Bitcoin (BTC), the world’s largest and most popular cryptocurrency, has extended its strong streak to reach around 22,687, its highest level since mid-September.Meanwhile, the second largest cryptocurrency ethereum (ETH) also surged, gaining about 7% to $1,656, reaching a four-month high.
The rise of ETH can be attributed to the risk-on sentiment in the cryptocurrency market that has supported all digital coins including BTC and ETH.
Despite the news that Genesis Global Holdco LLC, which owns crypto lender Genesis Global Capital, has filed for Chapter 11 bankruptcy, the cryptocurrency market continues to rise. This may be because investors had already put a price on the company’s pressing problems.
It’s worth remembering that Genesis was hit hard by the fallout of crypto exchange FTX and, more recently, crypto hedge fund Three Arrows Capital in late June.
Global Crypto Market Mood
The global cryptocurrency market continued its upward trend and once again broke the $1 trillion barrier. However, the recent rise may be related to institutional investors, who are the largest long-term holders of digital assets.
This increased demand for Bitcoin has pushed the price of the coin higher.
Another factor supporting the cryptocurrency market is the growing likelihood that the Federal Open Market Committee (FOMC) will raise interest rates by 25 basis points (0.25 percentage points) at its scheduled meeting in February. It has eased from the 50 basis point gain seen in December.
The Federal Open Market Committee (FOMC) is expected to raise interest rates by 25 basis points (0.25 percentage points) at its next meeting in February, according to the CME FedWatch tool. This was seen as a key factor that heightened crypto market sentiment and contributed to the surge in Bitcoin price.
Genesis declares bankruptcy
Genesis’ lending arm owes creditors at least $3.4 billion after it filed for Chapter 11 protection in the U.S. on Thursday and sank in a market crash with exchange FTX and lender BlockFi. .
Genesis Global Capital, one of the top cryptocurrency lenders, suspended redemptions for customers on November 16th. This was on the heels of the failure of regulated exchange FTX. This has created a negative atmosphere in the cryptocurrency market and fueled fears that more companies will follow suit.
So far, this news has had little impact on the crypto market.
COVID-19 in China
The rising number of COVID-19 cases in China, which casts doubt on the near-term economic outlook, was also seen as a factor affecting the Bitcoin market. This was therefore seen as a key factor in preventing further Bitcoin price increases.
Bitcoin surge boosts profit margins for miners
Bitcoin mining activity has been greatly aided by the continued rise in Bitcoin, which reached a yearly high of $22,687 on that day.
Bitcoin miners with net positive balances at the end of 2022 are seeing increased company stability, aided by rising cryptocurrency prices and network hashrates.
As a result, this was seen as another positive factor indicative of BTC’s rise.
bitcoin price
in today’s live Bitcoin The price is $22,595.43 with a 24-hour trading volume of $29 million. Currently, BTC is trading at 7.70% of him, with a market cap of $435 billion, making him #1 on Coinmarketcap.
Bitcoin is currently just below the $22,600 mark. On the daily timeframe, Bitcoin forms a bullish candle, suggesting the uptrend may continue.Above $22,600, price hits $23,000 or $25,150 levels There is a possibility.
On the downside, Bitcoin’s near-term support dominates at $21,500 and a further break below this level could expose it towards $20,000.
ethereum price
of ethereum Today’s price is $1,648 with a 24-hour trading volume of $8.8 billion. The currency has risen 7% in the last 24 hours and currently ranks second in terms of overall market capitalization with $201 billion.
On Jan 21, the ETH/USD pair is facing stiff resistance near $1,680. A closing candlestick below this level supports a potential bearish correction, especially due to the blundering candlestick that ETH closed below the $1,680 resistance.
On the downside, the ETH/USD pair may find support near $1,610. If ETH manages to close the candle above this level, we would expect it to bounce back above this level.
If the price closes above $1,610, you might get a long trade, so keep an eye out for it.
3 coins to watch out for during the presale: return them before everyone else does!
Investing in altcoins during the pre-sale stage is beneficial for investors who prepare and carry out proper research and recommendations. They will be able to take advantage of the potential of these coins.
Fight Out (FGHT)
fight out A convenient and cost-effective way to stay healthy. Purchasing FightOut tokens provides low-cost access to expert personal training services, allowing those on a tight budget to reap the benefits of exercise.
Despite being a new fitness app from Move2Earn’s strong feature line-up, it’s a unique ability to track your body and movements. Mental fitness, NFT avatars and social competition features set him apart from other M2E programs. Real-time tracking of users’ performance in Fight Out allows people to monitor and track their progress in strength, cardio endurance, and more.
As a user, you can also compete with friends of similar skill level. When you actually complete your goals, your avatar will level up like me. Earn rewards in preparation for battles with other users’ avatars.
Investors are choosing the Fight Out $FGHT cryptocurrency for its promising concept and impressive pre-sale bonuses that vary from 50% to more depending on the amount invested.
With partners such as LBank Labs, Cryptonews.com, Transak and BlockMedia Labs providing operational and financial support, the project is poised for success and has already raised over $3 million to date.
FGHT will be on sale for a limited time. If you are considering investing, act fast and take advantage of this opportunity.
C+ Charge (CCHG)
C+ charge is launching a groundbreaking online payment system for electric vehicle (EV) owners. This will allow the user to convert the initial fee into credits that can be exchanged for carbon his credits. The ultimate goal is to significantly reduce greenhouse gas emissions from car travel.
The potential of this technology is completely game-changing and therefore has the power to completely transform the carbon credit market. This allows a wider range of companies to participate and increases the value of companies.
VCM is projected to reach $100 billion by 2030, making it a booming investment opportunity for businesses. C+Charge has raised over $344,000 in presales, indicating a strong demand for VCM.
Metamasters Guild (MEMAG)
of Metamasters Guild It jumped from $200,000 to a staggering $550,000 in just a few days. This significant increase indicates a high level of public confidence in the company’s future growth and profitability. In Q3 2023, Meta Masters Guild will release its first mobile game.
The MEMAG network has been around for some time, allowing users to stake, create and manage their own cryptocurrencies in addition to trading on public exchanges. He also develops games that allow users to earn rewards by playing and games that utilize his Web3, an Ethereum compatible system.
Currently, the MEMAG investment process begins with the purchase of $10 worth of MEMAG tokens. Participating in the presale will give you 1 token for just $0.01. Opportunities for early investors to participate are limited.
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