Thursday brought promising news for the cryptocurrency market as Bitcoin saw a rise after gaining ground late Wednesday, alongside a rally in U.S. equity markets. This increase in value came on the heels of optimism surrounding a potential debt-ceiling deal in the coming days. Having touched a weekly low of $26,500, Bitcoin began its ascent and was trading at around $27,400 at press time, marking a 3% increase.
The positivity surrounding the U.S. debt-ceiling deal was fueled by a meeting at the White House, where U.S. President Joe Biden and Congressmen from both sides of the aisle expressed their commitment to soon reach an agreement to raise the federal government’s debt ceiling.
In other news, Ripple is embarking on a new venture with the development of a central bank digital currency (CBDC) platform. This platform will enable central banks, governments, and financial institutions to issue their own digital currencies. Utilizing Ripple’s platform, government institutions will have the capability to manage and customize the entire life cycle of the CBDC, including minting, distribution, redemption, and token burning. Financial institutions can also partake in inter-institutional settlement and distribution functions using the newly minted currency. The platform is an upgraded version of Ripple’s Private Ledger, which was introduced in 2021 for issuing CBDCs.
The recently launched non-fungible token (NFT) collection Bitcoin Frogs has already gained traction as the most traded collection within 24 hours, surpassing renowned collections such as Bored Apes. As of late February, Bitcoin Frogs had a trading volume of over $2.2 million, with each NFT selling for 0.12 bitcoin or more than $3,200. This swift rise in popularity has led to trading fees ranging between $50 and $1,200.
Amid these exciting developments, Matrixport’s Bitcoin Greed and Fear Index shows an improvement from 22 to 39 in just one week. With the latest reading nearing the 21-day moving average of 44%, Matrixport’s daily note suggests that the short-term traders could be in for higher price expectations if the flipping occurs.
With the ebbs and flows of the cryptocurrency market, it’s crucial for traders to stay informed and cautious in their decision-making. As the market adapts, it’s essential to acknowledge both the potential
Source: Coindesk
