Bitcoin price trades sideways, silver hits a 7-year high and the XRP rally disappears

Bitcoin’s price (BTC) spent the day trading in a narrow range between $ 32,000 and $ 34,000. At this point in time, the digital asset is anchored below the resistance of the descending trendline and any attempt to cross it will be linked to a sale.

Cointelegraph Markets and TradingView data is displayed A 4.14% price hike for the top cryptocurrency, which is currently trading at $ 33,840.

Daily performance of the cryptocurrency market. Source: Coin360

Considering the sideways price movement Ki Young Ju, CEO of the cryptocurrency analytics company CryptoQuant, discovered a possible bullish indicator This could indicate a price breakout for Bitcoin in the near future.

Bitcoin price trades sideways, silver hits a 7-year high and the XRP rally disappears
Bitcoin price trades sideways, silver hits a 7-year high and the XRP rally disappears

According to Ju More than 15,000 bitcoin were recently withdrawn from Coinbase Pro, and the outflows went to custody wallets, where only inbound transactions were made. This suggests that purchases were likely “OTC Agreements for Institutional Investors”. The rallies have followed similar outings in the past, and Ju look at this as a sign of that BTC “will protect $ 33,000 in the short term.”

The financial markets are still struggling Antics of r / Wallstreetbets, who expanded and helped in the cryptocurrency sector through r / Satoshistreetbets Start the last pumps in the price of Dogecoin (DOGE) and now XRP.

After rising 147% to $ 0.76 overnight The XRP price has been corrected by 47% and currently the altcoin is trying to regain the $ 0.40 level.

In other news, the cryptocurrency exchange Kraken joined Grayscale Investments to combat the self-custody wallet rule proposed by FinCEN and the US government’s STABLE Act.

The exchange made $ 100,000 available to the Coin Center. A Washington DC-based cryptocurrency advocacy group whose goal is to educate regulators about digital assets while promoting the rights of cryptocurrency users.

Silver rises after r / Wallstreetbets targets short sellers

Traditional markets saw gains in most sectors, which helped offset some of the January 29 losses. The SP 500, Dow and NASDAQ all benefited from the positive price move on February 1st, ending the day up 1.61%, 0.76%. and 2.5%, respectively.

IShares Silver Trust monthly chart. Source: TradingView

As announced on the weekend, Members of investment group r / Wallstreetbets turned their attention to the precious metals market, pushing silver futures above $ 30. the highest price level since 2013.

Since then, the market has cooled slightly and SLV is currently trading at USD 29.07.

The decentralized exchange is the focus

DeFi-related tokens continue to perform well while the battle between Uniswap and Sushiswap intensifies and the two top DEXs are seeing an increase in trading volume as well as a sharp appreciation in the price of their domestic tokens.

Both tokens rose to new highs by 2021. UNI’s price is up 17% and is trading at USD 20.44. while SUSHI is up 28% and is trading at a price of $ 12.73.

UNI price compared to SUSHI price. Source: TradingView

Binance Coin (BNB) was the top 10 performing best coin in the past 24 hours. It is 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 USD 0.305. driven by a ongoing government vote from token holders.

The total market cap for cryptocurrencies is currently around $ 1 trillion, and the dominance rate of Bitcoin is 62.5%.

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