Bitcoin’s price experienced a slight surge on Monday, increasing by just under 0.50% to hit $29,447, interestingly coinciding with recent remarks by influential figures in the industry. Mike Novogratz, the renowned CEO of Galaxy Digital and Larry Fink, BlackRock’s CEO, have seemingly aligned their perspectives in validating Bitcoin as a genuine global asset worth considering.
Through Fink’s recent declaration of Bitcoin’s potential as an inflation hedge and his endorsement for its consideration over Gold, Bitcoin’s standing has been favourably impacted. Fink, initially a renowned skeptic, has in effect switched camps, and this has undoubtedly boosted Bitcoin’s credibility, further lifted by Novogratz’s acknowledgment of these developments. Thus, the BTC/USD is currently experiencing upward movement.
However, while Bitcoin basks in this bullish spotlight, it bears noting that Bitcoin-based NFTs do not carry the same optimism, with recent data indicating a drop in sales. On the positive side, the achievement of surpassing the 20-million mark with ordinal inscriptions on the Bitcoin blockchain is compelling evidence of continuous progress. While Bitcoin’s NFT sales falter, other blockchains have seen an upward trend in sales, underlining the dynamism of the crypto market.
Regulatory agencies, however, remain a force to reckon with in the industry. Case in point, Coinbase’s recent advisory from the SEC to halt trading on all cryptocurrencies, except Bitcoin. This move has inadvertently placed Bitcoin on a higher pedestal, underscoring its unique standing in the market. Such clarity has served to foster trust among investors, echoing positively in BTC/USD figures.
As we oscillate between Bitcoin’s price dynamics, the $29,500 mark is under the microscope, with the $30,000 level remaining vitally significant. However, traders should be wary of the 50-period exponential moving average around $30,000, as it could pose resistance, as suggested by the relative strength index (RSI) and moving average convergence divergence (MACD) indicators.
Finally, considering the evolving landscape of digital assets, keep an eye on the top 15 cryptocurrencies projected to take 2023 by storm. Carefully compiled by industry experts from Industry Talk and Cryptonews, this list of ICO projects and alternative cryptocurrencies offers a resource aimed at arming you with valuable insights.
Always remember, though, as volatile as the cryptocurrency investments may be, doing your research is paramount!
Source: Cryptonews
