{"id":1128,"date":"2023-02-17T07:33:00","date_gmt":"2023-02-17T12:33:00","guid":{"rendered":"https:\/\/embarrdowns.com\/bitcoin-and-ethereum-soar-to-10-week-highs-amidst-investor-optimism\/"},"modified":"2023-02-17T07:33:00","modified_gmt":"2023-02-17T12:33:00","slug":"bitcoin-and-ethereum-soar-to-10-week-highs-amidst-investor-optimism","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/bitcoin-and-ethereum-soar-to-10-week-highs-amidst-investor-optimism\/","title":{"rendered":"Bitcoin and Ethereum Soar to 10-Week Highs Amidst Investor Optimism"},"content":{"rendered":"

Bitcoin (BTC-USD) surged to its highest level since mid-August Thursday morning in Asia, with a 10.7% jump to $25,104, according to CryptoSlate\u2019s data.[0]<\/a><\/sup> Ethereum (ETH-USD) followed suit, rising 8.6% to $1,710.[1]<\/a><\/sup> This brings year-to-date gains for both tokens to north of 50%, though they remain far from their November 2021 highs.<\/p>\n

The total crypto market capitalization in the 24 hours rose 6.9% to US$1.1 trillion, the highest since mid-August, with total trading volume up 7.9% to US$63.61 billion.[2]<\/a><\/sup><\/p>\n

Mike Novogratz, CEO of Galaxy Digital Holdings, believes there\u2019s a chance Bitcoin (BTC) could return to $30,000 or above before the end of March.[3]<\/a><\/sup><\/p>\n

\u201cWhen I look at the price action, when I look at the excitement of the customers calling, the FOMO [fear of missing out] building up, it wouldn\u2019t surprise me if we were at $30,000 by the end of the quarter,\u201d Novogratz said.[4]<\/a><\/sup><\/p>\n

The prediction is much lower than others Novogratz has made in the past, as he once believed that Bitcoin could reach $500,000 by the end of 2027 if the United States Federal Reserve kept hiking interest rates.[2]<\/a><\/sup> In December, however, he changed his outlook and declared that it would take longer than five years for BTC to hit the price mark.[5]<\/a><\/sup> The skepticism he felt was due to Jerome Powell, the Federal Reserve Chairman, raising interest rates.[5]<\/a><\/sup><\/p>\n

The surge follows the release the day before of January\u2019s Consumer Price Index that showed prices rose 0.5% for the month and 6.4% year-on-year.[6]<\/a><\/sup> The figures, although higher than the anticipated 0.4% monthly increase and 6.2% annually, suggest that inflation has been on a decreasing trend for the last few months in the world’s biggest economy.[7]<\/a><\/sup><\/p>\n

Investors liquidated almost US$70 million of mostly short-position bets, according to data aggregator GlassNode.[6]<\/a><\/sup> Following several U.S. regulatory crackdowns on crypto services this month, bets that the price of Bitcoin would drop (known as short positions) have increased.[6]<\/a><\/sup><\/p>\n

0. <\/span>“Bitcoin briefly soars beyond $25k; $232M in shorts liquidated” CryptoSlate, 16 Feb. 2023, https:\/\/cryptoslate.com\/bitcoin-briefly-soars-beyond-25k-liquidates-232m-from-short-sellers\/<\/a><\/a><\/p>\n

1. <\/span>“Bitcoin pops to highest in six months as regulatory crackdown fears ebb” Seeking Alpha, 16 Feb. 2023, https:\/\/seekingalpha.com\/news\/3937311-bitcoin-pops-to-highest-in-six-months-as-regulatory-crackdown-fears-ebb<\/a><\/a><\/p>\n

2. <\/span>“Bitcoin Price Hitting $30,000 This Quarter ‘Wouldn’t Surprise’ This CEO – Here’s Why” Bitcoinist, 15 Feb. 2023, https:\/\/bitcoinist.com\/bitcoin-price-to-hit-30k-ceo<\/a><\/a><\/p>\n

3. <\/span>“Galaxy Digital CEO Novogratz Sees Chance of Bitcoin (BTC) Hitting $30000” Bloomberg, 15 Feb. 2023, https:\/\/www.bloomberg.com\/news\/articles\/2023-02-15\/novogratz-sees-chance-of-bitcoin-hitting-30-000-this-quarter<\/a><\/a><\/p>\n

4. <\/span>“Bitcoin touches $25,000 for first time since August as 2023 crypto rally continues” Yahoo News, 16 Feb. 2023, https:\/\/news.yahoo.com\/bitcoin-touches-25000-for-first-time-since-august-as-2023-crypto-rally-continues-181615592.html<\/a><\/a><\/p>\n

5. <\/span>“Mike Novogratz Says Bitcoin Could Return to $30000 Next Month \u2013 Markets and Prices Bitcoin News” Bitcoin News, 17 Feb. 2023, https:\/\/news.bitcoin.com\/mike-novogratz-says-bitcoin-could-return-to-30000-next-month\/<\/a><\/a><\/p>\n

6. <\/span>“Bitcoin breaches US$24,000 to reach highest price since August as short sellers liquidated” Yahoo Life, 16 Feb. 2023, https:\/\/www.yahoo.com\/lifestyle\/bitcoin-breaches-us-24-000-022519727.html<\/a><\/a><\/p>\n

