Why Crypto Market is Up Today? Analyst Revelas Top Reasons
The total crypto market cap edged 1.4 percent higher on Friday to stand around $1.19 trillion. Bitcoin and Ethereum lead the rest of the altcoin market in gains, up approximately 2 percent to trade around $27,182, and $1,894 respectively during the early Asian market on Friday. The sudden price reversal in the crypto market coincided with a significant drop in the United States Dollar Index, a measure of the value of the United States dollar relative to a basket of foreign currencies, in the past 24 hours.
The U.S Dollar Index suddenly reversed on Thursday after being on a rising trajectory in the past three weeks. Notably, a weakening United States dollar is an added advantage to Bitcoin and the rest of the digital assets.
Analyst Take on Bitcoin and Crypto Market Outlook
According to Bob Baxley, Chief Technology Officer of DeFi infrastructure platform Maverick Protocol, the crypto markets may have to reckon with the U.S. Treasury’s state of its general account, which shrunk significantly in the past few months. In this regard, Baxley noted that the crypto liquidity could significantly reduce as the U.S. treasury tries to reload its general account.
“The risk here is that the roughly trillion dollars flowing back into the general account could suck a tremendous amount of liquidity out of the market,” Baxley noted. “Something like this happened in 2019, and the strain placed on the market basically compelled the Federal Reserve to step in and add emergency liquidity to prevent a full-blown crisis. So, in short, just because a deal has been reached doesn’t mean we are out of the woods yet.”
Bitcoin News : Here’s Why BTC Price Is Dropping Today?
In a sudden turn of events, Bitcoin (BTC), the leading cryptocurrency, took a nosedive and plunged close to the $27,000 mark earlier today, signaling a wave of selling pressure in the crypto market. Bitcoin’s price tumbled to a low of $26,978 before showing a slight recovery, but it remains volatile as it continues to trade.
May Blues: Bitcoin Set for Worst Month Since November 2022
May has been a catastrophic month for BTC is down by 3.09% within the last 24 hours and is currently valued at $27,110. The current decline comes after Bitcoin briefly managed to climb above the $28,000 level during the extended holiday weekend. Unfortunately, the overall market sentiment appears to be waning as many cryptocurrencies are witnessing losses. Ethereum, Solana, and Cardano, in particular, suffered drops of up to 3%.
On the other hand, this recent price drop has also set Bitcoin on course for its worst month since November of last year when the FTX exchange faced difficulties. It is also on track to register its first negative month since 2023. Presently, Bitcoin has experienced a 7.3% decrease in value throughout May.
Earlier this year, Bitcoin witnessed a remarkable 84% surge in value from January 1st to mid-April, briefly reaching an all-time high of $31,000. However, this meteoric rise has since dwindled to 64%.
Factors Influencing the Market
Factors such as a lack of liquidity and a restrictive monetary policy have contributed to a dampening of interest in cryptocurrencies.
The recent decrease in cryptocurrencies can be attributed, in part, to traders carefully evaluating the implications of the U.S. debt-limit agreement. Congress is under pressure to adopt the agreement before June 5th, the date by which the U.S. might potentially default. Should the deal receive approval, it could result in a flood of bill sales, draining liquidity from the market.
Furthermore, traders are closely monitoring the statements made by top Federal Reserve officials. Loretta Mester, the President of the Federal Reserve Bank of Cleveland, recently commented that there is currently no compelling case to halt the tightening of liquidity measures.
The cryptocurrency market continues to be a rollercoaster ride, with Bitcoin’s recent drop serving as a stark reminder of its volatility. As market participants brace themselves for potential further fluctuations, the fate of Bitcoin and the broader crypto market hangs in the balance.
Why XRP Price is Up Today? Surges 3.2% Amidst Bearish Sentiments
In the XRP market, a potential head and shoulder pattern is forming on the XRP/USD daily chart, signaling a positive outlook. The rising divergence on the daily RSI further supports the bullish narrative, indicating a possible rally for XRP.
Bitcoin VS. XRP
While Bitcoin hovers around a fragile support level of $26.2k, XRP appears more likely to surge from its current levels, fueled by enthusiastic FOMO traders. Ethereum and other top digital assets closely follow Bitcoin’s price action, making XRP a more attractive choice for investors.
#XRP Fib Channel: #XRP has closed 10 daily candles above Fib channel 0.786 which is #Bullish. Moreover, #XRP short-term might have three tracks:
A) Yellow Track : #XRP WILL make higher high on the daily and attack Fib 1.0 around 0.55c.
B) White Track: #XRP Will retest Fib… https://t.co/uqgzTQlZSj pic.twitter.com/ThCkVlSHji
— EGRAG CRYPTO (@egragcrypto) May 26, 2023
Bitcoin’s Liquidity and Market Dominance
Being the oldest digital asset, Bitcoin’s liquidity depends on widespread cryptocurrency adoption. It is traded on both centralized and decentralized exchanges, contributing to its large market dominance of approximately 48%. With a daily traded volume of around $12.7 billion, Bitcoin remains a significant player in the crypto market.
Tether USDT: The Leader in Daily Traded Volume
On Friday, Tether USDT claimed the highest daily traded volume in the cryptocurrency industry, reaching about $19.2 billion. As a stablecoin, Tether provides stability and liquidity to traders, contributing to its popularity and high trading volume.
XRP Remains Unimpacted By Lawsuit
Despite facing a lawsuit from the SEC, Ripple has managed to increase XRP’s liquidity through strategic partnerships and acquisitions. The On-Demand Liquidity platform, utilizing XRP for cross-border transactions, has been adopted in over 40 payout markets. This innovative solution attracts institutional investors seeking to optimize capital and provide faster, more secure payments to their customers, surpassing traditional methods like SWIFT.
Crypto Price Analysis For Today: Render Token(RNDR),Synthetix (SNX),Injective Protocol(INJ)
The past weekend appeared to remain largely choppy as the star crypto, Bitcoin has been failing to rise above the sluggish trend. In the meantime, some of the altcoins are displaying significant strength and they being self-assured of maintaining a firm upswing in the coming days.
Render Token (RNDR)
Render token has been trading with an elevated region since the beginning of the year and managed to rise above the levels that it was trading back in May 2022. After the recent parabolic upswing, the prices are constantly failing to rise above the crucial resistance zone, despite breaking above the ascending triangle some days ago. Currently, it is mandatory for the token to clear the green zone to continue trading toward the north.
The RNDR token price is trading at $2.39 with a slight jump of 0.96% in the past 24 hours and a weekly rise of 28.66%.
Synthetic (SNX)
The Synthetix token has been maintaining significant strength as the price remained highly volatile for quite a long time. In the short term, the SNX prices have been trading within a descending triangle. The price is about to get rejected from the upper resistance of the triangle and preparing to reach the lower. However, in the long term, the token appears to be under bullish influence and hence a rebound could be imminent.
The SNX price is trading at $2.37 with a drop of 0.18% in the past 24 hours, while it has been surging by more than 12.5% in the past week.
Injective Protocol (INJ)
The Injective Protocol price has been trading within a rising, expanding channel for a long time, which is flashing bearish signals for the crypto. In the meantime, the price is also trying to trigger a bullish breakout from the prevailing consolidation. After rising from the monthly lows, the INJ price is consolidating within a narrow range, which may raise the probability of testing the lower support of the channel. Besides, the MACD is flashing bullish signals that may keep the hopes of a bullish rebound.
The INJ price is trading at $6.84, with a drop of 2.84% in the past 24 hours while maintaining a notable rise of nearly 10% in the past week.
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The Top 5 Ways to Start Accepting Crypto Payments Today – No Tech Skills Required
While some merchants may shy away from integrating crypto payments due to perceived technical complexities, there are several user-friendly solutions available that require no advanced tech skills. In this article, we will explore the top five ways to start accepting crypto payments today, without the need for extensive technical knowledge or expertise.
1. Payment Processors:
Payment processors act as intermediaries between customers, merchants, and the blockchain network. These platforms simplify the process of accepting crypto payments by handling the technical aspects on behalf of the merchant. Popular payment processors like BitPay, CoinGate, and Coinbase Commerce offer user-friendly interfaces and straightforward integration methods. By signing up for an account, merchants can generate payment buttons or invoicing systems that can be easily embedded on their websites or shared directly with customers via email or messaging apps.
2. Peer-to-Peer Payment Apps:
Peer-to-peer (P2P) payment apps provide a convenient way to accept crypto payments directly from customers. These apps are designed to facilitate quick and easy transactions between parties without the need for complicated setups. Platforms like Venmo, Cash App, and PayPal have integrated cryptocurrency functionalities, allowing merchants to accept crypto payments seamlessly. Simply create an account, link your bank or wallet, and start accepting payments from customers who use these apps.
3. E-commerce Plugins and Extensions:
If you operate an online store or use popular e-commerce platforms like Shopify, WooCommerce, or Magento, you can leverage plugins and extensions specifically developed for accepting crypto payments. These plugins provide a simple way to integrate crypto payment options into your existing online store without requiring coding skills. Popular plugins like CoinGate for WooCommerce and BitPay for Shopify allow you to add crypto payment gateways to your checkout process with just a few clicks.
4. QR Code Payments:
QR code payments offer a user-friendly and straightforward method for accepting crypto payments in physical retail settings. All you need is a smartphone or tablet with a camera and a compatible cryptocurrency wallet app. Simply generate a QR code with your wallet address and display it at your checkout counter or provide it to customers via receipts. Customers can then scan the QR code using their wallet app and initiate the payment directly to your wallet. This method requires no technical skills and provides a seamless experience for both merchants and customers.
5. Decentralized Payment Gateways:
Decentralized payment gateways, such as Polus Payments, provide a user-friendly solution for accepting any crypto payments in decentralized services like marketplaces, GameFi platforms, and lending protocols. These gateways integrate a decentralized crypto wallet into the merchant’s account interface, making it easy to accept crypto payments without prior technical knowledge. With simplified registration processes and no manual checks or KYC requirements, merchants can quickly start accepting crypto payments without sacrificing convenience or security.
One of the primary objectives of the Polus Payments team is to educate users about security in the crypto space. Unlike centralized payment gateways, Polus Payments operates as a non-custodial service, meaning it does not store customers’ funds. This decentralized approach ensures that users have full control and ownership of their assets, minimizing the risk of hacks or theft. By embracing decentralized solutions, merchants can instill trust and confidence in their customers while transacting with cryptocurrencies.
By integrating the Polus crypto Wallet into the merchant’s personal account interface, Polus Payments allows even those unfamiliar with cryptocurrencies to accept digital payments seamlessly.
The combination of convenience, security, competitive pricing, and user-friendly interfaces makes Polus Payments an ideal solution for businesses venturing into the world of crypto payments. With support for multiple blockchains, low fees of just 0.5%, and fast registration via email, it provides a seamless experience for users.
Embrace the future of payments today and unlock the benefits that come with accepting cryptocurrencies.
Why Crypto Market is Down Today?
The cryptocurrency market has been trading in the red over the last 24 hours. The price of major cryptocurrencies, including Bitcoin, has plummeted, with BTC dropping below $27,000.
There has been a notable rise in the value of the U.S. dollar in the current market situation as it approaches the 200 exponential moving average (EMA). Should a breakout happen, the dollar may experience further gains. This increase in the strength of the U.S. dollar could have a negative impact on cryptocurrencies and other financial assets, leading to a decline in their value.
There is a common inverse relationship observed between the strength of the U.S. dollar and the performance of cryptocurrencies. When the U.S. dollar gains strength, it often results in a decline in cryptocurrency prices, and conversely, when the U.S. dollar weakens, cryptocurrency prices tend to rise.
Whole crypto market bleeds in red
On Friday, the cryptocurrency markets experienced significant declines, with most major cryptocurrencies trading in the red. Bitcoin (BTC) saw a decrease of 1.82%, reaching a price of $26,875. Ethereum (ETH), on the other hand, dropped by 1% and was slightly above the $1,800 mark.
The trading volume for BTC amounted to approximately $14.5 billion, showing a 2.8% drop over the last 24 hours. The global crypto market cap also took a toll, with a 1.29% drop over the last day. According to CoinMarketCap data, it stood at $1.12 trillion at press time.
Major altcoins also took a toll on price, with Cardano, Solana, and Polkadot all shedding 1–2% of their value. The only coin that is trading in the green amidst the turmoil is Ripple (XRP). This is due to the positive sentiment rolling around the Ripple vs.SEC case, with the community anticipating the lawsuit to come to an end anytime soon.
Top Reasons Why Crypto Market is Down Today?
