Bitcoin Bumps to $38.6K While DeFi Exchanges Hit $50B.

[Malam90]

Analysts believe Elon Musk’s shout-out to crypto pushed bitcoin’s price upwards at a time when decentralized exchanges are experiencing record amounts of trading volume on the Ethereum network. Excessive fees could damp that, however.

Bitcoin (BTC) trading around $34,616 as of 21:00 UTC (4 p.m. ET). Climbing 5.9% over the previous 24 hours.
Bitcoin’s 24-hour range: $31,984-$38,566 (CoinDesk 20)
BTC well above the 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Jan. 26.
Source: TradingView
Bitcoin’s price jumped massively Friday. In the span of an hour, starting at 9:00 UTC (4 a.m. ET), the world’s oldest cryptocurrency gained 11%, going from $33,377 to $37,113 according to CoinDesk 20 data. Over the next five hours, bitcoin hit a 24-hour high of $38,566 before increased sell orders started to take over the market, with the price per 1 BTC at $34,616 as of press time.  Source Link