KEYTAKEAWAYS
- Glassnode: Bitcoin top may be $150K
- Matrixport: 83% success rate for Bitcoin Chinese New Year rally
- Fraudsters embezzled $857M from Trump meme coin
CONTENT
GLASSNODE CHIEF ANALYST: BITCOIN’S TOP FOR THIS CYCLE MAY BE $150,000
January 24: Glassnode Chief Analyst James Check stated that Bitcoin’s price movement is replicating the cycle from 2016 to 2017 and could reach a top of $150,000. During the January 23 episode of Theya podcast, Check referred to the $120,000-$150,000 range as Bitcoin’s “topping cloud,” suggesting that any price above this range might not be sustainable in the long term.
Analysis:
Bitcoin has gone through multiple cyclical ups and downs in its history. These cycles typically include rapid price increases in the short term, followed by significant corrections.
Check’s view implies that the Bitcoin market could be entering a similar “bubble” phase, where the price might rise quickly in the short term but eventually face a correction due to factors such as market sentiment and the broader macroeconomic environment.
MATRIXPORT: BITCOIN “CHINESE NEW YEAR RALLY” MAY RECUR, WITH 83% SUCCESS RATE IN PREVIOUS YEARS
January 24: According to Matrixport’s latest report, Bitcoin has posted positive returns during the Chinese New Year in 11 out of the past 12 years, with an impressive 83% success rate, indicating solid gains during this period.
Analysis:
For cryptocurrency investors, Matrixport’s data could provide valuable guidance when making investment decisions. If Bitcoin continues to perform strongly during the Chinese New Year period, investors might choose to increase their exposure to Bitcoin during this time.
However, it also serves as a reminder that while statistical data can offer useful insights, market uncertainties and unexpected events can quickly alter the direction of the market.
FRAUDSTERS EMBEZZLED $857 MILLION AFTER TRUMP MEME COIN CRAZE BY ISSUING FAKE LEADER TOKENS
January 24: According to Global Ledger’s analysis, fraudsters took advantage of the TRUMP Meme coin hype and embezzled over $857 million from the cryptocurrency market in the past week.
The scammers created tokens representing leaders from other countries, sent these tokens to major TRUMP wallet holders to establish legitimacy, and then launched a “Rug Pull” scam.
Analysis:
In the cryptocurrency space, “Rug Pull” scams are a common tactic. Scammers usually create a seemingly legitimate token or project to attract investor interest and accumulate funds. After the funds have flowed in, they quickly withdraw the money, leaving investors with significant losses.
By sending tokens representing leaders from other countries to prominent TRUMP wallet holders, the scammers attempted to enhance the credibility of their tokens, leading investors to believe the tokens had legitimate value. Once the scam succeeded, the fraudsters quickly drained the funds, leaving investors with losses.
Also Read：
CoinRank Crypto Digest: January 20, 2025
CoinRank Crypto Digest: January 21, 2025
CoinRank Crypto Digest: January 22, 2025
CoinRank Crypto Digest: January 23, 2025
▶ Buy Crypto at Bitget
CoinRank x Bitget – Sign up & Trade to get $20!