The recent significant decline in the price of Bitcoin can be attributed to several complex factors. After the Consumer Price Index (CPI) data, the price of Bitcoin surged above $28,000. However, it was short-lived and the bears quickly took in charge of the situation. Here are a few reasons why the Bitcoin price is declining.
Fake news and shockers
Despite some positive news on May 10, including a continued drop in CPI, which caused the price of Bitcoin to briefly surge, things quickly took a turn for the worse. This might be due to the fake news circulated about the U.S. government selling 9,800 BTC, causing widespread panic and triggering a flash crash in the Bitcoin market.
The market experienced another shock when the news of Jump and Jane Street’s exit from the U.S. crypto market surfaced online. Regulatory uncertainty in the United States was cited as the reason for this move by the two major market makers.
Lack of momentum
Adding to the current state of unease is the fact that the Dollar Index (DXY) is hovering above a crucial support level at 101.8, a point of historical significance. Since early April, the DXY has been very close to this support level but has managed to resist any significant bearish pressure. According to Christopher Inks, who is associated with Texas Wet Capital, the DXY saw a further uptick yesterday, reaching 102.056, and this is contributing to a lack of momentum in risk assets.
Low liquidity
The issue of low liquidity is likely to worsen in light of these developments. This could lead to increased volatility as larger buy and sell orders have a more significant impact on the market. Moreover, traders are currently fearful of a head and shoulders pattern on Bitcoin’s 1-day chart, which could signal a drop to $25,000.
Bitcoin Ordinal Transactions record dips
Bitcoin Ordinal transactions are experiencing a decline in popularity, as evidenced by a drop in trading volume over the last three days. The number of transactions has also decreased, from 17,000 to 6,000. As a result, UniSat’s market share has declined from 80-90% to 50-60% presently.
How Will The Crypto Market Respond To The US PPI Today?
The recently released Producer Price Index (PPI) data is set to reveal persistent figures, potentially leading to a stronger dollar and triggering a retreat in risk assets, including Bitcoin and other cryptocurrencies.
How Has The Market Responded?
In contrast to the earlier Consumer Price Index (CPI) release, which presented milder numbers and provided support to the crypto market, the forthcoming PPI is projected to act as a catalyst for a short-term decline in the crypto market.
Navigating External Economic Influences
Total cryptocurrency trading volume reached $60.8 billion in the past day, with Bitcoin commanding a market dominance of 45.1% and Ethereum at 18.6%. Despite their significant presence, these leading cryptocurrencies remain vulnerable to fluctuations caused by external economic factors.
Analyzing Core CPI
The core CPI, excluding volatile food and energy items, experienced a 0.4% rise from the previous month, resulting in a slight drop in the annual increase from 5.6% to 5.5%. This subtle change provided a temporary boost to the crypto market, but the forthcoming PPI results could potentially overturn this effect.
PPI’s Impact on Cryptocurrencies
The release of the PPI data brings attention to a significant observation: all top 10 cryptocurrencies are currently experiencing losses on their weekly charts. This highlights the market’s responsiveness to changing economic data, underscoring the need for investors to closely monitor the potential impact of the PPI release.
Global Economic Concerns & Uncertain Path For Crypto
At press time, Bitcoin continues to hover around $27,000, while Ethereum has yet to reclaim the $1,900 mark. Countries worldwide are distancing themselves from the United States, fearing an impending recession as the nation’s economy continues to decline. Given its status as the largest crypto market globally, a significant effect on the market is foreseeable if economic uncertainty persists.
Why Bitcoin (BTC) Price is Down Today?
The crypto market is abuzz with rumors that the United States government has executed a massive sale of 9,800 Bitcoin (BTC), amounting to approximately $227 million.
What’s the whole truth? We’ve uncovered all you need to know.
As a result of this substantial sale, the value of Bitcoin has experienced a drop, currently trading at $27,687.83. This represents a marginal gain of only 0.84%.
The news of the sale was initially revealed by the Twitter user, WhaleWire (@WhaleWire).
In a tweet, WhaleWire highlighted that “In 2014 and 2021, the US government seized and sold 9,800 BTC ($256M). At current pricing, this is over 0.05% of the supply and worth over $500M. How will the market react if they auction the remaining confiscated Bitcoin?”
Mixed Reactions within the Crypto Community
The news has sparked a variety of responses among members of the crypto community. While some view it as a welcome development, others express concern regarding its potential impact on the market. With the US government still holding $200K worth of BTC and rumors circulating about an extensive Bitcoin dump, experts predict that such a massive sell-off could cause the price of Bitcoin to plummet even further, potentially dropping to less than $10,000.
A Complex Relationship: US Government and Bitcoin
The relationship between the US government and Bitcoin, as well as other cryptocurrencies, has always been intricate and ever-changing. This recent sale serves as further evidence that the government closely monitors the crypto market and takes action as necessary. In 2014, the federal government sold off 30,000 BTC seized from the Silk Road. The recent sale demonstrates their continued involvement in cryptocurrency matters.
Implications for the Market
Analyzing Bitcoin’s price today reveals that, despite market volatility, the cryptocurrency is maintaining a bullish stance. The long-term impact of this development remains uncertain.
However, one thing is clear: the crypto market is constantly evolving, and this recent event is no exception. Given the projections of Bitcoin reaching an all-time high of $1 million by 2023, occurrences like this are likely to generate a stir in the market.
Bitcoin News: Bullish or Bearish, How Will BTC Price React To CPI Reports Today?
The post Bitcoin News: Bullish or Bearish, How Will BTC Price React To CPI Reports Today? appeared first on Coinpedia Fintech News
Today, the core inflation data is set to be released, with the expectation of a slight decrease from 5.6% to 5.5%. If this anticipated reduction materializes, it could further weaken the U.S. Dollar Index (DXY) while providing a boost to the cryptocurrency market.
Bitcoin’s Price Scenarios Based on CPI Data
The CPI figures have a significant impact on Bitcoin’s valuation, which currently stands at $27,584. Market analysts from JPMorgan have proposed several scenarios based on the possible CPI results, estimating the potential effect on Bitcoin’s price. The probabilities and price predictions are as follows:
- If the CPI is above 5.5%, Bitcoin could drop to $25,000, with a 4% probability of this scenario occurring.
- A CPI range between 5.3% and 5.5% could result in Bitcoin’s value reaching $26,500, with a 25% chance of this happening.
- Should the CPI fall between 5.0% and 5.2%, Bitcoin’s price might increase to $28,500, which has a 50% probability according to JPMorgan’s estimations.
- A CPI ranging from 4.7% to 4.9% may cause Bitcoin to reach $29,000, with a 20% likelihood of this scenario.
- Lastly, if the CPI is 4.5% or lower, Bitcoin could potentially skyrocket to over $30,000. However, there is only a 1% chance of this happening.
How the CPI Affects Cryptocurrency Markets
The Consumer Price Index is a crucial economic indicator that measures the rate at which the prices of consumer goods and services change over time. It affects various markets, including foreign exchange and commodities, as well as cryptocurrency.
With the ongoing economic uncertainties and inflation concerns, investors are keeping a close eye on the CPI data. As inflation rises, traditional fiat currencies lose purchasing power, making alternative investments like Bitcoin more attractive to investors seeking to hedge against inflation.
Crypto Influencer Bitboy Support $BEN Meme Coin ; Price Up 16x Today
Amid the rise of new meme coins like Pepe and WOJAK, famous crypto influencer Ben Armstrong alias @Bitboy_Crypto on Twitter has announced his support for the BEN coin. Notably, the $BEN meme coin was listed on Binance-backed Coinmarketcap and Coingecko on Monday, which significantly increased its global reach. As of reporting time, the $BEN token had total liquidity of about $5 million on Uniswap (V3).
Notably, the meme coin has a market capitalization of approximately $15,231,640 and a 24-hour trading volume of about $22 million. The higher daily trading volume than the total market capitalization is a typical characteristic of a bullish outlook. Moreover, the BEN token has risen more than 1660 per cent in the past 24 hours according to market data provided by dexscreener.
Bitboy on $BEN token
In his profile, the popular crypto influencer has several coins including XRP, ADA, ETH, ICP, HBAR, ALGO, MATIC, and BEN. With about 1 million Twitter followers, the influencer hopes to attract more attention to the BEN meme coin.
As of Monday, the BEN token had about 2,440 holders who had transacted around 9,083 times according to on-chain data from ethplorer.
Notably, the influencer highlighted that he did not create the BEN meme token as it was developed for a group dubbed BEN DAO. Nevertheless, Bitboy admitted that he owns some of the BEN coins in his portfolio.
“Well, I guess Jeff knows now. Full disclosure I did not create this coin, it was created on behalf of a group I’m in called Ben DAO made up of all Bens, and I do own this coin in my portfolio. This was just supposed to be a fun thing. Are we having fun yet?” Bitboy noted.
In his endorsement tweet, Bitboy noted that he is on a mission to make BEN the number one name on the blockchain.
Ripple News Today: Regulatory Clarity Delaying XRP Listing on Ripple’s Liquidity Hub
The world of cryptocurrencies is abuzz with rumors of a secret meeting between Ripple and Coinbase. While the details of the discussion remain shrouded in mystery, speculation is rife that Ripple may be trying to persuade Coinbase to relist XRP. But wait, is it really about XRP or something else entirely?
Coinbase may not relist XRP but…
A prominent lawyer and digital asset enthusiast have poured cold water on the XRP relisting theory. According to him, Ripple’s recent decision not to use XRP in their own liquidity hub service suggests that they are not pushing Coinbase to relist the cryptocurrency. So what could this clandestine meeting be about?
Enter Bill Morgan’s theory. He believes that Ripple might be assisting Coinbase in their legal battle with the SEC. In his opinion, the meeting could have been about how Ripple could help Coinbase in their petition for a writ of mandamus and/or their defense against the SEC’s enforcement action. This could be a game-changing development in the crypto world.
What will happen to XRP?
But what about XRP holders who are eagerly waiting for its relisting on Coinbase? John E Deaton, the pro-XRP lawyer, has an interesting take on the matter. He says that Ripple isn’t listing XRP on its own liquidity hub platform until there is more regulatory clarity in the US. The outcome of the ongoing legal battle with the SEC is crucial, and a lot depends on what Judge Torres decides.
“I’m confident 👩⚖️ Torres recognizes the huge public interest and will act accordingly. I believe she shoots down the SEC’s crazy over broad theory but until we read the exact language no one can predict whether Coinbase or even Ripple will list #XRP on their platforms immediately.” John Deaton
The future listing of XRP on Ripple’s Liquidity Hub platform is currently uncertain due to the lack of regulatory clarity regarding XRP in the US. The decision ultimately rests on Judge Torres’ ruling in the ongoing legal battle between Ripple and the SEC. However, Ripple is fighting hard to be involved and has submitted an amicus brief to inform the Judge of the significant public interest in the case.
Over 75,000 XRP holders from the US and 143 countries joined in to object to the SEC’s alleged protection, and more than 3,500 affidavits from investors, users, and developers were submitted. Ripple has helped to exclude the SEC’s expert testimony, and there is confidence that Judge Torres will recognize the case’s significance and act accordingly. It is still uncertain whether Coinbase or even Ripple will immediately list XRP on their platforms until the ruling is released.
The plot thickens as we wait for the court’s decision. With so much at stake, it’s no wonder that this secret meeting between Ripple and Coinbase has piqued the interest of the crypto community. Will XRP be relisted on Coinbase? Will Ripple come to Coinbase’s aid in its legal battle with the SEC? Only time will tell, and the crypto world is eagerly waiting for the next twist in this lawsuit.
Crypto News Today: Pro-XRP lawyer Says Coinbase will Not Relist XRP
The recent meeting between the Chief Legal Officers of Coinbase and Ripple has resulted in speculation of XRP being listed on the Coinbase cryptocurrency exchange.
However, Bill Morgan, a pro-XRP lawyer, explained why this is unlikely to happen because Ripple itself recently decided not to use XRP in its own liquidity hub service. He questions why Ripple would expect Coinbase to relist XRP when Ripple itself has decided not to use it in its own services.
“No a Coinbase XRP listing will not follow. Why would Ripple expect Coinbase to relist XRP when in the last few weeks Ripple decided not to use XRP in Ripple’s own liquidity hub service,” he wrote on Twitter.
During a recent interview, Paul Grewal, the legal chief of Coinbase, discussed the possibility of relisting XRP on the exchange. When asked about the potential impact of a District Court decision that secondary market sales of XRP are not securities, Grewal stated that Coinbase continuously evaluates and reevaluates the tokens it lists. He also noted that the nature of XRP is still subject to litigation even two years after the matter was first brought up.