7. <\/span>“Markets: Bitcoin, Ether, other major tokens rise despite hotter-than-expected CPI reading” Yahoo! Voices, 15 Feb. 2023, https:\/\/www.yahoo.com\/now\/markets-bitcoin-ether-other-major-020804763.html<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC-USD) surged to its highest level since mid-August Thursday morning in Asia, with a 10.7% jump to $25,104, according to CryptoSlate\u2019s data.[0]<\/a><\/sup> Ethereum (ETH-USD) followed suit, rising 8.6% to $1,710.[1]<\/a><\/sup> This brings year-to-date gains for both tokens to north of 50%, though they remain far from their November 2021 highs.<\/p>\n

The total crypto market capitalization in the 24 hours rose 6.9% to US$1.1 trillion, the highest since mid-August, with total trading volume up 7.9% to US$63.61 billion.[2]<\/a><\/sup><\/p>\n

Mike Novogratz, CEO of Galaxy Digital Holdings, believes there\u2019s a chance Bitcoin (BTC) could return to $30,000 or above before the end of March.[3]<\/a><\/sup><\/p>\n

\u201cWhen I look at the price action, when I look at the excitement of the customers calling, the FOMO [fear of missing out] building up, it wouldn\u2019t surprise me if we were at $30,000 by the end of the quarter,\u201d Novogratz said.[4]<\/a><\/sup><\/p>\n

The prediction is much lower than others Novogratz has made in the past, as he once believed that Bitcoin could reach $500,000 by the end of 2027 if the United States Federal Reserve kept hiking interest rates.[2]<\/a><\/sup> In December, however, he changed his outlook and declared that it would take longer than five years for BTC to hit the price mark.[5]<\/a><\/sup> The skepticism he felt was due to Jerome Powell, the Federal Reserve Chairman, raising interest rates.[5]<\/a><\/sup><\/p>\n

The surge follows the release the day before of January\u2019s Consumer Price Index that showed prices rose 0.5% for the month and 6.4% year-on-year.[6]<\/a><\/sup> The figures, although higher than the anticipated 0.4% monthly increase and 6.2% annually, suggest that inflation has been on a decreasing trend for the last few months in the world’s biggest economy.[7]<\/a><\/sup><\/p>\n

Investors liquidated almost US$70 million of mostly short-position bets, according to data aggregator GlassNode.[6]<\/a><\/sup> Following several U.S. regulatory crackdowns on crypto services this month, bets that the price of Bitcoin would drop (known as short positions) have increased.[6]<\/a><\/sup><\/p>\n

0. <\/span>“Bitcoin briefly soars beyond $25k; $232M in shorts liquidated” CryptoSlate, 16 Feb. 2023, https:\/\/cryptoslate.com\/bitcoin-briefly-soars-beyond-25k-liquidates-232m-from-short-sellers\/<\/a><\/a><\/p>\n

1. <\/span>“Bitcoin pops to highest in six months as regulatory crackdown fears ebb” Seeking Alpha, 16 Feb. 2023, https:\/\/seekingalpha.com\/news\/3937311-bitcoin-pops-to-highest-in-six-months-as-regulatory-crackdown-fears-ebb<\/a><\/a><\/p>\n

2. <\/span>“Bitcoin Price Hitting $30,000 This Quarter ‘Wouldn’t Surprise’ This CEO – Here’s Why” Bitcoinist, 15 Feb. 2023, https:\/\/bitcoinist.com\/bitcoin-price-to-hit-30k-ceo<\/a><\/a><\/p>\n

3. <\/span>“Galaxy Digital CEO Novogratz Sees Chance of Bitcoin (BTC) Hitting $30000” Bloomberg, 15 Feb. 2023, https:\/\/www.bloomberg.com\/news\/articles\/2023-02-15\/novogratz-sees-chance-of-bitcoin-hitting-30-000-this-quarter<\/a><\/a><\/p>\n

4. <\/span>“Bitcoin touches $25,000 for first time since August as 2023 crypto rally continues” Yahoo News, 16 Feb. 2023, https:\/\/news.yahoo.com\/bitcoin-touches-25000-for-first-time-since-august-as-2023-crypto-rally-continues-181615592.html<\/a><\/a><\/p>\n

5. <\/span>“Mike Novogratz Says Bitcoin Could Return to $30000 Next Month \u2013 Markets and Prices Bitcoin News” Bitcoin News, 17 Feb. 2023, https:\/\/news.bitcoin.com\/mike-novogratz-says-bitcoin-could-return-to-30000-next-month\/<\/a><\/a><\/p>\n

6. <\/span>“Bitcoin breaches US$24,000 to reach highest price since August as short sellers liquidated” Yahoo Life, 16 Feb. 2023, https:\/\/www.yahoo.com\/lifestyle\/bitcoin-breaches-us-24-000-022519727.html<\/a><\/a><\/p>\n

7. <\/span>“Markets: Bitcoin, Ether, other major tokens rise despite hotter-than-expected CPI reading” Yahoo! Voices, 15 Feb. 2023, https:\/\/www.yahoo.com\/now\/markets-bitcoin-ether-other-major-020804763.html<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":1127,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/1128"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=1128"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/1128\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/1127"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=1128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=1128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=1128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}