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Bitcoin and cryptocurrency market bull run in the offing

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In the wake of the latest price appreciation of the leading cryptocurrencies such as Bitcoin, many crypto pundits and experts are trying to come up with reasonable explanations on the sudden price movement being witnessed in the market. Some analysts are leaning towards a short squeeze argument while others argue that the rumors doing rounds on an imminent BTC ETF pronouncement from the SEC have been the driving force behind the new market hype.

For Bitcoin prices, first it was trading at 6,000 US dollars a few months ago, then the number one digital coin skyrocketed to exchange at 8,000 US dollars a few weeks ago. Today, Bitcoin is trading at about 8,176 US dollars per coin (even after the ETF rejection by SEC), a huge difference from its initial value of 5,849 US dollars in June.

Even though the prices have shaken a bit after SEC thrown BTC ETF case file in the air, currently, Bitcoin is on an upward trajectory and back on winning ways once again. In the last one month, the market has witnessed the prices of virtual currency rising by 33 percent and appreciating by 20 percent within the last few days (until the Bitcoin ETF wasn’t rejected).

However, the question many investors are asking is the present value increase foretell the start of another market rally for Bitcoin and other major virtual currencies?

The Price Surge Case for Bitcoin

Protagonists of Bitcoin are standing on their ground and claiming the number one ranked digital currency’s price surge could be the starting point of a bull run that is similar to the one that was witnessed in the latter quarter of last year when digital currency’s value hiked to almost 20,000 US dollars.

According to the CEO and founder of a cryptocurrency-focused investment company, BKLM LLC, Brian Kelly, while talking to CNBC, big traders and sellers have exited from the virtual currency space leading to the drawdown of Bitcoin’s prices.

However, due to Bitcoin’s exchanging share of the overall virtual currency markets, Bitcoin’s dominance in the crypto market space has increased and solidified remarkably. The more investors exchange using BTC, the stronger it becomes. The last few weeks has seen the cryptocurrency’s dominance rate move up, signaling investor confidence and trading into cryptocurrency.

News development has also played a significant role in propelling Bitcoin and cryptocurrency market in general into the mainstream consciousness. I am talking about the news such as:

Pantera Capital announces lifetime returns of more than 10,000 percent

Recently, major digital currency investment company, Pantera Capital disclosed to the world a mind-blowing return of more than 10,000% on its fund. Announcing the news during their 5th year anniversary, Pantera shocked the market airwaves with their pronouncements via email of their envious returns with the company still bullish on Bitcoin and are likely to continue investing in the number one cryptocurrency in the market.

Pantera is devoted to some leading distributed ledge companies and virtual currencies, with its portfolio reading names such as Zcash, Korbit, Bitstamp, Ox, and Polychain.

Other Cryptocurrency news such as the HashFlare Bitcoin mining resumption news, Coinbase Internal probe, and Bitcoin cash allegations are positively impacting Bitcoin prices and the general cryptocurrency market. A majority of the top ten cryptos in the market are starting to make a come-back, we are carefully monitoring the situation, but a continued price surge is expected in the market.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Maxpixel.net

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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