Crypto market prospects after the DeepSeek storm
The recent upheaval caused by DeepSeek has significantly shaken the financial markets. As a result, Bitcoin and other cryptocurrencies have experienced notable fluctuations. This event has sparked discussions about the influence of artificial intelligence on the economy and the future of digital currencies.
Insights from Bybit TR Country Manager Kutluhan Akçın
Bybit TR Country Manager Kutluhan Akçın shared his thoughts on the current crypto market. He stated, “The latest developments in the crypto markets and regulatory dynamics present a striking picture. The sharp sell-off after the DeepSeek launch highlights market fragility. However, the rapid recovery shows that investor confidence remains strong.”
Akçın noted the remarkable surges in the DeFi and altcoin markets. He mentioned Ripple’s expansion efforts in the U.S. as a strategic move to integrate blockchain technology into financial services. Additionally, Poland’s rise in crypto ATM installations indicates growing adoption in Europe. However, he cautioned that regulators are still concerned about money laundering.
Crypto Markets Recovering After the DeepSeek Shock
After the sell-off triggered by DeepSeek, Bitcoin (BTC) fell below $98,000. Altcoins also faced double-digit losses. Fortunately, the market has begun to recover. The total value of the global cryptocurrency market increased by 1.4% in the last 24 hours, reaching $3.661 trillion.
The DeFi market dropped to $125 billion yesterday but rebounded to $133 billion today. The altcoin market’s value fell to $1.454 trillion but has risen to $1.621 trillion.
Bitcoin (BTC) increased by 3.1% to $102,928. Ethereum (ETH) rose by 3.2% to $3,204. XRP gained 6.3% to reach $3.10, while Solana (SOL) saw a 4.8% increase to $241.46.
Outflows in Bitcoin and Ethereum Spot ETFs
On January 27, spot Bitcoin ETFs experienced a net outflow of $457 million. This marked the first net outflow after seven days of inflows. Fidelity Bitcoin ETF (FBTC) and Grayscale Bitcoin ETF (GBTC) saw outflows of $286 million and $108 million, respectively.
Ethereum spot ETFs also recorded a total net outflow of $136 million on the same day. Grayscale ETF (ETHE) experienced a net outflow of $84.22 million, while Fidelity ETF (FET) saw an outflow of $68.46 million.
Ripple Expands in the U.S. with New Licenses
Ripple has obtained Money Transfer Licenses (MTLs) in New York and Texas. These licenses will support its strategic expansion in the United States. With these licenses, Ripple Payments customers will gain access to a licensed cross-border payment solution.
Ripple can now offer real-time global payment services for banks and crypto companies in New York and Texas. By leveraging blockchain technology, Ripple aims to provide faster and more efficient payment services 24/7.
Ripple’s total of 55 Money Transfer Licenses across the U.S. now includes regulatory approvals in countries like Singapore, Ireland, and Dubai. This development shows Ripple’s commitment to strengthening its global regulatory compliance.
Poland Surpasses El Salvador as a Leading Crypto ATM Hub
Poland has surpassed El Salvador to become the fifth-largest crypto ATM hub in the world.
On January 27, Poland added 10 new Bitcoin ATMs, bringing the total to 219. This increase is part of Poland’s four-month installation initiative that began in October 2024. During this period, Poland joined countries like Canada, Australia, and Spain in installing over 20 new crypto ATMs.
Once the third-largest crypto ATM hub globally, El Salvador has fallen to sixth place since its leading position in 2022. Australia has shown consistent growth, surpassing 1,000 Bitcoin ATMs in April 2024.
According to Blockchain ATM Radar data, the United States still has the most crypto ATMs in the world, with over 30,000 active devices. This number accounts for 80.8% of all devices globally.
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