BTC, DOGE, XRP and Silver: the wallstreetbets effect continues!

Volatile movements in cryptocurrencies continue to be seen.

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The price of Bitcoin (BTC) yesterday traded in a narrow range of between $ 32,000 and $ 34,000, and continues to trade in that band as it prepares to write. Every move that tries to make more than $ 34,000 seems to face selling pressure.

Bitcoin Bullish Indicator

Ki Young Ju, CEO of cryptocurrency analysis firm Cryptoquant, said in a statement that in light of the horizontal price movement, there are indicators that may signal a price increase for Bitcoin in the near future.

According to JU, more than 15,000 Bitcoins were recently withdrawn from Coinbase Pro, and the vast majority of those BTCS were sent to custody wallets where transactions were ongoing. This, in turn, may indicate that transactions are carried out by institutional investors and for OTC transactions. Ju noted that there have been similar movements in the past, and such movements follow an upward chart.

In addition to bitcoin, it deals with so-called “strange” movements, starting with the movement of WallStreetBets (WBS) in both cryptocurrencies and traditional financial markets, and continuing through SatoshiStreetBets in crypto.

Movements In Crypto

Thanks to the Dogecoin (DOGE) craze that started with WBS, we instantly saw a 1000% increase in the price of the Doge. Following this move, SatoshiStreetBets and the Ripple community moved to raise the price of XRP, and it can also be said that they were relatively successful.

XRP, which has not been able to rise above $ 0.30 for a long time, rose to $ 0.75. But this upward momentum was naturally unsustainable, and the price returned again in the $ 0.33 band.

Rising Silver Prices

First, GameStop shares and then Dogecoin's price rose, and finally, yesterday, the WBS effect was seen in silver prices. With WBS's focus on silver, silver futures rose above $ 30, the highest price level since 2013.

It is not known how long WBS will continue to have this effect on precious metals, stocks and cryptocurrencies, but it is considered to be the rise of decentralized finance on the one hand, while in fact honey is being applied to the bread of large investors.

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