Bitcoin, the largest cryptocurrency, remained on Friday. In the morning, Bitcoin dropped by around $ 3,000 within seconds.
The Bitcoin price “flash crash” was similar to what happened on Thursday, when Bitcoin also suddenly fell in the intraday market. Then Bitcoin quickly rebounded from its lows. Bitcoin gained over 2.32% in intraday sessions on Friday and broke through the $ 62,000 level. According to the press release, Bitcoin fell to around $ 60,000.
Bitcoin is vulnerable to its large price movements, and traders often find the cause of short-term price movements. It is often observed that a moving object, which is more than 10 years old, is defective.
Additionally, market expectations for Ethereum network upgrades pushed the second largest cryptocurrency, Ether, to an all-time high of $ 4,400.
Ethereum was up 3.5% on Friday morning, hitting a high of $ 4,403.93, breaking May’s high of $ 4,379.62. Other smaller denominations such as Binance Coins and Solana are also back. According to CoinGecko.com, Ether is now worth around $ 520 billion.
Ether’s “bull market” has emerged this year. Ether’s performance has outperformed Bitcoin due to the popularity of digital tokens by traders and businesses, and has increased almost this year.
Ethereum supports integration with the Ethereum network, a key blockchain for thousands of legitimate applications. This week the system did a full post-upgrade and ran faster and with more effort.
Fundstrat digital real estate experts Sean Farrell and Will McEvoy said in a statement Thursday:
“Ethereum’s on-chain activity indicators show support and have increased in recent months.”
Traders believe Ethereum will benefit from ETF growth in 2022.
Traders are bracing for an appreciation in Ethereum by claiming that the U.S. Securities and Exchange Commission (SEC) will approve an Ethereum-linked U.S. Stock Exchange (ETF) listing next year.
Based on the price options, industry participants predicted that Ethereum would triple by March of next year, reaching $ 15,000 per coin.
A week ago, the SEC paved the way for the first version of Bitcoin ETF. Investors have invested over $ 1 billion in the ProShares Bitcoin Strategic Fund, asking the fund to buy futures contracts that track the value of Bitcoin, which has pushed the value of Bitcoin to record highs. .
Traders are now predicting that similar plans will be repeated in Ethereum ETFs. Luuk Strijers, Chief Marketing Officer of Deribit, one of the largest cryptocurrency exchanges, said:
“In essence, the market is bullish on Ethereum’s upside potential beyond this year or the first quarter of next year.”
Adam Farthing, risk manager at B2C2, a Japanese cryptocurrency firm, said he was interested in purchasing derivative contracts giving investors the right to buy Ethereum for $ 15,000 in March of the year. next. Farthing said the timing of these bets shows investors are very strong on Ethereum.
Steven McClurg, Chief Investment Officer of the Valkyrie Fund, said:
“The SEC and the Commodity Futures Industry (Futures Commodity Exchange) have stated that they will carefully decide on cryptocurrency registrations. Last week, the markets showed demand for these products.
Joshua Lim, CEO of Derivatives of Genesis Trading, said that before ProShares’ ETF was approved, investors abandoned their Bitcoin bets and turned to Ethereum. The results.
However, ETF supporters remain skeptical as the SEC on Tuesday asked cryptocurrency management firm Valkyrie to withdraw its request to announce the benefits of the Bitcoin ETF.
ProShares and digital asset management firm VanEck filed with the SEC earlier this year to announce an ETF from Ethereum, but have since withdrawn their request. ProShares and VanEck declined to comment.
McClurg of Valkyrie said he “doesn’t appear” to receive approval until next year, as the Ethereum futures market is uncertain.
Will Bitcoin Carry an “Explosive” Rise?
Bitcoin has more than doubled this year. After the debut of the first U.S. currency Bitcoin, Bitcoin rose 40% this month, setting a record high of nearly $ 67,000.
Some analysts believe Bitcoin’s recent bullish rally is similar to the October 2017 drop and has reached new highs since. . . . . . Surprisingly, the price difference for September and October 2021 is almost the same as in 2017. The popular Smart Crypto Twitter account noticed this difference when it announced the announcement that Bitcoin would see an “explosive” bull run in 2022.
Ashley Toombagi, author of cryptocurrency news site Dailysats, cites Fibonacci indicators, and if the pattern for quarters is the same as four years ago, then Bitcoin’s value will rise by $ 300,000 , as above. he 2017 high.