Bitcoin, Ether inch above key levels; Matic leads gainers
Bitcoin and Ether both recaptured key support levels. Institutional interest remains upbeat following a slew of Bitcoin exchange-traded fund (ETF) applications, industry experts told Forkast.
Bitcoin and Ether both recaptured key support levels. Institutional interest remains upbeat following a slew of Bitcoin exchange-traded fund (ETF) applications, industry experts told Forkast.
Bitcoin and Ether rose during Wednesday afternoon trading in Hong Kong, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization.
Bitcoin slipped under US$30,000 on the back of profit-taking and long liquidations as the recent run up on optimism about exchange-traded funds seemed to run out of steam.
Bitcoin dipped under US$30,000 in early Asia trade before recovering. Ether and other top 10 cryptocurrencies fell, while NFT trading slumped.
XRP continued its rally after XRP issuer Ripple’s favorable ruling last week in its lawsuit with the U.S. Securities and Exchange Commission (SEC).
Bitcoin rose to trade at over US$30,300 on Monday morning in Asia, but the price fell over the weekend to around the pre-Ripple ruling level.
Bitcoin rose to US$31,736 on Friday, bolstering Ethereum to above US$2,000, after the court ruled that the sale of XRP did not constitute a security. Bitcoin needs a close above US$31,000 to pave the way for US$32,500, market experts told Forkast.
A favorable U.S. court ruling for Ripple boosted Bitcoin prices. All top 10 non-stablecoin cryptos rallied with XRP prices gaining 62% in the past 24 hours.
Bitcoin, all other top 10 non-stablecoin tokens logged gains Friday morning. That followed a favorable SEC ruling for Ripple, whose XRP token led the gains.
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