Today Bitcoin (BTC), the price remained under pressure in the $ 32,500 to $ 33,000 resistance cluster and this led to a mild 3% to 5% pullback of most altcoins.
Despite the recent revelation that BlackRock, the world’s largest asset manager, has given the green light for two of its funds to invest in Bitcoin futures, BTC price is still struggling to gain momentum above the USD 33,000 level.
Meanwhile, the DeFi sector is continues to bloom as Venus (XVS) and Fantom (FTM) saw their prices rise by 23% overnight and the total value locked in DeFi protocols is currently $ 25.77 billion.
After the confirmation of Janet Yellen As the new secretary to the US Treasury, the department’s dreaded cryptocurrency monitoring rule is now on the move again, and the public has 60 days to comment on the proposed self-hosted wallet requirement.
Selling was not just limited to the cryptocurrency sector as global financial markets also came under pressure following news that the upcoming stimulus package being offered by the Biden government may not be as significant as previously suggested.
The S&P 500 and Dow both faced selling pressure at the opening bell, ending the day at 0.15% and 0.07%, respectively, while the NASDAQ managed a positive gain of 0.05%.
The Reddit based investment group recently straining short sellers bets against GameStop (GME) were able to regroup overnight and managed to push GME’s price up to $ 145.57 on January 26, close to its all-time high of $ 159.18.
DeFi tokens are taking the lead
DeFi-related coins continue to rise despite the diminishing momentum seen by Bitcoin and Ether (ETH).
Uniswap’s trading volume rose above $ 6 billion earlier in the day and this helped the price of its governance token (UNI) to a new high in 2021 at $ 13.67. Terra (LUNA), a stablecoin-oriented project, also saw its price increase by more than 37% and is currently trading at $ 1.22.
Fantom (FTM) and Alpha Finance (ALPHA) have also seen inflows of buying activity in the past 24 hours and both were up 22% and 35% during today’s trading session.
The total cryptocurrency market cap is now at $ 947.6 billion and Bitcoin’s dominance is 62.9%.