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24 Hrs Crypto Update, Feb 8: MATIC Remains Bullish

  • Bitcoin's breakdown reddens the crypto market. Bitcoin reversed from $23,452, a strong support zone for several days, today.

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

24 Hrs Crypto Update

Crypto Market Turned Red.

The Crypto market is Red as Bitcoin breaks its support. Today, Bitcoin reversed from $23,452 which is a major support zone for the last few days. Bitcoin is trading at $22,858, tore support of MA21 and RSI remains negative at 59.57. The global crypto market cap remained above the psychological $1 trillion level, the prices of top two coins – Bitcoin (BTC) and Ethereum (ETH) –Red.

Last 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 0.32% 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 $85.63 billion.

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

BTC price has fall by 1.69% in the last 24 hours. At the time, BTC was trading at $22,858, and breaks its support of MA21, which indicates a bearish move. In the last 7 days, BTC price has fall by 1.14%. Bitcoin (BTC) dominance fall from 39.6% to 39.45% while ETH dominated 19.6% of the total crypto markets.

Top Crypto Prices

Ethereum (ETH): Ethereum price fall by around 1.47% to $1,646 in the last 24 hours. In the last 7 days, ETH price has rise by over 4.37%. It is currently ranked as the 2nd largest crypto asset on CoinGabbar.

Solana (SOL): Solana price fall 3.36% to $23.02 in the last 24 hours. In the last 7 days, SOL price has fall by nearly 3.4%. It is currently ranked as the 12th biggest crypto asset on CoinGabbar.

Dogecoin’s (DOGE) price fall by 3.22% in the last 24 hours. DOGE is currently ranked 9th. The price of DOGE at the time of this report was $0.08951.

Polygon (MATIC) price rise by around 3.44% to $1.3132 in the last 24 hours. In the last 7 days, MATIC price has rise by around 15.59%. It is currently ranked 10th on CoinGabbar.

Shiba Inu (SHIB) fall by 5.26% in the last 24 hours to $0.00001363. It is currently ranked 15th on CoinGabbar.

Major Events

The rollout of the Digital Ruble should be carried out gradually, according to Gazprombank, one of the 15 Russian banks taking part in the tests of the central bank's digital currency (CBDC), the Digital Ruble.

As U.S. Federal Reserve Bank of New York President John Williams concurred that Fed officials' projection rates in a range between 5 and 5.25% for the year 2023 is still acceptable, the overall cryptocurrency market gave up earlier gains.

Alphabet Inc., Google's parent firm, had a decline in market value of about 8% due to the hype surrounding AI chatbots. The enormous loss suffered by Google is the result of traders' fear over ChatGPT, a rival product from OpenAI.

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