DAILY CRYPTOCURRENCY NEWS

Transaction Fees on Ethereum Network Set a New Record


Transaction fees on Ethereum network broke an all-time record on Feb. 4, reaching over $ 20. These data, showing the interest in the Ethereum network, caused miners to increase their income thanks to the highly priced ETH. However, such high costs cause Ethereum transactions to be delayed.

112.5 Million XRP Transferred to Exchanges

According to the data from Whale Alert, 112.5 million XRP were transferred from wallets to crypto exchanges within 10 hours. One of those wallets was found to belong to Ripple's former partner Jed McCaleb. Jed McCaleb transferred more than 12 million XRP to the exchanges on February 4.

Spain Includes Cryptocurrencies in Annual Tax and Control Plan

The Spanish Tax Office has issued guidelines to prevent tax evasion in cryptocurrencies. According to the guidelines, it is aimed to have information about digital asset owners in cryptocurrency exchanges and to tax them correctly. It was stated that the purpose of this action was to prevent financial crimes.

Ripple Announces They are SOC 2 Certificated Now

Ripple, the developer company of XRP, announced that RippleNET product developed for financial institutions has received System and Organization Controls (SOC 2) certification. Thus, Ripple proved that the company complies with security and privacy requirements. The company believes that they will gain more customers from banks and other financial institutions.

The Value of the Cryptocurrency Market Breaks A Record

A new recod has set in 2021. The value of the cryptocurrency market broke the all-time record on 4th February morning with a value close to $ 1.139 trillion. Bitcoin, which continues to be the first in terms of market value, has a market value of $ 700 billion and is followed by Ethereum with $ 186 billion.

SBI Group Adds XRP to Cryptocurrency Lending Service

Drawing attention with its statements supporting Ripple after the SEC case, the financial giant of Japan SBI Group announced that the compaly will offer XRP lending services to SBI VC Trade users. Thus, XRP traders will be able to earn interest income by depositing XRPs that will be used to lend to other customers.

PayPal Announces Their Cryptocurrency Plans

Although PayPal offers cryptocurrency service within the USA, the service is currently not available in other countries. However, in the report published on February 3, the company stated that they want to provide cryptocurrency services for 29 million different businesses operating in many different countries of the world.

Interest in the Decentralized Finance Grows
The total amount of assets locked in DeFi protocols reached $ 32.50 billion. According to CoinGecko data, the total market value of the DeFi sector is currently $ 60.82 billion. The DeFi Pulse index, on the other hand, increased by nearly 15%. Increasing demand and the rise of Ethereum prices have a positive effect on the decentralized finance ecosystem.
 
Last Day For Bitcoin Options Contracts

Bitcoin options worth $1 billion will expire on February 5th.  By analyzing the aggregate open interest between $28,000 and $43,000, there are $300 million worth of call options stacked against $290 million open interest from put options.

Banks Can Buy and Sell Bitcoin with Visa

Payment giant Visa, with 70 million users around the world, announced that they have collaborated and made new agreements in to trade Bitcoin in traditional banks. According to the statements made, customers will be able to easily connect to the program and perform their Bitcoin transactions through banks thanks to the Visa Crypto Pilot program.

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 359680.28 TRY

Bitcoin is pricing sideways around $ 37,200 this morning. While Bitcoin dominance falls below 61%, this situation presents us that there is a tendency towards altcoins rather than the main coin. Therefore, the horizontality of BTC's movements should be indicative rather than question marks. There were 26 BTC exits in Grayscale funds yesterday. Guggenheim, who was allowed to invest up to $ 500 million in BTC by the SEC this week, has pronounced the price of $ 400-600 thousand for Bitcoin based on the basic analysis. While Bitcoin's monthly volatility is declining, the movements attaining a more stable plane provide the market with calm and reliability.

When we consider BTC / USD technically, there was a minor uptrend formation with the breaking of the downtrend that has occurred since the $ 42,000 level. Trend support is traversing the $ 35,850 level, with the rises stuck at the intermediate resistance at $ 37,800. Our intermediate support is $ 36,800, which corresponds to the Fibo'61.8 tranche, while the outlook is horizontal and positive. Withdrawals to the supports result in holding and reaction.

RESISTANCES 38.592 / 39.946 / 41.142
SUPPORTS 36.042 / 34.846 / 33.492

BITCOIN [BTC] 359680.28 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 24659.45 TRY

As February 8 approaches, Ethereum FOMO started among investors. Traded with a gain close to 4% this morning, ETH is priced at $ 1655. As with stocks, a price / earnings ratio was obtained in Ethereum when they proportioned the gains from the total market value size / transaction fees. This ratio is now below 0.01 compared to the price and the average for the last three years is around 0.02. For this reason, we have not found the $ 2000 level we expected for a while in Ethereum as premium. In addition, Ethereum network fees broke records. This may negatively affect the value of Ethereum somewhat. For this reason, it is useful to focus on the supports specified on the technical side, not on resistances or rises.

When we consider the ETH / USD parity, there is a resistance zone in the $ 1660-1680 band. Prices stuck in this resistance zone can generate profit sales up to $ 1610 levels. But it will support the rise; The rising triangle and the latest flag formation point to $ 2050 levels. The outlook is positive and in an uptrend.

