Bitcoin (BTC) and Ethereum (ETH) have seen significant price jumps over the past seven days, with Bitcoin up more than 35% and Ethereum up more than 25%. This boost in the crypto market has sparked the interest of investors, who want to know how far these cryptocurrencies can go.
The significant increase in the value of Bitcoin can be attributed to actions aimed at improving the financial system. Moreover, increased investor optimism in the potential for US interest rate cuts later this year also played a role in supporting Bitcoin’s gains.
Ethereum, ranked as the second largest cryptocurrency in terms of market capitalization, has witnessed a significant increase in its value. It is currently trading at $1,809.90, with a 24-hour trading volume of $12,940,582,584. This rise in the price of ETH indicates a bullish trend in the cryptocurrency market.
From now to 2023, the value of Bitcoin has increased by an impressive 55%, which is quite a feat in such a short time. The current capitalization of the global crypto market has reached 1.17 trillion dollars, which shows an increase of 5.41% compared to the previous day.
Regulators Urge Credit Suisse and UBS to Merge, Bitcoin Prices Rise as Investors Seek Safe Haven
Credit Suisse Group AG faces a critical weekend as authorities urge the failed Swiss lender to consider a merger with rival bank UBS AG. However, both banks have shown reluctance to merge, and regulators have no power to force a merger.
It is worth noting that over the weekend Credit Suisse CFO Dixit Joshi and his team will gather to discuss the company’s potential future from a strategic perspective.
The global financial market was affected by this news, which raised concerns about the health of the banking industry around the world, and especially in Switzerland.
There has been a flight to safety into commodities like gold and cryptocurrencies like Bitcoin as investors grow more concerned about the current market environment.
The result has been a significant increase in the value of Bitcoin, a cryptocurrency widely regarded as the digital equivalent of gold. It is important to remember that this development is unlikely to have a long-lasting effect on Bitcoin prices or the cryptocurrency market as a whole.
The US dollar falls as investors seek safe-haven assets like Bitcoin amid economic uncertainty
The broad-based U.S. dollar failed to reverse earlier declines and fell further as investors worried about contagion and a recession after shares in Credit Suisse and First Republic Bank fell.
It is worth noting that fears of contagion prompted US banks to seek a record $153 billion in emergency liquidity from the Federal Reserve. Unfortunately, a $54 billion loan to Credit Suisse and a $30 billion bailout to First Republic did not stop their shares from falling.
As investors become increasingly concerned about the stability of the current financial system, they are turning to alternative safe assets like Bitcoin. This highlights Bitcoin’s role as a hedge against market uncertainty and volatility, particularly during times of economic instability.
Hong Kong is emerging as a global crypto hub, driving Bitcoin adoption
Hong Kong is rapidly emerging as a crypto powerhouse, as its cryptocurrency-centric policies continue to attract the attention of global companies in the industry.
In recent news, Signum Digital’s security token offering (STO) and subscription platform have received in-principle approval from the Securities and Exchange Commission (SFC) of Hong Kong, highlighting Hong Kong’s potential to be a leading destination for crypto-related companies.
These developments are likely to have a positive impact on the price of Bitcoin, as more and more companies flock to Hong Kong, the demand for the cryptocurrency is likely to increase.
In addition, the growing popularity of security tokens, which are built on blockchain technology and represent ownership of tangible assets, is expected to drive the adoption of cryptocurrencies, particularly Bitcoin.
The price of Bitcoin
After a brief consolidation around $26,500, Bitcoin price experienced a sharp decline, leading to a short-term downtrend as it fell below the $25,000 and $25,500 support levels.
On Saturday, the BTC/USD pair is trading with a strong bullish bias and is facing immediate resistance near the $27,750 level. If there is a bullish breakout above the $27,750 level, it could push the price of Bitcoin towards the $30,750 milestone.
However, if it fails to break the $27,750 level, a sell-off may occur, potentially pushing the price to $25,200 or even $23,020.
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Ethereum price
On Saturday, the ETH/USD pair is trading with a strong bullish bias, as it formed bullish candles that are engulfing bullish values that support a buying trend. On the other hand, the ETH/USD pair surpassed the 1795 level and is likely to face immediate resistance at the $1900 level.
On the downside, the ETH/USD pair is likely to find immediate support at $1,700 or $1,620.
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Top 15 Cryptocurrencies to Watch in 2023
Check out Cryptonews’ Industry Talk team’s curated list of the top 15 altcoins to watch in 2023. The list is frequently updated with new ICO projects and altcoins, so check back often for the latest updates.
Disclaimer: The Industry Talk section contains insights from players in the crypto industry and is not part of the editorial content of Cryptonews.com.
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