Morgan explained the reason behind the meeting and wrote, “The meeting was more likely about how Ripple could assist Coinbase in either its petition for a writ of mandamus &/or its defense to an SEC enforcement action. Coinbase’s different treatment of XRP (halting secondary market sales on its exchange), than any other digital asset traded on its exchange, that the SEC has alleged in its lawsuits are securities, will continue.”
He also clarified that he is not criticizing Ripple’s decision to not use XRP on their liquidity hub service as he believed it made commercial sense. Secondly, Morgan expresses criticism towards the idea that Ripple would be meeting with Coinbase to convince them to resume XRP trading on their exchange, given Ripple’s recent decision regarding XRP usage.
Why Crypto Market is Up Today?
Despite originally reacting negatively to the recent Federal Open Market Committee (FOMC) meeting of the US Federal Reserve, Bitcoin, and the broader crypto market have experienced an impressive upswing.
A Turning Point in Monetary Policy
The crypto market’s resurgence might be attributed to the belief that, despite Fed’s Jerome Powell’s hawkish remarks, the Fed will pause rate hikes during its next FOMC meeting on June 14.
In March, most FOMC participants indicated that the final rate for this tightening cycle would be between 5% and 5.25%—precisely where the fed funds rate landed after the recent meeting.
Market Dynamics and Technical Analysis
Risk assets often benefit from dovish monetary policy, as it leads to increased liquidity in the financial system. Since March 17, Bitcoin’s price has been trading in a head and shoulders pattern, generally considered a bearish signal.
Currently, the neckline of this pattern is $27,500. If Bitcoin’s value drops below this level, it could potentially fall to $23,200, which is the 0.5 Fib retracement support level. However, if the price surpasses the pattern’s right shoulder, it could defy the bearish trend and potentially soar to $42,000.
At the time of writing, Bitcoin was valued at $29,082, with the global cryptocurrency market cap trading around $1.248 trillion—a 1.5% increase in the last 24 hours.
Projected Growth and the Impact on Altcoins
Matrixport, a crypto-services provider, predicts that Bitcoin could rally by 20% to reach $35,000 – $36,000. The company’s research report suggests that Bitcoin has been trading in a narrowing wedge that is likely to break upward. This could potentially result in a 20% increase, equivalent to the price range when the wedge began to form.
Altcoins have also remained relatively stable following the Fed’s interest rate hike. Ethereum, one of the top 10 gainers, has seen a 2% increase, pushing its value back above $1,900. Other notable gainers include BNB, ADA, DOGE, MATIC, SOL, DOT, SHIB, and AVAX, all of which are experiencing modest gains on a daily scale.
Bitcoin News Today : BTC Price Stumbles as Federal Reserve Policy Decision Looms
Bitcoin experienced a drop in value today as crypto traders watched with anticipation for the Federal Reserve’s next monetary policy decision, which is scheduled to be released tomorrow.
The price of one Bitcoin at this moment is $28,078, which is around a 1.62 percent decline.
Similarly, several other major cryptocurrencies have also experienced a decline.
The Federal Reserve’s monetary policy decisions are of greater significance to the crypto market, as they can affect investor sentiment and influence market trends.
The Federal Reserve is expected to increase borrowing costs by a quarter of a percentage point, which would be the 10th consecutive rate increase since March 2022.
The banking sector is experiencing turmoil, with the collapse of Silicon Valley Bank and the struggle of the First Republic, which was sold to JPMorgan Chase.
A statement regarding the update is expected to be released at 2 PM on Wednesday.
A news conference chaired by Chair of the Federal Reserve of the United States Jerome Powell is scheduled to be organised at 2:30 PM to explain the developments to the media.
Interestingly, in February, the statements made by Mr. Powell during his speech at the Economic Club of Washington, caused severe fluctuations in the crypto market, with a 0.66 % gain initially seen. Notably, as soon as the speech ended, the price of several popular cryptocurrencies such as Bitcoin and Ethereum started to decline.
Bitcoin Price Today: Will BTC Price Consolidate or Drop Below $25K in Coming Days?
Bitcoin price faced a bearish outlook on Tuesday as traders eagerly awaited the federal funds rate and FOMC statements. The decline in Bitcoin’s price from trading above $29k coincided with the downfall of another United States bank, First Republic Bank. JPMorgan took over First Republic’s deposits and a significant amount of its assets and certain liabilities under federal oversight.
Struggling Banking Industry
The fall of yet another US bank after Silicon Valley Bank and Signature Bank is a clear indication that the banking industry is struggling to compete with Web3 innovations. Additionally, more investors are putting their money into digital assets with the hopes of fighting against high global inflation.
Two Plausible Scenarios for Bitcoin
According to Jason Pizzino, a popular macroeconomist and crypto trader, Bitcoin price is in the early stages of a bull market. Pizzino noted that bad news no longer contributes to significant market capitulation as previously observed, which indicates two plausible scenarios for Bitcoin. The first scenario is a retest on prior support, and the second is consolidation before the bull market continues.
“We Still Have Plenty of Pretty Solid Support Levels Beneath Us”
Pizzino stated, “We still have plenty of pretty solid support levels beneath us even if this market does continue to fall. Nonetheless, the wall of worry means we are going to see more bad news come out, and the markets most likely not react as strongly as all the previous times as it has done in the market, and that is the first sign of the first stage of a bull market.”
Bearish Midterm Scenario
On the other hand, Pizzino believes a downside toward $24k is a balanced correction, but traders should be wary of consolidation at these levels as it could be a sign of a bearish midterm scenario.
$PEPE Coin Up Nearly 20% Today; Is Binance Listing Underway?
The frog-themed meme coin, $PEPE coin, continued to obtain more traction during the early Asian market on Friday, having gained as much as 19.76 per cent in the past 24 hours to trade around $0.0000002692.
The Ethereum-based meme coin, which aims to capitalize on the success of Dogecoin and Shiba Inu, saw its market capitalization rise above $100 million within the first few days of launching.
According to the latest market data from Coingecko and Binance-backed Coinmarketcap, the PEPE meme coin had a market capitalization of approximately $112,705,697 and a 24-hour traded volume of about $35,710,327.
$PEPE Coin Gets Binance’s Attention
Currently, $PEPE is listed and traded on Deepcoin, CoinW, Bitget, BTCEX, and BingX. However, these are small centralized exchanges in daily traded volume compared to the likes of Binance, Coinbase, and MEXC Global.
As a result, the team behind the PEPE coin would much like to get attention from the top exchanges to attract whale traders.
In a stunning move, Binance has added a guide on how to purchase PEPE through its Web3 products.
Notably, Binance has informed its users that they can access PEPE coin through its Trust wallet by purchasing Ether and swapping it via DEXes like 1inch.
Often, such moves are preceded by a listing on the centralized exchange if the DEX trading volume sustains for a set period. Moreover, more traders mean enhanced liquidity even for the derivatives and futures market.
Price Action
The meme coin began on a high note, which gave initial investors high returns. However, the meme coin was poised for diminishing returns as the hype around it fades with time.
Currently, the meme coin has consolidated around the same level in the past week. If the buyers hold on to their momentum against early holders liquidating for some profits, the meme coin could break out for more gains in the coming weeks.
Why Bitcoin Price is Up Today? What Next For BTC Price?
Bitcoin price gained almost 6 percent during the early New York trading hours to exchange around $28,959. The sudden spike led to more than 88 percent of short traders liquidating in the past 24 hours. Moreover, there was a general bearish sentiment after Bitcoin traded around $27.2k in the past few days. Additionally, Bitcoin price closed last week on a bearish outlook after dropping from trading above $30k to around $27.4k.
The report of a significant decline in first-quarter deposits by First Republic Bank is a clear indication the United States banking system is slowly collapsing despite the Fed’s support. Moreover, more investors are confident in Bitcoin as a hedge against inflation.
Social Dominance for Bitcoin on the Rise
As a globally traded and recognized digital asset, there could be several reasons why Bitcoin price edged higher on Wednesday despite the bearish outlook. Nevertheless, market intelligence platform Santiment had previously noted that crypto investors were returning to Bitcoin following the bleeding in the altcoin market. Additionally, Santiment noted that the percentage of discussions revolving around Bitcoin remains high and above average.
Meanwhile, Santiment expects Bitcoin’s volatility to remain relatively high in the next few days, particularly fueled by next week’s FOMC statement.
Bitcoin Price Action
The Bitcoin price is technically approaching a crucial resistance/support zone that could decide the next trend in the coming weeks. On one hand, Bitcoin price could be forming a head and shoulder formation on the daily time frame, which could lead to a significant capitulation in the near future.
On the other hand, if the bulls want to continue with the new year relief rally, Bitcoin price will have to rally beyond $29k and retest $30k and beyond.
Why Crypto Market is Down Today? What Caused $250 Million Liquidations In 24 Hours?
The crypto market experienced a widespread selloff on April 19, resulting in over $160 million in assets being liquidated within an hour and a total of $250 million liquidated over the past day. Bitcoin’s price dipped 2.4% to $29,000, while Ethereum saw a sharp decline below the $2,000 mark, dropping over 5.8% in 24 hours.
This has left traders alarmed and has sent shockwaves throughout the industry. What next? Read on.
Altcoins Follow Suit
Prominent altcoins, such as Binance Coin (BNB), XRP, Cardano, Dogecoin, Polygon (MATIC), and Solana, also experienced a nearly 5% drop, contributing to the 3% decline in the global crypto market cap, which now stands at $1.23 trillion.
Data from Coinglass highlights over $175 million in longs liquidated on April 19, with almost 75,000 traders affected within the last day. The largest single liquidation was a $3.02 million order on Binance’s BTCUSDT pair. As the market struggles, bulls are striving to protect pivotal levels for Bitcoin and Ethereum. The majority of liquidations were longs, possibly indicating a long squeeze.
Ethereum-Bitcoin Pair Outlook
Crypto analyst Smart Contracter says he is monitoring the Ethereum-Bitcoin (ETH/BTC) pair closely. He believes the pair has likely reached its 2023 low at 0.062 BTC ($1,879) and is poised for a sustained uptrend in the coming months. He predicts that the pair will trade well over 0.10 ($3,032) by year-end, signaling Ethereum’s value is rising faster than Bitcoin. Currently, the ETH/BTC pair trades at 0.069 BTC or $2,092.
Smart Contracter also highlights that Ethereum has broken through a key resistance level on its weekly chart that has stifled its growth for almost a year. He suggests that it’s time to “overcome the PTSD (post-traumatic stress disorder) and get back into the mindset of the good old days.” As of press time, Bitcoin’s value stands at $29,212, while Ethereum is trading at $1,981.
Bitcoin Price Live Today: BTC Price Manages to Recover $30,000, Can It Sustain the Growth?
Bitcoin price has reclaimed the levels above $30,000 in the early trading hours as it found strong support around $29,200. The bulls held the levels strongly and triggered a fine rebound after the price formed an interim low at around $29,120. After a bullish breakout, the BTC price now needs to clear some major resistance levels, which may validate a bullish breakout.
Besides, the BTC price managed to close the previous day’s trade on a bullish note, and moreover, it formed a ‘bullish engulfing pattern’ indicating the growing strength of the bulls. Additionally, this happened above the crucial 20 SMA, which has been acting as a strong base for the BTC price over time.
Therefore, the price is believed to be maintaining a fine upswing and may also test the $31,000 range, as predicted by a popular analyst, Micheal van de Poppe.
Poppe earlier said that if the price successfully tests & clears $29,500, it may lay down a fine upswing beyond $31,000. However, the BTC price is currently trading very close to one of the major support at $30,000, and hence holding at the above said levels appears to be extremely important in case of a bearish action. Meanwhile, in such a case, a drop below these levels may invalidate the bullish scenario, as the bears may have taken over the rally for a while.
Therefore, now that Bitcoin is trading around $30,210, the price needs to clear the $30,500 resistance to invalidate the bearish scenario. However, heading towards $31,000 could be a tedious job as the volume has depleted heavily, where-in there is less interference from the buyers. Hence, until the volumes spike, no massive price action may be expected as the BTC price could continue trading within a consolidated range.
Crypto Market Analysis Today: BNB, LINK, ARB, SOL Price May Explode Soon
The crypto space continues to remain stuck within a narrow range as the global market capitalization witnesses a slight jump of 0.5% to rise beyond $1.27 trillion. Meanwhile, the trading volume of the crypto space also underwent a slight jump of 4.71% and now stands at $44.78 billion. Also, Bitcoin dominance is dropping every day as it plunges below 46% to reach 45.57% at the moment, offering a good chance for the altcoins to thrive.
The altcoin market cap is approaching a crucial juncture, and if cleared, a massive altseason may trigger, lifting most of the altcoins within the crypto space.
