Bitcoin (BTC), the world’s largest and most popular cryptocurrency, extended its strong winning streak and hit its highest level since mid-September at around 22,687. Meanwhile, the second-largest crypto -currency Ethereum (ETH), is also seeing a significant upside as it rose around 7% to $1,656, hitting a four-month high.
The rally in ETH could be attributed to risk sentiment in the cryptocurrency market, which supported all digital coins, including BTC and ETH.
Despite news that Genesis Global Holdco LLC, the company that owns cryptocurrency lender Genesis Global Capital, has filed for Chapter 11 bankruptcy, the cryptocurrency market has continued to grow. This could be because investors had already factored in the company’s impending problems.
It should be recalled that the Genesis company was affected by the aftermath of the failures of the crypto exchange FTX and, more recently, of the crypto hedge fund Three Arrows Capital, both of which occurred at the end of June.
Global Crypto Market Mood
The global cryptocurrency market extended its upward trend and crossed the $1 trillion mark once again. However, the recent rise could be linked to institutional investors who have long held the largest digital asset.
This increased demand for Bitcoin has driven the price of the coin higher.
Another factor supporting the cryptocurrency market is the increased likelihood that the Federal Open Market Committee (FOMC) will only hike rates by 25 basis points (0.25 percentage points) at its next meeting in February. , after the 50 basis point increases seen in December.
According to CME tool FedWatch, the Federal Open Market Committee (FOMC) is now expected to raise rates by just 25 basis points (0.25 percentage points) at its next meeting in February. This was seen as a significant factor in boosting crypto market sentiment and contributing to the surge in Bitcoin prices.
Genesis declares bankruptcy
Genesis’s lending unit filed for Chapter 11 bankruptcy in the United States on Thursday, owing its creditors at least $3.4 billion after being sunk by a market meltdown with the FTX exchange and lender BlockFi.
Genesis Global Capital, a leading crypto lender, suspended client redemptions on Nov. 16, hot on the heels of the failure of regulated exchange FTX, which sent negative vibes through the crypto asset market, fueling the fear that more companies will follow suit.
This news has had little influence on the crypto market so far.
COVID-19 in China
The rising number of COVID-19 cases in China, which has raised questions about its short-term economic outlook, has also been seen as a factor affecting the bitcoin market. Thus, this was seen as a crucial element that prevented further price increases for bitcoin.
Bitcoin surge increases miners’ profit margins
BTC mining activities were greatly aided by Bitcoin’s continued rise, which saw the price of BTC reach a yearly high of $22,687 on the day.
Bitcoin miners who have positive net balances at the end of 2022 are helped by an increase in the cryptocurrency price and the network hashrate, which improves the stability of the business.
As a result, this was seen as another positive factor demonstrating the rise of BTC.
In today’s live Bitcoin price, the price is $22,595.43 and there was a 24-hour trading volume of $29 million. Currently, BTC is trading at 7.70%, which puts it at number one on coinmarketcap, with a market capitalization of $435 billion.
Bitcoin is now holding just below the $22,600 mark. On the daily time frame, Bitcoin has formed a bullish engulfing candle which suggests there is a chance for a continuation of the uptrend. A break above the $22,600 level may expose the price towards the $23,000 or $25,150 levels.
At the bottom, Bitcoin’s immediate support prevails at $21,500 and a further drop below this level may expose it to $20,000.
The Ethereum The current price is $1,648 and has a 24-hour trading volume of $8.8 billion. The currency has seen a 7% increase in the past 24 hours and is currently ranked #2 with an overall market capitalization of $201 billion.
On January 21, the ETH/USD pair faces strong resistance near the $1,680 level. The candles close below this level supports the chances of a bearish correction, especially because of the doji candle that ETH closed below the $1,680 resistance.
On the downside, ETH/USD could gain support near $1,610. If ETH manages to close the candles above this level, a bounce above this level can be expected.
Let’s keep an eye out for $1,610 as closing above it might have the potential to capture a buy trade.
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Investing in altcoins at the pre-sale stage is beneficial for investors who prepare and follow proper research and recommendations. They will be able to take advantage of the potential of these coins.
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C+Fees launches a revolutionary online payment system for electric vehicle (EV) owners. It will allow users to convert their initial load into credits that can be exchanged for carbon credits. The ultimate goal is to significantly reduce greenhouse gas emissions when traveling by car.
Since the potential of this technology is completely game-changing, it has the power to completely transform the carbon credit market. This allows a wide range of businesses to participate and also adds greater value to them.
VCMs are expected to reach $100 billion by 2030, making it a booming investment opportunity for companies. C+Charge raised over $344,000 in its pre-sale, indicating that there is strong demand for VCMs.
Meta Masters Guild (MEMAG)
The Guild of meta-masters went from $200,000 to $550,000 in just a few days. This remarkable increase indicates that the public has a high level of confidence in the future growth of the company and its ability to generate profits. In the third quarter of 2023, Meta Masters Guild will release its first mobile game.
The MEMAG network has been around for quite some time, allowing users to create and manage their own cryptocurrencies in addition to trading on the public exchange. They also develop games that allow users to earn rewards for playing as well as those that are powered by Web3, an Ethereum compatible system.
Currently, the process of investing in MEMAG begins with the purchase of $10 worth of MEMAG tokens. If you participate in the presale, what is offered is 1 token for only $0.01; early investors have a limited window of opportunity to participate.