Bitcoin (BTC) price spent the day trading in a tight range between $32,000 and $34,000. At the time of writing, the digital asset is pinned below the descending trendline resistance and each endeavor to cross above it is met by selling.

Data from Cointelegraph Markets and TradingView prove a cost increase of iv.fourteen% for the acme cryptocurrency, which currently trades at $33,840.

Daily cryptocurrency market performance. Source: Coin360

In lite of the sideways toll action, Ki Immature Ju, the CEO of the cryptocurrency assay firm CryptoQuant, spotted a potential bullish indicator that may point a price breakout in the most hereafter for Bitcoin.

According to Ju, more than 15,000 Bitcoin were recently withdrawn from Coinbase Pro with the outflows going "into custody wallets that only accept in-going transactions," indicating the purchases were likely "OTC deals from institutional investors." Rallies accept followed like outflows in the past, and Ju sees this as a sign BTC will "protect $33,000 in the brusque-term."

Fiscal markets are still dealing with the antics of r/Wallstreetbets, which has expanded into the cryptocurrency sector via r/Satoshistreetbets and helped initiate the recent pumps in the price of Dogecoin (DOGE) and at present XRP.

After rallying 147% to trade at $0.76 overnight, XRP price corrected past 47% and currently the altcoin is trying to retake the $0.40 level.

In other news, Kraken cryptocurrency commutation joined Grayscale Investments in its endeavor to fight dorsum against the proposed FinCEN self-hosted wallet rule and the U.Due south. authorities's STABLE Act.

The exchange pledged $100,000 to Money Center, a Washington D.C.-based cryptocurrency advancement group whose focus is to educate regulators about digital assets while also advancing the rights of crypto users.

Silverish surges college after r/Wallstreetbets takes aim at brusque-sellers

Traditional markets saw increases across most sectors and this helped to recover some of the losses from Jan. 29. The Due south&P 500, Dow and NASDAQ have all benefited from the positive price action on Feb. 1 and closed the 24-hour interval up 1.61%, 0.76% and ii.5% respectively.

IShares Silver Trust monthly chart. Source: TradingView

Every bit announced over the weekend, members of the r/Wallstreetbets investing group turned their focus to the precious metals market and pushed silver futures above $30, its highest toll level since 2013.

The market place has since cooled off slightly, and SLV currently trades at $29.07.

Decentralized exchanges take center phase

DeFi related tokens continue to perform well every bit the battle betwixt Uniswap and Sushiswap heats up and the top two DEXs encounter increased trading volume, forth with precipitous appreciation in the pric of their native tokens.

Both tokens rallied to new 2021 highs. The price of UNI is upwardly 17% and trading at $20.44 while SUSHI is upwardly 28% and trading at a cost of $12.73

UNI price vs. SUSHI toll. Source: TradingView

Binance Coin (BNB) has been the best performing summit 10 coin over the past 24-hours, currently up 12.91% and trading at a price of $49.51. Meanwhile, the NEO-based DeFi platform, Flamingo (FLM), is upwards 38.19% and trading at $0.305, boosted past an ongoing governance vote by token holders.

The overall cryptocurrency market cap at present stands around $ane trillion and Bitcoin'due south authorization rate is 62.5%.