Gate Research: BTC Falls into Descending Triangle Pattern, Stablecoin Market Cap Surpasses $220B

Gate Research Weekly Report: This week, BTC entered a descending triangle pattern, while ETH briefly dropped below $2,100 before entering a consolidation phase. The U.S. Senate Committee approved Howard Lutnick's nomination for Secretary of Commerce. FDIC released documents on crypto-related activity supervision. BTC mining difficulty increase led to decreased January production for most mining companies. Stablecoin market cap exceeded $220 billion. Storm Trade's TVL rose 26.77% in 7 days, reaching $33.96 million. Ionic platform suffered a hack, losing $8.6 million with security audit concerns.

Market Analysis: BTC has formed a descending triangle pattern, while ETH briefly dipped below $2,100 before stabilizing. The U.S. January ISM Manufacturing PMI increased from 49.2 to 50.9, exceeding expectations and lifting investor confidence.

Weekly Spotlights: The U.S. Senate Committee's approval of Howard Lutnick for Secretary of Commerce indicates growing confidence in the crypto market and suggests broader regulatory acceptance and institutional participation. Additionally, higher BTC mining difficulty has led to reduced January production among most mining companies.

Data Highlights: The stablecoin market cap now exceeds $220 billion—reflecting a 2.1% weekly increase and 63.4% year-over-year growth from February 6, 2024. Storm Trade's TVL has surged 26.77% in seven days, reaching $33.96 million.

Market Opportunity: Credible stands out as this week's notable airdrop project, aiming to create on-chain credit ratings while offering cash loans and installment services. Users can earn Moons (points) and qualify for airdrops through task completion or USDC lending.

What to Watch Next Week: ETH Oxford launches in the UK on February 7—its focus on Ethereum development and academic exchange could influence Layer 2 and ZK technology advancement, affecting ETH and related token markets. The U.S. will release its January unadjusted CPI annual rate on February 12.

Deep Dive into This Week's Review 👉🏻 Gate Research: BTC Falls into Descending Triangle Pattern, Stablecoin Market Cap Surpasses $220B

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Gate Team
February 6, 2025