Major coins traded mixed on Thursday as uncertainty around U.S. regulatory crackdowns on cryptocurrency companies hung over the market.
What Happened: Bitcoin touched $29,000 on Thursday, a new high for 2023, before settling around the $28,000 mark.
|Cryptocurrency||Gains (+/-)||Price (Recorded 9:30 p.m. EST)|
At the time of writing, the global crypto market capitalization stood at $1.18 trillion, an increase of 0.35% over the last day.
U.S. stocks surged on Thursday. The S&P 500 added 0.57%, while the tech-heavy Nasdaq Composite gained 0.73%.
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News Highlights: OKX has identified a total of $157 million in digital assets belonging to FTX and Alameda Research, and is now transferring them to the bankruptcy estates of the two firms — both filed for bankruptcy in November.
Analyst Notes: Cryptocurrency analyst Benjamin Cowen believes that Bitcoin’s value could experience a significant drop, potentially even reaching as low as a few thousand dollars below the November low of around $15,500. Cowen suggests that a double bottom, similar to the one experienced in 2015, is a strong possibility but also acknowledges that a new low is not out of the question, given the current economic climate.
“I think we’re going to get one more scare. Whether it’s a double bottom, a lower low, it’s hard to say,” he said in an interview on YouTube.
Pseudonymous crypto analyst ‘Bluntz’ observed that Bitcoin is back at range highs, and believes that a breakout towards $30,000 on this leg up is likely.
Pseudonymous analyst ‘Kaleo’ has recently come forth with a bullish outlook for Bitcoin’s dominance in the market. According to Kaleo’s analysis, the ongoing trends suggest that Bitcoin is poised for a significant surge, and investors have until BTC breaks above $30,000 to rotate their altcoins into Bitcoin. Kaleo warns that after this threshold is crossed, “the bleeding accelerates.”
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