24 Hrs Crypto Update, Feb 1: Bitcoin Breaks $24,000 Level
After the Fed meeting, the cryptocurrency market is up. Today, Bitcoin reversed from $22,747, a significant resistance area for the previous few days.
Derivates display positive funding rates, indicating that cryptocurrency will stay in the green for the next few hours.
Crypto Market Turned Green.
The Crypto market is in the green after the Fed meeting. Today, Bitcoin reversed from $22,747 which is a major resistance zone for last few days. Bitcoin is trading at $23,717, tore the resistance of MA9 and RSI remains positive at 74.31. The global crypto market cap remained above the psychological $1 trillion level, the prices of top two coins – Bitcoin (BTC) and Ethereum (ETH) –Green.
BTC crossed the $23,000 milestone for the first time in five months this past week, which was fantastic for the cryptocurrency industry. The demand for BTC is mostly being driven by institutional investors, who are increasing their holdings in anticipation of the next bull run.
The global cryptocurrency market cap rise by 0.84% to $1.12 trillion in the last 24 hours, according to CoinGabbar data at the time of writing. The total crypto market volume over the last 24 hours was $79.37 billion.
Cryptoquants Derivates shows positive funding rates which means crypto will remains green in the coming hours.
BTC price has rise by 2.63% in the last 24 hours. At the time, BTC was trading at $23,730. In the last 7 days, BTC price has rise by 4.91%. Bitcoin (BTC) dominance fall from 40.98% to 40.85% while ETH dominated 20.1% of the total crypto markets.
Top Crypto Prices
Ethereum (ETH): Ethereum price rise by around 3.24% to $1,641 in the last 24 hours. In the last 7 days, ETH price has rise by over 5.53%. It is currently ranked as the 2nd largest crypto asset on CoinGabbar.
Solana (SOL): Solana price rise 4.54% to $25 in the last 24 hours. In the last 7 days, SOL price has rise by nearly 9.79%. It is currently ranked as the 12th biggest crypto asset on CoinGabbar.
Dogecoin’s (DOGE) price rise by 2.1% in the last 24 hours. DOGE is currently ranked 9th. The price of DOGE at the time of this report was $0.09531.
Polygon (MATIC) price rise by around 7.68% to $1.937 in the last 24 hours. In the last 7 days, MATIC price has rise by around 24.5%. It is currently ranked 10th on CoinGabbar.
Shiba Inu (SHIB) rise by 1.46% in the last 24 hours to $0.00001197. It is currently ranked 16th on CoinGabbar.
Major Events
The cryptocurrency market responded positively when the Federal Open Market Committee (FOMC) raised interest rates by 0.25% at its meeting in February. This occurred in the midst of a comparable market-wide anticipation of a 25 basis point increase, which indicated a slowdown in rate hikes following a string of 75 basis point increases in prior months. The news was made as Fed officials were working to bring inflation down to their objective of 2%. This indicates that increasing economic liquidity was given top priority while tightening screws.
Sam Bankman-Fried, the creator of FTX, was issued a temporary restraining order on Wednesday by U.S. District Judge Lewis Kaplan, prohibiting him from speaking with any current or former members of the cryptocurrency exchange's staff or those who work for his Alameda Research hedge fund.
The burn rate for Shiba Inu Coins has increased during the previous 24 hours by almost 950%. Over 11.1 million SHIB tokens were destroyed by SHIBarmy.
The long-running US SEC vs Ripple litigation has been resolved favourably, supporting the price of Ripple's native coin, XRP. However, in numerous transactions, Ripple has released roughly 1 billion XRP coins from its escrow.
