The cryptocurrency market is continuing its downward trend, even with the U.S. Securities and Exchange Commission’s (SEC) announcement of a new Crypto Regulation Task Force. Bitcoin (BTC) 
$106,367, the largest cryptocurrency, has fallen below the significant threshold of $106,000 and is currently trying to hold steady around $102,000. This stagnation in the market indicates that it is far removed from the peak of its recent rally. Meanwhile, XRP and Solana 
$255 (SOL) have gained 3.4% and 4.1% respectively, bolstered by news of CME futures contracts that emerged due to an error.
XRP and SOL Shine with Temporary Gains
A screenshot circulating on social media indicated that XRP and SOL futures contracts would open for trading on February 10, which sparked significant interest. This revelation led to a sharp spike in both cryptocurrencies’ prices.
However, CME later clarified that the information on its website was published in error and that no official decision had been made. Despite this, expectations for the launch of XRP and SOL futures contracts have increased.
High Demand at the $95,000 Level
Analysts at QCP Capital reported that Bitcoin’s drop below $106,000 has led to significant activity in the options market. There has been a notable increase in demand for options contracts expiring in January at the $95,000 level. This demand surfaced as part of a protective strategy against downward market movements, following Bitcoin’s loss of momentum during the U.S. trading session. Previously, upward positions had been opened with positive momentum during the earlier Asian and London trading sessions.
Analysts emphasized that the markets are currently taking a sideways trajectory, as no major developments are expected this week. Investors are particularly keen to understand how the recently weak Consumer Price Index (CPI) data will influence upcoming monetary policy decisions by the Federal Reserve (Fed).
QCP Capital analysts highlighted that uncertainty regarding the Fed’s approach to interest rates remains one of the largest unknowns in the market.
