With Bitcoin rallying to start the year, the crypto space is looking up. However, not all sectors reversed their downward trend.

2023 is a good start, along with Bitcoin

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Rocket rose 40% in January. The good news is not just reflected in Bitcoin, however, as this price increase has sent a ripple effect through the cryptoverse. Mining revenues rose to $22.66 billion in January, and crypto-related shares more than doubled. Despite this good news, investment funds fell 23% last month.

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Bitcoin will rise in Q1 2023
Bitcoin posted its best monthly price since October 2021, gaining nearly 40% in January. After benefiting from a consumer price index that showed the currency was delayed until December 2022, crypto and stock prices began to cool as trade data missed expectations and currencies fell. While the price of BTC reached a multi-month high of $23,920 on January 29, all eyes turned to the February 1 meeting of the Federal Reserve Board, which raised interest rates by 25 basis points, saying that monetary easing was continuous. stand up BTC saw little volatility near $ 23,000, indicating that the data was overbought.

As BTC strengthened in January, inflows and outflows were normal. The largest outflow of coins in history occurred after the FTX crash in November 2022, reaching 200,000 BTC / month across all exchanges. The net flow is now close to neutral, and the decline in most of the outflows indicates that investors are returning to the cryptocurrency market. BTC’s monthly volatility fell across its 50-, 100- and 200-day moving averages for the first time in more than a year, with investors regaining previously wiped gains in 2022.

DeFi TVL hits $10 billion despite hack fears
Many coins, including Gala

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, Aptos

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, Seeds (T), Decentraland’s

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and Solana

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, which experienced 100% + monthly gains at the beginning of 2023 when the price of Bitcoin began to rise at the beginning of 2023. This was due to the overwhelming dominance of negative sentiment and heavy filling of short positions at the end of 2022. But, but. The Solana-based protocol Friktion still announces that the monetary freeze is in place due to the “strong DeFi market in the coming months,” suggesting that a financial crisis may occur in the near future.

At the same time, many events in the dark world of hacking and hacking continue, following the trend of 2022. It is said that the legend of Avraham Eisenberg will come out when Mango Market called the hackers for 47 million dollars after an attack of 117 million dollars. in October 2022. Recently, there have been several cases of money theft circulating in the industry.

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Source: CoinTelegraph