Bitcoin (BTC) price spent the day trading a tight range between $ 32,000 and $ 34,000. At the time of writing, the digital asset is pegged under the falling trendline resistance and any attempt to cross above it is answered by selling.
Data from Cointelegraph Markets and TradingView shows a 4.14% price increase for the top cryptocurrency, which is currently trading at $ 33,840.
In light of the sideways price action, Ki Young Ju, the CEO of cryptocurrency analytics firm CryptoQuant, saw a potential bullish indicator that could indicate a price breakout in the near future for Bitcoin.
According to Ju, more than 15,000 Bitcoin have recently been withdrawn from Coinbase Pro, with the outflows “ going into custody wallets that only have pending transactions, ” indicating that the purchases were likely “ OTC deals from institutional investors. Meetings have followed similar outflows in the past, and Ju see this is a sign that BTC will “protect $ 33,000 in the near term”.
Financial markets are still dealing with the antics of r / Wallstreetbets, which has expanded into the cryptocurrency sector via r / Satoshistreetbets and helped initiate the recent pumps in the price of Dogecoin (DOGE) and now XRP.
After a 147% rise to trade at USD 0.76 overnight, the XRP price corrected by 47% and the altcoin is currently trying to recapture the USD 0.40 level.
In other news, Kraken’s cryptocurrency exchange joined Grayscale Investments in its bid to fight back against the proposed FinCEN self-hosted wallet rule and the US government’s STABLE Act.
The exchange pledged $ 100,000 to Coin Center, a Washington DC-based cryptocurrency advocacy group focused on educating regulators about digital assets while promoting the rights of crypto users.
Silver rises higher after r / Wallstreetbets targets short sellers
Traditional markets saw gains in most sectors and this helped offset some of the January 29 losses. The S&P 500, Dow and NASDAQ all benefited from the positive price action on Feb. 1, closing the day at 1.61%, 0.76%. respectively 2.5%.
As announced over the weekend, members of the r / Wallstreetbets investment group turned their focus to the precious metals market and pushed silver futures above $ 30, the highest price level since 2013.
The market has cooled slightly since then and SLV is currently trading at $ 29.07.
Decentralized exchanges are central
DeFi-related tokens continue to perform well as the battle between Uniswap and Sushiswap heats up and the top two DEXs are seeing greater trading volume along with a strong appreciation of the price of their original tokens.
Both tokens rallied to new highs in 2021. UNI’s price is up 17% and is trading at $ 20.44, while SUSHI is up 28% and trading at a price of $ 12.73
Binance Coin (BNB) was the top-performing top 10 coin in the past 24 hours, currently up 12.91% and trading at a price of $ 49.51. Meanwhile, the NEO-based DeFi platform, Flamingo (FLM) is up 38.19% and is trading at $ 0.305, boosted by a continuous vote on the board by token holders.
The total cryptocurrency market cap is now around $ 1 trillion and Bitcoin’s dominance rate is 62.5%.