Bitcoin price extends a rally amid brighter mood in global markets and as traders await US inflation data and watch for major upgrade of the Ethereum blockchain.
Bitcoin price extended a rally amid a brighter mood in the global markets and as traders await US inflation data and watch for a major upgrade of the Ethereum blockchain.
The largest token rallied as much as 3.3% on Monday and was trading slightly above $22,000 as of 9:55 a.m. KST. London. Smaller coins like Solana were also pushed higher but Ether lagged behind.
Bitcoin rallied around 10% on September 9, part of a broader round of bearish assets encouraged by a weaker dollar, suggesting a little less fear for investors. in a difficult year. The greenback continued to slide at the beginning of the week.
“The market knows they have had to take a break from this relentlessly hawkish Fedspeak for a couple of weeks and the pace of central bank rate hikes is likely to slow,” he said.
The US inflation report released on Tuesday is expected to show price pressures easing. But a higher-than-expected print could dampen expectations of the restrictive currency settings that drive crypto prices.
Any bumps in this weekend’s upgrade of Ethereum – the most commercially important cryptocurrency network – could also cause anxiety.
Increasing borrowing costs coupled with bull runs at crypto lenders and hedge funds created Bitcoin, Ether and the MVIS CryptoCompare Digital Assets 100 Index with a loss of more than 50% in 2022.
Ether, the native token for Ethereum network, especially focusing on prior to the later transition to a more energy efficient blockchain, a process known as Consolidation. The crypto community is on alert for any vandalism using multiple network-based financial applications.
Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, wrote in a note: “We continue to let Ether enter Consolidation, using discounts as buying opportunities.” He added that Ether has succumbed to the “selling news” drop following the previous three Ethereum upgrades.
The staking pattern around options on Ether is weighted for bullish calls, but the picture is more balanced around the day of Consolidation, suggesting pre-event hedging, according to a note from Genesis Global Trading Inc.