The Cryptos News | Daily Bitcoin News
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
The Cryptos News | Daily Bitcoin News
No Result
View All Result
Home Crash

Bitcoin heads toward best week since October as crypto collapse stabilizes

Bitcoin heads toward best week since October as crypto collapse stabilizes
Share on FacebookShare on Twitter


The value of bitcoin exceeded the threshold of $66,895 in October for the first time in history.

Chesnot | Getty Images

The price of bitcoin got a small relief bounce this week as investors hoped that the worst of the crypto liquidity crisis is over.

By Friday, bitcoin had risen 13.63% for the seven-day trading week beginning Sunday, and was on pace for its best week since October, according to Coin Metrics. The price rose as high as $22,478.37 at one point, climbing back from a low of about $17,000 in June.

It last traded less than 1% higher on the day at $21,798.40, at 4:00 p.m. ET, according to CoinMetrics.

“A lot of the insolvencies and forced unwinding from a volume perspective are behind us,” said Felix Hartmann, managing partner of Hartmann Capital. “Three Arrows filing for bankruptcy was kind of the final pin in that.”

Three Arrows, a crypto-focused hedge fund, filed for bankruptcy last week after a sharp decline in digital currency prices exposed a liquidity crisis at the firm.

The market contagion could spread into smaller crypto exchanges or funds, Hartmann added, but there aren’t any bigger, more impactful dominoes left to fall. If the crypto industry can go a month without bad news or insolvencies, he said, it’s “very likely” that that market could double.

Still, doing so would only lift bitcoin’s price back up to April levels. It’s currently about 70% below its November all-time high of $68,982.20.

Seeking stability

Gritt Trakulhoon, lead crypto analyst at Titan, called bitcoin’s weekly rise a “much needed” short-term relief rally coming after a major capitulation going back to May when Terra’s stablecoin project crumbled. Indeed, as digital currency prices tumbled and strained liquidity, crypto lenders and other firms have also suffered.

Having an unofficial lender of last resort like Sam Bankman-Fried to bail out some of the embattled crypto lenders is also providing relief to investors, Trakulhoon added. This week, the FTX CEO said he and his company still have a “few billion” on hand to shore up struggling firms that could further destabilize the digital asset industry.

Trakulhoon said $22,500 to $23,000 is the resistance level to watch for bitcoin. If it breaks above that threshold, it should rise “pretty quickly” to its next stop: $28,000, he added.

Ryan Shea, economist at Trakx, pointed to this week’s news that Federal Reserve officials said another interest rate hike of 50 or 75 basis points is likely at their July meeting. That, combined with increasing signs that the U.S. economy is slowing more markedly than policymakers’ projections, is making investors view the Fed’s aggressive stance “with more circumspection,” he said.

“In effect, they are looking through the hikes and instead are focused on the expectation of eventual Fed capitulation, something that is a positive scenario for crypto prices, and risk assets more generally,” Shea said.



Read More:Bitcoin heads toward best week since October as crypto collapse stabilizes

Tags: Bitcoinbusiness newsCollapsecryptoCryptocurrencyHeadsInvestment strategyMarketsOctoberstabilizesTechnologyWeek
Previous Post

Leverage & Interconnectedness Are Blowing Up Crypto & DeFi

Next Post

What Polygon Blockchain Integration Means For The Nothing Phone (1)

Related Posts

Recent Survey Shows Investors Think BTC Is More Likely To Crash To $10,000 First Than Hit

Recent Survey Shows Investors Think BTC Is More Likely To Crash To $10,000 First Than Hit

by The Cryptos News
July 30, 2022
0

Advertisement     In what appears to be a direct refutation to the widely held theories of most bullish...

Will the Bitcoin mining industry collapse? Analysts explain why crisis is really

Will the Bitcoin mining industry collapse? Analysts explain why crisis is really

by The Cryptos News
July 30, 2022
0

Bitcoin mining involves a delicate balance between multiple moving parts. Miners already have to face capital and operational costs,...

Collapsed Terra Ecosystem Launching DAO Infrastructure – Blockworks

Collapsed Terra Ecosystem Launching DAO Infrastructure – Blockworks

by The Cryptos News
July 30, 2022
0

The ‘Enterprise Protocol’ looks to set “a new standard for DAOs on Terra” The Enterprise Protocol is one of...

Crypto crash increases supply of luxury watches on the second-hand market

Crypto crash increases supply of luxury watches on the second-hand market

by The Cryptos News
July 29, 2022
0

After weeks of downward pressure engulfing the cryptocurrency market, the supply of the most sought-after luxury watches on the...

Next Post
What Polygon Blockchain Integration Means For The Nothing Phone (1)

What Polygon Blockchain Integration Means For The Nothing Phone (1)

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trending News

Payperless Crypto Wallet announced working on NFT tokens support

Payperless Crypto Wallet announced working on NFT tokens support

June 25, 2022
June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

July 14, 2022
Exclusive: Binance served crypto traders in Iran despite U.S. sanctions, clients say

Exclusive: Binance served crypto traders in Iran despite U.S. sanctions, clients say

July 11, 2022
ADVERTISEMENT

Investment

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

July 30, 2022
Study up and become a more informed crypto investor with this bundle

Study up and become a more informed crypto investor with this bundle

July 30, 2022
Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

July 30, 2022
Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

July 29, 2022
$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

July 29, 2022

Prices

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

July 30, 2022
Tron price prediction as Unifi Protocol TVL explodes

Tron price prediction as Unifi Protocol TVL explodes

July 30, 2022
Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

July 30, 2022

Crypto Flipsider News – Crypto Market Rally; Nirvana (NIRV) Exploited; Vasil Delayed;

July 29, 2022

Trading

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

July 30, 2022
SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

July 30, 2022
Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

July 29, 2022
FTX wins full approval to operate crypto exchange in Dubai

FTX wins full approval to operate crypto exchange in Dubai

July 29, 2022
Crypto exchange Zipmex files for bankruptcy protection in Singapore

Crypto exchange Zipmex files for bankruptcy protection in Singapore

July 29, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA

© 2021 Thecryptosnews.com

No Result
View All Result
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading

© 2021 Thecryptosnews.com

wpDiscuz