As per the analyst, Moustache, if the altcoin market cap surpasses the dotted line, then the majority of the altcoins are believed to fly high. In such cases, below are some of the altcoins that may explode.
BinanceCoin (BNB)
- Binance coin price is trading within an ascending triangle since the start of 2023 and is approaching the upper resistance of the pattern
- A breakout from the resistance may rise the price levels beyond $450, meanwhile, the fear of the bearish action may still hover over the BNB price
- However, the bulls may still hold the price tight above major support at $400 in case of an extended bearish action
Chainlink (LINK)
- Chainlink price has been trading within the range between $5 to $9 since May 2022, signifying an extended accumulation
- Such a long-time accumulation usually explodes heavily which results in an acute price action towards the north as it has rebounded from the 50-day MA levels
- The price is believed to rise beyond $15 to $18, if the bulls managed to breach the levels around $9.1
Arbitrum (ARB)
- The price witnessed a massive drop soon after its inception and plunged hard toward the lower levels
- However, the breakout from the consolidation resulted in a notable upswing which compelled the price to trade within a symmetrical triangle
- The price has broken from the triangle which may now result in a price rise toward $2.5 to $2.8.
Solana (SOL)
- Solana is encountering resistance which is expected to take out soon as it has already formed a strong bullish structure
- Once the resistance is broken, the price is expected to surge by 100% with a target to reach $45 to $50.
Three Major Events Set to Shake Up the Crypto World Today
Crypto enthusiasts around the world are gearing up for an action-packed day as three major events have the potential to shake up the crypto world today, marked by the release of US Consumer Price Index (CPI) data, the Federal Open Market Committee (FOMC) minutes, and the ETH Shanghai upgrade going live.
US CPI Data Release
At 6:00 PM IST, the US Bureau of Labor Statistics will release the latest CPI data. This data measures the changes in the prices of a basket of goods and services, providing insights into the inflation rate. The data release is eagerly awaited by investors as it can have a significant impact on the economy and the crypto market.
The CPI data release can influence the price of Bitcoin and other digital assets as it could indicate a rise in inflation, which may lead to investors seeking safe-haven assets like gold and crypto. On the other hand, a surprise drop in inflation could lead to a rally in the crypto market.
FOMC Minutes Release
At 11:30 PM IST, the FOMC will release the minutes of its latest meeting. The minutes will provide insights into the Fed’s stance on interest rates and monetary policy. Investors are watching this event closely as any surprise announcements could have an impact on the economy and the crypto market.
If the FOMC suggests a change in monetary policy, it could lead to a significant impact on the crypto market. A hawkish stance could lead to higher interest rates, which may lead to a decline in the value of #Bitcoin and other digital assets.
ETH Shanghai Upgrade Going Live
Today, the Ethereum network is set to go through a significant upgrade known as the ETH Shanghai Capella (Shapella) upgrade. This upgrade will introduce significant changes to the network, including reductions in gas fees and an improvement in the overall performance of the network.
The ETH Shanghai upgrade would be a game-changer for Ethereum, as it will make the Ethereum network more efficient and cost-effective. This upgrade could lead to an increase in the adoption of crypto, as it makes it easier and more affordable to use the Ethereum network. It will be the final piece that ties up Ethereum’s transition from proof of work to proof of stake consensus mechanism. Moreover, the upgrade is expected to boost ETH’s price.
Ethereum Shanghai Upgrade Scheduled For Today – Here’s What Crypto Traders Can Expect
After months of meticulous preparations, the Ethereum validators can take a moment of relief as their staked Ethers will be available for withdrawal from today. The Ethereum Shapella or Shanghai upgrade will take place at epoch 194048, scheduled for 22:27:35 UTC on Apr. 12, 2023.
The Ethereum Shapella upgrade combines changes to the execution layer (Shanghai), consensus layer (Capella), and the Engine API. Among the expected changes with the hard fork include EIP-3651 on the Warm COINBASE, EIP-3855 that focuses on PUSH0 instruction, EIP-3860 pertaining to the Limit and meter initcode, EIP-4895 that entails the Beacon chain push withdrawals as operations, and EIP-6049 that works on Deprecate SELFDESTRUCT.
As a result, Ethereum validators and node operators are requested to work in collaboration to enable a smooth transition.
Economic Changes in Ethereum Ecosystem
With the Shapella upgrade, over $34 billion worth of ether will be made available for withdrawal and liquidatable on the secondary market. However, Ethereum withdrawals are expected to be enabled in two ways including partial and full withdrawals. In the partial, Ethereum validators will access anything above the 32 ETH staked including rewards and excess balance payments.
With about 563k Ethereum validators, the total amount of partial withdrawals are expected at around $2 billion and will happen in the next five days. As a result, the selling pressure on the second-largest digital asset will not be enormous to strain the market.
On the other hand, a full withdrawal will enable the validators to access the 32-staked ETH. Depending on the number of validators that are staking ETH, the number of withdrawals varies over time. Basically, the more withdrawal requests on staked eth, the fewer ethers will be processed by the network. Notably, analysts estimate a total of 500 days for the entire staked ETH to be withdrawn.
How Will Bitcoin (BTC)Price React to CPI Reports Today?
Crypto traders and investors are gearing up for what could be a volatile week ahead, as the release of the Consumer Price Index (CPI) for March and fresh insights into Federal Reserve policy are expected to influence the market as usual.
The Impact of the CPI Release on Bitcoin
Bitcoin in particular has shown to be greatly impacted by CPI data every single month. The king of cryptocurrencies has started the week on a positive note, with bulls pushing its price to a new 10-month high. Moreover, traders are now eyeing the $31,000 resistance level, which after the way BTC crossed $30k now seems to be an easy feat.
Analysts have suggested that pre-release is a good time to de-risk, as traders are likely to pause on risk before the event. The CPI prediction for March is for a 5.22% year-over-year increase, and while actual data has been at or below the Cleveland Fed’s prediction 73% of the time, traders are still cautious about the potential market impact.
Expert Tips On Trading Bitcoin Ahead Of The CPI Release
Famous technical analyst Michaël van de Poppe predicts that consolidation is likely to occur before the CPI release, which could make or break the momentum. He advises that the trend remains up for Bitcoin.
Macroeconomic and stock market expert James Choi suggests that traders should also consider the impact of the U.S. dollar, which is on a three-month freefall. The CPI release could set the dollar strength on a downward trajectory, paving the way for some potential relief on risk assets like Bitcoin.
