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24 Hrs Crypto Update, Feb 3: MATIC Extends Its Rally

  • After the Fed rise, crypto is neutral. Bitcoin reversed from $23,719.

  • Derivates display favourable financing rates, indicating that cryptocurrency will stay in the green for the next few hours.

24 Hrs Crypto Update

Crypto Market Remains Neutral.

The Crypto market is Neutral after the Fed interest hike. Today, Bitcoin reversed from $23,719 which is a major resistance zone for the last few days. Bitcoin is trading at $23,338, taken support of MA9 and RSI remains positive at 70.41. The global crypto market cap remained above the psychological $1 trillion level, the prices of top two coins – Bitcoin (BTC) and Ethereum (ETH) –Neutral.

BTC crossed the $24,000 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 0.14% 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 $110.57 billion.

Cryptoquants Derivates shows positive funding rates, which means crypto will remain green in coming hours.

BTC price has fall by 0.6% in the last 24 hours. At the time, BTC was trading at $23,338, and made an shooting star which signals bearish move. In the last 7 days, BTC price has rise by 1.68%. Bitcoin (BTC) dominance fall from 40.6% to 40.25% while ETH dominated 19.7% of the total crypto markets.

Top Crypto Prices

Ethereum (ETH): Ethereum price rise by around 0.88% to $1,658 in the last 24 hours. In the last 7 days, ETH price has rise by over 3.38%. It is currently ranked as the 2nd largest crypto asset on CoinGabbar.

Solana (SOL): Solana price rise 0.82% to $24.58 in the last 24 hours. In the last 7 days, SOL price has rise by nearly 0.91%. It is currently ranked as the 12th biggest crypto asset on CoinGabbar.

Dogecoin’s (DOGE) price rise by 1.99% in the last 24 hours. DOGE is currently ranked 9th. The price of DOGE at the time of this report was $0.09293.

Polygon (MATIC) price rise by around 3.95% to $1.224 in the last 24 hours. In the last 7 days, MATIC price has rise by around 7.53%. It is currently ranked 10th on CoinGabbar.

Shiba Inu (SHIB) rise by 2.86% in the last 24 hours to $0.00001249. It is currently ranked 15th on CoinGabbar.

Major Events

The cryptocurrency industry was ecstatic as Blackrock Spot's Bitcoin Private Trust became live in August 2022. This was due to Blackrock's status as the largest fund manager in the world and conceivably the most significant institutional investor the community could have requested.

The UK government has declared that it would establish ambitious measures to control cryptocurrency activity in the nation. The Financial Conduct Authority (FCA) has now urged the largest social media platforms to take more steps "to protect customers." This is due to a rise in deceptive product advertising by social media influencers, such as cryptocurrency bloggers.

According to the Bureau of Labor Statistics' most recent data on nonfarm payrolls, the US added 517,000 jobs in January. Even though this is more than the 223,000 jobs that were previously reported in December, it is still far more than the 187,000 jobs that analysts had predicted would be added. According to recent statistics, the unemployment rate is 3.4%, which is the lowest level since May 1969.

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