First Mover Asia: Crypto Prices Plunge Late After Weak Meta Earnings

Good morning. Here’s what is happening:

Market movement: Bitcoin ended its two-day win with heavier selling pressures during US trading hours.

Hiring technicians: BTC retreat may continue into Asian trading day. First aid $ 35K.

Follow the latest episodes Of CoinDesk TV for insightful interviews with crypto industry leaders and analysts.


Bitcoin (BTC): $ 37,031 -4.5%

Ether (ETH): $ 2,690 -3.8%

Top Recipients

Assets Tickets Return Sector
Computer Internet ICP + 8.4% Computer
Ancient Ethereum Etc. + 2.1% Smart Contract Platform
Al Gore Something + 0.2% Smart Contract Platform

Top losers

Assets Tickets Return Sector
Solana SOL −6.2% Smart Contract Platform
Cosmos Atoms −6.0% Smart Contract Platform
Stars XLM −4.3% Smart Contract Platform


S&P 500: 4,589 + 0.9%

DJIA: 35,629 + 0.6%

Nasdaq: 14,417 + 0.5%

Gold: $ 1,807 + 0.3%

Market changes

Bitcoin (BTC) and the broader cryptocurrency market faced heavier selling pressure late in US trading on Wednesday, ending a two-day win over the oldest cryptocurrency.

The afternoon cryptocurrency drop came after Meta Platforms (formerly Facebook) delivered disappointing Q4 earnings with weak guidance for the current quarter. Meta shares fell more than 18% to resume trading on Wednesday.

At the time of publication, the largest cryptocurrency by market value was moving hands at $ 37,031, down 4.5% in the last 24 hours, according to CoinDesk data. Ether, the second-largest cryptocurrency by market capitalization, is trading at $ 2,690, closing 3.8% for the same period.

According to data compiled by CoinDesk, bitcoin trading volume across key central exchanges on Wednesday continued to decline.

(CoinDesk / CryptoCompare)

In the broader cryptocurrency market, most alternative cryptocurrencies (altcoin) also turned red on Wednesday. At the time of publication, some of the biggest losers of the day were decentralized financial (DeFi) tokens, including loop (LRC), curve (CRV) and solana (SOL) based on data from Messari.

Ether suffered more losses than bitcoin during slow trading after more than 120,000 “potential exploits” (more than $ 326 million) were found on a bridge over the Wormhole chain. The popular bridge for connecting Solana and some other major networks is trying to negotiate a chain with hackers, as CoinDesk reports.

The event is being followed by Wormhole tweeting its network “Down for maintenance” as the team looks into the issue.

Technician Acceptance

Bitcoin slides under $ 38K; Support over $ 35K

The four-hour Bitcoin price chart shows support / resistance with RSI below (Damanick Dantes / CoinDesk, TradingView)

Bitcoin (BTC) has failed to maintain a jump above $ 38,000, although short-term buyers may remain active above the $ 35,000 support level. Momentum is starting to fall on today’s chart, which means that the pullback may continue into Asian trading day. At the time of publication, bitcoin was trading at around $ 37,000.

The Relative Strength Index (RSI) on the daily chart approached the overbought area on Tuesday, leading the current bearish price. In addition, the 100-period moving average on the 4-hour chart, which currently stands at $ 38,220, continues to mitigate short-term gains.

Bitcoin has been on a medium-term downtrend since November and consolidated between $ 35,000 and $ 38,000 last week. Buyers will need to make a clear move above $ 40,000 to reverse the downtrend.


8:30 am HKT / SGT (12:30 am UTC): Australia Import / Export (December)

8:30 am HKT / SGT (12:30 am UTC): Jibun Bank Purchasing Managers’ Index (Japan) (January)

8:30 am HKT / SGT (12:30 am UTC): ANZ (New Zealand) Commodity Price (January)

8:30 am HKT / SGT (12:30 am UTC): National Bank of Australia Business Confidence (Q4 / QoQ)

5pm HKT / SGT (9am UTC): Markit Economics Purchasing Managers Index (January)

CoinDesk TV

In case you missed it, here is the latest episode of “First Mover” on CoinDesk:

Grayscale Begins First Future of Financial ETFs (GFOF) Impact of India’s Crypto Tax Proposal Sheila Warren Joins Crypto Board for Innovation as CEO

“First Mover” organizers spoke with sister company CoinDesk, global chairman of Grayscale ETF Dave LaValle as the company launched its first exchange-traded fund (ETF) that tracks Bloomberg Grayscale futures financial index. CoinDesk “Money ReImagined” co-host Sheila Warren shares her plans for the Crypto Board for Innovation as she begins her first day as CEO. In addition, “First Mover” provided insights into India’s crypto policy changes from Tanvi Ratna, founder of Principle 4.0.


Blockchain Wormhole Suffers More Than $ 250 Million from Exploitation: Popular Bridge is now trying to negotiate a chain with hackers.

Do not listen to Shilling Crypto, Binance Celebrity Ad says: The campaign, starring NBA star Jimmy Butler, begins ahead of the Super Bowl during which Binance rivals FTX and will run commercials.

NFT Platform Pixel Vault closes $ 100M investment: Funding by Velvet Sea Ventures and 01A, an investment firm founded by former Twitter CEO Dick Costolo, will help start-ups support projects.

Coinbase, Genesis Highlights Corporate Growth at MicroStrategy Conference: The chairman of Coinbase Institutional says more and more retailers are interested in NFTs, and that could lead to them holding more cryptocurrencies in their stocks.

Neopets rated Metaverse Pivot. Fans exclaimed: For many Neopets fans, the effort to bring the first ancient stories into site 3 is raising red flags.

PayPal shares fall on declining earnings: The payment giant’s quarterly revenue rose 13% in the fourth quarter, down from a 25% increase last year.

Read longer.

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Today’s crypto explainer: Crypto Arbitrage Trading: How to Reduce Low Risk

Other voices: ‘I Forgot My Password’: The Tale of Losing $ 30,000 in Bitcoin

Spoke and listened

“The focus has clearly shifted to revenue. We have seen strong results from big tech companies. But sometimes we may feel back to macro data and [U.S. Federal Reserve] – We think we will swing between these two points. For financial markets, this means more volatility. (Luc Filip, Chief Investment Officer, SYZ Private Banking to The Wall Street Journal) … “It adds to the rare loss of growth and technological protection. The fund suffered last year as expectations of higher interest rates hit many of their preferred stocks.” (The Wall Street Journal). “There is a large supply and demand gap in India. [non-fungible token] Marketing. The NFT builders here are thriving, while the collectors are still non-existent. Both sides draw different pictures of how they see NFT opportunities in India. (Tanvi Ratna for CoinDesk) … “But if you have ever traded with a Swiss currency, you may have breathed a sigh of relief. Caught in chaos. ” (CoinDesk writer Leah Callon-Butler)


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