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24 Hrs Crypto Update, Feb 12: Bitcoin Can Touch $20K Following SEC Actions

  • Bitcoin is testing whether it can drop to $20K or recoup $23K after losing the $23K and $22K marks.

  • Derivates show negative funding rates, indicating that cryptocurrency prices will be in the red for the foreseeable future.

24 Hrs Crypto Update

Crypto Market Remains Red.

After losing the $23K and $22K levels, Bitcoin is currently performing an internal test to see if it can swiftly drop to $20K or if it will quickly regain the $23K level. The market is also depending on macroeconomic events, and given that consumer prices in December turned out to be higher than initially anticipated, the market might start to think about a larger rate hike in the upcoming FOMC.

Staking shouldn't be seen negatively as a result of the SEC's action last week regarding Kraken's staking programme.

The global cryptocurrency market cap fall by 0.09% to $1.06 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 $53.57 billion.

Cryptoquants Derivates shows negative funding rates which means crypto will remain red in the coming hours.

BTC price has fall by 0.32% in the last 24 hours. At the time, BTC was trading at $21,709, and hovering at the support zone. In the last 7 days, BTC price has fall by 6.87%. Bitcoin (BTC) dominance rise from 39.51% to 39.62% while ETH dominated 19.97% of the total crypto markets.

Top Crypto Prices

Ethereum (ETH): Ethereum price fall by around 1.67% to $1,514 in the last 24 hours. In the last 7 days, ETH price has fall by over 9.17%. It is currently ranked as the 2nd largest crypto asset on CoinGabbar.

Solana (SOL): Solana price rise 3.23% to $21.49 in the last 24 hours. In the last 7 days, SOL price has fall by nearly 12.06%. It is currently ranked as the 12th biggest crypto asset on CoinGabbar.

Dogecoin’s (DOGE) price fall by 0.12% in the last 24 hours. DOGE is currently ranked 9th. The price of DOGE at the time of this report was $0.08215.

Polygon (MATIC) price fall by around 1.01% to $1.236 in the last 24 hours. In the last 7 days, MATIC price has fall by around 1.81%. It is currently ranked 10th on CoinGabbar.

Shiba Inu (SHIB) fall by 0.95% in the last 24 hours to $0.00001299. It is currently ranked 14th on CoinGabbar.

Major Events

Core Scientific, Riot, and CleanSpark were the top Bitcoin producers in January, helped by favourable weather and stable electricity rates.

In a statement on February 10, the International Monetary Fund (IMF) emphasised that El Salvador's use of Bitcoin is "limited" and that as a result, the risks related to it have "not materialised" yet. IMF representatives recently visited the country.

It is now "possible" for Brazilian taxpayers to pay their tax bill with bitcoin, according to Banco do Brasil of Brazil, which announced this on February 11 in partnership with the Brazilian cryptocurrency firm Bitfy.

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