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BitcoinThe world’s largest cryptocurrency by market capitalization, has been making headlines recently as it breached the $27,000 barrier for the first time. This jump in price has reignited speculation about where bitcoin is headed next, with many analysts and investors making their own predictions.
Similarly, Ethereum Strong buying interest was also attracted as its value increased by 24.75% to reach the mark of $1,794. However, this upward rally can be attributed to the effects of inflation in the United States rather than hyperinflation.
This indicates that the value of the US dollar is declining, which is expected to encourage investors to seek alternative forms of currency to safeguard their assets.
As a result, bitcoin, which is decentralized and not tied to any government, can be seen as a more stable investment option, increasing demand and driving prices even higher.
In addition, the bullish prediction made by Balaji Srinivasan, former CTO of Coinbase, that the value of bitcoin would reach $1 million in the next 90 days, was cited as a significant factor driving the cryptocurrency’s price. I went.
This optimistic comment is expected to spur more investors to buy bitcoin, increasing demand and driving the price even higher.
Risk-off wave in cryptocurrency market amid US financial crisis
The global cryptocurrency market continues to show a bullish sentiment and is still on the rise, reaching above the $1.16 trillion mark. However, the ongoing financial crisis in the United States, especially the turmoil in the banking industry, has led investors to turn to cryptocurrencies as an alternative.
It is worth noting that the government’s takeover of bankrupt banks such as Silicon Valley Bank and Signature Bank, as well as the recent bankruptcy of Silvergate, a financial services provider for crypto companies, have created challenges for banking enterprises involved in cryptocurrencies.
Hence, these crises have highlighted the effectiveness of cryptocurrencies, which have emerged as a safe haven during the ongoing financial crisis in the United States.
It is important to note that investors are looking for alternative options to protect their funds, and bitcoin, being decentralized and not subject to any government, appears to meet these criteria and is considered a more trustworthy investment. option is considered.
As a result, the crypto market has been on an uptrend, with bitcoin and other cryptocurrencies reaching new multi-month highs.
Bitcoin continues to rally, analysis suggests further upside potential
Since Wednesday, the bitcoin price has continued to rise, recently surpassing $27,000, resulting in an increase in profitable transactions on the BTC network compared to unprofitable ones.
Furthermore, a new research report by crypto author and analyst Ankur Banerjee suggests that the world’s largest cryptocurrency bitcoin has the potential for further price growth using an Elliott Waves analysis approach.
This optimistic forecast is likely to increase the demand for bitcoin and increase its price, as investors may see it as a potentially profitable investment option.
Former Coinbase CTO Bets $2 Million on Bitcoin and Reaches $1 Million
Balaji Srinivasan has kept $2 million Bet on the price of bitcoin reaching $1 million by June 17. Balaji S Srinivasan is a businessman and investor from the United States. He was the former CTO of Coinbase and co-founder of the Council.
Balaji Srinivasan has bet $2 million on Bitcoin reaching $1 million in value, citing his belief that hyperinflation in the United States will make BTC more attractive. If bitcoin fails to reach the $1 million mark, Srinivasan will lose the bet and the bettor will have to pay 1 BTC and $1 million in USDC.
However, if the price of bitcoin reaches $1 million, Srinivasan will receive 1 BTC and $1 million in USDC, potentially attracting more investors to the cryptocurrency.
bitcoin price
Bitcoin is currently trading at $27,200 with a 24-hour trading volume of $32.3 Billion. Bitcoin is down 0.64% in the last 24 hours. On the technical front, the BTC/USD pair is trading with a bullish bias, facing immediate resistance near the $27,740 level.
On the upside, if there is a bullish breakout of the $27,740 level, it could potentially propel BTC price towards the $29,000 or $30,700 marks. Meanwhile, the support near the $26,600 and $25,200 levels was holding steady.
Top 15 Cryptocurrencies to Watch in 2023
Industry Talk has compiled a list of the top 15 cryptocurrencies to keep an eye on in 2023, with insights from the experts at Cryptonews. Whether you are an experienced crypto investor or new to the market, this list provides valuable information on promising altcoins that could potentially make a significant impact on the industry.
Stay updated with new ICO projects and altcoins by checking back regularly.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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