Bitcoin and Ethereum pricing seems to be gaining momentum as we see the world’s most popular and valuable cryptocurrencies. Significant value increases over the weekend..As reported by CoinDeskBitcoin rose 5% and opened above $ 22,000 for the first time since the bloody crash in June (at 34% tone) on Monday morning. Especially interesting for those looking to upgrade their GPUs, Ethereum recorded even higher gains, reaching a 20% increase over the same period and is currently trading at $ 1,479.
The collapse of the cryptocurrency market in June caused the market to “Extreme horror“Indicator reaches one of the lowest ever 6 points, Crypto Fear & Greed Index.. However, following the recent rise in investor confidence last week, the same index is now at 20 points.
There are several potential catalysts for price recovery this weekend. On Friday, Bank of America said in cryptocurrencies that “there are continuing signs of declining selling pressure,” “in the last two weeks, the market value of digital assets has been 30% in the last four weeks, compared to 4 It went down by%, “said Arquesh. Memo Shah and team.
Global block Marcus Sotiliu said on Monday morning, “When the market begins to react positively to negative news, this indicates that the local bottom may be at the moment. Ugly inflation. Continue to face the headlines.
Another notable factor is Ethereum’s progress towards snail-paced merging. This is the shift of cryptocurrencies from the proof of work consensus mechanism to the more energy efficient proof of stake. Expectations for a successful merge in September, boosted by a positive show on Ethereum’s testnet, are primarily contributing to the strong performance of cryptocurrencies.Soaring prices are already $ 230 million worth of short-term market clearing eventsBecause an investor (bear) betting on a lower Ethereum price has lost a bet on an investor seeking a higher market price (bulls).
Those hoping that crypto “madness” will come to an end under the current market conditions also faced another notable statement predicting their resilience. At a meeting of G20 financial officials, Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), said cryptocurrencies in general, especially the decentralized finance (DeFi) sector, continued in the financial sector despite such turmoil. He said he would play an important role. -A moment like Luna Crash The collapse of less decentralized lenders like the Celsius network. But, of course, it doesn’t bring great reassurance to many investors who have seen their investments disappear into the air at both of these events.
On the other hand, strengthening cryptocurrency prices could return old and new miners to income-generating activities. Despite Ethereum’s merge approach, some sellers may rethink selling some of today’s best GPU stashes-especially with the RTX 3080 at a price close to $ 523. If so, Bitcoin miners are steadily upgrading their mining rigs to higher ones, despite rising electricity prices due to macroeconomic and inflation issues.
