Bitcoin And EthereumThe two largest cryptocurrencies by market capitalization experienced a significant bearish correction on Friday, with bitcoin retracing 38.2% of its recent gains. Ethereum suffered a similar decline.
As a result, many traders and investors are now questioning whether this decline is a temporary correction or the start of a longer bearish trend.
In this analysis, we will assess the technical factors affecting BTC and ETH and make predictions about their future movements.
Despite challenging inflation data and tighter regulation of the stablecoin, the leading cryptocurrency by market capitalization is currently trading at over $24,920, up 9% from the previous day.
The reasons behind this price increase can be partly attributed to Dubai’s crypto-friendly laws, which have encouraged the sector’s growth by attracting web3 and crypto firms, as well as established enterprises interested in cryptocurrencies, NFTs, and adopted innovative technologies such as the Metaverse.
These factors suggest that demand for cryptocurrencies continues to grow despite macroeconomic challenges and regulatory hurdles.
While the new regulations are posing a challenge to the cryptocurrency market, some investors are shifting their capital from altcoins to bitcoin. This is likely due to the fact that bitcoin is the only cryptocurrency that has been classified as a commodity by the SEC chairman, giving it a unique advantage in terms of regulatory clarity and stability.
Despite these regulatory challenges, bitcoin remains a popular option for investors looking to invest in the cryptocurrency market. As the market continues to evolve and new regulations come into force, it will be interesting to see how bitcoin and other cryptocurrencies react to these changes.
Understanding Crypto Fundamentals: Analyzing a Bullish Market
Despite the recent regulatory crackdown on cryptocurrencies by the US government, the market has seen a price jump, with many cryptocurrencies experiencing strong gains. This was especially evident in the recent rise of bitcoin, which unexpectedly found its footing and sparked a broad market rally.
While the regulatory policies of the US government may present challenges to the market, the recent surge in prices shows that investors have faith in the potential of cryptocurrencies.
The recent upward trend in the cryptocurrency market coincides with the launch of the Bitcoin NFT Ordinals protocol and a new record for average block size.
According to the most recent data from Blockchain.com, the average bitcoin block size has exceeded 2.5 gigabytes for the first time since the introduction of the new protocol. This increase in block size indicates an increased demand for bitcoin and highlights the growing use of the network.
As the cryptocurrency market continues to evolve, the introduction of new protocols and technologies will play a significant role in shaping its future. The successful launch of the Bitcoin NFT Ordinals Protocol and record-breaking average block size are examples of how innovation and technological advancements are driving the market forward.
In addition to the recent surge in the cryptocurrency market, bitcoin experienced further gains due to a brief spike in network activity that added nearly 44 million non-zero BTC wallets to the user base. This increase in network activity highlights the growing interest in the cryptocurrency, which has contributed to its recent bullish trend.
Furthermore, an increase in short liquidations has also played a role in boosting the BTC price. In the past 24-hours, traders closed short BTC positions worth approximately $85.87 million, which significantly contributed to the rise in bitcoin price.
Abu Dhabi Embraces The Crypto Market: A New Era Of Adoption
Dubai has supported the growth of the cryptocurrency industry by establishing strong regulations, which has attracted domestic web3 and crypto organizations as well as traditional businesses that are now incorporating novel technologies such as NFTs, cryptocurrencies and the metaverse into their operations. .
Hub71, a tech company based in Abu Dhabi, has announced a new initiative to support the advancement of Web3 technologies by providing Web3 entrepreneurs with access to finance, partnerships and programs. The “Hub71+ Digital Assets” project, which includes a $2 billion fund to help deserving entrepreneurs, has played a key role in strengthening the crypto industry.
Partnership between Chinese companies
China Telecom and Shanghai Tree-Graph Blockchain Research Institute, also known as Conflux Network, have partnered to develop BSIM, a blockchain-based SIM card.
According to the official release, this new device will provide consumers with a secure way to store private keys and use the built-in capabilities of the SIM to verify digital transactions. This development is seen as another important factor that has had a positive impact on the cryptocurrency industry.
bitcoin price
live from today Bitcoin The price is at $23,700 with a 24-hour trading volume of $38 Billion. Bitcoin is down 4% in the last 24 hours. It currently holds the top ranking on Coinmarketcap with a live market cap of $457 billion.
From a technical perspective, bitcoin failed to surpass the $25,300 level and experienced a sharp decline to reach the 38.2% Fibonacci retracement level at $23,700.
If the price sustains a decline below the $23,700 level, it could signal a bearish breakout and expose bitcoin to the next support area at the $23,300 mark, which is supported by the 50% Fibonacci retracement level.
ethereum price
live from today Ethereum The price is $1,660, and the 24-hour trading volume is $11 billion. Ethereum is down more than 2% in the last 24 hours. It currently ranks second in Coinmarketcap’s ranking with a live market cap of $202 billion.
Currently, the ETH/USD pair is experiencing a consolidation phase within a narrow trading range of $1,635 to $1,675, after failing to overcome the $1,740 resistance.
On the downside, the 38.2% Fibonacci retracement level is providing support at $1,640. However, a break below this level could push ETH price even lower towards the $1,600 or $1,530 levels.
Conversely, a bullish breakout of the $1,675 level could expose ETH price towards the $1,740 level. The 50-day moving average and MACD indicators are also indicating a buying trend, so we should only consider buy trades above the $1,630 mark.
bitcoin and ethereum options
Apart from BTC and ETH, there are many other altcoins with high potential in the market. The Cryptonews Industry Talk team has analyzed and compiled a list of the top 15 cryptocurrencies for 2023.
The list is updated weekly with new altcoins and ICO projects, so it is recommended to check back frequently for new entries.
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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