- Bitcoin was running in averagely for the past couple of months when suddenly it got closed above its 50-day average. That too, for two consecutive days.
- Some traders said that recent rate increases increased the purchasing demand for cryptocurrencies earlier this week.
Bitcoin Surpassing 24K
Capitalizarea globală de piață a cripto markets have grown 5% within the last one day. We have a good news for all the bitcoin lovers out there. It is that the bitcoin has finally surpassed the 24,000 USD mark and Ether has reached a 1,700 USD level. Bitcoin was running in averagely for the past couple of months when suddenly it got closed above its 50-day average. That too, for two consecutive days.
Speculations say that if the buying pressure remain as it is now, the cripto market will see further rise. Ether has shown a surge of 5%. Solana’s SOL is not performing any worse. It has been up by 7%. There are a lot of traders in the market right now believing that the recovery has come in a time when there is a huge demand for risky assets such as the crypto assets. These traders include FxPro market analyst Alex Kuptsikevich.
The Crypto Economy Boost
Some traders said that recent rate increases increased the purchasing demand for cryptocurrencies earlier this week. The U.S. Federal Reserve raised interest rates by 75 basis points on Wednesday, which sparked a run on the equities and cryptocurrency markets and resulted in the liquidation of more than $200 million worth of crypto futures on Thursday.
According to Damian Scavo, CEO of algorithmic trading platform Streetbeat, the economy perceived the 75-basis-point boost as a bold step that may help cut down inflation faster. Crypto is beginning to have an impact on the stock market and, more broadly, the state of the world economy. It indicates that the cryptocurrency market has reached a particular stage of development.
Source: https://www.thecoinrepublic.com/2022/08/01/the-crypto-market-finally-recovering/