Bitcoin (BTC), the world’s largest and most popular cryptocurrency, has prolonged its strong winning streak and reached its highest level since mid-September, about 22,687. Meanwhile, the second largest cryptocurrency Ethereum (ETH), is also experiencing a significant rise as It has increased by roughly 7% to $1,656, reaching a four-month high.
The rally for ETH could be attributed to the risk-on sentiment in the cryptocurrency market, which has supported all digital coins, including BTC and ETH.
Despite news that Genesis Global Holdco LLC, the company that owns cryptocurrency lender Genesis Global Capital, has filed for Chapter 11 bankruptcy, the cryptocurrency market has continued to rise. This might be because investors had already priced in the company’s impending issues.
It’s worth recalling that the Genesis company was affected by the aftermath of the failures of the crypto exchange FTX and, more recently, the crypto hedge fund Three Arrows Capital, which both occurred in late June.
Global Crypto Market Mood
The global cryptocurrency market extended its upward trend and broke beyond the $1 trillion barrier once again. However, the recent uptick might be linked to institutional investors who have been long-term holders of the largest digital asset.
This increased demand for Bitcoin has driven up the price of the coin.
Another factor supporting the cryptocurrency market is the increased likelihood that the Federal Open Market Committee (FOMC) will only raise rates by 25 basis points (0.25 percentage points) at its upcoming meeting in February, easing from the 50 basis point increases seen in December.
According to the CME FedWatch tool, the Federal Open Market Committee (FOMC) is now forecast to raise rates by only 25 basis points (0.25 percentage points) at its next meeting in February. This was regarded as a significant factor in boosting crypto market sentiment and contributing to the surge in Bitcoin prices.
Genesis Declares Bankruptcy
Genesis’ lending unit filed for Chapter 11 bankruptcy protection in the United States on Thursday, owing creditors at least $3.4 billion after being sunk by a market collapse with exchange FTX and lender BlockFi.
Genesis Global Capital, one of the top crypto lenders, suspended client redemptions on November 16th, right after the failure of regulated exchange FTX, which sent negative vibes through the crypto asset market, fueling fears that more firms might follow suit.
This news has had little influence on the crypto market thus far.
COVID-19 In China
The rising number of COVID-19 cases in China, which has raised questions about its near-term economic prospects, was also seen as an affecting factor for the bitcoin market. Thus, this was regarded as a crucial element that prevented further price increases for bitcoin.
Bitcoin’s Surge Boosts Miner Profit Margins
BTC mining activities have been greatly helped by the ongoing Bitcoin rise, which saw the BTC price reach an annual high of $22,687 on the day.
Bitcoin miners who have net-positive balances at the end of 2022 are being helped by a boost in the price of the cryptocurrency and the network’s hashrate, which is enhancing company stability.
As a result, this was viewed as yet another positive factor demonstrating BTC’s upward rise.
In today’s live Bitcoin price, the price is $22,595.43 and there has been a 24-hour trading volume of $29 million. Right now, BTC is trading at 7.70% which puts it in the 1 spot on coinmarketcap, with a market cap of $435 billion.
Bitcoin is now holding just below the $22,600 mark. On the daily timeframe, Bitcoin has formed a bullish engulfing candle which suggests that there is a chance for an uptrend continuation. Breakout above $22,600 level can expose price towards $23,000 or $25,150 levels.
On the lower side, Bitcoin’s immediate support prevails at $21,500 and an additional drop below this level can expose it towards $20,000.
The Ethereum price today is $1,648 and has a 24-hour trading volume of $8.8 billion. The currency has seen a 7% increase in the last 24 hours and is currently ranked #2 with an overall market cap of $201 billion
On January 21, the ETH/USD pair is facing strong resistance near $1,680 level. Closing of candles under this level are supporting the chances of a bearish correction, especially because of the doji candle that ETH has closed under $1,680 resistance.
On the lower side, the ETH/USD pair may gain support near $1,610. If ETH manages to close candles above this level, then bounce-off can be expected above this level.
Let’s keep an eye on $1,610 as closing above this we could have the potential to capture a buying trade.
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Fight Out (FGHT)
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Meta Masters Guild (MEMAG)
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