On February 10, the price of Bitcoin (BTC) fell 5% from the recently set high of $ 48,220, and a number of altcoins also underwent minor adjustments.

Data from Cointelegraph and TradingView markets shows that Bitcoin is down 4.96% from yesterday’s high and is currently trading at $ 44,900.

The pullback to the $ 45,000 level could be a result of traders taking the recent gains from bitcoin and altcoins, as the rally appears to be losing momentum around the $ 48,000 level.

The recent announcement by JPMorgan analysts that they do not expect any major companies to follow Tesla’s recent $ 1.5 billion Bitcoin acquisition may worried some investors, but the data from Grayscale Investments shows that most institutional investors are concerned about learning more about investing in. BTC.

Some positive news came from Twitter CEO Jack Dorsey, who doubled his support for the crypto sector by donating $ 1 million to Coin Center, a Washington, DC-based law firm. Dorsey also revealed that Twitter is looking into how BTC employees are being paid.

Congestion and high transaction fees on the Ethereum network have brought attention to Layer 2 compliant protocols and the Ethereum Virtual Machine (EVM) when enterprises and traders flood Matic (MATIC) and Avalanche (AVAX).

This steady flow of funds per project has pushed prices up over 200% over the past week.

The value of Binance Coin (BNB) has also increased significantly in recent days, reaching a new high of $ 148 on February 10. The move to an all-new high comes as Binance Smart Chain (BSC) becomes more popular and competes with Ethereum and the DeFi platforms.

Traditional markets are falling to new full-time highs
Three major stock indices set new records in early trading hours before declining under pressure to close the day in mixed directions.

The S&P 500 and NASDAQ indices spent most of the day in red, and despite their late peak, they closed down 0.03% and 0.25%, respectively, while the Dow Jones managed to sustain the bears and end the 0.20% rally.

Although there is no specific news to pressure the market, the three indices showed price gains during the first week of February, so a slight downturn in the normal market cycle is expected.

Bitcoin Correction Squeeze
A new wave of sales hit the cryptocurrency market as the traditional markets closed and the top 25 altcoins came under pressure.

Notable exceptions to the bearish slope include Cardano (ADA), which is currently up 28.11% to $ 0.892, and AVAX which is up 85.39% to $ 58.26.

Celo (CELO) is doing well as well, growing 40% to $ 5, while GRT (GRT) is up 26% to $ 1.26 full time.

Cryptocurrency’s total market cap is now $ 1.37 trillion, and Bitcoin’s dominance is 61.3%.

Source: CoinTelegraph

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