Bitcoin, the world’s largest cryptocurrency by market capitalization, recently made headlines by breaking through the $27,000 barrier for the first time. This price surge has reignited speculation about Bitcoin’s next direction, with many analysts and investors offering their predictions.
Similarly, Ethereum also attracted strong buying interest, with its value increasing by 24.75% to hit the $1,794 mark. However, the reason for this rally higher can be attributed to the impact of US inflation, rather than hyperinflation.
This indicates that the value of the US dollar is falling, which should encourage investors to look for other forms of currency to protect their assets.
As a result, Bitcoin, which is decentralized and not connected to any government, could be seen as a more stable investment option, thereby increasing demand and driving up the price even further.
Additionally, former Coinbase CTO Balaji Srinivasan’s bullish prediction that Bitcoin’s value will hit $1 million in the next 90 days was seen as a major price-determining factor. cryptocurrency.
This optimistic comment should motivate more investors to buy Bitcoin, which will stimulate demand and drive the price even higher.
Wave of risk in the cryptocurrency market amid the US financial crisis
The global cryptocurrency market continued to show bullish sentiment and is still on the rise, reaching over $1.16 trillion. However, the ongoing financial crisis in the United States, particularly the upheaval in the banking sector, has prompted investors to look to cryptocurrency as an alternative.
It should be noted that the recent bankruptcy of Silvergate, a financial services provider for cryptocurrency companies, as well as the government’s acquisition of insolvent banks like Silicon Valley Bank and Signature Bank, have created challenges for companies. banks associated with cryptocurrency.
Therefore, these crises have highlighted the effectiveness of cryptocurrencies, which have emerged as a safe haven during the ongoing financial crisis in the United States.
It is important to note that investors are looking for alternative options to protect their funds, and Bitcoin, being decentralized and ungoverned, seems to meet these criteria and is considered a more reliable investment option.
As a result, the crypto market trended higher, with Bitcoin and other cryptocurrencies reaching new multi-month highs.
Bitcoin Continues to Rise, Analysis Suggests Further Growth Potential
Since Wednesday, the price of Bitcoin has steadily increased, recently surpassing $27,000, leading to an increase in profitable trades on the BTC network compared to those that are not.
Additionally, a new research report by CryptoQuant author and analyst Ankur Banerjee, using Elliott Waves analysis approach, indicates that Bitcoin, the world’s largest cryptocurrency, has the potential for a further growth in value.
This optimistic forecast is likely to increase the demand for Bitcoin and push its price higher as investors may view it as a potentially profitable investment option.
Former Coinbase CTO Places $2 Million Bitcoin Bet to Hit $1 Million
Balaji Srinivasan bet $2 million on Bitcoin price reaching $1 million by June 17. Balaji S. Srinivasan is an American businessman and investor. He was the former CTO of Coinbase and co-founder of Counsyl.
Balaji Srinivasan placed a $2 million bet on Bitcoin reaching $1 million in value, citing his belief that hyperinflation in the US will make BTC more attractive. If Bitcoin fails to reach the $1 million mark, Srinivasan will lose the bet and will have to pay 1 BTC and $1 million in USDC to the person who placed the bet.
However, if Bitcoin’s price reaches $1 million, Srinivasan will receive 1 BTC and $1 million in USDC, potentially attracting more investors to the cryptocurrency.
bitcoin price
Bitcoin is currently trading at $27,200 with a 24-hour trading volume of $32.3 billion. Bitcoin has fallen 0.64% in the past 24 hours. On the technical side, the BTC/USD pair is trading with a bullish bias, facing immediate resistance at the $27,740 level.
On the upside, if there is an upside break of the $27,740 level, it could potentially propel the price of BTC towards the $29,000 or $30,700 mark. Meanwhile, the support levels hold at around $26,600 and $25,200.
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Top 15 cryptocurrencies to watch in 2023
Industry Talk has compiled a list of the top 15 cryptocurrencies to watch in 2023, with insights from experts at Cryptonews. Whether you are a seasoned crypto investor or new to the market, this list provides valuable information on promising altcoins that could potentially have a significant impact on the industry.
Stay up to date with new ICO projects and altcoins by checking back regularly.
Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.
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