[US Market]Bitcoin breaks $23,000 before FOMC | coindesk JAPAN | Coindesk Japan

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latest price

●CoinDesk Market Index (CMI): 1,065.79, -5.0%
Bitcoin: $22,722, -4.5%
Ethereum: $1,555, -5.4%

● S&P500: 4,017.77, -1.3%
Gold: $1,923, -0.3%
10-Year US Treasury Yield: 3.55%, +0.0

Market trend

(CoinDesk Research)

Bitcoin (BTC): More than 4% drop in 24 hours, near $22,700. It is well below the $24,000 mark on the 29th. Crypto funds saw net inflows of $117 million last week, the largest in six months, with Bitcoin funds accounting for most of it.

Ethereum (ETH): Down about 5% in 24 hours, near $1560. The Ethereum/Bitcoin (ETH/BTC) ratio has been on a downward trend for the second month in a row.

The Sandbox (SAND): Metaverse token The Sandbox (SAND) has been on the rise since the beginning of the year ahead of its scheduled unlock on February 14th. It’s down about 11% over a 24-hour period, near $0.71, but is up 86% year-to-date.

Dogecoin (DOGE): After the Financial Times reported that Twitter is developing a payment system and is also considering crypto assets, it temporarily rose to $ 0.09, but fell 2% in 24 hours, near $ 0.08.

stock market: The stock market fell. The Nasdaq fell about 1.9%, the S&P 500 about 1.3% and the Dow Jones Industrial Average 0.7%.

market analysis

(Glassnode)

Bitcoin net inflows from wallets to exchanges have increased since Jan. 22, according to blockchain analytics firm Glassnode. A move to exchanges is often a bearish signal that reflects investors’ intent to sell.

Whales (large holders) deposits on exchanges have declined in recent weeks, which alone is a bullish signal, but relatively higher than withdrawals.

Historically, net inflows/net outflows have tended to move in waves, and while the current situation does not necessarily indicate investor sell-off, it may be predictive of future behavior by large investors.

An increase in the movement of bitcoin to exchanges could be seen as large holders preparing to sell, which could lead to price declines. However, the move is still in its early stages.

|Translation: coindesk JAPAN
|Editing: Takayuki Masuda
| Image: CoinDesk
|Original: Crypto Markets Today: Bitcoin Dips Below $23K Ahead of Fed’s Meeting

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