Meanwhile, bitcoin (BTC) bulls seem to have their eyes on the $40,000 mark, and according to Cointelegraph analyst Marcel Pechmann, the expiration of $1 billion worth of BTC options this Friday favors the bulls.
Data from Cointelegraph Markets and TradingView show a 4.46% increase in the price of the leading cryptocurrency, which is currently trading at $36,994, while Ether is up 8.38% and trading at $1,633.
4 hour chart BTC/USDT. Source: TradingView
Business intelligence company MicroStrategy plans to 4. February a meeting with 1,400 publicly traded companies, where CEO Michael Saylor will discuss how companies can integrate bitcoin into their business strategy.
Willie Wu, a blockchain analyst, expressed concern that recent large institutional purchases and whale wallets are leading to a centralization of bitcoin. It showed that small and medium-sized holders hold about 40% of the available supply and that distribution continues to improve.
Traditional markets benefit from technology stocks
Traditional markets also continued to rebound today on a combination of positive corporate results and the Biden administration’s stimulus package, which helped improve overall market sentiment.
Already on 4. In February, U.S. officials may meet to discuss the growing influence of social media investment groups on financial markets. The discussion should focus on the recent development of r/Wallstreetbets and the use of platforms like Robinhood and Reddit to manipulate markets.
The S&P 500 and Dow recovered from the initial downward pressure and ended the day 0.10% and 0.11% higher, respectively, while the NASDAQ was hit by a late wave of selling that resulted in a slight decline of 0.02%. Tech mega stocks like GOOGL, which closed 7.28% higher, helped the markets close higher.
DeFi tokens continue to outperform other crypto assets
Daily indicators for the crypto-currency market. Source : coin360
An excellent example of the benefits of decentralized funding are the cases of brokerage firms blocking access to certain assets. DeFi tokens have benefited from this attention, as has a strong Ether breakout.
The extra attention helped AAVE and SushiSwap (SUSHI) reach new all-time highs of $345 and $14.84, respectively, while UMA’s share price jumped 59% to a 20-year high of $21.56.
The total market capitalization of cryptocurrencies is currently $1.11 trillion and bitcoin dominates with 61.6%.
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