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On January 29, Bitcoin (BTC), the price rose briefly to $ 38,500 before rebounding and struggling to reclaim $ 35,000 for most of the day.

The wild breakout in Bitcoin price has been attributed in part to Elon Musk changing his Twitter profile simply “#Bitcoin,” which Musk then followed with a cryptic one tweet to say, “In retrospect it was inevitable.”

Dogecoin (DOGE) also continued to make waves on Twitter and with crypto traders. After reaching a new all-time high at $ 0.078 on Jan 28, the DOGE price corrected 41% before recovering to trade at $ 0.045.

Daily cryptocurrency market performance. Source: Coin360

Developments related to DOGE and r / Wallstreetbets led to FTX crypto exchange create a Wall Street Bets (WSB) index which tracks the price of Nokia (NOK), BlackBerry (BB), AMC Theaters (AMC), GameStop (GME), Silver (SLV), DOGE and the FTX Token (FTT) using a weighted average of their prices.

The exploits of the popular Reddit group have also not gone unnoticed by the United States Securities and Exchange Commission, which announced it will take a look how Robinhood dealt with GME stock trading on its platform.

Bitcoin price remains strong despite miners sales

Despite recent volatility, institutional investors continue to show increased interest in Bitcoin and are willing to do so pay a premium to gain exposure to CME’s Bitcoin futures contracts.

Even selling pressure from Bitcoin miners, which have sold at levels not seen since the BTC price hit $ 14,000 in July 2019, has not been able to meet the increasing demand. Unlike in previous years, massive mining sales will not negatively impact the long-term price of BTC, as shown by data from CryptoQuant.

The outflow of Bitcoin miners. Source: CryptoQuant

According to Lennard Neo, the head of research at Stack Funds, the current miners’ sell-off is likely to continue in the short term due to the upcoming Chinese New Year holiday.

Neo said:

“Miners are increasingly leaving their positions as the holidays approach. This also suggests that the bottom price miners are comfortable with with Bitcoins has yet to be found and we expect this volatility to continue in the coming weeks. “

The growing interest from institutions and the rise of DeFi are big drivers for Bitcoin’s price growth. As the market enters the Chinese New Year holiday, the key support level is now at USD 34,000, while an increase is likely to net USD 38,000.

The $ 4.9 Billion in BTC Futures which ended on January 29, appears to have little effect on the market compared to last week Robinhood ordeal brings more attention to the cryptocurrency industry.

Traditional markets faced a fresh wave of pressure that led to the worst weekly performance for the S&P 500. The Dow, NASDAQ and S&P 500 all ended the day negative at 2.03%, 2.0% and 1, respectively. 93%.

Altcoins are showing signs of growth

While the Bitcoin price struggled to hold the USD 34,000 level, DOGE made its way to the top 10 and a number of altcoins saw bullish breakouts.

XRP and Stellar (XLM) are both up about 9% in the past 24 hours, while Voyager Token (VGX) has continued to rise, currently up 70% and trading at $ 1.77.

BTC / USD daily chart. Source: Coin360

The total market cap of cryptocurrency is now at $ 1.01 trillion and Bitcoin’s dominance is 63.5%.