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Is Asia Responsible for the Bitcoin Price Increase?

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Bitcoin Price

The recent evidence provided by crypto experts indicates that Asian markets might be the ones responsible for the Bitcoin price surge that propelled the crypto to today’s heights.

Bitcoin (BTC) rise caused by Asian markets

Bitcoin’s recent price surge has led many investors to rejoice and believe that Bitcoin is finally reaching higher levels of stability. However, the analysts still wanted to find out what may have caused such a behavior. Many of them were ready to believe that this was only a short squeeze, while others claimed that it happened due to expectations of the SEC’s pending decision regarding the BTC ETF.

Now, two analysts, ADVFN’s Clem Chambers, and eToro’s Mati Greenspan may have found the real reason behind the price spike. According to them, the price rose due to a considerable increase in BTC trading volume in the Asian market.

Greenspan, who is eToro’s senior analyst, believes that both Japan and Korea have seen a significant volume rise at the same time when Bitcoin rose above $8,000. He even posted evidence of this in an entire series of tweets.

Additionally, the American market’s trading volume has remained pretty consistent. This might be a pretty large discovery, especially considering that the Asian market’s behavior also had a very serious role in the late 2017 crypto price increase. Back then, Bitcoin managed to reach as high as $20,000 per coin. Obviously, the Asian market’s influence is not to be ignored.

BTC more interesting than gold itself?

As for ADVFN’s CEO, Clem Chambers, the new price surge might have been a consequence of the Chinese investors trying to secure their Bitcoin funds, while preparing for the currency devaluation. After all, China and the US seem to be stuck in an endless trade standoff. If the currency devaluation does arrive, the price surge of Bitcoin might still remain.

Chambers stated that the trade wars might enter meltdown, which will cause BTC to ‘moon’. This is due to the fact that the wealthy Chinese BTC investors might buy even more crypto in an attempt to evade serious losses during the devaluation of yuan. According to him, if something like this does come to pass, the rich in China will rather go to Bitcoin than buy gold.

The performance of Bitcoin over gold has become almost a usual occurrence in China lately. This has brought up a new angle of looking at BTC’s status in this country. Bitcoin has always had a nickname of ‘digital gold’, and now it seems that this might become the truth.

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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.

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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.

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Bitcoin

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%.

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Bitcoin

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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