An overview of the cryptocurrency market today Saturday, February 6

An overview of the cryptocurrency market today

The crypto market took a big step forward with the entry of Ether into the $ 1,700 channel and its all-time high of $ 1,773. Atrium futures trading in the Chicago Mercantile Exchange (CME) Group is scheduled to begin on February 9, which is why many analysts predict that the Altcoin will move to serious resistance on its way to It will reach $ 2000.

Ether is currently trading at $ 1,669, up 1.27% in 24-hour timeframe. Meanwhile, the market's top cryptocurrency, Bitcoin, traded up 5.24 percent over the past 24 hours at $ 39,268.

Gas costs in the Atrium network also reached the highest level in history at the same time as the price increase and caused some exchanges to suspend the ability to withdraw ETH and ERC-20.

On February 4, Yern Finance (YFI) was the victim of a massive attack, and a hacker removed $ 11 billion worth of StableCoin DAI from the DAI coffers. The team took swift action to reduce the damage. These include blocking the $ 1.7 million stolen budget and making a targeted proposal by the MakerDAO community to create a debt-for-collateral position (CDP).

Altcoins on the growth path

While Bitcoin traded in the range of $ 36,000 to $ 38,000, Altcoins accelerated and on Friday a large number of Altcoins saw a bullish decline in their price.

MakerDAO (MKR) grew another 45% to $ 3,099 before modifying to $ 2,810, while the Defy 0x (ZRX) Infrastructure Protocol rose 61% to $ 1.63.

Cardano (ADA) showed the most prominent performance among the larger altcoins with a 26.44% increase. Baines Coin (BNB) also reached its highest price at 64.87.

The total value of the cryptocurrency market today stands at $ 1.17 trillion, while Bitcoin dominates 60.1%.

Dogecoin (DOGE) or other digital currencies?

Dogecoin (DOGE) or other digital currencies?

SpaceX and Tesla CEO Ilan Musk took to Twitter to see how interesting Dogecoin (DOGE) is to people.

In the survey, Musk asked whether the future currency would be Dogecoin (DOGE) or other digital currencies in general.

At the time of writing, 72.5 percent have chosen Dogecoin (DOGE) and only 27.5 percent accept the other option.

The last time Musk tweeted about Dogecoin (DOGE) was on Thursday, when he called it the popular currency, boosting it by 50 percent to $ 0.559.

Of course, the effect of this pump did not last long and this currency entered the correction process. The Dogecoin (DOGE) is currently trading at $ 0.0485.

Is Mask disappointed with Bitcoin?

On January 29, at the height of the US stock market controversy, Ilan Mask posted the word bitcoin on his bio Twitter.

On the same day, he announced that Bitcoin is a very good currency and confirmed that he supports it.

That led to a 20 percent increase in bitcoin, from $ 32,000 to $ 38,500.

Like Dogecoin (DOGE) , the mask's effect on Bitcoin did not last, and the currency returned to $ 35,000.

However, on February 4, when Ilan Musk tweeted again about his favorite currency, DOGE, he removed bitcoin from his bio.

The world's largest digital currency crossed the $ 39,000 mark on Friday and is currently hovering at $ 39,387.

An overview of the cryptocurrency market today Friday, February 5

An overview of the cryptocurrency market today

After a tense day, the price of Bitcoin seems to have calmed down to around $ 37,500. However, its dominance in the cryptocurrency market is still declining and below 61% because several Altcoins have been able to perform far better than their leader.

Reduce Bitcoin dominance

While most alternative coins have seen significant growth over the past 24 hours, BTC has failed to grow significantly. The market's first cryptocurrency tried to move towards $ 39,000 but to no avail, reaching a low of $ 36,200 after being rejected.

However, the cows returned the asset to its current position of about $ 37,600. Similarly, the continued growth of altcoins has continued to reduce BTC dominance to below 61%, the lowest level since late November 2020.

Technically, Bitcoin must cross the resistance levels of 38000, 38800 and 39190 before challenging the $ 40,000 level. In contrast, support levels of $ 37,000, $ 36,000 and $ 35,140 could help if prices fall.
New records between Altcoins

While Atrium (1%), Bitcoin Cash (1%), Polkadat (2.5%) and Light Coin (2%) have experienced slight declines in the last 24 hours, a number of Altcoins on the list are 10. Top market currencies have grown significantly.

Ripple and Cardano are leading the way with a 13% increase. As a result of these developments, XRP is again close to $ 0.45 just a few days after falling to $ 0.34. The ADA, on the other hand, hit a three-year high of about $ 0.50.

Binance Quinn and China Link have also broken new historical records. After jumping 9% in the 24-hour timeframe, the BNB rose to $ 58, while the 7% China Link pump raised the stock to $ 27.
As usual, lower market value altcoins have seen more volatility. Meanwhile, 0x is leading the way with 75% growth since yesterday and 130% price increase in weekly timeframes. As a result of this move, the ZRX has risen to $ 1.4.

Defy tokens including Maker (35%), Terra (29%), Ocean Protocol (28%), Ren (26%), Kyber Network (26%), Alpha Finance Lab (24%) and Synthetix (20%) Then fall.

The total value of the crypto market is still close to the $ 1.150 trillion mark.

Economic calendar Friday, February 5

Economic calendar Friday, February 5

Economic calendar Thursday, February 4

Economic calendar Thursday, February 4

An overview of the cryptocurrency market , February 3

An overview of the cryptocurrency market today

Bitcoin eventually managed to break out of the $ 33,000 to $ 35,000 range and enter the $ 37,000 range. Most replacement coins are still green today.

The price of Bitcoin broke above $ 35,000

After a very volatile week, the price of Bitcoin calmed down somewhat between $ 33,000 and $ 35,000. The cryptocurrency remained in the same range for the next few days until it finally emerged from the consolidation triangle in the last 24 hours.

