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New Year Opening Market Overview
Bitcoin hovers around $87,600, with a 24-hour decline of 0.56%. The market performance appears somewhat weak — the $88,000 resistance level is under significant pressure, and below that, the support zone of $87,000-$86,500 warrants attention.
Ethereum is priced at $2,980, with a 24-hour increase of only 0.45%, unfortunately failing to hold the psychological level of $3,000. From a technical perspective, whether the $2,950-$2,920 range can withstand selling pressure is a key point.
In terms of market sentiment, the Fear & Greed Index has returned to 20, indicating extreme fear (yesterday was 21). Funding rates show that Bitcoin and Ethereum remain neutral, but the bearish sentiment among altcoins has fully spread. The total global cryptocurrency market cap is approximately $2.99 trillion, with a 24-hour increase of 1.66%.
A few recent events
Turkey’s BtcTurk exchange has been targeted by hackers again, losing about $48 million this time. Last August, they experienced a similar incident, with a theft of $49 million, which raises concerns about the frequency of such attacks.
A major exchange experienced abnormal fluctuations, suspected of a market maker account being compromised. The coin BROCCOLI surged over 30% in a short period, and a trader keenly caught this abnormal market movement, successfully earning about $1 million.
Bitcoin ecosystem service provider UniSat has suspended related data updates due to issues with the Runes index and is currently working hard to restore the system.
An exchange paused NKN deposits and withdrawals due to network block delays, with the exact restart time yet to be determined.
Several large on-chain transactions are worth noting: a compliant platform transferred 600 BTC, valued at about $52.69 million; simultaneously, a new wallet address withdrew 5,798 ETH from another exchange, totaling approximately $17.24 million.
A U.S.-based trading app issued $1.5 million worth of Bitcoin benefits to attract new year users.
Risk points to watch
Liquidity tends to dry up during holidays, and the selling pressure on altcoins is particularly evident now. Coupled with the overall bearish signals from funding rates, caution is advised in the short term — avoid blindly chasing highs.
Recent frequency of exchange security incidents has been somewhat high. It is recommended to transfer your coins to cold wallets for better security, and be vigilant against imitation apps and phishing links, as scams are constantly emerging.
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The index reaching 20 is indeed extremely panic-inducing, but I feel there’s still room below.
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That trader who made a $1 million surge with BROCCOLI, luck is really on their side... Why do I always miss this wave?
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Liquidity dried up during the holiday; chasing highs now is just giving money to the whales. It’s better to miss this move than to act recklessly.
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UniSat has encountered problems again. Runes has been quite troublesome lately.
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Altcoins are all bearish now; I really dare not touch them. Let’s wait for the right moment.
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Cold wallets still need to be prioritized. With so many security incidents at exchanges, I don’t feel secure leaving assets there.
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If 88,000 can’t be broken, I’ll have to consider a downward move. The technicals are indeed a bit weak.
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Bitcoin just swings back and forth, really exhausting
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Who dares to buy into altcoins now, a mess of chaos
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Cold wallets are really necessary, gotta be extra careful going forward
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That trader made a million, truly incredible, why didn't I get a chance
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If 88000 can't break, it will probably drop, feels like a decline
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The panic index at 20 is already extreme, is it going to keep crashing
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UniSat has issues again, the Runes ecosystem is indeed a bit fragile
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When liquidity dries up, it's easiest to get cut, holiday really a trap
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Over 5000 large Ethereum transfers, what signal is this?
Another "smart trader" got rich overnight, I'm still losing.
Altcoins are about to cool off, I’m bearish.
When liquidity dries up, just lie low, don’t chase highs everyone.
88,000 probably won't break, feels like a pullback is coming.
There are really many phishing links, everyone be cautious.
BROCCOLI up 30%? Missed out again, missed another wave.
Cold wallets are really necessary, exchanges have been too busy lately.
If 2950 doesn’t break, there’s still a chance to grab some.
Holidays are indeed a high period for all kinds of incidents.
Cold wallets really need to be prepared; I don't trust the exchange's current frequency of transactions.
I didn't even react to the BROCCOLI move—someone walked away with 1 million...
The index hitting 20 is indeed a bit scary; altcoins are probably going to cool off.
If 88,000 can't be broken, it feels like we need to try lower; 3,000 can't hold either, which is really embarrassing.
Liquidity dries up during holidays; this thing is a trap. Let's stay cautious.
That 1 million bonus, Americans really know how to market.
UniSat has another issue; when will it stabilize?
Given the current situation, it's not suitable to chase in the short term. Let's wait and see.
BtcTurk got hacked again? How is this exchange even more fragile than paper, once in August last year and again this year, its security factor is negative.
Regarding the BROCCOLI incident, the market maker's intrusion forcibly pulled up 30%, some people really got lucky to catch the meat... This is the thrill of surfing the right wave and picking up bargains.
Cold wallets really need to be taken seriously now; recently, phishing links and counterfeit apps are rampant, don't get caught off guard.
With such poor liquidity depth, will it break below 87,000...?