Bitcoin (BTC) price spent the day trading in a narrow range between $ 32,000 and $ 34,000. At the time of writing, the digital asset is set below the resistance of the downward trend line and each attempt to cross it is sold.
Data from Cointelegraph Markets and TradingView show a price increase of 4.14% for the main cryptocurrency, which currently trades at $ 33,840.
In light of the side price action, Ki Young Ju, the CEO of cryptocurrency analytics firm CryptoQuant, identified a potential indicator of high this may indicate a price break in the near future for Bitcoin.
According to Ju, more than 15,000 Bitcoin have recently been withdrawn from Coinbase Pro with outflows going “to custody portfolios that only have transactions in progress”, indicating that the purchases were likely to be “institutional investor OTC deals”. Rallies have followed similar outflows in the past, and see this as a sign that the BTC “will protect $ 33,000 in the short term”.
Financial markets are still dealing with the antics of r / Wallstreetbets, which expanded into the cryptocurrency sector via r / Satoshistreetbets and helped start the recent price bombs for Dogecoin (DOGE) and now XRP.
After rising 147% to trading at $ 0.76 overnight, the XRP price has been corrected by 47% and currently altcoin is trying to resume the $ 0.40 level.
In other news, the Kraken cryptocurrency exchange joined Grayscale Investments in its effort to fight FinCEN’s self-hosted wallet rule and the US government’s STABLE Act.
The exchange promised $ 100,000 to the Coin Center, a cryptocurrency advocacy group based in Washington DC, whose focus is to educate regulators about digital assets, while promoting the rights of crypto users.
Silver increases after r / Wallstreetbets target short sellers
Traditional markets saw increases in most sectors and this helped to recover some of the January 29 losses. The S&P 500, Dow and NASDAQ benefited from the positive price action on February 1 and closed the day up 1.61%, 0.76% and 2.5% respectively.
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, their highest price level since 2013.
Since then, the market has cooled down a bit and SLV is currently traded at $ 29.07.
Decentralized exchanges take center stage
DeFi-related tokens continue to perform well as the battle between Uniswap and Sushiswap heats up and the two main DEXs see increased trading volume, along with a strong appreciation in the price of their native tokens.
Both tokens reached new highs of 2021. UNI price is up 17% and trading at $ 20.44, while SUSHI is up 28% and trading at $ 12.73
Binance Coin (BNB) has been the best performing currency in the past 24 hours, currently up 12.91% and trading at $ 49.51. Meanwhile, the NEO-based DeFi platform, Flamingo (FLM), is up 38.19% and trading at $ 0.305, driven by a governance vote in progress by token holders.
The overall capitalization of the cryptocurrency market is now around $ 1 trillion and Bitcoin’s dominance rate is 62.5%.