BitcoinThe world’s most valuable cryptocurrency, is rising and has reached $23,333 for the first time since August 19. Over the weekend, BTC broke through the $23,000 barrier for the first time in five months, making it exciting for the crypto market.
During this, EthereumThe second largest digital coin reached $1,664.78 for the first time since November 7, 2022.
On the other hand, its bullish trend can be attributed to institutional investors who are increasing their holdings in anticipation of the next bull run.
According to on-chain data, the price of Bitcoin (BTC) has been rising recently, benefiting both short-term and long-term investors.
It is also worth noting that the percentage of bitcoin holders who are now taking profits in the short term has increased to 97.5%, the highest level since November. On the other hand, long-term BTC holders have benefited from bitcoin.
Furthermore, investors have ignored a number of issues facing the cryptocurrency industry, most recently Genesis Global Holdco LLC’s filing for Chapter 11 bankruptcy protection. As a result, BTC gains remain unaffected.
Risk-on crypto mood pushes bitcoin and ethereum to new highs
The global cryptocurrency market has maintained its upward trend and is currently glowing in the green near the $1.06 trillion mark. This came after bitcoin, the world’s most valuable cryptocurrency, broke through the $23,000 barrier for the first time in five months, indicating that the cryptocurrency market is entering a new era.
However, institutional investors, who have been increasing their holdings in anticipation of the next bull run, are the primary drivers of rising demand for BTC.
Bitcoin, the world’s largest digital asset, is in an unusually upbeat mood after surging more than 36% this month. Going forward, the next major turning point in the cryptocurrency market could be at the Fed meeting next month.
How the Bearish US Dollar Is Undermining Bitcoin’s Price Rally
The falling value of the US Dollar is another factor supporting the price of the cryptocurrency. On Tuesday, the broad-based US dollar remained defensive, sitting at a nine-month low against the euro and giving back recent gains against the yen as traders continued to assess the potential for a US recession and the direction of Federal Reserve policy. . ,
The US dollar index, which compares the greenback to a basket of six rival currencies such as the euro and yen, fell 0.09% to 101.92, closing at a 7-1/2-month low of 101.51 on Wednesday.
BTC Bulls: Short-Term and Long-Term Holders Are Winning Big Time
According to on-chain data, the price of bitcoin (BTC) has risen significantly in recent weeks, generating profits for both short and long term investors.
At the time of writing, the percentage of bitcoin holders who made short-term profits rose to 97.5%, the highest level since November.
According to Glassnode, long-term bitcoin holders have also benefited from bitcoin.
Gemini Downsizes to Adapt to New Economic Reality
A spokesperson for the cryptocurrency exchange Gemini told cnbc On Monday, the company will lay off around 10% of its total workforce. In less than a year, Gemini has seen at least three rounds of layoffs.
According to data from PitchBook, Gemini will have 1,000 employees by November 2022, which means 100 people would have lost their jobs.
According to TechCrunch, Gemini plans to reduce its workforce by 7% in July 2022, following a 10% reduction last month.
As a result, while this could be considered negative news, it has not had any negative impact on the cryptocurrency market so far.
On the other hand, the rising number of COVID-19 cases in China will have an impact on the cryptocurrency market. As a result, it was regarded as a significant factor that could limit future gains in the cryptocurrency’s price.
bitcoin price
Bitcoin It is currently priced at $23,097 with a 24-hour trading volume of $27B. Bitcoin is up more than 1% in the last 24 hours. With a vibrant market cap of $435 billion, CoinMarketCap currently holds the top position.
Bitcoin is currently facing a heavy resistance near the $23,250 level with an immediate support at $22,500. If there is a break below the $22,500 level, a bearish correction will surely start and reach the $21,500 mark. If bitcoin breaks below $21,500, it could drop as low as $20,450.
The RSI and MACD indicators are overbought, but the recent bullish engulfing candle is indicating a likely continuation of the bullish trend. On the upside, an immediate resistance for bitcoin is $23,250, and a break above this level could expose BTC to higher levels of $23,900 and $25,150.
ethereum price
value of Ethereum 1,635 with a trading volume of $8.3 billion in the past 24 hours. The ETH/USD pair found immediate support at $1,610, and a candle close above this level could trigger an increase in BTC.
On the upside, ETH is expected to face immediate resistance at $1,675, and a bullish crossover at this level could expose ETH to $1,750.
On the downside, a bearish break of $1,610 could open additional selling positions towards $1,550.
bitcoin options
Cryptonews Industry Talk reviews the top 15 cryptocurrencies for 2023. If you are looking for a high potential investment opportunity, there are several other projects worth considering.
The list is updated weekly with new altcoins and ICO projects.
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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