Bitcoin Rallies to Trade Above $22,000; Ether Advance
Bitcoin and other major crypto assets continued their late weekend rally. Is the fallout from stable coin crash finally fading?
Bitcoin Soars as Crypto Traders turn Bullish
After weeks of being under pressure, Bitcoin is finally rallying. It seems that the traders are bullish as the price of Bitcoin rose above $22000 for the first time since June 8. While it is still dream away from its November peak of $69000, the good news it that it has left the bottom of $18000 far behind.
The reason for this jump can be attributed to optimistic investor sentiment, central bank monetary tightening and the much-awaited Ethereum Merge this summer. Bitcoin, the largest crypto by market cap came above $22896, that is up 9% in the last 24-hours.
Ether advanced too, even better than Bitcoin. It recently climbed more than 19% over the previous day to trade around $1600. Experts are hopeful of continuing market uptrend due to Ethereum blockchain merge from PoW to PoS.
Still others are wary of this crypto rally because of the looming prospect of recession and central bank uncertainty. Many are cautioning to be wary because of these macroeconomic factors.
Markets Uncertainty
The markets overall are uncertain right now. The major equity indexes are ending in red and Nasdaq dropped below 0.8%. Recently Apple announced cuts in hiring and spending. Apple news made stock markets dip down however crypto decoupled on a short-term basis. Therefore, it is very difficult to say what is going to happen in the longer run. However, Bitcoin rally has shown positive impact on the whole crypto market. A weaker dollar and bear stock market fears are reasons for Bitcoin rally.
Bitcoin Derivatives Traders are Bullish
The aggregated open interest for Bitcoin futures is the highest since the selloff in mid-June. This exactly shows how much the positive sentiment has buildup as traders are making move to enter the markets again. This shows that there is momentum behind a further Bitcoin rally.
Ether has a real reason to move because of the merge coming.
