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.