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The past 24 hours have been a rollercoaster for cryptocurrency. Before many went to sleep, Bitcoin was trading in the low $90K region, and altcoins were down another 15%. But this morning, we've woken up to a sea of green.
The trade wars appeared to be in full swing, with markets reacting extremely poorly. A reported $2.3 billion in leveraged positions was liquidated from the crypto markets, marking one of the largest liquidation events in history. However, Bybit CEO Ben Zhou has challenged this figure, suggesting the real number sits between $8–$10 billion. Zhou backed up his claim by revealing Bybit’s actual liquidations over the last 24 hours, which stood at $2.1 billion—a stark contrast to Coinglass’ reported $333 million for Bybit alone.
The trade wars, however, seem to have taken a breather. Both Canada and the US have agreed to pause their recently announced tariffs for at least 30 days. In response, markets have rebounded, turning yesterday’s red into today’s green.
Market Recovery: A Reward for the Brave
Market Recovery: A Reward for the Brave
Source:https://cryptobubbles.net/
Waking up to this market bounce was a pleasant surprise. As mentioned yesterday, those who took advantage of the extreme discounts have already started reaping the rewards. Bitcoin is back above $100K, Solana has reclaimed $215, and Sui and Ondo are both up 12% in the last 24 hours.
This bounce has stabilised the market and drastically shifted sentiment. Just yesterday, the Fear & Greed Index showed 25 (Extreme Fear). Now, it has jumped to 44, marking a significant recovery in investor confidence.
Eyes on David Sacks: The ‘Bitcoin Czar’ Speaks Tomorrow
Eyes on David Sacks: The ‘Bitcoin Czar’ Speaks Tomorrow
Tomorrow, David Sacks, the ‘Bitcoin Czar’ and newly appointed head of the Digital Asset Stockpile, is set to hold a press conference. This event is expected to bring major updates on digital asset policies and regulation. Make sure to tune in at 6:30 AM AEST.
Stormrake Spotlight: Ethereum (ETH) ($2,865)
Stormrake Spotlight: Ethereum (ETH) ($2,865)
Ethereum is currently battling with the daily open to close green after an extremely volatile 24 hours. After dipping to a low of $2,079, ETH has staged a recovery, reclaiming the major support level discussed yesterday.
Yes, ETH is underperforming the rest of the market, but it also remains incredibly undervalued. The first time Bitcoin reached $100K, ETH was $4,000. Now, Bitcoin is back at $100K, but ETH is still 30% lower.
I’m not the only one seeing the opportunity here. Eric Trump (son of US President Donald Trump) just tweeted:
"In my opinion, it’s a great time to add $ETH. You can thank me later."
Pair that with World Liberty Financial—the Trump-linked crypto project—acquiring another 86,000 ETH ($220M USD worth) yesterday, and it’s hard to ignore the bullish signals for Ethereum.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin bounced perfectly off the new support CPR at $91.2K and found additional support at $92.5K before reversing 11% to reclaim $100K. BTC is now flipping momentum back to the bulls. If Bitcoin can hold above $100K and trade above its moving averages, we could see another attempt to flip $104K into support.
BTC Total ETF Flows for 3 Feb: $ (data not available)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum has seen a major reversal from its $2,079 low, now up 30% from that level. It is currently retesting a key resistance level at $2,865, alongside the CPR level. If ETH can flip these into support, it could be the first sign of sustained bullish momentum.
ETH Total ETF Flows for 3 Feb: $ (data not available)
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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