Wait and See!

Chart of the Day

The broader crypto market is slowly recovering from last week's Black Friday dip, as fears over the Omicron variant's impact on the global economy have gradually eased. BTC is leading the charge in this recovery, with its price successfully breaking above the $58k resistance zone earlier today, even momentarily touching the $59k level, before retracing back to the lower end of the $57k level it is currently trading at. Not to be outdone, ETH has also picked up its pace above the $4,350 level, with further upside likely to be on the cards once the resistance at the $4,500 level is cleared. Price action aside, on-chain data does paint a positive picture too. In spite of all the fear and uncertainty that has gripped the whole crypto market since last Friday, BTC's implied volatility — as viewed on a 30-day forward basis — is actually still trending down. This points toward a lack of trading activities in the spot and derivatives markets, suggesting that most investors are not panic selling their BTC just yet. Instead, most are awaiting the latest updates with regard to the Omicron variant and its potential impacts on the global markets before making any moves.