Bitcoin price (BTC) traded in a narrow range from $ 32,000 to $ 34,000 throughout the day. At the time of writing, the digital asset is locked on the declining trendline resistance and any attempt to cross it is considered a sell.
Data from the Cointelegraph and TradingView markets show a 4.14% rise in prices for the top cryptocurrency, which is currently trading at $ 33,840.
In light of the sideways price movement, Ki Yong Joo, CEO of research firm CryptoQuant CryptoQuant, has discovered a potential bullish sign that could indicate a breakout in the price of bitcoin in the near future.
More than 15,000 bitcoins were recently dumped from Coinbase Pro, according to Ju, “into portfolios containing only ongoing transactions,” indicating that the purchases were likely “over-the-counter agreements with institutional investors.” The gains have been similar in the past, and Joe sees this as a sign that Bitcoin will “protect $ 33,000 in the short term.”
Financial markets continue to deal with the bizarre behavior of r / Wallstreetbets, which expanded into the cryptocurrency sector via r / Satoshistreetbets and helped launch the latest Dogecoin (DOGE) price spikes and now XRP.
After rising 147% to $ 0.76 overnight, the XRP exchange rate has corrected 47% and all currencies are currently struggling to recover the $ 0.40 level.
In other news, the Kraken cryptocurrency exchange has joined Grayscale Investments in its bid to fight FinCEN’s own wallet base and the US government’s Stability Act.
The exchange has pledged $ 100,000 to Coin Center, a Washington-based cryptocurrency advocacy group that educates regulators on digital assets while strengthening the rights of cryptocurrencies.
Silver Rises After r / Wallstreetbets Targets Card Merchants
Traditional markets rallied in most sectors and helped offset some of the January 29 losses. The S&P 500, Dow and NASDAQ benefited from the positive price movement on February 1 and finished the day with 1.61%, 0.76% and 2.5%, respectively.
As announced this weekend, members of the investment group r / Wallstreetbet have shifted their focus to the precious metals market and raised silver futures above $ 30, the highest since 2013.
Since then, the market has calmed down a bit and SLV is now trading at $ 29.07.
Decentralized exchanges are central
DeFi tokens continue to perform well as the battle rages between Uniswap and Sushiswap, and the two largest DEXs see an increase in trading volume along with a sharp rise in the price of the original tokens.
Both symbols rose to new heights in 2021. UNI is up 17% to trade at $ 20.44, while SUSHI is up 28% to trade at $ 12.73.
Binance Coin (BNB) has been the top 10 coin in the last 24 hours and is currently up 12.91% and is trading at $ 49.51. Meanwhile, NEO-powered DeFi platform, Flamingo (FLM), surged 38.19% to trade at $ 0.305, aided by ongoing token holders’ control vote.
The total market value of the cryptocurrency is now around $ 1 trillion, and the dominance rate of Bitcoin is 62.5%.