Bitcoin rose to highs of $45,580 on Feb. 10 for the second time this week. However, the gains were short-lived. Bitcoin (BTC) dropped in response to the latest consumer price index (CPI) data from the United States. Despite being 0.2 percent higher than predicted, rising inflation did not have the same favorable impact on risk assets like Bitcoin as it had in recent months. According to analysts, the Federal Reserve may now have additional motivation to begin raising interest rates sooner due to the speed of year-over-year price increases.
The altcoin market likewise took a hit with several tokens trading in the red at press time. Selected tokens such as Theta (THETA, +16.57%), CEEK VR (CEEK, +16.55%), Mobox (MOBOX , +12.49%), Safemoon (SAFEMOON, +27.80%), Smooth Love Potion (SLP, +26.01%), ARPA Chain (ARPA, +20.26%), Clover Finance (CLV, +48.24%), Pirate Chain (ARRR, +26.41%), Ellipsis (EPS, +33%) are outliers to the market condition, posting significant gains in the last 24 hours.
Smooth Love Potion (SLP), a token used within the Axie Infinity (AXS) ecosystem to earn rewards and purchase creatures in the online battling game remains on the whales’ radar.
Whalestats reports that since the week’s start, whales have purchased a substantial amount of SLP. The price of Smooth Love Potion climbed higher as news spread that Axie Infinity developers planned to drastically cut future issuance of SLP to curtail inflation. SLP is up 236% over the last 7 days at a present price of $0.033.
Clover Finance jumped nearly 50% as it announces a partnership with Hyperjump, one of the OG DeFi projects with a fun token ecosystem on BSC & Fantom. HyperJump has integrated Clover multichain wallet to its all-in-one dApp interface bringing a DeFiVerse experience to users.
Whales have been accumulating Bitcoin (BTC) since the end of 2021, according to Santiment, an on-chain analytics firm. In the seven weeks starting December 23rd, “mega” whale addresses owning 1,000 or more BTC have added a total of 220,000 BTC, accounting for more than 1% of BTC’s total supply, according to Santiment. This reportedly is the highest mega whale Bitcoin accumulation since September 2019, according to the analytics firm.
Bitcoin and Ethereum, according to an analyst at a respected independent research organization, are undervalued and poised for substantial price hikes of at least 300 percent in 2022.
Sean Farrell, the head of the digital asset strategy at Fundstrat Digital Asset Research, argues in a new FS Insight study that Bitcoin (BTC) has passed the point where cycles influence its price.
Bitcoin trades at $43,892 at press time.
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