Morning Minute | Bitcoin Rebounds Despite Silk Road FUD
TylerD's Market Summary
Bitcoin Rebounds, Lifting Broader Crypto
The 2.5 day period from Tuesday to Thursday afternoon were rough for many on Crypto Twitter.
Bitcoin fell from a $102,000 local high to $92,000, as calls for "the cycle top is in" getting louder all while memecoins and AI leaders fell 30-50%.
But the pain may be over, at least temporarily.
What Happened?
Bitcoin briefly fell below $92,000 yesterday evening before marching back up overnight to $95,000.
The rebound comes a day after the Silk Road news has had time to settle and digest, and it has become less certain that those specific coins will be sold ahead of Trump's inauguration.
With the Silk Road news seemingly shaken off, Bitcoin has rebounded and has pulled broader sectors up with it.
- The AI sector added $2B in market cap off of its local low overnight, with leaders piling in 10-30% gains
- Memecoins rebounded 1-5%
- And adults are starting to rebound as well
The question now becomes - is the local low behind us, or is more pain in store?
Looking Ahead
We may get that answer here this morning.
A key labor report comes out this morning with non-farm payrolls along with a consumer sentiment report.
It seems a softer jobs report is what crypto traders are rooting for for a near term spike. If jobs come in strong, or any other surprises, the crypto pain very well may continue through the inauguration.
We shall find out soon...
🚚 What is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- ETH NFT leaders were mostly red across the board down 1-3%; Punks even at 36.3 ETH, Pudgy -4% at 25, BAYC -2% at 15.5 ETH, Azuki +1% at 12.4 ETH
- Topia Worlds (+75%), Kaito (+48%) and GLHFers (+25%) led notable top movers
- BTC NFT leaders were mostly green; Bitcoin Puppets +4%, NodeMonkes +8%, OMB even, Quantum Cats -5%
- The Runes leaders were mostly even; DOG even at $582M mc, PUPS even at $77M, BDC +3% at $36M, GIZMO even at $10M
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
- Fantasy Top introduced a new game called Moonshot Coin Rush where players pay a $5 entry and compete to make the best meme coin portfolio over a 24 hour timeframe
- Berachain DEX Ooga Booga announced a $1.5M raise led by Primal
🤖 AI x Crypto
New section dedicated to headlines in the AI sector of crypto:
- Overall market cap rebounded 10% to $15.5B, with most leaders up anywhere from 2%-30%
- Leaders: VIRTUAL (+1%), ai16z (+14%), FARTCOIN (+2%), FAI (+28%) and AIXBT (+35%)
- Binance announced spot listings for AIXBT (+35%), COOKIE (+40%), and CGPT (+67%), each of which soared
- Top movers include PIPPIN (+150%), AVB (+115%), LEA (+95%), FATHA (+85%), & ROPIRITO (+80%)
- New tokens BIOS (+17,000% to $20M) and STEALTH (+20,000% to $14M) had the top debuts
- STEALTH is tied to an AI Agent gaming framework for immersive Roblox experiences, and BIOS is tied to Biosphere which is an open-ended "agent evolution arena" where AI agents can interact and text in a sandbox (similar to GAME on Virtuals)
- Aiccelerate DAO announced its vision, founding team and advisors along with opening up a whitelist for initial investors
- Ronin debuts its first AI Agent JAIHOZ, soars to $26M in its debut on Virtuals
- Eliza expanded to Ape Chain, Shaw dubs it AipeChain
🌎 Macro Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors rebounded after a day of chop; BTC +1.5% at $94,800, ETH even at $3,300, SOL even at $191, XRP even at $2.31
- SUI (+8%), OM (+5%), MKR (+7%) and FTM (+6%) led alts
- USD0 stablecoin from Usual depegs, falls to $0.87
- Mantra plans to tokenize $1B in RWA for UAE property developer DAMAC
- Arbitrum developer Offchain Labs has hired the former Nasdaq digital assets lead Ira Auerbach to lead its venture efforts
- The CFTC has asked Coinbase to turn over customer information related to Polymarket as a part of its investigation
- Memecoin majors are green this morning mostly up 1-5%; DOGE +1%, SHIBA +2%, PEPE +1%, PENGU +6%, BONK even, WIF -2%, MOG -2%
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