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Quick Take Colder weather led to higher energy prices in the U.S., prompting Bitcoin’s mining difficulty to adjust downward for the first time since late September, 2024, according to Bitcoin mining firm Luxor. The U.S. accounts for 36% of global Bitcoin mining hashrate, with Texas alone contributing nearly half that sum, according to Luxor’s estimates.
Quick Take Transactions on the Bitcoin network fell to an 11-month low in January, indicating reduced activity on the network. Bitcoin’s backlog of unprocessed transactions has also plummeted, leading to record-low transaction fees as miners clear out Bitcoin’s mempool. Several blocks went unfilled on Saturday. Several U.S.-based Bitcoin mining firms are exploring diversifying their operations by offering compute for AI and high-performance computing workloads.
Markets shook off the DeepSeek panic, with stocks and crypto stabilizing after a chaotic week. Tech stocks split—Microsoft tanked while Google and Meta gained as traders played it safe with AI leaders. Bitcoin and Ethereum are stuck below key resistance levels, with weak momentum keeping full recovery on hold.
Polymarket data shows an 82% chance of XRP ETF approval in 2025, peaking at 89% on Jan 20 before cooling after an SEC closed-door meeting. Grayscale filed to convert its $16M XRP Trust into an ETF, joining firms like CoinShares and WisdomTree in seeking SEC approval. XRP trades below $3.10, with analysts eyeing $3.34 resistance; a breakout could test its 2018 all-time high of $3.84.
The crypto company has turned into a booming investment fund.
BTC remains resilient above $100K, but resistance at $106K challenges further gains. Whale accumulation and technical signals hint at the next trend.
- 16:43IntoTheBlock: Bitcoin Miners' Share of Total On-Chain Volume Fell to 2.4% on Sunday, Lowest Since May 2023IntoTheBlock's share of total on-chain transactions fell to 2.4 percent on Sunday, the lowest level since May 2023, the company said in a social media post.
- 16:42U.S. Consumer Confidence Sinks Heavily as Key Indicator Falls Most Since 2021U.S. consumer confidence fell the most since August 2021 this month, amid concerns about the overall economic outlook and uncertainty about the Trump administration's policies. The World Federation of Large Enterprises' February confidence index, released on Tuesday, fell seven points to 98.3, also the third consecutive monthly decline. A measure of expectations for the next six months also fell the most in three-and-a-half years, although the decline in the status quo indicator was milder. Residents and companies of all sizes are now more cautious, seeming particularly nervous about resurgent inflationary pressures, tariffs and a cooling labour market.
- 16:41Glassnode: Short-Term Bitcoin Holders Realised Losses of $23.4 Million YesterdayIn a post on the social media platform, Glassnode said, ‘Realised losses for short-term holders (STH) of bitcoin rose to $23.4 million yesterday, one of the largest increases in the past three months. For comparison, the previous peaks were $38 million on 3 February and $25 million on 20 December last year.’