With attention still on stocks and hedge funds’ decimation by retail investors, few factors were pointing to Bitcoin stealing the limelight. Even positive words from Elon Musk, who in an interview on Sunday said that he “supports Bitcoin” but has no opinion on altcoins, failed to rally the bulls.
Markets Report: Bitcoin Falls on Biden Inauguration Amid Warning Stimulus is ‘Long-Term Negative’
A subdued start of the new presidency comes as bullishness broadly fades from cryptocurrency markets
The hours prior to Biden’s inauguration saw a rebound in a previously declining U.S. dollar, something which came in tandem with BTC/USD cementing daily losses of 7%. The largest cryptocurrency had previously spent the week ranging slightly higher, with speculation rife that a breakout was due but that the direction it could take was unclear.
Gemini to offer a credit card with crypto-back rewards
The New York-based exchange’s credit card will allow its users to earn up to 3% back in Bitcoin or other crypto assets on every purchase they make
"The Gemini Credit Card will make it easier for any consumer to invest in Bitcoin and other cryptos without changing their existing behavior,” the New York-based exchange’s CEO Tyler Winklevoss said. “Rather than deciding how and when to buy crypto, customers can do so when making their everyday purchases."
Markets Report: Bitcoin close to ‘point of no return’ says analyst as BTC retargets $40,000
With recent all-time highs suddenly coming back into play, eToro exchange warns it may limit buy orders due to high demand/low liquidity
Bitcoin was more than $8,000 higher versus its Monday lows of $30,250 at press time. While the market waited for a seminal test of $40,000, proponents seized on the latest uptick to pour scorn on naysayers, mostly the mainstream press, which had claimed that Bitcoin had just experienced a 2017-style crash.