RESISTANCES 1700 / 1757 / 1829
SUPPORTS 1571 / 1498 / 1441

ETHEREUM [ETH] 24659.45 TRY +7.00 +0.03 VOL 21 ETH

AVALANCHE [AVAX] 319.48 TRY

The AVAX / USD pair set a new record this morning at $ 16.35 and is currently priced at $ 16.15. As we mentioned in our bulletins published in the previous days, Algorand and AVAX, which is an equivalent but more advanced of Ethereum technology, is getting more attention with the increase in transaction costs on the Ethereum network (ETH transaction fees are up to $ 20). These two cryptocurrencies are showing a steady increase, continue to gain in value. The AVAX / USD pair broke the $ 15.70 channel upper band, making it a support level. After the flag formation formed in mid-January, it is moving towards the formation target of $ 20. There is no resistance level on the upwards. In possible downward movement, the channel upper band will be at the $ 15.70 support level.

RESISTANCES 17,0889 / 17,8757 / 19,2417
SUPPORTS 14,9361 / 13,5701 / 12,7833

AVALANCHE [AVAX] 319.48 TRY +7.00 +0.03 VOL 21 AVAX

RIPPLE [XRP] 8.82 TRY

The XRP / USD pair is pricing at $ 0.4490 with a horizontal change this morning. XRP producer Ripple continues to take positive steps for the company. Especially in the last two weeks, many partnerships have been announced and successful partnerships are taking place within RippleNet. On the company's website, a certificate called SOC 2, owned by companies that comply with security and privacy standards, was published the previous day. While the company is taking these important steps trying to improve its damaged reputation, Ripple's former co-founder Jed McCaleb, on the other hand, continues to sell XRP and was found to send more than 12 million XRP to the exchanges yesterday. When the XRP / USD pair is technically analyzed, it is seen that XRP is priced above the $ 0.4450 level support. Stability above this region and closing the candle above this level may bring the $ 0.5000 level to the agenda again, but the data flow should be followed. Weak pricing may initiate movement towards the $ 0.3600 region, bringing with it selling pressures and increasing the downward momentum. However, the current view is in the direction where the reactions occur and the rises are seen.

RESISTANCES 0,5012 / 0,5503 / 0,6107
SUPPORTS 0,3917 / 0,3313 / 0,2822

RIPPLE [XRP] 8.82 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 991.04 TRY

Litecoin is trading around the $ 153.30 level this morning, with a 5.5% price increase against the dollar. LTC has made a negative 9% return monthly. It has stood behind in the market movements in recent years. Following the Bitcoin dominance fall, BTC has also been horizontal. This may have created a weakness for Litecoin, one of the cryptocurrencies with the highest correlation with BTC. Nevertheless, it is seen that Litecoin is quite slow compared to other altcoins when we emphasize that the altcoin season may be starting. It will close the gap, but the uncertainty in terms of maturity and the horizontality that has been going on for a while may be lowering the interest in Litecoin.

 

When the LTC / USD parity is considered technically, it is seen that it has not broken its resistance at $ 157.10 and returned from here. Although the support from the $ 143.00 level remains weak, the surpassing $ 157.00 can bring a rapid rise and bring the pair to reach the record $ 183.00 again. However, if the horizontality between the $ 143.00 - $ 157.00 levels continues, it may create selling pressures on Litecoin, shifting interest towards other altcoins. For this reason, it will be important in which position this horizontality will be broken. The MACD indicator gives a bullish signal with rising bars and expiration lines in the daily period.

 

RESISTANCES 157,43 / 161,93 / 170,05
SUPPORTS 144,81 / 136,69 / 132,19

LITECOIN [LTC] 991.04 TRY +7.00 +0.03 VOL 21 LTC

LINK is pricing at $ 26.60 this morning, and has achieved a new record pricing after testing $ 26.70. In this period when the returns of altcoins, especially altcoins in the DeFi sector, are increasing, LINK continues to expand its investor network and grow its audience. It has yielded 16% on a weekly basis and is still lagging behind Ethereum returns and we can expect this shear to move to a close. On the other hand, rising transaction fees and rising costs in the Ethereum network could support the increase in interest for LINK with the largest market cap among ETH consensus tokens.

When we examine the LINK / USD parity technically, with the reaction coming over the support at $ 23.60, the pair moved up by 12% and broke the resistance at $ 25.45 upwards. From now on, resistances of $ 27.60 followed by $ 30.00 will follow. The Parabolic SAR indicator remains below the pair, giving signals that support the upward movement and the strong reactions and recoveries following the lows are very positive for LINK, which is in the bullish channel in technical view.

RESISTANCES 27,77 / 29,05 / 31,54
SUPPORTS 24,00 / 21,51 / 20,23

BASIC ATTENTION TOKEN [BAT] 5.65 TRY

The BAT / USD pair has seen a 15% price increase in the 24-hour period and is currently trading at $ 0.3500. Thus, the horizontal movement between the $ 0.2780 - $ 0.3400 band created in the last two weeks has deteriorated. The flag formation, which is formed in the direction of the uptrend, maintains its target of $ 0.4300 and has started the rise outside the borders of the flag by breaking the tip of the flag. With the histograms rising above the zero line in the MACD indicator in the 4-hour period, the price is approved by the volume. Momentum, on the other hand, maintains the recovered bottoms, but has turned its direction to the horizontal for the rise.

RESISTANCES 0,3718 / 0,3939 / 0,4282
SUPPORTS 0,3154 / 0,2811 / 0,2590

BASIC ATTENTION TOKEN [BAT] 5.65 TRY +7.00 +0.03 VOL 21 BAT

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