Recently, the Bitcoin price increased by 1.7% to $17,400. Over the previous 24 hours, BTC traded as high as $17,488 and reached a nearly four-week high. However, large traders, sometimes known as “whales,” are avoiding the bitcoin market due to a lack of market liquidity. At the time of writing, BTC is changing hands at $17,417.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price, Ether follow U.S. equities higher on view inflation starting to ease despite hawkish Fed
In the last 24 hours, Bitcoin increased 1.5% to $17,452, increasing by 4.6% over the previous week.
“Bitcoin’s price has notched up +4.7% in 2023. The small profit opportunities for BTC have been seized by traders, & yesterday was the 2nd largest profit vs. loss ratio of the past year. The top profit take spike resulted in a -18% the following month”, Santiment reported.
Recently, ETH prices increased 1.5% to $1,340. The asset reached a nearly four-week high as a result of the recent price increase in Ether. The weekly gains for Dogecoin are now 10.3% as it increased 2.6% to $0.07. Shiba Inu, a cryptocurrency barely outside the top 10 by capitalization on CoinMarketCap, increased by 6.5% to $0.000009247, for a weekly increase of 13.6%.
Cardano increased 1.7% to US$0.32, marking the greatest weekly gain of any significant token (27.5%). According to a Jan. 4 analysis by Lithuanian cryptocurrency payments processor CoinGate, Cardano has been experiencing price increases since it entered the top 10 most utilized cryptocurrencies for payments for the first time last year.
BNB increased 1.7% to $277.34, gaining 12.7% over the previous seven days. This is a recovery from losses following news that the U.S. Justice Department was stepping up its investigation into Binance Global, the largest cryptocurrency exchange in the world and the issuer of BNB.
🐂🐻 Depending on the asset you’re investing in, some are flashing extreme #bullish signals, while others look much more #bearish. Check out our latest report that covers the state of $ETH (+10% 7d), $LDO (+61% 7d), $MKR (+24% 7d), and $SUSHI (+15% 7d). https://t.co/HeSlYpm5Ez pic.twitter.com/ftgbmDkzWd
— Santiment (@santimentfeed) January 10, 2023
During a speech on Tuesday at a gathering sponsored by the Sveriges Riksbank in Sweden, chair of the US Federal Reserve Jerome Powell reaffirmed his commitment to reducing inflation, even if doing so necessitates unpopular actions.
“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy,” Powell said in his first public appearance of the year.
To combat inflation, the Fed increased interest rates throughout the previous year, which also caused stock indices to decline and sparked worries of a recession. On Thursday, the U.S. Consumer Price Index (CPI), a major indicator of inflation, will be announced. This could give additional hints about how the Fed will proceed with its policy. According to the most recent CPI figures, inflation increased 7.1% year over year in November, down from 7.7% in October and 8.2% in September. According to CPI statistics issued on Tuesday, inflation in Japan was at 4% in December compared to a year earlier, higher than the predicted 3.8% and over the Bank of Japan’s 2% objective for a seventh consecutive month.
While trading volume decreased 26.2% to $35.43 billion, the total market value of cryptocurrencies increased 1.1% to $857.9 billion.
Read more:
- JPMorgan CEO Jamie Dimon Describing Bitcoin As A “Decentralized Ponzi Scheme”
- Pantera Fund Purchased Bitcoin For Nearly $50 Million