Analyst Tedtalksmacro advises that traders should be cautious of the $34,000 resistance level, which he believes is the true resistance for Bitcoin. He suggests that traders should consider de-risking before the event to avoid potential market impact.
Technical data shows that volatility correlations between Bitcoin and traditional risk assets are inverting, while sentiment data suggests little appetite for sudden selling among the hodler base. This suggests that traders are optimistic about Bitcoin’s performance, despite the potential market impact of the CPI release, according to Ted.
The crypto analytics provider Kaiko has also revealed that Bitcoin is on a diverging path from equities when it comes to volatility, with Bitcoin experiencing increased volatility while the Nasdaq cools. At the time of writing, Bitcoin was worth $30,078.
Why Crypto Market is Up Today?
Author: Elena R Apr 11, 2023 11:26
Elena R 
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
Bitcoin, the oldest and most valuable cryptocurrency, has climbed above $30,000 for the first time since June 2020. The surge is attributed to renewed investor confidence in crypto after the collapse of crypto-friendly institutions in March. Other major cryptocurrencies have also seen gains, leading to an overall boost in the market. Traders are anticipating that the upcoming consumer price index release could lead the Fed to pause rate hikes, boosting assets like Bitcoin. Meanwhile, Ethereum is rising ahead of its “Shanghai” tech upgrade, which may cause selling pressure as locked funds are released.
Why Bitcoin (BTC) Price is Up Today?
Author: Elena R Apr 11, 2023 11:55
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
Bitcoin has surged past $30,000 for the first time since June 2022, buoyed by optimism about US central bank policy and despite the recent regulatory crackdown in the US. While some have attributed the rally to Tether’s injection of $14 billion into its circulating supply, others point to Bitcoin whales as the driving force behind the price increase. It is likely that the market will enter a consolidation phase soon, as traders and investors reassess their positions and wait for the release of the Consumer Price Index (CPI) data, which can have a significant impact on Bitcoin’s momentum.
Can Bitcoin Price Rally to $30k Ahead Of U.S Employment Data Today?
Bitcoin has been consolidating between $27,000 and $28,500 for the past three weeks, indicating that a potential price decline could be imminent. Additionally, Bitcoin has been forming a possible double top on higher time frames, which has historically been followed by a price drop.
On the four-hour time frame, the current consolidation could signify an implosion is around the corner. With the weekly death cross between the 50 and 200 MA still in play, swing traders are understandably cautious of a possible capitulation.
Is The Bull Rally Here To Stay?
Despite the aforementioned indicators, the recent Bitcoin macro breakout from last year’s falling trend has renewed optimism for sustained bullish sentiment. Furthermore, the worst cases in the crypto market, including FTX and Alameda Research‘s implosion, are now technically behind.
Bitcoin Prices React To High-Impact News
Bitcoin prices have been reacting strongly to high-impact news, particularly from the United States Federal Reserve (Fed). In its fight against high inflation, the Fed has raised interest rates nine times since March 2022.
Last month, the Fed increased interest rates by 0.25 basis points to between 4.75% and 5%, the highest level since 2007. As a result, US inflation has dropped from 9.1% in June 2022 to 6%. Interestingly, the Fed’s balance sheet decreased by $73.6 billion to approximately $8.63 trillion last week.
Critical Data Updates
Today’s non-farm employment change and unemployment rate data from the Bureau of Labor Statistics will be of significant importance to crypto traders. If the jobs report is stronger than expected, Bitcoin’s price could drop below $26,500, or even below support.
Conversely, a weaker-than-expected report could drive the price of Bitcoin above recent highs and towards $30,000.
Do you anticipate more turbulence or is the worst finally behind us?
Bitcoin Price Live Today: Why BTC Price is Going Up?
Bitcoin price is going up today! The crypto markets are painted in green as the global market capitalization has raised beyond $1.19 trillion with a notable jump of 2.18%. The trading volume also soared high by more than 33.7% marking highs beyond $54 billion. Although some of the altcoins are surging, Bitcoin continues to maintain its dominance, lifting the entire crypto space.
The BTC price managed to hold key support levels at $27,000 but constantly failed to close the daily trade above these levels, which left the market participants confused. Additionally, RSI also displayed a descending trend which fueled the bearish narrative for the asset. However, the price squashed the bearish influence and soared high to reach beyond $28,000.
So what’s next, what can we expect from the BTC price in the next few days?
The BTC price appears to have reached halfway in securing an upswing for the rest of the year. The price is undergoing a v-shape recovery and is anticipated to print bullish candles in the coming days. However, the upcoming monthly close is believed to have a larger impact on the Bitcoin price which may further rise high to reach the upper resistance at $34,400.
In the meantime, the Bitcoin hash rate is printing new highs. It is nothing but a measure of the computational power required for the miners to validate a transaction and add the block to the chain. It indicates the overall health and security of the platform.
The surged hash rate indicates the network is becoming more decentralized with more and more miners joining in to validate the transactions. Besides, the miner’s revenue is also rising which may motivate them to hold their rewards for a longer time. This may not mount fresh selling pressure over the market and eventually kick-start a fine Bitcoin price rally ahead.
Top Crypto News: Why Crypto Market is Up Today?
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The global market cap witnessed a surge of more than 4% in the past 24 hours and is approaching crucial resistance at $0.2
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Besides, top cryptos like Bitcoin and Ethereum have surged beyond their interim highs and trying to materialize a firm upswing
The total market cap just broke out from the descending trend line in the times when Bitcoin raised above the decisive symmetrical triangle. The market cap is close to registering 3 successive bullish candles due to which the crypto space remained bullish since the early trading hours. Besides, the trading volume also soared high by more than 3%.
The market sentiments appear to have flipped considerably as major altcoins have been extremely bullish since the early trading hours. Meanwhile, XRP remained one of the top performers of the day along with Cardano which soared by more than 10% in just a short while. Now that the bullish momentum has mounted, a significant upswing may prevail for a long.
However, the bullish confirmation is yet to be flashed for the Bitcoin price which may further break out above $30,000. Till then, the BTC price is believed to hover within range highs as per a popular analyst Altcoin Sherpa.
Bitcoin in recent times is not getting impacted by external factors. Binance was recently sued by the authorities which failed to impact the volatility of the crypto space. Conversely, the BTC price soared high beyond $28,000. In the short-term, the price has exhibited a massive upswing due to which a giant move may be imminent in the coming days that may keep up the crypto markets under the bullish influence.