Bitcoin and crypto market analysis: February 01, 2021

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Bitcoin appeared to hitch a ride on Elon Musk’s rocket on Friday. The cryptoasset soared by 20% to hit $38K as the world’s richest man added #bitcoin to his Twitter Bio, and a record number of options contracts expired. However, despite the spike, soon enough the world’s largest crypto was drifting back to earth. This wild swing concluded an otherwise relatively quiet week in the cryptoasset market. Bitcoin largely drifted sideways as a report revealed that Ivy League universities have been accumulating the cryptoasset, while Stellar, EOS, and other altcoins made double-digit gains. This Week’s Highlights Ray Dalio comes round to Bitcoin Gamestop saga puts crypto in spotlight Ray Dalio comes round to Bitcoin In yet another example of crypto-skeptics changing their tune, billionaire Wall Street legend Ray Dalio has come round to Bitcoin. “I believe Bitcoin is one hell of an invention” said the former doubter in a post…

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