bitcoin (btc), the largest cryptocurrency, reversed its minor losses from the previous day and once again gained traction above the $30,000 level. Meanwhile, the second largest cryptocurrency, Ethereum (ETH) broke the $1,900 barrier and outperformed Bitcoin.
In addition, other cryptocurrencies, such as Dogecoin (DOGE), Litecoin (LTC)And Solana (SOL)Strong performance too.
Nonetheless, the driving force behind the ongoing bullish rally can be attributed to positive inflation data and Ethereum Shanghai upgrade, both of which are contributing to the continued growth of the crypto market. The global cryptocurrency market is exhibiting extraordinary performance.
At the time of writing, the global crypto market capitalization stood at $1.23 trillion, showing an increase of 1.20% over the past 24 hours.
As mentioned earlier, bitcoin is currently trading above $30,000 while Ethereum is up 2% to $1,908.20. Ethereum has overtaken Bitcoin thanks to a new update that increases the flexibility of staking.
As a result, this development is expected to boost market liquidity and enhance the security of the blockchain, ultimately contributing to an increase in the value of Ethereum in the future.
Upbeat Crypto Market – Impact of US Inflation Data on Bitcoin Price
The global crypto market shone in the green and edged marginally higher on Thursday due to lower-than-expected issuance. US inflation figures, which fueled speculation that federal Reserve will end its rate-tightening cycle earlier than expected, affecting the value of cryptocurrencies such as bitcoin.
US consumer prices rose 0.1 percent in March, according to data released Wednesday. This resulted in an annual growth of 5.0%, the weakest 12-month growth since May 2021.
Core CPI, which excludes volatile food and energy costs, rose 5.6% annually, up from 5.5% the month before, well below forecasts of 5.2%, although underlying inflationary pressures remained high.
Therefore, the prospect of an early end to the rate-tightening cycle could soon result in an increase in bitcoin price. Furthermore, the possibility of a smaller recession later this year, as predicted by the minutes of the March Fed meeting, could cause the central bank to lower interest rates before the end of the year.
This is likely to have long-term effects on the cryptocurrency market, including bitcoin, as lower interest rates can lead to an increase in inflation, increasing the attractiveness of alternative assets such as cryptocurrencies.
Zebedee and Bitnob’s Bitcoin Gaming Collaboration in Africa Could Boost BTC Price
JabdiA fintech and payment processing company, recently partnered with Bitnob to give African gamers a chance to earn bitcoin by playing popular games like Counter-Strike.
The move highlights the growing adoption of the Bitcoin Lightning Network in gaming and its potential to change the way gamers are rewarded.
Thus, the partnership is expected to increase the popularity of bitcoin in Africa, potentially increasing BTC prices. As more African gamers earn bitcoin through Zebedee-powered games, demand for BTC could increase, increasing its value over the long term.
Argentina’s First Regulated Bitcoin Futures Index Approved, Hopes to Boost BTC Adoption
On the other hand, the launch of Argentina’s first regulated bitcoin futures index on the Mataba Rofex exchange in May has provided a safe and transparent way for qualified investors to gain exposure to bitcoin in a market battling high inflation.
As such, the move is part of the country’s strategic innovation agenda and follows Binance’s recent expansion in Argentina, highlighting the growing interest in cryptocurrencies.
It is also worth noting that the acceptance of bitcoin futures contracts is likely to benefit the price of bitcoin as it becomes more accessible to investors looking for alternative investment options due to its pro-crypto position and greater popularity.
bitcoin price
From a technical perspective, bitcoin is facing substantial resistance near the $30,580 range. If the candle breaks below this point, it could start a downtrend towards $29,500, and increasing selling pressure could potentially push bitcoin’s price even lower, towards the $28,950 mark. .
Bitcoin has displayed a bearish engulfing candle, which typically indicates that the upward drive is losing steam and is uncovering a bullish trend.
ethereum price
Ethereum price started a decline from the $1,940 area against the US Dollar. In the near term, ETH could revisit the important $1,840 support level.
Ethereum price attempted to hold gains above the $1,925 and $1,940 resistance levels. However, similar to bitcoin, ETH faced difficulty in consolidating its position above the $1,925 resistance area.
A successful close above the $1,925 level, along with an increase above the $1,940 level, could push the price towards the $2,000 resistance. The next major resistance could be near the $2,120 level. Any additional gains could set the stage for a test of the $2,200 resistance.
Top 15 Cryptocurrencies to Watch in 2023
Stay abreast of the latest ICO projects and altcoins by frequently consulting this expert-curated list of the top 15 most promising cryptocurrencies to watch in 2023, as recommended by industry experts at Industry Talk and Cryptonews.
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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