AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- The world’s premier crypto has gained nearly 5% in the past 24 hours to reach just above US$41,000.
- The EU abandoning legislation that would have led to a ban on bitcoin mining, no doubt was a positive sign for Bitcoin bulls.
- Recent data shows Ethereum increased its transaction volume throughout 2021 to peak above VISA.
The price of Bitcoin has continued to yo-yo, once again rising above the US$40,000 mark, as crypto investors remain uncertain about the direction of the economy in the near future.
The world’s premier crypto has gained nearly 5% in the past 24 hours to reach just above US$41,000.
Despite Bitcoin’s quick jump overnight, investors remain skeptical that this marks the beginning of a recovery, due largely to the fact that Bitcoin’s value has oscillated on either side of the US$40,000 mark for the last two weeks.
Bitcoin’s price pattern, which has seen it rise and fall in quick succession, since the war broke out between Russia and Ukraine, is referred to as the “Bart Simpson” since the price pattern resembles the famous cartoon characters spiky hair.
Bitcoin and Ethereum rally
Bitcoin’s most recent rally, which saw it shoot up above US$40,000, was likely bolstered by the news that the incoming South Korean president is bullish on crypto.
In addition to a bullish incoming South Korean President, other factors have likely played into Bitcoin’s 5% hike overnight. For example, the EU abandoning legislation that would have led to a ban on Bitcoin mining, no doubt was a positive sign for the bulls.
These factors no doubt also helped Ethereum, which is up over 2% to US$2,761. Moreover, recent data shows Ethereum increased its transaction volume throughout 2021 to peak above VISA.
Ethereum moved US$11.6 trillion in 2021, while VISA moved considerably less with US$10.4 trillion in payments volume.
With major fiat currencies facing the risk of inflation, investors are looking for an alternative to the dollar.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Image Description: winners and losers in cryptocurrency trading
Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
