Bitcoin hits $28,390: What is next?
Bitcoin hit $28,390 over the weekend, hitting the highest level since June 2022. Ethereum also tested the $1,840 level seen in August 2022.
The rise in the cryptocurrency market, which started on Friday, continued over the weekend. After the rises, Bitcoin rose to the levels of $ 28,390, which was last seen in June 2022, while Ethereum tested the levels of $ 1,840, which was last seen in August 2022. While Bitcoin was at $27650 this morning, Ethereum is moving around $1760.
Cryptocurrencies have been moving on a positive note
While negative closings were seen in the US stock markets on Friday due to the effects of the banking crises, the positive mood was dominant in cryptos with the news from the weekend. The Swiss bank USB's acquisition of Credit Suisse and the FED's operations to increase the liquidity in the market in this process became the lifeblood of cryptocurrencies.
Looking at the futures indices in the morning hours, while the cautious activity continues, the positivity in cryptos continues. The total value of the crypto market has increased by around 9% since Friday, showing activity at the level of $1.14 trillion above the psychological resistance of $1 trillion. Bitcoin's dominance continues to rise, with 47.7% and Ethereum dominance at 19.1%. Today, OMG, LINA and REN stand out as the most rising cryptocurrencies in Bitay with double-digit gains over 30%.
While it is a question of whether the rise in cryptos will continue, Powell's speech will determine the direction of the markets after the interest rate decision on Wednesday this week. The market expectation is an increase of 25 basis points. However, the expectations that the FED will not increase interest rates due to the banking crises are 50.5% this morning. The fact that the FED does not raise interest rates may support the rise in cryptos.
