Bitcoin is the world’s largest and most popular coin in the world of cryptocurrency. Recently BTC has crossed three top resistance levels. The maximum resistance levels are $16,680. It has increased its prior winning streak and climbed past $17,000 during the day.
Bitcoin BTC has increased by around $17,000 in the last day after hitting a low of $16,054 to start the week. As the price increases, more bulls may enter the market, sending BTC beyond $17,500 in the short term.
The second-largest cryptocurrency, Ethereum, has increased in value and is currently trading above the $1,270 level. There was a chance for traders to take advantage of the jumping up of the Ethereum coin.
Thoughts on the cryptocurrency market are generally optimistic, which tends to support various cryptocurrencies, including Bitcoin, which might cause its upward advance. The market capitalisation of all cryptocurrencies was $852.17 billion, up 2% over the previous day.
The international bitcoin market has done well and has gotten help from an unidentified source. However, the imminent speech by Federal Reserve Chair Jerome Powell may be responsible for its climb.
Additionally, popular cryptocurrencies like Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC) have witnessed rises. The token Fantom (FTM), which had a 24-hour growth of more than 9.50%, ended up being the most significant gainer.
As a result, the bullish cryptocurrency market was seen as being crucial in maintaining higher BTC prices.
Genesis is trying to stay out of bankruptcy.
Following a report by Bloomberg News on Tuesday that the company’s creditors were organising with restructuring lawyers to prevent insolvency, Genesis, a cryptocurrency brokerage in the United States, declared on Wednesday that it was striving to escape bankruptcy.
Genesis Trading, a US-based digital asset broker, decided to halt customer redemptions earlier this month due to the unexpected bankruptcy of FTX, which has around $175 million in frozen money in its derivatives segment.
Shortly after disclosing on Nov. 10 that it had $175 million locked up in an FTX trading account, it ceased redemptions. Before that, it had warned potential investors that if its efforts to raise money fell short, it could have to declare bankruptcy.
The price of cryptocurrencies has been under pressure since Sam Bankman-FTX Fried’s empire fell earlier this month.
To gauge the potential impact of the ripple effect, investors are currently looking at other cryptocurrency businesses. According to the most current statistics, today’s total market value of all cryptocurrencies stayed below $1 trillion after reaching $895 billion the day before.
With a $24 billion 24-hour trading volume, the price of one bitcoin is at $16,878. The BTC/USD pair has increased more than 2.25% during the past 24 hours.
The CoinMarketCap is presently in first place with a live market worth $324 billion, up from $315 billion during the Asian session. 19,220,687 BTC coins are now in circulation out of a total quantity of 21,000,000 BTC coins.