Bitcoin has surpassed the $23170 mark, adding more than 9% in the past 24 hours. Ethereum jumped 13% to $1640. Other leading altcoins in the top 10 have gained between 6% (BNB) and 15% (Polkadot).

The total capitalisation of the crypto market, according to CoinMarketCap, rose 8.9% overnight to $1.06 trillion.

Bitcoin buying picked up sharply on Wednesday following the Fed's decision and subsequent comments. The crypto market has once again proved that it is growing stronger than equities regarding restoring demand for risky assets. While policy tightening is a negative for asset valuation, it was already priced in, and the subsequent relatively neutral signals from Chairman Powell added strength to new buying in equities and cryptocurrencies.

Technically, BTCUSD has moved back above its 50-day moving average in a strong move and continues to rise as of Thursday morning. We will draw attention to the $24K area, where earlier in July, growth momentum stalled. The ability to gain further strength could increase the confidence of the market participants that the bottom is behind us.

The International Monetary Fund (IMF) released a report on the global economy, noting that the fall in the cryptocurrency market has not affected the global financial system's stability. The IMF suggests that the crypto market will undergo a painful transformation, with a string of bankruptcies of cryptocurrency companies continuing.

Katie Wood's ARK Invest fund sold $75m worth of Coinbase shares because of an SEC investigation. The regulator accuses some former top Coinbase executives of insider trading.

According to media reports, the US Treasury suspects cryptocurrency exchange Kraken is violating sanctions against Iran.

The US Consumer Financial Protection Bureau (CFPB) will investigate the use of digital currencies for payments and increase oversight of technology companies as they enter the traditional financial sector.

Tether, the issuer of USDT, the biggest by capitalisation stablecoin, has promised to zero in on commercial paper reserves from the current $3.7bn no later than November and clarified that they do not hold Chinese securities.


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

Sui bulls eyes for a new all-time high of $6.35

Sui bulls eyes for a new all-time high of $6.35

Sui price recovers most of its weekly losses and trades around $5.06 at the time of writing on Friday. On-chain metrics hint at a rally ahead as SUI’s long-to-short ratio reaches the highest level in over a month, and open interest is also rising. 

More Sui News
Bitcoin Weekly Forecast: Room for a recovery or continuation of the pullback?

Bitcoin Weekly Forecast: Room for a recovery or continuation of the pullback?

Bitcoin’s price slightly recovers and trades around $94,700 on Friday after declining nearly 6% earlier this week. US Bitcoin spot Exchange Traded Funds data shows signs of mild recovery, with a total net inflow of $462.2 million until Thursday.

More Bitcoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: All hints for a continuation of the correction

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: All hints for a continuation of the correction

Bitcoin retests its key support level of $92,493; a firm close below it could continue its ongoing correction. Ethereum price closed below its crucial support level of $3,236, suggesting the continuation of the pullback.

More Cryptocurrencies News
XRP funding rates flashes negative, eyes $2.17 following 4% decline

XRP funding rates flashes negative, eyes $2.17 following 4% decline

Ripple's XRP declined 4% on Friday following a decline in its funding rates. The remittance-based token could decline to test the $2.17 support level if the crypto market decline extends.

More Ripple News
Bitcoin: Room for a recovery or continuation of the pullback?

Bitcoin: Room for a recovery or continuation of the pullback?

Bitcoin’s (BTC) price slightly recovers and trades around $94,700 on Friday after declining nearly 6% earlier this week. US Bitcoin spot Exchange Traded Funds (ETF) data shows signs of mild recovery, with a total net inflow of $462.2 million until Thursday. A 10xResearch report released this week projects Bitcoin’s price action for the upcoming major events in January. 

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