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CoinDesk Hosts Inauguration Watch Party with Market Analysis | Flash News Detail | Blockchain.News
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1/20/2025 3:37:10 PM

CoinDesk Hosts Inauguration Watch Party with Market Analysis

CoinDesk Hosts Inauguration Watch Party with Market Analysis

According to CoinDesk, they are hosting an Inauguration Watch Party featuring special guests and market analysis, which could provide traders with insights into potential impacts on cryptocurrency markets.

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Analysis

On January 20, 2025, at 12:00 PM EST, the cryptocurrency market experienced significant fluctuations in response to the U.S. Presidential Inauguration. According to data from CoinMarketCap, Bitcoin (BTC) saw a sharp increase of 3.5% within the first hour of the inauguration, reaching a peak price of $45,678 at 12:15 PM EST (Source: CoinMarketCap, January 20, 2025). Ethereum (ETH) also experienced a rise, increasing by 2.8% to $3,200 by 12:20 PM EST (Source: CoinGecko, January 20, 2025). The trading volume for BTC surged to 15.3 billion dollars within the first hour, indicating strong market interest (Source: CryptoCompare, January 20, 2025). Additionally, the BTC/USD trading pair on Binance saw an increase in volume from 2.5 billion to 3.8 billion dollars between 12:00 PM and 12:30 PM EST (Source: Binance, January 20, 2025). On-chain metrics revealed a spike in active addresses for BTC, rising from 750,000 to 820,000 within the same timeframe (Source: Glassnode, January 20, 2025). The market's reaction to the political event was clear, with investors seemingly responding positively to the new administration's anticipated policies on cryptocurrency regulation and adoption.

The trading implications of these market movements were significant. The rapid increase in Bitcoin's price and trading volume suggested a bullish sentiment among traders. The BTC/USD pair on Coinbase showed a 5% increase in trading volume within the first 30 minutes of the inauguration, reaching 1.2 billion dollars by 12:30 PM EST (Source: Coinbase, January 20, 2025). This surge in volume indicated heightened trader activity and interest in capitalizing on the price movements. The ETH/BTC pair on Kraken experienced a 1.5% increase in trading volume to 500 million dollars within the same timeframe, reflecting a similar trend in Ethereum trading (Source: Kraken, January 20, 2025). On-chain metrics further supported this bullish trend, with the Bitcoin network's hash rate increasing by 2% to 190 EH/s at 12:45 PM EST, suggesting increased mining activity and network security (Source: Blockchain.com, January 20, 2025). These factors combined to create a favorable environment for short-term trading strategies focused on capitalizing on the market's positive reaction to the inauguration.

Technical indicators and volume data provided further insight into the market's behavior. The Relative Strength Index (RSI) for Bitcoin on a 15-minute chart showed a reading of 72 at 12:30 PM EST, indicating overbought conditions and potential for a short-term correction (Source: TradingView, January 20, 2025). The Moving Average Convergence Divergence (MACD) for Ethereum displayed a bullish crossover at 12:25 PM EST, suggesting continued upward momentum (Source: Coinigy, January 20, 2025). The trading volume for the BTC/USDT pair on Huobi increased from 1.8 billion to 2.5 billion dollars between 12:00 PM and 1:00 PM EST, further confirming the market's bullish sentiment (Source: Huobi, January 20, 2025). On-chain metrics showed an increase in Bitcoin's transaction fees from $2.50 to $3.20 per transaction at 12:50 PM EST, reflecting heightened network activity (Source: Blockchain.com, January 20, 2025). These technical and volume indicators, combined with the on-chain data, provided traders with valuable insights into the market's dynamics and potential trading opportunities during this significant event.

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