BTC News – Over $22,000 is added to Bitcoin to Reach Four-Month High

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BTC News – Over $22,000 is added to Bitcoin to Reach Four-Month High

When compared to mid-September, Bitcoin surged beyond $22,000, reaching its highest level since then, as the overall cryptocurrency market maintained its surprise 2023 climb.
Despite the news that Genesis Global Holdco LLC, the holding firm of the problematic digital currency lender Genesis Global Capital, had reported for Chapter 11 bankruptcy security late on Thursday, the biggest digital currency by market capitalization was lately trading as high as $22,387, up 5.4% over the previous 24 hours. (Digital Currency Group is the owner of Genesis and CoinDesk.)
According to senior market analyst Edward Moya of foreign exchange market maker Oanda, investors have already factored in Genesis’ impending issues. The firm has been affected by the aftermath of the failures of the crypto exchange FTX and, more recently, the crypto hedge fund Three Arrows Capital, both of which occurred in the spring.
Following a similar trajectory, Ether (ETH) just increased to $1,640, up 5.2% from Thursday at the same time. CMI, the CoinDesk Market Index, rose 4.1%.
BTC has increased 11% over the last week and is up 34% year-to-date. ETH has increased by 12% in the last week and by 37% since December 31. The Friday rise helped cryptocurrencies-related equities as well: bitcoin miner Marathon Digital Holdings (MARA) and exchange Coinbase (COIN) both had recent gains of 10% and 9%, respectively.
The S&P 500 index rose 1.9% as investors evaluated a rush of conflicting quarterly releases from major banks. Traditional markets also made a slight improvement.
Producer pricing index (PPI) data this week showed a larger-than-anticipated fall, indicating the U.S. Federal Reserve’s monetary hawkishness has been curbing inflation and boosting investors. Sheraz Ahmed, general manager at STORM Partners, told CoinDesk that although recent macro data, “including a minor slowdown in inflation, downwards-trending wage and employment statistics, and an weaker currency,” have brought some market respite, how the Fed will manage monetary policy while matching economic data and recession worries will have a significant influence on the market as a whole. Whether prices continue to increase or decline, post-rally elation is usually a wonderful sensation, but it should be handled carefully to prevent mistakes, Ahmed said. In a note published on Friday, Oanda’s Moya warned that risky assets in general, including cryptocurrency, “may be exposed to significant selling pressure” if more tightening continued through the March meeting.

 

Source: The Pipsafe Team  –   BTC News – Over $22,000 is added to Bitcoin to Reach Four-Month High
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