{"id":1137,"date":"2023-02-17T08:17:31","date_gmt":"2023-02-17T13:17:31","guid":{"rendered":"https:\/\/embarrdowns.com\/bitcoin-and-ethereum-reach-highest-levels-since-mid-august\/"},"modified":"2023-02-17T08:17:31","modified_gmt":"2023-02-17T13:17:31","slug":"bitcoin-and-ethereum-reach-highest-levels-since-mid-august","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/bitcoin-and-ethereum-reach-highest-levels-since-mid-august\/","title":{"rendered":"Bitcoin and Ethereum Reach Highest Levels Since Mid-August"},"content":{"rendered":"

Bitcoin (BTC-USD) has surged to its highest level since mid-August, reaching a peak of $25,104 on Thursday morning.[0]<\/a><\/sup> The world’s biggest cryptocurrency gained 10.7% to reach $25.21K earlier in the session, bringing year-to-date gains to just under 50%.[1]<\/a><\/sup> Ethereum (ETH-USD) also rose 8.6% to $1.71K, although both tokens still have a long way to go to reach their respective November 2021 highs.[0]<\/a><\/sup><\/p>\n

Mike Novogratz, a supporter of cryptocurrency, believes there is a high possibility that Bitcoin will reach back to $30,000 by the end of the upcoming month, a much lower prediction than the one of $500,000 he had initially proposed. However, this would still be a 25% rise from its current cost.[2]<\/a><\/sup><\/p>\n

The crypto market capitalization rose by 6.9% within a 24-hour period, reaching US$1.10 trillion, the highest level since the middle of August. Additionally, the total trading volume increased 7.9% to US$63.61 billion.[3]<\/a><\/sup> Flows into bitcoin have been driving the gains, as investors become more optimistic and move away from altcoins.[4]<\/a><\/sup> Bitcoin\u2019s market dominance is steadily growing, as it is the only cryptocurrency that has been labeled as a \u201ccommodity\u201d by the chair of the SEC.[5]<\/a><\/sup><\/p>\n

The gains follow the release 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 were higher than the predicted 0.4% monthly increase and 6.2% yearly increase, yet they do demonstrate that inflation has been steadily decreasing over the past several months in the world’s largest economy.[3]<\/a><\/sup><\/p>\n

Some of the optimism may have come from softer-than-feared comments from the SEC, but it appears that the rally was concentrated in Bitcoin and Ethereum, as other tokens remained underwater when compared to prices seven days ago.[7]<\/a><\/sup><\/p>\n

The rally was also driven by investors liquidating almost US$70 million of mostly short-position bets, according to data aggregator GlassNode.[8]<\/a><\/sup> Short positions, or bets the price of Bitcoin would fall, had grown following a series of U.S. regulatory crackdowns this month on crypto services.[8]<\/a><\/sup><\/p>\n

0. <\/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

1. <\/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

2. <\/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

3. <\/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

4. <\/span>“Bitcoin price rally fails to turn derivatives traders bullish, here\u2019s what to expect” FXStreet, 16 Feb. 2023, https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/bitcoin-price-rally-fails-to-turn-derivatives-traders-bullish-heres-what-to-expect-202302161157<\/a><\/a><\/p>\n

5. <\/span>“Bitcoin rises despite U.S. crackdown, as crypto market gains $84 billion in value” CNBC, 16 Feb. 2023, https:\/\/www.cnbc.com\/2023\/02\/16\/bitcoin-btc-price-surges-as-crypto-market-gains-84-billion-in-value.html<\/a><\/a><\/p>\n

6. <\/span>“Bitcoin breaks $25K for first time since mid-2022, some hail thaw of crypto winter” Fortune, 16 Feb. 2023, https:\/\/fortune.com\/crypto\/2023\/02\/16\/bitcoin-ethereum-price-rally-0216-ordinals-inflation<\/a><\/a><\/p>\n

