24 Hrs Crypto Update, Feb 7: Bitcoin, Ethereum Ready to Rally

Crypto Market Turned Bullish.

The Crypto market is Bullish as Bitcoin bounce from its support. Today, Bitcoin reversed from $22,742 which is a major support zone for the last few days. Bitcoin is trading at $23,250, taken resistance from MA9 and RSI remains positive at 64.67. The global crypto market cap remained above the psychological $1 trillion level, the prices of top two coins – Bitcoin (BTC) and Ethereum (ETH) –Bullish.

This week, BTC crossed $24,000 for the first time in five months, which was excellent for the cryptocurrency sector. Institutional investors, who are boosting their holdings in preparation of the next bull run, are the main drivers of the demand for BTC. The recent recovery of the cryptocurrency market, which has seen the total market value of the sector return to $1 trillion, has been mostly driven by retail investors.

The global cryptocurrency market cap fall by 0.62% to $1.14 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 $81.38 billion.

Cryptoquants Derivates shows positive funding rates which means crypto will remains green in the coming hours.

BTC price has rise by 2.09% in the last 24 hours. At the time, BTC was trading at $23,250, and bounce from the support of MA21, which indicates a bullish move. In the last 7 days, BTC price has fall by 0.86%. Bitcoin (BTC) dominance fall from 39.96% to 39.4% while ETH dominated 19.8% of the total crypto markets.

Top Crypto Prices

Ethereum (ETH): Ethereum price rise by around 6.48% to $1,671 in the last 24 hours. In the last 7 days, ETH price has rise by over 6.67%. It is currently ranked as the 2nd largest crypto asset on CoinGabbar.

Solana (SOL): Solana price rise 5.07 to $23.82 in the last 24 hours. In the last 7 days, SOL price has fall by nearly 0.69%. It is currently ranked as the 12th biggest crypto asset on CoinGabbar.

Dogecoin’s (DOGE) price rise by 3.26% in the last 24 hours. DOGE is currently ranked 9th. The price of DOGE at the time of this report was $0.09253.

Polygon (MATIC) price rise by around 6.64% to $1.2699 in the last 24 hours. In the last 7 days, MATIC price has rise by around 17.09%. It is currently ranked 10th on CoinGabbar.

Shiba Inu (SHIB) rise by 2.26% in the last 24 hours to $0.00001439. It is currently ranked 14th on CoinGabbar.

Major Events

Binance, a leading cryptocurrency exchange, joined the group of crypto businesses that promised to donate money in support of users in Turkey. Binance said that it would give away $100 worth of BNB to users in Turkey earthquake-affected areas. According to the exchange's CEO CZ, the entire amount of donations would be close to $5 million. Several cryptocurrency firms, including Bybit, Bitget, BitMEX, and Bitfinex, have already offered their assistance to victims.

Although the process is early, FOMC Chairman Jerome Powell said the FOMC intended to transmit the disinflation stage message. To control inflation, the Fed considered raising rates. He said the Fed believed the rate hikes were justified. Powell suggested inflation might drop significantly in 2023 if the 2% objective is maintained.

The largest cryptocurrency exchange in the world, Binance, and the leading cryptocurrency exchange in India, WazirX, have been at odds with one another since the bear market of 2022. Wazirx was given a deadline by Binance to withdraw its statement by in order to avoid losing access to Binance wallets and services. The debate persisted into the new year.

Over 226 million LUNC tokens were burned by the Terra Classic community as a whole in January, keeping the market stable when cryptocurrency exchange Binance temporarily halted its LUNC burn mechanism until March.