The first move raised the price of BTC to $ 35,500 (on Bitstamp), while the next move pushed it to a high of around $ 37,000. However, despite the correction in the price of this currency, it still shows a 3% increase.

Technically, the BTC must cross the next resistance lines at $ 37,000, $ 37,700 and $ 38,620 to target the $ 40,000 level.

Conversely, if the asset fails to maintain its uptrend, support levels of $ 34,500, $ 34,000 and $ 33,110 could help.

Altquin Blast

Over the past few days, most of the major altcoins on the market have also been relatively quiet. However, the situation has changed dramatically in the last 24 hours, especially for some of them.

As previously reported, Atrium set a new record in its history. The latest price record for the second largest cryptocurrency on the market is now around $ 1,580.

Ripple also rose 6% to $ 0.38 after its recent dump. Bitcoin Cash (6%), Bainance Coin (2%), Chinlink (3%), Polkadat (7%), Cardano (2.5%) and Light Coin (12%) also rose in price today.

Fantom still has the best performance among the top 100 currencies in the market, reaching $ 0.15 for the second day in a row with 50% growth. UMA (27%), Siacoin (20%), Terra (17%), SwissBorg (13%), Decentraland (13%) and Maker (12%) also follow.

Finally, the total market value has increased by about $ 100 billion since yesterday, reaching $ 1.1 trillion.

What is an NFP Employment Report?

What is an NFP Employment Report?

The US NFP Report is the most important economic report for global financial markets. Employment changes in the US non-agricultural sector affect the Forex market and even the stock market every month. This report will be published on the first Friday of the month. In this article, we want to learn more about this report and at the same time examine how to analyze and use NFP in transactions.
NFP letters are derived from Non-Farm Payroll. This employment index is one of the most important economic reports in the United States, and usually all investors and market participants try to make a profit by predicting the possible outcome of this report. The NFP Employment Index covers the number of jobs created in the past month in the US non-agricultural sector. Changes in non-agricultural employment can provide a good picture of the health of the US economy.
Why is NFP reporting important for Forex traders?

The US labor market is highly correlated with consumer spending. The more jobs created in a month, the higher the level of consumer spending. In fact, when the monthly employment growth in the United States is strong, investors also expect the consumption of American households to increase. An increase in consumer spending will eventually lead to an increase in GDP. At the same time, the United States has extensive trade relations with other global economies. This means that American households and consumers are one of the main customers of goods and services produced in other global economies. So when US employment growth is strong and consumer spending rises, so does the subconscious demand for goods and services in other global economies, which contributes to global economic growth.
How to interpret the US NFP report?

The forecasts and expectations of economists, investment banks and micro-investors are usually collected and displayed in the Forex economic calendar before important economic reports are published. In the economic calendar of Forex Iran Bourse Online, you can see the time of publication of the NFP report, the previous value of the index, the forecasted market value and the real or current value of the NFP index.
Usually, to interpret the US NFP index, three scenarios have to be considered:

    The NFP is in line with market forecasts: In this case, the market does not react seriously to the report.
    The NFP outperforms market forecasts: This is a bad sign for the US economy and usually has a negative impact on the US dollar. Poor US employment growth can lead to recession (Note: If strong risk aversion is not present in the market, the dollar will usually react negatively to the decline in the NFP index. But if strong risk aversion is present, the US dollar due to Safe and valuable assets will be strengthened).
    The NFP is better than the market forecast: Strong US employment growth is a positive sign for the US economy and can support the US dollar.

It should be noted here that the degree of deviation of NFP data is very important with market forecasting. The greater the deviation between market forecasting and actual data, the more severe the market reaction to the NFP index.
Example:

The release of the US NFP Index could severely shake the Forex market. But there are times when the market does not respond to the report at all. Why? Suppose the market predicts that US NFP employment growth will be 100,000 units. Let us now consider three possible scenarios at the time of the release of the NFP Index:

    According to market expectations, the index shows a growth of 100,000 units of employment.
    Contrary to market expectations, the index shows a growth of only 50,000 units.
    Contrary to market expectations, the index shows a growth of only 150,000 units.

In the first scenario, because the market was ready to grow 100,000 units, the dollar and the Forex market did not react seriously. The report was allegedly leaked to the market.
In the second scenario, the market is shocked. Because US NFP employment growth was 50,000 units lower than expected. Poor US employment growth means poor performance of the US economy, weak inflation growth, declining consumer spending and no need to raise interest rates. So the dollar will react negatively to it.
In the third scenario, the market is shocked. But because the NFP data was much better than market expectations, everything is going to be in the US economy and dollar.

USDCAD Tuesday, February 3

USDCAD Tuesday, February 3

The short-term trend of the US dollar against the Canadian dollar is neutral. The USDCAD pair is expected to return positively from the short-term price level of 1.2588. From the buyers' point of view, the break of 1.2880 could push the USDCAD to the resistance of 1.2994. However, if the pair crosses the partial support of 1.2684, USDCAD will be ready to hit the price level of 1.2588 again.

GBPUSD Tuesday, February 3

GBPUSD Tuesday, February 3

The short trend of the British pound against the US dollar is neutral. As long as the 1,3608 support remains in place, one can expect another GBPUSD pair to start moving. In the eyes of buyers, the break of $ 1,3758 could bring the uptrend starting from $ 1,1409 to the estimate of 61.8% Fibonacci at $ 1,3956. However, from the traders' point of view, if GBPUSD falls below the support of $ 1,3608, it will indicate the formation of a short-term price peak, especially since there is a downward divergence in the four-hour MACD indicator. In this case, the short-term GBPUSD trend will decline.

Economic calendar Tuesday, February 3

Economic calendar Tuesday, February 3