Look What Happened in Crypto Today: Is Crypto Really Going Up?
What’s Driving the Crypto Market Today? Bitcoin & Market Updates Today's Cryptocurrency Market Update What Happened in Crypto Today? The global cryptocurrency market is continuing to show resilience, given that the total capitalization stands at $3.22 trillion, up a little by 0.05% in the last 24 hours. In contrast, the total volume over the same period has declined by 30.01% to settle at $118.75 billion. DeFi market volume remains at $6.63 billion, accounting for 5.58% of the total trading volume in cryptocurrencies. Factors Driving the Crypto Market Today 1. Meme Coin Whales Invest $16M in PEPE & WIF, Signaling a Potential Rally Meme coin whales have made major purchases in the last 24 hours, with 375 billion PEPE and 15 million WIF purchased. The trades have caused rumors of a bullish rally in the crypto market. On-chain data from February 5 reveals that whale 0xf37 purchased 375.35 billion PEPE, worth $3.73 million. Whale 4x3M8 received 9 million WIF from Binance, which is worth $7.42 million. With $16 million injected into these assets, crypto traders are watching closely to potentially benefit from a price soar. 2. Ripple CEO Shortlisted for Trump’s U.S. Crypto Advisory Council It's reported that Brad Garlinghouse, CEO of Ripple, might be considered a seat on the Crypto Advisory Council under President Donald Trump. That council was announced when Trump was reinstated back into office; it is now expected to greatly influence the eventual U.S. cryptocurrency regulations that will be formulated. One major issue being brought up is that cryptocurrencies should either be classified as commodities or as securities. Garlinghouse's possible addition will indicate the growing influence of Ripple in the regulatory landscape and can have significant impacts on the future of Bitcoin (BTC), Ethereum (ETH), and other cryptos. 3. Bitcoin vs Silver: BTC Surpasses Silver as Institutional Demand Soars Bitcoin's market cap went as high as $2 trillion before stabilizing at $1.94 trillion, making it more valuable than silver and Meta (formerly Facebook). Bitcoin is trading at $98,069.40, up 0.25% over the last 24 hours. Its trading volume has decreased by 32.05% to $45.73 billion. It's largely due to institutional investments, especially in the form of spot Bitcoin ETFs, which have amassed $40 billion in assets. More recently, an executive order has even hastened Wall Street's interest, placing Bitcoin firmly into mainstream finance.4. Ethereum’s Price Surges Amid Institutional Interest Ethereum (ETH) is witnessing a strong rally, climbing 2.22% today to $2,832, despite broader market volatility. A surge in inflows into spot Ethereum ETFs is driving institutional interest, reflecting Ethereum's growing importance in the crypto space. Adding to the momentum, the Chicago Board Options Exchange (CBOE) has filed for options trading on a spot Ethereum ETF. Analysts are now debating whether ETH can sustain its momentum and break past the crucial $3,000 resistance level in the near future. 5. FDIC Documents Reveal Pressure on Banks to Cut Ties with Crypto Firms A newly released set of FDIC documents , totaling 175, shed light on the pressure applied by the U.S. banking authorities to sever relationships with crypto businesses. During the Biden administration, financial institutions were discouraged from servicing crypto firms based on regulatory risks. However, at a Senate hearing on February 5, bipartisan lawmakers opposed this stance by raising concerns over unfair banking restrictions. Even a notorious anti-crypto Senator Elizabeth Warren joined the fray noting the dangers of unjust denial and pointing to an increasing resistance to political debanking in the financial system. Will Bitcoin or Crypto Market Crash Again? The crypto market remains highly volatile, and price movements are highly influenced by institutional inflows, regulatory developments, and whale activity. Although short-term fluctuations are expected, analysts believe that the ongoing institutional adoption of Bitcoin and Ethereum will continue to drive long-term bullish trends. However, potential regulatory actions and macroeconomic conditions will continue to influence the market's direction. Conclusion Today's crypto news would reflect both a mix of the bullish trend and a regulatory uncertainty. Investors and traders are advised to monitor the strength of the trend since this can post significant variations in Bitcoin and Ethereum or other cryptocurrencies' movement ahead. Keep updated with the latest crypto news today to know whether the crypto market is up or down and what’s driving Bitcoin, Ethereum, and others cryptocurrencies!