Cautious Optimism in Crypto Market as Bitcoin Tests USD 43K, but Brace for Choppy Weeks
While optimism strengthened in the crypto market on Tuesday, after bitcoin (BTC) tested USD 43,000, and bullish sentiment remained in ethereum (ETH), some analysts warn that "choppy short-term movements may still continue." In either case, the recent bullish moves came despite comments from US Federal Reserve (Fed) Chairman Jerome Powell that were seen as surprisingly hawkish.
At 17:59 UTC, BTC was up almost 4% for the past 24 hours and 7% for the week to a price of USD 42,554.
The current price is down from a high of around USD 43,000 reached earlier in the day, but still marks the highest price in almost three weeks for the number one cryptocurrency.
BTC price past 14 days:
Meanwhile, at the same time, ETH traded at USD 3,002, up 3% for the past 24 hours and up by 16% for the past week. It topped near USD 3,040 earlier today. The strong performance comes in the wake of a successful testnet merge of Ethereum’s highly anticipated new proof-of-stake (PoS) blockchain with the existing proof-of-work (PoW) chain last week.
ETH price past 14 days:
The gains in the two largest cryptoassets were also followed by higher prices across most of the altcoin market over the past 24 hours, led by double-digit percentage gains in cryptoassets like EOS, bitcoin cash (BCH), and ethereum classic (ETC).
The strong performance over the past day came despite new data from the crypto investment firm CoinShares showing that outflows from crypto-backed investment products have continued.
Bitcoin saw the largest outflows for the past week, with USD 33m flowing out of investment products, CoinShares said, noting that this is half the amount seen last week. Meanwhile, ETH saw outflows of USD 17m, “much less” than the USD 50m seen the week before,
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