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Prices of Bitcoin and Ethereum Revived with Significantly Increased Trading Volume

Prices of Bitcoin and Ethereum Revived with Significantly Increased Trading Volume

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Bitcoin and Ethereum are showing signs of life today as trading in both digital assets increases dramatically after remaining flat over the weekend with little price change. Bitcoin’s 24-hour trading volume is $40.2 billion, up over 77% today, and currently Bitcoin is trading at $19,000, up 1% in the last 24 hours. In contrast, Ethereum is currently trading at $1,300, up 1.5% over the past day, with a 24-hour trading volume of $15 billion, up 50% today. This week, let’s take a look at all the relevant news that can affect the price of Bitcoin and Ethereum.

Summary

  • This Monday’s major cryptocurrency exchanges have seen a significant increase, indicating that the cryptocurrency market has started to come back to life.
  • Inflation, which has played a large role in the collapse of the US and global economies, is intrinsic to Bitcoin’s fixed supply.
  • The Fed believes that raising interest rates would help curb inflation and jump-start the economy, although investors remain fearful of the market.
  • The price impact of the Ethereum merger has yet to be determined, but the network improvement could position ETH to overtake BTC next year.
  • Since most validators are located in the United States, the SEC believes that all Ethereum transactions take place there, which has caused an uproar in the crypto and NFT communities.
  • This week, with Ethereum looking for new support at a higher level and Bitcoin trying to break above $20,000 again, we may witness a modest uptrend.

Crypto Market News Update

Despite this year’s severe bear market, the phrase “1 BTC = 1 BTC” has been trending on social media regarding Bitcoin. The concept is based on the idea that since Bitcoin has a fixed amount of 21 million tokens, it is inherently immune to inflation.

Using statistics from the target tradingeconomics.comwe can compare that to the US dollar, whose supply increased from $3,000,000 to nearly $6,200,000 in 2020-2022.

What if the supply of Bitcoin more than doubled in just two years? It is unlikely that BTC will ever recover from such high inflation, which would significantly increase the market’s rate of decline.

Speaking of the Federal Reserve, A New York Times article shows that the Fed appears more bullish than other investors on the impending improvement in the US economy. The Fed wants to keep the economy strong and at the same time slow down inflation as gradually as possible. It remains to be seen whether it will come true or not. Uncertainty causes the stock market to fall dramatically every week as the Federal Reserve votes to raise interest rates, but one thing is certain: investors always feel it.

Ethereum Market News Update

Although the Merge for Ethereum was successful, the price of the cryptocurrency fell from a pre-merger peak of $1,700 to $1,200 afterward.

Fresh Interview with Wired, Vitalik Buterin talked about Ethereum and merging. The creator of Ethereum responded to the question of how the merger has gone by saying:

“I’m definitely happy and certainly relieved. This is a transition that the entire Ethereum community has been working towards for the past eight years.

He went on to explain that he has always expected a bear market and hoped that the crypto industry would mature enough before it could handle the level of attention it received during the 2020/2021 boom. He explained that if the merger happened as it did two years ago, things would have been better in the market

Although, as they say, the price of Ethereum has still not seen the fruits of its labor. The merger was a major achievement that will ultimately benefit crypto-assets.

At the same time, there was considerable uncertainty in regulation, more specifically the SEC, due to the convergence of the Ethereum networks. The SEC claims that Ethereum is now classified as a security because it uses proof of stake, and more than half of the validators are based in the United States.

Ethereum’s potential or price will not be positive in the long term if it gets into a legal battle with the SEC and a similar situation happens with XRP, although Ripple’s breakthrough is imminent.

As Ethereum is a widely used cryptocurrency, the SEC’s latest statements are clearly infuriating. Regardless of where the validators are located, people and businesses worldwide initiate transactions.

Despite the SEC’s stance on Ethereum, the digital currency is currently trading above $1,300. As Ethereum tries to create new support, we may see ETH climb into the $1,400-$1,500 zone this week.

Disclosure: This is not trading or investment advice. Always do your research before buying cryptocurrency or investing in services.

Follow us on Twitter @nulltxnews stay up to date with the latest Crypto, NFT, AI, Cyber ​​Security, Decentralized Information Technology and Metaverse news!

Image source: mvelishchuk/123RF // Image effects author Colorcinch



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