From a technical perspective, Bitcoin is still holding above key previous-resistance-turned-support at $28.6K, despite today’s dip. While we wouldn’t be surprised to see today’s drop extend toward that level, longer-term accumulators may look to step in before we see too steep of a dip given the rising 50- and 200-day EMAs. Crypto spike The price of bitcoin has been on a tear in recent weeks, but for crypto-industry boosters in Washington, the price gains are cold comfort, as their influence in the nation’s capitol appears to be waning.
Why is crypto rising
The first exchange platforms for bitcoins opened in 2010. Since then, its market cap has increased more than one million percent, making it the best performing asset of the decade from any asset class. This growth has gradually slowed but continues today, since Bitcoin’s value in 2020 has increased over 300%. FTX price prediction: No hope of recovery, say pundits Bitcoin was trading 0.64% lower at $39,648 at 11:41 am, while Ethereum was down 5.34% at $2,219. Other altcoins, like BNB and Polygon, fell over 5% each. Litecoin, Chainlink, Tron, Dogecoin, and Cardano dropped 2-4%.The total volume in DeFi is currently $5.96 billion, 8.04% of the total crypto market 24-hour volume. The volume of all stablecoins is now $67.7 billion, which is 91.31% of the total crypto market 24-hour volume.
Bitcoin price tracking ahead of the past 2 halvings — now 3 months to go
Markets tend to have symmetry with these types of moves. We could see a scenario where the speed of the recovery matches the speed of the decline. We don't think the fundamental story has changed over the balance of the year. We think many institutions and retail investors who were eyeing crypto will use this as an opportunity to get more involved at more attractive levels. We're maintaining our price targets on both Bitcoin and Ethereum. Important information One way to implement CBDCs would be for citizens to have accounts directly with the central bank . This would give governments powerful new ways of managing the economy—stimulus payments and other benefits could be credited to people directly, for example—and the central bank’s imprimatur would make CBDCs a safe digital asset to hold. But their introduction could also create new problems, experts say, by centralizing an enormous amount of power, data, and risk within a single bank and potentially compromising privacy and cybersecurity.
Bitcoin dip coming
Bitcoin has become a hot topic again for investors. Last week’s stamp of approval from the SEC for a slew of spot Bitcoin ETFs was one of the most widely anticipated events in the history of cryptocurrency. It brought with it a great deal of volatility. Some viewed it as a “Sell the news” event with speculators pumping prices up ahead of the news. Sign up for a Gemini account What Caused Today’s Spike in the Crypto Market? Expert Insights
