CoinLoan Weekly: BTC near $24K, historic January, Congress pushed for crypto regulation

Price dynamics

BTC price

Last week was Bitcoin’s fourth straight week in the green, with a gain of roughly 38% so far in 2023. The Friday morning uptick above $23,000 followed news that GDP growth in Q4 2022 had exceeded expectations, despite fears of a recession. The Crypto Fear & Greed Index entered the greed zone on Monday, January 30, reaching 62 points for the first time since November 2021. Investor sentiment improved ahead of the FOMC meeting, with rising hopes for an end to hawkish interest rate hikes.

As of this writing, BTC is changing hands at $23,154.61, with a 24-hour change of -1.9% and a 7-day gain of +1.8%.

BTC price chart. Source: CoinGecko

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ETH price

Last week’s derivatives stats reflected improving sentiment. At long last, ETH futures turned neutral, with the premium reaching 4%. Traders of ETH options also switched to a neutral positioning, indicating subsiding discomfort. Meanwhile, analysts note that investors’ appetite has been tempered by the troubles of Digital Currency Group (DSG), a Genesis subsidiary sued for federal securities laws violations. On the other hand, the recently launched testnet for Ethereum stake withdrawals has boosted confidence in the network.

As of now, ETH is worth $1,584.50, with a 24-hour loss of -2.1% and a 7-day slide of -2.8%.

ETH price chart. Source: CoinGecko

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XRP price

Despite gaining nearly 20% since January 1, XRP has fallen behind BTC and ETH. Last week, IG Bank published an article on the SEC vs. Ripple case, suggesting its outcome could prove crucial for the future of fintech in the US. The consequences of Ripple’s defeat might severely inhibit crypto companies’ growth, while its victory could send XRP soaring. Meanwhile, Ripple has partnered with the government of Montenegro to develop a payments infrastructure for financial inclusion and the country’s first CBDC (Central Bank Digital Currency).

At press time, XRP is trading at $0.401521, with a 24-hour loss of -3.3% and barely any 7-day change (-0.2%).

XRP price chart. Source: CoinGecko

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Cryptocurrency news

This January proves historic for Bitcoin

Previously, BTC had a more impressive January twice, back when the coin was in its infancy. Its latest rise has lifted other non-stablecoin crypto, adding $280 billion to the total market cap. By Monday, the latter had remained above $1 trillion for eight days, the longest streak since August 2022. Meanwhile, Solana (SOL), once backed by Sam Bankman-Fried, has more than doubled in value, gaining 138.1% over the past 30 days.

This rebound has come in stark contrast to last year’s crypto winter. Bloomberg connects it to bets on less severe central bank policies. As inflation appears to be slowing, investors expect the Fed to moderate the borrowing costs. According to Noelle Acheson, Editor of Crypto Is Macro Now, the reasons lie with “emerging clarity as to bankruptcy proceedings, corporate restructurings, and market fundamentals pointing to the bottom being behind us.”

Still, skeptics are contemplating less optimistic scenarios. For instance, Bank of America Corp. strategists have warned that if oil prices, wages, and inflation contradict the “soft landing” narrative, speculative markets will probably reverse.

Key events to watch

Other updates to watch this week include earnings reports by Inc., Apple Inc., and Meta Platforms Inc. Market analysts are anticipating the figures to determine if job cuts in the tech sector are likely to continue.

US Congress urged to step up crypto regulation

The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks was published on Friday, January 27. Its authors include Brian Deese (Director of the National Economic Council), Arati Prabhakar (Director of the White House Office of Science and Technology Policy), Cecilia Rouse (Chair of the Council of Economic Advisors), and Jake Sullivan (National Security Advisor).

The four officials suggest measures to combat fraud and weed out bad apples in crypto. Aside from more power for the SEC and the CFTC, their announcement mentions more demanding transparency and disclosure requirements for crypto firms, more funding, increased penalties for breaking existing rules, and reconsidered penalties for intermediaries.

The document also warns against strengthening ties between crypto and TradFi. It reads, “In the past year, traditional financial institutions’ limited exposure to cryptocurrencies has prevented turmoil in cryptocurrencies from infecting the broader financial system”.

The proposal comes on the heels of an announcement by Kristin Jonson, Commissioner of the CFTC (Commodity Futures Trading Commission). Last week, she called for Congress to allow the CFTC to conduct due diligence on any company intending to purchase a stake of at least 10% in a registered market participant.

Earlier this January, the US House of Representatives established a new congressional subcommittee dedicated to cryptocurrencies. Meanwhile, Arizona Senator Wendy Rogers has proposed making Bitcoin legal tender and making blockchain technology exempt from local tax. His fellow Republican Ted Cruz is also pushing for crypto on Capitol Hill.

Last week, Cruz re-introduced the ACCEPT Resolution allowing food vending machines and gift shops at the US Capitol to accept crypto. The senator claims this change would benefit foreign tourists by allowing them to avoid currency exchange fees. However, US residents would still have to pay up to 30% in taxes on those transactions.


The information provided by CoinLoan (“we,” “us,” or “our”) in this text is for general informational purposes only. All investment and financial opinions expressed by CoinLoan in this text are from the personal research and open information sources and are intended as educational material. All outlined information is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information in this text.

Originally published at on January 31, 2023.



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