rose 5.45% to reach an intraday high of $12.06 before settling at $11.74. Buyers retained control on Thursday as they looked to push UNI past $12. However, UINI could not move past this level and settled at $11.97, registering an increase of nearly 2%. The current session sees UNI down just over 1% and trading around $11.82. If sellers retain control, UNI could drop to $11 where it will find support. On the other hand, if buyers regain control, UNI could attempt to push above $12 and look to move past the 20-day SMA.
Cosmos (ATOM) Price Analysis
Cosmos (ATOM) is struggling to move past the 20-day SMA, with the price marginally down during the ongoing session. ATOM had been trading between $6 and $6.55 for most of last week as price action remained muted. The price experienced volatility on Friday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as ATOM rose 1.51% to $6.21. However, sentiment changed over the weekend as ATOM registered a marginal drop on Saturday before dropping nearly 2% on Sunday to settle at $6.09.
Source: TradingView
Bearish sentiment intensified on Monday as ATOM dropped to an intraday low of $5.52, dipping below key support levels. However, the price recovered from this level to $5.99, falling nearly 2%. Sellers retained control on Tuesday as ATOM dropped over 5% to slip below the 200-day SMA and settle at $5.67. Buyers returned to the market on Wednesday as the price rose above the 200-day SMA and settled at $5.83. ATOM rose 6% on Thursday as it reclaimed $6 and settled at $6.21. The current session sees the price marginally down as it struggles to move past the 20-day SMA.
Ronin (RON) Price Analysis
Ronin (RON) had been trading in a downward trajectory since December, slipping below key support levels and moving averages. However, it has seen a recovery this week as it looks to regain lost ground. RON saw bearish sentiment intensify after it dropped below the 200-day SMA. It entered the previous weekend in the red, falling 0.97% on Saturday and 0.69% on Sunday to settle at $1.60. RON plummeted to an intraday low of $1.44 on Monday as markets turned bearish. However, it recovered from this level and ultimately settled at $1.52, dropping nearly 5%.
Source: TradingView
Sellers retained control on Tuesday as RON fell 4.66% to $1.45. With buyers active at this level, RON registered a marginal increase on Wednesday and rose to $1.46. Bullish sentiment intensified on Thursday as RON surged over 4% and moved to $1.52. The current session sees RON marginally up as buyers and sellers struggle to establish control.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.