Market situation: Return of capital from digital currency funds
The selling pressure in the digital currency market has decreased compared to the previous week; But the overall situation of the bitcoin market and most of the altcoins still seems to be declining. In addition, investment funds in digital currencies faced capital outflows for the fourth week in a row, bringing the total capital outflows to $ 465 million.
To Report Kevin Desk, Most digital currencies fell on Monday. The prices of Bitcoin, Atrium and Solana have decreased by 1.2, 0.75 and 5% in the last 24 hours, respectively. The poor performance of Altcoins on Monday showed that traders continue to be cautious. Usually during the market downturn, the price of altcoins decreases more than bitcoins, because they also have more risk.
The fall in the price of digital currencies in the last 24 hours has caused some traders active in leveraged markets to lose money. On Monday, for example, the price of bitcoin fell below $ 40,000 for the first time in three months, pushing more than 109,000 liquid traders.
QCP Capital Investment Company has said in this regard:
Market fluctuations do not seem to reflect the intense fear of traders. In fact, our research shows that last week a significant volume of call options was recorded, especially in the Bitcoin and Atrium markets.
Capital outflows from digital currency funds
With the decline in the price of digital currencies, mutual funds have also become pessimistic about the market. The weekly rate of return on investment in digital asset investment products indicates that $ 207 million has been withdrawn from these funds as of January 7th.
The exit of traders from the market intensified the selling pressure that started in mid-December (December) and increased the value of the total capital withdrawn from digital currency funds over the past four weeks to $ 465 million.
In the past seven days, $ 107 million has been withdrawn from Bitcoin Special Mutual Funds and $ 39 million from Atrium Mutual Funds, bringing the outflow of these funds to $ 180 million in the past four weeks.
Market situation of Altcoins
Slight increase in the price of Paligan and Olench: The price of Olench and Paligan increased by about 4% during the trading hours related to Asian countries, but in the last 24 hours, the general market trend of these two tokens has been declining. In general, the poor performance of most pennies compared to bitcoins indicates that traders are reluctant to take risks.
The American division of Bainance Exchange set up an office in Metavars Solana: The American division of Bainance Digital Currency Exchange is creating space in Portals, the Metaver platform built on the Solana blockchain. Many companies have already entered into atrium-based metadata, such as the Decentraland and Sandbox platforms; But the portals platform seems to be the best option for entering the high-speed blockchain metrics of Solana.
Execution of a plan to plant one million trees using the Cardano China block: Frederik Gregaard, CEO of the Cardano Foundation, announced on Sunday that the complex had planted 1 million trees. Veritree is a Chinese blockchain project active in the Cardano network, where users can trade their Cardano tokens in more digital currencies (TREEs), and a tree is planted with each transaction. Instead, traders can exchange their wet tokens on certain days with digital trees presented in the form of NFT tokens. This is just one part of Cardano Blockchain’s broad plans to become an environmentally friendly network.