Bitcoin Price Briefly Tops $20K, Up Over 5%, Here is the Latest Crypto Market Wrap
- Bearish crypto sentiments are fading after months of fear caused by the Terra Luna saga.
- Bitcoin price is down approximately 70 per cent since hitting its ATH around $69k one year ago.
- According to onchain data analysis platform Santiment, crypto sellers who panicked and sold their bags a few weeks ago are likely to hop in.
After liquidating billions in the past two weeks, the cryptocurrency market is generally in the green, led by Bitcoin price that reached an intraday high of $20,305, up over 5 per cent in the past 24 hours. The bounce back is similar to the stock market, with major indexes, including the Dow and the S & P 500, up approximately 1 per cent. Nevertheless, the U.K pound is trading at its decades low, following increased inflation in the past few years.
The total cryptocurrency market capitalisation is $1.01 trillion, up approximately 3.3 per cent in the past 24 hours. The total cryptocurrency trading volume in the last day is $87.2 Billion. Whereby Bitcoin (BTC) dominance is at 38.3 per cent whilst Ethereum dominance stands at 16.6 per cent.
Bitcoin Price and the Crypto Market Wrap
Bearish crypto sentiments are fading after months of fear caused by the Terra Luna saga. Furthermore, several jurisdictions, including South Korea and the United States, have strongly condemned the Terra Luna ecosystem. Consequently, Terra founder Do Kwon is being sought after by the South Korean government via the Interpol. Meanwhile, South Korea has requested crypto exchanges OKX and KuCoin to freeze some 3313 Bitcoin, worth approximately $67 million, linked to Kwon. Kwon ostensibly moved the 3313 Bitcoins after the arrest warrant by Interpol.
Worth noting, cash inflows into the cryptocurrency market continued in the past few weeks, despite the bear sentiments. For instance, MicroStrategy Inc. (NASDAQ: MSTR) purchased an extra 301 units of Bitcoin, hereby holding a total of 130,000 BTCs.
Otherwise, market analysts forecast more cash inflows, particularly to Ethererum, following a successful Merge with the Beacon chain. Mind you, Ethereum is now more accessible, convenient, and secure in PoS than the previous energy-consuming consensus, PoW.
Notably, Bitcoin price is down approximately 70 per cent since hitting its ATH around $69k one year ago. The digital asset market is expected to grow exponentially in the coming years as global adoption increases by the year.
According to onchain data analysis platform Santiment, crypto sellers who panicked and sold their bags a few weeks ago are likely to hop in. Moreover, the cryptocurrency bottom may be in the past.
Countries worldwide closely monitor and research the Central Bank Digital Currency (CBDC). For instance, the Australian government, through the RBA, published a report on projected CBDC dubbed eAUD.
The cryptocurrency bear market will likely sustain for the next two years, possibly ending after the 2024 Bitcoin halving. Nevertheless, the altcoin market is likely to break out due to the speculative aspect.