Bitcoin and Ethereum have seen their respective values increase by over 6% ahead of the release of the Manufacturing and Services PMI data. Both cryptocurrencies have experienced a rally in their prices as investors await the outcome of these economic indicators.
BitcoinThe world’s largest cryptocurrency, the world’s largest cryptocurrency, managed to arrest its decline and posted a gain of 2.63% in the last 24-hours, posting a few new bids above the $28k level, while Ethereum The $1,800 mark has also been recovered.
Other popular altcoins such as Dogecoin, Ripple, Solana, and Litecoin also experienced significant gains on the day.
However, BTC gave up some of its gains yesterday as the Federal Reserve raised interest rates, making investing in bitcoin less attractive.
This is because rising interest rates could make the US currency more attractive, encouraging consumers to sell bitcoin and other cryptocurrencies in favor of the dollar.
Interestingly, the BTC price slump was short-lived and temporary, as renewed interest in digital-asset futures and options prompted a recovery in the cryptocurrency’s value.
Renewed Interest in Cryptocurrency Futures and Options Drives Bitcoin Price Surge
There have been reports of renewed interest in cryptocurrency futures and options, resulting in an increase in digital asset values and an increase in derivatives trading volumes.
As a result, the number of open bitcoin options contracts has reached an all-time high. This has led to an “incredible surge” in bitcoin open interest, which some investors are interpreting as a sign of potential new entrants.
Derivatives trading platform Deribit has seen an increase in interest, which is partly attributed to volatility in traditional financial institutions. This renewed interest in the digital asset market has given rise to the largest coin, bitcoin, which is up nearly 70% since the start of the year.
This news has had a positive effect on the bitcoin price, which is expected to rise further as open interest and open interest increase.
Furthermore, higher trading volumes in derivatives trading compared to spot trading suggest that investors are more interested in speculating on bitcoin values rather than holding them as long-term investments. As a result of this news, BTC price is likely to rise in the near term, especially if more new participants enter the market.
Bitcoin rebounds despite regulatory concerns and interest rate hikes
In-spite of this concern about regulatory Following the change and the recent interest rate hike by the US Federal Reserve, bitcoin has experienced a 3.8 percent increase in value over the past 24 hours. This has resulted in an overall upward trend in the cryptocurrency market.
Bitcoin has increased in value by 22% in just one month and by more than 65% since the beginning of the year. The fact that bitcoin has been able to withstand government pressures and financial instability is a testament to its resilience and power in the crypto market.
This is important news for bitcoin investors as it indicates that the cryptocurrency may continue to grow and stabilize. Furthermore, the current bullish trend in the cryptocurrency market may attract new investors to enter the industry.
bitcoin price
the current Bitcoin The price is $28,327, and the 24-hour trading volume is $23.4B. Bitcoin has gained 2.5% in the last 24 hours. As of Friday, the BTC/USD pair is consolidating near the $28,000 mark, having overcome the $27,750 resistance level. If this upward trend continues, bitcoin has the potential to reach anywhere between $29,250 and $30,700.
In the event that bitcoin turns down the $26,700 or $25,200 support, the next level of support can be found at $23,150.
ethereum price
The current price of Ethereum is $1,812, with a 24-hour trading volume of $11 billion. Ethereum is up 3.60% in the last 24 hours.
Currently, Ethereum is struggling to overcome the $1,800 resistance and is continuously trading near the $1,700 support area.
If the ETH/USD pair successfully overcomes the $1,800 level, it is expected to face resistance at the $1,900 mark.
The ETH/USD pair is predicted to search for the $1,700 or $1,620 support levels.
Cryptocurrencies to Watch in 2023
You can check out Cryptonews’ Industry Talk team’s carefully selected list of the top 15 altcoins to keep an eye on in 2023 below. This list is updated regularly with new ICO projects and altcoins, so be sure to check back frequently 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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