Sui, Bitcoin & Crypto – European Wrap 10 January

Sui (SUI) price recovers most of its weekly losses and trades around $5.06 at the time of writing on Friday. On-chain metrics hint at a rally ahead as SUI’s long-to-short ratio reaches the highest level in over a month, and open interest is also rising. The technical outlook suggests a rally continuation, projecting a new all-time high (ATH) of $6.35.

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Bitcoin’s (BTC) price slightly recovers and trades around $94,700 on Friday after declining nearly 6% earlier this week. US Bitcoin spot Exchange Traded Funds (ETF) data shows signs of mild recovery, with a total net inflow of $462.2 million until Thursday. A 10xResearch report released this week projects Bitcoin’s price action for the upcoming major events in January. 

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The U.S. Senate Banking Committee, led by Senator Tim Scott, is preparing to create the first-ever subcommittee dedicated to cryptocurrency. This unit will be modeled on the House Financial Services Committee led by Patrick McHenry in 2023. Reports indicate that Republican Senator Cynthia Lummis of Wyoming will chair the new subcommittee, with members to be chosen through a committee vote soon.



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