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Bitcoin (BTC) and Ethereum (ETH) has seen significant price growth over the past seven days, with bitcoin rising by over 35% and ethereum by over 25%. This growth in the crypto market has sparked the interest of investors, who want to know how far these cryptocurrencies can go.
The significant increase in the value of bitcoin can be attributed to actions aimed at reforming the financial system. Furthermore, investor optimism in the prospect of lower US interest rates later this year has also played a role in supporting bitcoin’s gains.
Ranked as the second largest cryptocurrency in terms of market capitalization, Ethereum has seen a substantial increase in its value. Currently, it is trading at $1,809.90 with a 24-hour trading volume of $12,940,582,584. This jump in ETH price indicates a bullish trend in the cryptocurrency market.
So far in 2023, bitcoin has increased in value by an impressive 55%, which is quite an achievement for such a short period of time. The current global crypto market capitalization has reached $1.17 trillion, showing an increase of 5.41% from the previous day.
Regulators Urge Credit Suisse and UBS to Merge, Investors Seek Safe Haven as Bitcoin Price Rises
Credit Suisse Group AG faces a crucial weekend as executives urged the failed Swiss lender to consider a merger with rival bank UBS AG. However, both banks have shown reluctance to merge, and regulators do not have the power to force a merger.
It is worth noting that over the weekend, Credit Suisse CFO Dixit Joshi and his team will gather to discuss the firm’s possible future from a strategic perspective.
Global financial markets have been rocked by the news, which has raised concerns about the health of the banking industry around the world and in Switzerland in particular.
As investors grow more concerned about the current market environment, there is a flight to safety in commodities such as gold and cryptocurrencies such as bitcoin.
The result is a significant increase in the value of bitcoin, the cryptocurrency widely regarded as the digital equivalent of gold. It’s important to remember that this development probably won’t have a lasting effect on bitcoin prices or the cryptocurrency market as a whole.
US dollar falls as investors seek safe-haven assets like bitcoin amid economic uncertainty
Investors were worried about contagion and recession after the broad-based US dollar failed to halt its earlier losses and shares of Credit Suisse and First Republic Bank fell.
It is worth noting that fears of contagion caused US banks to seek a record $153 billion in emergency liquidity from the Federal Reserve. Unfortunately, a $54 billion loan to Credit Suisse and a $30 billion lifeline to First Republic didn’t stop their stock decline.
As investors grow more concerned about the stability of the current financial system, they are turning to alternative safe-haven assets like bitcoin. This underscores bitcoin’s role as a hedge against market uncertainty and volatility, especially during times of economic instability.
Hong Kong Emerges as Global Crypto Hub, Boosts Bitcoin Adoption
Hong Kong is fast emerging as a crypto powerhouse, as its cryptocurrency-friendly policies continue to attract attention from global businesses in the industry.
In recent news, Signum Digital’s Security Token Offering (STO) and subscription platform have received in-principle approval from the Hong Kong Securities and Futures Commission (SFC), furthering Hong Kong’s potential to be a leading destination for crypto-related businesses. sheds light.
These developments are likely to have a positive effect on the price of bitcoin, as as more businesses move to Hong Kong, demand for the cryptocurrency is likely to increase.
Additionally, the growing popularity of security tokens, which are built on blockchain technology and represent ownership of tangible assets, is expected to boost the adoption of cryptocurrencies, especially bitcoin.
bitcoin price
After a brief consolidation around $26,500, BitcoinThe price declined sharply below the $25,000 and $25,500 support levels, which caused a short-term downside bias.
On Saturday, the BTC/USD pair is trading with a strong bullish bias and facing an immediate resistance near the $27,750 level. Should there be a bullish breakout above the $27,750 level, it could propel bitcoin price towards the $30,750 milestone.
However, if it fails to surpass the $27,750 level, there could be a selloff, potentially sending the price down to $25,200 or $23,020.
ethereum price
On Saturday, the ETH/USD pair is trading with a strong bullish bias, as it formed a bullish engulfing candle which is supporting the buying trend. On the upside, the ETH/USD pair has surpassed the $1,795 level and is likely to face immediate resistance near the $1,900 mark.
On the downside, the ETH/USD pair is likely to find immediate support near the $1,700 or $1,620 levels.
Top 15 Cryptocurrencies to Watch in 2023
Check out Cryptonews’ Industry Talk team’s curated list of the top 15 altcoins to watch in 2023. The list is frequently updated with new ICO projects and altcoins, so be sure to check back often for the latest updates.
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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