Sign Up on MEXC
The crypto market recorded a broader market recovery on Wednesday, with Bitcoin and Ethereum prices hitting a six-week high. Bitcoin climbs 8% to over $29000, while Ethereum price soars 6% to surpass $1830 in the past 24 hours.
Meanwhile, US Federal Reserve Chair Jerome Powell in a testimony to the US House Financial Services Committee revealed that the interest rate pause is temporary. He added that more rate hikes are likely as inflation remains higher than its target. According to CME FedWatch Tool, the probability of a 25 bps hike at the July 26 FOMC meeting jumped to 80%.
Also Read: JPMorgan, Amazon, IMF, Central Banks Contributes To Singapore Digital Currency Standards
Crypto Market Recovery: Bitcoin, Ethereum, Altcoins Rally
Traders expected it as another short squeeze event triggering massive market recovery, anticipating that the prices would retrace again. However, CryptoQuant CEO Ki Young Ju revealed that it is not a short squeeze and someone is buying a lot of Bitcoin (BTC).
The market recovery fueled by BlackRock iShares spot Bitcoin ETF filing with the US SEC last week led other financial giants to follow with their Bitcoin ETF applications. The positive sentiment continues to rise as institutional shows interest in the crypto market.
Crypto exchange EDX Markets-backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab announced its launch on Tuesday. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) led the rally today as these are the only cryptocurrencies supported by EDX Markets. BCH jumps over 20% in the last 24 hours.
Also Read: Terra Luna Classic Core Developer Revises Q3 Proposal, LUNC Price To Rally
Can Bitcoin Price Hit $35000?
BitMEX co-founder Arthur Hayes is among the first few experts to predict the crypto market rally. He said the US Treasury General Account (TGA) refill’s impact on US dollar liquidity is not as critical as expected and risk assets like Bitcoin price will start to rally soon.
Bitcoin continues to move upside after rebounding from the expected $24,800 support level. Bitcoin price soared above $29,000 today as a result of fresh buying from whales and institutional entry into crypto. BTC price currently trades at $29,100, up 8% in the last 24 hours.
Meanwhile, ETH price also rallied to $1850, up 6%. The 24-hour low and high are $1715 and $1831, respectively. check the key events this week that will impact Bitcoin and Ethereum prices.
Also Read: Ethereum’s New Execution Layer Client Reth With Blazing Fast Benchmarks, ETH To Break $2000
- Coinbase Urges Court to Sanction SEC Over Missing Gensler Texts
- Breaking: $9T BlackRock Plans To Tokenize ETFs Following Bitcoin ETF Success
- Bitcoin’s Bull Cycle May Peak This Month, Peter Brandt Says
- Ethereum Whales Buy $204M ETH Amid Rebound Above $4,400
- SOL Rises as Nasdaq-listed Forward Completes $1.65B Raise For Solana Treasury
- SHIB Price Forecast as LEASH V2 Rollout Expands Cross-Chain — Is a 200% Rally Ahead?
- BNB Price Forecast as Binance–Franklin Templeton Deal Strengthens Path to $1,500
- Pi Network Price Wyckoff Theory Signals a Surge as One Whale Keeps Buying
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
