Bitcoin and other major digital currencies slowed after the price hike observed earlier in the week on Tuesday evening.
| Currency | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 0.6% | 13.6% | $ 44,056.13 |
| Ethereum (CRYPTO: ETH) | -0.7% | 11.5% | $ 3,113.53 |
| Dogecoin (CRYPTO: DOGE) | -2.9% | 11.14% | $ 0.16 |
| Cryptocurrency | % Change in the last 24 hours (+/-) | Price |
|---|---|---|
| UNUS SED LEO (LEO) | + 54.9% | $ 7.49 |
| IoTex (IOTX) | + 22.1% | $ 0.11 |
| Kadena (KDA) | + 16.8% | 9 dollars |
Because it is important
Bitcoin’s price plummeted after the US Department of Justice seized $ 4.5 billion in cryptocurrencies stolen during the 2016 Bitfinex hack; On Tuesday morning, two spouses were arrested in Manhattan in connection with the incident.
In intraday trading on Tuesday, Bitcoin hit a high of $ 45,293.87, while Ethereum rose to $ 3,219.47; at the time of publication, the two currencies were down 2.73% and 3.29% respectively from those levels.
Also Read: $ 47 million in ETH raised to free Julian Assange
Macroeconomic factors, which took a back seat on Monday, and Tuesday returned in strength to determine Bitcoin’s trajectory: the US currency unit strengthened while the dollar index, a measure of the strength of the greenback against six rival currencies, it was up 0.2%, according to a Reuters report.
“Bitcoin’s rally is taking a break, and exhaustion is stabilizing along with profit takings, as rate hikes drive the dollar up,” he said. Edward Moyasenior analyst at OANDA.
The analyst said that while Bitcoin has had a “nice rebound” moving up from the bottom around the $ 33,000 level, the $ 46,000 to $ 48,000 range “will prove to be significant resistance.”
“Bitcoin could begin to consolidate between the $ 40,000 and $ 45,000 levels until the US inflation report comes out later this week,” Moya said in a note analyzed by Benzinga.
Michaël van de Poppean Amsterdam-based cryptocurrency trader, believes Bitcoin will face a “crucial resistance”, different from that seen in September 2021.
My view on the markets is described in the chart.#Bitcoin faces a crucial resistance, which is different than the run we’ve experienced in September 2021. In that regard, I’m assuming we won’t break in one go and have a correction -> ending up bad for #altcoins. pic.twitter.com/7RKynM1dBW
– Michaël van de Poppe (@CryptoMichNL) February 8, 2022
Meanwhile, in the last 7 weeks, Bitcoin “mega whales” have significantly increased their stocks: since December 23, addresses with at least 1,000 BTC have added a total of 220,000 BTC – or $ 9.72 billion – to their wallets. , according to Santiment, a cryptocurrency data feed for investors.
Mega whales of #Bitcoin have accumulated significantly the past 7 weeks. Addresses with 1,000 $ BTC or more have added a combined 220,000 $ BTC to their combined wallets since December 23rd, the most rapid accumulation we’ve seen since September, 2019. https://t.co/RdVAg9FcP7 pic.twitter.com/gL1nJ18hyA
– Santiment (@santimentfeed) February 8, 2022
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