7. <\/span>“Bitcoin risks getting stuck near $25K” ForexLive, 16 Feb. 2023, https:\/\/www.forexlive.com\/Education\/bitcoin-risks-getting-stuck-near-25k-20230216<\/a><\/a><\/p>\n

8. <\/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","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC-USD) has surged to its highest level since mid-August, reaching a peak of $25,104 on Thursday morning.[0]<\/a><\/sup> The world’s biggest cryptocurrency gained 10.7% to reach $25.21K earlier in the session, bringing year-to-date gains to just under 50%.[1]<\/a><\/sup> Ethereum (ETH-USD) also rose 8.6% to $1.71K, although both tokens still have a long way to go to reach their respective November 2021 highs.[0]<\/a><\/sup><\/p>\n

Mike Novogratz, a supporter of cryptocurrency, believes there is a high possibility that Bitcoin will reach back to $30,000 by the end of the upcoming month, a much lower prediction than the one of $500,000 he had initially proposed. However, this would still be a 25% rise from its current cost.[2]<\/a><\/sup><\/p>\n

The crypto market capitalization rose by 6.9% within a 24-hour period, reaching US$1.10 trillion, the highest level since the middle of August. Additionally, the total trading volume increased 7.9% to US$63.61 billion.[3]<\/a><\/sup> Flows into bitcoin have been driving the gains, as investors become more optimistic and move away from altcoins.[4]<\/a><\/sup> Bitcoin\u2019s market dominance is steadily growing, as it is the only cryptocurrency that has been labeled as a \u201ccommodity\u201d by the chair of the SEC.[5]<\/a><\/sup><\/p>\n

The gains follow the release 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 were higher than the predicted 0.4% monthly increase and 6.2% yearly increase, yet they do demonstrate that inflation has been steadily decreasing over the past several months in the world’s largest economy.[3]<\/a><\/sup><\/p>\n

Some of the optimism may have come from softer-than-feared comments from the SEC, but it appears that the rally was concentrated in Bitcoin and Ethereum, as other tokens remained underwater when compared to prices seven days ago.[7]<\/a><\/sup><\/p>\n

The rally was also driven by investors liquidating almost US$70 million of mostly short-position bets, according to data aggregator GlassNode.[8]<\/a><\/sup> Short positions, or bets the price of Bitcoin would fall, had grown following a series of U.S. regulatory crackdowns this month on crypto services.[8]<\/a><\/sup><\/p>\n

0. <\/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

1. <\/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

2. <\/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

3. <\/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

4. <\/span>“Bitcoin price rally fails to turn derivatives traders bullish, here\u2019s what to expect” FXStreet, 16 Feb. 2023, https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/bitcoin-price-rally-fails-to-turn-derivatives-traders-bullish-heres-what-to-expect-202302161157<\/a><\/a><\/p>\n

5. <\/span>“Bitcoin rises despite U.S. crackdown, as crypto market gains $84 billion in value” CNBC, 16 Feb. 2023, https:\/\/www.cnbc.com\/2023\/02\/16\/bitcoin-btc-price-surges-as-crypto-market-gains-84-billion-in-value.html<\/a><\/a><\/p>\n

6. <\/span>“Bitcoin breaks $25K for first time since mid-2022, some hail thaw of crypto winter” Fortune, 16 Feb. 2023, https:\/\/fortune.com\/crypto\/2023\/02\/16\/bitcoin-ethereum-price-rally-0216-ordinals-inflation<\/a><\/a><\/p>\n

7. <\/span>“Bitcoin risks getting stuck near $25K” ForexLive, 16 Feb. 2023, https:\/\/www.forexlive.com\/Education\/bitcoin-risks-getting-stuck-near-25k-20230216<\/a><\/a><\/p>\n

8. <\/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","protected":false},"author":3,"featured_media":1136,"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\/1137"}],"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=1137"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/1137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/1136"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=1137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=1137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=1137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}