Bitcoin eyes $50K less than a month after BTC price broke its 2017 all-time high
One week in review:
Jan. 31–Feb. 6 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bitcoin eyes $50K less than a month after BTC price broke its 2017 all-time high | | | Bitcoin is showing signs of a newfound rally after breaking the $40,000 resistance area, fueling hope that we might be about to see a new all-time high. | | | Cointelegraph Markets analyst Michaël van de Poppe says BTC's strength means its market dominance is rebounding at the expense of most altcoins. | | | He added: "An apparent breakout above the all-time high above $42,000 however, should propel Bitcoin's price to $50,000." | | #2. Ether price breakout to $1,750 sees Ethereum network fees hit all-time high | | | After hitting $1,756.51, the world's second-largest cryptocurrency took a little bit of a tumble, falling back to $1,672.99 at the time of writing. | | | The record high came off the back of intense trading interest in DeFi coins, many of which use the Ethereum network as their basis. Anticipation has also been building over the launch of Ether futures from CME Group. | | | There's just one problem: Gas fees are rising. At one point this week, transaction costs surged so high that some exchanges were forced to halt withdrawals altoge. | | #3. "Ur welcome" — DOGE soars after Elon Musk returns to Twitter… to shill Dogecoin | | | To an extent, the surge in crypto prices could be attributed to Elon Musk. For reasons beyond understanding, the world's richest man is obsessed with Dogecoin. | | | Musk helped DOGE surge this week, but remarks he made on Bitcoin during a Clubhouse discussion failed to have as much of an impact as last Friday when BTC leaped up by thousands of dollars because Musk added #bitcoin to his Twitter bio. | | | New research this week examined six times when Musk had tweeted about BTC or DOGE, finding that his remarks caused price surges and a "significant increase" in trading volumes. | | #4. Prediction of the week: BlockTower Capital CIO estimates another 9–22 months of bull run for crypto | | | With renewed optimism around how Bitcoin is performing, the inevitable question is this: How long will the bull run last? | | | Well, according to BlockTower Capital's chief information officer Ari Paul, we've got at least nine more months to look forward to. | | | He said: "This is where we get ongoing, dizzying rotation. BTC up, then when BTC takes a breather, ETH and some large caps (and in this regime, DeFi blue chips), then small caps, rinse and repeat. Of course, throw in some 30-60% retracements for fun." | | #5. FUD of the week: New class action against Robinhood alleges oligopoly manipulation | | | A class-action lawsuit has been filed that the drastic move denied customers a chance to profit from volatility in GME shares — manipulating the course of the stocks. | | | Meanwhile, some reports suggested that Robinhood was planning on postponing its planned IPO as it tries to focus on tackling the PR disaster. Other outlets have cast doubt on this, saying a stock market debut is going ahead as intended. | | | It's also been claimed that Robinhood's CEO, Vlad Tenev, is going to testify before the U.S. House Financial Services Committee over the firm's role in recent volatility. | | #6. FUD of the week: Guggenheim CIO under fire for the timing of his changing BTC sentiment | | | Scott Minerd's apparent shift from bullish to bearish and back again on either side of an SEC filing related to a $500-million investment in BTC has been raising eyebrows on social media. | | | The Guggenheim CIO had hit the headlines after claiming that BTC would see a "full retracement back towards the $20,000 level" — later adding there wasn't enough institutional support to warrant a price above $30,000. | | | Days later, Minerd claimed Bitcoin has the potential to reach $600,000 in the long run based on its scarcity and the value of gold. | | | Some on Twitter were not impressed. Economist Alex Krüger wrote: "Remember Guggenheim wants you to sell #bitcoin so they may buy lower. Been trying to scare the market into thinking price will crash to $20,000, even though they think it's worth $400,000." | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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