Bitcoin spend February 2 trading in a tight range between $32,000 and $34,000. The asset is below its trend line, and each attempt of crossing it has been met with selling by investors. A few market analysts have shown that its price is averaging 4.14% higher on the day.
In commenting on the sideways trading price, the CEO of cryptocurrency news and data analysis firm Crypto Quant said that there is a bull indicator that suggests a price breakout is in Bitcoin's short-term future. The CEO, Ki Young Ju, said that more than 15,000 Bitcoins were withdrawn from Coin Base Pro in the past day. Those coins went into custody wallets that only have incoming transactions. The purchases were probably OTC deals from large institutional investors. In the past, big rallies followed these types of transactions. Ju believes that this activity will protect Bitcoin's $33,000 price point for the short-term.
The markets are still dealing with the aftermath of the Redditors' retail trading activity. It has had some aftereffects on Dogecoin and XRP. XRP's price went up by 147% overnight, then it fell by 47%. It's trying to settle around the $.40 price point. Kraken's exchange joined Grayscale Investments in its fight against the self-hosted wallet rule. It is also fighting against the United States government's proposed STABLE Act.
The Kraken exchange pledged a sum of $100,000 to Coin Center. Coin Center is a cryptocurrency advocacy group based in Washington, D.C. Its focus is the education of regulators and legislators about digital assets. It also aims to advance the rights of cryptocurrency users.
In other news, the price of silver surged. It went up by 0.76% to 2.5%, depending on the market. The Redditors who messed up the shorts of the hedge funds have now turned their focus to the precious metals market. Their actions sent the silver futures over $30. That's the highest price since 2013. The price did drop to $29.07. DeFi tokens continue performing well. Uniswap and Sushiswap saw higher volume and pricing of their native tokens. Uni went up by 17%, and Sushi increased by 28%.