Bitcoin and Ethereum experienced a increase of more than 6% in their respective values before the publication of the figures of the index of purchasing managers in manufacturing and services. As investors await the results of these economic indicators, both cryptocurrencies have seen upward momentum in their prices.
Bitcoin, the most important cryptocurrency in the world, managed to stop its decline and attracted new offers above the $28,000 level, registering a gain of almost 2% in the last 24 hourswhile Ethereum also regained the $1,800 mark, in growing by 3% over the same period.
Other popular cryptos like Dogecoin, Ripple, Solana, and Litecoin also saw significant gains during the day.
However, BTC had lost some of its gains the previous day as the Federal Reserve raised interest rateswhich tends to make investing in Bitcoin less attractive.
In effect, rising interest rates could make the US currency more attractiveencouraging consumers to sell Bitcoin and other cryptocurrencies in favor of the dollar.
Interesting fact, BTC declines in value were short-lived and temporaryas renewed interest in futures and options on digital assets has led to a rally in cryptocurrency values.
Renewed Interest in Cryptocurrency Futures and Options Leads to Soaring Bitcoin Prices
There have been reports showing renewed interest in cryptocurrency futures and optionsleading to an increase in the value of digital assets and an increase in derivatives trading volumes.
Consequently, the number of open bitcoin options contracts hit an all-time high. This has led to an “incredible increase” in open interest in Bitcoin, which some investors interpret as a sign of potential new entrants.
The derivatives trading platform Deribit has thus observed an increase in interest, which is partly attributed to the instability of traditional financial institutions. This renewed interest in the digital asset market has led Bitcoin to rise around 70% since the start of the year.
This news had a positive influence on the value of Bitcoinwhich is expected to rise further as open contracts and interest increases.
Furthermore, the higher trading volumes in derivatives trading compared to spot trading suggest that investors are more interested in speculating on bitcoin stocks than to hold them as long-term investments. Following this news, BTC prices are likely to rise further in the short term, especially if more new participants enter the market.
Bitcoin Rebounds Despite Regulatory Concerns and Rising Interest Rates
Despite concerns over regulatory changes and a recent interest rate hike by the US Federal Reserve, Bitcoin has seen an almost 2% increase in value over the past 24 hours. This has led to an overall upward trend in the cryptocurrency market.
The value of Bitcoin has jumped 22% in just one month and more than 65% since the start of the year. The fact that Bitcoin has been able to withstand government pressures and financial instability speaks to its resilience and power in the cryptocurrency market.
This is important news for Bitcoin investors, as it indicates that cryptocurrency may continue to rise and stabilize. Moreover, the current bullish trend in the cryptocurrency market might attract new investors to enter this market.
The price of bitcoin
The current value of Bitcoin is 28,240 dollars and the 24-hour trading volume is $23.4 billion. Bitcoin has aincreased by almost 2% in the last 24 hours. This Friday morning, the BTC/USD pair is consolidating around the $28,000 mark, after breaking above the $27,750 resistance level. If this upward trend continues, Bitcoin’s value has the potential to reach between $29,250 and $30,700.
In the event that Bitcoin falls below the support levels of $26,700 or $25,200, the next level of support can be found at $23,150.
The price of Ethereum
The current price of Ethereum is $1,810with a 24-hour trading volume of $11 billion. In the past 24 hours, Ethereum has gained 3%.
Currently, Ethereum struggling to break above the $1,800 resistance level and is steadily trading above its $1,700 support zone.
If the ETH/USD pair successfully and sharply breaks the $1,800 level, it should encounter a next resistance at the $1,900 level that it can reach without too much difficulty.
On the downside, on the downside, the ETH/USD pair benefits from the support levels at $1,700 or $1,620 which can be fallback prices.
Top 10 Alternatives to Bitcoin and Ethereum to Watch
Cryptonews Reviewed top 10 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are many other projects worth considering.
Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com.
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