OSL Trading Moments: Cryptocurrency Market Plunges, Investors Mixed, US SEC Establishes New Cryptocurrency Working Group

1. Market observation

Keywords: crash, ETH, BTC

Following the price crash, Bitcoin trading sentiment has dropped into the fear zone, which could indicate a buy signal, according to the Fear & Greed Index. Despite recent volatility that has caused each coin to swing $10,000 in 24 hours, Bitcoin has reclaimed the $100,000 mark. Other cryptocurrencies such as Ethereum and Solana have had mixed performances, with Ethereum struggling in the volatile market.

US authorities reportedly ignored a deadline demanded by Senator Cynthia Lummis to explain the seizure of Bitcoin from Silk Road, raising concerns among cryptocurrency advocates. In price prediction news, Bitcoin fell sharply from $91,252 to $101,549 in a matter of hours, with buyers aggressively defending the level. Meanwhile, Utah could become the first US state to establish a Bitcoin reserve.

Bitcoin derivatives data suggests that despite investor concerns, the currency has bottomed out and could potentially recover above $100,000. Ethereum prices have fallen 10% over the past week, and Trump-linked DeFi project World Liberty Financial currently holds 70,000 ETH worth $224 million, currently losing about $36.7 million. Amid these developments, the Bitcoin market remains volatile, and investors remain mixed about the cryptocurrency's prospects.

2. Key data (as of 09:49 HKT on February 5)

• S&P 500: 6,037.88 (+2.66% year-to-date)

• Nasdaq: 19,654.02 points (+1.78% year-to-date)

• 10-year Treasury yield: 4.521% (-5.50 basis points year-to-date)

• US dollar index: 107.93 (-0.51% year-to-date)

• Bitcoin: $98,147 (+5.07% year-to-date), with a daily spot volume of $70.48 billion

• Ethereum: $2,738.07 (-18.14% year-to-date), with a daily spot volume of $52.21 billion

3. ETF flows (February 4 EST)

• Bitcoin ETF: +$91.78 million

• Ethereum ETF: +$83.54 million

4. Important Dates (Hong Kong Time)

ISM Services PMI (February 5, 11:00 p.m.)

• Actual: To be announced / Previous value: 54.1 / Expected: 54.3

Non-farm payrolls (9:30 p.m., February 7)

• Actual: To be announced / Previous value: 256,000 / Expected: 170,000

Unemployment rate (9:30 p.m., February 7)

• Actual: To be announced / Previous value: 4.1% / Expected: 4.1%

5. Hot News

New York Times: US SEC scales back its enforcement efforts in the cryptocurrency sector

US lawmakers form House and Senate working groups to draft cryptocurrency and stablecoin bills

The U.S. SEC’s Crypto Task Force has signaled a major regulatory shift, aiming to allow projects to issue tokens in a legal manner

Acting Chairman of the U.S. CFTC: The CFTC no longer implements law enforcement supervision

Crypto Czar David Sacks: Assessing Strategic Bitcoin Reserves is the Top Priority of Internal Government Working Group

Ohio Senator Introduces Bill to Create Bitcoin Reserve and Accept It as Payment

The State Council Tariff Commission: Additional tariffs will be imposed on some imported goods originating from the United States

NYSE has submitted a 19b-4 filing application for Grayscale LTC ETF to the US SEC

Berachain plans to announce token economics tomorrow, launch mainnet and token TGE on February 6

Semler Scientific, a US-listed company, spent $88.5 million to increase its holdings of 871 BTC

Jupiter to launch JUP buyback mechanism this week

Justin Sun: Li Lin concealed due diligence materials when selling Huobi, and there was a $30 million hole inside

XRP Ledger spontaneously recovered after about an hour of interruption in block production, with no reported asset or transaction losses

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