Major currencies traded in the green on Sunday, fueling renewed investor confidence that the Federal Reserve is successfully managing inflation without pushing the economy into recession.
|Cryptocurrency||Profit (% in 24 hours)||Price (Registered at 8:32 PM EST)|
What happened? Bitcoin: BTC / USD, Ethereum: ETH / USD and other major cryptos continue to rise in weekend trading recorded at 8:32 PM EST.
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Bitcoin: has seen a remarkable jump this year, trading at $21,118, up a staggering 25% year-to-date, largely due to its meteoric rise since last Tuesday, when it was just above the $17,400 mark. Ether followed a similar pattern to Bitcoin this weekend, reaching a two-month high of $1,550 before falling slightly. ETH was trading at $1,564 at the time of writing.
Meme cryptocurrency Dogecoin: DOGE / USD was trading at $0.08, struggling to reach $0.10, up 2.38% in the last 24 hours.
US stock markets will be closed on Monday for Martin Luther King Jr. Day, a holiday honoring the late respected civil rights activist. By the close of trade on Friday, the major indexes had advanced slightly. Technology-heavy metrics such as: Nasdaq: and: S&P 500:which has a strong technology component, posted gains of over 5% and 4% respectively.
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“Unless we hear some strong hawkish response from the Fed or if commodity prices rise, crypto traders should not be surprised if Bitcoin can extend its recent gains. The $18,500 level was an important resistance for Bitcoin, and if it can hold above that level for the next few sessions, it could wake up some dormant long-term bulls. Edward MoyaSenior Market Analyst at: OANDAseen in the post Benzinga on Friday.
Crypto analyst Michael van de Popp he is patiently waiting for BTC to reach $21,299 before dropping to $20,586. In the latest chart, Popp tweeted that the trend for the coming months is still bullish, with altcoins gathering more volume to trade. He commented that when a further short squeeze occurs, it is time for the longs to be punished.
Despite the naysayers, a cryptanalyst Kaleo firm in his prediction that ETH will reach the $2500 level.
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