Bitcoin’s value exceeded the $ 66,895 threshold in October for the first time in history.
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Bitcoin prices have taken a bit of relief this week as investors wanted the worst of the cryptocurrency liquidity crisis to end.
By Friday, Bitcoin has risen about 11% that week, at the highest pace of the week since October, according to Coin Metrics. The price temporarily rose to $ 22,478.37, up from a low of about $ 17,000 in June.
According to CoinMetrics, the day traded more than 1% higher at $ 21,903.00 around 11:30 am.
Felix Hartman, Managing Partner of Hartman Capital, said: “Three arrows Bankruptcy filing It was like the last pin in it. ”
Three Arrows, a crypto-focused hedge fund Bankruptcy last week After a sharp fall in digital currency prices exposed the company’s liquidity crisis.
Hartman added that market transmission could spread to smaller crypto exchanges and funds, but the larger and more influential dominoes will not fall. He said the market is likely to double if the crypto industry can move forward for a month without bad news or bankruptcy.
Still, doing so only brings the Bitcoin price back to April levels. It is currently about 70% below the November high of $ 68,982.20.
In search of stability
Gritt Traklhoon, Titan’s chief crypto analyst, called the weekly rise in Bitcoin a “very necessary” short-term bailout rally following a major surrender back in May. Terra’s stablecoin project has collapsed.. Indeed, as digital currency prices fall and liquidity is squeezed, Cryptographic lender When Other Companies I am suffering again.
Have a lender of last resort like Sambankman Fried Relief some of the embarrassed crypto lenders Mr. Trakulhoon also added that he is providing relief to investors. This week, the CEO of FTX said he and his company still had “billions of dollars.” Supporting companies that are struggling It can further destabilize the digital asset industry.
Trakulhoon said $ 22,500 to $ 23,000 is the resistance level for monitoring Bitcoin. If it exceeds that threshold, it should rise “quite fast” to the next stop: $ 28,000, he added.
Trakx economist Ryan Shea pointed out this week’s news: Federal Reserve Staff Another rate hike said Can be 50 or 75 basis points at the July meeting.. He said it has made investors look “more cautious” about the Fed’s aggressive stance, coupled with increasing signs that the US economy is slowing significantly more than policymakers expected.
“In effect, they are considering raising the price and instead focusing on expectations of the final Fed’s surrender. This is a positive scenario for cryptocurrency prices and, more generally, assets. Is at risk, “says Shea.
