Market picture

Bitcoin jumped 24% last week to close at $28,000. Ethereum added 16.2% to $1800. Other leading altcoins in the top 10 gained between 6.6% (Polkadot) and 19.3% (BNB).

The total capitalisation of the crypto market, according to CoinMarketCap, rose 14% over the week to $1.17 trillion.

Last week proved to be the best week for bitcoin in the last five years, since February 2018. BTC rose sharply along with gold as market participants began to see it as a safe haven for capital amid problems with banks.

At the same time, bitcoin's positive traction has been boosted by technical factors. Having found itself in the $25,000+ territory, the first cryptocurrency appears to be facing an impressive short squeeze.

As is often the case with cryptocurrencies, they only become attractive to speculators after strong moves. The recent momentum still has some upside potential. The 30,000 area was a significant support for a year and a half until the middle of last year and now has a high chance of acting as resistance. As we approach the 30,000 level, we should be prepared for the bulls to start taking massive profits, much as we have seen since the second half of February.

News background

Ryan Selkis, CEO of analyst firm Messari, has predicted that the first cryptocurrency will hit $100,000 within 12 months. He sees bitcoin as a safe investment amid problems in the US economy.

Moody's believes that the recent decoupling of USD Coin (USDC) from the US dollar could hinder the development of stablecoin and lead to tighter regulation.

Cryptocurrency exchange Coinbase is exploring the possibility of creating a new trading platform outside of US jurisdiction, Bloomberg reports. Launching an offshore exchange would allow Coinbase to insulate itself from hostile US regulation and offer international customers new products that are not approved in its home market.

Ethereum co-founder Vitalik Buterin has called for self-storage of digital assets. He said that he personally and the Ethereum Foundation use the MultiSig wallet to store most of their funds.


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP