Crypto

BTC and ETH Bull Run Resume After FOMC Meeting, BTC Reaches 6-week High -by Ecork

Key coding points:

  • Bitcoinsrice performance takes on increasingly higher resistance levels,July gains could top 20%.
  • EthereumDrDevelopers sound-yop merge Testnet DrEthyls, Ethyls up 14%.
  • Ethereum Witnessing a huge surge in title activity, surpassing all-time highs.

Bitcoin, Ethereum and Alt-Coins: A Brief History of Crypto Winters

cRypto investors liked what they heard recently about inflation-busting efforts and the potential economic path forward, as bitcoin, ether and most other major digital assets rose well for the third day in a row. We are approaching the weekend.

Bitcoin (BTC)It recently traded at nearly $23,900, up more than 4% in the past 24 hours as markets continued to embrace recent steps taken by the US central bank to suppress inflation and indicators that the economy is slowing but not falling into recession. The largest cryptocurrency by market cap broke out at $24,000 for the first time in over a week simultaneously though we GDP fell more sharply than expected. Large institutions have sold at least 236,000 bitcoins over the past two months, leading to selling pressure that has sent the bitcoin price down. The rally since bottoming appears to indicate that the effects are over for now.

The Fear and Greed Index briefly hit a high of 34 last week as a strong recovery in the cryptocurrency market increased optimism among investors.

Source: Arcane Research

ETH Sees Huge Rise in Address Activity, Outperforming All Time

Ethereum (ETH)The second largest cryptocurrency by market capitalization after Bitcoin, jumped over $1,700 for the first time since early June. Other major cryptocurrencies were deeply in the green with both ETC and BCH up more than 20% at one point. IAn estimated 1.06 million ETH addresses have been madeTuesday alone. That’s a 48% increase over the previous record, but the team is still not sure what led to this spike in activity.ETH 24-hour trading volume is also up 47.30% and now stands at $24,877,953,626.

Merge update

Tim Peko, the lead developer of Ethereum, has announced the final details of the network’s last rehearsal ahead of the final testing phase of “merging”. Last proof of stake The testnet transmission will be on Goerli’s test network.

According to the July 27 announcement, Prater, Goerli’s version of the Beacon Chain will be merging with the testnet between August 6 and 12 in an upgrade called Paris. However, a pre-release upgrade called Bellatrix that is scheduled to occur on August 4th prepares Prater to merge with Goerl should occur.

Economic and regulatory uncertainty remains a threat

Thursday’s GDP report raised more uncertainty about a global economy that has suffered one punch in the stomach after another for more than nine months. However, many economists – and even Federal Reserve Chairman Jerome Powell and US Treasury Secretary Janet Yellen – have refrained from calling for a recession because other factors such as the labor market are showing signs of a strong economy. Both the government and the Federal Reserve Board of the National Bureau of Economic Research (NBER) acquiesced in the recession declaration, which takes into account employment, personal income and industrial production, as well as gross domestic product. On Wednesday, investors reacted positively to the 75 basis point rate hike by the US central bank and Powell’s cautious indications that the Fed may not have to raise rates within a few months.

Meanwhile, regulatory scrutiny continues to escalate Coinbase Global Inc. Facing an American investigation on whether it improperly allowed Americans to trade digital assets that should have been registered as securities, according to people familiar with the matter.

Meanwhile, the call for crypto names was prolonged on Thursday with crypto exchange Zipmex filing in Singapore for protection amid the threat of legal action from creditors. Zipmex’s attorneys, Morgan Lewis Stamford, filed five motions on July 22 on behalf of the company’s various entities seeking a stay of legal action for up to six months.

BTCUSD daily chart

Next week: Bitcoin, ETH Bull Run Resume After FOMC Meeting, BTC Reaches 6-week High

source: TradingViewPrepared by Zain Fouda

Final thoughts and next week

Market reaction after the Fed rate hike announcement once again demonstrated the resilience of Bitcoin as risk appetite returns to the markets. The short-term outlook for Bitcoin remains bullish, as we just hit a new high on the daily time frame. Immediate support remains at $22,800, while a daily candlestick close below $21,100 (latest swing low) will nullify the buying opportunities. The 100-SMA It is currently still on the horizon around the $27,200 area.

As investors and most importantly US Federal Reserve He continues to monitor the data closely and sentiment seems to change after each release at the moment when we have some big events that could lead to volatility next week. we have bUsage survey results and jobs report accrued which would give the markets another important data point going forward. Poor performance in both versionscould Confirm that the economy is slowing down too fastwhich increases the willingness to risk again.

Written by Zain Fouda for DailyFX.com

Connect with Zain and follow her on Twitter: Tweet embed

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