Marcus Sotiriou News

Bitcoin surged past the $20,000 barrier and was potentially heading for its best day in six months on Friday as the US dollar fell broadly and markets found reasons to be cheerful at the end of a dour week. Bitcoin, the biggest cryptocurrency by market value, rose over 9% to $21,254, a two-week high. If it holds, the daily percentage gain would be the largest since late February. Ether, the second-biggest, rose more than 5% to hit a three-week peak at $1,746. Bitcoin had been as low as $18,540 on Wednesday. Market participants said there was no particular trigger for the gains beyond a broad upbeat mood in evidence across asset classes on Friday, led by a drop in the safe-haven dollar and reinforced by positive moves in global shares.

U.S. dollar fell broadly and markets found reasons to be cheerful at the end of a dour week. Bitcoin, the biggest cryptocurrency by market value, rose more than 9% to $21,254, a two-week high. If it holds, the daily percentage gain would be the largest since late February. Ether, the second-biggest, rose more than 5% to hit a three-week peak at $1,746. Bitcoin had been as low as $18,540 on Wednesday. Market participants said there was no particular trigger for the gains beyond a broad upbeat mood in evidence across asset classes on Friday, led by a drop in the safe-haven dollar and reinforced by positive moves in global shares.

Bitcoin surged past the $20,000 barrier and was potentially heading for its best day in six months on Friday as the U.S. dollar fell broadly and markets found reasons to be cheerful at the end of a dour week.

Sudden crypto drop sends bitcoin to three-week low

 

On Wednesday, the US Federal Reserve (Fed) raised rates by 75 basis points,in line with most analysts’ forecasts. (This is a developing story and is being constantly updated.)

As bitcoin (BTC) ended a 9-week-long losing streak on Sunday, when a green weekly candle finally appeared on the bitcoin chart. The positive weekly close kicked off a green start of the new week on Monday, with gains across the board in the crypto market.

As the crypto market crash continued on Thursday, analysts told Cryptonews.com that traders should keep a close eye on the bitcoin (BTC) price on Coinbase, as well as tether’s (USDT) progress towards getting back to its dollar peg, for clues about when the worst selling pressure might end.

Bitcoin (BTC), ethereum (ETH), and the broader crypto market experienced a sharp correction today after the terraUSD (UST) stablecoin collapsed, and an inflation report in the US revealed higher-than-expected price rises. However, prices later turned around, marking a strong recovery for the major cryptoassets.

Bitcoin (BTC) and the broader crypto market went into a relief rally over the past day, after an expected 0.5 percentage point rate hike in the US and an “optimistic” outlook from US Federal Reserve (Fed) Chair Jerome Powell. According to one analyst, a major bottom could now be forming in crypto markets, while others argued that a relief rally could be short-lived.

The movement of the ETH token seems to be like a rollercoaster that cannot decide if it wishes to go uphill or downhill. At press time, ETH  was trading at a price of $2,829 which was 3.5% down in the last 24 hours. And, ETH noted a 2.8% decline in the past seven days as per data from CoinGecko.

Bitcoin (BTC) prices could drop by 20% in the next few months, but that has not deterred its richest investors from stacking.

The crypto market initially traded lower on Monday, before trimming its losses later in the trading day as sentiment improved. The market action came after heavy selling before the weekend on comments from US Federal Reserve (Fed) Chairman Jerome Powell last week, hinting that a 50-basis point rate hike could come next.

US headline inflation for March came in at 8.5%, slightly above analysts’ expectations. The number is up markedly from February’s reading of 7.9%.

Bitcoin briefly spiked above $41,000 for the first time in a week, bringing the cryptocurrency out of its recent narrow trading range, as risk assets rebounded worldwide. The largest digital asset by market value jumped as much as 5.7% to $41,691 before paring its gains in early New York trading. It is down about 12% this year. Other tokens such as Ether and Solana also got a lift. Stocks rose, with Chinese equities rallying on a pledge by Beijing for policies to boost financial markets. “Whenever we see stock market relief, crypto tends to do well, especially lately,” said Marcus Sotiriou, an analyst at London-based digital asset broker GlobalBlock. “At the end of the day, the key driving force behind prices is macro, so I expect a struggle for a sustainable uptick.”

Bitcoin (BTC) kept falling on Friday as the US dollar jumped higher following strong economic data that showed the number of jobs created in the US rose much more than expected.

After the market witnessed mayhem in early January, the crypto-verse is now on the path to recovery. The global cryptocurrency market cap recovered by 2.5% in the last 24 hours. This, while Bitcoin’s dominance remains under 40% on CoinGecko.However, reversing its last week’s slide, BTC managed to gain by 12% over the past week to trade near $42,500, at the time of writing.

In December, monthly inflation in the US was a bit higher than expected, reaching 0.5%, while the annual inflation increased to 7% and was the same as expected.

Bitcoin briefly fell below $40,000 (€35,299.40) on Monday - the lowest since late September - suffering in the first few sessions of 2022 from a lack of risk appetite from investors worried about the Fed tightening monetary policy.

On Monday, the most popular cryptocurrency, bitcoin (BTC), dropped below the USD 40,000 level for the first time since August 2021, while ethereum (ETH) dived below USD 3,000 for the first time since October.

Bitcoin price failed to gain strength above the USD 42,500 level. BTC started a fresh decline towards the USD 41,500 level. It is currently (11:30 UTC) showing bearish signs and might extend losses.