Bitcoin (BTC) Volatility, Solana (SOL) Price Predictions, Shiba Inu (SHIB) Developments: Bits Recap Feb 1

TL; DR

Bitcoin (BTC) Price Fluctuations: Bitcoin has experienced significant price fluctuations, rising from around $42,000 to around $44,000, then falling back. Solana (SOL) Market Action: Solana's SOL showed volatility, temporarily crossing $100 before dropping to $94. Analysts make various predictions for future price movements. Shiba Inu (SHIB) Token Burns: SHIB has significantly increased its burn rate, removing over 9 billion coins from circulation starting January 1, 2024.

BTC price fluctuations

The cryptocurrency market has experienced improved volatility over the past few days, with Bitcoin (BTC) hovering in a wide price range. has been Shopping Around $42,000 earlier in the week before rising to $44,000 (according to CoinGecko) on January 31st.

The next downside to $42,100 is likely to come from the recent Federal Open Market Committee (FOMC) meeting, where the US central bank kept interest rates unchanged from 5.25% to 5.5%.

Some experts to believe The Fed will start to kick off its anti-inflationary policy by cutting the benchmark in the coming months. The next FOMC meeting is scheduled for March, Chairman Jerome Powell said that the rate reduction cycle will not start then.

Former White House official – Anthony Scaramucci – and CEO of Galaxy Digital – Mike Novogratz – They are among the prominent people who think that BTC can develop if the Federal Reserve changes its monetary regime.

Another factor that can positively affect the price of major cryptocurrency in the near future is the future. Cut in half, which cuts the miners' rewards in half. It slows down supply growth (assuming demand continues or increases) that could fuel a property rally. Those willing to learn more about the push can watch our exclusive video below.

Where is SOL heading?

Solana's SOL has also gone through a rough patch of late, with its value briefly above $100 before eventually sliding back to $94.

Popular commentator Ali using the handle X (Twitter). It is described The current price zone as the main resistance level may lead to an increase to $113 in the near future.

Before that, Bluntz He argued SOL has charted a distinct trend called a “B wave triangle,” indicating a possible dip into the “low 70s.” The analyst is undaunted by the potential decline, seeing it as a good buying opportunity.

SHIB developments

The second largest MIM coin has made headlines due to its impressive burn rate. More than 9 billion tokens have been removed from circulation since the beginning of the year Significant increase On January 30.

The program aims to reduce SHIB's overall distribution offering, making it more valuable and more valuable over time. Every time a transaction is made on the network, a certain percentage of the transaction fee is transferred to the empty address, the process includes manual and automatic burning.

Last week, the team behind Shiba Inu and the Layer-2 blockchain solution Shibarium Introduced A “modified token burning mechanism” designed to automate the entire system.