Cryptocurrency Market Rebounds After US Fed Chair’s Announcement
Bitcoin and other crypto tokens saw a surge in prices on Friday following the US Federal Reserve Chair’s statement, which led to an increase in treasury yields. However, amidst the positive market sentiment, the state of New York filed a lawsuit against Digital Currency Group, Genesis Global Capital, and crypto exchange Gemini, alleging fraud amounting to over $1 billion.
Bitcoin and Ethereum Show Modest Gains
Bitcoin experienced a brief period of profit booking before bouncing back on Friday, with the cryptocurrency surging over 3 percent to surpass the $29,000 mark. Ethereum also saw a rise of more than 2 percent but remained below the $1,600 level. Additionally, several altcoins were trading higher during the early morning.
Shifting Narrative in the Crypto Market
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, noted that the cryptocurrency market narrative is shifting towards increasing Bitcoin dominance. He also mentioned the underperformance of Ethereum and other layer 2s. Hudda also highlighted India’s advancements in blockchain technology, with HPCL partnering with Zupple Labs to use its LegitDocs service for automatic verification of purchase orders.
Cryptocurrency Market Cap and Trading Volumes Rise
The global cryptocurrency market cap saw a sharp increase, reaching the $1.11 trillion mark, with a 3 percent surge in the last 24 hours. Additionally, total trading volumes rose approximately 7 percent to $42.60 billion. Bitcoin surpassed the $28,600 mark in response to Jerome Powell’s announcement that the Federal Reserve is likely to maintain current interest rates in November.
Positive Market Sentiment and Technical Analysis
Edul Patel, Co-founder and CEO at Mudrex, highlighted the bullish sentiment in the market, with Bitcoin growing over 8 percent in the past week. He also mentioned Ripple’s price surge following the US SEC’s decision to drop charges against Ripple Labs’ CEO and Chairman.
Technical View by Giottus Crypto Platform
Maker (MKR) is experiencing mixed price action, trading at $1,420, and facing difficulty in breaking its resistance levels. The asset is expected to continue in the near term, with immediate resistance at $1,490 and potential further resistance at $1,585. The asset has shown signs of recovery and an uptick in buying pressure.
In conclusion, as the cryptocurrency market continues to show resilience, investors and analysts are closely monitoring the shifting market narrative and emerging technical patterns to gauge the future direction of digital assets.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin