Bitcoin, Ripple & Sushi - American Wrap: 1/5/2021

Bitcoin's Correction Does Not Yet Appear To Be A Trend Reversal

The holiday rally brought Bitcoin to new all-time highs. Although the bears stepped up after reaching $34K, their strength was clearly not enough to initiate a broad correction and the drop below $28k was very short-lived. During the last 24 hours, BTC has been losing about 3% and traded above $31.3K. It's hard to call such dynamics a "trend reversal", rather we are facing a brief correction within the consolidation after impressive growth.

Ripple Takes Another Hit As Grayscale Excludes XRP From The Fund's Portfolio

Earlier today, the giant Bitcoin Trust Fund, Grayscale, announced that it will remove XRP following DLC Fund’s Quarterly Review. Of course, this removal was motivated by the SEC suing Ripple, although the fund didn’t explicitly mention it. 

Sushi Price Drops 25% But On-Chain Metrics Indicate It Still Has Room To Grow

On November 6, 2020, Sushi started a major rally from a low of $0.472, reaching $4.163 in January 2021. So far, bulls have been in control of the trend and there have been no red flags.