On January 29, Bitcoin (BTC) briefly rose to $38,500, then followed the lawsuit and spent most of its time trying to get back $35,000.

The massive Bitcoin price plunge was partly attributable to Elon Musk, who changed his Twitter profile to a simple “#Bitcoin”, and then Musk issued a mysterious tweet: ” Inevitable later.”

Dogecoin (DOGE) also continues to cause a stir among Twitter and cryptocurrency traders. After DOGE hit a record high of $0.078 on January 28, it corrected 41% and then rebounded to $0.045.

The daily performance of the cryptocurrency market. Source: Coin360
Developments related to DOGE and r/Wallstreetbets led the FTX cryptocurrency exchange to create the Wall Street Bet (WSB) Index, which tracks Nokia (NOK), BlackBerry (BB), AMC Theaters (AMC), GameStop (GME), Silver (SLV) and DOGE and FTX tokens (FTT) use their price weighted average.

The US Securities and Exchange Commission also did not notice the exploits of the famous Reddit group. The US Securities and Exchange Commission announced that it will carefully study how Robinhood handles trading of GME stock on its platform.

Despite the sale of two miners, the price of Bitcoin is still high
Despite the recent turbulence, institutional investors continue to show increasing interest in Bitcoin and are willing to pay a premium for Bitcoin futures on the Chicago Mercantile Exchange.

Even the selling pressure from Bitcoin miners cannot meet the growing demand, and the selling price of Bitcoin miners has never been seen since BTC reached $14,000 in July 2019. Unlike previous years, from the data of CryptoQuant, the sale of the binary group will not have a negative impact on the price of Bitcoin in the long run.

Lennard Neo, head of research at Stack Funds, said that due to the upcoming Lunar New Year holiday, current sales of the mine may continue in the short term.

Newly said:

As the holidays approach, miners increasingly leave their positions. This also shows that the lowest price that allows miners to be satisfied with Bitcoin has not yet been found, and we expect this volatility to continue in the coming weeks. ”
The increasing interest of institutions and the emergence of DeFi are the main driving forces behind the rise in Bitcoin prices. As the Chinese New Year holiday approaches, the key support level is at $34,000, and the uptrend is expected to meet resistance at $38,000.

The value of the $4.9 billion bitcoin futures contract expiring on January 29 seems to have little impact on the market, as Robinhood’s fate last week attracted more attention to the cryptocurrency industry.

Traditional markets are facing another wave of pressure, leading to the worst weekly performance of the S&P 500 Index. The Dow Jones Industrial Average, Nasdaq and S&P 500 all closed down, down 2.03%, 2%, 0% and 1.93% respectively.

Altcoins show signs of growth
When the price of Bitcoin was difficult to maintain at the level of $34,000, DOGE entered the top ten, and many altcoins saw a bullish wave.

XRP and Stellar (XLM) have risen by nearly 9% in the past 24 hours, while Voyager Token (VGX) has continued to rise and has now risen by 70%, trading at $1.77.

Currently, the total market capitalization of cryptocurrencies is $1.01 trillion, and Bitcoin’s dominance rate is 63.5%.

Source: CoinTelegraph