The cryptomarkets are in good spirits through the weekend, with little negative chatter to break investor confidence, but whether investors will be confident enough to hold on through to the close remains to be see, with the news wires likely to become flooded with Davos chatter at the start of the week.
Bitcoin had a relatively upbeat day on Saturday, enjoying a day without the futures markets, with Bitcoin gaining 3.61% to end the day at $11,493.8, well above Friday’s Cboe Bitcoin futures February contract closing price of $10,980.
Following news hitting the wires late on Friday of the NEM coin theft, there’s been very little negative news to hit the wires over the weekend, leaving Bitcoin free to more than recover last week’s 4.32% decline.
The weekend trends have been telling through the first few weeks of the year, with Bitcoin finding support and pulling the broader markets northwards, though with the February futures contract sitting at sub-$11,000 levels, there will be a testy time going into Monday, with the markets eager to get a sense of what lies ahead for Bitcoin and the broader cryptomarket.
At the time of writing, Bitcoin is up 3.14% to $11,805.77, with Bitcoin hitting an intraday high $11,989.15 in the early part of the morning.
For the day ahead, investors will be cognizant of government chatter at the World Economic Forum in Davos, where there has been news hitting the wires through the weekend of heightened focus on a market that last year had been largely ignored.
Sentiment towards the global economy is positive, so governments and regulators will be eager to address peripheral asset classes such as the cryptomarkets under the disguise of addressing criminal activity.
Bitcoin and the rest of the cryptocurrencies may have been able to brush aside the Davos chatter, but without any major updates from the WEF, the cryptomarkets may need to wait until the start of the week for the news wires to begin feeding through what is likely to be a call for a coordinated global effort to impose some minimum regulatory criteria that may match those that are being introduced by the South Korean government.