Bitcoin rose on Wall Street, which opened on January 20th. Information that Russia was planning to ban cryptocurrency did not affect price performance. Spread data showed that BTC/USD added $1,500 over a few hours on Thursday; And continued the upward trend that began with a drop of $41,000.
The pair traded above $43,000, reaching $43,468 on Bitstamp. This peak was the eclipse of resistance above the $43,000 mark. Investors are now watching to see if Bitcoin can achieve higher goals. Analyst Rekt Capital said in a Twitter update that the weekly closure would be enough for BTC to rely on early growth and rise higher. There are still a few days left for the weekly closure to substantiate and confirm this assertion; However, so far, everything is going well.
William Clemente, an analyst, noted a possible break with the downtrend since early December. The move came despite a new desire from the Russian central bank to restrict bitcoin and cryptocurrency more broadly. Comments were also issued calling for an absolute ban on circulation and use and mining. Unlike similar statements from China, the market was not entirely obsessed with plans. According to one analyst, Russia is trying to repeat China’s mistakes.
Also, the $34 million hackers of the Crypto.com trading platform could not stop the enthusiasm. Optimism spread to the Altcoins as well. Following the rise of Bitcoin, Ethereum, Solana, and Terra have topped the top ten cryptocurrencies in terms of market capitalization.
ETH/USD added about 3% per day. This makes the chances of re-testing $3000 at least temporarily less. According to a Cointelegraph employee, there are currently perfect market movements.
Conclusion
Most analysts predict a new cycle of Bitcoin growth. Demand transformation is more likely to be a prerequisite for the BTC price boom; Than other events. Experts expect that a significant change will occur due to the positive response cycle of supply and demand.
It is worth noting that one of the main events of the last year in the crypto industry was the new restrictions of China. Moreover, the country planned to ban digital currency entirely in the first stage, to which many opponents responded. No ban, though the crypto regulation was initiated by Britain, which called on other countries to get involved in digital currency processes to minimize fraud and disseminate population data for unnecessary purposes.
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