Bitcoin, Ethereum Surge After Russia And Black Rock Approval
February 11 2022 - 11:00AM
NEWSBTC
Bitcoin headed towards the consolidation phase on Friday following
months of a downward trend and an epic sell-off in January.
Investors are feeling optimistic about the potential for
cryptocurrencies to become a mainstream form of payment, and Russia
may be helping them along. Since September, the crypto market had
its longest rally as investors grew optimistic about Russia’s
government and the central bank beginning to accept
cryptocurrencies. Related Reading | Bitcoin and Ethereum rally
continues on Russia and Black Rock approval Avatrade Chief Market
Analyst, Naeem Aslam, said; For some, Bitcoin is the future, and on
this front, we have learned that Bitcoin is becoming a legal tender
in Russia. The fact that Black Rock, the world’s biggest asset
manager, will offer BTC trading for its clients has been seen as a
positive step in promoting the broader adoption of cryptocurrency.
Further to his findings, Aslam added; These are mammoth
developments for Bitcoin, and looking at the price action, it seems
like that the rally is about to begin, which could push the Bitcoin
price towards the 100K price level. Crypto Market Gains Today
Ether, the cryptocurrency that powers Ethereum’s blockchain,
climbed 3.1% to $3183. Bitcoin advanced 1.1%. The world’s
second-largest cryptocurrency by market capitalization is currently
trading higher after an impressive rate rise in recent weeks. While
it’s true that both Bitcoin and Ethereum remain 35% below their
all-time highs, one should note the fact they were trading at
six-month lows just last month. The crypto market had another
rollercoaster day, with some coins recovering after heavy losses.
Alt-coins Terra and Avalanche edge 2% higher while doggy meme-coin
Dogecoin rose 0.2%. Shina Inu had more rise than other alt-coins
and gained 3.5% in a day. This month, the most popular alt-coins
were allocating their resources to Bitcoin, with Ethereum Classic
coming in at number three with 5.8% gain and Flow just behind it
with 10.3%. Harmony saw a 10.5% increase for those looking into new
currencies besides BTC or ETH-based projects. The crypto market had
a great day, with 73 out of the top 100 cryptocurrencies trading in
green territory. Related Reading | Top Crypto Gainers And Losers
Today It is always a challenge to stay on top of the rapidly
changing world around us. Especially when it comes down to digital
currencies. So many things happened this year that created
challenges for those in charge, making them more difficult than
normal transactions should be – but all isn’t lost. Wednesday’s
market mayhem was not enough to stop the bulls from ripping off
another victory. One of the more notable performances was Unus Sed
Leo. The coin bucked trends by nosediving 13% on 60% of Wednesday’s
rampage. The Crypto markets are in support of January’s losses as
more coins recover from big falls. In the meantime, Decentraland
and Zcash eased 1.8% and 5.3%, respectively. Bitcoin Price is
Stable Moving Forward Bitcoin is likely to continue rising, with
the price of BTC forming an ascending parallel channel on its
4-hour chart. Bitcoin’s recent woes may be ending as demand for the
cryptocurrency increases. If buying pressure continues, Bitcoin
price might target a 61% Fibonacci retracement level at $45,154. Or
even go higher than that toward $46,822. When there’s a sudden
increase in sell orders, Bitcoin price shoots up to first withstand
at the 21 four-hour Simple Moving Average (SMA). The first
whitestand sits at $43,467 before dropping towards a middle ground
to reach a 50% retracement level. Featured image from Pixabay,
chart from Tradingview.com
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