Bitcoin (BTC), the largest and most popular cryptocurrency in the world, continued its strong winning streak and reached its highest level since mid-September at around 22,687. Meanwhile, the second largest cryptocurrency Ethereum (ETH) is also experiencing a strong rally as it rose about 7% to $1,656, hitting a four-month high.
The rise of ETH can be attributed to the risk-on sentiment in the cryptocurrency market, which supported all digital coins, including BTC and ETH.
Despite the news that Genesis Global Holdco LLC, the company that owns cryptocurrency lender Genesis Global Capital, filed for Chapter 11 bankruptcy, the cryptocurrency market continues to rise. This could be because investors have already priced in the company’s future issues.
It is worth recalling that the Genesis company suffered from the consequences of the collapse of the crypto exchange FTX and, more recently, the crypto hedge fund Three Arrows Capital, which occurred at the end of June.
The mood of the global cryptocurrency market
The global cryptocurrency market continued its upward trend and once again crossed the $1 trillion barrier. However, the recent growth can be attributed to institutional investors who have long held the largest digital asset.
This increased demand for Bitcoin has pushed up the price of the coin.
Another factor supporting the cryptocurrency market is the increased likelihood that the Federal Open Market Committee (FOMC) will raise rates by just 25 basis points (0.25 percentage points) at its upcoming meeting in February, tempering a 50 basis point increase points, which was observed in December.
According to CME’s FedWatch tool, the Federal Open Market Committee (FOMC) now forecasts a rate hike of just 25 basis points (0.25 percentage point) at its next meeting in February. This was considered a significant factor in the upswing in sentiment in the crypto market and contributed to the sharp rise in Bitcoin prices.
Genesis declares bankruptcy
Credit unit Genesis filed for Chapter 11 bankruptcy protection in the United States on Thursday, owing at least $3.4 billion to creditors after being sunk by the market collapse with exchange FTX and lender BlockFi.
Genesis Global Capital, one of the leading crypto lenders, suspended repayments to clients on November 16, just after the crash of the regulated exchange FTX, which sent negative sentiment into the cryptocurrency market, fueling fears that more companies could follow suit.
So far, this news has had little impact on the crypto market.
COVID-19 in China
The rise in the number of COVID-19 cases in China, which has raised doubts about its near-term economic prospects, was also seen as a factor affecting the Bitcoin market. As such, this was seen as a key element that prevented Bitcoin’s price from rising further.
Bitcoin’s surge boosts miners’ profitability
Bitcoin mining activity has been greatly boosted by the steady rise of Bitcoin, which has seen the price of Bitcoin hit a one-year high of $22,687 per day.
Bitcoin miners with a net positive balance at the end of 2022 are helped by the increase in the price of the cryptocurrency and the hashrate of the network, which increases the stability of the company.
As a result, this was seen as another positive factor showing the rise of BTC.
Bitcoin price
At today’s real price bitcoin the price is $22,595.43, and the 24-hour trading volume was $29 million. Right now, BTC is trading at 7.70%, which puts it at #1 on coinmarketcap with a market cap of $435 billion.
Bitcoin is currently holding just below the $22,600 mark. On the daily timeframe, Bitcoin formed a bullish engulfing candle, which indicates that there is a chance for the continuation of the uptrend. A break above the $22,600 level could take the price towards the $23,000 or $25,150 levels.
On the downside, Bitcoin’s immediate support prevails at $21,500, and a further drop below that level could take it to $20,000.
Ethereum price
Price Ethereum today is $1,648, with a 24-hour trading volume of $8.8 billion. The currency has gained 7% in the last 24 hours and currently ranks second with a total market capitalization of $201 billion.
On January 21, the ETH/USD pair faces strong resistance near the $1,680 level. Candles closing below this level supports the chances of a bearish correction, especially due to the doji candle that ETH closed below the $1680 resistance.
On the downside, the ETH/USD pair may find support around $1,610. If ETH manages to close the candles above this level, then a bounce above this level can be expected.
Let’s keep an eye on $1,610 as a close above that could give us a potential buy deal.
3 Coins to Look Out for in the Presale: Get Back Before Everyone Does!
Investing in altcoins during the pre-sale stage is beneficial for investors who prepare and perform the appropriate research and recommendations. They will be able to take advantage of the potential of these coins.
Fight Out (FGHT)
Fight Out is a convenient and cost-effective way to stay in shape. By purchasing their FightOut tokens, you will gain access to expert personal training services at a low cost, allowing even those on a tight budget to reap the benefits of exercise.
While the new Move2Earn fitness app has a strong feature set, its unique ability to track fitness and fitness metrics. mental training, as well as their NFT Avatar and social competition feature that sets them apart from other M2E programs. Fight Out’s real-time user performance tracking allows people to monitor and track their progress in strength, cardiovascular endurance, and more.
As a user, you can even compete with friends of a similar skill level. When you reach a goal, your avatar levels up, just like mine did – preparing it for possible battles with other users’ avatars for rewards.
Investors choose Fight Out $FGHT cryptocurrency with its promising concept and impressive pre-sale bonuses that can range from 50% to even more depending on how much you invest.
With partners like LBank Labs, Cryptonews.com, Transak, and BlockMedia Labs offering operational and financial support, the project is poised for success and has already raised over $3 million.
C+Charge (CCHG)
C+Charge is launching a revolutionary online payment system for people who own electric vehicles (EVs). This will allow users to convert their initial payment into credits that can be exchanged for carbon credits. The ultimate goal is to significantly reduce greenhouse gas emissions from car travel.
Because of the game-changing potential of this technology, it has the potential to completely change the market for carbon credits. This allows a wide range of companies to participate and adds more value to them.
VCM is projected to reach $100 billion by 2030, making it a booming investment opportunity for businesses. C+Charge raised more than $344,000 in the presale, indicating strong demand for VCM.
Meta Masters Guild (MEMAG)
Guild Masters of Meta skyrocketed from $200,000 to a staggering $550,000 in just a few days. This significant growth indicates a high level of public confidence in the future development of the company and its ability to generate income. In the third quarter of 2023, Meta Masters Guild will release its first mobile game.
The MEMAG network has been around for some time, allowing users to create and manage their own cryptocurrencies in addition to trading on a public exchange. They also develop games that allow users to earn rewards for playing, as well as games that run on Web3, an Ethereum-compatible system.
As now, the process of investing in MEMAG starts with the purchase of MEMAG tokens worth $10. If you participate in the presale, 1 token is offered for only $0.01. USA; early investors have limited opportunities to participate.
