Today Bitcoin (BTC) price still met selling pressure in the $32,500 to $33,000 resistance cluster and this resulted in a mild 3% to 5% pullback from most altcoins.
Recent news indicated though BlackRock, the world's largest asset manager, has given the green light for two of its funds to invest in Bitcoin futures, BTC price is still difficult to gain momentum above the $33,000 level.
Daily cryptocurrency market performance. Source: Coin360
In the meantime, a boom has shown in the DeFi sector with Venus (XVS) and Fantom (FTM) experiencing their prices increase 23% overnight and the total value locked in DeFi protocols now sits at $25.77 billion.
After Janet Yellen was appointed as the new secretary of the United States Treasury, the department's dreaded cryptocurrency monitoring rule is currently back in motion and the public has 60 days to comment on the proposed self-hosted wallet requirement.
BTC/USD 4-hour chart. Source: TradingView
It is reported that the impending stimulus package offered by the Biden administration might not be as large as formerly suggested, selling wasn't limited to merely the cryptocurrency sector as global financial markets also fell under pressure.
Selling pressure has also shown in the S&P 500 and Down at the opening bell, which decreased 0.15% and 0.07% respectively, while the NASDAQ made a positive gain of 0.05%.
The Reddit-based investing group that recently lay the squeeze on short-sellers betting against GameStop (GME) were able to regroup overnight and managed to push the price of GME up to $145.57 on January 26, near its all-time high of $159.18.
GME/USD 1-day chart. Source: TradingView
DeFi tokens take the lead
Although Bitcoin and Ether (ETH) showed a waning momentum, DeFi-related coins continue to surge higher.
Uniswap's trading volume soared above $6 billion earlier today and this helped lift the price of its governance token (UNI) to a new 2021 high at $13.67. Terra (LUNA), a stablecoin-oriented project, also made an over 37% increase and now trades at $1.22.
Fantom (FTM) and Alpha Finance (ALPHA) have also experienced an influx of buying activity over the past 24-hours and both rallied 22% and 35% during today's trading session.
The overall cryptocurrency market cap now stands at $947.6 billion and Bitcoin's dominance rate is 62.9%.