Bitcoin Tests $42,000 Level

In the early hours of Saturday, January 27, the price of the leading cryptocurrency surpassed the $42,000 mark but failed to maintain it. At the time of writing, Bitcoin is trading at $41,700.

The market capitalization of digital gold stands at $818 billion. The total cryptocurrency market is valued at $1.68 trillion.

Over the past 24 hours, all digital assets in the top 10 by market capitalization have shown growth. Leading the gains are Avalanche (+5.2%) and Solana (+4.6%).

Previously, former BitMEX CEO Arthur Hayes predicted a drop in Bitcoin below $35,000, citing the policies of the Federal Reserve and military conflicts in the Middle East as key factors.

Analysts at CoinShares, on the other hand, have forecasted a rise in the leading cryptocurrency to approximately $58,700, driven by the approval of a spot Bitcoin ETF and the anticipated easing of monetary policy in the US in the first half of the year.