A Look At Bitcoin, Ethereum And Dogecoin As The Market Digests Big Tech Earnings

Bitcoin (CRYPTO: BTC) was trading mostly flat during Friday's 24-hour trading session, holding strong compared to the S&P 500, which was declining about 1% in consolidation. Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) were also trading near their closing price on Thursday, in tandem with the apex crypto.

Timeline of Bitcoin, Dogecoin, Ethereum

A widely followed crypto trader says Bitcoin's (BTC) current value of $23,571 offers potential promise for the future. Pseudonymous crypto analyst Rekt Capital tells their 334,500 Twitter followers that BTC's weekly close over $23,400 is a promising sign for the king crypto.

A recent report details that Russia's largest financial institution, Sberbank, plans to launch a decentralized finance (defi) platform in May. Konstantin Klimenko, product director of Sberbank's blockchain laboratory, said that open testing will begin in March.

According to Glassnode data, the number of Bitcoin wallet addresses holding a non-zero balance could soon hit an all-time high, with the latest price rally that has seen the value of the world's largest cryptocurrency jump nearly 40% this year seemingly drawing in new investors.

The January rebound in equities and knockout employment report may have undermined a few buy-bitcoin narratives, but the real value proposition behind bitcoin lies far beyond Wall Street in emerging markets, where bitcoin is in strong demand.

Friday was a choppy, indecisive day in the Bitcoin market, with prices swinging between losses and gains of about 1.0% each way as traders digested the latest much stronger-than-expected US labor market report for last month. According to the latest figures from the US Bureau of Labor Statistics, the US economy added a whopping 517,000 jobs last month, way above the expected job gain of 190,000, while December's figure also saw a 30,000 upwards revision to 260,000.

Glassnode data analyzed by CryptoSlate analysts suggests that rising Bitcoin (BTC) price also increases miner profitability and revenue, which have been historical pointers for market bottoms.

Three hundred and eighty-six years ago today, the first ever bubble – dubbed Tulip Mania – popped. Often compared with Bitcoin, Tulip Mania provided a blueprint for all future bubbles and related behaviors.

Ethereum price analysis shows ETH is trading at $1,663.79 after opening today's trading session at an intraday high of $1,703.03. Ethereum is trading in a horizontal trend; however, it is facing minor selling pressure and a rejection from the $1,700 resistance level.

Dogecoin price analysis for February 3, 2023, shows the meme cryptocurrency following an increasing movement for the last 48 hours. The price rose from $0.0884 to $0.0960 on February 2, 2023.

Key Points: EigenLayer, an Ethereum restaking protocol that has yet to deploy, is raising $50 million in a Series A fundraising round, according to The Block and two persons familiar with the situation.