Bitcoin price extends a rally amid brighter mood in global markets and as traders await US inflation data and watch for major upgrade of the Ethereum blockchain.
Bitcoin price extended a rally amid a brighter mood across global markets and as traders await US inflation data and watch for a major upgrade of the Ethereum blockchain.
The largest token rallied as much as 3.3% on Monday and was trading slightly above $22,000 as of 9:55 a.m. KST. London. Smaller coins like Solana were also pushed higher but Ether lagged behind.
Bitcoin rallied around 10% on September 9, part of a broader encirclement of bearish assets incentivized by a weaker dollar, suggesting a little less fear in investors. a difficult year. The greenback continued to slide at the beginning of the week.
Time to wait for comment from Federal Reserve officials before WE This month’s interest rate decision could be one According to Tony Sycamore, senior market analyst at City Index in Sydney, on the factors driving Bitcoin price.
“The market knows they have had to take a break from this relentlessly hawkish Fedspeak for a couple of weeks and the pace of central bank rate hikes is likely to slow,” he said.
The US inflation report on Tuesday is expected to show price pressures easing. But a higher-than-anticipated print could confound expectations of restrictive currency settings that are detrimental to crypto prices.
Any bumps in this weekend’s upgrade of Ethereum – the most commercially important cryptocurrency network – could also cause anxiety.
Increasing borrowing costs coupled with bull runs at crypto lenders and hedge funds created Bitcoin, Ether and the MVIS CryptoCompare Digital Assets 100 Index with a loss of more than 50% in 2022.
Ether, the native token for Ethereum network, especially focusing on prior to the later transition to a more energy efficient blockchain, a process known as Consolidation. The crypto community is on alert for any vandalism using multiple network-based financial applications.
Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, wrote in a note: “We continue to hold Ether long into Consolidation, using the drop as a buying opportunity. He added that Ether has succumbed to the “selling news” drop following the previous three Ethereum upgrades.
The staking pattern around options on Ether is weighted for bullish calls, but the picture is more balanced around Consolidation, suggesting pre-event hedging, according to a note from Genesis Global Trading Inc.
