Crypto Week at Glance: Bitcoin tops $23,000, highest levels since June 2022

economictimes.indiatimes.com:

Bitcoin (BTC) rose to a seven-day high above $24,000 this week. This is the highest price level of BTC since mid-June. However, BTC has found it hard to break higher, with a subsequent cooling pushing it to lows of $22,600 on Friday evening. Financial analysts have stated that the sentiment across the market is improving as the negativity heightened by recent turmoil dissipates. A similar pattern was observed in the price of Ethereum (ETH). It is currently consolidating above the $1,500 level. The price of ETH has faced resistance near the $1,600 level. The next possible resistance is near $1,700. The cryptocurrency market crash in June 2022 was spurred by momentary de-risking from Wall Street as several investors now feel highly pessimistic regarding the economy due to increasing inflation, a vulnerable stock market, and rising interest rates. In the last few months, the cryptocurrency market has increasingly tracked the stock market. This makes it more intertwined with global economic factors.

Did you Know?

The Shiba Inu team launched a burn portal to help address the issue of the massive supply of SHIB tokens As of June 29, 2022, more than 400 trillion tokens have been burned to cap supply

Martin Hiesboeck, head of blockchain and crypto research at Uphold, says investors are afraid of the crypto industry's long-term viability after various major cryptocurrency players halted withdrawals, cut jobs, and also tried to curb losses. However, the prices of cryptocurrency are more vulnerable to factors that contribute to the difficult economic situation than the pullback in the crypto ecosystem. The price volatility is a big reason financial experts have stated crypto investors have to be extremely