The crypto market experienced a significant recovery on Wednesday, with Bitcoin and Ethereum prices reaching a six-week high. Bitcoin surged by 8% to over $29,000, while Ethereum witnessed a 6% increase, surpassing $1,830 within the past 24 hours. This follows US Federal Reserve Chair Jerome Powell’s testimony to the US House Financial Services Committee, where he revealed that interest rate pauses are temporary, with more rate hikes expected since inflation remains above target levels.
Some traders initially believed this market recovery to be a short squeeze, anticipating prices to retract shortly after. However, CryptoQuant CEO Ki Young Ju highlighted that it was not a short squeeze and someone was buying large amounts of Bitcoin. The market recovery was further strengthened by BlackRock iShares’ spot Bitcoin ETF application with the US SEC last week, prompting other financial giants to follow suit with their Bitcoin ETF applications. This positive development continues to arise as institutional interest in the crypto market increases. Crypto exchange EDX Markets, backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab, announced its launch on Tuesday.
In the midst of this rally, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) led the charge, as they are the only cryptocurrencies supported by EDX Markets. BCH in particular saw a dramatic 20% jump within the last 24 hours.
Many are now wondering whether Bitcoin’s price can reach $35,000. Arthur Hayes, BitMEX co-founder, is among the first experts to predict the crypto market rally, stating that the impact of the US Treasury General Account’s refill on US dollar liquidity is not as critical as previously expected and risk assets, such as Bitcoin, are likely to rally soon.
Bitcoin continued to surge, rebounding from the projected $24,800 support level and breaking the $29,000 barrier due to fresh buying from whales and institutional entry into cryptocurrencies. Currently, the price of Bitcoin hovers around $29,100, marking an 8% increase within the last 24 hours.
Ethereum’s price also rallied, reaching $1,850, up 6%. The 24-hour low and high for ETH were $1,715 and $1,831, respectively. It is vital to keep an eye on key events this week that could impact Bitcoin and Ethereum prices significantly.
In conclusion, the recent market recovery has prompted renewed interest and positive sentiment in the crypto market. As institutional investors join the fray, it is essential to stay informed about market conditions and possible fluctuations, as the author or the publication cannot be held responsible for personal financial losses.
Source: Coingape
