Bitcoin Back above $30k but is DOGE Crypto Version of GameStop? Surging prices, anticipation, and steady coin interest round out today’s headlines.
Bitcoin is running out of Steam: Guggenheim CIO
The Bitcoin price remains fragile, hovering precariously above $31.5k. This has been the situation in the last few months. Regardless of general market optimism, bulls are failing to close above critical buy triggers.
In the immediate term, buyers are closely watching whether BTC/USD has enough momentum to ease past the $35k sell wall. A comprehensive break above this mark will open up BTC prices to $40k and even $42k in a buy trend continuation.
This could be an opportunity. However, sellers appear to be in the driving seat. Because of investor pessimism, there is a marked contraction in trading volumes. In two weeks, statistics reveal that the crypto trading volumes have nearly halved.
This can be attributed to whales and institutions deliberately staying out from the crypto market, waiting for a pullback before channeling millions like they have been doing in the last few months. Bitcoin Back above $30k but is DOGE Crypto Version of GameStop?
According to Scott Minerd, the Chief Investment Officer (CIO) of Guggenheim, Bitcoin is running out of steam. Despite institutional participation, BTC/USD is likely to fall below important support levels.
On Dec 20, he said prices could retrace back to $20k from spot rates in a much-needed correction.
Dogecoin (DOGE) Doubles, Following GameStop (GME) Pump?
A simple mention of Dogecoin by a trader who claims to be the chairman of WallStreetBets subreddit was enough to pump DOGE prices. As of writing on Jan 28, the meme coin was up 71 percent, building on Asian and European gains.
The subReddit group (which is now private after regulatory scrutiny) discusses stocks and options trading, recently drawing the investment world’s attention.
Following their pumping of the WSB stock (trading above $430 on Jan 28), the possibility that the same might happen to DOGE caused a shift of capital to the cryptocurrency.
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