Market Snapshot: Bullish Trends For Bitcoin With Its Highest De-Fi indices

Coindesk sourse reports that Tuesday, the 4th of August was marked by levelling of Bitcoin trading after Sunday fall. BTC was trading around USD 11.200. In order to continue skyrocketing of the last week, it is necessary for Bitcoin to overcome the psychological level which lies around USD 11.300-11.400. Temporary Sunday weakening of BTC is explained by the fact that the crypto market was a bit “overfeed” by cryptocurrencies.

Anyway, the Federal Reserve System policy is oriented on increasing of money emission. It swells M1 money amount, heats up interest to alternative investments such as cryptocurrencies. The chart below evidently says that M1 amount has been increased by 33% in the February-July period. This is one more cause of Bitcoin’s trading upwardly. All and all it is trading higher than 10 and 50 days average level. This might be regarded as the clear signal for market actors to behave bullishly.

Ether, the second crypto currency by market capitalization, slipped on Tuesday. It was trading around USD 387. Anyway, the last weeks turned out to be the best period for its DEXs. As per the data provided by Dune Analytics, their volume has reached USD 4.3 billion, which is the all-time high for them.

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